Good morning, ladies and gentlemen, a warm welcome to today's DEUTZ conference call on the first half year 2026. Please note that this call is being recorded and a replay will be available on deutz.com later today. Your participation in the call implies your consent to this. As always, please note the disclaimer regarding today's presentation, including the FFG transaction covered in this call. To get started right away, I'm pleased to welcome DEUTZ CEO, Sebastian Schulte, the CFO, Oliver Neu, and Lars Boelke, Head of Investor Relations and Communications, who are joining us from Cologne today. After the presentation, we will be happy to receive your questions in person via the audio line. With this, I will hand over to Lars Boelke. Lars, the stage is yours. Thank you very much, a very good morning from our side here in Cologne. Thanks for joining today's call. It's a special call for us. Not only that DEUTZ grew double digit in the first half, as you all know, but also that we, as you all know, recently announced our transaction that will also give a little glimpse in this call. I also like to take the opportunity to thank all of you whom we had the opportunity to meet in the recent weeks at various locations and occasions, of course, that we're looking forward to further explain and discuss this really game-changing deal with you in the future. Having said this, I would like to hand over to you, Sebastian, get our call started. Thank you. Thank you very much, Lars and also from my side, a good morning to everyone. Great that you're all joining. Let me start giving a general overview on our first half year results before I will then, as usual, not only go through the business units and the details before handing them over to Oliver, but also, as Lars indicated, we'll mention again a bit of content on our FFG transaction. Looking back at the first six months in 2026, we can say we are pretty pleased in how the year not only started, but how we actually moved through the first six months. New orders. The trend is still very positive, EUR 1.3 billion new orders. That is a 29% year-over-year improvement. Revenue was also up EUR 1.1 billion, 11% over the respective period of last year. The margin in the first six months at 7.1%, on a very decent level, particularly, I will explain that later, given that in our legacy business, the business unit engines, we are still seeing a fairly low demand compared to historical standards. With that in mind, 7.1% margin is actually an extraordinary development we've seen so far. If I just break that down to the second quarter, as you see in the bottom part of the page, new orders EUR 560 million, revenue EUR 585 million, new orders slightly below revenue. That's not a point of concern as we'll see later because we had a very decent Q1 in terms of order intake. We're growing here across all business units and all regions. The margin, in the end, that's the most important thing that on the margin. The bottom line, second quarter was up a bit. Again, 7.2%, a little above the first quarter and 1.4 percentage points year-over-year. Highlights, there were quite a few. Just to keep that back in mind, most of you have been following us through the last six months. We further increased our global footprint in energy with an acquisition in Latin America. We acquired the company MAXI TRUST in Curitiba in Brazil. Closing happened in the second quarter as well. The profitability of engines rebounded, as I just said a couple of minutes ago, in spite of the still not perfect market environment, we'll see later when we look on the margin, how well we're developing here. Very important, our business unit Service pushes on for further growth. That was also extremely pleasing and I will elaborate a bit further. The landmark transaction with regards to the acquisition of FFG was signed at the beginning of July. We announced this acquisition of FFG, Flensburger Fahrzeugbau Gesellschaft, on July 9th, and since then, myself but also Oliver, we had the chance to speak to many of you. We spoke in London, Frankfurt, and last week I spent a couple of days in New York. The reception on virtually all these investor talks was extremely positive. Not only constructive, but very positive. That gives us a lot of confidence as we move forward to our extraordinary general meeting later this month on August 24th. Let me use today also to build on the picture a bit further. We are, and I believe everyone who listened to us and spoke to us will feel that probably in every conversation, we are generally excited about what this combination will become. That, so to speak, is what I want to leave today with. There are three things that matter. First of all, FFG is generally an exceptional asset. It generated approximately EUR 760 million revenue in 2025, a CAGR of around 50% per year since 2023. That makes it one of the fastest-growing businesses in all of European defense. The trajectory from here going forward is actually what really matters, because we expect FFG to generate revenues above EUR 1 billion in the coming years, starting next year. An EBITDA margin, we write here, now we are very specific here, on above 20%. That is really a best-in-class asset, as you can see. That is the destination this growth profile is heading towards, and the order backlog at the moment, standing above EUR 1.9 billion, is what underwrites here this path. We expect in the coming months and years, obviously, this order backlog to significantly increase. More than 1,100 employees across nine locations and more than 90% of the revenue comes from NATO customers as well as the Ukraine, with, at this point in time, less than 20% from the Bundeswehr alone. Important is FFG is not a German government contractor exclusively as many other assets are. It's a genuinely alliance-wide defense industrial platform, and that's one of the reasons why it perfectly fits to DEUTZ. Second, the program network behind those numbers is the single most important non-financial asset in this transaction. FFG holds certified positions across more than 30 NATO platform types, including the Leopard 2, the Boxer, the Puma, the Marder, the Fuchs, the Fennek, the M113, serving more than 50 NATO nations and the Ukraine. These are not just commercial relationships. They are formally certified, technically embedded program positions built over decades. That kind of institutional depth, that cannot be replicated quickly by no one, and certainly not in time to capture this outstanding procurement cycle that is opening right now. From the moment this deal closes, that entire network becomes part of DEUTZ. Third, FFG is not just an MRO operator that happens to be growing. That itself would be exciting, but FFG is more than that. It is a systems integrator with its own proprietary platform pipeline. The Wisent 2, a multifunctional Leopard 2-based armored recovery and engineering vehicle, the ACSV, a modular armored combat support vehicle, already delivered across NATO nations, and the next program waves, the TAR and the CAFS, representing substantial additional volume potential. This OE, this original equipment pipeline, is what gives the order backlog its duration and what gives the growth profile its structural character. Let me now turn to the structure, because it tells you something about the nature of this partnership. The total consideration, as you will already know, is approximately EUR 1.6 billion. Around EUR 1 billion will be paid in cash finance through a secured debt from a consortium of international banks. All secured, all signed, all without remaining risk. The remaining around EUR 0.6 billion will be paid in newly issued DEUTZ AG shares, which the seller family receives, families, there are more, receive and will hold as long-term shareholders in the combined group. Third, strategic alignment, further variable performance-linked components, a long-term focused investment agreement, and a supervisory board representation for the FFG families. That last element was not incidental to this deal. It was central to it, quite frankly, because we did not want the seller who just disappears at closing. We wanted anchor shareholders who literally have skin in the game and will keep skin in the game. Because then the incentives from day one are totally aligned with every other DEUTZ shareholder. That makes it actually not only exciting, it makes it also extremely trustworthy and built for the medium and long run. The FFG families, as I outlined, they will join at a 29.9% stake, and that is a structure I'm extremely proud of because it serves, as I just explained, our shareholders. It serves the interest of the combined group. Let me now turn to the earnings profile, because I want to be as precise as possible about how the accretion picture will build. The share issuance creates initially a dilution of approximately EUR 65 million new shares. FFG standalone earnings contribution on a revenue base of approximately EUR 760 million, taking the 2025 numbers, and at the best-in-class margins, provides already a very strong starting point and offsets that dilution on a pro forma basis pretty much immediately. From there, the accretion picture compounds in two further stages. The early cross-business synergies such as engines, service network, logistics, they will add further earnings uplift. More importantly, the conversion of FFG's already contracted order backlog and the ongoing MRO business. That backlog, as I just explained, stands, give or take, about EUR 1.9 billion. It is awarded, it is contracted, it's signed, and it is converting. That is the near-term earnings engine which will support this combined business. It does not depend on integration, execution, or qualification cycles. That's important, and that's a message we kept sharing in all our investor talks. This business, this acquisition makes already commercially, financially sense without additional synergy potential. It doesn't mean we're not going for that, but it's important. It makes sense without the synergy add on top of that. Longer term, the conversion of FFG's broader program pipeline into contracted revenue. The CAFS, as I mentioned, the ACSV expansion, Wisent 2 growth beyond the current three nations extend the profile considerably and well beyond 2030. We do expect revenue growth in line with double-digit NATO defense budget growth rates, and that is a structural tailwind, not a cyclical one. That adds to the resilience of DEUTZ as a group. What I can say today is that the direction on earnings, on cash, and on leverage is clearly positive from the point of close. The headline is this: We did not do a dilutive deal, and we hope for synergies to catch up. The equation is there from the very beginning, grounded in contracted revenue, and it compounds from there. We will, of course, provide further guidance once we are through to closing. Right. Having said that, let me now move on to the development of our business units. Let me start with the business unit engines. The headline is very clear. Profitability recovery accelerates. We are continuing here with an outstanding team to implement our portfolio and footprint strategy. Just a few highlights. At our Porz plant, the largest DEUTZ plant here in Cologne, the performance program shows already first savings. There's a lot of efficiency improvement, double-digit efficiency improvement on the Assembly Line 5. We do see higher cost savings due to a quicker relocation of products from Cologne Kalk, that's a bit of a satellite plant here, which we just closed. Literally last week Friday, we finally closed it, and we moved the products from Kalk here in Cologne to Spain at much better cost base. That went in line or that goes in line, both aspects here, with the voluntary leave program for the Cologne site production, but also production overhead, non-value adding positions here, where we'll see around 100-120 FTEs leaving to further improve efficiency at conditions which are fair for the employees, but also favorable for the business. Moving a bit on portfolio, the new G-Drive program. Here we talk about a couple of new engines, including actually a 24-liter engine for genset customers. Here we're starting already with the first fixed orders. Next year we'll see further growth in that. Important is, it works. Customers are ordering these products. Very structurally strong demand and a very good cost base due to use of partners here. Partner is a good point. We are bringing a very long-lasting but long hibernating partnership with Chinese FAW. We bring that back on track. Here for the best cost country supply of some of the legacy engines, which does not make sense to deliver them from high-cost Germany anymore, but there is still a structural demand all over the world, and we do that together with a partner in China. China is the next point here as well. Our joint venture with SANY in China, in Changsha. It is progressing quite well now. First time I can really, truly say we are making really good progress here. Particularly, not only compared to the previous years, and that is also because we made a bit of a change there. We are using also more engines there for power generation, rather than what it was initially designed for the use in heavy-duty trucks. Things are moving quite well, despite the fact that the order intake is not on the level we would like to have it going forward, but it is important to focus on what we can influence, and we are doing that here pretty well. Bring that to numbers as well. The demand in the second quarter slightly increased year-over-year. Market is still a bit under pressure, but this is really not to be seen with a point of concern. It is moving pretty well. We also now have a fairly healthy order backlog of EUR 385 million. That is significantly higher than the EUR 315 million we had a year ago. Profitability, I just gave the qualitative information on that cost savings from our Future Fit program. That was not the program I was just mentioning with the efficiency here at Porz and the closure of the facility in Kalk that was taking out mainly engineering resources last year here in Cologne as well. That program is pretty much not only fully on track, it is completed. All the savings we had aspired to achieve have been realized. That is very successful. Obviously, there are always cost increases, labor costs, material prices, but we manage pretty well to offset these cost increases with respective price increases as well. You see here, and I will not go through all the numbers in detail, but you see that now we have moved significantly up from 25% to 26% in the first quarter already with 3.7% margin. Now in the second quarter, 3.8%. That is still far away from 7% or 8%, but again, given the occupation of the factory, that is pretty good. Important news going forward, as soon as there will be an uptick in new orders, gross margin in this business will immediately kick in at double-digit level, and then we will actually see a perspective which we will enjoy very much. Let me move on to the next business unit, which will be service. Here it is about growth. It is about growth and performance. We have also, and we will show the numbers in a bit, a very healthy order backlog. We are expanding, here as DEUTZ Service, as an authorized service partner also for machine manufacturers and service partners beyond the DEUTZ engine, particularly in the U.S. and the Nordics, as well as with the implementation of our service business for the Daimler Truck engines, because we exclusively sell to off-highway customers. The expansion in particular has continued in the U.S.. We made another acquisition in California, G&T Truck Repair, that we acquired in June 2026. The footprint in the U.S., and in this case in California, which was a bit of an untapped area beforehand, is now improving. The DEUTZ power centers in the U.S., they grow quite nicely. Solid field service growth. Very important also that we are realigning our dealer organization in the DACH region, particularly in Germany. Those who follow us for longer know that we've been working in the last four or five years quite successfully on insourcing or in-housing external dealers, but we didn't really touch the German network here. We're changing that now. We did actually terminate quite a few contracts and are now renegotiating them, and that's what we mean when we're talking about the realignment of the dealer organization here. We see a very good progress as well. Parts trading business, traditionally the part of service with the highest margin, it's continuously expanding as well. That's really a bit going forward. Obviously, DEUTZ Services is that asset what will, in our ambition going forward, not only support engines but more and more actually support also the other business unit, most notably energy as well as defense. We're working here quite nicely, particularly on the genset service expansion with Frerk Aggregatebau in Europe, but also in the U.S. with BlueStar. Let me go to numbers as well. New orders are up. You see in the second quarter, focus on the second quarter now, new orders EUR 152 million, revenue for the first time above EUR 150. Obviously here showing or benefiting from all the growth initiatives I've just mentioned earlier. The order intake in the first half is now a 16.1% increase year-over-year. That is exactly the level we would like to see in growing this important business. Order backlog is not as relevant of a number like in engines because the through time of the business is, as you can see, by EUR 57 million. It's much quicker. Important is compared with the number from June 2025, where it was only EUR 42 million. You see also here a healthy development. Very nice. We're celebrating every record, of course, to keep the team motivated. In June was the so far highest monthly revenue of EUR 55 million. That means obviously the entire team is aspiring to beat that number at the next possible opportunity, and things are looking quite nicely that this will obviously happen still in the year 2026. The margin is a little bit diluted, but that's not a point of concern. That is simply because we're preparing for future growth. Adding new, more structures, adding technicians, because a lot of that growth only works with technicians. We do, of course, focus more and more also on efficiency, on technician utilization. That's why it's not a point of concern that the margin is slightly diluted, but also bear in mind, on a very high level. On top of that, obviously, we grow more in working on the machine than selling spare parts. That also contributes to that slight dilution of the business. Bear in mind, on group level, whatever we do here is always margin accretive. Let me move on to the next business unit, which is energy. I mentioned it in the highlight page at the beginning already. We acquired MAXI TRUST in Brazil, with that acquisition expanding the coverage to Latin America as well, and also very important growing market. There's further diversification of our U.S. customers with BlueStar. Distributor orders are on record high. We like direct orders as much as we like distributor orders, of course, but it's always good to improve, increase both foots we're standing on here, both legs we're standing on here. The ramp-up of Frerk for the second half is going quite well. The new assembly facility in Schwerin, in Niedersachsen is well on track, the commissioning here. Now, obviously, very important that this great business unit we have been creating over the last three years is now showing and proving that the equation one plus one equals more than two will hold true. The teams working together, the international teams working together pretty well here to really expanding and building a global business. This year, we are already targeting, and when I say targeting, it's actually we're planning and we're clearly building on achieving more than EUR 300 million, very profitable revenue. The team's been super excited to grow that number to above EUR 1 billion in the next five years. The market is supporting that. The teams are excited to do that. That's another great growth story here developing. A little bit also an exciting outlook. We are working here and elaborating a pilot case for the use of agentic AI in the business development in sales in actually two facilities. That will be something probably we can present in the next month is because obviously it's important to support this strong growth without adding proportionally human resources on that, because we want to ensure that more growth gives extraordinary more profitability. Let me turn into the numbers for energy already. Here you see an ever-growing business. New orders in the second quarter at EUR 55 million, and that includes EUR 10 million from the MAXI TRUST consolidation. There's also now an extremely strong order backlog, now EUR 220 million. That shows the sort of the forecastability, plannability, reliability in this business model is one of the strongest in our portfolio, and particularly if you compare to the first half of last year. Across our five business units, energy is the strongest growth contributor, up EUR 37 million year-over-year, driven obviously by the companies who joined us throughout this year, Frerk in Germany and MAXI TRUST in Brazil, but also organic growth, especially in the U.S. and also in Morocco and China. There is now, speaking on the margins, a significant recovery in the second quarter compared to the first quarter. We're now at 13.7% in the second quarter. We explained that when we showed the first quarter numbers, that the first quarter was a bit of an outlier due to the consolidation effects and some seasonality. Here you clearly see that we're moving already significantly up and the outlook for the rest of the year is also even higher than that. Both obviously in terms of revenue, I mentioned the EUR 300 earlier, but also the margin level. The good thing is here, as you can take that from the strong order backlog, the predictability not only in terms of revenue, but also in terms of profitability is extremely solid here. Let me move on to business unit NewTech. Revenue nearly doubles. That sounds super exciting, but it's still on a fairly moderate level. We do, however, work here, obviously, on our presence. DEUTZ will now act under the brand DEUTZ NewTech. Urban Mobility Systems, as well as Futavis, have been renamed, and they're now operating under the DEUTZ NewTech brand. It's important to position ourselves here with a strong brand we have. We're now in this business converting the pipeline into revenue, scaling further projects, scaling production delivery capabilities, enhancing also efficiency in R&D. It's a lot about focus. There are many market opportunities, but we are always, as you know, very transparent on the outlooks in the different business areas. This is obviously the business unit which is most difficult to predict because it depends a lot on overarching market and industry trends. Important for DEUTZ is that we have to be here, we have to be ready when the market, when the demand picks up, then we are there, and it's a bit of an option value. If at some point the engines business gets under more pressure from conversion to battery electric products, important is to be ready, and that's exactly what we achieve with our NewTech business. In terms of numbers, new orders in the first half, and you see already we talk about completely different levels. About EUR 7 million in new orders. That is still reflecting that muted demand, which I just mentioned. Backlog is at EUR 6.5 million. It's even a little lower than what we had last year, but again, with these sort of single-digit or low double-digit numbers, sort of percentage improvements or deteriorations are not as meaningful as obviously in other, more established business units. The revenue in the first half nearly doubled, particularly from the delivery of a few electrified excavators. Those go with solid gross margins, but obviously the business not strong enough to bring the EBIT into break-even. You can also see profitability has been improving compared to previous years because, again, focus on R&D activities as well as cost discipline. That brings me now to DEUTZ Defense. DEUTZ Defense becomes really like a core pillar of the business. We are continuously committed and working on the DefTech ecosystem. You all know about our investment and partnerships in ARX as well as in TYTAN. With ARX, we launched the first serious production of the GEREON ground system in Ulm at our facility. It's not a huge series, but it's more than just a proof of concept, so that's great. There's more we are developing, particularly also in terms of resilient energy solutions. We introduced at the Eurosatory in Paris, a partnership with HDC Solutions. We do also further ramp up the SOBEK activities. We are talking SOBEK, as you know, we talk about battery electric drive systems for unmanned drones. We're working also continuously with R&D and new powertrain solutions. There is a lot of interest. There are, also after the Eurosatory, quite promising orders. Not all of them we can disclose for confidentiality reasons, but the vector is here, clearly positive. Also, new orders from a drone package for the German Army for one of the three suppliers of the German Army. They built on our SOBEK drives. As I've just mentioned, Eurosatory was a success for us. Many leads for military engines, power packs, and hybrid systems. Of course, as I mentioned earlier, the FFG acquisition was signed. In terms of numbers, we see substantial order growth in the second quarter 2026 versus the previous year. The order backlog is now at EUR 43 million compared to EUR 27 million beforehand. The revenue is 47% above previous year, now at EUR 52 million, and the growth is primarily coming from DEUTZ Defense and not from others. Bear in mind, we have also hired HJS, the engine after-treatment specialist part of this sub-segment here for which, by the way, the successful turnaround continues. Results are moving very much in the right direction, that is certainly not the focus of what I'm mentioning here. The EBIT is also developing as expected in a nice way. It's a bit lumpy. Both revenue and EBIT is always a bit lumpy because we don't talk about serial business, one quarter you have more, one quarter you have less. Important is obviously to look in the trend together. Before moving on, what you've just seen here is DEUTZ Defense as it stands right now. FFG, the acquisition of FFG, will change the scale of that picture totally. Our defense business will exceed, as I mentioned earlier in the call, EUR 1 billion in revenue already in next year, 2027. With that becoming a really not only integral part of the strategy, but a very, very relevant part of the business in all aspects, revenue, profitability, number of employees, and so on. FFG will operate as a standalone unit within our Defense Business Unit. Its management, its workforce, its customer relationships, they will be fully preserved. We will create one strong Defense Business Unit around FFG. What DEUTZ adds is industrial manufacturing scale, propulsion technology across the full power range, relevant obviously to FFG's platform portfolio, and that's extremely important, a NATO-wide service network. Together, we can be quite proud of that, together this Defense Business Unit will become the only European domicile platform covering the full land vehicle lifecycle, propulsion, integration, MRO, and modernization, that under one roof. That opportunity exists in European Defense today, we, together with FFG, we are able to capture it. Right. Thanks for listening so far. With that, I will hand over now to Oliver, who will focus on the financials in a bit more detail. Good morning. Warm welcome also from my side. Let's get started. After a strong Q1, we saw an even stronger Q2, that shows our transformation is on track. Building the next DEUTZ is on track. Just to remember, beginning of 2024, we still were in a three-shift operation on the engine business, that was where the economic downturn on the engine side, the cyclical part of our business, kicked in. Since then, since the middle of 2024, we saw that we increased our margins in six out of seven consecutive quarters in a row. That is a great achievement. That is a direct result of our strategic transformation. That is a direct result of our top-line measures, of our bottom-line measures, cost discipline, cost reduction on the engine side, especially also growing service, growing DEUTZ Defense, growing energy. As we heard earlier, we need to keep in mind the cyclical part of the business. The engine business still remains on a rather low level. That means the 7.2% margin we achieved in Q2 is a margin we achieved in a weak engine market. Once the recovery kicks in, we're going to see the full positive operational leverage driving margins even higher. Going into a bit more details on the financials. We see here, as we heard, the new orders 28.7% up. Yes, there is some inorganic effects in that, especially due to the first time consolidation of the contributions of Frerk, MAXI TRUST, and GNT. That total adds up to somewhere around EUR 170 million in the new orders. Even taking that out, there is a positive book-to-bill ratio above one, which means the business is also organically growing, which is a good sign. On the revenue side, we see an increase here of 10.7%. All business units are growing, especially growth is driven here by the energy business, the highest growth in absolute terms. In terms of regional split, 55% revenue in Europe, 27% in the Americas, 11% in APAMEA, and only 7% in China. No relevant dependency as you know from the Chinese business. In terms of EBIT, we saw a significant improvement going up 43.1% to almost EUR 80 million. That is a good achievement. Of course, consequently also net income increased significantly to EUR 33.5 million, and that is even after taking into account a EUR 12.5 million provision we booked for the voluntary program. Not the Future Fit program we saw last year, but the voluntary program now where we're addressing also the operational part of the engine business, especially here in Cologne. Talking about R&D, CapEx, and working capital. R&D quota is going down in terms of sales, 4.0% after having seen 4.5% in first half 2025. That is an achievement. The absolute figures here stay rather constant. However, we need to be aware that we shift, especially R&D expenses from new tech, where we show way more R&D activities streamlined and focused towards what market is demanding and on the other hand, increasing it accordingly in the defense business. On the CapEx side, what looks as a big increase here at the first glance is actually mainly driven by the renewal of a lease contract for one of the sites, which contributes to EUR 12 million-EUR 13 million out of that increase. The biggest portion of that, while the traditional classical CapEx outside lease is only slightly increasing. That slight increase is mainly due to some IT infrastructure projects and software projects, which we are currently conducting around SAP. On the working capital side, you see an increase by 21%-21.5% of sales. We need to keep in mind that the figure is a bit distorted due to the acquisition effects. We acquired several companies, as you know, Frerk, MAXI TRUST, GNT. Their working capital is included here. However, not the 12-month sales figures included. If you would normalize that working capital quota would be reduced by 1.4 or 1.5 percentage points, roughly bringing it to a lower level. We also see that inventory was increasing throughout the first half of the year. That is, of course, also a direct result of being prepared for delivering on the improved order situation going forward, especially in the second half of the year. While talking about inventory, that was also a main driver for the cash flow development in Q1 besides the operational results. We see the cash flow from operating activities went down a bit to EUR 32 million. That is mainly caused by higher inventories, as I just pointed out. Also, especially to be prepared for delivery on the good order backlog. Also some severance payments for people that were leaving as a result of the Future Fit program. Reside effect last year, cash flow effect coming in once people are leaving. Those were the two main drivers. That means in terms of free cash flow, it converts to before M&A minus EUR 29.7 million. Here we need to keep in mind that the year before was positively distorted by a few items as we pointed out at that point in time. We come back here more to a normalized level where we see the typical simplicity that H2 is significantly stronger on the cash flow side. In terms of net debt, that's a consequence then of the free cash flow before M&A, but of course, also then reflecting our several M&A transactions. That is the reason why we are going up here to EUR 520.5 million, including roughly EUR 92 million of leasing. On the equity side, equity ratio remains strong. Yes. However, it dropped a bit from 51.3%- 43%. That's a result of the acquisitions we conducted. We have the debt finance acquisitions, all of them debt finance, and that is basically bringing down the equity ratio, but still to a very solid level, and our targeted level of above 40%. In terms of leverage, yes, we went up 2.1. That is including leasing here. If you take out leasing, we are the 0.3 lower, so at 1.8 without leasing. That is a moderate level still. However, as you know, we will go up a bit in the leverage as of closing of the FFG transaction as we explained it over the last weeks. That will bring us to a leverage in a range of more or less 3, but with a very strong deleveraging potential of the combined group going forward. With that, I hand over to Sebastian again. Thank you very much. Right. Thank you, Oliver, for providing the details on the numbers. Let me first give an update on or confirmation of the guidance. Okay, sorry. Let me first start giving update or confirmation of the guidance. As you know, we initially gave that guidance with at that point, a bit limited market visibility at the end of February. The limitation of visibility we at that point took because there was this various crisis, the Iran war, obviously the Ukraine war and so on. We can now again confirm that there is no direct impact, nothing substantial. I mean, it always impacts, but it's all very manageable, as you can see also from our numbers. We also see that our portfolio diversification is now really paying off. We used to be a cyclical company, a cyclical business, a cyclical share with that high exposure on the combustion engine, on the construction sector, the agri sector. Obviously that still is there, but it is becoming less and less relevant because our service business, our defense business, our energy business is not due to those cycles. It is actually embedded in a very strong economic environment. In that sense, we are very happy to confirm the guidance, the revenue range between EUR 2.3 billion and EUR 2.5 billion, the EBIT margin between 6.5%-8%, half year down at 7.1%. It is pretty in the middle, but we are expecting, as usual, a bit of a stronger second half. This is not due just some hope on the engine recovery. We see signals here as well. Also moving into July, orders are picking up nicely on still not like +20% level. That is also clear, but things are picking up nicely. Even more important the new additions to the portfolio, most notably energy and defense, we expect for both of them a stronger second half than the first half. That is why we are extremely comfortable that we will achieve that guidance and probably not on the lower end. Yeah, that is pretty much my confirmation of guidance. Let me just briefly reflect on what Oliver and myself have just shared with you. We are continuing to grow in energy. Two acquisitions, but also that business or that part of the business, which is already with DEUTZ for longer, is developing very, very nicely. The U.S., Morocco, China. Profitability of engines rebounded, and I cannot reiterate or repeat that more often because we have to focus on what we can influence. The global development of the construction market we cannot influence, but we can influence in which markets are we active, in which fields are we playing. That shows why are we moving in energy and defense, why are we building, doubling down on service. Of course, we can influence cost position, as well as product portfolio and engines, and that is exactly what we are doing. That is why we are now in the engine business on a level of profitability that was at low level of occupation in the past, completely unthinkable. That means also in turn, once the market is picking up even stronger than it has been picking up in the last months this year, we are actually moving on really nicely there as well. Service growth I mentioned, and the deal with FFG I also spoke about. Sorry. On the deal with FFG, we will obviously over the next months, the more we have, we give more updates, but it is really a transformational transaction for DEUTZ because we are adding more than EUR 1 billion very profitable revenue to the business. That will bring DEUTZ not only on revenue basis, but more importantly on a profitability level, on EBITDA, EBIT as well as free cash flow in a completely different area. We are still, as you know, valued a bit like an engine maker with a multiple, depending on where we are in the valuation, sometimes six, sometimes seven in terms of EBITDA multiple. We truly believe that with the portfolio we are now working in energy and defense in particular, it is not nearly reflected what valuation potential DEUTZ has. Time will obviously support that, but we are looking at quite excitedly about what's here to come. Let's move on now, please. In terms of time ahead of us, the signing of the transaction we did beginning of July, we're now first half year results. In three weeks, 24th of August, we'll have the extraordinary general meeting. It's going to be a virtual meeting, where we'll invite or we have invited shareholders to vote on the capital increase relevant for the acquisition of FFG. Far, we received a lot of extremely positive feedback from many, many institutional investors. Also, their proxy advisors have issued recommendations to vote for that. We received that extraordinary result. By the way, the first relevant and very relevant antitrust approval from the German Federal Competition Authority has been received last week. That's also another sort of implementation risk, which we never considered as a risk, but it's always good if these steps have been completed. We expect by the end of this year, we are riding here potentially by the first quarter, but at the moment, our assessment is rather at the end of this year. We expect the final regulatory approvals from other jurisdictions to be granted, and thus a closing of the transaction. That's where we stand right now. In that sense, we would like to thank you for listening and obviously, as usual, look forward to your questions. Thank you very much for the update, Sebastian and Oliver. We will now move on to our Q&A session. For a dynamic conversation, we kindly ask you to ask questions in person via the audio line. To do so, please click on the Raise Your Hand button. If you are dialed in by phone, please use the key combination star nine followed by star six to unmute yourself. Please note that questions via chat will not be submitted today. We already have the first hand up from Lasse Stüben. Hi. Good morning. My first question would just be on the general market environment you're seeing and how Q2 progressed versus your expectations from Q1. I'm just wondering if generally the order intake dynamics, I'm guessing May wasn't fantastic, particularly for engines, but I could be wrong. I'm just wondering, you briefly commented on orders picking up nicely in July, but would be good to just get a bit more color on the run rate coming out of the second quarter into Q3. Lasse, thanks for your question. First of all, it was actually fully according to our expectation. Not beyond, but also not below. We always need to bear in mind that we had a very nice jump in order intakes in the first quarter, and that obviously leads in terms of engines to higher revenue than before in the second quarter. We were slightly below revenue in terms of order intake in the second quarter, but that's very slightly. That's pretty much, I would say, not relevant. What we see here at the moment is particular in construction. There are very positive signs. If you look on our geographic end markets. Just take a look at the U.S. You know that our main customers in the U.S. are Terex, JLG. Their end customers, for example, is our main customer, United Rentals. Look at how they develop. They have given also updated numbers last week and very positive signs. That obviously translates also into order intake at us. Always with a bit of a delay. They need to work off their inventories. However, that's as much as I want to say about how we moved into July. Obviously, July we'll report in October when we report Q3. In principle, I can say, to give you a bit of light, U.S. is going nicely into Europe. Some customers are increasing orders. Others are still a little reluctant. Also, bear in mind, it's July, August now, that is not the time in the year where construction and energy customers are really ordering. What we feel is that, potentially after the summer break, things will become more clear. In principle, as I said, fully according to expectations and fully according to also what we put out on guidance. The year is pretty safe. Okay, perfect. The second question is on gross margins. These were down a little bit in the second quarter. It looks like you had the same dynamic last year. I'm just wondering what's the driver of that effect in the second quarter versus Q1? That's a typical seasonal pattern that you saw. A little bit on the gross margin side that Q2, you correctly pointed out, is slightly lower. We are expecting that, especially if you look towards the second half of the year, to increase again. What we're going to see then is basically, especially the newly acquired or newly built-up businesses, especially energy, especially defense, especially also the service business is structurally going up. The only, in fact, margin kind of dilution we see is a bit on the service side due to the effect that Sebastian pointed out earlier. That is if you acquire businesses which are slightly below the current margin level, but significantly margin accretive on group level, that should work also out on the second level. Of course, the biggest impact is from an expected recovery on the engine side, which has, of course, the most important impact on the gross margin due to the pricing power working leverage. Okay. Thank you. The third one is on the OpEx level in the second quarter. That was up again. That's up materially year-on-year, but also on the first quarter. Just wondering, is that sort of the right run rate for the remainder of the year and also looking into 2027, or how should we think about that? Well, I wouldn't talk about the right or wrong run rate. I think what you need to keep in mind, we are consolidating additional businesses. We acquired Frerk. We acquired Double Down end of last year. We acquired SOBEK end of last year. We acquired MAXI TRUST and so on. On the operating cost, also SG&A cost, you see that those costs are now coming into the game. Ultimately, we look at the EBIT margin, and that is what counts, and the EBITDA margin, and that is where we're expecting the further increases. Makes sense. The final question is just can you give the organic revenue growth figure for H1 or the second quarter? Yes, I can give it for, let's say for H1. If you take the acquisitions we conducted in H1, so Frerk, G&T, MAXI TRUST into the game, into the equation, they accounted for approximately EUR 170 million order intake and almost EUR 30 million revenue. If you include also the acquisitions we did last year in H2, so Solvay, DEUTZ-FAHR Turkey, Double Down, we talk about in total, including the others, of approximately EUR 200 million impact on the order intake and approximately EUR 50 million impact on the revenue. If you want to have a pure like for like comparison, H1 2025 against H1 2026. Perfect. Very helpful. Just final one. Would you be happy to disclose the engine volumes for the first half? It might be in the report. I might have missed it. Yes. I'm super happy. 68.x thousand units. 68.x. That's important for the presentation. Okay, perfect. Thanks very much. Thank you very much, Lasse, for your questions. In between, Mr. Neu, could you get closer to the laptop of the microphone? Yes. Thank you very much. Next in line is Stefan Augustin. You may unmute yourself. Thank you. Thank you very much. First, actually a clarification because you mentioned the EUR 1 billion for FFG and then for defense, I just want to clarify. Do you see for FFG as a standalone on an organic base, the EUR 1 billion for 2027, or has that been a statement for the DEUTZ Defense business unit overall, including future acquisitions? Indeed, I mentioned that FFG will achieve a revenue above EUR 1 billion next year, probably a bit above EUR 1 billion. The statement that the DEUTZ Defense business unit will be above EUR 1 billion also holds true, of course, because it doesn't have negative revenue. We're expecting on the sort of defense and others as it is right now also grows year-over-year. What we are not providing as of yet is a very detailed number for 2027. Very simply, as you know, we're conducting our planning only later this year, and I don't want to, by accident, give an outlook or a guidance for the next year. That's why, unfortunately, we'll have to keep it a bit more on a high level with above EUR 1 billion, at a very attractive margin. Everything else will follow later through the year. I hope you understand that. Sure. Fully understood. The second one is a bit on the order intake in the energy business. We know it is lumpy. There might be possible projects at Frerk. There might be dealer orders at BlueStar. Do we need to brace ourselves a little bit for Q3 also being a bit low and then a large chunk in Q4, or is that a bit more evenly distributed in the second half? For the annual run rate, we would need to see a bit of a pickup from where we stand in Q2. We see that. Our current assessment, when I said earlier above EUR 300 million, I think, Oliver, the right number is EUR 320 million, EUR 330 million. That's what we expect on a full year basis at the moment. There's very little risk in that because that's almost covered by fixed orders. A little bit of distributed business in the U.S., but that comes in pretty reliably. Here I see hardly any concern, honestly speaking. Of course, the second half is stronger than the first half. First of all, because in the first half, neither Frerk nor MAXI TRUST has been part of the entire six months. They both joined a bit later. Secondly, we do have a bit of a seasonal effect at Frerk. We had that last year as well. Obviously, you can't explain that with something like harvesting season, it seems to be a bit typical in this business that orders are being placed throughout the first half, but they're being delivered rather in the second half. We are very bullish, or let's say positive on the outlook on energy in the second half. Honestly speaking, I believe that's probably the strongest foundation we have. If I were to bet money, I would put a lot of money on everything, I would even put more money on the second half of energy, if you understand. Sure. Okay. The final one is actually, let's say a bit of a combination. First of all, you had some one-offs for closing more efficiency measures in the engine business. FFG comes a bit on top or to my understanding, we will have some serial production, which is largely taking up for the brunt of the sales increases of FFG. Is there an idea that you can harvest a bit more, like sending out employees maybe from the direction of Cologne, rather to Flensburg, altogether with your idea of India? Do we need to brace ourselves for a bit more one-offs in the second half? Not significantly. First of all, obviously, FFG is building up with their plant. It's well on track. It's in Handewitt, which is a neighboring district to Flensburg. We've actually visited it on Monday. It's looking very nice in terms of development. They will have the Richtfest. I don't know what it is in English, honestly speaking, but one of the important milestones where you celebrate that the structure of the building is completed. That'll happen soon. Obviously they require also additional personnel. Of course, we'll offer people working here to move there as well. Let's see whether that's interesting. It's a very nice area up there. I wouldn't necessarily say no, because other people go on vacation there, so we may actually send people to work there. It's a bit of a privilege. However, we also do not see, beyond the 100- 120 FTEs, which we'll take out as part of that redundancy or that voluntary redundancy program here. We, at this point in time, do not see any additional need to structure reductions here at the engine business. Obviously, we're continuously working on efficiency gains, probably the number we mentioned will be more than sufficient, for this year as well. Bear in mind, we've done a lot of work in terms of reducing permanent or replacing permanent buy temps already in the past years. Efficiency measures will continue year after year, but not necessarily for the second half of the year. On your questions regarding one-offs, yes, there are going to be a few million EUR small one-offs, of course. That is typically in line with what you are expecting with a transaction of that size. A bit on the typical professional consultants you need and on the financing side, of course, but nothing extraordinary high. Right. Thank you very much. Thank you very much, Stefan for your questions. With an eye on the time, we have two more risen hands. The first one is from Pal Skirta. You may be able to speak now, Pal. Hi, Pal. Can you hear us? We can't hear you. Yes. Good morning. Yes. Pal from Bernstein. Thank you for hosting the call and for taking my question. I have a question on the free cash flow. You've confirmed high double-digit million EUR for the year, and H1 came in at minus EUR 30 million. That implies a swing of well over EUR 100 million in the second half of the year. Could you please break that down between the working capital release and operating cash? Specifically, how much of it depends on the EUR 79 million, roughly, inventory build-up converting in the second half of the year? Thank you. Sure I can do so. Basically, they are exactly the two elements you mentioned. On the one hand, we are expecting a very strong operational performance throughout basically all business units, the four relevant business units in H2. That's going to convert to cash. On the other hand, we are actively addressing that topic of working capital. We started a program to bring that down a bit, as you always do it every few years. We see good potential there, and that's going to be like a comparative current levels. We're expecting a EUR 60 million-EUR 70 million reduction throughout all the layers of working capital. Of course, a big part of that is related to the inventories. That is also, if you look at the history of DEUTZ, you see typically that kind of cyclicity that the H1 is weaker in terms of cash flow, the H2 is stronger. You're building up for seasonality patterns, certain inventories throughout H1, and that is then reverting in H2. I'm not at all concerned about that. Okay, got it. Thank you. That's helpful. Thank you very much, Pal. Last but not least, the questions from Klaus Ringel. He also joins us via phone today, and may unmute himself with star key six. Mr. Ringel. Yes. Good morning. Can you hear me now? Loud and clear. Hi, good morning. Thanks for taking my questions. One would be on the outlook for 2026. You already mentioned that you're feeling quite comfortable with the guidance and looking at the H1 performance, you're already comfortably in the range for adjusted EBIT margin. In terms of revenue, you need a bit of a pickup in H2. Would be interested to hear a bit your view of what will be the drivers in terms of business units here for the pickup in revenue in H2. That's the first question. Pretty much all but NewTech. NewTech is just not relevant in terms of top line at the moment. We'll see a bit of an uptick in engines, a bit, but that's well in line with the current bottom-up projections from the teams. There's no hope in a way left. Secondly, I've mentioned it earlier already that the second half in energy is larger or expected to be larger for two reasons. First reason, because MAXI TRUST and Frerk Aggregatebau haven't been part of the group since the 1st of January. That's a very simple reason in a way. Secondly, the particular Frerk Aggregatebau, based on the visibility in the order book, we do see more in the second half than in the first half. That's energy. On defense, we received particular at SOBEK, a few relevant orders to be delivered in the second half. They do relate to the drone package that the German Army has ordered with, you know that, with three drone suppliers, one of them working with DEUTZ, in particular. These orders have been placed. There was actually an additional order very recently. Here we do not talk about a huge top line, but it's healthy margin, as well as some diesel engine orders from other NATO customers coming in. On the service side, last but not least, we have for the first time surpassed EUR 150 million, the run rate on the quarterly basis and the run rate in June and also in July is well above EUR 50 million. That's pretty much supporting that top-line prognosis for the second half. Thanks for that. The second one would be more on the medium term. You have the medium-term targets, more than EUR 4 billion sales, 10% EBIT margin plus, but obviously, including FFG, it will be much more than that. In your view, what would be the right timing for updating these targets? Is it already when you get approval for FFG? It's when FFG is closed the deal? What's your view here when we could hope for an update? We do plan an update in the second half of this year. What I can say, well, this is very simple to say because we are already in the second half of this year. Absolutely. We will give an update later this year. What I can say already, you implied it with your question, Klaus, that our EUR 4 billion target, which we initially projected for 2030, we will achieve much, much, much, much faster. Not only the top line, but also the bottom line. I wouldn't even rule out that we already achieve this next year, or we are a little short of that. We require, because this is big statement to be made, and obviously we'll need a bit of a more bottom-up planning, particularly on FFG side. There are changes in accounting principles. We're moving from Handelsgesetzbuch, from a German HGB into IFRS. Obviously that doesn't change the business, but it changes the realization of revenue and of profit. We want to run that exercise diligently before informing the capital market on something, because the worst thing would be if we say, "Oh, yeah, we're going to be at the EUR 4 billion," which, as I said, could be possible, and then due to some accounting issues, well, we're at EUR 3.5 only. That'd be terrible. That's why we're working on that diligently. As always, Klaus, you and the other analysts, you will be one of the first to know. Okay, thanks. Thanks for that, very helpful. Have a good day. Thank you. Thank you very much, Klaus. With this, we come to the end of today's conference call. Thank you, everybody, for joining and your shown interest in DEUTZ. A big thank you also to you, Sebastian and Oliver, for your presentation and your time. From my side, it was a pleasure to be your digital host today. I wish you all a lovely remaining Thursday around the world. Stay safe. With this, I hand back over to Sebastian for some final remarks, which concludes our call for today. Thank you very much. Thanks for being our digital host. Also, thanks, everyone, for dialing in. Thanks for your interest in DEUTZ. Thanks for your trust in DEUTZ, in the share, and for your shared excitement on what is ahead of us. I just want to conclude, this is really a pivotal moment for DEUTZ as a company. We have always talked about a transformation. We have been also working on the transformation in the last years. We are on this journey since 2022, really waking up a company from a bit of a long-term sort of sleep sometimes. It's the way it feels. We did the homework in the first two years, fixing basics, bringing the company into a profitable position, out of which we are then able to grow. I'm not saying it only started with that FFG transaction, because obviously we've done a lot of very great things in the past. Now this is the biggest step, and it's a step which we tested and prepared very diligently. We feel we know that this is the right asset at the right moment. What I can promise is that DEUTZ in 2027 will be completely different, larger, more profitable, and also eventually a more valuable company. It's great that you're interested in DEUTZ for us, but also for yourself. Thank you very much.