Good morning, ladies and gentlemen, and a warm welcome to today's DEUTZ conference call on the financial figures 2026 9-month report. 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. 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 via audio line. I will now hand over to you, Lars. Please. Thank you very much, Judith, and a warm welcome, of course, from us from Cologne on this very significant and great day for DEUTZ. As you all are aware, as of today, FFG is part of DEUTZ Group, and we extend a very warm welcome to our more than 1,100 new colleagues joining the group. Therefore, obviously, the closing of the transaction is key for us. And we are very glad we made it as promised, even earlier than expected. Of course, also we want to discuss with you our 9-month results, strong results, and looking forward to discuss them into more detail. And this can be best presented and explained obviously by our CFO Oliver and our CEO Sebastian. Sebastian, over to you, please. Yeah, thank you very much, Lars, and also good morning from my side to this other exciting— or another exciting earnings call. Let me start as usual giving you an overview, uh, about sort of the major highlights, um, and of course, on, as we just heard, on a bit more context on the FFG acquisition. 9 months 2026, um, And the headline, I think, says it all. The new orders are growing quite significantly, our revenue is growing significantly, and margin even more importantly as well. So new orders up 30%. Almost €2 billion after 9 months. That is really, uh, sort of the next level already. Um, and also if you look at the 3rd quarter comparing year over year, 35— 34% growth. So that is significant revenue, um, growing, lagging a bit behind new orders, but that's a good sign because high new orders, higher new orders than revenue means actually further growth to be expected going forward. Uh, but even though 11% year-over-year growth in revenue, I think that says it all, uh, €1.7 billion, and also in the 3rd quarter 12% year-over-year. So here the growth trend is also more than intact. And if we look at the EBIT margin, we're now at 7.1% after 9 months, so that's a good 1.3 percentage points better than the comparable period of time last year, and in the 3rd quarter, 7% as well. We're going to go through the details a bit later, particularly when Oliver is going to review the numbers. Um, some highlights, um, and of course Lars said it and our press release said it as well, um, the acquisition of FFG has been closed, um, in a record time. Uh, from beginning of the talks with the previous FFG owners, uh, during the negotiations to the, um, the announcement of the transaction, and now obviously the preparation of the closing. We were particularly waiting for a couple of regulatory approvals. They all have been, um, they all have been granted, so that's why the closing had taken place now. Um, looking also at, uh, on our operational development The energy business in particular had a very strong Q3 order intake as well as revenues, so that's important. You know, a lot of, a lot of Deutz, or a lot about Deutz, has been talking about defense, but obviously that's an important growth driver, but there are others as well, as we'll point out throughout this presentation. And also in our sort of legacy business engines, um, we are further improving, uh, our, our setup here. Pushing efficiency, well, including more and more partner engines. You see here German and Indian flag, um, that shows that we're having— or we're making good progress when it comes to certain partnerships here, in this case with Indian partners. And last but not least, we successfully raised additional capital, optimizing our financing structure. And what's not on that chart I'm also very pleased that we can announce today that the contract of my fellow board member Oliver as CFO has been prolonged. So the supervisory board as well as Oliver have committed to continue the collaboration for another 5 years, and I think that is also fantastic news for us as a company. Looking now at FFG, so let me start with that major strategic milestone we announced this morning in the closing. And we announced the acquisition itself on July 9th, and we told you at that point that we were expected to closing late '26 or Q1 '27. Our shareholders, as you know, approved this acquisition, uh, or the related capital increase at our extraordinary general meeting on the 24th of August. With almost 100%, uh, approval rate. And now, yeah, we already successfully closed the transaction, as Lars said initially, a little earlier. than anticipated. And as a— with a purchase consideration including cash and paper of, uh, almost €1.6 billion, I mean, this is clearly the largest acquisition in the history of DEUTZ. And this broad support of our shareholders, that matters a lot because this deal, this transaction, was never only about buying a business. It was really about continuing the evolution of nextDEUTZ industrial platform and building a true partnership here. And this is also, as you can see here, reflected in our new governance structure. We did not want the seller who just, you know, leaves at closing. Um, we wanted seller turning into anchor shareholders. who really have skin in the game, right, where the incentive from day one after the closing is 100% aligned with all the other Deutsche shareholders. And with the 29.9% stake. Um, the FFG families— it's a bit of a weird name, the FFG families— but the previous owners of FFG, they are now an anchor shareholder of DEUTZ, bound also by a long-term investor agreement, including, as you know, a 2-year lockup period and a 1-year standstill. And also, in order to reflect that in the governance structure, 2 shareholder representatives will step down from the supervisory board and 2 representatives of the FFG previous owners, Norbert Eriksen and Gorm Ivar Gundersen, are to be appointed in due course. And as I mentioned earlier, said it already, Oliver's contract has been extended until 2032. But, um, closing off that transaction, I mean, that's not the finish line. By no means. It's actually the start of a new chapter for DEUTZ. This next chapter, and we keep naming it internally and externally, we call it NextDEUTZ, and the addition of FFG to that portfolio clearly accelerates our transition. to one of Europe's leading industrial platforms. Today, um, DEUTZ is no longer the company some of you began following, let's say, 5, 6, 7 years ago. Because since 2022, um, we have been transforming DEUTZ from a cyclical engine manufacturer into a more and more resilient industrial platform. With actually more than 10 acquisitions reflecting our buy and build approach, a very disciplined buy and build approach. We now have 5 business units: engines, service, energy, new tech, and defense. And each of these business units, they carry— each of them carry their own P&L responsibility. And, um, you saw that already in the overview, and you will see that certainly in the details we're going to show you later, um, this transformation is already reflected in the numbers. I presented the headlines, the encouraging headlines. And we achieved all of them in a still very, very challenging market environment. Um, FFG now accelerates this transformation, and I would like to highlight 3, let's say, the key— of the key aspects of that deal. Right. Um, So first, FFG we can consider genuinely as an exceptional asset with probably one of the strongest growth and margin profiles in European land defense. Approximately €760 million revenue in 2025, around 90% at that point coming from MRO. And an order backlog of almost €2 billion. Second, and it's hard to replicate and it really provides a competitive advantage, FFG supports more than 30 NATO platforms, and that reflects not only customer relationships but actually formal qualifications, deep access to the programs. to the proprietary OEM platforms and obviously also the established production capacity and capabilities that have been built over decades and cannot be replicated quickly. And third, Of course, it's the timing. I mean, Europe's defense procurement window is open and it continues to accelerate, and finding an asset like that is rare. Finding it at the right moment is even rarer. We will now, as I said, it's the beginning of a new chapter. We will seamlessly integrate the existing FFG business into our next Deutz structure. So, but what does it mean in particular? FFG will be the new anchor of our business unit Deutz Defence with clear responsibilities and synergies also from the beginning of 2027. onwards. Very important is that FFG remains operationally largely independent, preserving their identity, also their management and their workforce. And that's their strength, because it's not only a rare asset, it's also a very successful asset, and there's no need to tell them how to do their business because they've done that exceptionally well. Obviously, we want to grow together even stronger, but the precondition for that is a large degree of independence. And the management of FFG has built something exceptional. And as I said, we did not buy it in order to restructure it because there's no need to do so. We bought it to make it even stronger. So what changes? Marco Herrl and his team, they have built up Deutz Defence over the last year. They've done an exceptional job. I mean, military engines, drone drives from our successful subsidiary SolBEC. our defence partnerships. So a lot has happened over the last years, and that is a good precondition for further growth. Now FFG becomes the anchor of that unit, and we decided that Jörg Kamper and Christian Putz, who both come from FFG, who both spent many, many years with FFG. They will lead the whole unit as CEO and CFO in a team jointly together with Marco Herrl. Marco will continue to drive the businesses he and his team have built over the last years, including obviously collaboration with our partners. And I'd like to say and to emphasize that what our small but extremely motivated defence team has accomplished here over the past 2 years is really remarkable. Not only are we generating highly profitable revenue in our existing defence business, but we've also become a sought-after partner for both established and new defence companies in a very short time. So we intend to continue on this path with these businesses, of course, going forward. So in July, um, We told you that the direction on earnings and cash and leverage is clearly positive pretty much from the point of closing, so from today. Obviously, today we can be a bit more precise because for 2027, we do expect FFG revenue of a bit more than €1 billion and an adjusted EBITDA margin of above 20%, and that is FFG on its own. So the synergies which we're, uh, which we're working on, obviously they are in addition to the standalone business, and that's why 1 plus 1 becomes more than 2. We start where the fit is most obvious, our service capabilities, especially with our remanufacturing know-how. Particularly our Ulm facility has a lot to offer here. DEUTZ drivetrains in FFG's vehicles and FFG's platforms where it makes sense, where the customer is convinced of that, of course. And we're also working on, you know, certain bundling and procurement where we already explored 20+ specific areas for potential cost improvements. So first contributions we expect as I said, from early 2027 onwards, and we'll give you more details as we go through the integration process, which brings me to immediate next steps. So FFG will be consolidated in our IFRS numbers for around 2 months this year, and obviously I'll come back to the 2026 guidance and FFG's contribution to that in the outlook later throughout this presentation. The real picture, of course, comes with 2027. On March 30th, with our full-year results for 2026, we'll give you our 2027 guidance, and Q1 2027 will then be our first full quarter including FFG. And in the second quarter, we plan to host a Capital Markets Day step by step. We're delivering and gaining momentum on our promise here of NextDEUTZ, building DEUTZ AG into one of Europe's leading industrial platforms. But let me now come back to the quarter and walk you through our existing business units, starting with DEUTZ Engines, where we continue our efficiency. and efficiency measures and portfolio optimization. So as I said, portfolio optimization, efficiency measures, that's extremely important in engines. Engines is the business where the market is slowly picking up. The Americas customers, they picked increasing orders, as I said, slowly but steadily. But we are not waiting for markets to pick up. We're actually acting so that we can control, or we control what we can control, and that means in particular continuing working on efficiency. So at our Cologne site, we announced it in one of the last quarterly presentations, there's been another voluntary leave program completed with around 100 positions reduced. So that went fairly smoothly. And successfully leading to immediate cost savings, not only beginning next year but already starting to kick in now. We have also identified up to 300 further positions in our business unit Engines here at the Cologne site. that may be affected over the next 2 years. Why is that? Because with our new business unit leadership, we're continuing to identify here more efficient production methods, and we're also continuing to drive up our best cross-country assemblies in India and China to increase utilization over there. And also some really old-fashioned— not old-fashioned, that's the wrong word— but really legacy engine series moving into end of production, but the final scope, of course, of these positions that may no longer be needed, that will also pit depending on demand. Is there going to be a quicker recovery than we're currently expecting or not? But in principle, we're here well on track when it comes to further operational and efficiency improvements. As I said, partner engines become more and more important. We can only be successful in the diesel engine business if not every product we sell is 100% developed and manufactured, assembled here in Cologne, where we can benefit from partners' competencies or from partners' cost advantages. We're using that, we're doing that, and most recently we expanded here our portfolio on the lower end of the power range. with a 1.6-liter engine which is produced in India with our partner Kirilskaya Oil Engines, particularly relevant for the US market. And this is also reflected in the numbers here. We see— let me start with order intake. It's up 29% year over year in, as I said, a very demanding or challenging business environment. And of course, the 3rd quarter, when it comes to revenue and profitability, is a as usual in the 3rd quarter, impacted by the seasonally low July and August production volumes. Not only our factory is here in Cologne, in Ulm, there are partially in the summer break or have been in the summer break because of the— because the same happens to the customers. So Q3 is always a bit challenging. However, as I said, we control what we can control. The cost savings from our numerous efficiency programs in all functions, and most notably, it's production, supply chain, R&D, and sales, they are actually more than compensating the pressure we see. on the various effects from the Iran crisis. So revenue and new orders in particular, we expect to increase further for the 4th quarter. As I said some moments ago, the US market is driving quite nicely at this point in time. Let me move on to Deutsche Service. In Deutsche Service, it's really all about the network expansion, and that's beginning to pay off. Also here, the US mentioned first. Across all regions, the US service business has enjoyed the highest growth, 38% up in Q3 year over year. Yes, there's also been— there was also a smaller acquisition, G&T Truck Repair in California, but there's also a lot of organic sales improvement over there. We have also realigned our DACH dealer organization. Many, many dealers we have been working together with for decades, we renegotiated the contracts. In order that the contract reflects a bit more also the, let's say, economic reality between, between DEUTZ and the distribution partners. And on top of that, we're also growing here our own service organization. Germany in particular has always been a bit of a different, a bit of a different setup than other European countries, but this year we started to address that as well, and we can proudly announce that this reorganization is almost completed. Remaining to-dos are going to be going to be completed over the next couple of weeks. We are also improving here or moving more and more to. partnerships with larger fleet owners and new OEM customers. But very important is actually what I put down here in the last bullet point, that our service business is increasingly working also for new business units, in particular for energy. That's already very, very concrete. But on top of that, obviously, as I said, in the context of FFG acquisition, we are also bringing in the competencies we have here in the defense business. But the first sort of noticeable and touchable effects we see particular when it comes to partnering up or supporting our energy business, particularly with FREDAG. Let me move on to the numbers here. Double-digit growth in orders and revenues. As I said, it's exceptionally high in the United States. 9-month revenues now at $451 million. That's 10% year over year. The order backlog at $60 million. Order backlog is not that relevant key figure when it comes to service. That's clear. But it also shows that we're here on a growth path as well. And year to date, the 3rd quarter has been the quarter for the service business with the highest profit margin despite our investments in our regional growth initiatives where we are investing upfront in new capacities. In this case, it's mainly actually technicians, a little bit of equipment as well, but mainly technicians in order to prepare our organization for the growth to come. Let me move on to Deutsche— to Deutsche Energy. To give you context again, we're building here a global distributed energy platform, and we continue to build that. The data center business continues to gain importance. Fregg, which is something which made us very happy, wins a major data center contract in October. That's after the completion of Q3 numbers. And so these order intakes will also only show in the 4th quarter. And we're currently in the quoting process of several data center projects also outside Germany. So we're setting up, we're really setting up everything for further growth. The US customer base could be further diversified. 60 new distributors year to date have been added by BlueStar Power Systems. So that's great news. It's generally great news for DEUTZ, but also here diversifying the customer base more. And very important, we're now preparing actually this platform to work under one global brand. By the end of next year, well, there will be a single, very strong Deutsche Energy brand all over the world, which somehow just fits to our strong ambition that we are very happy to confirm that we want to grow here the top line to a number of €1 billion revenue within 5 years. So the team is working day and night on building that business to a really sizable business. Well, actually, with more than €300 million, it is already sizable, but, but even being even stronger. So it's a very, very strong growth case. Which is underlined by the numbers as well. New orders in Q3, €80 million, 208% year over year. 9-month order intake, €342 million, also almost 200% year over year. Of course, yes, benefiting from acquisitions, but that's, as I said, part of the build— buy and build strategy. So nothing to be ashamed of. And the energy business now carries a very strong order backlog of €230 million, which is significantly higher than what we had 12 months ago. Revenue is growing also strongly and steadily quarter over quarter. Q3 was particularly supported by strong performance at Freg and Maxitrust in Brazil, 9-month revenue at €195 million. And also the adjusted EBIT doubled in Q3 with a solid margin of 14%. Um, €9 million adjusted EBIT of, um, sorry, 9 months. In 9 months, adjusted EBIT was €23 million and, uh, growing here 11% year over year. At a 12% margin. Yeah, we showed earlier that when there were some questions on, okay, what was, what was wrong with the margin in Q1 and Q2, we always said we're going to improve throughout the rest of the year. And you can see here clearly that this, this has happened and we continue this. We continue to expect this to happen. I mentioned earlier when I talked about about size of that business. The outlook for this year is above €300 million revenue at a further increasing EBIT margin level. So very much well on track. Um, let me move on to NewTech. NewTech, a bit of a different picture, um, focusing here on obviously our core applications but also more and more collaborate with other business units supporting both energy and defense going forward as well. Um, we talked in the context of defense, or we'll talk about collaboration with Hypercraft. Also here introduced the first touchpoints with FFG when it comes to hybridization of military vehicles, and of course with business unit Energy when it comes to BESS, so battery electric storage systems. Important here stays the task to convert a very good pipeline into revenue. Because that's the challenge. This is certainly the, the market which is driven by a bit of uncertainties in if and when certain technological changes will materialize. So there's uncertainty, but on the other hand, we're very well positioned here. And now we actually also begin to see some market tailwind because why— what's happening? Battery cell prices are falling and of course high fuel prices. I mean, they will change TCO calculations throughout the board, and that we expect this to pay off in the midterm. However, also particularly when it comes to construction, agriculture, so the previous DEUTZ core markets, obviously the overall economic situation is still affecting investment activity. So that's a bit the context for NewTech. And on numbers, yeah, not very representative because still on a lower scale. 9-month new orders a bit below €10 million, that's even below previous year, but that is very much— that's one project in or one project out. So on this low absolute level, these sort of percentage changes would work for both ways. They're not that— they're not that representative. Not representative. So here it's about, uh, also in terms of EBIT, after 9 months we're at -21.6 million euros. So reducing the losses, uh, a little bit compared to previous years. Why is that? Because more and more, uh, we're focusing more and more on actually what we spend for R&D, and there's more cost discipline. But the biggest challenge is not further cost savings here. The biggest challenge is, as I said earlier, actually turning pipeline into revenue, because once we achieve that will have immediate, uh, a very, very good effect also on profitability. So that's a bit of context for NewTec, which leaves me, um, with the defense business. Yes, I talked a lot about Deutsche Defense. Uh, FFG transaction has been closed. And now Deutsche Defense, or defense within Deutsche, becomes a core pillar, but also like independent on the FFG transaction, because that we will on the numbers we will report for the first time in March, as I said. But also the business in defense prior to that acquisition has performed pretty well. Obviously, November, December, and we will now see then the first supporting numbers by, by FFG. And that, by the way, and I will come back to that later, will also lead to an increase in our margin expectation for the group. But before, before moving to that later, give a bit of, bit of update on the defense business prior to FFG. And within that sort of defense tech ecosystem, we're expanding our various collaborations. We invested, as you know, in ARCS Robotics and Titan Technologies. Um, some months ago, months ago, we signed an MOU with Hypercraft, US-based UGV business where it's on unmanned ground vehicles, which also opens our access to US military customers. So another partnership to be, to be kicked off, and very, very, uh, very pleased with that. Our SOBEC business also expands beyond the European core customers. And of course, also in the really traditional Deutz business, our diesel engines, we have more than a strong prospect for the German Army with a partner in Northern Europe, a northern German partner who works here with military gensets where we are the supplier of choice with our engines. In terms of numbers, see here high growth high order growth in Q3. Um, 9-month orders now at €90 million, up 12% year over year. Order backlog now at €52 million, also significantly up compared to previous year's revenue. Is up 52% year over year to now €83 million. And the main drivers have been here engines for air defense systems and wheeled vehicles, but also Moving to Sobeck, the electric drives for military drones, the order behavior from certain key customers has underlined here really that we made the right move to go into that field. That also translates into profitability. 9-month numbers at almost €11 million at 30-30% margin with a very strong Q3 result of almost 18% margin, which is a particular result driven by the growth in the Sobeck business. And Hyot S, H-Y-O-T S, emission technology, that is the part standing for other next to defense has also been fairly solid in the summer quarter Q3, but that's certainly not the core here. of this segment, Deutsche Defense and Other. Good. After that introduction to where we stand operationally and strategically, happy to hand over to Oliver to walk us in more detail through the group financials for the first 9 months. Thank you very much, Sebastian, and also a warm welcome from my side. against cash. So as you know, we placed 15.3 million new shares at a placement price of €11.70. So that resulted in gross proceeds of almost €180 million. There was very strong demand from investors, new investors, also a good balanced investors portfolio, and it was several times oversubscribed in a very short time. Well, we're going to use the proceeds to optimize our capital structure and also to really enhance financial flexibility for future growth. So after that capital increase, we had a total number of shares of 100 67.9, and now including the 71.6 million new shares of the FFG transaction after the closing yesterday, we are at 239.5 million DEUTZ shares outstanding. Well, let me start with one of our highlights of the last quarter. We successfully conducted a capital increase, 10%, Let us go a bit more details through the numbers, and that chart here shows quite nicely the quarterly development of our EBIT figures over the last 3 years. What we see, I mean, from the beginning starting still, and you might remember that there was still a boom on the engine side beginning of 2024 where the cyclical down was kicking in. Um, and like 2 years ago, we were on a 1.7% margin in Q3 '24. So we increased significantly and also steadily since then. And that development shows nicely that we basically did our homework because the engine business is cyclical part that still remains on a very low level. And even though we have significantly and steadily increased our margins I mean, it's, it's on the one hand the portfolio measures that contributed. You remember Blue Star since, and then the Daimler truck engines since August '24, Zobek on the defense side kicking in in Q3 '25. And also then Freyrk in February '26 and MaxiTrust and also service transactions, of course, all over the time. But it was also supported by organic growth. especially in the growth areas, service, energy, and defense. And of course also by strict cost measures, efficiency measures, especially on the engine side, but also on new tech side. So that brought us to the 7th the 7% plus margin now the 3rd quarter in a row, which shows that we really move away from a cyclical business to a resilient industrial platform. Looking a bit more detail on the 9-month figures, so we see here new orders going up 30%. So there is a certain first-time consolidation effect included, that's €155 million, but even if you take that out, it's still a 20% growth. in new orders. And that is of course also quite good backlog then if we consider the Q4 revenue expectations. On the revenue side, talking about that, we see an 11% increase, 11.3% exactly. So that also shows that we are continuing the growth path both organically as well as inorganically. Slightly above €100 million out of that has been due to acquisitions we conducted since the end of Q3 last year. The remaining part then also is organic growth. On the EBIT side, also nice growth there, 36% up, come to €118.2 million or 7.1% adjusted EBIT. That's driven— the improvement is driven, well, on the one hand, of course, by the portfolio mix, the M&A transactions. On the other hand, also the Future Fit program and the other efficiency programs and initiatives we are running, and also by scale effects. What I personally also like that we almost doubled— or not almost, we doubled our net income to a level of €40 million from €20 million the year before. And that even though that net income was reflected by— affected by a provision for the voluntary program. of €13 million. So adjusted for that, it would have been even higher. Let me touch some more KPIs. So net R&D spending, we see that basically the quota at a level of 4.3% year over year stays constant. Total R&D spending increased slightly by €8 million, but that is mainly reflecting then also a shift within the R&D portfolio or an extension of the R&D portfolio. We see especially an increase on the defense side, on the other hand, a reduction on the NewTech side. And you also see a slight increase on the engine side. That's basically, and partially at least, driven by the 3.9, 4.0 the entire engine portfolio. So we are tailoring our investments here and R&D spending where the growth is. On the CapEx side, it looks like a bit increase, but we need to keep in mind here that is mainly by an IFRS effect of a new leasing contract or an extension of a leasing contract. So that is more like a technical accounting effect. The underlying CapEx besides leasing stays more or less constant, slight increase, and that's mainly due to IT infrastructure and software. You remember that we are doing the SAP S/4HANA transformation this year. Working capital, well, in absolute numbers and also percentage-wise, it increased. There are basically 2 reasons behind that. First reason is that we obviously did some M&A transactions. Especially Freyrk and MaxiPlus. So they contributed all the M&A transactions with €35 million out of that total increase here, euros in absolute numbers. And the second effect, of course, is a rather statistical one that it relates to the last 12 months revenue, and of course not all of those M&A transactions have been part of the deal or the business the entire 12 months. And last but not least, of course, also we are preparing ourselves, and you see that in the inventory figures. for a strong quarter Q4, where we're going to see then of course also a reduction throughout the end of the year on the working capital side. Talking about cash flow, well, operating cash flow at the level of €55.8 million, that is a decrease. That decrease is mainly caused by the just mentioned higher inventory level to be prepared for Q4 deliveries and then delivering on the orders. But also as a consequence of severance payments. You remember the FutureFit program and the other voluntary program. And of course, at some point, the cash effects come into game as well. That is what we see here. Free cash flow before M&A, then basically the consequence of that, also affected by slightly higher interest payments, and the net debt increased. And it increased to a level of €378 million. We're going to capture the leverage ratio in a bit, and we see that we are actually pretty much on track and even quicker delevering than originally anticipated. But we're going to see that on the On the next slide. So here the leverage, here it is in the middle. I assume many of you are interested in that leverage. Here we need to keep in mind, there's one point, it's a figure including leasing on the net debt side. If you take that out, we are not at a 1.5, but even at a 1.1 level. So we are, uh, we are successfully delevering. Of course, the capital increase had an impact on that, but now, you know, on a pro forma basis, even including FFG figures, we are around 2.5 without leasing, slightly below even, and that's gonna decrease substantially again throughout Q4 towards the end of the year. So that means we are extremely quick in delevering, and we're going to achieve a year-end figure which is significantly below what we originally expected when we communicated the expected leverage level of 3.0, so we're going to end up significantly better. Also due to the strong underlying cash profile of FFG, which comes with a lot of cash on hand also into our group. Dividends, no changes of course. Yeah, we're going to cover that next year. With that, I hand over to Sebastian. Yeah, thank you, Oliver, for all these insights on our, on our numbers. So let me now turn to our outlook. And this slide here shows our guidance for 2026, and let me first emphasize we can obviously clearly and fully confirm our guidance. It's very important, I think, these days. Um, the revenue is in the range between €2.3 and €2.5 billion. Free cash flow before M&A Um, we expect a high double-digit million euro amount. We gave this guidance at the end of February based on the market visibility, uh, we had at that time, which was obviously limited, particularly in our sort of heritage markets. However, clearly so since then, the market environment has certainly not become easier. Obviously, I mean, geopolitically there's still a little bit of challenge in there, and I don't expect this to fade away. And in engines, I tried to indicate it earlier, we are still not seeing a broad-based market recovery. We see positive signs from the United States, very, very clearly so, and it's good that we're well positioned over there. Um, uh, but on top of that, obviously, as I said, we want to control what we can control, and that's what we're doing. At that— at the same time here, the efficiency measures we have taken are paying off and helping us actually navigating through this environment. Um, but overall, our businesses are holding up pretty well, and in particular, as we try to outline in the last 40 minutes or so, our fast-growing new business units, energy and defense. And that is actually exactly the resilience we have been building over the last years. And you can see here clearly they are not only beginning, but they're already really paying off. But as promised, um, let me come back to, uh, to FFG. So, you know, from those, those of you who know us longer, you know that we do not put unlinked acts into one guidance. Um, now that the transaction is closed, FFG is in. That's logic. FFG, we heard it, will be consolidated now from November, so pretty much from today or yesterday and will become part for this year of the segment Defense and Other. And we are very, very pleased to have completed this acquisition, and we now can actually start bringing the 2 businesses together. With FFG now included, we do expect our adjusted EBIT margin to come in at the upper end of the 6.5% to 8% range. So that's, let's say, is— that's a bit of a giving more specific outlook on the guidance. The range has been quite broad at the beginning of the year due to the uncertainty we saw. And now the uncertainty is obviously fading away, or there's just 2 months left, of course, but also we've got the FFG business in. So in total, we are now very, very confident that we're actually well positioned to deliver our targets for the year and then when we enter into 2024. Obviously, there is more, more bigger, better numbers to come. Well, thanks for listening. And well, yeah, some highlights. Sorry, this was just to finish with a few nice pictures, but I've mentioned it all. But I want to just show, you know, a very important message for DEUTZ is we are becoming a very resilient industrial platform, not only with defence, not only with energy, not only with drivetrain, but with all 3 of that. And I think that's exactly the road to success. So thanks for listening. And obviously now we're open to your questions. Thank you very much for this update, Sebastian and Oliver. We will now move on to the 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 hand button, and if you hear your name, please accept the allowance to speak and also unmute yourself on the microphone symbol. If you have dialed in via phone, please use the key combination star key 9 to raise your hand and star key 6 to unmute yourself. Please note that questions via chat cannot be submitted today, and we already have the first 4 hands up. We are starting with Lars Boelke. Lasse Stüben from Berenberg. Welcome, Lasse. Good morning. I hope you can hear me. Loud and clear. Perfect. Very good. Thanks very much for taking my questions. The first one, I don't know if you're going to answer this. I'm going to try anyway. Are you able to share the rough contribution that you expect for FFG? The main reason I ask is, you know, on an underlying basis, you would have needed quite a big Q4 to sort of hit your targets, especially on revenue. So I'm just wondering sort of roughly where you see FFG contributing for the November and December. I understand you have the backdrop of, you know, engines orders were pretty good in Q3, but just to get some more colour on that would be helpful. Yeah, I mean, obviously we can give a bit of a— but it's a very rough number. It's only a rough number. Why is it only a rough number? Um, because of FFG now. I mean, so far they've been reporting their numbers on German HGB and moving into IFRS numbers now. And see, um, that's, that's, that's a first for, for them and us together. So that's why, um, the numbers are rough. So revenues give or take €100 million, um, with a bit of uncertainties, can be lower, can be higher. Um, and on the profitability, I don't want to give a number, I'll just give the number that we're going to move towards the upper end of the guidance. I think, as you didn't expect a full answer, I think that's probably more than you expected. That's Perfect, I'll take it. Um, and then the second question I would have is, um, there's been a bit of a discussion in the market in the last couple of weeks around sort of the subsidiary holdings and FFG and And I'm sure you've— you're sort of aware of that, um, with sort of FFG Industries and the 55% consolidation. Um, I was just wondering if you can comment on sort of you know, your ability to get the cash flow out of that subsidiary and how that structure works, um, with the, you know, the 45% shareholder in that subsidiary. I was just wondering if you could comment on that as well. Yeah, I think I can give a bit of flavor on that. We heard about these discussions, and you're talking about the FFG Industries and the FFG Industries business, as you said, has a 45% local shareholder, which is a bit of precondition to, to do this business as well. Um, but, uh, obviously all the numbers we've been indicating, I mean, they are like on, according to IFRS, full consultation rules. Very important is that Deutsche Bank and FFG have full access to the cash. Um, so I would say, non-technically speaking, it's like a cash pool, right, Oliver? Can we say that? Yeah, it's a cash pool. So there's full access, full access to the cash. But obviously minority interest when it comes to probability and distributions needs to, uh, needs to be taken into account. And, uh, but, um, so yeah, that's, that's, that's pretty much what I can say on that. Um, but also important, obviously, when we negotiated the transaction, there has of course been an adjustment to reflect the fact that there is a minority shareholder involved. So, so I think it's very, it's very smart structure and, um, And it's— we are very— with FFG and Deutsche together, very important that we can actually access the cash pools, both when it comes to down payments but also when it comes obviously to profit distributions, they're flowing according to the percentage of the shareholding into the FFG/DEUTZ accounts. What we will not comment is on exact numbers, of course, going forward. Um, that would be a bit too much transparency. Um, but yeah, so it's a very good structure. Okay, understood. And then the final question is just generally on, on sort of how you're managing, I guess, cost inflation on things like steel and, and I guess I know energy isn't a huge part of— energy costs aren't a huge part of it, but just more generally, are you— I don't know, are you increasing prices on engines or how are you handling the sort of general cost inflation? Yeah, I mean, we are working on both, as typically. I mean, what I'm saying now reflects, as your question indicates, mostly to the engines business. Of course, there is a bit of annual price increases as well, but it's not like in the levels we had like 20 22, 23, where also the input factors, uh, the input factors rise more highly than nowadays. Um, so it's a combination of price increases, uh, across the board. But also working, you know, on efficiency measures when it comes to assembly and also having always intense discussions with our suppliers. So in the end, we don't want to just defend margin, we want to increase margin. And we do that pretty successfully also in the tough market environment in engines. But as you said, energy is not so much of a factor. For us, not for our direct assembly cost structure, because the most energy-intensive parts when it comes to engine making, they come from suppliers, and obviously the problem is on their end. And obviously this has also been reflected in the negotiations. But we— most of our long-term contracts in particular, they have clauses which adjust, which include adjustments for for certain raw materials and input factors. And so that's, that's, I would say, established practice. Um, I mean, it needs to be managed. I don't want to say it's all— it doesn't matter, but well, it doesn't bother me because that's day-to-day business. That's why we don't talk about it very much. Great, thank you very much. I'll go back to the queue. Cheers. Thank you, Lasse, for your questions, and we're moving on to Klaus Ringel. Klaus, can you unmute yourself, please? Yeah, hi, good morning. Can you hear me? Hello, yes. Yeah, thanks for taking the questions. Actually, it's 2 of them. One would be on the Q3 order intake, or if you can give some details here, especially in terms if there are, yeah, let's say some major projects and interesting projects in here. I remember that you talked about potentially some military orders. Yeah, which might be in the pipeline, which could be included here? Maybe let's start with this question first. Yeah, I mean, Q3 order intake, as we showed, was very very, very positive across all business units. I mean, there's not the one large project which stood out, right? What we see in engines, and I'm happy if Oliver complements me in a bit, but what we see in engines is that certain orders, particularly from US customers, have picked up. That's good. We have 3 large customers in the US and 2 of them have placed nice orders. So that's positive over there. In the defense business, we received both from a drone producer, we received good orders when it comes to the battery electric drive systems produced by Sobeck, but also from an international military vehicle maker, we received good orders. Going forward, and I think this is also not a secret, we are a partner of Vicorion. They are to our understanding, in a very advanced process when it comes to military gensets for NATO customers, especially Germany. And we are sort of on the back of that with a supplier of engines. But that one has not been booked in Q3. This is something which we expect either Q4 or beginning of next year. So that's pretty much from my point of view the highlights, right? Yes, absolutely. I mean, basically all the business units are growing compared to last year, at least the 4 except NewTec. And yeah, that's a strong growth trajectory. And also backing up, of course, a good revenue development for Q4, especially on the engine side. Okay, thanks for that. And the second one would be, let's say, clarification for timing. I mean, now as FFG is closed, we talk about your medium-term targets, and the question is when you will update them. Will you wait for the CMD in Q2 '27, or could you also, let's say, give a sneak preview earlier? Klaus, you know us, I'm not that patient. I know, I know, I know. I'm not patient as well. And, you know, we've got this already in our heads what our new midterm target is. And I can promise you one thing, I will not be able to stay quiet until the CMD in about, I don't know, 8 months or so. So very likely that we'll share our, uh, our ideas a bit earlier with you. I can only confirm that. Yeah, Lars normally tells me I should not make promises like that, but we are fully aligned, you know. No, seriously, on a serious note, I mean, obviously we had to wait for the closing of FFG because we need, we need, we need really full access to the numbers. The last thing we want to do is, you know, provide some rough order of magnitude numbers which we then have to correct in due course afterwards. And the FFG team, uh, now, I mean, up to yesterday, we pretty much were not legally allowed to share all sorts of information because we didn't want to do any gun jumping. But now obviously this, this, this, this, this barrier is gone. And we are putting now our, let's say, our budgets for next year together under Oliver's leadership here. And now then we can really ask a lot of questions and do a lot of analysis. Not only for '27 but also for beyond. And then we feel pretty comfortable and confident to transform or to translate what we have now already developed as part of our strategic planning into a more substantiated planning. So yeah, count on, count on the, count on early '27 with, with more, with more flavor on that. Okay, great. That's, that's good to hear. And thanks. And going back to the queue. Thank you very much, Klaus, for your questions. And we are moving on to a participant joining via phone, Stefan Augustin from Warburg Research. Mr. Augustin, can you hear us? Hello, können Sie mich hören? Ja, das klappt. That works. Great. Thank you. So just to kick off because I was not able to get your answer on Lasse's first question on the sales contribution of FFG, so that's a minor. detail before I want to do all the rest. Could you repeat that, please, that number? Roughly €100 million. this contract somehow part of your FFG guidance for 2027? Yeah, it's always difficult to elaborate on contracts that are not signed yet. In particular when you only are on the first day of ownership of that company. But what I can tell you is that obviously the publicly available information Um, I would consider fairly accurate, um, that the Dutch, Dutch Army is considering or strongly considering um, working with FFG on several platforms. The process, to my understanding at this point in time, is that it is in the parliamentary approval process, which is a precondition for signature. And your information seems accurate that this process will likely will likely move, or could likely move, to a finish line in the next couple of weeks. But in the end, it's a democratic decision, and you will always have to wait for Parliament to approve before a contract can be signed. All right, thank you. Um, okay, we could read beginning last week that the Ministry of Defense in the Netherlands has decided for FFG and that there would be a contract to be signed in the next couple of weeks? 2 things here. Could you elaborate a little bit on that contract even though they are not yet officially signed? And the important question is, That's as much as we can say. And we talk about vehicles here. It's, uh, ACSV, the modular support vehicle. platform, but also the, the, also VZENT vehicles. And to our best understanding at this point in time, the ramp-up of production will only start very carefully next year. So the chunk, if that materializes, the chunk of that business, you will not see in '27, but a little beyond. Which is a good thing because, which is a good thing because it shows, uh, it shows, I mean, that, uh, obviously our business here has a, or could become, um, more substantiated not only in '27 but also in '28 and '29. And it fits very much with our expectation for that business. may be accurate, yes. If we then go back to the, let's say, public information that is out on that contract, so it would be quite fair to conclude that this is a has overall a substantial triple-digit million amount overall from that contract. Yeah, I believe, I believe that, uh, that, that assumption All right, thank you. The other one is then maybe to Oliver. Would you be able to share once you have now had a first glimpse into the FFG numbers, what is the gross cash and advanced payments position? That you see there? Well, I would, I would take it on the, on the level of the leverage, actually. So, um, I mean, as you know, as you communicated, um, FFG is coming up, actually came now with a significant amount of cash into our group. You saw that on a— I can tell you that, as I mentioned to you on the call, on a pro forma basis, when it comes to the leverage, we are on a level below 2.5, coming— talking about figures by end of September, pro forma figures, anticipating the cash-outs, cash-ins coming from the transaction itself. And that figure will substantially improve throughout the rest of the year. Yeah, so we are, we are anticipating a level even way below 2.5, so end of the year. Yeah. And do you include in these 2.5% advance payments, or do you leave them out on the debt side? So the leverage is like net debt divided by EBITDA. And of course, if you have advance payments on your accounts, that counts as cash, so it drives down the leverage. Of course, you have to keep in mind when receiving big amounts of advance payment, there's a certain portion of that will lead to a cash-out over time. Yeah, if you receive a few hundred million and you have a certain cash-out and profit portion, of course, as well, that is what we, of course, carefully take into account also when it comes to future guidance. Great. Then one on the engine business. As you already said, you expect a steep increase going into Q4. That's also right for the production? Or do you have any, let's say, constraints on the supply side to not being able to fully produce what you see as a demand currently? I mean, you have a quite good order backlog moving into Q4. Yeah, no, we see nothing major. I mean, there's always like— there's always a little bit of issue here and there, but nothing significant. We've got a solid production plan throughout the rest of the year until just a couple of days before Christmas when we shut down for the Christmas holiday and inventory. But there's no major issues right now. I mean, a bit, right, our our, our social partners IG Metall, they're, um, they're doing a bit of like a couple of hour strikes here and there to support their overall tariff conflict with the with the employers' unions, but that's nothing Deutsche-specific, and we'll certainly handle that. But it's really the biggest— I wouldn't even say concern. I mean, well, we have, we have so much flexibility, uh, um, to, to, to react on that. But that's the only topic we see right now. Everything else is fairly smoothly. Okay. So there are just 2 minor housekeeping then. Do you have anything possibly already on PPA for FSG next year? And would you be able to share something on that data center order you mentioned that you have received in October? Is that something we should rather have in a single-digit scope size, or could that be substantially bigger? I mean, the data center order, it's, um, very low double-digit, um, very low double-digit, which is relevant for, for the frac business, uh, but, but not sort of— it's not a $100 million order. We're working on that too. And the purchase price allocation, let me cover that one. Um, well, there's nothing to share yet. Of course, there will be some effects on purchase price allocation, I mean, uh, obviously. So there will be substantial amount of goodwill as it is. Yeah, we're buying a great asset here, and, um, and, and, uh, purchase price allocation will then be, yeah, basically according to the rules be conducted over the next months, and then that will will have an impact. Yes, that's a double-digit impact for sure, but the specific amount, um, we can only, we can only disclose once we have thoroughly conducted that analysis. Right, thank you very much. Thank you, Stefan. And with an eye on the time, we have one more question left. Maybe we can keep it short. And sweet Mr. Skirta Pal, you should be able to unmute yourself now via your phone. Yes. I see you're free. Pal, we cannot hear you yet. Yes, good morning and congrats on closing the deal. Can you hear me? Yes, good to see you. Good to talk to you, I mean. Great, great. Yeah, I just have 2 questions. Maybe I will start with the first one. It's just a technical question. Do I understand this correctly that now that FFG is closed, the maximum shareholder right has been executed and the dilution is complete, so we shouldn't expect any further dilution? That's not, not as part of this transaction, but I cannot guarantee you that for eternity. Yes, okay, okay. Makes sense. And then the last question I have, yeah, it's more a strategic question on FFG and unmanned vehicles. So basically, I am trying to understand the service side. Is maintaining an unmanned vehicle very different from a manned one, looking at electronics, software? content and mechanical work required? And does that mean more or less MRO revenue per vehicle for FFG? Yeah, just your general thoughts. Thoughts on that would be very helpful. My thoughts are now going to be very general, but, um, because the whole, the whole field of unmanned military ground vehicles is still evolving. And where you see at the moment what's on the market, there are many, many small-ish vehicles, you know, like the platform from Axx Robotics or Hypercraft, or so many of them. There are many out there on the market, and obviously the small platforms, um, when they're in conflict or in war, like in Ukraine right now, and they are not vehicles which stay in service for 10 years or 20 years or so, like, uh, like a large-scale main battle tank. Many of them actually have one mission and never come back. But that's, that's really the current status quo. And going forward, and that's what we know, is obviously that a lot of players in that field. They're also developing unmanned platforms which are significantly larger, which are pretty much unmanned autonomous versions of existing, let's say, support vehicles which have the scale of, yeah, existing, whether it's FFG or, or other players' vehicles. And my assessment on that, on those ones, is obviously they will have similar, um, or not similar, let's make— let me say comparable maintenance, repair, and overhaul requirements. However, the more you move then from sort of traditional drivetrain technology to battery electric or hybrid technology, that will also change. So this is probably not a satisfying answer, but this is something which is pretty much in involvement right now. And there are many, many vectors which, which guide on that. Let me— I'm not— we are not concerned because obviously the share of traditional manned and, and large vehicles which are in the field, which are still going to be brought into the field, is very, very high, so that I do not see the revenue stream of MRO dropping down anytime soon in the next, not only year, but probably decades going forward. But we will— time will tell, honestly speaking. Time will tell. Okay, understood. That's helpful. Thank you, Sebastian. Thank you, Paul, for your questions. And with that, ladies and gentlemen, we come to the end of today's conference call. Thank you very much for joining and your shown interest in DEUTZ. Please send all follow-up questions to the investor relations team afterwards. 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, and I wish you all the success around the world. Handing back to Sebastian for some final remarks. Yeah, I'll keep it short. Thank you very much for joining on a day which is such an important milestone for us, for DEUTZ. It's actually a pleasure combining a closing of a landmark transaction with a traditional earnings call. And really good talking to all of you. And as promised, we will continue updating you on our various developments going forward. I can promise you one thing, we will not We're not bored yet, and so we'll try also that you don't get bored with what we have to offer. So thank you very much and stay tuned.