Yeah, good morning, ladies and gentlemen. A warm welcome from my side. My name is Christoph Husmann, and on my right-hand side is Mario Schirru, the CIO and COO of Encavis AG. Well, well, welcome to our Q3 conference call. This morning, we released our, you know, it's an evening. We released our Q3 figures, which once more show the resilience of our business model, even in these turbulent times. We increased this year, compared to the previous years in the first nine months, our gigawatt hour production, although last year was characterized by extremely good irradiation as well as wind performance. And we could, in these days of more normalized weather conditions, even slightly increase the gigawatt hour production by overcompensating that shortfall due to lower radiation and wind performance by the additions to our capacities. We slightly, very slightly, could increase our revenues, not only before the background of this lower gigawatt hour production due to much better weather in the previous year, but having in mind that last year we had extraordinary high prices due to the war in Ukraine. But we could manage to slightly even increase the revenues by the first full consolidation of Stern, our service business. On the back of both, we could increase our earnings per share accordingly and the equity ratio. Ladies and gentlemen, when we have a look on Encavis AG, it is that since the last call, we accelerated our speed on the pathway to our accelerated growth, 2023. We not only secured EUR 180 million non-recourse revolving debt bridge financing facility, a very long name, which I have to explain shortly, with ABN AMRO and Rabobank from the Netherlands. This, in the end, is a credit line which increases the flexibility in our growth, because usually when we acquire smaller farms, parks or parks, which during the construction phase do not have a PPA yet, usually we cannot organize a project financing, non-recourse to the group. But this can be done via this draw down line, which is specifically for these two cases, for PV parks in Denmark, Germany, Italy, and Spain. In addition to that, we expanded our portfolio of strategic development partnerships. Once with a new partnership with Innova Solar GmbH from Meckenheim, with whom we signed an agreement for nine project sites in Germany of 160 MW in total. And we've increased the partnership with GreenGo Energy to Germany. As you might recall, we already had a partnership with GreenGo for the Danish market, comprising us with a volume of revolving 600 MW, and now we expanded this to Germany on 500 MW for the German market, revolving as well. In addition to that, we acquired our first battery. This BESS, battery energy storage system in Hettstedt, in Saxony-Anhalt, is enjoying that batteries which will be connected to the grid until 2026 do not have to pay grid fees over the whole lifetime. So this battery can be used by all our parks in Germany, and therefore, this is a very important case for us with its lithium-ion technology-based battery, to learn more about the market and to utilize the volatility of power prices. In addition to that, this has to be seen in combination to this, we acquired an 18% stake in TokWise Limited, which is Sofia-based AI-powered software-as-a-service company, with whom together we will bound our parks to the direct trading market, and we utilize the flexibility of that market. In addition to that, we got new parks connected to the grid. We acquired 28 MW in Castile and León in Spain. We bought 132 MW parks in Ringkøbing, on the western North Sea coast of Denmark, to the ready-to-build status, and we acquired a 17 MW park, Sommerland, in Schleswig-Holstein. You see, we are growing our capacities accordingly, and on our pathway to become more sustainable, we have we could realize some improvements, so we could reduce our carbon footprint and our CO2 emissions by 30% compared to 2021 to 2022. The Science-Based Targets Initiative confirmed that we are exactly on the SBTi's pathway of limiting global warming to 1.5 degrees Celsius. The same applies to our company in Munich, in Neubiberg. The Encavis asset management company now has the label of Dark Green Article 9 fund, according to SFDR, Sustainable Finance Disclosure Regulation, and so therefore, this is labeled to be sustainable as well. I just only briefly hit our up to the current acquisition footsteps, but Mario will go more into details. Thank you, Christoph. Yes, you have already highlighted the many investments done during the first nine months of the year. They do total 291 MW, almost half a TWh of power that we will be able to produce very soon. Together with the projects that we will be announcing very soon, we end up having already secured more than half of our goal on our, on our acquisition targets. And, and given the fact that the, let's say, the individual projects transactions that we also do in addition to our strategic development partnerships, are usually very back-end loaded. We are perfectly on track. As you see, we have already a little bit of a buffer included, because as we know, some projects might end up being a little bit late or come couple of weeks or months, later. So in total, we are more than confident that we can deliver what we've promised, both in terms of megawatts and in terms of gigawatt hours. And this figure will exceed our goals even more than the megawatts, and this is due to the fact that this year we have seen very interesting opportunities to acquire wind farms that we want to... One we have already announced. Another couple of them are hopefully going to be announced very soon. Thank you, Mario. Well, if we now go into the details of the nine-month 2023 compared to 2022, then it is that on the top line, as well as on the bottom line, the figures are very stable. But as we will see in the different P&L lines, all the impact from the different, sometimes extreme movements in the market, let it be interest rates, let it be power prices, or the meteorological development can be seen. So first of all, let's start, as we usually do, with the gigawatt hour production of the existing portfolio, because this reflects at its best the meteorological conditions in Europe, in our 12 markets we are in. And here you will see that the gigawatt hour production is reduced from 2.59 TWh to 2.43 TWh. This is only a decline of 156 MWh or a minus of 6%. This is mainly driven by the comparison of a nine-month previous year, with extremely good weather conditions and this year's more standard weather conditions. But that is overcompensated in the total energy production within our portfolio, because if we then add the new additions of PV parks in Denmark, in the Netherlands, in Italy, as well as in wind in Lithuania, then this is fairly overcompensated because these capacities add approximately 200 GWh of power production to our portfolio. But since these new additions usually carry a lower remuneration per kWh than the older parks, then the impact in the revenues is somewhat lower. In fact, if we take into consideration price losses, that means loss, a reduced revenues due to high pricing level last year, to lower pricing level this year on net revenue level, then we have here an impact of -EUR 26.3 million. This is partially offset by the new acquisitions, contributing EUR 12.1 million of revenues, and but is weakened and softened by the reduced production due to meteorological issues. In total, we lose power revenues of approximately EUR 20 million year-on-year, from EUR 339 million last year to EUR 319 million this year. But this is overcompensated by our new acquisition of Stern, our service company, which contributes EUR 28 million. This is only partially reflected in the operating EBITDA. Here we see a stronger deviation of EUR 25.2 million. The reason for that is that revenue lost due to pricing or meteorological condition is one-to-one reflected in the EBITDA, while the additional revenues of Stern is accompanied only by a much lower EBITDA margin. And therefore, it is the full price effect of -EUR 26 million, which can be seen here in the EBITDA. But, and that is most important, which is pretty much on planned level. Last year, in the first 9 months, we had some impairment tests due to the strong increase of interest rates last year of EUR 22 million, which were not repeated this year. Therefore, depreciation was reduced year-on-year, and therefore, this 25.2 million deviation EBITDA shrinks to -EUR 8 million on EBITDA level - EBIT level, sorry, on EBIT level. This minus EUR 8 million of EBIT level, but then leads to an increase of earnings per share by EUR 0.02 due to decreased interest expenses and decreased taxes. Why did both in total figures decrease? Well, first of all, last year was a very successful year due to very high power prices and very high power production. And therefore, the minorities, which we sometimes in some parks do have, had a bigger portion of profit share, and therefore this is not repeated this year, but they are accounted for as interest expenses. And due to the high success of our parks last year, taxation was higher last year than this year. And since both are reduced, it is a positive development seen in the earnings per share at plus EUR 0.02, an increase up to EUR 0.53. In total, all of these impacts were planned. Well, the operating cash flow shrinks by EUR 87.8 million. Here we do see the price effect of EUR 26 million, which we more or less planned. And then we had last year provision of price cap, of price caps, which reduced the EBITDA, but not the cash flow. And this year we have to pay out the high taxation, which we accounted for last year. So in total, this makes up the EUR 87.8 million, which is on planned level as well. So that is, can be seen fairly in our analyst consensus as well, which we published on November seventh. And, here you see the average of that consensus of 12 of our analysts who participated in that, consensus. You see that we exceeded the expected revenues, EBITDA, EBIT and EPS, so to say, the P&L figures in the quarter, as well as the accumulated figures. Only in operating cash flow, there is some negative deviation, and that is obviously the tax effect, which was not perfectly forecasted by the analysts. But I think this is a temporary effect because this was fully incorporated in our guidance of operating cash flow. If we have a look into the segmentation report, we see a shrinking contributional proportion, proportional contribution, of solar farms and wind farms and asset management to the revenues, net revenues line. The margin, specifically in the asset business, is stable as it was in the past. Let's talk about these in detail. So in the solar business, we have a slight decrease by EUR 5 million or -2% in the net revenues. This is due to high power prices, which we have seen previous year, which were not repeated this year, and high power production due to high irradiation last year, which was not repeated this year because this year we do have standard weather. But the newly consolidated parks in Italy, Netherlands and Denmark has somewhat compensated that shortfall. That is accompanied by pretty stable revenue, EBITDA, and therefore the EBITDA margin is stable at 80%. The depreciation due to the impairment test in previous year of EUR 22 million can be seen specifically in the EBIT development, because although the EBITDA is quite stable, the EBIT increases, and that is because we had that depreciation last year and not repeated this year. That leads to, again, normalized increase of the EBIT margin. Now, let's go to the wind farms. In the wind farms, we had, surprise, last year, very good wind conditions as well as high power prices, and that couldn't be repeated this year. As we explained last year, due to specifically in Germany, pretty low feed-in tariffs, comparatively low feed-in tariffs in wind compared to solar. We enjoyed here more merchant prices in wind, and therefore this now falls back more or less to the lower feed-in tariff. So it's normalized now. So the revenues this year are not low, low previous year. Previous year, they were, they were very high due to these two effects. So therefore, the operating EBITDA margin, as well as the EBIT margin, is somewhat normalizing now. In Stern Energy, we see a sharp increase of our revenues. This is mainly due to the first consolidation of Stern. As a matter of fact, here we do see an effect which comes as somewhat as a surprise. The EBITDA margin is much lower than anticipated. As you know, we guided for an EBITDA margin of 18%, and now we see a 7% after some 14% last accumulated half year. As a matter of fact, we have a change in Italian lead law in Italian GAAP, which says that the profit of a project which stretches over several quarters or years, may only be accounted for if the project is finalized. So the whole accounting system of Italian GAAP had to be changed, and the adjustment to IFRS, due to the fact that this law was implemented several weeks ago, could not be adjusted here. So this adjustment will be done in the course of Q4, and we are confident that they will go for their guidance. The asset management has some delay in some projects. As a matter of fact, the higher interest rate environment leads to a change in behavior of the investors in the asset management business. So new products and new projects, new funds with higher return expectations have to be implemented, and the prospectus have to be published. So we see some delay here, but business is resurrecting, and we expect that the guidance will be reached here as well. So in both cases, for services as well as asset management, we do see here a temporary effect. In the revenue, in the headquarters and consolidation, here, I think we have to say that the revenues line is a consolidation issue, but the EBITDA and EBIT lines are the headquarter cost. And here, so for the consolidation of the revenues, we see specifically the increase of the now internal revenues of our PV segment with Stern, and we are extremely happy about the quality of the service we get here done. While in the EBITDA and EBIT, we see a reduction of the cost of the headquarters. This is mainly due to the provisions for the leave package for the former CEO in previous year. Ladies and gentlemen, we have seen that we have to accept weather conditions are now back on standard level compared to previous years' extraordinarily good weather conditions, that prices are still higher than in the previous years, but much lower than last year's high pricing, and that we do have some timing effect in service and asset management. But all of that is either on plan or will be compensated in Q4. Therefore, we confirm our guidance. We can do that currently because we see here the deviation of power prices compared to previous year. If you compare that chart with that one, which we provided you with in March for the guidance, then we have seen an average, more or less, a 40% decline in prices compared to previous year. If you then have a look on the August chart, then you see that in average, it was somewhat 50%-68% decline in the previous. So compared to previous year's prices, and that is pretty much the same level we see now here as well. There are only minor deviations. They are somewhat lower, but since we have now only a very short period of remaining lifetime of this year, this won't have such a big impact on our figures. Therefore, we go for our guidance, and here it is outlined, and we confirm it with this quarterly result. Ladies and gentlemen, thank you very much for listening. Thank you very much for taking the time, and now we are available to answer your questions. Ladies and gentlemen, at this time, we'll begin the question and answer session. Anyone who wishes to ask a question may click the Q&A button on the left side of your screen, and then raise your hand or choose the chat button to ask a question via chat. If you're connected via phone, please press star followed by one on your telephone keypad. If you wish to remove yourself from the question queue, you may press star followed by two, or please lower your hand. For written questions, please click the Q&A button and then write a question button. One moment for the first question, please. So... And here, the first question's come in. The first question comes from Harrison Williams from Morgan Stanley. Please go ahead. Hi there. Thank you for taking my questions. Two from me. Firstly, and apologies if I missed this, I had some troubles connecting earlier. But on windfall taxes, I know that's included in your guidance for 2023, but we have had indications from the EU Council that we could see that extended in some countries through to mid-2024. I was hoping, firstly, can you clarify if you have any provisions for that in place already? Or secondly, any expectations you can provide, in terms of impact on earnings next year. So that's the first question. And then the second question was more broadly actually on the PPA market itself. Are you able to just help us give a bit of color on, you know, how you are seeing that develop? Are you still seeing demand increasing for pay-as-produced PPAs, or are you seeing a shift towards more sophisticated base load PPAs? And any color on duration as well would be appreciated. Thank you. Thank you, Harrison, for your question. I take the first one, while Mario will take the second one. So regarding the windfall taxes, here we do see that, first of all, the impact of such windfall taxes, which were imposed by the different countries, is not so severe as expected because the price levels we currently do see in the market are much lower, but they are still in place in Spain. They are running until year's end. There is some discussion about prolongation, but, as you might know, first of all, 75% of our parks in Spain do have fixed tariffs via PPAs anyhow, and so therefore, they are not impacted here and, only by the merchant part, there will be an impact. But honestly said, we only guide and report the net revenues, and therefore, this is the figure which is of relevance for us. Honestly saying, no one cares internally for the gross, gross revenues, so it is always after these caps. But they are not as meaningful anymore because in Italy and Germany, they went out in summer of this year, and so therefore, we don't see an impact here. In the U.K., we found out that we are not impacted by these additional taxation there, because our entities, each of them, are too small to qualify for that. So having said that, there's only an impact from Spain, and there to a very limited extent only. Regarding your question, on the PPA, on demand for PPA from corporates, I think it's important to differentiate a little bit. I would say that the situation is different in the different countries. We still see strong demand in Germany and Italy. We do see a little bit of a slowdown in Spain, where people are just sort of trying to understand what's going to happen. You know, that a lot of projects have been, I mean, have been permitted. So, buyers are just trying to understand when all these projects will be connected to the grid, if at all. So there is a little bit more caution. So in general, I would say demand is strong. The price level is still interesting. Technology costs, especially in the solar business, solar industry, are going down, as we're talking, basically, model prices are in free fall. So yes, with a little bit of differentiating, or need for differentiation, in general, we are very positive. Clear. Thank you. You're welcome. The next question comes from the line of Martin Tessier. Please go ahead. Yes, good, good morning. Can you hear me? Yes, we do. Okay. Hi, Martin. Thanks for the presentation. Two questions for me. The first one on asset management. The full year guidance looks quite ambitious, with EUR 25 million revenues, EUR 11 million EBITDA, versus basically 0 EBITDA, as of nine months. So could you provide us with some color on the expected performance in Q4? Because if I'm not mistaken, the higher costs are mainly driven by higher external expenses with the hiring of many people in the last few months. And the second question is more on your strategy regarding the acquisition path in the future, especially on the acquisitions that you make on the secondary market with external parties. Could you maybe explain what is your competitive advantage here when you compete with someone else for project? Why would you be better than someone else to buy the project? Many thanks. Okay, this case, Tom, I take the first one as well. So the asset management business, well, I... Indeed, if you compare the gap in revenues and the gap in EBITDA, it looks to be a 100% EBITDA margin they are targeting at, even slightly above that. How does it work? Well, it is not that revenues and costs are time-wise always in the same quarter. So these people, which were hired previously, already worked, but as a matter of fact, the revenues in this business can only be accounted for if all contracts are signed and financially closed, haven't. So they are just waiting for that, that this should be done, and then the revenues, the every year of revenue contributes not only to the top line, but to the EBITDA as well. So since many of such contracts are already negotiated and are already signed, it is more a question of timing now, when they will show up. So therefore, we are confident that we will reach that target, if that answers your question. Mario? Yeah, in terms of- Yes, perfect. In terms of acquisition, on the secondary market, we do see. Actually, not only on the secondary market, we see, in general, a decrease in competition, and this is mainly driven by the fact that, a lot of financial investors are a little bit more cautious. They had to recalibrate their return expectations after having been very aggressive over the last years. And this basically gives us the opportunity to play our cards better than in the past, where the only factor was ultimately the price. Now we are back at- I mean, the buyer- sellers are back considering, highly the transaction security, the fact that, the counterparty is able to transact with them, within a certain time frame is the case. I think, so the speed of execution is also playing our favor. These are characteristics that we've always had, and that unfortunately were a little bit less valued by sellers in the last years, when, again, there was really a lot of cheap money in the market. So this is playing in our favor. Okay, thank you. The next question comes from the line of Charles Swabey. Please go ahead. Mr. Charles Swabey, your line is open. Hello, can you hear me? Yes. Yes, we can. Hi. Hi, good morning, everyone. Thank you very much for the presentation. Two questions from me. Given the significant decline we've seen in the cost of solar modules and the expectations that module market is likely to remain well supplied for the next few years, is there a possibility that your CapEx guidance to 2027 is looking a bit conservative? And then a second question would be, you mentioned in the press release that you're seeing higher project returns. Could you provide a bit more detail across your portfolio, where you're seeing these returns, or all the best returns, and what is driving this? Thank you. Um, uh- Sorry. Sorry. Oh, please, could you, could you... Charles. We hear an echo. Thank you. Yes, to be honest, when we published our sort of business plan for next year, so our strategy map, we discussed a lot on the CapEx to assume, because, again, history has shown us that technology usually becomes cheaper over time. During the last years, we've seen some pick-ups, when we had issue on the value chain - on the supply chains. Now we're back where we basically think things should be. And you know us, I guess we are in general quite cautious and prudent. We don't want to be too bullish. I think it's only an upside that is still somehow hidden in our expected figures. At the moment, it feels like a little bit early to revise the assumptions for the long term. This for the first question. The second one was on the project returns. Yes. Again, I think we have to differentiate a little bit between the countries. We've seen a huge increase in expected returns in Italy, and, yeah, also in Germany, where in the last years, the returns were not that high. That's why we have also not bought too much in the last years in Germany. The Nordic countries are still interesting. The price levels are good, technology costs are going down, so we will do see an increase there. I would say compared... It's really a rough figure, but compared to what we've seen over in the last years, we are up to 300 basis points, I would say, in all countries. And again, it depends a little bit on specific situations. But I would say wherever there is a strong demand in power, we see interesting returns, because, of course, buyers are willing to pay a good amount for the PPAs. Perfect. Thank you very much. Ladies and gentlemen, as a reminder, anyone who wishes to ask a question may click the Q&A button on the left side of the screen and then raise your hand, or press star one by telephone. The next question comes from Ralf Marinoni. Please go ahead. Yes, good morning, everybody. I've got a familiar question regarding new projects in development. Over the last years, financing cost has been rising. On the other hand, prices for components such as solar modules came down. What does it mean for the internal rate of return for your new projects? And second question in this context, do you have an explanation for the share price decline, not only regarding to Encavis, also for the sector as a whole? Thank you. Yes. On the new projects, we do see increase in return expectation and in returns due to the fact that the willingness from our competitors to pay high prices is reduced. So yes, ultimately, it's sort of a system in which all the elements have to be in balance, which are the CapEx, which are financing costs, which is the PPA, for example. All these things have to match, but ultimately, when you, as an investor, decide to deploy capital, you base your decision on the return that you want to make. So it's all accounted for and adjusted for in the purchase price that we offer, and these prices have gone down. The good thing is that this industry is still, I would say, healthy, meaning that enough people can still make money. So there is not sort of a party which is suffering too much. Developers are making a little bit less money than they used to do, fair enough, but they still can compensate this by de-developing more project, and this is actually what we see, by recycling the cash earlier. Authorizations are somehow easier to get, there are a lot of projects that have preferential permitting process. So, I think in, yeah, in general, everything is well on balance, and the return have gone up, basically due to the fact that investors like us, but not only us, do want these projects to return a higher - more money than they or better return than they used to be, in the past. It's a general adjustment that the whole market is going through. ... regarding your share price decline, well, this is in the end, pretty much the same story as Mario was pointing out for the respective projects. It is that financial investors, who desperately flooded that market in previous years, now withdrawing and investing somewhere else, because now they find meaningful returns in other asset classes as well. And this is something of the whole sector, and the shares of the whole sector are suffering on, of. And, whether this is justified or not is up to you and not up to us to, comment that. But, as a matter of fact, I think the, increase in interest rates is the main driving force behind the price decline. Okay, okay. Thank you. Understood. Okay. Thank you very much. The next question comes from Anis Zgaya. Please go ahead. Hello? Hello, Anis. Yeah, do you hear me? Yeah. Thank you very much for taking my question. I have two questions. First, on the guidance. Yeah, and given the nine-month results, the good nine-month results, and given your comments on expected rebound in services and asset management margins in Q4, don't you think that the implied Q4 EBITDA of EUR 64 million is too cautious now? And two, my second question is on PPA and on the market. Could you please share with us your view on current PPA environment on prices and demand? Thank you. Yeah. So I take the first one, and so regarding the guidance. Well, Anis, first of all, I think all of you know us to be more or less cautious or prudent, and so therefore, we don't see a reason to raise the guidance because there are so many still turbulences in the market. We all do not know where the interest rates will go to at year's end. We don't know where the power prices will go to in the very important fourth quarter with the wind business, where I have shown that we have here, we are pretty much impacted by the volatility of prices due to pretty low feed-in tariff system. And so therefore, there are so many turbulences, and we don't know how strong the wind will blow. So we only due to the fact that we had nine-month, more or less standard weather, doesn't mean that it will run standard wind in fourth quarter. So, therefore, we stick to the guidance and, yeah, and confirmed. Yeah, in terms of PPA market, I can only confirm what I've said before. Strong, strong demand in the countries where there is a lot of power consumption, maybe Germany, Italy, and maybe a little of. Yeah, I would also probably add the Netherlands, although they have different price dynamics there. Things are a little bit more difficult in Spain. As mentioned before, a lot of new projects being built, so a lot of offering basically of new PPAs and buyers being a bit more cautious and prudent. Price levels are all right. As I said before, the projects are all still profitable, and the developers can still, in my opinion, make decent margins, although again, not the margins that they used to make. So we are bullish and we see that whenever we run a tender for one of our new projects, there is a lot of interest, and we see. We actually have much more demand than the one we can sort of supply with. Sort of, we would need even more and more projects to cover all the demand that we are seeing in the market. So again, no reason to worry. Actually, no, it's the other way around. It's something that we can be very bullish on and confirms the fact that targeting industrial customers and corporates is the right approach. Okay. Thank you very much. The next question comes from Thomas Junghanns. Please go ahead. Good, good morning, gentlemen. Thanks for taking my question. I have four questions. Maybe we can go one by one. The first question is, with respect to your adjusted EBITDA, I'm positively surprised by your adjusted EBITDA in PV parks, which increased from roughly EUR 79 million to EUR 86 million in Q3, implying an improvement in adjusted EBITDA margin of 300 basis points to 87%, despite falling electricity prices and poor weather conditions. So my question is, what has caused this improvement? Well, pretty good performance of the solar farms. As a matter of fact, we have seen the solar farms in the first half year not to be so well. So the radiation in the first half was not so convincing, but now we are in solar, exactly on plan. So in the third quarter, we had the production running, and that is the reason. So there are two factors which lead to a revenue change, which one to one will be reflected in the EBITDA. One is price and the other is volume. Because we have zero marginal cost of production, and so therefore, the more our production does not mean more cost, and that's the reason why the EBITDA margin improved in the third quarter. Okay, that makes sense. Thanks. Then a follow-up question with respect to your CapEx. What is the current CapEx per megawatt for solar parks? Well, it's a complex one because, of course, it depends what you include. In general, what used to be to account for 50% of the total CapEx, namely the modules, are not having this important role anymore. The grid connection is starting to become, I would say, the key factor. And so, yeah, it's really difficult to sort of give you an overall number which is accurate. I would say, in general, the pure components that are installed on the ground, I mean, we're talking about something like, yeah, around EUR 400,000 per MW. To be honest, again, they can go up to EUR 600,000, 700,000, 800,000, depending on the connection. So it's really... And the high voltage components. So again, it's not an easy one to answer. It really depends what you include in the values. Okay. Mario, I have another question for you, and this is with respect to the capacities. How confident are you of expanding capacity by 600 MW this year? I know you have already elaborated on this, and you have mentioned that you are confident, but is it a soft guidance or is it a hard guidance, yeah? And could you be more precise about what you mean by soon? What do you define as soon? You want to nail me. You want to nail me. On the expected project level deals, all the sort of styles that you're seeing are real projects that we are currently negotiating and where we are exclusive. Let's say it this way. So again, I'm very comfortable and very confident we can deliver on that. As always, it's a negotiation. Two parties need to agree. If there's only one to ultimately want to execute before a certain date, it's difficult to conclude the deal. So again, it's really difficult to commit on a timeline to. But it's for me very easy to say that it's that we're getting there, and we're getting there, in my opinion, absolutely on track. That's what I would say. May I add something? So, Thomas, your question was regarding the megawatts, so this was a clear confirmation. But I would highlight more that, with the 6 MW of guidance we gave in March, we said that this represents 750 GWh of power production, and that is, from our point of view, more meaningful. And please give me a minute of time to explain that. Because 750 GWh of power production means that this is the power which is remunerated, therefore, is reflected in the P&L in the following years. And the gigawatt hour is, in the end, what we pay for. Because in a nutshell, the wind capacity in MW costs us approximately twice as much as a solar capacity. Why? Because the energy output is twice as high. So by the mixture of the 600 MW, whether, whether it is more or less wind, more or less or more solar, in the end, the GWh is defined. So if we then, as you see here, secured, have already 550 GWh, this is almost more than 90%... Oh, it's up to 750, is, more percentage-wise than the 334 MW compared to the 600 target. The reason for that is that we acquired more wind this year, so therefore spent more money, but will have a higher impact on the revenues line in future. So therefore, the 600 MW is confirmed, and I would say the 750 GWh will be exceeded. Yes, correct. Very good point, Christoph. It's not only wind and solar, it's also where you install solar. Solar in the... In Denmark yields 1,000 hours a year, in Spain, 2,000. So it's really about also the portfolio balance. I think the whole industry is still very much focused on megawatts. Historically, fair enough, with the tariff, I mean, we understand where it comes from, but in future, as Christoph just pointed out, I think it's really important to start focusing on the gigawatt hour, because this is what is consumed actually by the consumers. Yeah, thanks for the detailed explanations. The last question, with respect to the industrial electricity price, the so-called Industriestrom preis in Germany, is there any news regarding the introduction of an industrial electricity price, and could this lead to a drop in PPA prices? Or to what extent would Encavis be affected by an introduction? Okay. So first of all, as far as I understood it, it is that the government decided already on an Industriestrom Price, but surprisingly, in an intelligent way. And this is not by subsidizing power, but by reducing the taxation of power. Now, as a matter of fact, will that have an impact on PPA? No, because the taxation is just a cost, which has then need to transfer to the state anyhow. So if the taxation is reduced, the willingness, first of all, to acquire power is increasing, because now some companies, which usually suffer under high power prices, including the taxation, now, due to the reduced taxation, can afford to produce their products based on the German power, and therefore, the demand for power will increase. And that is, by the way, the intention of the government to empower the whole industry and transfer it from other sources of electricity production to power. Having said that, we more or less see an increase in demand for power, and therefore, this will have a positive increasing effect on PPA prices, because the capacities are there, and as long as the authorities do not approve new projects and the grid won't be empowered to be decentralized, then we will have a shortage of power production, and that will have a positive impact on PPA prices. Perfect. Thanks for answering my questions. Thank you for the questions. There are currently no more questions by voice or by text, so I hand back to Dr. Christoph Husmann for closing remarks. Yeah. Thank you very much, ladies and gentlemen, for dialing in. Thank you very much for listening, taking the time. As a matter of fact, you see the business model is running, the world is turbulent and not very positive, but our business is developing and progressing positively. So thank you very much for accompanying us, and we'll talk to each other in the future, I guess. Thank you very much, and have a good day. Bye. Bye-bye.