Okay. We will continue here with SFC Energy. We are very happy to have Dr. Podesser with us once again. We were just talking about that they have been here several times. We are very happy. The usual presentation format, 20- 25 minutes presentation, and then we have time for Q&A session. Thank you. Please go ahead. Well, thank you very much, Tim, for the introduction. Good afternoon, everybody. Good afternoon, ladies and gentlemen. As said, a pleasure being here again in Hamburg. Also after having our half year and Q2 numbers out now for two weeks, it is always the right time and a really good and efficient platform here to start the communication here for the remainder of the year. Looking back at a very eventful and also satisfying first half year with a significant momentum in the business, showing significant growth, but then also a jump in profitability. What I would like to do today is give you just a brief overview about the fundamentals and then also do an analysis. What has been, let's say, a shift in the business focus here into, let's say, in our two elements, the civilian part of the business and also the defense and security part of the business, and naturally rounding it up with some of the figures. But I am pretty sure that most of you would have seen some published numbers here beforehand. If we look into the overall strategy here, I think it is clear SFC Energy has been out there as a provider of reliable, dependable, resilient energy solutions wherever there is no grid or the grid is not stable enough. Whether it is not stable enough anymore or not yet, I think is just a qualitative difference. Focusing on a dual use strategy, being able to supply our systems to industrial, to civilian users, as well as governmental customers, predominantly in the security, but also in the defense part of the business, has been our strategy. I think we have seen different fluctuations in demand. Civilian business being in higher demand for quite some time. Over the last two years, we are seeing a massive shift here against a change in the geopolitical landscape, and therefore, if you look at our 2026 half year and Q2 numbers, you see a steady growth here on the industrial part of the business. But you see a much faster growing part on the defense side. The defense business last year, slightly below 10% of group revenue. This year, more than 30%. And if we look on a segment level, more than 40% of the Clean Energy segment is defense. What is the structural driver in our markets? If we look at the civilian part of the business first, what we see is not just a constant increase of energy demand here in terms of off-grid solutions. It is the power consumptions of the devices our customers use for surveillance and security applications, from border surveillance to the protection of building sites to critical infrastructure. We are seeing a shift to, let's say, localized AI-based camera solutions, data transmission, computing power on site distributed, translating into a doubling or tripling of the energy need here on site. A very practical example. We have a long-standing partnership in Singapore with a company where we, in the meantime, also hold a 15% stake. We are operating together the border security systems. Camera systems five years ago, using about 25 W of energy, consuming another 10 W, 15 W here for the peripheral systems. The usage of our EFOY based solutions excellent with about 120 W available power, so you also can cover some peaks. If we look into the next generation to the newest systems being developed, we are looking at computing power on site. We are looking at AI-based unmanned camera systems, and we are seeing about a tripling of the power draw of the power demand on sites. Therefore, also our systems have to grow and in addition, systems that were not needing a fuel cell so far, where a battery solar system was sufficient, tend to also embark on an integrated solution. So we have a structural driver here in terms of demand. We are seeing similar situations in the defense part of the business. A couple of years ago, we developed systems for Soldier portable energy supply, 25 W back in the backpack, sufficient for a single person here in terms of communication, in terms of navigation, and that was about it. Today, we are looking at about four to five times the power demand because you already use on-site computing power to be able to navigate properly, to integrate into the communication, and to integrate, let's say, in a three-dimensional also navigation system. So also there, power demand on the point of use is significantly growing. If we look into still the defense part of the business, we have another change here, and that's definitely now coming out of, let's say, the experience and the evolution of the format of the combat, especially in Ukraine. A big part of the systems are unmanned, many of them, or the majority of them, being electrically powered. The fact that we are able to bring a reliable, long-lasting energy supply, combined with a specific profile of not generating signature or virtually no signature in terms of sound, noise, but more so temperature, makes it a combination that is practically moving from a nice-to-have longer-lasting energy source to a longer-lasting, non-detectable energy source, which makes it tactically a superior system, but it's also a safer system. So we are moving from nice to have to, in many cases, wanted to have, and in a fast-growing number of application, to a must-have. So in both areas, civilian part of our business and defense business, a structural growth is driving the development here. Just recently, about a couple of weeks ago, we also did a small acquisition. We acquired the assets of a company active in a system that is called a specific fuel cell technology called reformed methanol technology. We are so far operating with direct methanol fuel cells, where we take a liquid fuel and electrochemically, this is transformed into electrical energy. The liquid fuel, logistically and also, let's say, from a handling perspective, is always easier to handle than, let's say, gas in pressurized containers like we do it with the hydrogen part of our systems. What we have now acquired here is a system that still uses liquid fuel, generates on-site hydrogen out of it, and operates then with a hydrogen fuel cell. The practical advantage for users is you can generate higher power systems at lower cost with the advantage of having a liquid fuel there, and especially for customers who do not want or are not able or cannot, out of safety and security reasons, use hydrogen. We can now supply systems in perspective, naturally after integration, higher power and liquid fuel. We are expanding our addressable market by a factor of about one-third here, and we are integrating the operation as we speak. An investment of about, let's say, EUR 1 million, so also in terms of financial burden, pretty properly digestible. The integration will take about a year. If we look at the defense part of the business, I said it's fastest-growing right now. What those of you who know us for a period of time would recognize is, this is the conventional use, portable power or auxiliary power here in vehicles. We have first OEM programs running with large German OEMs. We just recently also presented a partnership here with General Dynamics European Land Systems for the first vehicle platform that is just providing power when the vehicle doesn't move. The APU with the fuel cell, again, has the advantage of charging the battery and making it fully operational in terms of communication, data transmission, navigation, without running the engine, and again, therefore, no noise and temperature signature. What now is evolving are new applications. Satellite communication. You see here a pretty widely used system here with a portable fuel cell here of, and let's say mobile system, we are making them, let's say, simply agile and again, deployable in the field. The other new application we show here, we have developed for the Canadian government an Arctic power solution for extreme climate areas, down to -60 degrees Celsius, operating between one and three years without manual operation. We are in the process of deploying those systems here on the Arctic frontier of Canada, and we are offering those systems now here in Europe, in areas like northern part of Scandinavia, but also in the Baltic states. Unmanned systems, I've mentioned this here is also charging here of drone batteries. Again, the advantage, charging capabilities in the field without being detected. Coming to a massive win here in terms of strategic importance and also naturally financial relevance. After a period of-- I would say, one and a half to two years of preparation here in terms of business development, we secured the first large order out of Ukraine. We are supplying, as we speak, portable, mobile, but also stationary systems, defense products, but also civilian products also in perspective, also for a post-war period. The effect that we could show our users there that operating time is significantly longer than conventional systems. They are easy to deploy, they are highly mobile and agile, and again, are not creating here signature, I think was the combination that finally were the factors for the positive decision here of the users. The direct feedback I got from one of the users there, I think is worthwhile to quote and mention at the end. We are supplying, for example, power to portable radar systems, anti-drone systems. The use of the fuel cell prolonged the operating hour to a mere battery-based systems from seven days to 28 days, so 4x longer operation. In addition, no need to bring the batteries out of the intensive combat zone for charging with conventional generators. So we are not requesting users to have additional logistics efforts. Finally, I think a good example where at the end we are bringing tactical advantages, but then also higher safety to users. What is happening there right now, we are building up service and support structures. Repair center is being built up. We have a 24/7 response line here for users in native language. And we are building this up redundantly on two locations. Next step is decision-making about local supply chain there on site, or in the country. We have done this before in the U.S. We have done this before in India. I think we are properly prepared for this, and therefore we are expecting naturally this not to be a one-time hit, a one-time wonder, so to speak. We are working on a regular and constant supply here to the Ukrainian forces. Today, we are active with one of the key forces, and we are trying to branch this out to, let's say, also the other forces there. Also in use here, we have out of our power supply division, we have power supplies for high-power lasers, mostly used in the semiconductor industry. We have our first OEM program now running also for defense lasers, so it's directed energy systems. We expect to have, let's say, the first systems also in the field here within this calendar year and are working on, let's say, an expansion. This program is running with a Dutch OEM, and we are working right now with, let's say, a number of OEMs here in Europe as it is a technically ready product out, again, of a dual use situation used in the semiconductor industry and the semiconductor equipment industry already. And so we are translating this into defense applications. The civilian business, we talked briefly about it. We are looking at a, let's say, growing number of CCTV-based cameras used from construction site surveillance to border security. I mentioned Singapore before. The key business case here is replacing physical security forces by unmanned, automated, AI-based solutions, making it more reliable, making it, let's say, very predictable, and at the end, also making it more cost-efficient. If you look at a year-long security guard being active here, protecting a building, we are talking about EUR 250,000- EUR 400,000 or dollars, depending on geography, of cost, because we are talking about four to five persons covering different shifts over the year. If we look into the, let's say, tech-based systems we are seeing here, let's say our largest customers in Europe are the BauWatch of the world, the VideoGuard, Kooi Surveillance. In the U.S., it's LiveView Technologies, Setcore. We are now seeing that Amazon is building up a division here also for mobile securities. We have first pilots out there, and we are talking about EUR 80,000- EUR 100,000. So it's a massive cost advantage here, and that's why we also see this industry growing at a pace that also drives our growth in this segment. We talked about the acquisition here. Going forward, regional expansion of the business. If I look at the first half here, the only part I'm not happy with this from a regional point of view is we are not growing fast enough in the U.S. We are, let's say, investing into our own sales force there. We are looking at also potential acquisition for better market access in order to accelerate growth there. I mentioned regional expansion here in Asia here with the investment into Oneberry in Singapore. We are planning on, we are using this as a regional hub. We have signed new partnerships in New Zealand, in Australia, and in Thailand, and we are naturally also looking to further grow here in Europe. Sorry, wrong direction. On the technology and IP development, one part is further development of own systems. We have two new defense platforms in the pipeline now being developed. We are working also on the re-entry through a development program here into the U.S. defense market. I think we should see first results out of this within the next six months. On the M&A side, I mentioned Siqens here as a technology add-on, consolidating the market, also taking out a potential competitor. I also mentioned that we are qualifying potential targets here, especially in the U.S., civilian as well as defense systems integrators on the power side to accelerate market penetration. An opportunistic play as always. Also from a financial point of view, we will not, let's say, take excessive risk here. We are not going to bet the farm on this, but I think we are in a good position to qualify targets at a proper size to help us grow. On the ESG side, on the sustainability side, we have published our first voluntary report here. Our technology remains this independent of the fields of application, civilian or military, government or private. We are a company that is developing a sustainable energy technology and not generating footprint, reducing the footprint of our customers in terms of CO2, is part of the DNA of this technology and the company. We are not changing this, but we are applying it, I think, where it creates value for customers, and this remains part also of our corporate targets and program. Financially, I've mentioned this, we are looking at a record half year, EUR 82 million sales, about 12% of growth here. Even more so and even more important, the overproportional growth here on the EBITDA and EBIT adjusted as always with, let's say, in our reporting, we see EBITDA more than doubling and EBIT more than tripling. Also the outlook, we have narrowed it. We did revise our guidance upwards here in May, and we have now narrowed the range in the upper half. Here we are with very strong order intake in the first half year, jumping from EUR 43 million last year in the same period to EUR 108 million this year, with a good visibility and also with the traction we are seeing in the business, we feel well prepared for hitting those numbers. Some analysts think part of it might be still conservative. We think it's good to look at it in autumn time again and then reassess whether it's conservative or right on spot. With this, I think, I would like to conclude here and also give room for hopefully some questions and some discussions. Thank you very much. Thank you. Thank you, Dr. Podesser. Very encouraging to see, as I moderated the last year's session, to see that rebound in profitability and sales. Great job. Yes. Open for questions. At least one. Yeah. Two. My name is [Taru Wegro] This ticks all the boxes. A lot of interesting investment characteristics, but what is the moat? The technology is attractive, but it is not exactly rocket science. This is quite a cliché, but still true. What prevents our friends in China of copying the technology? Definitely a key element here. If we look into the competitive landscape we have seen, let us say, a Darwinistic selection process, I would say. Not everybody has survived the last 10 years based on a delay in adoption of the technology, defense not being predictable. Therefore, I think, again, what helped us to survive this and develop a business model that is showing profitability, it finally also, when we look at it at the end of the year, we will also see that we earn more money than we spent. I think seeing this, also focusing with the fuel cell technology, not on mobility, we did stay out of mobility very consciously because we felt going into the automotive industry and trying to replace an engine there is not the right spot, at least 20 years when we were a startup and we stick to, let us say, stationary applications. This combination of sticking to customers where this really creates a value and then also making sure, let us say, you give enough, let us say, or you give a credible story to investors to be also financially viable, helped us to go through it. Then the competitive side with China. Yeah, we are seeing some products coming out of there. If we look into our end markets here, we see some of them now with the geopolitical changes also shielded naturally against Chinese suppliers. If we take hardcore defense, that is very clear. If you look into also the civilian security part, the moment this goes into critical infrastructure, the question, what is the supply chain? What is the dependency? Possibly also an intervention from China is an element of decision. In our original business, the supply of fuel cells to consumers, sailboats, camper vans, where we still do a couple of million of business and we value those customers very much. Naturally there, if a price-aggressive, competitive solution comes up, we will have to address this. Thank you. Okay. You talk about these systems which you are sending to Ukraine and to the combat area. Is your counterpart directly the Ukraine government or is it a part of the German support program? This is exactly the German support program, Ertüchtigungsinitiative. The invoices are paid and guaranteed by the German Federal Ministry of Defence, but the decision-making is with the user. If this is not on the wish list from the users, it does not happen. The clearing goes by the forces. But funding, and naturally, this is also from a financial and stability and risk point of view, low to neglectable counterparty risk, which makes it naturally attractive. The financing now also is released here from the EU, or for the EU funds, so we expect some momentum really coming into this also. But clearance goes by the user, so it is about supporting them in the proper way and being there professionally and being there on time, naturally, as a precondition for, let us say, going into a repeat business. I think some of the also examples here out of a German perspective show that it really goes into a right direction. Also, some negative example, I think, where only, call it old stuff, was shipped to the Ukraine, but I think there, what we hear is they are, I would say, in a position already to tell we don't need this equipment that doesn't help us in this format of combat. That's why bringing innovative novel systems, I think, fits exactly to what they need. Also, the feedback we get directly when being there. Thank you. One final question from my side. Now you're ramping up sales. Is there anything on the supply chain side which is giving you headaches? Anything that we should think about? I think in terms of capacity, and you referred also back to last year where we had some setback also in India. We expanded our own capacity in a way that we can cope with this without further investments right now. But one reason why we are also still cautious on the lower end of the guidance here in terms of volumes is definitely here managing the supply chain. We are, I think, in good shape. If you look at our own membrane production, we tripled this since we started it now 30 months ago. Still, not everything is in that we need to ship until Christmas time. So it's a focus area. Okay. But I see you laughing, so I guess Yeah. I think- Not too bad. ...at the end, it will be a decisive factor on where we end up in terms of range of the guidance. Yeah. Yeah. Perfect. Thank you very much. The next session here is Electro Optic Systems. Thank you. Thank you.