Good afternoon, ladies and gentlemen, and welcome to Bilfinger's third quarter 2024 results call. My name is Bettina Schneider, and I'm heading the Investor Relations team since the beginning of October. Today, I'm joined by Thomas Schulz, our Group CEO, and Matti Jäkel, our Group CFO. We will start with a presentation on the quarterly highlights and financials, and then open up the call to your questions. You can ask your questions via phone by pressing star and one on your keypad or via chat in the webcast. During the presentation, all participants are in a listen-only mode. The conference call is being recorded. With that, I hand over to Thomas Schulz. Thank you very much. Hello, everybody. We would like to guide you through our third quarter 2024 for our Bilfinger Group, and what we can say is quite a successful quarter and another step in the direction for fulfillment of our midterm targets, which is a growth of 4%-5% per annum, as well as a 6%-7% EBITDA. In the quarter, we received more than 30% orders, 18% organic growth, quite significant in that market where we operate in. Revenue is up 15%, organically 2%, and our EBITDA margin made quite a jump from 5.1%-6%. Our free cash flow was in the quarter EUR 55 million, coming down from €61 million last year, but it was the fifth quarter in a row positive, and actually the year-to-date figure is significantly higher than it was last year. We confirm our outlook for 2024, and we keep the guidance on 4.8%-5.2% and the EBITDA to 4.8%-5.2%. As we communicated before, in both, our midpoint is really the target area where we go for. The markets are stable to positive in all target markets and industries. Our earnings per share moved up from EUR 0.98 to EUR 1.49, and the acquisition, Stork, what we acquired from 1st of April this year is well on track. Before we go into the markets and into the financial figures, safety. Occupational safety is a very high priority for us, and we are quite market-leading in that area for our clients who have very, very large interests, the same as we. If you look on the right upper page, it's the total recordable incident frequency, and it came down from 1.25 to 0.88, really a good move in the right direction. If it comes to the lost time injury frequency rate, that is actually up from 0.12 to 0.29. But when we look over several quarters or several years back, we see that we are moving step by step and a little bit too slow into the direction of zero, but we have a lot of activities on board to speed that up more. With that, I would like to give information, as we did in an open letter on the internet regarding the incident in the U.S., which happened in October, means in the fourth quarter. Our U.S. subsidiary, Centennial, completed the works as the contracting company for that order in 2021, means three years in operation. The cause of the incident is still unknown. We and Centennial are supporting the authorities and, of course, are available if necessary to assist. Now into the markets and industries, and as you know, we operate in four main industries: energy, chemical petrochem, biopharma pharma, and oil and gas. Let us start with energy, which makes roughly 20% of our top line. The market outlook is stable to positive over all geographies and customer ranges. We have an increasing demand in the energy sector for that what we as Bilfinger cover, especially nuclear, has a significant revival in all countries besides Germany. The outsourcing potential, that means the business, what we get offered and what we can capture from our clients is good and stable in that area. Important to mention here from all the areas is the new U.S. administration because the verbalization towards conventional energy resources is rocket high, and we expect quite a shift more into conventional energy resources. If we then look into the chemicals and petrochem business, which is roughly 25% of our top line, as you see on the graph on the left side, we are roughly on the pre-COVID year 2019 level in the markets where we operate. For us, the market is stable. We see that the global petrochemical demand is growing, especially in the midterm, but we have significant regional differences. The outsourcing potential in that area is increasing to good. And here, special highlight is U.S. market again with a growth potential of 3%-4% for the next two years. And not to forget, the Middle East has quite a significant production growth. If we then go to the next page with pharma and biopharma, around 10% of our top line, you see in the graph that we are in 2024 expected 36% up in the production index versus that what we had in 2019. Definitely the most growing area of the industries what we have in the Bilfinger Group. The market outlook stays quite positive. Global investments remain quite strong. We have a good and increasing outsourcing potential. The demand over all kinds of societies for pharma and especially biopharma products is still going up. The growth is based on more localization of production, reduced time to market for innovation. That means new products are getting faster into production and then to their end clients. And that drives quite a lot of business opportunities for us. In the oil and gas, which makes roughly 20%, market outlook is stable. We have a good and increasing outsourcing potential, and we see especially with the new U.S. administration a lot of movement into growth out of North America. Out of that, some special view on that what we see as our demand as the Bilfinger demand. You know that we for quite a while now show you what we call the opportunity pipeline. It's that how we index the market based on July 2022, how much business potential we have in front of us, and when you look into it, you see that we had two years ago between 95 and 100. 100 was the index for July. Last year was between 94 and 104, and this year between 102 and 110. The reason why I bring that so specific, it clearly shows that we have a higher single-digit growth of opportunities in all industries and areas where we operate in. The orders received actually moved up 31% from last year to EUR 1.344 billion. It's an 18% organic growth. You see the acquisition with more than EUR 100 million in it, and you see project business with a quite high figure. That comes out of individual orders, especially with technologies what we see in the future as standardized products. It is green technology, especially in that part. The order backlog is on a very healthy level, moved from EUR 3.378 billion up to EUR 4.109 billion. When we then go further, we have some selected orders to show you on which kind of orders we work here. On the left side, it's from Zeeland Refinery in the oil and gas in the Netherlands. It's a six-year contract for what we call all-in-one maintenance for the refinery out of a Bilfinger single source. This is what we were able to offer and being successful in getting the order based on the new acquisition to add that on. So the package what we offer to clients is really a full package and makes us very competitive in any market. In the mid part of the picture, we have energy with the MAN Energy Solutions in beautiful Denmark. It's about heat pump supply. It's about engineering and mechanical integration for the city of Aalborg so that they get climate-neutral district heating system. On the right side from Germany, from our client RWE, again in the energy sector out of the segment technology, it's about 100-megawatt electrolysis plant for hydrogen production and with all what we do, supply capacities. All the three orders show that our vision to be the number one in efficiency and sustainability really is on a very good track. Out of that into innovation, you only can expect that you are the number one with your clients if you renew the way how you do efficiency, the way how you do sustainability. This time, we show you the Bilfinger Corrosion Detection. This is a special system with X-ray control on work where you have insulation around pipes or tanks or other material, and as you can imagine, the risk for the clients is that you get corrosion under that insulation. In the old version, you have to build a complete scaffolding and then dismantle a lot of that insulation to check where you have this corrosion, which could lead to leakage. With this system, it's no need to take away insulation at all until you find the spot where you have corrosion. That makes the whole work not only more safe for the people doing it, it actually makes it significantly cheaper in the cost, and it makes it significantly faster. That kind of efficiency improvement we bring to our clients. Out of that, I would like to give to Matti Jäkel, our CFO. Yes. Thanks, Thomas. Good afternoon, everyone. Let me give you some flavor on the numbers. First of all, group numbers, and then after that, we'll talk about the segments and then finish up with the group view again. Revenue increased by 15% in total, absolute numbers to EUR 1.28 billion. This includes roughly EUR 140 million for the acquired business, meaning that the organic growth achieved 2% top line. On the bottom line, EBITDA grew to 6.0%, 6.0% EBITDA margin from 5.1% one year ago. The EUR 76 million euros EBITDA includes EUR 8 million for the acquired business. If you deduct this number and divide by the revenue for the last year's quarter, you come as well to 6.0%. So the EBITDA margin improvement comes out of our business. The improvement stems from an increase in our gross profit margin, which grew from 11.0% to 12.3% on the back of our strategy, meaning positioning, operational excellence, and efficiency are at full speed and are working. At the same time, our SG&A quota went down to 6.1%. The cost in total grew, but this is due to the acquisition. So if you compare the organic numbers, EBITDA increased by 2% and revenue increased by 2%, and EBITDA in absolute terms increased by 20% from EUR 57 million to EUR 68 million excluding the acquisition. So a significant improvement 12 months later. This also turns into a significant increase on net profit and earnings per share. You see the EBIT of EUR 76 million, the financial result, which shows a slight improvement over last year, giving us another uptick on the EBIT. Taxes, obviously, when you make more money, they are higher for EUR 56 million than in the earnings after tax for continued business. And with the discontinued business and minorities, this comes to EUR 55 million for the quarter in net profit, giving us an earnings per share of EUR 1.45 after EUR 0.98 in quarter three 2023. That's an increase of 49% or 48% on the earnings per share. Cash flow and working capital in absolute numbers, the third quarter 2024 is just a bit lower than last year, 2023, EUR 61 million to EUR 55 million. However, this comes on the back of a very good first and second quarter in 2024. And as we have planned and explained various times that we will moderate our intra-year cash flows from very negative in the first half to very positive in the second half to a more even profile. This is working in 2024. Year to date, last year we were at minus 12 million, and this year we are at plus 105, which is also a reason why we are adjusting our outlook on the free cash flow for the group. Net liquidity follows the free cash flow. What is interesting here is we are showing the effects, the liquidity effects of the acquired business in each quarter. EUR 29 million cash out in the first quarter, EUR 21 million inflow in the second quarter, and 6 million outflow in the third quarter. If you add those numbers together, then the net cash out for the acquisition was just EUR 14 million. With our very good earnings and margin, there's no issues on the gearing ratios on the financing targets. 108% on FFO to net debt and 0.73 on the net debt to EBITDA. So there's a lot of headroom as we have explained various times before, and that remains in place. Now, a little bit more flavor on the segments. Segment Europe, orders received very strong 8% in organic growth, including the acquired business, it's 27%. On the right-hand side, you see orders received were EUR 126 million for the acquired business revenue, EUR 140 million, and EBITDA EUR 8 million, which is a margin of 5.8%. So that business is doing quite a bit better than what we had anticipated when we talked about this transaction earlier this year. Orders received for Europe with significant organic growth. This is due to increased maintenance activities across all industries and all geographies. So we are very well underway to achieve our midterm targets, which is 4%-5% growth. On the revenue side, we see a flat quarter, but we do know that we have these seasonal ups and downs from time to time. What we see here is a bit of a mixed picture. In the third quarter, we see increases in Belgium and Holland, in the U.K. and in Eastern Europe, and we see a flat development in the German-speaking areas and also in the Nordic countries. If we look at this from an industry point of view, the increases come from oil and gas and petrochemical, while the flat and slow or slight declines are in the chemical industries. Profitability increased quite nicely from 5.8% to 6.3%. Again, this is due to a good product mix, operational excellence, and the effects of the efficiency program. Over to international, and there we have a little bit more to explain. Orders received, they normalized versus prior-year quarter, but continuing our overall positive development that we have seen over the last few quarters. Book-to-bill 1.03, which is an indication that the company and the business is growing. Revenue quite stable at plus 2%, especially in the Middle East and there especially in the engineering sector. We have seen some very nice order intake, so we're seeing some strong growth. Growth in engineering always means that then the larger work, construction, and maintenance will follow anytime soon. So it's a good and early indicator for what is ahead of us here. Now, to the EBITDA in the segment, it shows a negative EUR 9 million, minus EUR 9 million. This EUR 9 million includes about EUR 15 million of one-time effects. We had for a long time a legal proceeding in the United States on a contract that was taken in 2018 and completed in 2020, and while in execution, a dispute arose with the client, and it has now taken four years to complete the arbitration. The arbitration was completed in our favor. The overall impact on the group bottom line is pretty much zero, which means that the risk provisions that were taken were sufficient and well-estimated. However, the risk provisions were taken in two places. One is in segment International, and the other one is on group level. So while we are seeing a negative effect in the segment here, the offsetting impact is on group level, which you will see in a moment when we talk about the reconciliation of the group. The other effect is that we have taken another risk provision on the discontinuation of our project business, which we have talked about many times in the last few quarters, that we are getting out of that piece of the business. And as always, you do find a few things here and there, and so we felt it was appropriate to do some risk provision here. If I remove those two one-off items, then the EBITDA margin on the underlying U.S. business is 2.5% profit. Technologies, significant growth, about 50% over the last year's quarter, particularly in pharma and biopharma, as well as in energy. So book-to-bill at 1.4 is an indicator for strong growth. Also growth on the revenue side, plus 9%, which is a natural consequence of the good order intake we have seen now for a few quarters. Profitability following the revenue, 6.9% after 5.8% last year, so from EUR 10 million- EUR 13 million for the quarter. Again, product mix, operational excellence, and efficiency program are showing their positive effects as we had expected it when we announced our strategy. So on the basis of these results, we have made adjustments to the outlook on segment level. E&M International, we have taken down to 0%-1% EBITDA margin after 2.5%-4% previously. Revenue is unchanged. Technologies, we have taken higher from 5%-5.5%, now to 5.7%-6.2%. Revenue outlook unchanged. And due to a very favorable business in South Africa, we have increased the revenue under reconciliation group from EUR 50 million-EUR 75 million- EUR 90 million-EUR 115 million. Also the EBITDA, which is an absolute number because a number of effects play a role here, it was EUR -25 million- EUR - 5 million, has improved by EUR 20 million- EUR - 5 million- EUR + 5 million as a consequence of the release of the risk provision in the U.S. and an improved business in South Africa. With that, I hand it back to Thomas. Thank you, Matti. So when we then look into the group outlook, you see on that slide in the first column what we had full year in 2023. Let us look into the revenue. We have a guidance for this year of 4.8-5.2. When you see what we have year to date with 3.676 versus the 3.29 in 2023, we are well on the way to hit exactly the middle spot of the guidance. Same is in the EBITDA margin. There we had year to date in 2023, 3.7, and we are now operating on a 5.0. And that, of course, is quite a step up and gives us the confidence to say that the 5% target for the EBITDA margin what we promised in 2016 will be hit this year in 2024. More important for us is, beside the figures here year to date and in the quarter as well as for the full year, is that we are very much on a very good way to fulfill our midterm targets with a growth of 4%-5%, what we said at the beginning of 2023, and a 6%-7% EBITDA margin in the midterm, which is then around the year 2026. As Matti showed and explained, we lifted up the free cash flow guidance from EUR 100-140- EUR 125-165 based on, let us call it, technical reasons. When we look into the year to date, it's a significant improvement versus year to date last year, 2023, with minus EUR 12- EUR 105 year to date this year. More important is it was the fifth quarter in a row being positive in the free cash flow. To summarize that, it was quite a successful quarter in the orders. It was as expected in the revenue. EBITDA margin made quite a jump up to 6%, and the free cash flow performed very well. The outlook we keep as promised and as said before, all our markets are stable to positive. Our earnings per share went up quite a lot from EUR 0.98- EUR 1.45, and the acquisition, the former Stork business, what we got 1st of April, is well on track. And with that, I give back to Matti. Thank you. Ladies and gentlemen, we will now start a Q&A session. You can ask your questions via phone by pressing star and one on your keypad or via chat in the webcast. We have the first question from Michael Kuhn from Deutsche Bank. Michael, your line is open. Good afternoon. Thanks for taking my questions. Starting with the Q3 EBITDA and also the outlook, given that you again took provisions for the legacy project business, would you say it's fair to say that, let's say, the underlying margin quality was actually a bit better than what you had shown? And in connection with that, was this the final step, or is there, let's say, a remaining risk for the project business that you ended in the U.S. resulting in more provisions? Michael, this is Matti. Good afternoon. Good to have you here. The underlying U.S. business turns about 2.5% EBITDA. If you add then the very good performance of our Middle East business, then the average for the segment international, so both Middle East and the U.S. together, is roughly 4%. Does that answer your question on this one? It does. Thank you. Okay. Now, I have a lot of experience with legacy projects. So we do provide for as and when we see certain risks. There is one project out of this, call it ERA, that is still under execution and will be completed next year. It's very closely monitored, and we believe, as for now, that the risks have been provided for adequately. But it is still under execution, and we will do as always. If and when we see that things are not moving as planned, we take every precaution that is required. Thank you. And also in the connection with the guidance and the increased outlook for the reconciliation group, could you split up those effects of what was, let's say, the better underlying development of the South African business and what is the one-time effect from the provision release? The one-time effect of the provision release is about EUR 10 million, and the improvement in the South African business is about EUR three million quarter over quarter. Thank you. And then one on the order intake, obviously a very good outcome in this quarter. Technology contributing, which is per se always a little more project-driven. For the other two segments, was there a mix shift? So was there a higher project share, or is it really all maintenance contracts? Yeah. We have actually quite a healthy level of maintenance orders in, but we got at the same time in the EM segments project business in what we see will be more often ordered in exactly the same way, which then will be in the future not a project business. We are very conservative when we look into that, how we take orders and how we classify it. If we give an example, if we build something for, let's say, life science, and we get only one order exactly for that, then it's actually dealt like a project. But if we sell it 10, 15, 20 times exactly the same through our de-risking and standardization approach, actually it's not a project any longer. It's like a product what you can buy from the shelf. So it's a mixed picture, and we are actually quite proud of that because we showed with the acquisition, with our vision, with our strategy that we can add a lot of efficiency improvement for new things for clients too. You will not find a lot of companies who can calculate the green footprint of a plant which is only in the mindset of the customer. We as Bilfinger can do that. Thanks. And then one more on the guidance. At the upper end, you guide for EUR 3.6 billion sales in E&M Europe, which implies hardly any growth in the final quarter, if I'm correct, from an organic standpoint. So is there an implied growth slowdown here? No, we don't see that. Of course, the figures show what the figures show. But please don't forget that we reduced some of, let's say, former businesses what we had over the time. That is off the shelf. We took actually companies or former customers out where we were not satisfied. So we actually reduced what we call the base pool in one side. On the other side, we have regional differences. We see if we take, for example, Germany, where we think the business what we have is actually quite good, but customers are very clear when they give us an order, let's say, for 100, then they stay on the 100. In expansion mode, what we have in some other parts in Europe, there if you get something for 100, they actually over the lifetime of that order, you actually go to 105 and 110. Where is that coming from? Especially Germany, which is here the exception in the, let's say, slow business environment what we have in the country, in all economy, not only in our industries, puts our clients into the position to look for cost reduction, efficiency improvement. And as we said before, we have to offer there a lot, but it doesn't add a lot on top of that automatically. Thank you very much, Thomas. We can now go to the next question, which is on the line from Gregor Kuglitsch from UBS. Gregor, please go ahead. Hi, good afternoon. So maybe two questions then. So firstly, I mean, in your prepared remarks, you said you still sort of aren't happy with the margin guidance, and by 2026, you're going to be in that 6%-7% landing zone. I guess my question to you is, what's your initial sense of what the kind of pace is in 2025? I don't know if there's any sort of early thoughts that you can share. Do you think you can do 50 bps or more, or perhaps it's a bit early? I'm guessing you're expecting growth, but I just want to understand sort of the pace. And then maybe a second question coming back to the sort of rather unfortunate events in the U.S. Can you give any sort of further details? I I appreciate it's quite early. I think in the past, you sort of had insurance cover for these sort of accidents. If you could just give us some kind of comfort what the financial risk is to the group, please. Yeah. Let us start directly with the second part, the event in the U.S. You are completely right. It's a very sad thing, and accidents, incidents happen. That's part of life. It's not good, but it happens, and here it's something what we got as an order, what our Centennial colleagues got as an order in 2020 and finalized it in 2021. So the whole installation was in operation for three years. The cause of the incident is still unknown. There are no facts and figures on the table. We support Centennial. Our daughter company in the U.S. supports the authorities. That's to that case. Moreover, all other information, what people think about and shoot figures left and right and so on, this has no basis. That has absolutely no basis. But when we look into the general setup of a company as we are, we are the same as you have other European companies covered with insurance. That's a standard thing what we have. We are the same as other companies established in that way. That's what I can say. More is really back on the U.S. case or Sapelo case. More we can't share because nothing is there more. Thank you. Then, of course, to the margin guidance, we are not guiding now for 2025. And I know that you know that very well. But of course, what you've always tried, which I think is great. You can imagine that, and I hope that always comes through out of the last two years. We have a clear picture for that, what we call the midterm targets. This is all what motivates us, and we believe strongly that we will achieve it. So that we are not having then a side movement in 2025, and then out of the nothing, we go to 6%-7% in 2026 is logical. But please wait up to the quarter four announcement when we come with the guidance for the year 2025. When you look into, I can give a little bit of comfort in. Matti said it several times. We have what made the 6% in the quarter, which is, we think, actually quite a good result when you look more than 10, 12, 14 years back in the Bilfinger group. It is, of course, the operational excellence part of the strategy. It's the new positioning part of the strategy. It's the efficiency program. And in the quarter, as a special item, the product mix, which was quite favorable. And that can always move from one quarter to another. Thank you. Thank you. Thank you very much. We have another question on the line, which is from Craig Abbott from Kepler Cheuvreux. Greg, your line is going to open up. Yeah. Yeah. Hi. Good afternoon, everyone. Yeah. First of all, I just want to come back to E&M International, please. I mean, my first question was already answered earlier in terms of what remaining risk in your project business to winding down you might have. I appreciate that. But I just want to get an understanding again. If I understand it correctly, the Centennial business by nature is also basically a project business. The average project size, I understand, is very small. But as we see with the unfortunate incident there, a very small project can, of course, go wrong or whatever can cause problems. So I just want to know in general, when you say you're winding down the project business, where your definition line lies there. You just really large-scale projects and what you're thinking is with continuing type of operation that Centennial conducts going forward. Thank you. Craig, this is Matti. Maybe I respond to Centennial as a sort of a particular case. The way Centennial operates is they also operate like many of our European operations under long-term frame contracts. They're called job order contracts where the clients issue small call-offs, hundreds and hundreds of those during any given year. So from a risk exposure, it's a very, very low-risk business that we are operating there. This incident here happened three years after completion of the project. I know that Bilfinger history and in the past, large risky projects, they turned out financial losses. But I guess during operation, because, I don't know, bad estimates, bad execution, bad whatever you can imagine was bad. But here, this thing had been in operation for three years, and now something happens. Nobody knows why, and nobody knows how. So we have to deal with it. But this does not put into question our entire business. It does not put into question any of what Centennial is doing. The job was properly executed as far as we can tell. So it's a tragic, but it's an incident, and we're dealing with it professionally and very transparently. Yeah. Okay. Thank you. And I just have one on E&M Europe. Very good margin progression, as you clearly pointed out. And you gave your order book indication chart again. And just the flavor you've been giving us sounds like continued rather than abating also. But nevertheless, if we look at the book-to-bill, it was a bit below one, around 0.96. Net organic growth there was flat in Q3. And I just wondered if you could maybe provide us some color on the outlook you're seeing for ordering activity in Q4 and heading into Q1 in that business specifically. Thank you. Yeah. Hey, Greg. Yeah, Thomas. Nice to have you here. Greg, I don't want to be picky, but the quarters before was 1.11. The quarter before was 1.1. So quite a good book-to-bill ratio. And last year, it was 0.89. And this time, it's 0.96. So we have always some variances in it. That is normal in that business because it's based on the milestones. It's based on how customers act. There's nothing to concern about. We actually think that, and that is what we see in the profitability too, that we were able in the last one to two years to focus on that customer group and on that business where you have an underlying good margin, low risk. A lot of that, what we call not only in E&M Europe and the other segments too, project business will be in the future product business because it's repetitive work to the client. So from that point of view, the 0.96 for that quarter doesn't concern us at all. It's a typical, let's say, variances over the quarter. Okay. Fair enough. That's a very good explanation. Thank you. Thank you. Ladies and gentlemen, be reminded that you can ask your questions via telephone by pressing star one on your keypad and via chat. We now do have a question from the chat from Niklas Ditter from Bankhaus Metzler, which I will read. Regarding the return margin improvement in E&M Europe, could you provide more insight into how profitability has improved? Are there specific examples to illustrate this? For instance, has better pricing been achieved due to enhanced market positioning or the unique services that Bilfinger offers? Additionally, could you highlight any efficiency improvements that were implemented during this period? What is already different to one year ago, specifically in this segment? Hi, Niklas. That's quite a package, what you ask. I'll make it like that. We said that for all the segments, product mix, operational excellence, efficiency program, new positioning are actually the reasons, and our efficiency program, what we announced in November 2022, actually pays off fully. That is what we see. It's a good behavior of all the colleagues we have, which makes us really proud how cost-sensitive our organization is and how we look for getting things faster and simpler done despite all the pressure on bureaucracy, especially here in Germany. We have, on the other side, the new positioning. New positioning includes too de-risking, standardization, and especially to sell into the areas where you are good at it and taking that out where you have one-time wonders with higher risk and so on. That all adds up into it. Then we had, with the onboarding acquisition and having a bigger portfolio to the same clients where we can offer more, where we can show more efficiency improvement that makes us towards the client more attractive. With that, we can increase prices. And that is what we see too. But please don't ask me to separate it in millions and in percentage because then it gets very, very tricky. I hope that explains that what you were after. Thank you very much, Thomas. I think that should answer the question for now. We have a further question on the chat from Chaima Ferrandon from ODDO BHF, which I will now read. The event in the U.S. raised questions about your exposure to construction projects. Could you give us some color of what represents construction in terms of revenues and order book? How strategic is it to keep a construction exposure that you could end up with potential losses and being negative in terms of sentiment for investors? We have less than 5% what you can in a large-scale civil construction business, as we said before. If we get and the majority of that is our U.S. daughter Centennial. Matti already explained what it is. It is light commercial building business. We do that for the public sector. What is it? We go into an existing hospital. In the hospital, they would like to replace in one hallway the air conditioning and the wallpaper. Then they go with us through that hall. We have a frame agreement. We have a kind of a product list. Then they say, "I need this and that and that and that." That is what we take and give to local qualified and specialized companies because that's the request from the client that local companies get that because it's small work. That is what we do. We are talking here not construction business as the former Bilfinger Berger was known for. We are not making tunnels. We are not building bridges. We are not pouring million cubic meters of concrete. That's not what we do. It is, as Matti said once, we are the biggest provider of renovation of toilets in the public sector in North America, and it's the truth. I'm not joking around. It's really the truth. That's the kind of business. So what are we doing to de-risk that? We standardize, and it is already to the by far largest extent standardized by the business model from all time before. We standardize further. We don't want to have big project business. We don't want to have construction project business. We phase that out. We de-risk the company with that. I know that based on history, that people immediately make the step into former Bilfinger Berger. It isn't. We are not Bilfinger Berger. We are not a construction company. We are actually an industrial service company helping customers doing more efficiency and sustainability. We are not building motorways or any other things. I hope that gives more light on it. Thank you very much, Thomas. As there are no further questions, we will conclude the Q&A session. Thank you very much for your participation. Of course, the IR team is available for any further questions you may have. Thank you very much and goodbye.