Good morning, ladies and gentlemen. Thank you very much for joining our early call this morning. My name is Martina Kalkhake, and I am here today with our Group CEO, Thomas Schulz, and our Group CFO, Matti Jäkel. We will start with a short presentation today and then open up the call for your questions. The measure is as you are used to, so you can ask your questions via telephone by pressing star and one on your keypad or via chat in the webcast. As usually, during the presentation, all participants will be in a listen-only mode, and the event will be recorded. I now hand over to Thomas. Thank you, Martina. Good morning, everybody. Let's go directly into our communication package, what we have. When we looked into the actual situation, we have the following comments to make on that, what we see in the market and what we see versus that what we said actually a few weeks ago. We see with especially the last weekend event and the significant increased uncertainty in the market, actually not in the Middle East, actually in a lot of other areas too, that the uncertainty on the customer side based on not able to predict from their point of view energy costs and further developments, as an example, that we have here no improvement, which we see and hear and got from our customers fairly clear that they are with all what they can being more on a break until they have more certainty. When we look into that what we saw in June 2026, which means at the end of the quarter two, we see that this positive momentum, what we had in June in the opportunity pipeline as well as in the order intake, actually for the longer or midterm part is definitely there, but short term, not. We see that the orders received in the last few weeks is below expectation level. I can say it like this, there is a big kind of a package of turnarounds of necessary, technically necessary work, which is just not going on and getting released into our books as well as into our people. This delay of investment decisions hit us in an increased underutilization and underabsorption. This underutilization and underabsorption we see is not from our point of view for the Bilfinger Group acceptable. That is the reason why we actually take a lot of planned initiatives out of the strategy in a faster time, and we call that Program Agile. I will come more into the details for that. The underutilization, what we enjoy at the moment is, of course, the big trigger for the EBITA margin outlook. When we run in underutilization, especially in high-cost countries like Germany, when we run with an unfavorable product and country mix, and when we have a lack of larger and complex orders and higher priced projects, then we get a hit on our contribution margin, gross margin, as well as then, of course, on our EBITA. Out of that, we decided to adjust the outlook. When we look into the outlook, then you see on the top line, the revenue we have, as a previous outlook, EUR 5.4 billion- EUR 5.9 billion. That is now lowered to EUR 5.3 billion-EUR 5.7 billion. We have an EBITA margin in the previous outlook of 5.8%- 6.2%. That is now down to 3.2%- 3.6%. Important to say is that the outlook without the Program Agile would be 4.6%- 5.0%. The free cash flow from before EUR 250 million- EUR 300 million, we put to EUR 180 million- EUR 220 million. The midterm targets for 2030 and especially through the Program Agile will, of course, stay and we will achieve that. Out of that, I give up to my colleague, Matti. Yes. Thank you, Thomas. Morning, ladies and gentlemen. Just a brief look into the segments, how the changes are reflected there, which also gives you an indication of where the problem areas are. Western Europe, we see about EUR 100 million less revenue than what we had predicted. We took the outlook down to EUR 1.7 billion- EUR 1.9 billion and a slight decrease in the adjusted EBITA margin, now 6.8%- 7.0%. So quite well-performing, but not at the rate that we had expected a few weeks ago. Central Europe, revenue also EUR 100 million down, but the margin is significantly down from 5.8%- 6.4%, now 4.6%- 5%. The main reason is underutilization, underabsorption, and a few of the other matters that we have discussed already. That is the weak spot here. International, just some slight adjustment on the revenue, EUR 15 million. Down, but also an impact from the various geopolitical effects here. We took the margin down from 4.2%- 5% to 2.5%- 3.5%. Although bear in mind that the absolute EBITA numbers are small, so any EUR 1 million change has a higher impact on the relative margin. Reconciliation for the group, that is EUR 50 million up. That has to do with the revenues mix. On the profit side, also EUR 10 million down because we see some issues that we have to deal with at group level and the reconciliation. So that is the makeup of the updated outlook for 2026. Back to Thomas. Thank you, Matti. With that, into the Program Agile. The Program Agile is actually a speed up of initiatives, what we have planned. Actually, quite a lot talked on the capital markets day in December last year. This speed up, which means decreasing some presence in some area, increasing in others, as well as further optimizing like shared service center. That acceleration, instead of doing over two to three years as planned, that acceleration costs money, but it will put us into a situation that years like 2026, where we have with a slow start, the Iran War, weak decision-making in the market or in the political spectrum with influence of the market, that we are better set up to tackle with that. The start is today. The end is the end of 2027. The one-off cost is EUR 75 million, which is planned to take in 2026. The reduction is up to 1,500 employees. In that reduction, you do not see, of course, that we build up because we have quite a lot of growth areas where we invest. That gets more accelerated. The savings with full year effect is in 2028. Of course, we see the year 2027 not as a repeat of the year 2026, which means the program will already deliver something in 2027. With that, I give back to Martina. Thank you very much, Thomas and Matti. Ladies and gentlemen, you can now ask your questions. Be reminded you can ask your questions via phone by pressing star and one on your keypad or via chat in the web cast. I already see the first question, which is on the telephone line from Craig Abbott from Kepler Cheuvreux. The line should be open, Craig. Good morning. Yes, good morning. Can you hear me? Yes. Okay. Good morning. Yes. I guess what was rather shocking was, of course, the magnitude of the negative operational leverage. We understand it is due to underutilization. You also mentioned [audio distortion] negative sales mix effects. If you can maybe elaborate on some of these, that would be helpful. Which end markets specific? What types of works? What gives you the confidence that we would likely recover in 2027? Also given the magnitude impact on the margin, it raises the question of, are you also seeing pricing pressure? Thank you. Yeah. Thank you, Craig. We work here with two impacts. One is the underutilization and the other thing is underabsorption. When we look into, we have, of course, especially if it comes to larger projects, which are planned for quite a while, where we had long-term negotiations. Take, for example, in Germany, gas power stations, nuclear and so on. There is quite a lot in the pipeline, which will come but got postponed, and that leads to the fact that we have engineers underutilized. You don't need a lot of engineers in high-cost countries underutilized to get quite a significant EBITA impact. The other part is the underabsorption, which is partly pricing too. That means that we see, of course, demand and work, but the work is of less complexity nature, just simple work, keeping plants up and running, no real turnaround, no improvement, no efficiency work to improve the site, and that is generally less profitable. Which is a so-called product mix change, where we see that the less profitable work has a higher percentage in that what we do. That all with a company like us in a margin area 5%, 6%, a little bit more than 6%. You don't need a lot of that to get a kind of impact of that magnitude into the contribution margin and with that into the EBITA. We see in Western Europe, where we run just on a better product mix as well as a better absorption that the profitability is significantly better. So out of that it is a mix. Then we have an industry situation. You saw that with pharma, where based especially out of the comments from the German government, some of the pharmaceutical companies actually lowered their investment potential. Which is directly not hitting us, but it brings uncertainty in the market and a lot of projects and decision-making for new work is quite delayed. Of course, the pharma industry is quite a profitable area for us. My question on the price. Yeah. Pricing pressure. As I said, when you look into the underabsorption, that means that we sell less complex work. You can say there is, of course, a pricing pressure in it too. Because if customers say, "I need more simple work," then, of course, the charge amount of money per hour is lower, and that is an indirect pricing pressure too. That is what we see temporarily because that was the confidence what we had a few weeks ago. It is not about what we see what could come, it is actually work what is absolutely necessary to keep the plants up and running in a very efficient way. Okay. Thank you. Thank you very much. We have the next question on the telephone line from Michael Kuhn from Deutsche Bank. Michael, please go ahead. Good morning. Thanks for taking my questions. It is mostly about, let's say, temporary with the structural effects. You partly commented on it already. The situation obviously is that some projects, major shutdowns, et cetera, can be delayed for a couple of months. It looks like they are now delayed into next year. Is that coming with the risk that part of those capacities will be permanently out of the market, bigger plants being shut down, or will we see then a major revival into next year? Also for the bigger projects, for new builds. You mentioned, for example, the power plants. On the Program Agile, you said that this is mostly an acceleration of things that were planned anyway. In that program, EUR 75 million, that's about 1.3, 1.4 percentage point margin equivalent. Is there anything new? What does it mean, let's say, for the medium-term margin trajectory? Because obviously the starting point will be a lower one than initially predicted by the percentage point. How will the medium-term margin trajectory look like from here? Yeah. Thank you, Michael. I take the part with the project and what we see in the market. Actually, we don't have really big cancellation of things which were really planned. There is a lot out of the pipeline, but that is ongoing for quite a while. This is not new. For example, some green project, when you hear into Shell, BP and so on, how they act on that area. But for us, it makes a hell of a difference if bigger projects in nuclear, gas power station, bigger turnarounds are actually each month getting postponed. Because, as I explained before, we have the people available, and if we decide to take these people out on a certain project into another one, then of course the customer will not get what they want to have. On the other side, if we keep it there and it doesn't come, it brings us into underabsorption. The fact is that we see, in next year, then the demand and the need to do these things significant higher than we see this year. When we talk with our clients in the vast majority, they see that themselves. But the uncertainty what they see in the energy cost, especially in Germany, is too high that they release and go with that what they actually had planned for and what they see technically as necessary. Out of that, when we look into that, we expect that we have a more normalized year in 2027. That is the reason why we take the Program Agile into account, which is just a significant higher speed on initiatives, what we wanted to do over two to three years, and actually taking and breathing with the normal business. That was the business planning, what we communicated in December last year. If it comes to the second part of the question, Matti? Yeah. Michael, good morning. Anybody who has been in contracting or construction knows that acceleration does cost money. But we see a definite need based on our revised expectation for second half 2026, that we have to do something. You asked if there is anything new in the program. As a matter of fact, there is no new ideas or activities or measures in the program. We just take those activities and measures forward, and that is why we need to take the EUR 75 million provision into 2026 so that we can implement those measures, capacity adjustments, consolidation of locations, setting up shared service center and so forth. All of this was part of the- Strategy implementation and execution plan until 2030. We take those forward. That does cost us money, so it is hitting 2026 profitability. But the margin trajectory that we had in mind for midterm doesn't change. Only for 2026 as we take those measures into one year instead of spreading them over three to four years. Maybe one quick follow-up. Because obviously there is a, let's say, hit from the high energy prices, especially for things like the German chemical industry. If we see a prolonged higher energy environment, would that come with additional risks? We analyzed the market, and that was the work from the beginning of the year when the year started very slow with the long winter time. There is a difference between that what is technically necessary, what we as experts in maintenance and asset performance actually see and the customer too, versus that what the, let us say, the CFOs on the customer side will give as money into the technical teams to realize the necessary work. The technical people see definitely a significant high demand to do all these jobs and all the work, and it will not get smaller from that. But the pressure of what they have on their own cost structure with their cost-cutting measurements, as well as the pressure on profitability, combined with the uncertainty of the energy cost, puts the foot on the brake. If as long as they put the foot on the brake, as more expensive and efficient asset performance of their asset will be. That is how we see it. It will come. The second in it is regarding the projects. There are, of course, cost measurements. There are, of course, delays based on the general situation, not only the Iran war, actually political impact, kind of a paralyzed situation in some of the countries, Germany, for example. But of course, with these projects, the need is bigger now than it was two or three months ago to do something. But if we take, for example, the gas power stations, it takes just too long time to get it into the books of the customer. And with that, into the rooms where we negotiate and finalize then these deals. The time element hits us here in 2026, and that is what we see in the figures. We see for 2027, actually an improved market environment. And when we look back, that is our actual scenario. When we look back then on 2026, it is quite a step down, but temporarily. In 2027, back on track. Very clear. Thank you. Thank you very much. We are now turning to questions on the chat in the webcast. The first question is from Andreas Wolf from Berenberg Bank. The question is: Which verticals, skill sets, and specific higher cost countries will the capacity adjustments affect? Do you expect this business to return once the economic situation improves? Or do you see structural changes on your clients' side? If you view the weakness as temporary, will Bilfinger be- Let's start with the last part of the question, and thank you, Andreas, for the question. The lower cost location has nothing to do with the qualification. In Germany versus other countries, you see that Germany is actually, they are definitely a champion. It has nothing to do with the qualification. We have very good people in high-cost countries, and we have very good people in low-cost countries. The work what we do in high-cost countries, is, of course, similar or same as the work what we do in low-cost countries. Oil and gas in work on assets in Norway or oil and gas work on assets in the Middle East are more or less the same work what we do. If we then look into the verticals, as you said, the skill set and specific higher cost countries regarding the capacity adjustment, we saw and we communicated that some areas, especially in Central Europe, are for the future, not growth areas because we have some plant shutdowns and just the work is not enough there to have a big group there. We saw that in a way that we would transfer these areas in a one, two, partly three year change into then other areas in Central Europe too, for example, in Germany, with the build-up of the sales force and, with that, attacking new locations to build that up there, new people. To ramp down on one location costs quite a lot of money if you accelerate it, and to ramp up costs more money if you do it fast too. It's kind of a shift, what we do faster. The capacity, what we see in Germany for the Bilfinger Group is actually what we and we communicated that on a sideways move. We actually have, in Germany, in the last few years, on the revenue side, roughly the sideways move, because we were able to have business which disappeared to replace with new business in other locations. That is what we have to accelerate, and that of course, is a big part of the cost. The next part, the middle question, do you expect this business to return once economic situation improves? Yes, we expect that, but, in some cases, especially in Germany, in other locations, not in the same location. Thank you very much, Thomas. We have the next question also in the chat, from Pal Skirta from Bernstein. The question is: Central Europe is heavily exposed to Germany, where several end markets, particularly chemicals, appear to be facing more structural rather than cyclical challenges. Yet your midterm targets imply a recovery in activity levels through 2030. What gives you confidence that such a recovery will materialize? If Germany's industrial base remains structurally weaker than in the past, is the Agile program alone sufficient to protect margins and deliver the targets? The Program Agile is nothing else than a speed-up of necessary strategic initiatives out of our general strategy. It's not on top of it. It is a speed-up of things that we already have planned, but partly with operating time up to three years. When we look into Germany, there is, of course, a lot of talk about that market and the industrial base. Actually, politics is not improving that picture at all. But, and there's the but, we as Bilfinger are not close to covering Germany totally in all the processing sites and work that we can do. That is what we communicated in December last year by building up a sales force. This goes very successful. But based on the situation, what we are faced with in slow decision-making in the country, the new sites are not coming up that fast. We didn't expect that, to be honest. But we didn't expect that the country would be that much impacted through the Iran war, and that energy cost would go that up. If we then look into what is the recovery. For us, Germany is not a growth market. It's a market where we stay in. You know that we were years back, more than 25% in revenue of the top line of the Bilfinger Group was Germany. Now we are significant below 20% when the group was growing 8% per annum. That's in the plan that Germany makes a sideways move, but you will see more locations in Germany where we were not before, and you will see some of the locations where we will be not in the future. Then, in general, with the growth, we said too, that for us, the segment international is carrying a significant growth potential. With all the negative, what we see with the Iran war and all the effects on it, same as with Ukraine and the impact on a lot of countries where we act in Turkey and the related countries. We see quite an increased demand out of the geopolitical uncertainty, what we have at the moment for our customers and for the business, what they do. To get more resilient and to have more options. As you saw last weekend, what happened in Saudi Arabia, which has actually a big trigger for the whole world economy, investments will come to be more resilient, not only in Saudi Arabia, in other areas, too. So the target, what we have for 2030, we don't see on a risk. Thank you. Thank you, Thomas. There is a further question from Pal Skirta from Bernstein. The question is: Could you help us understand the phasing of the EUR 75 million Agile savings program? How much of the benefits should be visible in 2027 versus 2028? Given Bilfinger's German footprint, how much of the program is subject to works council and labor union discussions? What confidence do you have in delivering the targeted savings with the planned timeframe? I take the first part of the question, Pal. The phasing of the program, as Thomas said initially, is that we are bringing activities forward that we had planned already. At this point in time, it is too early to say how much of this will already give benefit to 2027. From the previous efficiency program, we know that once you get started, and we are starting today, we will see some of the benefits already helping and materializing in 2027. The full impact, though, will be visible in 2028. It is, of course, a big advantage that we manage the company to have plans in the drawer for different scenarios, and these plans are all part of our strategy. We work a lot with scenarios. That means we predict what we see to come in the next three months, 12 months, five years, and when certain trigger points are happening, then different scenario development comes, as we saw in the last few days. Why is that important when we talk about the connection and the relation with our works councils and labor unions? With these scenarios, they are not done in the headquarter. They are actually bottom up. They are communicated. If this happens, we do this or that, and for all the different areas, what we have in the strategy. The good relationship what we have with our works council and with our unions actually is essential for us to build up these programs. It is essential for us to have the content of the programs because their input, their comments, their constructive criticism is an essential part to make these programs happen. What is the proof that we are doing that well with these kinds of programs? Because we always have ongoing programs, part of the strategy. This one is now speed up of initiatives, and we proved with the efficiency program what we say, we deliver. That this is ongoing actually triggered this acceleration. Because one thing is that what happens in the market, no matter how we call it, we have that special term, geopolitical uncertainty. The other thing is how we are as a company, Agile against it. We saw that we are not agile enough, so we have to speed up initiatives to be in the forefront of that what happens out in the market. This year has three items which hit us, and we didn't see that coming with all three in one year. One was, of course, a very slow start in the year. Weather conditions can always happen. Second is the Iran war. That is not what we saw coming with the impact of the energy cost. Then an ongoing weakness in decision-making, especially in Europe, with the champion Germany in it. All three together actually brought us in that situation. Plus, of course, our own agility, which is not high enough to tackle these events in one year. That is not what we like, and that is what we actually don't think it is good. For that, we accelerate the initiatives which were worked out in the last three to four years to make the company better. Knowing the track record of our organization, knowing the professionalism of our managers, and especially blue and white collar employees, in a few months, you will see that the things are going as we say regarding the Program Agile. Thank you, Thomas. There is another question on the telephone line from Olivier Calvet from UBS. Olivier, your line is open. Hi, morning. Sorry, just to come back on the phasing by month of this. You were pointing to a pretty high opportunity pipeline in June. Now in Q3, obviously there is the summer months, as you have mentioned, Saudi Arabia latest development as well. I just wanted to ask if you could come back on phasing of the weaker demand you are seeing. Yes. Thank you very much. Good question. When you are in a situation as we were already after the first quarter and then with the second quarter, we are in very close contact with our clients. Because very often we are the ones proposing to the clients, now the turnaround has to happen, the projects have to get realized, because otherwise, efficiency of existing assets will go down and/or planned projects will get quite a significant delay. When we then look into that, what we hear, there is a point where you have to say, this permanent postponing of this necessary work, the week, four weeks, three weeks, and that across a lot of customers, especially after special events, what happens in the, let us say, world geopolitics, brings us then to the point, in September as we are, now is the time to do something quite significant in acceleration some of the work. At the same time, we see that the work, what we have in front of us with the customer is not getting smaller. It is actually getting bigger. But the time element is important. And the time element for this year shows that the necessary work will not be offered to us to do in 2026 up to the end of the year. If we would have been getting in a situation that this work would come, we would have been running quite significant in overabsorption, which is very, very profitable for the Bilfinger Group. That has to do that we are operating on fairly low margin levels, and if you go in overabsorption, it immediately has a very good effect on the profitability. The problem is, or the challenge is, if you go in underabsorption, then of course it goes south quite quick too. This is not what we can accept as Bilfinger. We do not like that, and it is not to pinpoint on the outside world, this is us, ourselves. The good thing is that we have all these initiatives already worked out and lined out over the last three, four years. And as I said, as we presented in December last year. That, of course, gives us the good opportunity now to accelerate that. When we then look into the opportunity pipeline, that's actually the positive, but it feels a little bit strange, because the opportunity pipeline is growing for us. We see more work coming. We see more activities in the future in areas where we were not at all before, and, in areas where we are today. In some areas, we will not see anything, but that was clear if I take a plant shutdown in Germany or in the Netherlands. When we then look into the Middle East, the Iran war, as bad and as sad it is, and timing and impact on people, we have more than 4,000 employees. They are good employees. It is, for us, a growth area. It was, and it is actually for the future, a bigger one now as we saw a year ago. So all the indicators for the next few years are positive throughout the Bilfinger Group, but timing for us is essential. With the Program Agile, we will lower the timing effect and negative timing effect. Thank you. Okay. Thanks. Thank you. We have another question from Pal Skirta from Bernstein on the chat. Can you please confirm whether the approximately EUR 75 million net profit impact from the restructuring provisions will be adjusted for when calculated the net income used as the basis for the dividends? Yeah, Pal, thanks for the question. The way we calculate the net profit as the basis for dividend is always on an adjusted basis. So adjusted and also taking into account that we use a normalized tax rate. That is no change with the program. Thank you very much, Matti. We have further questions on the chat. The next one is from Hugo Mas from Sycamore. Could you comment on the exit rate of the business in the quarter? Could you comment on your assumption for Q4 revenue versus Q3? Do you expect an improvement quarter-over-quarter? The exit rate in the business. I will make it like that. We have a seasonality in a year. Not a very strong one, but normally the year, normalize the second half of the year is stronger in revenue as well as in EBITA. That has to do with the overabsorption effect what we normally have towards the end of the year, just more work in shorter time. In our assumption, what we saw, the reaction and the information from customers, this is not the case this year. That is what we see. That is the reason why we actually worked on the revenue guidance too. With that, of course, underutilization, overabsorption, impacts us on the profitability, which then is lower. When we then look in the quarter three and quarter four, it is for us easier with the customer actually to discuss the last four and a half months, because one thing is how the quarter is. The other is when do we get signing on contracts and so on. One day later, which would automatically drop things into the fourth quarter. So what we see is more a flat development, quarter three, quarter four, and no real peak in quarter three, and not an overabsorption in quarter four. That actually explains the significant step down in the EBITA. Thank you very much. We have a further question from André Böttcher, from JMS Invest, on the chat. Will you get partially compensated from clients for delayed projects? That is for work when we already are working for the client, and it is so placed that we got an order with a starting point with everything. Then we get, of course, more money at the end when we have delays with cost. But that is not what you get upfront when it happens. That comes later towards the end of the work and the end of the project. If it comes to new projects, what we actually see a lot of opportunities, it starts always with that you get little money for pre-feasibility, but it absorbs your people quite good. Then you go into pre-engineering, the same effect. Not a lot of revenue, but a very good absorption of your engineers. It is then the main work should start, what normally is always the case, because pre-engineering is for the customer. We start with the project, and there is always the push to do it faster. But what we saw in the last few days, weeks, the comments were that with a lot or quite a lot of already received pre-engineering orders, the comment was, we have to delay the start of the engineering, and with that, with the real work. That is what we, of course, can't charge because the next step of the order we didn't get signed yet. What is the risk that the customer would not go on? You can imagine, especially when we talk about Central Europe, to get permitting to do the pre-engineering work is a lot of cost and a lot of effort for the clients. But out of that, they will not stop that. And it is necessary. It is in their planning. It is in that what they promised their own shareholders. They put the foot on the brake with the timing. So they accept to go out to the market and saying, "We have that project. We will go on. But at the moment, we wait how the development in the energy cost is, and then seeing if we have to adjust some of the engineering and the planned plants." That is what we hear from the client. So we have, from our point of view, unnecessary, but from the customer explained by the uncertainty, delays between the pre-engineering and the engineering phase. Then you have your engineers idle, and that hits us in the absorption. Thank you very much for the explanation, Thomas. We have a further question on the chat from Laurent Runacher from Côme Asset Management. Some companies were spotting signs of recovery in Germany, maybe due to the German Recovery and Resilience Plan, electric retailers peers. What do you see? Yes, we see. We see signs of recovery. We see a lot of talks of recovery, and it would be good if real decisions would be made. Take the promise that we need to have this for Germany, a secured energy supply. A secured energy supply you don't create by talking and talking and talking. You actually have to give orders. You actually have to put time into it, and pushing the companies, in that case, our customers, to act and to start. They are all prepared to do so, but it just takes too long. To make that note, and this is not an excuse, what we have as Bilfinger, because we see the responsibility in our own company, but to be more occupied with their own issues in the government than for the country is not helping in that. Then regarding the business development in Germany. From our point of view, what we see as activities in Germany, there is too much talk out of Germany to talk down the industry. The industry is by far more resilient, what we see versus that what is communicated. An industry which is doing the necessary cuttings, and that is what we see, will be fitter in the future. That's the way it is. For us, the German market is an important market, but it will relatively get smaller into our top line, as we saw in the last three to four years. Thank you. Thank you very much, Thomas and Matti. There are currently no further question, and therefore, we will conclude our Q&A session for today. Thank you very much for your participation in this call. As usually, please feel free to reach out to the investor relations team who's available for any further questions. Thank you very much, and goodbye.