Ladies and gentlemen, welcome to the GFT Technologies Preliminary Figure Half Year 2025 conference call and live webcast. I am Matilde, the Chorus Call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Andreas Herzog, Head of I R. Please go ahead. Thank you, operator. Welcome to our conference call on our preliminary numbers for the first half year 2025, which we published yesterday evening together with an adjustment to our 2025 guidance. The press release and also the corresponding slides for this call are available on our website. Our CEO, Marco Santos, and our CFO, Jochen Ruetz, will go into detail regarding the numbers and also the outlook, and of course, will be available for your questions you will surely have afterwards. I welcome Marco today from Brazil, where he is on a business trip, so please excuse maybe some delays in communication. Without further ado, Marco, I would like to hand over to you. Thank you very much, Andreas. Good afternoon, everyone, and thank you for joining us today. Let me start by recognizing that to convene ahead of the official earnings release scheduled for August the 7th, is not what we originally expected, and we chose to do it now for one very important reason: transparency. As soon as we had clarity that our 2025 guidance required a reassessment, we made the decision to act swiftly, speak openly, and invite you now. Because in times of change, we believe that trust is not built by waiting; it is built by being clear, timely, and direct. That's exactly what we are here to do today. Everything we will talk about today—the results, milestones, transformational initiatives, the guidance revision—all of it is rooted in our five-year strategy. The decisions we are making now are not reactive. We are in the driving seat. We tackle structural challenges and implement strategic turnarounds, not because we have to, but because we choose to. Our goal is and remains to turn GFT into a fully AI-centric company that can scale, innovate, and lead globally in AI, digital transformation, and hyperscale platforms. Having said that, let's move to our first slide, slide number three. I must say that we delivered resilient preliminary first half of the year results, and we actively adjusted the 2025 guidance based on FX headwinds and specific turnaround initiatives. Let's have a look at the first half of 2025. We have achieved a resilient EUR 442 million in revenue, which represents 3% growth and a strong 7% growth in constant currency. This is an important achievement for all of us. Our EBIT adjusted was EUR 30 million, which represents a 6.8% EBIT adjusted margin. In regards to our guidance, on the one hand, we delivered strong growth in strategic markets such as the US, Canada, Latin America, and APAC. We successfully won 82% of new clients with our GenAI product Wings. On the other hand, we were impacted by severe FX headwinds due to the strong Euro and performance challenges in the UK and Software Solutions, resulting in strategic turnaround initiatives, which I will explain in more detail on the next slide. As a result, we decided to adjust our guidance for 2025, and we are expecting revenue to be around EUR 885 million, which will represent 2% growth and 5% improvement in constant currency. Ebit adjusted of around EUR 65 million, which will represent a 7.3% EBIT adjusted margin. Let's have a closer look at the main drivers I just mentioned. Next page, please. Let me turn first to our strategic turnaround initiative in the UK. To reiterate, we do not wait to be forced into change. We choose to address the challenge head-on. In GFT UK, we saw a poor financial performance in fiscal year 2024, with revenue reducing by 14% year-over-year to EUR 116 million. A reduction in the EBIT adjusted margin and a strong decrease in EBIT margin from 9.5%- 5.9% last year. This was the result of multiple changes in strategy, leadership team, and organizational model over the past years. Revenue and profitability continued to decline in the first half of this year, 2025, due to a weak pipeline, project delays, project risks and losses, and a low utilization on-site of the on-site team in the UK. The reductions are significant both in comparison to the previous year, 2024, and our original guidance for 2025. With respect to guidance, we are talking about a reduction in revenue of EUR 26 million, in EBIT adjusted of EUR 7 million, and in EBIT of EUR 10 million. Therefore, it was time to make some tough calls to return to a sustainable path of growth. Among several diligent measures we have already implemented, I would like to highlight the following: change in the leadership, designation of one of our Group Executive Board members full-time, 24 by seven, on the ground in London, strategic capacity adjustments, revision of go-to-market strategy and organizational model, searching for a new Country Manager and some key roles, and a new governance model for sales, operations, and delivery. Other measures are underway. Having said that, we expect 2025 and 2026 to be transition years, with margin improvements starting in 2026 and the return to revenue growth in 2027. We are confident that with the measures taken, the UK will be a successful market for GFT and a successful integral part of our five-year strategy. Let me turn to the next page, please. The GFT Software Solutions encompasses two units with different projects and operational models: industrial solutions with SIMS and Engineer, and financial services units with SmartAct, anti-financial crime and compliance solutions. GFT has invested in both operations and product development to grow the business for some years now. As a result, we saw a continuous decline in profitability. On top, there is a natural demand for recurring high-capital investment to modernize any sort of technology product. This applies particularly to a market-leading and powerful compliance solution such as SmartAct. As SmartAct needs to move to the cloud and be AI-centric, we are committed to invest to stay competitive and ahead of the market. For our 2025 guidance, we now see a negative impact on revenue of EUR 4 million for EBIT adjusted of EUR 2 million and EBIT of EUR 4 million as well, which is also significant compared to the size of this entity. Therefore, we believe that it was the time to make a decisive call to action to create a strategic path of growth and modernization among several measures we have already implemented. I would like to highlight the following: a strategic leadership renewal. We hired a new Managing Director and General Manager for the entity, implemented efficiency programs and measures for capacity adjustments, redesigned the go-to-market strategy per product, and are working on a new sales team. We are focused on operational efficiency and a strategic approach for the modernization of SmartAct and exploring opportunities to partner with external investors and hyperscalers to accelerate growth, product modernization, and evolution. Other measures are underway. Going forward, we are committed to the strategic evolution of GFT Software Solutions to fulfill our clients' demands for today and for the future. We expect 2025 and 2026 to be transition years, deliver revenue growth in 2027, and an efficient balance of investment and margin in 2028. Now let's move to the next page, please. FX effects. One external factor we must clearly acknowledge is the strong appreciation of the Euro over the past months. Since March and accelerating further since May 2025, the Euro has strengthened significantly against all key GFT currencies, and this higher valuation has remained steady today. Given that approximately 60% of our revenue in the first half of the year and 70% of our profits are generated in non-Euro countries, the FX development has had a notable impact across our entire P&L, from top line to bottom line. To be specific, the FX evolution has impacted our 2025 guidance by an estimated EUR 20 million in revenue, EUR 3 million in both adjusted EBIT and EBIT. If you compare it to the previous year, 2024, the impact is even higher with EUR 30 million in revenue. While these are external macroeconomic effects beyond our control, we take full ownership in proactively adjusting our expectations and communicating them transparently to you, including the growth in constant cohesion. We remain focused on building an operating model that is resilient and diversified, precisely to manage efficiently through this type of volatility. Now, let me move to my final slide on this part. Let's talk about the strong achievements, milestones, and strategic wins, which prove that our five-year strategies are already delivering results. Firstly, and to reiterate, we delivered strong overarching growth in the United States of America, Canada, Latin America, and APAC markets. In the U.S.A, we were able to expand one of our tier-one clients, a top three of the largest banks in the country, with a strategic next-generation core banking project with Thought Machine, leveraging over our new offshore delivery in India. In Canada, we continue to see a strong momentum in insurance with the Guidewire platform, and in Brazil, we realized massive growth in the tier-one insurance clients in Cloud AWS and with our GenAI product Wings. In Germany, we entered a multimillion-Euro contract with NEURA Robotics, our largest AI and software platform projects to date. We also expanded a tier-one bank client with long-term strategic contracts in Germany. In Italy, we have been chosen by the European Central Bank as a pioneer for the digital Euro. Finally, our GenAI product Wings delivered a successful strong growth with an 82% increase in the number of clients from 23- 42 in Q2. It is important to highlight that in Q2, Wings was successfully expanded globally to three new countries so far. This is our five-year strategy in full speed, delivering real results, creating impact, and differentiation. The milestones and highlights are completely in line with our strategic initiatives such as becoming an AI-centric company, improving the SmartShore and revenue architecture with high value-added services, focusing on tier-one clients in global accounts, and corporate innovation, to name some of them. Now, I will hand over to Jochen for the detailed presentation about the figures. Thank you, Marco. Let's directly move to slide number nine. Before I start, let me mention that we are just in the middle of our half-year audit, and therefore today we're looking at the preliminary numbers of the first six months, although I do not expect any deviations for the upcoming final numbers. We have kept this part of the presentation, the part that I am sharing with you, quite slim as not all details are available yet, and we wanted to put the focus on the guidance adoption. Now let's look at the table on slide number nine. Start with revenue. As Marco mentioned, solid revenue growth in the first six months of 3%. Organic 6%, which then is eaten by FX with 4%, and we get 1%+ out of M&A. That is one month of Software Solution in Colombia, which we bought in February 2024. January is an M&A effect. January 2025 is an M&A effect here. Going to the order backlog, we see a 1% increase. Of course, the order backlog has some burden from FX as well. If you would apply the same FX ratio we see above in constant currencies, we would rather be 4% above previous year. Now going directly to the EBIT adjusted. The first half was stable versus the first half of 2024. A growth of 2%. Margin nearly unchanged at 6.8%. We highlight on the right side in the small bullet points the two drivers. First of all, the already mentioned GFT UK and GFT Software Solutions, both together burdened the EBIT adjusted of the first half year with EUR 3.5 million. In other words, their performance is EUR 3.5 million below their performance last year's first six months. At the same time, all other GFT units have improved by EUR 4 million, giving us an upswing on the EBIT adjusted of EUR 0.5 million. Now, when we look at the actuals here, and you saw the numbers Marco was sharing for the full year, obviously the main impact, which is also driving the guidance from UK and Software Solutions, is happening in the second half of the year. We had an impact on the first, but the impact on the second is the bigger part. Going down to the EBIT, we are significantly below the 2024 numbers, but again, we are highlighting the main reasons on the right side in the small bullet points, and the first one is the biggest driver. Last year, we had the exceptional provision release due to a fiscal court proceeding in Brazil. It improved the EBIT in the second quarter by EUR 10.5 million. That was a one-off and did not happen again in 2025. It mostly explains the gap. The other three combined kind of balance out. Capacity adjustments are higher than last year's first six months: EUR 7 million versus EUR 4.4 million. You might remember in our initial guidance, we talked about EUR 6 million, EUR 6.5 million of restructuring for the full year. Now we already had to invest into restructuring of EUR 7 million in the first half year. We have a positive upswing from interest and M&A effects: minus EUR 3.6 million last year, minus EUR 6.6 million. That is slightly improving, and we had a little burden on the virtual share effects. All this bringing us to an EBIT of EUR 19 million. Last but not least, the tax rate is currently stable at 29%. Let's move forward to slide number nine and take a look at the second quarter. Starting on the left side with the revenues, the second quarter came in with EUR 219.6 million. When we're comparing to the second quarter of last year, that is an increase of 1%, which is primarily driven by our strong business in the Americas and a bit in APAC, compensating weakness in the UK and Europe. Now, when we adapt for constant currencies, the second quarter growth was more than 1%. It was six percentage points in constant currencies. Comparing Q2 to Q1, we see a slight reduction of - 1% to the last quarter. This is mostly driven by billable days. This year, we had the Easter season fully in Q2. Last year, it was half in Q1, half in Q2. This was partially impacting billable days and our overall revenue in the second quarter. Now, looking at the right side of this chart, we see the EBIT adjusted at EUR 15.05 million in Q2. Comparing to last year, we see an improvement of 30%, despite our UK and Software Solutions business slowing us down. The better utilization was materializing and gave us a better EBIT adjusted. It is flat versus the first quarter of this year, EUR 15 million in both quarters. Now going to the third slide from my side today, which is the revenue by global regions. Here we do see slide number 11. We see dynamic growth in North America and Latin America, which is offsetting the weakness in Europe. Europe is down 6%, and we put on the right side all the different countries, the major countries, and we have red numbers behind all of the big ones: Spain, Germany, Italy, which is not how we expected the first half year to go, but the market showed us. Software Solutions is included here too at minus 15%, but that is only EUR 9.5 million of revenue. Looking at Latin America, we're up 21%. Brazil growing nicely. Colombia somewhat supported by M&A because we are showing one month more here this year than last year. North America up 14%. Both entities, U.S. and Canada, growing double digits. The UK is down 19% in revenue, as already pre-discussed. Last but not least, our APAC and other regions are up 24%. I think in Q1 we were still flat, so now we're seeing the growth that we have promised because business is brightening up in that market. In the first half last year, we have seen exactly the opposite picture. We saw Europe grow double digit and North America be double digit negative. This year, these two markets, they just changed their roles. In other words, the overall market is still volatile, and that's what we have to work with at the moment. That was my very slim three slides for today. We will publish the normal full deck of slides on the official first half year announcement date, which will be August 7th. That's it for the last slides. Back to Marco. Thanks, Jochen. Let's move to the next slide. Before closing, I'd like to highlight our recent acquisition of Megawork in Brazil, and that's why I'm here in the country now. The acquisition is a key example of our deliberative and laser-focused implementation of our five-year strategy for revenue growth and margin improvements. With this move, we entered the major global independent software vendor SAP market, which produces higher margins than traditional software development. We diversify into new client verticals: healthcare, pharma, public sector, utilities, and manufacturing. We gained 350 skilled SAP consulting and technology professionals, an estimated plus in revenue of EUR 4 million, and EBIT adjusted of EUR 900,000, with 22% margin in 2025. We also unlocked a high cross-selling potential of SAP offerings into current GFT clients and, on the other hand, leveraged current GFT offerings, especially cloud data and AI, to Megawork clients. We also integrate and leverage our GenAI product Wings into SAP offerings, becoming a leading GenAI player in that ecosystem. Considering the SAP S/4HANA migration wave, enforced and announced by SAP with the end of mainstream support for ECC in 2027 and extension to 2030, the current consensus is that we will see more than 1,300 SAP migrations in Brazil alone and more than 30,000 on a global basis. My vision is to create a strong differentiation with our GenAI product Wings and offer a significant 30% plus increase in efficiency in upgrades and migrations. The result will be a faster SAP migration. The combination of GenAI to accelerate the SAP S/4HANA migration wave is a massive, big, and highly profitable opportunity for GFT. Therefore, this is not an opportunistic M&A. This is mission-driven expansion in line with our five-year strategic initiatives to grow revenue through high value-added and high margin services. Now, let's move to my final slide. Ladies and gentlemen, we are navigating with clarity, embracing challenge with courage, and transforming with conviction. We demonstrated our resilience, achieving solid growth in the first half of 2025, despite global market challenge and strong FX headwinds. We have diligently identified, owned, and addressed turnaround initiatives in specific markets as part of our strategy, and we are aware of these impacts for our shareholders in the short term. We are convinced they are an important investment in our future to build a solid foundation for the medium and long term. The AI software and services market is a major opportunity for GFT. We have delivered material results with the global rollout and the strong growth of our GenAI product Wings and the multimillion Euro AI contract for NEURA Robotics in Germany. I am proud that by executing our five-year strategy focus, clear goals, and transparency, we have already created a positive impact for GFT. We are not changing short-term fixes here. We are building a resilient, differentiated, and AI-centric global company for our clients and partners, our employees, and of course, for our shareholders. Thank you very much, and let's go beyond. Now, Jochen and myself will be happy to answer your questions. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn off the volume from the webcast while asking a question. Anyone who has a question may press star and one at this time. The first question comes from the line of Andreas Wolff from Warburg Research. Please go ahead. Yeah, hi everyone. Thank you for taking my question. I have the following questions. Could you please clarify what has changed over the past weeks, considering that full-year guidance was issued in March and the development in the UK and software segments should have already been evident? The second question is on the SAP implementation business. Will this be a more important module that GFT is providing within its service portfolio globally as well? Should we expect more acquisitions of this type? The third question is regarding H2 and the impact associated with the UK and software business. Will both quarters be impacted equally, or will there be a stronger impact in Q3? Thank you. Let me start with your first question and link it to the third. What has changed over the last weeks? That's a good question. If we had known what we know now, of course, we would have communicated differently in March and May. Latest in May, we have seen some red flags in May already, but the full amount of project risks, losses, restructurings, capacity adjustments, transformational adoptions we have to do was not visible back then. As I stated, they are not so much happening in the first half. Most of them are happening in the second half of this year. While in the first half we had a EUR 3.5 million gap to last year, in the second half, the remainder is nearly EUR 10 million. You see that time-wise, it happens in the second half of 2025. Mostly coming from the UK, it is around our projects, a very, very dry pipeline that we have experienced, which led to few project wins over the last weeks, triggering utilization challenges for the second half year. All these things have started materializing June, July. These are the months where this was happening. Again, it's more the outlook than the actuals. I think the EBIT adjusted in the first half year so far was okay. We had some headwinds on the FX side, also on profitability, but overall it was okay. Our challenge is the second half, where in 2023 and in 2024, we saw a quite strong second half after always a weak first half. This year, the second half, due to the UK and the Software Solutions business, will not stand out so much versus the first half year. That's our main challenge, and we're going to see it distributed. That will depend a bit on how the project delays come in. More in Q3 than in Q4 is what I expect today. Not fully balanced, more in Q3 than in Q4. Marco, you go for the SAP business. Yep. Yep. Andreas, thanks for the question. Can you please repeat the question on SAP, please? Yeah, sure, Marco. Is SAP implementation going to be an important element of GFT 's future service provision for banks, i.e., is GFT pursuing a strategy of further expanding these capabilities through acquisitions with the goal of delivering these services globally? Yeah. Yeah. Let me start. First, we see a strong potential of growth with high margins on the SAP business, especially on the migrations and upgrades. That is going to be required, right, by SAP over the next years. That's a massive opportunity. We have thousands of estimated 1,300 in Brazil clients to be migrated and upgraded in SAP, and more than 30,000 large clients in the world. This is very strong for us. We see that it has a high potential of a growth area, especially if we deploy our strategy and our products, our skills in terms of AI and generative AI to accelerate that path, as we are already doing for legacy transformation to the clouds with generative AI. I do believe that we can create a competitive advantage, a differentiation leverage over that acquisition, and really get new business into this front. That's number one. Number two, this also rollouts, right, and cross-sells to our current install base, which are financial service organizations, banks, insurance organizations. They all, most of them have SAP as well, and they all need to migrate as well and upgrade, okay? On the other way around, we see also upsell from GFT offerings and capabilities into the current clients of Megawork. Obviously, the next frontier is to globalize this offering, right, with Megawork capabilities and bring that to a global level. We definitely see that as an area, a strategic area of growth with higher margins than software development for the future. Thank you for the insight. As a reminder, if you wish to register for a question, please press star and one on your telephone. The next question comes from the line of Knud Hinkel from Pareto Securities. Please go ahead. Yeah. Hello. Thanks for having me. I've got three questions, if I might. First of all, with regard to the problems you're seeing in the UK and solutions market, especially with UK, you referred to a number of reasons that appeared internally to me. Maybe you can also give us more color what happens in the market there. What are the external reasons for the problems you face in the UK? Do you see also the risk of spillover effects into other areas, geographics, or other markets? That would be my first question. Second question, you had a sizable expense for capacity adjustments in H1. As far as I remember, the utilization rate at year-end was still above 90%. Quite good, that's my understanding. The question would be from me that if you have the wrong people on board at the moment and you have to hire more in other areas because you probably will not lay off people and lower your utilization rate, that's probably not the intention. That would be my second question. The third question, could you please remind me what one-off, and which amount of one-off you expect for the year? What should we expect for the reported EBIT in 2025, given the expectation on adjusted EBIT at the moment? Thank you very much. Hi, Knud. Thanks for the question. I'm going to take the first one. What we see in terms of a change, right, is some years ago, we had a strong demand from clients in the UK to assign professionals on-site in the UK and GFT. We captured that demand. We fulfilled that demand. I must say that's one element of a change in the strategy and approach, that the market shifted strongly in the UK and now is strongly pushing and requesting offshore and nearshore, and less work professionals on-site. This is something that is, to be very transparent, one element that changed in the approach of GFT in case strategy. One of the reasons that today, and this last year and this year, we had a considerable amount of people on the ground, on-site, and not very well utilized, with no requests from clients, no demands from clients. As I mentioned in the beginning, we are addressing that because this is part of our five-year strategy, the strategy that I launched at the beginning of this year. We want to push the company, GFT, to move more for Smart Store services and implement nearshore and offshore services for our clients and provide more agility and highly scalable projects to our clients with a better and optimized price. This is the action to change that element of approach in the UK that happened in the past and is already part of our five-year strategy. That's one element that I would highlight. Another element in terms of approach and strategy that we had in the past in the UK, we were focused on, I would say, one offering only, very focused on one offering, which is core banking transformation in the UK, which is the implementation of Thought Machine, Mambu, and other next-generation core banking products. Those projects and programs are very large by design. It's like implementing an SAP. It's a large program. They are large programs, and they take time. Decision-making takes time by design. We believe that GFT UK was too focused, so it kind of narrowed the offerings only on this. The sales cycle for those projects takes time, and then you have hiccups, and then you have valleys on the pipeline because it simply takes time. It does not mean that the client is not going to take a decision to change a core banking, but it takes time for the financial service institutions to take a decision to switch core banking. We have those values on the pipeline, et cetera. I strongly believe that we need to balance and have a more balanced and bring all the key offerings that we have on a global scale to the UK. Not giving up on the core banking transformations because this is still a very strategic market and we are very well positioned, but also balance out with account transformation, balance out with deployment of AI into software development lifecycle, balance with AI, it's by AI per se, and other projects and other services that we are capable of. We have, let's say, more, let's say, broader offering. You can play better with the pipeline and obviously the timing, right, of the decision of clients. That's my answer. Jochen, I think you can move to the other ones, right? I'll pick up the second question, which is capacity in the UK. Maybe we have the wrong people. Let me give you the background of our UK story over the last four or five years. After COVID, we saw a lot of clients coming our way stating, "We want to become independent from other locations. We want to onshore people. We want UK people on UK projects." Again, during COVID, quite some time ago. We onboarded up to 200 people in our own local UK production unit. This worked pretty well in 2021 and 2022. In 2023, clients started not growing this segment. They started challenging the prices of locals. In 2024, they said they forgot about COVID, obviously, and prices UK versus nearshore from Eastern Europe or even farshore from India, of course, have a major gap. They stopped buying local resources. That was the first round where we started our capacity adjustments. Truly, 2025 is simply the second round of our clients not buying our local experts, which from our perspective, of course, is a pity, but we can't change client behavior easily. It is not about technological skills. These are really good people with cloud knowledge, et cetera. The clients were going again for the lower cost rates. Since 2024, continuing in 2025, challenge, heavy challenge on local resources, but demand for new offshore resources is happening. Is this a GFT specialty? Maybe not, but it's also not the standard in the market that everybody has ramped up local resources in the years 2021, 2022. That part might be self-inflicted on the GFT side. We will correct it in 2026, have the right base on the UK side locally. There's no spillover because you asked about spillover. I think the spillover should be rather on the other side, that we spill over the worldwide strategy into the UK so that we go back to what Marco explained, less transformational deals. They are more the cherry on the cake and a strong bread-and-butter business with existing strong tier one and two banking clients. The spillover should go exactly in the other direction and no spillover from the UK. This is what we're working on today. Your third question was about the capacity adjustments. I didn't fully get it. Let me try to answer it. This year, we're seeing in the UK an operational and EBIT adjusted result, slightly negative EUR 1 million. Last year, it was plus EUR 10 million. We have a major gap from this to last year. Going forward, as Marco said, we will see margin improvement in 2026. We foresee a normalized margin, not yet euphoric on the UK side, in the lower single digits, 4%, 5% EBIT adjusted margin on the revenue. That's what we did all these adjustments for. This year, the capacity adjustments burden us with EUR 5 million- EUR 6 million, which is not visible in the EBIT adjusted, but in the EBT on the UK side. I hope that was the question I was able to answer. If not, please rephrase. Yes, I would. I'd like to add a point to reinforce you asking about if we see a spillover, right? You already answered, and I would just like to add on top. No, absolutely not. For example, EU, United States, our operations, GFT USA, it's completely the opposite of UK. It's a super lean organization, super lean. We have Senior Managers on the ground, on-site. We have a Senior Technical Architect, Senior Consultants, SME. What should be? What should be? We have a really lean on-site team to manage the clients and manage the solutions and the technology. Then we leverage strongly on nearshore and offshore for the United States. That's simply the model that I want to replicate in the UK, right? We don't see a spillover in terms of that affecting other entities of GFT UK. On the opposite, as Jochen said, we want to push the global model that's been, let's say, I must say, very successful in other markets to the UK. Okay. Thank you very much. One follow-up. How much one-offs do you expect for the entire group in 2025? What kind of EBIT should we expect, given what you guided as adjusted EBIT for the evening? Jochen? Yeah. I did not fully understand the question. What adjustments? The adjustments we explained were the EUR 10 million, right? That is now the gap of the last guidance to now. Now we are guiding for EUR 65 million, before it was EUR 75 million. As explained on the detailed slide, UK Software Solutions FX, there we show where it comes from. It is mostly coming from UK, partially Software Solutions, partially FX. It is then by EUR 5 million compensated by all the other GFT units. Of course, the EUR 5 million are not enough to compensate for the reduction on the EBIT adjusted versus last year or versus our initial guidance. It's the same story against both of them. Did I get that answer correct? I'm still struggling with the question. Sorry. I tried once again. What does it imply for the entire year, the full year guidance for 2025 for adjusted EBIT? How much one-offs are baked into that guidance? What kind of EBIT do we expect, reported EBIT? Thinking what would be the turnaround looking into 2026, right? That is your thinking if we would eliminate these effects, what could improve next year directly, correct? First of all, for 2025, just for 2025, for the fiscal year 2025, what do you expect as one-offs for the year? On the EBIT adjusted, we believe that roughly EUR 6 million in the UK are one-offs. EBIT adjusted, right? Restructurings only happen on the EBT, which should also be one-offs. I said that sentence now two years, three years in a row, and we continue having restructure costs. Nevertheless, it should be one-offs when we have the right size of the team. Roughly EUR 6 million in the UK on EBIT adjusted and EUR 5 million on EBT on top. In Software Solutions, I believe we have a EUR 1 - EUR 2 million one-off on EBIT adjusted, and the same number on EBT comes on top. FX is everybody's guess, right? With the new FX rates, that should disappear. Okay. Thanks. That was easier than I initially thought the question was intended. Once again, to ask a question, please press star and one on your telephone. Ladies and gentlemen, there are no more questions at this time. I would now like to turn the conference back over to Andreas Herzog for any closing remarks. Thank you, operator, and thank everybody dialing in our call. Thank you very much for your questions. I hope we answered them. If you feel there is something still unanswered, please do not hesitate to contact our IR team. We will be happy to help. Having said that, have a nice day and goodbye. Thank you. Bye-bye. Thank you. Ladies and gentlemen, the conference is now over. Thank you Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.