Ladies and gentlemen, welcome to the publication preliminary Q1 2026 results conference call. I'm Matilda, 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 Mr. Guido Pickert, Vice President, Corporate Investor Relations. Please go ahead. Thank you, operator. This earnings call is based on preliminary figures for our first quarter 2026. Wolf Lehmann and Achim Schalk will explain the Q1 2026 performance to you and will give you an update on the company development. On page one of the presentation, please let me remind you that the disclaimer you can find there will apply throughout this earnings call, and we assume your consent to this. I will therefore not read it out loud. You can download the slide deck from our website under Presentations at our Investor Relations section. Now let me hand you over to Wolf Lehmann, our CFO. Wolf? Thank you, Guido. Before we discuss the quarter, a few comments upfront. With me today is my board colleague, Achim Schalk, who will present to you our focus and progress towards high-value primary packaging and drug delivery solutions, including the sale of our business unit Centor and Primary Packaging Plastics. As announced earlier this week, Uwe Röhrhoff has stepped down from his position as Interim CEO for personal reasons, a few weeks earlier as maybe you anticipate. We sincerely thank him for his leadership and contributions during an important period for Gerresheimer. Comparing when he joined in November last year to today, we achieved significant progress, which we will walk you through. The management board remains fully focused on the priorities we have communicated. One, completing the announced portfolio transactions, the sale of Centor and Primary Packaging Plastics. Two, reduce debt, strengthening our balance sheet, including a complete refinancing. Three, deliver the operational transformation and restoring sustainable, profitable growth. I would like to re-emphasize that integrity, compliance, and strong financial controllership remain non-negotiable priorities for Gerresheimer. We're completing the additional review procedures required for the final Q1 financial statements, including amongst others: A, the presentation and disclosure of so-called discontinued operations related to the sale of the two business unit Centor and Primary Packaging Plastics. And B, the regular quarterly assessment of potential impairment indicators with any such adjustment would be non-cash relevant. These procedures are supported by external advisors and are part of our commitment to maintaining the highest standards of financial reporting. We expect to publish the final Q1 financials in September and focus today on the key financial KPIs, which we do not expect to change anymore. Thank you for your patience, and please turn to page three with selected recent company highlights. We have signed the sale of our business unit Centor and Primary Packaging Plastics to Apax. We expect the closing of the Centor sale by November 2026 and the closing of the PPP sale in the first half of 2027. Once both processes have closed, we reduce our debt significantly and expect to have deleveraged to below 3x net debt to EBITDA ratio on a sustainable basis. We are working on a full refinancing of our debt and expect that to be finalized once we have closed the sales processes. I want to stress again that this marks a key turning point for Gerresheimer. Our portfolio strategy is clear, and we are driving progress using a classic grow, fix, sell approach. On grow, we will continue to grow our business units Medical Device Systems, Syringe Systems, and Tubular Glass North America. Our growth investments are paying off and are delivering results. On fix, contrary to Tubular Glass North America, which is profitable and growing, Tubular Glass Europe needs a full turnaround and restructuring. In addition, we are rightsizing our SG&A footprint and processes to: A, match the new reduced size Gerresheimer post the sale of Centor and PPP, and B, align with top-tier competitors. On sell, we focus on fixing, carving out, and selling Moulded Glass. We remain committed to execute the divestiture. However, we still have quite some work to do improving operations. On our GTO transformation, we are executing and are targeting an improvement in EBITDA totaling EUR 50 million- EUR 70 million. About half of the underlying run rate savings we expect to execute in 2026, and the other half in 2027. By 2028, we target the full benefit in our financials. As expected, Q1 is our lowest quarter in 2026. In our first quarter of this year, we deliberately prioritized cash and working capital discipline. We materially reduced capital expenditures and limited the seasonal inventory build. The associated production adjustments temporarily reduced asset utilization and EBITDA, particularly in Moulded Glass. This was a conscious near-term trade-off to strengthen cash flow. For the remaining quarters of the year, we expect result improvements supporting a stronger second versus first half of the year. Before we cover first quarter in more detail, please turn to page four with the corrections of Q1 last year. In Q1 2025, the impact of the restatement and other corrections summed up to EUR 1 million revenue reduction from EUR 520 million- EUR 519 million, and EUR 10 million EBITDA reduction from EUR 91 million- EUR 81 million. Just like at our last earnings call for the full year, we split the corrections into bill and hold related adjustments and other corrections on the right. The BaFin investigation is ongoing. Unfortunately, we cannot comment on the timing, yet we continue to fully cooperate with the authorities to ensure transparency, support the process, and drive progress towards closure. We will continue to ensure that our 2026 accounts are correct, and I will provide those to the highest standards, even if this takes more time than usual. I will take you later in the presentation through the latest targeted reporting timeline of our quarterly financials. Now turn to page five, please, for a deeper look at our first quarter performance. In first quarter 2026, as promised, we very much focused on cash. We halved CapEx spending, and we reduced our inventory buildup significantly compared to last year's first quarter. We managed production volume carefully, including prolonged temporary production halts at some of our production sites to avoid inventory buildup and related cash consumption. This was a conscious choice and came at the price of lower capacity utilization, resulting in lower EBITDA generation. As a result, revenues in the first quarter 2026 grew slightly by EUR 5 million, while EBITDA went down by EUR 15 million. However, free cash flow before M&A improved significantly by almost EUR 110 million year- on- year to EUR -32 million. Again, this was mainly driven by an inventory buildup of just EUR 5 million, which was EUR 41 million lower than first quarter 2025, and a sizable reduction of net CapEx to EUR 56 million, which represents a EUR 57 million reduction or half compared to the same quarter last year. Please note that this represented the best free cash flow figure in any first quarter since 2019. With this, I'd like to hand over to Achim to explain our progress towards high-value solutions and results of our segments. Achim, please. Thank you, Wolf. Please turn to page seven for an overview of our portfolio measures. As highlighted, we have signed an agreement to sell our business unit Centor and Primary Packaging Plastics to an affiliate of fund advised by Apax Partners. Under the terms of the agreements, Apax funds will acquire a total of 15 production sites from Primary Packaging Plastics in nine countries, in addition to the production site of Centor in the U.S. The purchasing price is based on an enterprise value of approximately EUR 1.5 billion. This is a great step towards de-leveraging, targeting a sustainable leverage of below 3x EBITDA. In addition to that, we will continue to target the sale of our Moulded Glass segment. The future portfolio of Gerresheimer will be concentrated on high-value primary packaging and drug delivery solutions where technological expertise, regulatory requirements, and long-term customer partnerships create meaningful differentiation and barriers to entry. Medical Device Systems and Syringe Systems provide attractive growth opportunities. While the transformation of Tubular Glass is intended to improve profitability and its competitiveness. Combined with lower leverage and a leaner cost base, this should support a more resilient margin and cash flow profile over time. Let me take you through the results of our new segments on page eight. Containment & Delivery Systems achieved organic revenue growth of 8.8%. Therefore, revenue increased to EUR 296 million in Q1 2026 from EUR 281 million in Q1 2025. The main driver of the revenue growth was the performance of our business unit Medical Device Systems, with the ramp-up in Peachtree contributing positively. In addition, we saw a very positive performance of our Eastern European plants. The business unit Primary Packaging Plastics, or PPP, as well as Centor, were approximately flat year-over-year. In Q1 2026, the adjusted EBITDA of the whole segment grew to EUR 61 million from EUR 51 million the year before. This reflects the contribution from higher medical device system volumes and the benefit of resource reductions implemented in Advanced Technologies. PPP and Centor were broadly stable year-on-year, while cash and inventory measures also temporarily affected PPP earnings. With that, let's move to slide nine and our segment report on Primary Injectable Solutions. In Primary Injectable Solutions, or PIS, strong growth in Syringe Systems more than offset lower revenues in Tubular Glass Europe and Asia at the top-line level. Total revenue of the segment grew to EUR 101 million from EUR 94 million, with 14.2% organically. Adjusted EBITDA declined by EUR 1 million to EUR 6 million, reflecting the lower contribution from Tubular Glass Europe and Asia. We have changed the divisional leadership and initiated a restructuring plan focused on footprint optimization, operational excellence, and SG&A savings as part of the GTO program in Tubular Glass Europe. Now let's move to our third and final segment, Moulded Glass, on slide 10. For this, I hand over back to Wolf. Thank you, Achim. In Moulded Glass, lower revenues resulting mainly from the furnace repair in Chicago Heights and lower revenues from pharma containers or liquids in combination with weak market demand in the area of cosmetics. This led to a decline of revenues to EUR 144 million in the quarter, down from EUR 160 million the year before. Adjusted EBITDA in first quarter 2026 declined over proportionally to EUR 6 million from EUR 32 million in Q1 2025. As explained upfront, this was mainly driven by our strong focus on cash, achieving a much lower inventory buildup through rigorous production volume management, including extended temporary production halts, which, combined with lower revenue, led to an underutilization of assets in Q1 this year with a high fall through to adjusted EBITDA. To improve our performance in this space, amongst others, we have initiated the closure of the Chicago Heights plant in first quarter, which we target to complete in the fourth quarter of this year. The qualification of our U.S. customers for delivery from our Type I plants in Italy and India will carry on. Furthermore, we have a comprehensive set of transformation GTO measures in Moulded Glass to improve operational performance. We have upgraded our Moulded Glass leadership team with our new Moulded Glass CEO, Daniel Winkler, to drive and accelerate the transformation. Let's take a look at the overall cash flow for the company on the next page. Page 12, please. The main drivers for the development from the EUR 66 million of preliminary EBITDA in the first quarter of 2026 to an operating cash flow of EUR 25 million, were the changes in net working capital and our interest payments. On net working capital, as explained, we successfully managed to limit our inventory buildup to EUR 5 million compared to EUR 46 million in first quarter 2025. Our payables went down by EUR 54 million, around half driven by less reverse factoring lines available to us due to our lower credit rating at the beginning of this year. Collections worked well with EUR 46 million receivables reduction. On interest, on average, we paid around 4.4% interest on our gross debt of EUR 2.2 billion, resulting in a net interest payment of around EUR 60 million for the quarter. On CapEx, as mentioned earlier, we significantly cut CapEx in half to EUR 57 million from EUR 130 million in the first quarter of 2025. Please note that despite our better and very rigorous capital allocation, we spent EUR 37 million or two thirds of the EUR 57 million total CapEx for growth projects. The operating cash flow of EUR 25 million less the CapEx spend resulted in a negative free cash flow before M&A of EUR 32 million. As mentioned, the best first quarter cash flow results since 2019 and more than EUR 100 million better versus first quarter last year. Our cash flow was paid off. On page 13, I will give you an update on our capital structure and financing status. On the left-hand side, you see our net financial debt of close to EUR 2 billion and our liquidity of EUR 342 million. This very solid liquidity level is fully sufficient and compliant with the covenants agreed with our banks under our stabilization agreement. On the right-hand side, you can see our maturity profile. Maturities at the end of this, as well as at the end of next year, will be more than covered by the expected proceeds from the divestitures of our business unit Centor and PPP. This gives us a very solid base for our debt refinancing, which we are executing with the support of our financial advisor, Lazard, and of course, with the continued strong support of our current group of banks and debt holders. Please turn to page 14 for an overview of our upcoming events. On Tuesday of next week, we will be holding our annual general meeting. In September, we target to publish our final Q1 financials. In November, we expect to publish our half-year results as well as our Q3 report. On the right-hand side of the page, we show selected investor relations events, and during September, we hope to meet you in person at one or the other of the listed investor conferences. Please turn to page 15 for our closing remarks. Achim, please. Thanks, Wolf. Let me close with the three priorities against which we expect to be measured. First, we will execute the signed Centor and PPP transaction on time, and we will use the proceeds to reduce leverage and support the refinancing of the group. Second, we will deliver the operational transformation, including the targeted EUR 50 million-EUR 70 million annualized EBITDA improvement, with implementation across 2026 and 2027, and the full run rate impact expected from 2028. Third, we will continue to reshape the portfolio with the preparation of Moulded Glass for divestiture. However, as Wolf mentioned, there is still a lot of work ahead of us to do so. These actions are designed to, over time, create a more focused Gerresheimer with lower leverage, a leaner cost base, stronger cash generation, and attractive positions in high-value primary packaging and drug delivery solutions. With that, I pass it back to Guido for our Q&A session. Guido, please. Thank you, Achim. Operator, please open the floor for the Q&A session. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone 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. Participants are requested to use only handsets 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 Oliver Reinberg from Kepler Cheuvreux. Please go ahead. Oh, yeah. Good afternoon, and thanks very much. Three questions from my side. First, on this transformation savings of EUR 50 million- EUR 70 million, can you just talk to, is there any change to that? Because when you talked about earlier 200- 400 basis points overall, I thought it's a bit more like EUR 50 million- EUR 100 million. Just get some color. Has anything changed? Secondly, can you just provide some kind of details what actually happened in Tubular Glass, what the issues are? Thirdly, I wonder if you can provide any kind of sneak preview of the future of Gerresheimer. You will basically sell down half of the business. What is actually the next step beyond that, and can you provide any kind of comment on the search for a new CEO? Thank you. Thank you very much, Oliver, for the three questions. I'll take the first one. Transformation savings. Yes. Quite frankly, nothing has changed here. The EUR 50 million- EUR 70 million that we are referring to indeed are somewhere worth around 200- 400, 250- 400 basis points margin improvement. Nevertheless, here we're taking into consideration that Centor and PPP are divested. As such, you need to take the EUR 50 million- EUR 70 million rather to a reduced portfolio of roughly EUR 1.8 billion of sales. Then that margin improvement points range that you quoted, Oliver, is correct. Tubular Glass, maybe I hand it over to Achim. That's in his basket. Yeah. Thanks, Wolf, and thanks, Oliver, for the question. On Tubular Glass, specifically in Europe, obviously we have a comparably complex footprint of smaller plants. While the business is largely successful in the U.S. and North America as well as in China, there is necessity of restructuring and reshaping the footprint as well as refocusing the portfolio within Europe. Great. Then maybe I take or start with the third question, which was on strategy, future of Gerresheimer, et cetera. I think we can only reiterate that both the divestiture of Centor and PPP as well as what we mentioned in terms of Moulded Glass, preparing carve-out, preparing a divestiture. Still lots to do, to be very frank. Lots to do, but still, strategically, divestiture of Moulded Glass will continue to drive the focus on high-value primary packaging solutions as well as truck delivery solutions. That's where Gerresheimer is going. That's where all our strategic work is aiming for. That's the future of Gerresheimer. And on the CEO search? Yeah, I think I wanted to add, Oliver, on your question, obviously, that's not in the management board's hands, but in the supervisory board's hands, and we will hear from them going forward. All right. Thank you. Thanks so much. Thank you. The next question comes from the line of Falko Friedrichs from Deutsche Bank. Please go ahead. Thank you and good afternoon. Firstly, you have not mentioned the full year guidance in your presentation. Is the adjusted EBITDA margin target still realistic after these Q1 results that were significantly below it? My second question, were you able to sustain your market shares while you were in cash preservation mode earlier this year? My third question is, could you give us an indication on how much of the Tubular Glass business is in Europe and how much is coming from the U.S.? Thank you. Thank you, Falko. On guidance. Correct. We are not commenting on guidance because there is no change on guidance. As such, guidance is intact. What we did comment on, obviously, is that step by step by step, we do see an improvement in second half with this first half, and we do see the first quarter results clearly in the low point of the year. Market share, that would take a little bit longer here. As we commented on the different segments, clearly some grew nicely. For example, what Achim walked you through. On the other hand, in Moulded Glass, sales went down, and as such, that is a mixed basket. We are happy to set up a follow-up meeting with you on that. Then in terms of Moulded, I think your question- Tubular Glass. Okay. Achim, maybe you can answer that then. Yeah. Normally, we do not share details around the split of the regions, but clearly the European region is much smaller than the U.S. Mm-hmm. Okay. Thank you. We now have a question from the line of Olivier Calvet from UBS. Please go ahead. Hi. Good afternoon, Wolf and Achim. Just a couple left for me. Maybe just starting with the EBITDA margin levels, obviously, you're using new segments. We had some disclosures in June with your full year report. We still have some pretty big deviations in margin levels, also from the comparative period, relative to the averages you've shown over the full year. I just wanted to ask if you could perhaps give us some color on the margin developments you saw last year as a basis for forecasting for us for this year, perhaps in each of the segments, if you're able to do that. Yep. Secondly, just curious if you could give us a sense of the level of total CapEx you expect for the year. I think base CapEx, if I recall correctly, you were calling around EUR 100 million or so. Just to give us a sense of how much growth, CapEx as well, you expect on top of that. Thank you. Thank you very much, Olivier. I will start with, I think, the first question, which was EBITDA margin development. I think the question out there or where you have the largest deviation year-over-year is Moulded Glass. Why do I start with Moulded Glass and we take it from there, which also clearly had the biggest impact on the total Gerresheimer results. Quite frankly, to understand the EBITDA decrease year-over-year from Q1 2025 of EUR 32 million to Q1 2026, EUR 6 million, one has to normalize to ensure an apples-to-apples view. Olivier, if you do not mind, let us start with Q1 2025. In Q1 2025, as I mentioned, we increased inventory for the total company by EUR 46 million, and a good part of it was in Moulded Glass, which has a favorable P&L impact. From the EUR 32 million EBITDA margin in the first quarter, I think you have to normalize around EUR 12 million or so. You go from EUR 32 million minus EUR 12 million to EUR 20 million, as a normalized level for Q1 2025 for the inventory buildup. If you take then the EUR 20 million, year-over-year, I mentioned that in Moulded Glass, we have faced around EUR 16 million lower sales impact. That is around, I would say, EUR 8 million- EUR 10 million lower EBITDA comes out of that, especially since the sales decrease was in the higher margin areas of pharma and cosmetics. You go normalization inventory build from EUR 32 million minus EUR 12 million to EUR 20 million, and then really for lower sales, you go from EUR 20 million to roughly EUR 10 million- EUR 12 million, first quarter last year, apples-to-apples view. The remaining EUR 4 million- EUR 6 million or so, that to complete the walk to the EUR 6 million that we achieved in Moulded Glass in Q1 2026, that is really negative cost leverage due to the low capitalization. It is a bit of mix and some other cost and efficiency items. That, I would say, completes the walk. In summary, of the EUR 32 million- EUR 6 million difference, or EUR 26 million on a normalized basis, around EUR 12 million is very strong cash management and inventory management in the first quarter of this year. 8- 12 is volume related with pharma and cosmetics, including some mix, and the remaining five-ish or so is negative cost leverage, low capacity utilization. All of which I think are addressable. I think one thing is to describe the first quarter, but if you do not mind, Olivier, I will give you also a little bit, what is going on in Moulded Glass going forward in terms of improvement of EBITDA. I would like to point out five drivers. One, I mentioned already, first quarter is seasonally our lowest sales quarter. Number two, we got a good part of our inventory reduction completed, some more to come clearly, yet not with an as high impact as we have seen in the first quarter over first quarter last year. Number three, market recovery, as mentioned, especially pharma and cosmetic were down year-over-year, which we do expect step by step, a gradual recovery towards the end of the year. Number four, mix with the pharma and cosmetics are higher value products where there is food and beverage, thus the recovery in those markets improves mix. And finally, number five, very important, the transformation which both Achim and I walked you through, EUR 50 million -EUR 70 million EBITDA improvement for the total company and fully by 2028. I would say of that EUR 50 million -EUR 70 million, let's say a third, even up to half of this is the potential in Moulded Glass. A good example of this is closure of our site at Chicago Heights, where we lost EBITDA and cash over the last years clearly. In summary, those five drivers we are focusing on, those will help to improve results at Moulded Glass step by step. Lots of work ahead of us. We have our hands full. Yet our Moulded Glass team led by Daniel Winkler is up to the challenge. Quite frankly, I think Moulded Glass is very central to the story of the first quarter and the margin impact. I'm not sure, Olivier, if you need the same picture here, in also the other segments, up to you. I can obviously add the positive note, Olivier, on Containment & Delivery Systems, where we've been able to improve margins by more than 2 points, despite the strong measures that we also took, especially in PPP on the inventory side. We expect that margin to further increase through the year. If you look at Primary Injectable, where margin was more or less flat, we also see recovery opportunity as we flag for the second half of the year. I think your second question was around CapEx. For the full year, we still continue to invest, and we split CapEx almost 50/50 in maintenance CapEx to restore the performance of our plants and productivity and 50% we will continue to invest in growth. Yep. No major change there, Olivier. You can do the math. Thank you. Okay. Just if I can, really appreciate the color. Just if I can come back to the levels you have published for the new segments in 2025. From what you are saying, it sounds like the EUR 20 million base in Moulded Glass is a base for Q1 at EBITDA, then essentially you posted EUR 87 million for the full year, so no specific seasonality or any big moves that you saw as you were redrawing the segments is the question I was getting to. Similarly for the other segments, just trying to understand a little bit, how you are thinking of their potential seasonality, right? Thinking of Primary Injectable in particular as well. Yeah. I think, Olivier, I think the numbers that we put there for first quarter, as we mentioned, adjusted for bill and hold as well as the other corrections. That is why all of those adjustments and the cleanup work, which we are completely done with, that is included. Secondly, in terms of seasonality, I think as you know, the first quarter, as I mentioned, is our seasonal weakest quarter. Yeah? As you know, you have that one month difference. For us, the first quarter, it is December, January, and February. Those are, in many areas, those are just weaker, slower business activity month. Yeah. Furthermore, I think we provided guidance, and we just walked you through improvement that are underway. So where we clearly see that the second half of the year is stronger than the first half of this year. Right? That gives you hopefully some flavor for seasonality, margins you have, and we gave you some indication on various methods that we are working on. Thank you. Just a final one, sorry. Just on Primary Injectable Solutions, right? Basically, you have posted in Q1 last year, EUR 7 million EBITDA. You did EUR 17 million over the full year. Just wanted to understand how the year shaped up last year, right, as those are new segments. Thanks. Yeah, I think. As Wolf said, Olivier, traditionally, Q1 has always been the weakest and Q4 being the highest with a little bit of a dip in summer, so the third quarter. We expect definitely a much stronger second half also for Primary Injectable. Yeah. Olivier, we ask for your patience. As promised, every time that we publish a quarter for this year, we will give you again the full transparency towards the same quarter last year. As you know, we have adjusted the full year for bill and hold and all the corrections. Now, every time we provide transparency towards exactly that picture for the same quarter last year. We ask for your patience, and then when we discuss second quarter, first half, we can go into this in more detail. Thank you. Thank you. The next question comes from the line of Delphine Le Louët from Bernstein. Please go ahead. Yes. Hello. Hi, good afternoon. Thank you very much, both for the visibility you are giving us. Just to be sure and fully clarified on my side, when we think about the other impacts that we have on both the revenue and the adjusted EBITDA, is it strictly linked to what we discussed about the Moulded Glass division, or is there any other stuff we need to keep into the consideration? Secondly, previously you were talking a lot about the ramp-up in Peachtree. Can we know exactly where we are now? How we are in term of efficiency and yield? If you do have anything for us to think about the rest of the year. All right. I hope I got the question correctly. I am on the cash flow page where we show adjustments. I think that is probably what you are referring to, where we do the walk- Yeah. I was more referring to the other, which is on the beginning of the page for the adjustment in between Q1, I mean, Q1 2025 and the new restated Q1 2025. So we have EUR -15 million on the EBITDA coming out from others. I got you. Yeah. Thank you very much. I think we will not provide all the line item details, but already when we did the overall adjustment and restatement, we mentioned on the one hand side you have bill and hold, and then in the other bucket you basically have all other accounts, whether it is rebate accruals, other accruals, evaluations, and, and. As such, you clearly see bill and hold the balance between revenue impact of EUR 11 million and EUR 5 million adjusted EBITDA impact is kind of what you would expect. Obviously in the other bucket, you have some adjustments, corrections that, yes, impact revenue, like I mentioned, for example, rebate accounting or other matters. Then you have also items that are purely having an impact on EBITDA, on earnings, but not on revenue, such as any inventory accounting or accruals or such matters. We scrubbed fully through all accounts, and all of that is captured in this view. Good question. Thank you. On the back end- Oh, sorry for that, but just another clarification needed. Is it definitely more linked to what is happening into Moulded Glass, or was it more linked to what is going to be sold in a way? Sorry, I couldn't understand the question. The rebates. No, but all the rebates you're talking about or all the activity, the commercial, let's say, restatements you have to do, which have an impact into the EBITDA. Are they linked to the PPP mostly, or mostly to the Moulded Glass, or is it something that is really cross over the business in all the, let's say, three entities we used to have? Fair question. No, quite frankly, we have adjustments to revenue and EBITDA spread across most segments. So I will not go into all those details. But yes, we really took our time to make sure everything is fairly stated across all segments and across the entire company. Thank you. Understood. On the second question regarding the Peachtree r amp-up and efficiency improvements, obviously it is a very complex ramp-up. We are making quarter-to-quarter improvements, and I am happy to say that we have seen record months very recently. So you can expect also Q2 being better than Q1, Peachtree, and then second half being better than first half. Thank you. We now have a question from the line of Edward Hall from Stifel. Please go ahead. Thank you very much for taking my questions. One would just first of all be on asset utilization, which you have talked about, and on Tubular and Moulded Glass more specifically. Obviously now you have also got Q2 and Q3 already almost historical. Could you talk about the asset utilization year-over-year and how this has changed even throughout this year? That would be my first question. Then second question would just be on the preliminary free cash flow number. Obviously it mentions that this is including the business units under sale process. So appreciate any guidance there with the underlying business X, these divestments as well. Then just finally, more of a clarification for me, but you talked about high value products. I guess it has been a while since this has been discussed at length, but maybe just to provide another definition from your view and the mix in Primary Injectable Solutions. Thank you. All right, Edward, thank you very much for the question. On asset utilization, I think it is tied to our cash focus, right? As I mentioned, A, you have seasonally the first quarter is our lowest quarter in the year, and B, we were later focused, as I mentioned, on cash. With cash, that included also inventory management, as I pointed out. Instead of a seasonal inventory increase that if you look at last year, EUR 46 million, we managed that deliberately to only EUR 5 million this year, right? That together with, in certain areas, a lower sales load clearly had an impact on asset utilization, which I think I gave you an example from all the glass, where step by step by step we see that improving. That is how I think that is probably fared across the entire company, that because first quarter is our lowest point in the year, we do see a stronger second half versus the first half also for asset utilization. We can think about providing a little bit more color at the next earnings call when we talk about first half results. Then I think what. Could you repeat, Edward? Line was a bit bad. Your second question, please. Yeah, sorry. Just on the free cash flow preliminary number and any comments you could provide on how that number would be different without the business units that are being divested. I would say, Edward, let's do that when we've completed the transactions. Good question. But as you know, we don't provide guidance on a BU by BU basis. We provide on a segment level, and as such, we want to stick with those reporting lines. But I understand your interest, but we can't disclose that right now. Thank you. No, that's clear. Then just to follow up on the final question just on higher value products or solutions. Again, maybe just to get your definition because there are different ones in the market and, again, the mix that you guys currently have. Yeah, very good question, Edward. Yes, that's obviously out there in the market from different peers. I would say when it comes to our delivery solutions, we consider almost all our portfolio a high-value solution, where we have high levels of differentiation within that segment. When it comes to syringes and tubular, I think there is a more standardized definition on what is considered RTU, RTF product for biologics, but also GLP-1. Here we are still working through the right definition ourselves and the percentages of our portfolio. So hang in there with us before we can disclose. Thank you. Okay. Thank you. The next question comes from the line of Odysseas Manesiotis from BNP Paribas. Please go ahead. Hi. Good afternoon, and thanks for taking my questions. Could you help me arrive to the below 3x leverage target post Centor and plastic sale? Or just if you could give me a feeling of what the net cash proceeds from the EUR 1.5 billion EV will be, and if you could give us a feeling on the EBITDA margin for the RemainCo implication of that below 3x target, it would be very helpful as well. Lastly, could you give us a feeling of whether that's a late 2027 target or something that you can achieve right after the sale? Secondly, could you remind us what percentage of your COGS are related to oil prices and to what extent you're hedged for this year and next year? Thank you. All right, thank you very much. I'll take the first question here. So, how do we get to leverage below 3x, and when do we expect to, timing-wise, to complete our refinancing? I start with the last question first. Refinancing, I think you're right. We target to complete that absolutely in parallel to closing Centor and PPP. As you know, we target to close Centor first and then PPP next. As we mentioned, it would be PPP closing in the first half of 2027. So that would also be my answer completely aligned upon closing PPP will have our refinancing ready to go. So we're already heavily working on this. In terms of leverage, well, you know where the leverage is today, right? You know we have a page in there, what our debt is. So you can do the math, what it takes to get below 3x. Yeah. I think Achim mentioned that the enterprise value is at or slightly above EUR 1.5 billion for the two businesses combined. Then you can do the usual gross to net adjustments for some taxes, obviously, as well as for some transaction cost. But rest assured that the gross to net is fully sufficient in order to get our leverage below 3x. Yeah. Thank you. I think the second question was on EBITDA RemainCo, right? So obviously we are disposing two parts of the Containment & Delivery Solutions. With selling a quarter of the company, there's also a duty to reduce SG&A in line with the size of the business that is disposed. However, the target of our EBITDA percentages and the improvements that both laid out from the transformation programs are aligned. So expectations are that we're going to land at a sustainable level and grow from there. When it comes to the percentage of cost of goods sold based on oil price, around 50/50 of our business is directly connected to polypropylene, polyethylene, polyester raw materials. 50% is more glass based. Also there, of course, you have the impacts from energy costs, but if we stick to the raw materials, 50%. However, a lot of that is going to be disposed, and we have protections through pass-through agreements with our customers. Correct. Thank you for the question. Thank you very much. Can I sneak in a last one? One of the two pharmas leading the GLP-1 space announced a few supply contract cancellations on lower demand expectations and potentially some recent unfavorable clinical readouts. Do you expect this to have any impact on your hopes of utilizing recently added capacity? Sorry, Edward. No, sorry. We could barely understand it. The line was very bad. Could you repeat the question a little bit slower? Maybe the line will get better. Yes. Can you hear me well now? We can hear you. Just slowly and then that would be great. Of course, yes. One of the two pharmas leading the GLP-1 space announced several supply contract cancellations on lower demand expectations and potentially unfavorable clinical readouts. I wanted to ask whether that has impacted your expectations on growth and utilization for recently added capacity. Okay. Good question. So far, we have not received a demand cancellation. Also, as you know, I think at one or the other call before, we have clearly pointed out that we have strong commercial contracts, particularly in the GLP-1 space, with take-or-pay structures. We do expect our growth to continue. As we mentioned, right at the very beginning, I walked you through our grow, fix, sell structure, and under growth, we have Medical Device Systems. We also have Syringes, and we have Tubular Glass North America. And that is where we see continued growth and also clearly see growth over the next years. I cannot confirm that we see here cancellations based on what you described. Thank you. Very clear. Thank you. As a reminder, if you wish to register for a question, please press star and one on your telephone. We now have a question from the line of Christian Ehmann from Berenberg. Please go ahead. Hello, everyone. Thanks for taking my questions. One for the history or let's say looking back. The Centor sale and the PPP sale were, let's say, above what you initially guided on for only selling Centor. I was just curious about the strategic rationale to now sell both. Obviously, you had a good price for both, but maybe you can give us an idea how you then decided to sell both of those businesses. The second one would be going forward, appreciating the CapEx rate, let's say 11%-12% of sales going forward. Is this a level you can maintain to keep, for example, Moulded Glass in a sellable state? The third one would be of refinancing. May you give us a guidance about the interest rate you expect to refinance for? Thank you very much. Thanks, Christian. Let me take the first question on the combined sale of Centor and PPP with two separate contracts. I'd say that was an opportunistic play that was offered by Apax as part of the process of the Centor sale, and helped us to reduce that in one shot by around 70%. Therefore, we took that opportunity based on good valuation in the current market environment. Great. CapEx spend and going forward, CapEx spend, particularly in Moulded Glass. Christian, I think it's fair to say that you've seen in the last year or so an elevated spend of CapEx, also in Moulded Glass. As you know, we have completely overhauled and invested in a hybrid technology at our Moulded Glass facility, for example, in Lohr, in the south of Germany. Nevertheless, if you look at the top peers also in that space, in Moulded Glass, they managed to spend 10% of sales as CapEx on a sustainable basis, and we strive to do the same and align with the top peers. Thank you. Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Mr. Guido Pickert for any closing remarks. Well, thank you very much for your interest, and if you have remaining questions open, you know where to find us. As said before, we would be happy to meet one or the other of you in person on the conferences and our activities going on in September and October. With that, thank you very much and bye-bye. Ladies and gentlemen, the conference is now over. Thank you for attending Chorus C all, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.