Good afternoon, ladies and gentlemen, and welcome to the HEIDELBERG Druckmaschinen AG conference call for the publication of the second quarter of fiscal year 2024-2025. At this time, all participants have been placed on a listen-only mode. The floor will be open for your questions following the presentation. Let me now turn the floor over to Jürgen Otto. Yeah, thank you. Good afternoon, ladies and gentlemen, and welcome to HEIDELBERG's conference call on our second quarter 2024-2025 results, which is the first one for us as the new management team of HEIDELBERG. We are quite happy to give you a first glance at our ideas today and, of course, insights into the numbers for the second quarter. Let's start with our first slide, which outlines today's agenda. First, I will start by giving you a brief summary of where we stand after six months in this fiscal year. After that, my colleague David Schmedding will give you insights into the performance of our segments and regions, and afterwards, Tania von der Goltz, our CFO, will take you through the second quarter in particular, as well as the financials in more detail. Finally, I will give you some insights into our strategic roadmap and conclude with our outlook. Next page. The first half of our fiscal year reflects significant progress both strategically and operationally. Orders received grew by 7.5% year-over-year, providing a strong basis for achieving our full-year guidance. This performance stands in an encouraging contrast to the broader mechanical engineering sector, which saw an 8% decline over the same period. Thereby, our unique global footprint has been a key advantage, allowing us to leverage global growth dynamics and mitigate the effects of slower growth in certain European markets. In particular, we have continued to build on our leading position in Asian markets, which saw an ongoing strong momentum in the second quarter, highlighting Asia's strategically critical role in differentiating our business from peers. With the book-to-bill ratio sharply increasing to 1.4 after six months, we are highly confident in achieving our sales and profitability ambitions for the second half of the fiscal year. Next page. Ladies and gentlemen, HEIDELBERG is looking forward to an outstandingly strong performance over the next months. Backed by our solid order backlog, net sales will increase significantly compared to the first half of the fiscal year, which came in line with our expectations at EUR 950 million, with the second quarter already showing a strong sequential improvement. To meet these demands, we have increased production output by extending the weekly working hours by over 10% to a 40-hour week, which will strategically position ourselves to pull some sales forward into early quarter four and reduce cut-off risks. As net sales will increase by more than EUR 400 million in the second half of the fiscal year compared to the first half of the year, we also expect a significant improvement in the adjusted EBITDA margin for the second half of the year. The second quarter already demonstrated strong quarter-on-quarter improvement driven by sequentially higher sales volumes and our strong focus on cost control. In summary, we can confirm our guidance for resilient performance throughout this fiscal year. Alongside refining our strategic ambitions, our operational efforts securing to deliver on our guidance are focusing on restoring HEIDELBERG's reputation and rebuilding the capital markets' trust in our company. By meeting our targets consistently, we aim to show HEIDELBERG's resilience and our commitment to sustainable performance. While our guidance, which is reflected in the analyst expectations, points towards a flat year-over-year development, it is important to view this in the context of our industry landscape. Looking broadly across the capital markets in Germany, it's evident that analysts are adopting a more conservative outlook on a broad basis. This cautious sentiment is reflected in the shift in earnings expectations, which have trended downward strongly compared to six months ago. In contrast, we remain highly confident in our ability to meet our guided annual targets for both sales and profitability. Even amid a period of weak growth spurred by elevated interest rates, our global setup and operational discipline position us to deliver solid results. However, so much about that. Let's continue with our regions and segments. Therefore, I will hand over to David Schmedding. Thank you, Jürgen, and good afternoon, and thank you all for joining us today. Before we start reviewing each segment, I would like to emphasize the strong performance and strategic importance of our Packaging segment. Over the recent quarters, we have seen robust growth in orders, which are up nearly 18%, driven by resilient demand in key end markets, including sectors like food, pharma, but also consumer goods. Each of these sectors benefits from a powerful tailwind due to global sustainability efforts, as more companies shift from plastic foil to paperboard-based solutions, and this transition is expected to drive sustained growth for years to come. Moreover, our Packaging segment is well-positioned to capitalize on rising global wealth and population growth, particularly in emerging markets where we still see substantial opportunities to expand market share. Ultimately, we expect Packaging to continue being of higher value, which will yield additional tailwind to conventional printing technologies. Let's continue with the segment's performance after six months. Packaging and Print Solutions experienced a notable increase in orders, primarily due to a robust new equipment business, while sales in both segments declined year-over-year as anticipated. At EUR 675 million, Packaging Solutions accounted for the largest share of the group's orders received, growing by a strong 9.7%, while Print Solutions were at EUR 563 million, representing a plus of 5.5% year-over-year. While the first quarter in both segments recorded an anticipated strong decrease in net sales, given the wait-and-see attitude in placing new orders ahead of drupa, the second quarter recorded a strong sequential increase. After six months, the sales in Packaging Solutions were down 18.2% year-over-year at EUR 453 million, while the corresponding figure for Print Solutions was slightly higher due to a higher proportion of less volatile Aftermarket business in this segment. Overall, the segment sales were down 13.9% to EUR 459 million. adjusted EBITDA in both Packaging and Print Solutions was down year-over-year to mainly as a function of the reported decline in sales. Let's move on to the Technology Solutions segment, where both orders received and sales remained on a low level as in the prior year. However, the segment's adjusted EBITDA showed an improvement, moving from -EUR 10 million in the previous quarter to -EUR 5 million this year, reflecting the discontinuation of two loss-making entities, Zaikio and Printed Electronics. The next slide shows our regional breakdown on the left-hand side. In summary, while we observed an increase in orders received across all regions, led by Asia-Pacific, sales declined in all three regions, reflecting the weak pre-drupa backlog. In EMEA, orders received totaled EUR 634 million, marking a 5.6% increase compared to the previous year, with significant contributions from Germany and the U.K. In contrast, sales of EUR 453 million were down 20% compared to the previous year, which is next to the already explained overall seasonality due to some tailwind from a post-COVID subsidy program in the previous year. In the Asia-Pacific region, we achieved the highest increase in orders received in relative terms, rising by almost 10% compared to an already high prior year figure of EUR 347 million. That included Print China orders. At constant currencies, the growth rate was 12%, given some headwind from the Japanese yen. Despite the positive trend in orders received, sales in the Asia-Pacific region decreased by around 10% to EUR 244 million, with a significant increase expected for the next quarter. Moving on to the Americas, orders received increased by 8.8% to EUR 292 million. While the first quarter was strongly ahead of the previous year's figure, the second quarter recorded some negative growth ahead of the U.S. election last week. Sales were in line with the overall seasonality, declining by 14.3% to EUR 280 million. Now, I will hand over to Tania. Thank you, David. Good afternoon also from my side, and welcome everyone. Before discussing our financial performance after six months, let me briefly summarize the key developments of the second quarter, which was in line with the expected and communicated strong seasonality of this fiscal year. Following an outstanding strong first quarter, orders received slightly decreased by 3.7% year-over-year to EUR 571 million in the second quarter, partially due to some currency headwinds. Net sales were at EUR 512 million, which is 6.4% lower than in prior year's second quarter and in line with our expectations anticipating this fiscal year's seasonality. Compared to the first quarter, they showed a significant quarter-over-quarter increase of 27%. Correspondingly, adjusted EBITDA, which excludes non-recurring items, totaled EUR 31 million in the second quarter, representing an EBITDA margin of 7.8% after 10.7% in prior year, while also showing a strong quarter-on-quarter increase. Please note there were no adjustments made at all in the first quarter in the first half of this fiscal year nor last year. However, let's conclude this section with a look at our free cash flow, which was slightly positive and above prior year in the second quarter based on our efforts reducing net working capital. Let's now switch back to our financial performance of the first six months. Turning to our EBITDA bridge on page 13, which shows the changes in our operating profitability in the first half compared to prior year, which was at EUR 101 million. Unsurprisingly, the decline in sales impacted adjusted EBITDA by -EUR 66 million in the year-over-year comparison. While gross margins were in line with prior year, our strict focus on cost management and higher operating efficiency contributed EUR 10 million to the year-over-year performance of the adjusted EBITDA. Finally, other positions had a net impact of -EUR 40 million, including expenses totaling EUR 10 million for our drupa presence. In total, adjusted EBITDA was at EUR 31 million after six months with no items adjusted in EBITDA in the first half of the fiscal year. The next two charts will, as usual, show the transition from reported EBITDA to earnings per share, with this chart focusing on our net financial expenses, which were slightly lower than in prior year, totaling -EUR 17 million. Basically, interest expenses on bank debt were EUR 1.5 million lower despite a higher utilization of our financing instruments, as prior year included a non-recurring expense related to the renegotiation of our RCF. Interest expenses on the pension provision, which is a non-cash position, continued to account for the main part of our financial expenses but remained on prior year's level at EUR 11.1 million. In total, earnings before taxes amounted to -EUR 23.5 million compared to EUR 44.8 million in prior year, reflecting the expected difference within the operating performance. Now, let's proceed with the transition from earnings before taxes to earnings per share. Despite negative earnings before taxes, the net tax expenses were on prior year's level due to withholding taxes paid on dividends distributed. In total, net income was -EUR 34.8 million compared to EUR 33 million in the previous year. The year-over-year difference again mainly reflects the temporary change in adjusted EBITDA, which will be reversed in the second half of the year. Correspondingly, earnings per share amounted to -EUR 0.11 after six months for this fiscal year. Let's continue with our cash flow, starting with the operating cash flow, which was at -EUR 87 million compared to -EUR 50 million in prior year's first half year, reflecting the strong and communicated seasonality in adjusted EBITDA of this fiscal year. The increase in net working capital after six months was at EUR 24 million and thus EUR 10 million better compared to prior year, representing our strong approach in cash collection. However, while this had a positive impact on the operating cash flow year-over-year, non-cash effects included in EBITDA temporarily offset this gain. For the full year, we expect the operating cash flow to turn positive again based on the expected improvements in sales and adjusted EBITDA in the second half of this fiscal year. Let's finish the cash flow section by looking at our free cash flow. While the change in operating cash flow was carried over from the prior slide, one can see that investments were at EUR 28 million in the reported period, which was basically the same level as in prior year. Inflows from divestments were at EUR 40 million compared to EUR 30 million last year, including inflows from the sale of machines from our demonstration center. After six months, free cash flow was at -EUR 101 million compared to -EUR 27 million in the previous year due to the aforementioned and explained and expected seasonality in sales and adjusted EBITDA. However, we remain strongly confident achieving a positive free cash flow at the end of this fiscal year, given the explained increase in sales and adjusted EBITDA. Let's conclude this section with a view of some balance sheet figures as represented on page 17. First, our equity remained on a solid level at EUR 471 million, representing an equity ratio of 22.7%, but declined compared to the end of last fiscal year by EUR 56 million due to the reported temporary loss of EUR 35 million after six months and an increase in the present value of the pension provision, as discount rates were 10 basis points down compared to year-end. In total, the pension provision amounted to EUR 697 million, which is a slight increase compared to six months ago. Moving to the right side of this chart, our net financial position temporarily decreased to -EUR 39 million due to the cash outflows, mainly in the first quarter, with financial liabilities slightly exceeding liquid assets. However, we still have sufficient headroom in our RCF, which was utilized at 43% of its volume of EUR 350 million at the reporting date. Before handing over to Jürgen again, let me briefly highlight some key messages for you. Actually, the second quarter was in line with the expected and communicated seasonality in sales and adjusted EBITDA and already showed the promised sequential improvement compared to the first quarter, putting us in the position to achieve our guidance. In addition, we expect free cash flow to turn positive at year-end based on the strong upswing in sales and adjusted EBITDA in the second half of the year, as Jürgen explained already in the beginning. Lastly, we will continue to put strong focus on financial discipline, which will be the basis for financing and implementing our strategic ambitions. With this, I will hand over to Jürgen again. Yeah, thank you, Tania. Thank you, David. Yeah, in the months since 1st of July, when we took over as a new management team, we have put an intense focus on assessing and improving our strategic position. This review was initially outlined during our annual general meeting in July, where we presented a broad framework of boundaries for our vision. Since then, our global internal strategy team has identified a set of key initiatives based on ongoing actions, but also new ideas showcasing the rich potential within our company. Today, I want to share an early look into our strategic framework and thinking. Looking ahead, we plan to provide further strategy updates in the coming year, including a capital markets day, where we will have a lot more to share with you. In our strategic reviews, we have identified both our strengths and the key actions we need to succeed in the future. Our story moving forward will be about rebalancing growth dynamics and managing our cost basis simultaneously. While our sales have shown a resilient performance despite macroeconomic challenges, inflating costs have put a significant pressure on our profitability. To move beyond this uphill battle, we need to tackle both challenges at once, driving steady year-over-year sales growth while also curbing inflation pressures and reducing our overall cost base. Therefore, HEIDELBERG builds on a solid basis with a leading position in major markets like China, Europe, and the U.S., and we see major opportunities to expand further, both through new technologies and by reaching also new markets. By leveraging our capabilities in flexographic and inkjet printing, as well as focusing on emerging markets, we have seen progress but still have room to grow. We can capture additional market share. Additionally, we have the largest sales network and installed base in the industry, more than 10,000 printing machines around the globe connected in our network. And this opens up a considerable opportunity for deeper engagement with our customers throughout their life cycle with us. Lastly, HEIDELBERG's advanced production capabilities are another unique asset that attracts partners in various industries. To fully capitalize on this, we need to streamline our costs, while a higher capacity utilization will help us to cover fixed costs to a bigger extent. On the next chart, we want to give you a preview of how we look at developing HEIDELBERG's business going forward. While some elements will be familiar to you, our capital allocation and focus will shift gradually towards new priorities highlighted here. The structure is built around three core priorities we have identified as essential for our long-term financial success. The first one and foremost focus is enhancing our financial competitiveness. This requires a sustainable reduction in personnel costs, both in absolute terms and in relation to the scale of the business. Therefore, we are in active discussions with employee representatives and unions to expect to update you on our progress in the coming weeks. The second one is a solutions portfolio for top-line growth. Historically, we've centered on sheet-fed offset printing and associated services, but it's clear that we need to broaden our approach, expanding into flexographic printing and post-press technologies to seize opportunities in the packaging market, like David said. Our Global Sales Network, which is unmatched in the industry, will be a key enabler of this growth and has already attracted strategic partnerships, such as with Canon, which has opened doors into commercial inkjet printing. We presented this at the drupa, as you can remember. But beyond our core business, we are introducing HEIDELBERG Industries as a new strategic pillar encompassing a range of growth initiatives. This addition marks an exciting expansion of our capabilities and vision for the future. Within our portfolio for growth, we have identified three main levers for the upcoming years. The first one is Packaging Printing, which is already experiencing a strong demand today. Future growth is driven by the shift away from plastics to paper and increasing global population and the trend towards premium packaging. While we are well-positioned within our sheet-fed business in industrialized countries, we plan to enhance our market approach by expanding into high-growth emerging markets, where rapid population and wealth increases are the significant potential for us. At the same time, we aim to diversify through our flexographic printing technology. An important piece within this strategy is our recently announced collaboration with Solenis, a leading producer of barrier coatings in our industry. These coatings are crucial for replacing plastics with paperboard by protecting items in the packaging from heat and other environmental factors. Currently, these barriers are applied during the paper manufacturing process, but our goal is to integrate this step directly into the printing process, which will reduce chemical usage and offer significant advantages in post-press packaging handling. Another major growth opportunity for HEIDELBERG lies in commercial inkjet printing, which is growing at a CAGR of more than 5%. Our recent partnership with Canon has opened new perspectives in a sector that will play a central role in the industry's future, and this future will be hybrid, combining the strengths of offset and inkjet printing into one integrated system. HEIDELBERG is the only supplier offering both technologies with a unified software ecosystem, Prinect. A key component of this ecosystem will be Prinect Touch Free, our AI-driven software set to launch in 2025, which will further streamline and automate the printing process. The third growth opportunity for HEIDELBERG lies in our extensive installed base, the largest in the industry. This foundation provides a strong platform for expanding our service business in the future. Beyond adapting our pricing model and bundling service contracts, it's evident that we need to direct more R&D focus toward our service offerings, an area that currently receives limited attention. Let's take a closer look at our initiatives beyond our core business, which will play a central role in our future equity story. Our extensive set of industrial capabilities, which is unique and highly attractive to potential partners, is a valuable but hidden asset that is not reflected in our balance sheet or our current equity valuation. Already today, we generate around EUR 60 million in revenue by producing non-core products of low complexity. But our expertise lies in complex products, and we see an opportunity to develop this business towards an engineering-to-order provider. Leveraging our strengths in hardware, software, and power electronics integration for high-precision products and autonomous systems will enable us to achieve solid margins in this field. Contrary to the common perception of the printing industry, we are actually at the forefront of technology in several areas. For example, and this is really impressive, we have been using over-the-air software updates to maintain the operating systems of our printing machines for over two decades now. This is a capability that some automotive OEMs are still working to implement effectively. But engineering isn't our only area of expertise. HEIDELBERG also excels in high-precision manufacturing and managing complex assembly processes. For instance, assembling a printing machine can take up to 600,000 minutes, a process comparable to building a commercial aircraft. Our highly skilled workforce is capable of performing intricate tasks that can last up to 400 minutes per step, whereas the average time per step in the automotive industry, for example, is just about 1.25 minutes. So going beyond our core business will help us to increase capacity utilization across our production site while also diversifying our revenue streams. Currently, we are in active discussions with partners from various industries and look forward to providing further updates in the coming weeks. As we conclude this call, let's take a closer look at our guidance for the fiscal year and the anticipated developments for the third and fourth quarters. Ladies and gentlemen, HEIDELBERG is on track to meet the financial guidance set for the current fiscal year. This confidence is built on the strong progress we demonstrated in the second quarter and the solid order backlog, which positions us to drive sales growth in both the third and fourth quarter. Our decision to increase production output will not only reduce cut-off risk, but also enabled us to pull some sales forward into early quarter four. In total, we expect sales to be more EUR 400 million higher in the second half compared to the first half of the year, which will positively impact profitability and free cash flow in the next two quarters. Overall, we reaffirm our guidance. Both net sales and the adjusted EBITDA margin are expected to be in line with last year's levels. So, next page. Here are the main highlights from today's call. HEIDELBERG has made solid progress this quarter, demonstrating the promised improvements in both net sales and adjusted EBITDA. This achievement reflects our commitment to delivering value and our ability to perform even in challenging times. Our strong order book, combined with a disciplined focus on financial management, puts us on track to meet our full-year guidance. Finally, we also took an important first step in our new strategic direction, presenting a clear framework to guide HEIDELBERG's growth in both core markets and also beyond. I'm looking forward to building on this momentum in the coming months and sharing further updates with you at our Capital Markets Day in 2025. I hand it back to the operator to open the line for the Q&A session. Thank you very much. Thank you. Ladies and gentlemen, if you would like to ask a question, please press nine and the star key on your telephone. In case you wish to withdraw your question, please press nine and star again. Please press nine and star to register for a question. And the first questioner is Stefan Augustin from Warburg Research. Over to you. Yes, hello, and thank you very much for taking the question. I have three at this point in time, and the first one is actually a bit on the U.S. You mentioned it, that there was some recession hesitancy. How do you see the region unfolding right now, this recession disappearing? How do you view the possibility of tariffs, and how would you prepare for it? That would be my first question. The second one is actually on the expansion of the service business. You mentioned it was one of the three opportunities you have, and your approach says there is a competitive pricing to it. Can you elaborate a little bit on that? I don't think that you actually really want to simply give huge discounts to gain some volume. And the last one is you had a quite good success with the Canon project at the drupa trade fair, and you had several LOIs there. If I'm not mistaken, that it's now from the end of this year that actually the customer can, let's say, order and buy this product. What has happened in between? How does it look like? Just simply an update on that one. That would be my three questions. Yeah, thank you, Stefan. We will hand it over to David. He has the closest view to the market. Yeah, thanks for your questions. I'll try to answer all of them in one go. So the first question related to the U.S. business and/or the American market. Yes, for sure, the American market is an important market for us. Nevertheless, HEIDELBERG is generating over 85% of its revenue outside the U.S. So at the end, dependency on the U.S. is about 15% in total. So we are quite diversified in the regional terms, enabling somehow to balance fluctuations with certain markets. And we, of course, have now to wait for the concrete policy changes in the U.S. before we adapt our behavior. And this goes directly into the next part of your question about the tariffs. And for sure, and this was somehow predictable, and yeah, we have prepared, of course, different scenarios, which are now at hand. And first of all, as mentioned before, we have to wait on what kind of policy will now be applied. And after we know a little bit more, then we go into a detailed discussion with our customers to find exactly the best way to approach the market in future. Nevertheless, tariffs, of course, would probably lead to price increases. We have to hand over any price increases to customers, but of course, having the customer in mind and finding here the best solution. And our big advantage, and I think this is important to know, there's none of our competitors with a production footprint in the U.S., and this would yield a competitive pricing advantage. Meaning, yeah, however, building up a production site, focusing on final assembly steps in the U.S. could be an option and is currently under evaluation. So first question. Second question was about our service business. And yes, you are absolutely right. Service is one core pillar of our strategy. And as Jürgen mentioned, we have a really, really huge installed base, so the biggest installed base as far as we know in our industry, with more than 10,000 connected machines and I think more than 15,000 connected software modules. So we have a huge, huge basis behind, and this is, of course, a big opportunity for us to increase the business, which helps us, of course, to enable to gain a higher share of wallet in our customers' lifecycle spend. And we have done quite a lot over the past quarters, but there are certain things to adjust. First, we need to adapt our service approach from a more transactional and reactive model into a more proactive and procuring-based one, and here, data will help us a lot. We will extend our contract landscape accordingly and establish contract models for all classes of customers, meaning, yeah, so where some customers are more price-sensitive while others rather focus on uptime and need for high-performance guarantee, so we will find the right contract model for exactly the right customer type. But in general, yeah, we need to be more competitive in combination of contract models and pricing to regain share in the share of wallet. Meaning, of course, yes, we have to look carefully into the pricing, the pricing versus volume, and of course, having always the profitability in mind because we do not want to lower the profitability expectation by gaining just volume. So it's always a mix between both companies. But we took a little carefully into that topic and find the right approach. And second, and this is also an important step here, what we did already and implemented since we started as a management team, we changed the organization here. We moved the sales for the service business directly into the sales organization. We extended our team here, putting more resources in order to come up with the right solutions in order to tackle the customer base with the right concept contracts and all the things behind. So yes, we have a clear view on that, clear strategy moving forward in order to extend here the service business in a profitable way. Canon? Yeah, third question about the Canon business. Yes, I'm really proud and happy to share the update here with you. And it's, of course, now a couple of months that we announced this cooperation with Canon. The product name is our inkjet machine here. And the inkjet machine, Jetfire 50, is the first machine which we launched at drupa. And during drupa, we gained, I think, a huge success. So we collected more than 50 letters of intent, so binding LOIs. So customers paid for that to come on the list. And this will turn into orders over the next months. And I'm happy to say that first machines have sold and will be delivered in the fourth quarter of the calendar year, 2025, to customers in Switzerland, Germany. First orders also signed in China will be delivered mid of next year. So there are a couple of orders already in our books which will come to delivery in the next months. Yeah, next year, we plan to generate sales here with our cooperation in a double-digit million EUR range with our digital ecosystem centered around the Jetfire 50. Important to note, the USP here is our service network again, and the software component. Jürgen was talking about our touch-free solution, which is one of the core parts of our solution here as part of the Jetfire 50 business. So yes, happy to say that. So we are well on track and according to our communicated targets. Hope all questions are answered so far. Yes, just one small follow-up. If you look, let's say you described a little bit the different, let's say, two parts in the service business, the customers that are performance-oriented and the ones which are price-oriented. Where do you think does your largest potential lie? I think we have, at the end, in both parts, we have a potential. And I would say it's somewhat similar, of course. Price-sensitive customers usually not buying from us today. So at the end here, just in terms of numbers and potential customers, the base is by far higher. Nevertheless, and today, our contract rates are pretty high, pretty high already. Nevertheless, there's always room for improvement. And I assume with having more performance contracts in place and giving our customers, for instance, 24/7 support as just one example, yes, I see also here a good chance also to increase our business accordingly. So in both ways, for the price-sensitive ones and, of course, also for the performance. But we need to have a solution for both customer types. Okay, thank you very much. Welcome. Thank you. The next question comes from Peter Rothenaicher from Baader Bank. Over to you. Yes, hello. Thank you. Firstly, I want to continue with the last question regarding service and the contract model paid by production. So how is this working now? I think in the past, you had big hopes for machine selling. If customers take the full-value approach, including also the machine, you had a partner, Munich Re. How is this business model performing so far now? Thanks for your question, which goes mainly into our subscription business. This business is doing pretty good. Meanwhile, we further developed this approach here. We have not only a Full Subscription in place, including the equipment. We are also talking about a model called Smart Subscription, including everything in one model, customers paying by the usage of the press, but the press is not included. Customer has to pay for this. We differentiate here for our full-service business called subscription in two ways. The full one, including the machine, and secondly, the one excluding the machine, but both models are working the same way. Customer has to pay by usage, by printed sheet. We agree on a certain value, and customer is paying by that. So this is, first or generally speaking, the overall concept. The business model itself, it's doing pretty good, and it fits for a specific customer type, for two customer types. First of all, customers who want to improve their business, so who want to improve productivity. Here, exactly subscription fits to their needs. So we help customers to improve productivity for the machines, for the print shops. And the second type of customer, and this is somehow new in this model, it goes into the direction of high productivity print shops. For instance, our global accounts who want to secure the productivity levels with this model. So it's exactly fit. So at the end, with having both options in our hands, we have, I think, the right model. And looking into the figures, it's a substantial part of the service business. Meanwhile, our Full Subscription and Smart Subscription, but it's probably not on that level as we expected five years back. So at the end, we need, and this comes back to my statement before, we need for each customer type the right contract in place, and subscription is one piece of the full contract portfolio, but fitting the needs for some specific customer types. Okay, thank you. Then I appreciate the slides with the new activities. You mentioned for all three parts, packaging, inkjet printing, and service, potential for low triple-digit million volumes. To put it more concrete, so how long do you think will it take until from these measures, revenues of EUR 200 million- EUR 300 million can be created? Because so far, we are talking about a company with very stable sales over many years and still no growth seen. So, how long will it take until we see here significant results? And I try to answer this question again. So currently, this is again what Jürgen said. We are currently developing action plans. So we started the process internally. So we started here to work exactly on these pillars. And we will present them later at our capital market days, which was also announced previously taking place next year. So please be patient. So we will come up with a specific plan for all these areas, including a timeline when we can expect what. Yeah, what we have to have in mind is that the world is changing. And the world is changing if you compare it to two years ago because some industries are reshuffling capacities back to Europe and also back to Germany to have a resilient, really material flow and resilient partner to work with. Therefore, we are focusing on these industries who are reshuffling capacities back from China to Europe. Okay, thank you. At the moment, there are no further questions. So if you have any additional questions, please press nine and star now. Nine and star for any additional questions, please. And the question comes from Florian Sager from Stifel. Over to you. Thank you so much. And thanks for letting me on. I just have another question on your service business. And the way I understand it, this would also be more expensive for your customer, if I understand it correctly. And I was just wondering, the additional value that you're creating, is that enough for the customers to accept these higher charges? Or maybe I'm just not understanding this correctly. Thanks. I'm not sure if I got your question correctly. You're talking about a more expensive service, or maybe you can repeat that again so it was somehow difficult to understand here. Oh, yeah. Sorry. Sorry. Is that better? Yeah. Yeah. I was wondering, the way I understand your new service approach in your service business, it sounds to be more expensive for your customers. And I was just wondering about the value you're adding with data, if that's why you can increase prices and why customers would accept these higher charges. That's just what I'm trying to understand. No, maybe put it into the right order or let's say the right context. At the end, of course, we need to achieve our prices. So at the end, yes, we are influenced by high cost pressure on the one hand side. On the other side, we need to offer competitive solutions. These solutions, of course, have to help our customers in order to fulfill their requirements. For instance, you have to increase productivity to keep the press on a high productivity level. There are different needs coming from the customers. Here, of course, data will help customers because at the end, if we are using data in the right way, then we can give them a better predictive service, for instance. Doing all things from remote, being more efficient, being faster, this does not always mean that we are getting more expensive at the end. The output, of course, yeah, can be secured for the customer. If we help them in the right way using the data, then the customer can produce more, can earn more money. Yes, then they're willing, of course, to pay our service fees. Very clear. Thank you. Any additional questions? Please press nine and star now. There are no further questions. So thank you for your attention, and see you soon at the Capital Markets day. Thank you. Bye-bye. The conference is no longer being recorded.