Yeah. Good morning, ladies and gentlemen, and welcome to Heidelberg's conference call regarding the announcement of our strategic partnership with Manroland Sheetfed. We are delighted to welcome our investors and analysts. Heidelberg is 175 years old and in the market, together with Manroland, also more than 150 years. This is not an everyday transaction and opportunity. It's a transaction which supports the organization and optimization of Heidelberg's cost base and reflects our commitment to maintaining a strong and reliable global service network in the print and packaging industries for our customers. It's an awesome moment to bring Manroland Sheetfed on board as a second strong brand, and for more detail, let me now hand over to my colleague, David. Yeah. Thank you, Jürgen. Yeah. Good morning, everyone, and also welcome from my side. Let's start with the rationale behind this strategic move. Stronger together is driving our vision to strengthen Heidelberg's global service capabilities in the print and packaging industry. Heidelberg supports stabilization on the supplier side. With this transaction, we achieve several key objectives ranging from expanding customer reach to strengthen the service and spare parts business into unlock growth potential. Furthermore, the partnership with Manroland aligns with the consistent, sustainable expansion of our service and life cycle business. Increasing the contribution of recurring revenue is important for several reasons. First, recurring revenue provides visibility. Second, recurring revenue reduces macro-driven cyclicity and makes Heidelberg more resilient. Third, the life cycle business offers higher margins and will drive group profitability in the future. Overall, we see strong potential for this partnership to create long-term, sustainable stakeholder value. Before we outline the business plan for this partnership, let us provide more details on the Manroland assets that Heidelberg will integrate. Manroland's customer base, its global service network, including logistics and its installed base of more than 3,000 machines, are a perfect fit for Heidelberg. Combined with the relevant intellectual property, technical documentation, and engineering expertise, these assets enable us to continue supporting customers and further develop our service, spare parts, and consumables business. Manroland's presence in 35 countries with approximately 600 employees drives and streamlines Heidelberg's footprint. Let us now turn our attention to the business case. For the current fiscal year and dependent on the closing date, we expected the Manroland operations to contribute a mid double-digit EUR amount to Heidelberg's group sales with no impact on the operating guidance. With regard to the potential for synergies, we anticipate two types. First, following the integration of the Manroland operations, which is planned to take place over a two-year period, Heidelberg expects a positive EBIT contribution to the group in the low teens. Second, additional synergy potential is expected from the sale of Heidelberg systems with annual revenues in the mid double-digit EUR million range, plus recurring consumables business in the low double-digit EUR million range. Both contributions will come in with typical margins for such business. Following the full integration of the Manroland operation, which is planned over a two-year period, Heidelberg targets stable contribution of the operations of in total EUR 100 million, with an EBIT contribution ambition of approximately EUR 10 million-EUR 15 million per year. We said at the beginning of our presentation, stronger together, and we are confident that this partnership will create long-term sustainable value for our stakeholders. Thank you very much for listening and for your attention. We would like to take your questions. Stefan Augustin. From you. Yes. Hello. I hope you can hear me. Thank you. Yes. We also can see you. Good morning. First, it's actually a clarification. If I just want to come back on the business outline. Did I understand that correctly that you said in the beginning you expect from the recurring revenues mid double-digits amount and correspondingly a positive EBIT contribution in the low-teens? Let's say 10. Yes. Later on you expect EUR 100 million and the contribution in an EBIT margin of 10%-15%. In absolute numbers, EUR 10 million-EUR 15 million. That's how I need to understand your message? Exactly. Both messages are correct. The first message for what, let's say, this fiscal year, depending on the closing date, that we are expecting mid to double-digit contribution in terms of sales. In the long term, meaning in two years with the full integration, we are expecting EUR 100 million in sales with an absolute EBIT contribution of EUR 10 million-EUR 15 million. The first one was not a margin, so EUR 5 million EBIT to EUR 50 million sales, but it is EUR 10 million EBIT to EUR 15 million sales. My following question would be. EUR 10 million-EUR 15 million EBIT contribution. That's for the 100. For the 100. For the first one Yeah. For the beginning, because otherwise I would ask why the operating leverage is so low, just to be absolutely sure that I understood the numbers. It's also depending on the closing date. Yeah. Yeah. The low teens is not an absolute amount, but it. No A margin. Is it correct? Yes. Okay, good. Sorry for the massive confusion. No, it was me, not you, 100%. Yeah. The second one is, you outlined that you need to make some restructuring, and you didn't make a comment to the price, but as you referred to EBIT and your standard, let's say, KPI is the EBITDA, I would assume there is not a lot of difference between EBIT and EBITDA in this case. Okay. Respectively, I don't think. I can answer that. This is Volker speaking. Hi. Yeah. There is a difference between EBITDA and EBIT, because the EBIT is on the long term and EBITDA on the long term is the same. However, in the integration year, for the synergies, we have to pay certain money because on the long run, we are not taking over all the employees. We need to for the intermediate period. After this integration period of two years, we will have a slim integration plan where we have a certain percentage to let go. For that we have to pay, and that you will find this year in the EBIT, but not in the EBITDA. Because the EBITDA is adjusted according to those costs. All right. Thank you for that clarification. I saw in the small footnotes, you take over the IP, not for the 700, Manroland, but therefore for the large format machine. I assume you continue to pursue your strategy to enter the very large format still. That's correct? At the actual moment, we are evaluating the possibilities how to continue the very large format, because at the end, it's somehow a portfolio which is needed for the market. So far, the decision has not been taken how we will do that. Okay. By the thinking, let's say, as you find in the press that when Manroland outlined a little bit that it had problems to sell machines in China, that is obviously one of your strengths. If I put all the pieces together, I would assume there is a certain possibility to use your strong Chinese manufacturing base and at the same time expand your addressable market and your network. Overall, that sounds to me like a very decent and good strategy. Yes. This is 100% perfect fit, Manroland is having the biggest organization in China today, combining our organization with the Manroland organization, I think would enable the potential for us for further growth. As you are absolutely right, that we have a strong footprint in China, this will be even more accelerated with this transaction. We will have, of course, pretty half our focus on these markets, especially to China, to drive that growth. All right. Thank you very much. Thank you for your question. Waiting for another 30 seconds. Yeah, thank you very much for your attention and see you soon. Thank you. Bye. Bye-bye.