W as real estate and mortgage business, and 0.1 was financing platform. Okay. Expect as well in the second half of this year, a similar type of, let's call it tax returns, linked to investments that we do. Expect this to continue in the upcoming years, as long as German government provide this type of, let's say, subsidies for investing companies here in Germany. Thanks. Yeah. Let's say, the amount may decline. It depends on what is approved, what is not approved. In the first half of this year, there were a significant investment from the last years, which we got tax returns for. Right. Thanks. Hope this answers the questions. However, if not, Olivia, please come back. Do not hesitate to cycle back. The next one is from an investor from the U.S. Could you tell us a little bit more about the market share gains we have seen with Finmas in H1 2026? Any specific new innovative features which have supported that growth maybe? Yes. You are aware of this, that in savings banks industry, we are in a joint venture with Finanz Informatik, the centralized IT service provider of the savings banks. Together with them, four years now, we develop integrated solutions to bring Europace-based technology and marketplace technology and features to the savings banks. Currently we are in a rollout process of, we call it EFOS. It is an integration of the marketplace feature in the solution of the Finanz Informatik for mortgage applications within savings banks. The main shift will be actually in the third quarter, when not on the application-by-application basis, the user of a savings bank is deciding if he or she uses Europace feature to compare products for a given application. Starting in autumn, a savings bank will centralize, decide if this feature is obligatory for all applications within the savings bank. Not on a case-by-case basis anymore, but the new world starting in third quarter, it will be a decision of the savings bank for their whole business. This will boost our penetration of the savings banks industry with Europace technology. Okay, thanks. It is more kind of opt-out decision instead of the Yeah, it is an opt-in for all users of one bank and not a single user decision anymore how to act. Yeah. Okay. Yep. Right. Great. The next one is from another investor from North America. Can you please help us understand the end market growth underpinning the guidance range for the year? Let's say, we said already in the guidance that there is a positive or potentially negative impact from a market side for our EBIT guidance, from - EUR 2 million to +EUR 10 million. And, let's say the underlying expectation is that we see a slightly declining or a single-digit percent growth of the mortgage market. Plus there are some other markets as well, which are relevant to the overall group performance as well. So you can say roughly, when you just look on the mortgage market, in roughly at 10% between the top and the lower end of our market expectation. Right. Thanks. There is a follow-up. Can you please tell us more about the deal won by Corify? Deal won? The deal. Deal. Deals won. We have- I am sorry. Okay I think it's just the census by how I assume, because we have a strong increase of the volume, so it's 81%+. If there are any big deals, I think this is more the question. Yeah. Corify is over the last now 18 months, you can say, gained confidence of, let's say Sorry, I'm not sure. Maybe we have lost Ronald's connection here. I'm pretty sure not Ronald himself, but the connection, obviously. We will wait a moment, and hopefully he will be back. Okay, he will be back in a moment. In the meantime, don't hesitate to raise any new questions. Okay, sorry. And we will forward this. Hey, welcome back. That is a bug, I would call it here, that I have to switch off my phone that not accidentally in between. Here is the opinion, I should use my phone to connect here. Yeah, okay. This happens with. We switch. Yeah. This happened again. Okay. No worries. We stopped at Corify, so the last 18 months, yeah. Yeah. That we gain confidence and sign contracts with mid-single digit number of relevant insurance brokers in this industrial insurance space, and which are now step by step migrating with their portfolio and their client base to Corify. There was nothing extraordinary in the second quarter, just one or two more which migrated another part of their business. All in all, I would say we are still in some kind of a beta testing phase, but we gain confidence and our partners gain confidence that Corify is the solution for this market. Right. Thanks. In the meantime, there is another question regarding the insurance platform. Therefore, maybe we have to give a little bit more context about finding partners and so on, because the question is: does this momentum, this positive momentum of insurance platforms change our desire to find a partner for this business? Maybe you can give a little color on this finding a partner topic as well. Yep. Yeah. Let's say in general, we changed our strategy now four years ago with the massive change in the interest environment and our profitability that we saw that to break through in the insurance market, the necessary investments cannot be done just out of Hypoport's cash flow. So let's say we optimized the business model, stripped down our expenses, and are now, I would say, on a healthy way of growth. Just this growth will not lead us to a market dominance in a short period of a couple of years. Let's say this is not going to bring us where we are with Europace in the mortgage business. But we want to get there, and we are certain that insurance market needs platforms like us. We are constantly in evaluations and talks with potential strategic partners to speed up this process and partner with the right, let's say, with market leading entities here. So does the current performance change something in this? No. Even when we see that our success is increasing our attractiveness for strategic partners, we do not see that without them, that we are able to achieve a market standard role here as we did in the mortgage business. Yep. Okay, thanks. I hope this clarified the question. If not, please come back. As a reminder, just type your questions in the chat, or if this, however, because of technical reasons, is not allowed to you because of your IT security organization, you could just write me an email and I can forward this to Ronald or highlight this here as well. The next question is coming also from an investor from the U.S. So the question is: how, if at all, has AI impacted your Europace business so far this year? Any updates on potential MCP offering or partnerships with large AI companies? Okay. Affected with, let's say, intensive change in how we develop Europace and with a lot of ideas, early implementations, products in a better stage to enhance the Europace experience for users with AI-based features. This is what happened. We are in contact regarding MCP service for the personal loan business, not for the mortgage business for now. There's, let's say, nothing to announce. Regarding, let's say, flow of business for now, we are technically prepared, and we are focusing on features where we see a short-term monetization option along our current customer base. Okay. The next one is a little bit harder cut to capital allocation. How would you describe your capital allocation priorities at the moment between CapEx, buyback or M&A? These three topics, CapEx, buyback or M&A, which one is rank one, two, three? Actually, I would say, yes, rank 1 is buyback. We don't see that we should invest more right now than we do already. So not more CapEx. Let's say steady level of CapEx and getting better in execution. We don't see that M&A is a feasible option right now because our current level of complexity is high enough. Not saying that it's a no-go area. If I would say the right team or the right product would come by, but it's not our focus at all. I would say number 1 is buying back shares, if possible and applicable. Yep. Right. That seems that was the last one. As a reminder, once again, please type in your questions or write me an email so I can highlight this here. This next one, which is also from an investor side, following up on the question before, is there a reason why we haven't seen a buyback in Q2? As I said, it would be our preferred options if applicable, and during Q2, we couldn't do any buyback because of ongoing non-disclosed, let's say, projects. Right. The next one is coming in. Switching back to Europace. How is Europace One initiative going with the regional banks? Yeah. Okay. Maybe- Let's say Europace One First, what is Europace One exactly? Europace One is our subscription model to get enhanced, typically AI-based features in Europace. A bundle of features along the value chain. We introduced this roughly a year ago to the broker segment of the market, and are in the mid hundreds of subscriptions here by now. To answer this question, even if it was not asked by now, let's say, see some potential, see still a lot of potential in speeding up this process of gaining here subscriptions. We are not fully happy with the progress we have here in the broker segment. At the end of the second quarter, we introduced this as well to our banking partners. In their branch networks, with a slightly different pricing model. That's transaction-based, not subscription-based. We sell it there for a higher transaction fee. Let's say the sales process started roughly two months ago, and we got the first signatures by now. It's still too early to judge on the success with the regional banks here specifically. Yep. Great. Thanks. Hope this answers the questions. However, if not, please follow up. The next one is could you comment on the individual loss-making business units for the remainder of the year? Yes. Let's start with VALUE AG and real estate and mortgage business. We expect positive contribution on EBIT level for the second half of this year. So effective break even for VALUE AG. With a successful first half of the year, we are confident that we will reach this. Next is Dr. Klein Wowi Digital AG with WOWIPORT as an ERP solution for the housing associations. Here we are still in an investment phase and will have still a significant loss in the second half of this year. Let's say roughly EUR 1 million per half of a year is our run rate there right now, and we expect there break even in 2027. The last is Corify, as well with a declining loss level, but let's say getting closer to neutral in the second half of this year, still with a slightly lower confidence level because of the stage of this business model. We are there as well on a low level of investment. I think you are aware of this, it's early stage product and a pretty long sales cycle. But we see that we get closer to the point that we are as well willing to increase our investments again when the client base improved. Very clear. Thanks. There are two questions regarding mortgages, so I will group this a little bit here. The first one is specific on Deutsche Bank. You have described in further course that the decision of Deutsche Bank to give up market share was temporary, but it seems now that it's a little bit more permanent development, or a little bit stickier. What are the implications for Europace and Starpool, and is it right that ING seems to be benefiting out of this? I expect this decision to reduce the new mortgage volume to the current level is a tactical decision, and is something that is constantly reconsidered as well within Deutsche Bank. It's linked to capital allocation within Deutsche Bank and the question of the attractiveness of the German mortgage business relative to other operations the bank has. I'm certain that we see that Deutsche Bank will return when this, let's call it balance, shifts in the favor of German mortgage business again. I'm certain that this is something that we will all see still. So it's nothing that will take decades for Deutsche Bank. I got to know Deutsche Bank as a very agile organization when it comes to this kind of capital allocation decisions. Who profited from the withdrawal? I would say Deutsche Bank was serving especially complex mortgage products and had a strong position there. I would say most parts of the gains went to regional banks, not to ING. While ING was pretty successful in the last 18 months in the competition, but with a very standardized product. There took market share from others, especially as well from regional banks because of their lack of digitalization of their mortgage operation, where ING was simply stronger. Oh, now we lost Jan, maybe because of the same issue. While when you just look on the numbers, you could say that ING improved or increased their market share and Deutsche Bank lost market share. The real flow was Deutsche Bank lost to regional banks, and regional banks lost to ING in two slightly different areas of the market. Thanks, and sorry for this. Yes, it was just some issue with the camera. The next one is still with mortgages, but let's stay with the private banks. Any process of acquiring any new customers in this segment, so to the private bank segment? Yep. Unfortunately the private bank segment in Germany is small. We saw in the first half of the year a new announced market entrance. This is Targobank, backed by a French banking group, as you know. Targobank decided to use Europace for their operation here. We wish Targobank all the best and hope that they achieve their goals in the market in the upcoming years. Our technology was the right choice for this. Beside this, nothing we are able to disclose for now. We would be happy to see more European banks entering German market because it's attractive, as ING shows, that when you have a very digital approach, a good funding, then you can easily build a strong position in the German mortgage market. There's a lot of space left here. Okay. Very clear. Thanks. And thank you from the U.K. investors regarding your answer to the Deutsche Bank, just to direct this to you as well. The next question is on mortgage market, a little bit more overall. Are we expecting still a wave of higher refinancing activities in 2027, 2028? Yes, we do. We expect to see a vital refinancing market starting in 2027 because the current level of refinancing is, let's say, unsustainable when you look on the portfolio volume of German mortgages outstanding. Mm-hmm. Okay. They need to be refinanced. There is no other way. Exactly. Right. Okay. I do not see any questions regarding mortgages or Europace, so let us jump to the next topic, which is a little bit more high level, I assume, because the question is pretty short. Why is EBIT growth Q4 weighted? So this is the question that Yeah. Yeah, I am also not sure. This is just what I can read here, but my interpretation is why we are expecting a strong Q4. Ah, yeah. Okay. If we are right, please correct us, but maybe this is a good start. No, let's say we saw this in the last years, that Q4 always delivered a certain level of outperformance. In some business model it is pretty obvious. So everything what is linked to subsidized loans and other tax credits and similar things regarding the Mittelstand business of REM CAPITAL AG, so financing platform. It is heavily linked to year-end closing of the subsidizing entity and as well from this planning process and, let's say, project planning process of German Mittelstand, a major part of this business is done in the fourth quarter. We saw as well some cyclical moves in housing associations and, let's say, often in the last quarter as well in the overall mortgage market business, we see some, let's say, certain developments of shifts in volume with impacts as well. Let's say, the certainty of high commission events which influence in the last quarter profitability are allocated there because then it gets certain that certain trigger events for certain commissions are reached in the end. Mm-hmm. Okay, thanks. Hope we got this question right. If not, however, please come back to us. The next one is regarding mortgages and interest rates. So it is: Given the level of interest rates, do you foresee banks offering concessions for refinancing? Yeah, let's say it is very difficult concession for refinancing. Yeah. Let's say, normally banks try to refinance the mortgages which are already on their balance sheet with a higher margin. Typically it's because of the stickiness of this product banks try to earn higher margins out of refinancing. And the job of especially mortgage brokers or other banks using Europace is to convince the client that shifting to another bank saves so much money that it's worth the work and the hassle to do this. In this context, the word concession doesn't fit really. I could just guess if it's about when we see higher mortgage rates than the original the loan to be refinanced had, if banks could be willing to lower the mortgage rate to reduce the burden on the consumer level. I don't see this actually as a relevant issue in Germany. Let's say the rates and the included repayment part for mortgages which were underwritten in the low interest rate environment of 2016 until 2022 secured that even with higher mortgage rate, and this is what we see right now, something around 4%, there's no issue for the borrower to handle this increase in interest rates. I don't see any default risk for banks or any need for concessions regarding the mortgage rate for banks here in Germany in 2027 and onward. Okay, thanks. Hope we got this question right. If not, please come back. The next one is a little bit more specific to financing platforms and Q2, so not H1, but in Q2 in special. What was the reason of the 12% jump in operating expenses in financing platform in Q2? Yeah. We had this question already in a German call. This is, let's say, it's a short period. Let's say we had a user conference of WOWIPORT, which was the largest ever and the most expensive one ever, and we do this once a year. And this triggers a couple of hundred thousand euros extra cost, one time up to the next user conference and some other, let's say, small extraordinary payments. Nothing recurring. It's not a trend to increase cost in this segment significant. It's linked to a very short period, and in the end, a smaller segment as well you are looking at. Yeah. Thanks for this. I would call it normal volatility on the cost side. In general, we are very strict in our cost management. Correct. I think at the moment I don't see any additional questions, also not in my emails. Once again, as a reminder, please type your questions into the chat, or you can highlight this or share this via email with me. I'm just browsing if I missed a question. It doesn't seem so. Let's say you are willing to answer questions as well outside of the call. I'm pretty sure, yeah. Investor relations sometimes do all the day. It seems that there are no additional questions. We wish all the best to you and have a great summer, the rest of the summer. Thanks for this call. We hopefully see you in conferences in autumn and on the next days. Thanks for this Q&A, Ronald. Yeah. Thanks everyone for join. Have a good rest of the day. Yes. See you in three months, yeah. Yep. Bye-bye. Bye.