Good morning, ladies and gentlemen, and welcome to the Jenoptik conference call regarding the results of the Q1 2024. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Dr. Stefan Traeger. Thank you very much and a very warm welcome from our end here to our Q1 earnings call. With me today, as always, is our CFO, Prisca Havranek-Kosicek. Prisca will dive into the numbers in detail during the presentation. Jenoptik delivered a very solid Q1 2024. We have seen strong revenue growth and profit margin expansion, primarily driven by our Advanced Photonics Solutions division, but also by a rebound of our non-photonic portfolio companies, actually. So sales growth is very strong, profit margins expansion. Order intake has been down versus prior year, as anticipated, on a somewhat softer than expected demand in some of our businesses, particularly in the non-photonic portfolio companies, and we will detail that later on in the presentation. We do expect demand to pick up even more in the second half of 2024, important for us in order to deliver the mid-term guidance for 2025, and we are going to expand on that in the presentation as well. For this year, though, full-year guidance, we confirm our guidance for this year at this point in time. Just on a very sort of important for us operational note, we continue to successfully execute on our strategy of gaining more share of wallet on our key customers, in particular in the semi industry. We managed to win another very important project in the semiconductor business. As you know, often we cannot talk about those things. That's the case here as well, that we cannot tell you customer and project, but we just wanted to basically reiterate that we're continuing to execute on our strategies to expand on our key markets, to expand share of wallet with our key customers. So we're well on the way in, as I say, execution of our strategies. So with that, let me turn the floor over to Prisca. You were going to detail the numbers for us. Thank you, Stefan, and good morning to all of you in the call. We have delivered a solid set of numbers in the Q1 of this year, and I would like to now cover our performance in greater detail, as always, starting with order intake and order backlog on page six. Q1 order intake came in at EUR 242 million, down about 15% year-over-year. As Stefan indicated, we saw robust continued demand from our semi business, while order intake in our optical test and measurement business, as well as in certain life science and medical applications, was lower than expected. Order intake at our non-photonic portfolio companies has been substantially down compared to Q1 2023, primarily due to project delays in the automotive industry. As a result, our book-to-bill ratio on group level has reduced to slightly below one, with our NPCs representing the main driver here. Now moving on to order backlog, which remained on a continuous high level overall. The slight decline of 2% year-over-year is mainly attributable to the situation around our NPCs, as I mentioned before. We expect to convert roughly 77%, or in absolute terms, around EUR 560 million of this backlog into revenue within this fiscal year of 2024. Now turning to revenue and profit development on page 7. Looking at the left graph, you see that our top-line development remained strong, with revenue up by around 9%. Again, we had no effects from portfolio changes, so this growth is purely organic. Also, foreign exchange fluctuations had no meaningful impact on the top-line development in the quarter, and the main growth driver in this period was once again our Advanced Photonic Solutions division, which posted low double-digit growth, followed by our NPC segment, where revenues were up at a high single-digit rate. Moving on to profitability on the right side of the slide. As you can see here, we've improved our profitability, and the strong top-line growth converted into substantial profit and margin improvements. Group EBITDA came in at EUR 44.5 million. EBITDA margin was up markedly by 180 basis points, mainly driven by scale effects. I would like to add here that Q1 of last year represents a relatively low comparator, and therefore the level of margin improvement seen here in the quarter is not representative for the remainder of the year. However, looking at profits from the divisional perspective, the main contributor in absolute terms was again the APS division, as well as our non-photonic portfolio companies. And Stefan, as you know, will talk about our divisional performance in greater detail later on this call. Now moving on to page 8. I would like to give you a little bit more color on the drivers behind our margin growth. We saw gross margin approximately 40 basis points down year-over-year, which from a line item perspective was influenced by higher depreciation. Here, I expect less of an impact over the course of the year since Q1 isn't usually our strongest quarter revenue-wise. Looking into functional costs. As you can see here, we remain disciplined in our OpEx despite general labor cost inflation and our continuous investments into R&D. As a consequence, functional costs are growing at a lower rate than revenue. Our other operating result improved year-over-year on the back of firstly lower FX losses, as well as a minor gain relating to the sale of a non-core real estate property. Moving on to the EBIT line, you see a marked increase in both the absolute terms as well as the margins. Further down the line, our financial result was at negative EUR 4.8 million compared to negative EUR 3.5 million in Q1 2023, primarily due to net negative impacts from exchange rates. Finally, EPS reached 0.27 EUR per share, up around 29% versus prior year. So overall, we reported a very solid set of earnings in Q1 2024. Turning to page 9, looking at cash flow and balance sheet data. Starting with cash flow. As you can see, our operating cash flow pre-tax did not quite reach the outstanding prior year figure since we had some working capital-related cash outflows in this quarter of this year opposed to inflows in the prior year period. This primarily related to levels of advanced payments between this year and last year. As a result, net working capital intensity increased slightly year-over-year but was stable versus Q4 2023. We are continuing to invest in our capacities, as you know, with our new semi fab in Dresden being the most important project. For the quarter, our accounting CapEx was at around EUR 20 million, slightly lower year-over-year because of phasing impacts. And from a cash CapEx perspective, we see a reduction of around EUR 3.5 million year-over-year, as for example, lease agreements are not reflected here, and we have recognized a small inflow from the sale of a real estate property relating to the NPC segment, which I've mentioned before. Overall, net debt position has slightly reduced versus end of last year, as has our leverage, which now stands at a comfortable level of 1.9 times. And with that, let me give back to Stefan to cover our distributions and the outlook our divisions and the outlook. Yeah. Thank you. Prisca. And let's start, as always, with APS. And so if you follow me on page 11 of our deck, please, you do see that APS delivered a really very strong Q1 this year, pumping out a product like a well-oiled machine, actually. Posting EUR 200 million of sales in the Q1 is a very strong result of APS from an operational perspective. Margins are still very strong. The increase in EBITDA to now EUR 40 million in the Q1 is primarily driven by volume. The margin in percentage is essentially at last year's level, 19.7% versus 20% last year, so essentially at the same level. You can see that the order intake is somewhat down by -6.7%. Nevertheless, book-to-bill is still essentially at 1, 0.99, so just a tad below one. Important to note that the demand and the order intake in the semiconductor equipment sector has been robust. The decline in order intake the somewhat declining order intake is predominantly driven by our OTM business, mainly TRIOPTICS, and some certain applications in our life science and medical sector to do with some laser business. Overall, I'd say, again, APS, very strong result, nice double-digit sales growth, strong margins. Order intake somewhat down, but not in the semi industry, more in the OTM and laser business. If you go to page 12, our SMS or SM Smart Mobility Solutions business, we have a bit of a mixed picture here. You see that order intake is significantly down. Now, that is in a project business not too unreasonable. It is significant, though, with -24.3%. But again, that is to do with missing projects that we have posted this Q1 last year, so the comparator has been skewed. Nevertheless, we still have a book-to-bill which is significantly above one. So even with the decline in order intake, SMS has been growing backlogged in the Q1 of this year. Sales are up by 4.6% to now EUR 24 million in the Q1. That's a good result. EBITDA is now positive but still around zero in the Q1. So that does need improvement in the quarters to come, and we fully expect that to improve in the Q2 and in particular in the second half. So by and large, SMS, as I say, mixed picture. Revenues is up, which is good. Book-to-bill above one. Keep in mind that Q1 last year has been a bit of an outlier with large projects being or orders for large projects being posted last year, and EBITDA, we expect, will further improve throughout the year. Now on page 13 and NPC, and here we do need to explain the order intake pattern a bit in detail, I believe. So you do see that the order intake is significantly down to now EUR 14 million last year, EUR 30 million. That's to do with, in particular, Prodomax and with a shift in the North American automotive industry. In the US, there has been a strong sort of shift for postponing certain projects in the e-mobility sector, and that led to our customers reshuffle their projects. So it's a temporary effect. It's not that sort of the demand is gone entirely. It's just a reshuffling of the projects, which resulted in Prodomax basically not posting any orders in the Q1. So the order intake at Prodomax is essentially at just a tad above zero in the Q1. And again, that's and it's important to clarify that. That's to do with reshuffling of projects at our customers in the Q1 in reaction of a shift in the automotive industry in North America from e-mobility back to more combustion engines now. So we expect that to bounce back in the Q2. We will see order intake in Prodomax growing again in the Q2. Revenues are up by 9.4%. That's a strong result. And I think it's very nice to see the rebound of the EBITDA figure. Profitability in the NPC companies is good. EBITDA increased significantly with a margin in the Q1 of 17.1%. We're really happy with that. You do see that the efforts in NPC to basically restructure that business and bring it back to a profitable business is paying off now, and we're very happy with that. So again, order intake, temporarily effect, predominantly or actually entirely Prodomax, to do with shift in the auto industry in North America, expect that to bounce back in the remainder of the year, revenue up and margin expansion. Very happy with that. So if you take a look together on page 15, you see our outlook. And we basically just confirm our 2024 guidance. We do expect revenues to grow in mid-single-digit percentage range. We do expect EBITDA to expand to or to come in between 19.5%-20%, including expected negative impact of approximately half a percentage point for the move to the new site in Dresden. We talked about that in earlier calls. We do expect capital expenditure slightly higher than in prior years. Last year, it had been at EUR 110 million, so in that range, slightly higher than that, but I mean, we're not talking EUR 200 million here. With that said, let me press the pause button here, and we're happy to answer questions that undoubtedly you will have. Thank you very much. Ladies and gentlemen, if you'd like to submit a question, please press 9 followed by the star on your cell phone. If you want to withdraw your question, please press 9 followed by the star again. Please press 9 followed by the star now to submit a question. The first question comes from Craig Abbott from Kepler Cheuvreux. We lost him. The next question comes from Adrian Pehl from Stifel Financial. Hey. Good morning, everyone. I hope you can hear me well. So a couple of questions, actually. On Prodomax, I mean, given that this shift is happening, just to understand the basics again of that business, I mean, the shift back and forth from e-mobility to combustion, is that, in principle, a net positive for the business, or is the shift to combustion engine now something that we should think of potentially negative? And what does it mean for the current process of disposal of Prodomax? And then on the Q2, I mean, I know you don't give any quarterly guidance, but obviously, in the press release, you are referring still to some weaknesses in some parts of the business. I mean, probably this is also referring to TRIOPTICS, I can assume, in advanced photonics. But should we still assume, however, that usually you have higher sales in the Q2? So is that that's going to stay, or should we brace for, let's say, Q2 being about in line on the top-line level with Q1? So any comments on that would be really helpful, and then I might have one or two follow-ups. I'll take this. I'll take this too. So on Prodomax, just to explain one more time because you're right, Yars, for the sort of the fundamentals here. For Prodomax, it doesn't actually matter if the engine is combustion or electric drivetrain. It doesn't really matter. Prodomax produces production streets for body-in-white, for the chassis of the car. It doesn't really matter what type of car it is. The shift to now sort of postponing the projects in e-mobility means that basically now combustion engine projects have to come in. Again, for Prodomax itself, it doesn't matter. It just means that projects have to be reshuffled. So now projects that were planned for later have to be brought in or sort of jumped the queue earlier in the line, basically, which led to this, yeah, no order intake pattern in the Q1. So it's not a fundamental problem. It's a temporary effect of projects getting in line or rather not in line for order intake. There is a positive effect, though, with, yeah, more combustion engine demand for HOMMEL ETAMIC. HOMMEL ETAMIC is actually depending more on combustion engine than on e-mobility. So if that trend continues, then that's helpful for HOMMEL ETAMIC. For Prodomax, as I say, it doesn't matter. It's more a temporary effect of shifts in projects. On the second question of Q2, I think we're typically H2 skewed, so we're more sort of back-loaded in sales all the time. So in the second half, we always have higher sales than in the first half of the year. On Q2, I don't think there's any particular pattern shift or anything. I think the Q2 is as you pointed out, we're not giving guidance on quarters. But in terms of sales, we don't see any deviation from the pattern that we typically have in Jenoptik. And again, our year-end or our second half in terms of sales is actually always stronger than the first. I think there was one year of exceptions since I'm here, but other than that, we always have a much heavier second half than the first half in terms of revenues. Yeah, sales, net sales. That's what we're talking about. Sure. And then actually, just very quickly, housekeeping on the financials. Prisca, you say that actually the result was up due to FX predominantly, but I was wondering, on the interest cost side of things, are we on a level where we should think of that is going to prevail throughout the next couple of quarters, so no change to the upside on interest cost, if you want so, in general? That's my first question. And the second follow-up is a bit on the CapEx side of things. So obviously, phasing looks like that we go for, what is it, EUR 35 million per quarter on average for the next couple of quarters. Is that the right way of thinking about it? A question linked to that, going into 2025, I had the impression that when I was speaking to investors, that the narrative was that we should not expect CapEx to come significantly off in 2025. Is that something that we should factor in here? Thank you. Thank you, Adrian. Yes, of course. I'll take those three questions. So maybe starting on the interest. I think you're right. We think we've seen the highest point in last year, so we would expect a moderate reduction. But of course, keep in mind that in our financial result, there's also FX impact in there. But if you just ask about the interest, then I would assume that we have seen the highest level, and I would see a small leveling off. I hope that answers that question. Yep. It does. On CapEx, obviously, we're not guiding on quarter CapEx, but I think I tried to say that in my remarks. It's phasing impact, and we still expect to come to our guidance of slightly above previous year, 2023. And that is driven mainly by Dresden, so I would expect CapEx to have some volatility by quarter, but overall to increase in a step up towards the end of the year. For 2025, I mean, how should we think of the process in general? Well, obviously, you're building the fab. You're moving first equipment in, but then you probably, depending on loading, move more equipment in, and that keeps CapEx up next year, or what's the rationale on how to phase the ramp-up there? Yes. Let me take that one as well. As you will remember, at the Capital Markets Day, we said after this one-off project of Dresden, which the major impact is in this year, we see CapEx to generally level off towards maintenance CapEx levels, and we will see that. However, we've also said that we will see gross CapEx, particularly driven by the semi-business, also in 2025 and beyond. We also mentioned that there will be some infrastructure-related investments that we will have to take also in 2025 and beyond. So those are the two levers, basically, up and down, but overall, we expect CapEx to reduce after 2024. Right. Okay. Thanks for that. Jumping back into queue. The next question comes from Martin Jungfleisch from BNP Paribas. Hi. Good morning. I have two questions, mainly, on the APS side. So first of all, would you say that orders in APS, they have now troughed at this level, and would you expect improvement from here as the visibility is relatively limited? And then the second question is relating to the 2025 outlook. At what point, when orders in APS don't pick up, would you consider the 2025 revenue and particularly margin guidance at risk? Do APS orders need to be above, I don't know, EUR 250 million or so in Q3 or Q4 to make it, or would a pickup in the Q1 of 2025 also be sufficient? Thank you. That's an interesting one. So in terms of order intake of APS, yeah, I think we do believe that it's going to come back or bounce back in the second half. That's what everybody indicates and our customers indicate. And therefore, I think it should come back to even stronger order performance in the second half. But again, don't take that as a guidance. We don't guide on orders in a quarter-by-quarter fashion. And on your 2025, I mean, we're going to cross that bridge when we come to it. At this point in time, we have no reason to have doubts on our 2025 guidance. Of course, as we always said, it does require a strong semi-business, and all the indications we have from our customers is that semi will be strong in 2025. There will be a ramp. At least, that's what we've been told by our customers, and we have no reasons to doubt that. So we stand by our guidance for 2025 at this point in time. Cool. Thank you. But just coming back on the trough level, would you say that the Q1 now, in terms of the EUR million orders in APS, is some sort of trough level, or is it nothing you would control? Hello Martin. I mean, I don't have a crystal ball. I don't know. To be honest, I don't know. We hope. We think. Can we promise? Of course not. We don't know. But yeah, we have no reasons to believe, as I said earlier, that orders are not going to improve in the second half in APS. That's what our customers are telling us. Great. Thanks a lot. The next one is Michael Kuhn from Deutsche Bank. Good morning, everyone. I'll start with a follow-up call, as you just touched on customers indicating, let's say, pickup in demand. How specific are those conversations for now, and are you, let's say, moving into more precise conversations there, especially in the semi-space, but also in medical, where I think the Q1 reporting season was kind of mixed, and there were some weaknesses in one or the other area? So maybe semi and medical, a quick update on customer conversations, as you speak. Yeah. And that's a good point. Those conversations are more sort of precise and tangible in the semi-area. Here, we have a clearer picture, better sort of visibility, simply because we have more, yeah, more link into our customers' funnels and more visibility there. So in semi, all the household names are telling us, "Hey, be prepared. 2025 will be a ramp." So be prepared, and we're telling our customers, "Hey, customer, if you need product in 2025, you need to order in the next few months. Otherwise, we cannot deliver in 2025." And those are the conversations that we have in the semi-area. Medical is a bit different. You're right. There is a mixed picture. Some of our customers, particularly DNA sequencing and other applications, are a bit sort of in more shaky territory. So that's sort of the lesser specific guidance, lesser specific discussions. On the laser front, we have continuous weakness here. There is, by and large, I'd say, almost like an oversupply in the industry for those specific lasers at the moment, overcapacity, and we have to see how we deal with that. Very clear. Understood. And then second question, as you also mentioned, Hommel, and Hommel benefiting from, let's say, a little revival in combustion engines. At the CMD, you mentioned the structure of Hommel with a fab in France that probably fits your setup a little less well than the factory in Villingen-Schwenningen. Have you made, let's say, any progress over recent months in rethinking the structure of Hommel and, let's say, creating scenarios how to transfer it into the future setup of the group that you want to reach? We're working on that. We do have certain scenarios, certain options that we work on, elaborate, but you will understand that at this point in time, we cannot communicate that in public. Understood. I guess the same is true for Prodomax as well. Two different reasons, but yes. Rationale is different. Reason is different. One is to do with labor law and our own people, and how we deal with them, and the other is to do with the running process. All right. We'll wait for the relabeling into discontinued operation then. Thank you. Thank you very much. The next question comes from Lasse Stüben from Berenberg. Hi. Good morning. I just want to come back briefly to your comment on the orders in NPC. You mentioned that it's a temporary delay with the projects in the U.S. Can you just give some more color around the timing? Because it sounds like these projects take some time to shuffle around, so I guess it's not a matter of just one quarter. So I'm just trying to get a feel for, is this more than a 2025 story, or should we already see near-term, I guess, recovery in orders here? Thank you. I guess the best way to answer is we did get a large order in April. Okay. Got it. And then you mentioned the restructuring. Clearly, the margin profile is looking very healthy. Is this the kind of run rate where you feel comfortable, the sort of 17%, or is there anything we need to be aware of kind of within the quarter with it obviously being project-based? So sometimes there are quarterly effects. There is a small one-off effect, but less than EUR 1 million. Basically, we sold the property, and sort of there was a bit of a book gain of EUR 800,000. So it's very small. But yeah, just to be fair, there has been a one-off effect in the EBITDA figure of, yeah, EUR 800,000. Nevertheless, if Prodomax can continue to produce sales as strongly as they can at the moment so in other words, if the demand, the projects do come back, as we anticipated, and again, as we have seen in April already, then we should be able to see that type of margin throughout the year, I think. Okay. Great. Thanks very much. The next question comes from Malte Schaumann from Warburg Research. Yeah. Good morning. First one is also a follow-up on Prodomax. When we have seen the short-term impact from reshuffling of projects, you had the large order in April you just mentioned. Do you see customers with certain projects taking longer time to really think how they should proceed than going into 2025 so that overall order intake volumes or project volumes remain a bit subdued to the uncertainty in the market from the shift towards combustion engines? I'm not quite sure if I got the question right, but if you're basically asking, is this an ongoing effect, or people? Yeah. So I think that effect lasts a bit longer than maybe a quarter. Yeah. No, I don't. Well, look, I mean, obviously, again, none of us can really predict the future, but I don't think so, actually, because, again, it has been to do with really very specific. So let me maybe try to let me backpedal somewhat. So Prodomax takes orders only at the point in time when they know they can deliver. So when it's all planned through and the order intake so the whole production for the years laid out, and when they know at what point in time they can produce, and they can finish, and they can ship. So it's basically the whole production floor is planned sort of more or less for the year. Now, if somebody says just before sort of taking that order or before Prodomax books that particular order into its books, if somebody says, "Whoops, stop," in the middle of the conversation, "Whoa, we have to press the pause button on that particular project," Prodomax cannot, within a matter of days, take another order or another project and book it as an order intake because, again, that's the whole reshuffling in Prodomax's production cycle. And that's exactly what happened. So it's to do with very specific projects from a very specific customer, and that customer said, "Whoops, press the pause button on two very specific projects," and Prodomax cannot, within days, take another project out of the funnel and book it as an order because before they do that, they have to reshuffle the production plan. I hope that does explain it somewhat. I know it's a bit sort of complicated, but essentially, that's what it is. So they have a production plan throughout the year, and to change that is not a matter of days. It takes replanning of our own production plan. And only once that's all done, Prodomax books the order out of the funnel of projects they always have. Okay. Just a clarification, do you see more customers kind of hitting the pause button on a number of projects, or has this really just been one specific project, and then you felt the impact in Q1, and the rest should be relatively okay in the remainder of the year? This Q1 effect has to do with a very specific large project of a U.S. automotive car manufacturer. That manufacturer has postponed a whole platform, e-mobility platform, by 3 years, 2 or 3 years. As a result of that, the first-tier suppliers to this car manufacturer have changed their project landscape. As a result of that, Prodomax can't book the order. Prodomax doesn't sell to the car manufacturer but to the Tier 1 supplier, and the Tier 1 supplier had to change its project because one specific large platform out of Detroit has been postponed by 3 years. Yeah. Okay. Understood. That's fair enough. Then on your new semi-project, I'm fully aware that you will not name any customers or so, but is that a project within existing customers that kind of the new customers, that a new technology, a new application you're in for, you're not optic, and maybe you can provide a potential revenue volume you might expect over time? I mean, there are almost no new customers in the semi-industry. We are working together with all of them. So it's an existing customer, but nice to note it's a classical optical. It's not micro-optics, so classical optical technology or classical sounds boring. How do you say that? Normal optical, not micro-optical, so I don't know. I don't know. Yeah, no factory. And you cannot give any specifics here, but we wanted to mention that because we always talk about the one big customer we're working with in the semi-industry, and yeah, we all know how important that one customer is. This is for another customer, and it's not micro-optics. It's not Dresden, but it's important for us to indicate, to share with you, with our analysts and customers and investors, that we're also working very closely with other semi-customers, and we can apparently be successful in winning projects also for inspection machines, for example. Okay. Good. Then, I mean, you already touched on lasers and some other applications. Did you generally see, I mean, there are certain areas of weakness. I mean, we talked about medical in the past, TRIOPTICS. Did you see any change in the general trend in any of these applications that have developed a bit more weakly than the others during the past couple of months? In particular, in lasers and here, we're talking about our laser diode factory. We have an ongoing yeah, I should say overcapacity in the marketplace, basically. It's not just us, but it's the whole industry. We have an overcapacity in that marketplace. That's to do with Chinese laser diode manufacturers becoming ever stronger and being pretty aggressive. We still produce what we believe are technologically very advanced laser diodes, but yeah, it's an ongoing trend, and we don't see that to get any easier in the next few quarters. So that's something that we are actually addressing actively. Maybe to add to that, just to add, we have seen—because you asked about other pockets. I would say if we exclude semi, Stefan has already talked about semi. We have seen a somewhat lower demand to some extent, also below our expectations, in other pockets outside of the semi business in the APS special space in particular. So just to sort of also add that flavor. Okay. Had that weak demand incrementally developed more weakly than initially expected, or is that kind of the same weakness we were seeing already maybe in the second half of last year? Yeah. I think that's very hard to pinpoint. As you know, we have multiple end industries in there, and we're continuously monitoring that. So I cannot really give you any nuance on that. We continue to monitor it. We have flagged it. And I think, as we also heard today in the beginning of the call, I think a very important assumption is that our demand picture and when I say demand picture in our business, that means order intake is going to be back-and-loaded this year. And this is a major assumption, obviously, for this year to a certain extent, but then also for the next year to come. So I just wanted to reiterate that again, that when we talk about demand in our picture, in our business, it means order intake. Yeah. Okay. Thanks. Next question comes from Craig Abbott from Kepler Cheuvreux. Yes. Hi. Good morning, everyone. Hopefully, it works this time. Yeah, three remaining on my side. One was you've mentioned in past calls and at the CMD in the summer, I think, that you're working on winning a new additional major OEM customer. And since you said you're servicing basically all major lithography-related semi players already, I would assume this would be non-semi. Maybe you could confirm that and give us an update there. And then I have two more quick questions, please. We're looking a bit positive here. I'm not quite sure if. I think you mentioned the IPS7 major OEM customers account for about 40% of your sales. I think we were told that you were confident in being able to, in the not-too-distant future, win an additional major OEM customer. Maybe I slightly misunderstood that comment. Could also be. So I think the way I would phrase it is that outside of the share of wallet growth that we still see in some customers in semi, we are expanding our share of wallet in customers in other areas, and one of them would be biomedical. And I think that remark was in the context of those. Okay. Okay. That's helpful. Thank you. Yeah. And I was wondering and maybe I partially missed this as well earlier. Could you maybe give us an update on how the project pipeline at TRIOPTICS with these augmented vision projects is developing? That's the second question, please. Yeah. Quick. No particular change there. We're working together, as you know, with a lot of major suppliers but haven't seen a significant order intake in terms of EUR double-digit millions or so for a project at this point in time this year, unfortunately. Okay. But it hasn't worsened either from the last call. Correct. Same date. Same thing. Okay. One final quick follow-up from the previous questions raised by my colleague. Regarding your remaining laser-related activities that are filling the impacts of these overcapacities, I mean, could you give us a rough idea of how large these remain, how significant they remain within the Jenoptik total sales? Thank you. Around EUR 30 million in total. Maybe EUR 40 million. 30 to 40. 30 to 40. 30-40. Okay. That's helpful. Thank you very much. Next question comes from Sven Kemper from Hauck Aufhäuser. Good morning. I hope you can hear me well. I had a question regarding smart mobility. He mentioned missing projects. Does this imply global customers or a specific area? When can we expect these projects to be realized? The second one, just from my understanding, in the US, you compete with Verra Mobility, if I'm not mistaken. Can you remind me briefly of the competitive quality within the segment? Thank you. Yeah. So on the first one, maybe to clarify what I meant to say, at least, has been last year, Q1, we booked a few large projects. I think it has been this biggest time, if I remember correctly. So a large project that we've booked last year, Q1, and this year, Q1, hasn't seen that effect. So the comparator has been a bit sort of skewed, if that makes sense. By and large, what's good in our smart mobility business is that we achieved the order intake pattern that we have seen in Q1 this year without major big projects. So it's just ongoing business, which is good. It makes for less volatility. So just to clarify that, the order that I meant was a large project, and we booked in Q1 last year. On Verra, you're right. Now, we're actually in full competition with Verra. Up until recently, we were still supplying. Verra has been, as you might remember, has been our distributor in the past until they bought a competitor of ours. Now, we're building up our own sales force there. We were very happy to report earlier this year that we won the first tenders and won the first sort of project there, and we're building up that business as a direct business now in competition with Verra, of course. But we believe that they have superior technology, or our cameras are just better. At least, that's what we believe. And the first wins in the marketplace seem to indicate that our customers see that as well. Okay. Thank you. At the moment, we have no further questions. I would like to hand over back to your host, Dr. Stefan Traeger. Okay. Well, thank you very much for being with us today. Again, in summary, I think strong Q1, obviously, in terms of sales growth, in terms of margin expansion. As already anticipated and indicated earlier, our order intake has been somewhat weaker than last year, but again, we anticipated that. We communicated that upfront. We confirm our guidance for 2025 and looking forward to delivering a strong Q2 and hopefully also a very strong H2 2024. Thank you very much.