Ladies and gentlemen, welcome to the JOST Werke SE Joachim Dürr 2025 visa conference. I am John, a polish collaborator. I would like to remind you that all participants will be in listen-only mode, and the conference is really cozy. The presentation will be followed by a Q&A session. If you would like to ask a question on the webinar, you may click the Q&A button on the left side of the screen and then click the Raise Your Hand button. For written questions, please click the Q&A button and then text and type your question. For operator assistance, please press the Operator Assistance button on the bottom left side of the screen. At this time, it's my pleasure to have with us Joachim Dürr, CEO. Please go ahead. Thank you very much, and a good morning from Lindenburg here in our headquarters, and a warm welcome to our earnings conference for the first half year of 2025 and Q2 of 2025. We had challenging global markets, but JOST was able to continue its growth plan, driven by the merger and acquisition of Hyva that we've taken, but also driven by some local market share gains. The Hyva post-merger integration is fully on track. The first businesses are being implemented, and the exit of the non-core cranes business has been prepared in the second quarter of this year. We have signed the sales and purchase agreements this Monday on August 11, 2025. We are also glad to report that we had some market share gains in agriculture in the APAC region and also in South America, where we were able to sign new long-term contracts with our agricultural OEMs. The market demand in Europe, Middle East, and Africa was stabilized in the second quarter, with order intake slowly increasing. However, the demand in the U.S. slowed down dramatically due to uncertainties faced with the tariff policy and the economic policy of the new administration. We've also been able to place the promissory note amount of EUR 320 million, and we're very happy with the effective conditions that we were able to obtain. Let's go to the financial highlights, and they show the resilience of our business model. Our sales in Q2 were up 31%, mainly supported by the Hyva M&A, and that already excludes the crane business that is considered operations that we will discontinue. The organic sales were slightly down by -3% compared to Q2 of 2024. The adjusted EBIT grew 10% to EUR 37 million, and the adjusted EBIT margin reached 9.5%. This was supported by a solid operating performance and also had a positive effect on the classification of the crane business as a discontinued operation. Hyva contributed positively also to an adjusted EPS in Q2 2025, on offsetting the sales-driven organic decline of the earnings. As a result, our adjusted EPS in Q2 2025 increased 3% to EUR 1.41 versus Q2 of 2024. Our leverage calculates to 2.78, which is temporarily above our target threshold of 2.5 due to the dividend payments that we have done in Q2 of 2025. We expect the target to be below the 2.5 threshold again by the end of 2025, end of this year. The free cash flow declined to EUR 5 million. That is mainly because of higher working capital. Driving factors here are the Hyva consolidation, the growing activity level in Europe, and also a stock increase to make our supply chain more resilient and to protect the supply chain, especially towards North America. Looking at the markets, the markets, as I said, were not supporting. You can see here that Europe, Middle East, and Africa on truck and trailers were slightly positive compared to Q2 2024. However, on tractors and hydraulics, we had a contraction. North America contracted significantly based on the uncertainties, mainly on the tariffs. APAC is, you know, if you want to say a mixed bag, with some light in the truck business, some shadow in the trailer business, and tractor and hydraulics more or less around zero. Within that market environment, we operated quite resilient, and that is also because we have meanwhile, a business model with a wide range of end markets and a wide range of products and customers. If you look at our sales by destination, we sell less than half in Europe, Middle East, and Africa, meanwhile, and the rest is distributed quite nicely between America and the Asia Pacific. If you look at the applications, you can see that a little more than half is transport applications and the rest is hydraulics and also agriculture, where we expect to grow to be beyond 20% also in agriculture in the future. Meanwhile, a very nice setup and a very resilient setup. With that, I would like to hand over to Oliver to give us some more details on the financial performance. Thanks, Joachim. As always, let's start with the regions and the industry regions. I will focus a little bit more on the isolated second quarter results, and then in the coming few weeks, focusing a little bit more on the two and half year results. Let's start with EMEA. As Joachim pointed out, we have seen the second quarter a slight uptake of demand. The recent quarter sales were increasing by 21%, which is of course driven by M& A of Hyva. All those numbers and all the numbers on the next slide, just as I wrote in the beginning, are on the crane business. If we do this without the Hyva impact and as code concurrency, we see an organic growth in the EMEA region by almost 4%. That's the case because both transport and agriculture demand have stabilized a bit through the second quarter, and the order books have gained some momentum. However, we need to point out the whole situation remains very fragile and it basically changes a lot from hand to hand. We need to really be cautious going forward in the future. However, the momentum is better than the week before. If you then go down to the EBIT, we also see that profitability compared to the second quarter last year has increased in the EMEA region. This is driven both from a slightly higher fixed cost absorption effect and also significantly by the categorization of the crane systems results. By that, the margin increased from 5.4% last year to 5.8% this year. A good signal is also that still it's the case that we don't use short-term work in the European plants anymore, which should help us also to release going ahead. If we then go to America, also here, Joachim mentioned reported wise, the sales are increasing driven by M&A to almost 8% reported sales growth. However, if you look on the currency, without the Hyva acquisition, we report minus 11% decline. This is basically driven by both. Transport Transport and the agricultural market are significantly down versus the prior year. The good thing is on the EBIT side, we still show with 11% a very decent margin within light of all the assets that we have there, which are not only the tariff discussions and then the underlying market downturn, but also the fact that we all know the US dollar has weakened a lot of the US currency, and that puts pressure on both sales and EBIT, as we pointed out here. That's why we are still at least 11% EBIT margin in this region. We also should note prior years, very high margins in America because it was partially driven by, I'd say, a second situation for two reasons. One is we had a very solid agricultural business in the second quarter last year. There's a very high share of agricultural front loader sales on the one side, and on the other side, we were benefiting from half declining material prices while selling prices remained very high because that material delay in material pass-through has not benefited last year. Overall, in light of the decline of the business in America, I would say we congratulate our teams there to a very solid contribution to overall results. If we then go to our third region, which is APAC, Joachim again, it's a little bit of a mixed picture here. The reported sales grew sharply by more than 100%, which is driven by the Hyva acquisition. Hyva has a very strong position in China, but also in India. Also here, I think through the acquisition sector and the FX effects, we see a decline of under 10%. That means, although China as a single country region is doing better than we anticipated from before, and that helps us also in the overall reported organic numbers, we see a decline of the activities in India and also in selective other countries, especially in Australia and South Africa. The U.S. has a very strong position on productivity of operations. When you look into the EBIT and EBIT margin in APAC, you see also almost a doubling of the EBIT numbers, which are driven by M&A. Despite the expected dilution of incorporation of Hyva, we see a solid EBIT margin of almost 40%. This is not only driven by, still a very good China business. We also see that the first synergies really are implemented and start to incorporate in those numbers. This is especially true in the APAC region. As you know, Hyva is in APAC, the biggest one so we would have expected anyhow that the first synergy starts to realize there. That's a lot of regions. Let's go to the goods. Overall, we trade a very solid result in light of all the topics around us here. The sales from continued operations grew by 31% in the second quarter and for the full half year by 28%. This is through the M&A, and it's - 3.2% for the second quarter and - 6.5% for the third half year, which means that especially the second quarter, we did quite well and were able to here and there, especially in the agricultural segment, benefit from market share gains, especially in the integration, but also partly in South America as well. That helps that with an organic decline of only 3% in the second quarter. We really did quite well in the overall economic environment here. When you look into the EBIT and EBIT margin, there you see it increased by almost 10%. The EBIT margin, it has grown from 5%. That's partially driven by the classification of the crane business as discontinued. Even if so they lost, we were close to 1%. We did a strong result, again, in light of the tariff discussions and so on and so forth. We still see overall that the direct tariff impacts are, let's say, as we always communicate this, probably in the range of a mixing and adjusting number. We still strongly believe that within the second half year, we should compensate here and there. However, as we always pointed out, the indirect impact from the economic downturn is that this is probably the bigger risk for you as a company. We see materializing that as the GDP economy is really at the moment slowing down. We need to see what that will bring for the second half of the year. However, also in America, we see a very strong customer demand. An extra slide that we don't know from before, just for your reference, we also show here the Bridge Quarter Regions and for the Tropic Group, how would sales numbers have looked like in case we incorporated the crane business as a continuous? This is not the case anymore. It's regarding the half-year margin. We see 3.956 increase and 9.1 increase in the future. A very solid development for us here. Fully in line with our expectations that we had at the beginning of the year. Next page is then our usual net income and adjusted EPS page reporting net income declined for several reasons to EUR 20 million. The biggest impacts here are for sure non-cash and pure accounting items for receipts resulting from the purchase price allocation that we do with the Hyva acquisition. On top, we have to incorporate special CTA items for 2025 driven by inventory stuff and order backlog credibilization that we need to do, which for the full year we roughly announced to EUR 20 million. There is a significant cost incorporated in those numbers. If we start from that EUR 20 million, add up the expense factors and the financial results, we end up with a reported EBIT of EUR 40 million. Next comes this circulation CTA effect on top. Roughly EUR 6 million of so far expense integration costs, more or less 100% related to the Hyva integration layoff costs, restructuring costs, whatever we do there. Fully in line with our expectation, we are then seeing an adjusted EBIT of EUR 73 million. You normalize the financial results and the tax rate, and you have this adjusted booking sum of EUR 46 million for EUR 3.06 earnings per share, which is definitely more or less the same like last year. That underlines somehow that yes, we see an organic decline that has a volume impact on our P&L, but on the other side, we had right from the beginning our positive contribution of the Hyva position into the full P&L. That's a quick update. I don't want to go into the detail of the slide that has been shown also with the Q1 personalization. It shows the acquired assets and liabilities as their value assessment at the date of the acquisition, normal for January 31, 2025. There have been some changes here and there because the valuation is still ongoing or was still ongoing after the Q1 reporting season. Now, almost panel two major topics have been incorporated, and we see then the result of the goods disposition. One is that we still start from the beginning of this year to do a referral as a negotiation of trademarks, which will be the Hyva trademark, but also the FPG trademarks. The details are also laid out in our half-year two report. The other effect is related to the classification of the crane business as a discontinued operation. Probably for that reason, we also have to anticipate the spend and do a value adjustment of FPG inventory of that business unit. That has been incorporated in those numbers. Besides that, it's just more or less. That was the balance sheet effect from the acquisition. If you go into the P&L impacts, most of them are already described. We have expensed roughly EUR 14 million of new CTA charges from the Hyva acquisition and on top, this roughly EUR 7 million inventory step-up CTA that I mentioned before. Fully in line with our expectations, slightly higher, but because we have not incorporated trademark declaration. I promised last time to give a quick outlook for the full year once these adjustments have been made, and that's basically on the last bullet point on the right side. We expect now for 2025 a full year net income impact from the Hyva CTA of roughly EUR 38 million for 2025. Going forward, 2026, probably around EUR 15 million. That's the basis of, or based on the latest valuation status. It's almost final, and we shouldn't expect any further material deviation from that figure. Next slide. Coming quickly to cash flow and also after that to our balance sheet KPIs. Joachim already mentioned free cash flow in the second quarter was suppressed by working capital stock pitch, especially driven by a slight increase of the activity direction in the year, and also the incorporation of inventory that we had to procure in light of the tariff situation and safety cost discussion. For the full half year, it means still EUR 49 million free cash flow. Sorry, I missed that for a moment. CapEx ratio stays low, below our target at the moment, 2.3%. We communicated that it could be in 2025 up to 2.9%. I mean, so once again, you see we are managing somehow also the situation. It's not that we are canceling let's say, smart projects. Whatever we can, whatever we need to do to improve our P&L goal for a year or two. However, in light of the economic totality and the factor situation, we do have to spend it, that's for sure. Also, when we look into the net working capital sector, we see that despite the situation that was described in the second quarter, within there and the safety cost discussions, we are managing a net working capital ratio of 7.5% at the end of the third half year, which is very low. Our full year's line is 8.5%, so we should be very safe for the year end also. If you then go to our capital figures, we also see a decrease from last year by 4.1% to 13% against fully in line with our internal models after the acquisition of Hyva and the EBIT has an impact also here on royalty. Nevertheless, the equity ratio is for two reasons at the moment depressed and has been gone down, which was end of last year down to 21.3%. This is based on the dimension and the financing of the Hyva acquisition for the expansion of the balance sheet. On the other side, as you all know, this was especially the effect from the second quarter. The devaluation of the USD versus the euro had a huge translation effect on our equity because we hold fixed positions in USD net assets. Our own USD, USD Iowa businesses, are denominated in USD, and that has for the full half year impacted almost EUR 160 million just due to the translation factor of non-cash, etc. However, it shows up in the equity ratio. We have to spend down even half of almost 3.5%. Without that, just for that, it's almost 25%, and then we will try to get up from 24%. Usually, leverage already mentioned by Joachim is at the moment at 2.78, also in line with the expectations. We already see a slight uptick of the leverage in the second quarter driven by the cash out of the dividend, nothing else this year. We stick to our target high end of this year to remain below 2.5 threshold. That's from my side, and with that, I think this is over this year. Thanks Gantzert. Let's see how we see the rest of the year. Looking at the markets, we're going through it, Europe, Middle East, and Africa. We see a slight market upturn like we've seen already in Q2 for the truck and trailer. You have slight contraction in sectors and slight uptick in hydraulics. Overall, I would say for Europe, Middle East, and Africa, slightly positive. In America, it will continue weak. We've had a very weak first half year, and we expect that the second half of the year will be more or less equally impacted by the uncertainty caused by the politics of the new administration, especially the tariff politics. In APAC, we see a little positive. There are a few positive trends, both stabilizing and slightly positive outlook for the APAC market. Based on that market outlook and based on a solid half-year one performance, we're happy to confirm our outlook for the fiscal year 2025. The numbers that I will quote here are for the continuous operation. Sales will be up 40% to 50% versus prior year. Last year, we had a sale of EUR 1.069 billion. Adjusted EBIT will be up 23% to 28% versus prior year. The same for the adjusted EBITDA. You see the numbers of last year here with EUR 113 million for the adjusted EBIT and EUR 148 million for the adjusted EBITDA. CapEx ratio, we are targeting 2.5% of sales, and working capital, we target to be below 18.5% of sales. Certainly the outlook for 2025, including the discontinued operations, also remains unchanged. I would like to add that we're probably at the lower end of that range right now because of the market contraction, but we're still very comfortable to confirm this outlook for 2025. Let's come to the summary. We believe we had a solid Q2 in the rough market environment, proving that our business model has become more and more resilient over the years. The Hyva PMI integration is well on track, and we're focusing on our core business and the Hyva core business to generate and to continue our corporate growth story. The disposal of the crane business has been successfully secured in Q2, and we've been able to finally complete the expected closing within Q4 of 2025. A slight upside potential for Europe, Middle East, and Africa, and also for our agricultural business. Certainly, tariff uncertainties will continue to affect America, and the rates in the market will also slow down the recovery in Asia-Pacific. Our local-to-local approach, our strong market expert worldwide, and our high customer diversification limit the impacts of those uncertainties, the tariff uncertainties, and the shifts in regional demand. It is very concerning for our overall strategy. As I said, we're happy to confirm our outlook for 2025. With that, I would like to thank you for your attention, and we're open for your questions and remarks. Thank you very much. We will now begin the question and answer session. In order to reach the slides for questions from the webinar, make use of the Q&A button on the left side of the screen, and then click the Raise Your Hands button. For written questions, please hit the Q&A button and then Text Button and type your question. If you wish to remove yourself from a question queue, you may press the No Worry Your Hands button in the webinar. Now for the question, make your up note. Our first question comes from Jose Gonzalez with Falco Factors. Please go ahead. Oliver, are you there? Yes. Can you hear me now? Yeah. Perfect. I got a few questions here. You mind I go one by one? Yeah. Okay. The first time is on regard, these long-term new contracts in agriculture. This sounds promising. Can you give us a reference of roughly of, how much this can contribute next year and the year after? I'll tell you a little bit about the background. For us, it's very confirming that our strategy to be global tier 1 for those global agricultural groups, be it CNH, be it AGCO, be it John Deere, that that strategy is being confirmed by our customers. We were able to enter into long-term contracts. You can calculate the size of those contracts, once they are active, as a low double-digit million number. Of course, there will be contracts running out, and there will be phasing in. I don't have a number, and I also would not like to share a number for the next year of what that new contract will be. But we certainly see our ag business on a very good path and also on a growing path, as I mentioned, because of those long-term contracts and also because of an underlying market that we expect to come back. Can we expect already low double-digit next year, or should we be prudent with the? Yeah, I would say you can expect that for next year. Amazing. On Hyva, it would be very helpful if you can share with us more or less the contribution in adjusted service, just to reconcile. Your vision and to have a better idea of how the synergies are impacting already. Maybe you can give us the synergy discussion. Regarding EBIT, I think last time we said forward that the run rate was around 6%, something like this, which is most likely higher than already last year. That has been confirmed in the second quarter. If you just exclude the crane business on a continued basis, it's already above the 7%, probably between 7% and 8% run rate of adjusted EBIT margin. Regarding the synergies, they are starting now to be in the environment. I would still stick to the calculation that we said the run rate of 2025 should be. Okay. Thank you. That's very, very useful. In fact, of organization you were commenting, I don't know why, I suppose that in the previous call, we commented about a potential of 20%. Could it be the case? Who would you expect once we are done? I'm just talking about the isolated effect in 2025 that is to be found in the P&L. We still stick to the range that initial target was about EUR 20 million. We somehow decided at last call to probably EUR 23 million or slightly more. I don't expect too much. There might be a slight impact downward from the disconnect with the crane business or either purchasing volume related to the crane business, but still definitely the run rate once we have fully implemented our synergy should be about the EUR 20 million, EUR 20+ million. That's the run rate at the end of 2026. That's what we're always in the communication. are no changes here regarding staging. Okay. The 20 is the run rate at the end of 2025? Right. '26. '26. Okay. Perfect. On the upsell market, there are a few comments that there was quite a strong in Q2. Give me the case now, more or less, how much for the group? How much was for the group in Q2? Definitely about 30%. You might reach out 20%, what was around 27%, something like this. I think a very useful contribution gave us that, especially in the America region, and they are touching North America. It was in some months, not the whole full half year, but in most of the months, close to 40% even. That's been overall contributed to the overall group aftermarket gap being something over 30%. That's great to know. Perfect. Last two on the outlook. You commented that you were expecting the same trend to continue in North America. Does this mean issues are going to be similar to Ecuador, or do you see other clients? Looking to the production rates, that's all of research that I guess PR and APAC are guiding for the second part. I believe that the last production rates are going to go down, but I don't know your view. You have obviously better view than them. Have you expected, more or less, trend bonus in the second part in North America or some decline? You're right. The chronos of our customers, they may be slightly down at this point in time, but I would say overall, we are calculating that the second half year is more or less on the same level as the first half year. Okay. Perfect. The elevated order of manufacturer. 2025 was a little bit below the initial expectations of initial recovery now because of that. It's It's looking low. How do you see 2026? I mean, is there any substantial change that invites you to be more positive on next year? I see some of the indexes for the perception of the comparison in Europe improving, although they saw some correction in July. I was wondering how you see next year and how you saw the cost and the builder. Is there anything you can share with that? Yeah. Dealer stocks are certainly, let's say, at genius levels. Dealer stocks are much more healthy right now as they compare to what they've been last year. New orders will translate into new production of tractors and also into new production of loaders much quicker than they did in the past, because in the past, they would sell off the dealer stocks. That is a much healthier state. I expect a stabilization for the agricultural business, and in our case, supported with the market share gains, especially in APAC and in America. Perfect. Thank you very much, Oliver and Joachim. I'm a couple of degrees, just calling in, okay? Thank you. Thank you so much. Bye-bye. The next question comes from Jacqueline Stalen with BaerBest. Please go ahead. Hi. Hello. Can you hear me? Yes, perfectly. Hello. Oh, perfect. Hi. Thanks for taking my question as smooth traffic as I may. First, on the portfolio toning. Congress has disposed a lot of crane business. That was really a very positive surprise. Is it fair to assume that the disposal is free of debt and enterprise value should be in a very low EUR million amount, thus reflecting a significant discount too? The enterprise value multiples, for example, of pricing us. Does the disposal contract include any earnouts or guarantee obligation, or is it all set with its closing? That's my first question. Yeah. I can include it. I think we have something to ask about sales, so we will hand over a few of that. EV is a very low double-digit number. Still, at least we get a positive purchase price, obviously, the EUR 50 million number for equity purchase price. That's what we expect to be incorporated in the fourth quarter. Your question regarding, I was thinking, I would say that's probably a little bit of a difficult comparison because obviously the crane business unit isn't in the same shape like, I think, that's why we sell them. If you multiply 6 times 0 or 10 times 0, it's still 0, right? We are quite okay. For us, what's more important was really identified right in the beginning as a non-core business unit. To be honest, we are happy that this discussion accelerated. We can now compensate on the other two businesses that we acquired this year by acquisition. Okay. The second question was. I don't know. How much earnout? There is a portion of earnout, and we will report this once the green I think will be incorporated into the number. It's probably 60%, probably 2/3 is fixed and 1/3 of it is somehow an earnout or performance score. Of that, 15% is accuracy in the long-term price. Perfect. On Agri, you mentioned 4% organic growth in NIA. As we visit with the boards, transport and Agri, what was the development at Agri standalone in the second quarter in the year? In the year? Yeah. Around 7%. Okay. Okay. Yeah, that's a very encouraging number. Somehow. Yeah. You mentioned already that. I mean, it's fair to say it's a very situation as that. Yeah. It seems to be the case that at the moment for the farmer, the overall environment starts to improve. Interests seem to be really at the bottom. They probably are not falling further, but I can certainly see that we have reached the lower end of interest rates in Europe. Inflation is between 1.7% and now 2%. It seems to be that the investment environment confidence level is increasing. However. One of the other reasons, especially in Europe, was that the OEMs, the agricultural sector OEMs, were very rigid in their pricing, and they had very ambitious price positioning based on the costing treaties that they had. I think they're more flexible in the negotiation right now. That, I think, will also help the market to come back. The The farmers are able. Financing is getting more acceptable, and also there's more flexibility on finding a transaction price that both sides can live with. Perfect. Maybe the last one on truck and trailer market in North America. You mentioned already that H2 should be kind of comparable to the first half. Could you spare some color on the current shading or discussions you have with your customers with regards to extended holidays? Do you expect, how do you expect the business development after the summer holiday season? Might there be a risk for further cost measures to safeguard profitability if your business will deteriorate further? Yeah. From an outlook, I would say the first half year, we had more or less weekly adjustments downwards in the call-ups that we've seen with our weak customers in North America. I expect that to be a lot more stable. They've now adjusted to a level that they believe in. I expect that we have a more stable business environment at a low level, similar to the level that we've seen in Q1, in half year one. In terms of cost flexibility, we've always proven that we are able to adjust our operational costs and also to a certain extent our structural costs to a certain level. We are certainly at the level right now where it gets more and more difficult to reduce structural costs. At the same time, we have the synergy that we already talked about with the Hyva integration, and that is also a synergy that we will find in all regions, and that will help us compensate for ourselves. Yeah. Perfect. Thanks, very clear. I'll step back into the line. Thank you, Jacqueline. Thank you. The next question comes from Nicoletti. I assume that this is part of him by one more month of confidential of Hyva and then the recovery of Europe as well as the APAC routine, right? I would say for the summary, yeah, definitely. The technical effect from the acquisition, but also the growth rates could be higher, also because the comparables have to slow. That's the growth part, exactly. You know, if the comparable base from last year is much lower for the second half year than for the first half year, those are the three effects that we'll be doing. Okay. Got it. Thanks. On the German infrastructure program, so far from the truck OEMs, we've heard that culturally, Hyva, but so far, this has not materialized in the actual numbers. It's more like a story for 2026. Would you share this view? Yes, I would share that view. The view has been changing. Yeah, no, the view of the OEMs and of the industry has been changing. In April, when it was announced, in May, there was a lot of hope, and then reality took in to a certain degree. I think right now, there is not too much hope that this will have a significant impact soon, but I'm sure it will at one point in time have an impact. If you're talking about sentiment in the industry, I would share that view that right now, everybody's questioning how is that actually going to impact that. If you want, on a positive thing, that's some upside potential because it's right now not reflected in the outlook that our customers are having. Exactly. I want to mention that even in our first guidance call, the guidance that, since it's issued end of March, has never incorporated any effect from the infrastructure program. We were always really cautious in saying, will this really have an impact if we have yes or no? I think it's proven to have really very difficult to see something here. Okay. Got it. I think the sale of the crane business is appreciated. Any other methods we can expect or that you plan to, maybe lower leverage at a faster rate? In general, we have seen the focus, let's say, of PMI, of the two-year PMI phase. Part of the two-year PMI phase is very clear on the long-term portfolio. As you know, Hyva is not only for the signal producing the assets as well, but for the time being, there is no other thing on the table. We are doing smaller portfolio things as always, also in the U.S. as well. That's probably the main focus for the next six months. I mean, don't expect any significant changes in our portfolio right now. As Oliver said, we have continuous portfolio reviews. We're taking out some non-core products out of our transport portfolio recently. We do that continuous update and review of our entire portfolio. Right now, with the business that we have, as continued business, that's the business we're committed to and that we are going to invest in. On top of that, that's the business that we also need to generate the synergies that we want to generate. As we mentioned, the EUR 45 million that we would see at the run rate P&L this year, and it's EUR 20 million that we have committed for the run rate end of next year. Got it. Thank you. Ladies and gentlemen, this was our last question. I hand back over to Joachim Dürr for a recording remarks. Thank you very much. I think, you know, in a very difficult market, we were able to prove that our business model became more and more resilient over the years, and we're very happy that we could demonstrate that in the Q2 and also in the outlook that we've given. We thank you for your interest and your questions, and wish you a wonderful day. Bye-bye. Bye-bye. Ladies and gentlemen, the conference is now over. Thank you for closing calls and thanks for participating in the conference. You may now split your marks. Goodbye.