Ladies and gentlemen, welcome to the JOST Werke SE earnings call for Q1 2026 conference call. At this time, it's my pleasure to hand over to Joachim Dürr, CEO. Please go ahead, sir. Yes, thank you very much. Good morning and a warm welcome to our Q1 2026 earnings conference. Myself and Oliver will guide you through what we think was a very strong start into this year with the Q1 performance. Let's look at the Q1 highlights from our side. The Hyva integration is on track and the synergies are ramping up. With that benefit, we could return into our profitability corridor, our strategic corridor between 10% and 12%, a little earlier than we initially expected. We have inaugurated a new hydraulics plant in Brazil, and that strengthens our regional footprint in that important region and expands our capacity for the future growth that we have planned for the Americas region in general. We've also increased our share capital by 10% in Q1 2026. We've issued 1.49 million shares at a price of EUR 62.13. With that, we have gross proceeds of approximately EUR 93 million. From a market side, EMEA market recovered slightly. The APAC demand was quite positive, with that, we could offset some of the challenges that we had, especially in the transport market in the U.S. We've leveraged that market environment, and together with our drive and our organic growth pipeline, we were able to ramp up and use the organic growth and new customer gains to have what we think is a strong sales performance in the first quarter. Let's come to the financial numbers, and let's start with sales. We have achieved a record sales level of EUR 417 million in one quarter. That's the first time and the record level for the JOST Group. That was up 12% compared to previous year. As you know, with the Hyva integration and the divestment of cranes, that is a bit complex. That's why it's also important to look at the organic sales numbers, and that is a growth of 9% versus the last first quarter of last year. All regions and all business lines have contributed to this organic growth of +9%. Also, Adjusted EBIT is up 23% to a record level of EUR 44 million in the first quarter, and the Adjusted EBIT margin improved to 10.6% back into our strategic margin corridor a little earlier than we initially expected in the integration planning. Our leverage improved to 1.75 x. That was obviously supported by the 10% capital increase that I've just mentioned, but also from a higher last twelve months adjusted EBITA, EBITDA of EUR 204 million. We're now well within the range between one and two, which we consider the strategic or the target range for our leverage. The adjusted net income grew by 17% to EUR 28 million, and the adjusted earnings per share increased 12% to EUR 1.81 per share. That is with the additional 10%, a larger number of shares in circulation. Strong start into the year. With that strong start, we can confirm our outlook for the fiscal year 2026. I've mentioned that the markets have been a little, how should I say? Weak in Americas, a bit positive in EMEA and APAC. Let's look a little bit at the details. For Europe, Middle East, and Africa, we had supporting markets in truck and trailers, also support in the tractor market and slight support, I would say, in construction and hydraulics. Our performance in that market was 8.4%, which is slightly above the market average, and that supported our organic growth. If we look at Americas, I think that's an impressive performance. Markets were not supportive in North America for truck and trailers, which is an important part of the business. Not in the tractor industry, and the construction industry was more or less even. Our performance with a positive 5.2% on an organic basis is the win of new market shares, especially in agriculture, but also some of additional trailer business in North America. The vast majority of that overperformance comes from agriculture in North America and South America, new customers for our plant in Brazil. APAC, the markets were supportive. Truck and trailer in India, China, also Australia, it was a positive development. Tractors also were a positive development, same as hydraulics and constructions. Our performance, organic 14.5% growth in that region. I think this is a good example. We can go to the next slide of how our strategy that we're implementing contributes to the resilience that you see in the numbers. Our sales by destination in the first quarter have been 48% in Europe, Middle East and Africa, and then the rest is more or less split evenly between the Americas region and the APAC region. If you look at that from an Adjusted EBIT, Oliver can give you a bit more detail in that. In his slide, we gained about 35% in our EMEA region, 25% in Americas, and 38% contribution from APAC. APAC is a very important region for us. If we look at the industries that we serve, we serve to 50% the transport industry, 20% the agriculture industry, and that has been going up. It used to be 18%. You see the ramp up in agriculture involved in those numbers. The construction and hydraulics industry was 30%. With that, I would like to hand over to Oliver for more financial details. Thanks, Joachim, for the quick overview. As usually now let's look a little bit deeper into our performance KPIs and financials, starting with the EMEA region. We have seen a very solid growth momentum, and that is going to continue. The order book is quite nicely underway for EMEA, fully in line with the numbers that Joachim representing for the markets. Profitability has also significantly improved in EMEA to various regions. In detail, we have seen an organic growth in the EMEA region of 8.4%, which is also more or less the reported growth as the M&A impact for more or less levels out. The strongest growth we have seen in the business line agriculture with double-digit growth rates in the EMEA region for agriculture, but also transport and hydraulics remain very robust and also forward-looking quite promising for the moment. On the other side, we still see no significant negative impacts at least on the order book side from the Iran-Middle East conflicts. We are used to be a little bit cautious here. All our products are investment goods. We need to see how that ends. Again, I'll just confirm it for a moment. Nothing visible here. No major FX impact in the top line. When we look for EMEA on the profitability, we have seen an increase in the EBIT margin from 6.1% - 7.7%. That's partially driven by product mix. As I just mentioned, the growth in the agricultural business line is higher. That comes with higher gross profit margins, and then turning into higher EBIT margins as well. We have seen the positive impact versus prior year first quarter from the cranes divestment as a second big point. Also, we are seeing the ramping up of the synergies. Both companies, JOST and Hyva, so to speak, have their headquarter functions with R&D, IT, HR, et cetera, in the EMEA region. The efforts that we did last year in leveraging those cost bases by realizing synergies are now turning into EBIT here as well. On top for sure, especially in transport, we see stable effects from the higher capacity utilization in our transport plants and partially also in agriculture. You might remember that last year for a certain, a couple of weeks in the first quarter, we were on short-term work in transport and agriculture. That's obviously gone, and that helps the overall P&L for EMEA as well. Yes, and my usual comment here is, always keep in mind when you look into the EMEA region that the margins compared to the other regions is a little bit lower because of the headquarter burden. That's EMEA. For Americas, also as it mentioned already by Joachim, we see growth supported by M&A, but especially by market share gains. That's quite impressive. The organic growth has been 5.2% from EUR 98 million- EUR 104 million in America for a single quarter. It's partially driven by customer gains in the transport sector in North America, especially in the trailer segment. The predominant effect, likewise in Europe, is here that we have a stronger start into the agriculture business in both sub regions, North America and especially in Brazil. That's quite helpful here. We had on the other side a relatively strong negative FX effect in the top line of - 7.1 percentage points, which is predominantly to the USD versus the Euro devaluation. On the Adjusted EBIT, we have seen a more or less stable margin. Last year first quarter, 10.8%, now 10.6%, which is firmly within our margin corridor for that region as well. We have here and there a little bit of a mixed effect, and also compared to last year's first quarter, a slight negative tariff impact here in the first quarter, and that explains that minor difference. Overall, we are quite happy with the performance. The integration is on track in the region, and we see especially for the cross-sell synergies in the Americas reaching further potential ramping up. Throughout the year, in general, overall in the region, we are quite flexible with our cost base. Whatever happens in the second half of the year, that might be one question, what is happening with transport in the second half. We are flexible enough to ramping up or ramping down whatever the market will tell us. Quite happy also with the Americas performance. Now looking into APAC, again, another very strong quarter. We have seen this beginning of mid of last year, especially China, and then starting from September onwards, also India, starting a recovery, and that turns directly into the first quarter numbers. We have seen a report growth of 26%, if you adjust that for all the M&A and also a very strong FX impact coming from the Indian Rupee. It's still almost 15% organic growth, underlying our strong positioning in the region. Basically, that's in China, we had a very good start into the transport business in China, again, driven by huge export sales numbers from our Chinese customers. We've also seen a very strong growth of the transport segment, organic growth, the transport segment in India. Oceania was a very solid performance. The only, let's say, a little bit, down light, is currently the mining business in the APAC region. What we see is that especially the mining segment in Indonesia is struggling a little bit. Still healthy, but that comes normally with a very high EBIT margin, so that's a little bit of a, let's say, yellow light at the moment. Also here, it looks stable for the rest of the year. Looking into the Adjusted EBIT for the region, that has grown absolutely significantly from EUR 12.8 million- EUR 16.6 million, driven by that volume increase, but also the margin is slightly up again now from 14.6% last year to 15.1%, driven by, obviously, by the synergies and also our very strong business in China in the first quarter. Also here, driven by a higher capacity utilization in our agricultural plant. As you may know, we have a big factory in India producing agricultural parts, and this is export business to a certain extent into the U.S. As we mentioned, the U.S. agricultural business is slightly picking up. That helps also the production in our Indian plant as well. Very happy with the APAC performance. Another super quarter for this region. When we now look then for the total group, some numbers already mentioned by Joachim, reported growth by almost 12% to EUR 417 million, record for the group. Even organically, and I think it's more important to look at, is + 9%. As was mentioned, all business lines and all regions contributed to that organic growth. A little bit more into details. Agriculture grew by 27% organically. Transport business line by organically 6%. This includes the still depressed transport business in the U.S. Also the hydraulic business line contributed at least by 1% on a global level. We see here still potential for the hydraulics business line in Europe. In Europe, we did a little bit of a supply chain change last year for the hydraulics business, and that capacity still needs to up from a demand, customer demand. Hydraulics in Europe for certain segments looks quite promising for the second half-year as well. Overall, FX impact of -3.7% for the top line. From a profitability point of view, very proud to say, again, like Joachim mentioned, we are back in our strategic profitability corridor, which is at least 10% EBIT margin. Now by 10.6%, which is 100 basis points above prior year. For sure, we have to mention the ones that are following us longer. We always have in a, let's say, normal year of where we have normal seasonality patterns, the first quarter is usually one of the strongest quarters because of working days. Other seasonality impacts like when do your cost base increases, that's probably throughout April and May, not directly from January onwards. All those things helps normally the first quarter to be a little bit better than the other ones. Nevertheless, 10.6%, that's indeed a little bit earlier into that range that we anticipated and quite happy to show those numbers. We see clearly the ramping up of the synergies. We see clearly scale effects from the high volume and the organic growth, and also the overall higher share of higher products helped as promised on our gross margin then further to EBIT. Yes, I think that's then for the overall group, EUR 44 million, again, is the total EBIT number for the first quarter. If we then look into certain other KPIs, starting here with the adjusted net income and Adjusted EPS, we start with a reported net income of almost, or a little bit more than EUR 60 million, adding up our tax expenses, financial results, plus the usual adjustments for our PPA allocations and certain other effect trends. We end up with that EUR 44 million, and that turns then into a EUR 28 million adjusted net income or an Adjusted EPS of EUR 1.81 per share. That means for both, for the adjusted net income, a growth of 17%, but even more important for an Adjusted EPS growth of 12%. Despite the higher number of shares circulating after our capital increase, beginning of the year, I think a very successful growth also in terms of adjusted net income and Adjusted EPS. One last comment regarding the other exceptional. Here, there is one exceptional included of roughly EUR 3 million. We disclose that a little bit more in our quarterly report. We are looking now that we are progressing with our integration of Hyva quite nicely, and that should be completed by mid of the year. We are also now looking in detail in each and every product line going forward from a more long-term strategic point of view. We have seen the one or the other product line that we are questioning a little bit here at the moment, whether we want to continue for various reasons, right? There's one product line that we detected in Far Eastern, in India, that we are ramping down at the moment, and that comes with one-off cost of roughly EUR 3 million that have been pre-booked in the first quarter, are included in the net income of EUR 60 million. From an outlook point of view, I don't expect from this point in time any material sales or EBIT impact in 2026. That's for the adjusted net income bridge. If we then switch to our balance sheet and capital intense ratios KPIs slide, we see a slight increase of our ROCE versus end of 2025, now close to 16%, which is compared to the first quarter last year, 240 basis points up, and already approaching our strategic corridor only 1 year after the acquisition. I think showing that we are using the capital of our shareholders quite efficiently and are well on the way to deliver here our strategic numbers. Equity ratio has raised up to 27.4%. There are three main reasons in here. Obviously, the biggest one is the capital increase, with net proceeds of a little bit more than EUR 90 million directly going into the equity balance. Also the 16 million reported net income plus a positive EBIT effect of EUR 11 million helped to increase the equity in an absolute value of around EUR 120 million. That means also here, from a, let's say, from a CFO point of view, we are back in a stronger corridor for our balance sheet figures, giving us financial flexibility for whatever comes going forward. Net debt leverage has decreased significantly, also driven by the operating performance, the capital increase down to 1.75 x LTM EBITDA. Also here we are in our strategic corridor and are able now to use the next 12, 15 months to further build on our corporate strategy. Joachim mentioned that the LTM EBITDA is now EUR 204 million. That's absolute record for JOST. We have for the first time in our history, surpassed the EUR 200 million LTM EBITDA mark here. Net debt in absolute amount is almost EUR 360 million. Next page. Free cash flow, if you so will, that's the one and only item where I'm probably not proud in the first quarter, but it's okay. We are showing a conversion rate of more or less zero at the moment, and the free cash flow also almost zero at the moment. Why is this the case? It has nothing to do with the operating performance of the company. That's simply driven by the huge jump in business volume that we have seen over the last couple of months, especially versus the very low November, December seasonality low. On top, when the Middle East conflict broke out end of February, we started immediately to look into our supply chain. Do we need to manage safety stocks here and there to be able to deliver going forward? That's exactly what we did. Selectively, we built up a little bit inventory to be prepared for a potential longer conflict. I think what we see still today is I think that was the right decision. That conflict will not be over very fast. CapEx still in line with our discipline corridor, 2.3% in sales, almost EUR 10 million this first quarter. Nothing special here at the moment. Also from a working capital point of view, with 17.5%, this is fully in line with our strategic corridor, and also fully in line with the, with the goals that we have for 2025. Then next page. I think that's handing over to Joachim. Okay. Yeah. Thank you, Oliver, for the details. That was a strong first quarter. What do we expect for the rest of the year? If you look at it from a market perspective, the expectations for the industry are for Europe, Middle East and Africa, that we will have a slight recovery of the demand versus the prior year in trucks and in trailers. In also in tractors, we see a slight recovery for this market, and the same is true for hydraulics. It's all on a very low level, and of course, it all depends on the geopolitical environment. If you look at Americas, we have the effect that the expectation for Class 8 has been going up because there is an emission regulation that kicks in at the end of the year, beginning of next year. So we expect that there will be a pre-buy effect that will hit the trucks, therefore, a more positive judgment for the truck development in Americas in general. Brazil is continues to be expected at the low level like last year. For trailers, there could be a slight decrease because of the truck investments that the fleets will have to make or will want to make. They may postpone some of the trailer volumes and therefore, there's a slight decrease expected. Tractors and hydraulics are still suffering in the U.S. a little bit from the trade situation, from the tariff situation that does not give the necessary stability. More or less on the level that we've seen in the previous years. Looking at APAC, truck demands, a slight growth. Trailer demand also, at somewhat stronger growth. We see India more or less on a stable, slightly recovering level. China exports to the Global South are also supporting. The Chinese domestic environment is not growing, is not expected to grow. Let's put it like this. For trailers, a little better, as I mentioned. For tractors and hydraulics, we also see a slight improvement versus last year for APAC. Let's come to the outlook in numbers. We can confirm the guidance that we have given. For sales, we expect a single-digit growth on the basis of the EUR 1.534 million that we had last year. Adjusted EBIT should grow a little stronger, and you've seen the first quarter very promising on that. There's also some certain effects that will not translate throughout the year. We still expect that to be higher than the sales growth, mid-to-high single-digit growth. The same for the Adjusted EBIT margin that will obviously, by dividing the two numbers, will increase versus last year. CapEx to be expected around the 2.8% of sales that we also had last year in 2025. Working capital range between 17.5%-18.5%. Let's sum it up. We had a strong start into 2026. We achieved new records for sales and for Adjusted EBIT in the first quarter. Hyva integration is on track and delivers the expected synergies, and that is helping our profitability to bring it to the range throughout the strategic range between 10%-12%. We have achieved strong organic growth in a very mixed market environment, and that is because of our global positioning that we have developed over the years. Also the diversification or rather the coverage, the broad coverage that we have across the relevant industries and the regions. Since we're back in our leverage range, we are now more actively working on M&A pipelines and expect that the market environment could create some attractive offers so that we are now in the range where from a finance point of view, we are able to act. The robust order intake continues with the possibility to further recover from the market. We, however, remain a bit cautious because of the macro and geopolitical framework that is more or less changing on a daily or weekly basis. With that, we confirm the outlook for 2026, and that concludes our presentations, and we're looking forward to your questions. We will now begin the question and answer session. Anyone who wishes to ask a question from the webinar 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 button and type in your question. If you are connected via phone, please press star and one on your telephone keypad. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press the lower your hand button from the webinar or press star and two on your telephone. Anyone who has a question may queue up now. Our first verbal question comes from Nicolai Kempf from Deutsche Bank. Please go ahead. Yeah. Good morning. It's Nicolai from Deutsche Bank. Thank you for taking my question and congrats to a really strong quarter. Let's start with Europe. Your message on European transport demand is similar to what peers have said. Basically, that the Middle East conflict has so far no impact on demand. Actually, I'm wondering because of the higher diesel prices and because not every customer can pass them on, do you expect to see some impact going forward? That would be my first one. Second one, on U.S. market, Autumn presented a short growth here. Given that the base is likely to get easier and the strong order intake we had from the Class 8 trucks, it appears that your guidance is rather cautious. Is that just a reflection of the potential macro headwind or anything other we should keep in mind? Thank you. Okay, Nicolai. Yeah. Thank you for your questions. Indeed, we do not see any negative impacts yet in the call-offs that we get from the OEMs and also in the dealer orders we don't see that. We do believe there is probably a slight build-up in inventory on both ends. When the high fuel prices, the high energy prices, the high transport prices may affect the overall volume that we'll probably look at the higher stock level. I think everybody's increasing a little bit the stock level just to make sure that with the uncertainties they are able to act and to deliver to their customers. Indeed, we don't see any of that, any downturn because of that at this point in time. In the long range, we do expect that higher energy prices and higher transport costs will have a negative effect on the overall industry. U.S. Class 8, indeed, we also expect the pre-buy effect, I mentioned that in the presentation. We have a market share in North America of about 30%- 35%, so we will benefit from that to a certain degree. However, Brazil is still low and you could see that maybe as an upside as compared to our guidance, because when we developed the guidance, that was not in. On the other hand, we are somewhat cautious with the effect that I've just mentioned, that the high energy prices and the Iran conflict is not solved and that could have a subdued effect. We stick to our guidance, and if you would put the one on the, that could be better than expected, the other one, could be worse, than expected, because when we developed the guidance, there was no Iran conflict at this point in time. I hope that answers the question, Nicolai. Yeah. Understood. Thank you. The next question comes from Yasmin Steilen with Berenberg. Please go ahead. Yeah. Many thanks for taking my questions. I have three, if I may. The first one on supply chain. You've increased your safety stock already in Q1. Just to understand, is this a cautious approach, or do you experience already really a tightness in your supply chain from the Middle East conflict? How should we think about the working capital ratio in 2026, with Q1 ratio at the lower end of your guidance range for the full year? The second question is on European agri. You've seen strong momentum in the first quarter, looking at the sentiment, so business climate for agro machinery in Europe is deteriorating. Do you see or experience already any indications in your discussions with your customers or the intake dynamics from this? The last one, just coming back to Nicolai's question on the guidance, I also try to get my head around the guidance. This is, or kind of the only reason for you not becoming more optimistic on your outlook, is just the Iran conflict and the little visibility you have. Is this the right kind of takeaway? Many thanks. Thank you, Yasmin. I take the first one, and the other two ones I will, you ask him. Regarding supply chain, I would say to the vast majority, it's still taking a cautious approach just to be prepared. Here and there, especially in Far East, Asia and in India, we see certain challenges in the supply chain, right? Predominantly that's not just, but these are suppliers for the whole industry here and there. The Indian economy is dependent highly on liquid gas, and liquid gas comes out of Middle East, and that is affecting here and there the industry. We see a partially driven also by political decisions, prioritizations in who gets liquid gas in India. This is one reason why we wanna prepare and try to, wherever possible, to use the current, let's say, financial strengths that we have, also versus competitors, especially local competitors in the region, to use that in order to be more stable and to be able to deliver. Because also now we are delivering from India out into U.S. as an example for agricultural products. Even in case the local demand is down and everyone would struggle from this, we could benefit if we can deliver our international customers to out of India. That's the biggest reason at the moment that we are investing here and there in stocks. I would say still it is a mid-single-digit number, so it's not a super huge number, but we have a logistics task force in place, and this is looking basically every day or every second day in those situations. The most, let's say, regional focus here is Far East and India at the moment. For the rest of the regions, we don't seem to impact. Regarding working capital, I think with the 17.5% in terms of sales, we have seen the growth that I already anticipated for this year. I mentioned that in various calls over the past months that we will see organic growth of the JOST in 2026 despite the macroeconomic environment, just because we have one project and that needs ramp up in inventory, but also in sales. That's obviously what happened in the first quarter. I expect now that we are going to stay stable on that ratio in terms of working capital for sales. Okay. Yeah. Then, Yasmin, to your questions about European ag development. Yeah, the sentiment is fluctuating. We have the sentiment index, that is sometimes a bit more positive, sometimes a bit more negative. Overall, I expect that the market will be rather stable. We have a lot of effects that play a role. Crop prices are still very good, except for potatoes. Meat prices, milk prices are also still good, the end customer still is gaining money, earning money that he can invest. Of course, high fertilizer prices, you know, he needs to invest in fertilizers, but most of them have that already booked for this year, so it will more or less hit them only at the end of this year. With that, we think that there will still be the capability to invest if they need to invest. I would say, we can follow the market and the market prediction that I've shown on this slide for European ag. Outside of Europe, we are still in ramping up some new customer projects and so gaining market share. There we will be a bit more positive in North America and in APAC with the market shares that we're winning. Concerning the guidance, yes, you know, the year has started very strong, so we will probably see ourselves at the upper end of the guidance at this point in time. Certainly on the sales level, there are uncertainties that come with the Iran conflict and therefore we were not planning to adjust that. If we look at the earnings and the EBIT, we had a very strong quarter, but you have to remember our overall seasonality that you have seen also over the course of the last years. We also had a very positive mix in regional mix, as Oliver explained during the presentation. We believe that we are still in the guidance, probably from this point of view, depending on how the Iran conflict and the and other global trade impact implications and impacts will develop. We see ourselves at the upper end of that guidance, but still within the guidance that we've that we've just repeated. Very clear. Many thanks. Okay. We have two questions coming in from the in the written chat from Robert Sugel from Opportunity Tree Capital. Given the recent capital increase, which appears value destructive at this stage, could you update us on the M&A pipeline? We are looking at a situation where dilution is set to effectively wipe out any organic earnings growth this year. Yeah. I would, I would not confirm the statement that it will effectively wipe out any organic earnings, because we've seen the earnings per share go up, and that is even with the higher share numbers that we have. Certainly, as I mentioned, we are now back in the range where we are able to work on deals. The most important deals that we've made, that was the acquisition of our agricultural business and also the acquisition of our hydraulics business, were acquisitions that and discussions that we have initiated more or less outside of an existing process. The big discussion with the vendor was: Do you have the financial capability, and do you have the strategic capability and the integration capability to act? That's why the capital increase was important for us, because we're now back in a position where we can act. Out of that position, we are investigating, and we are talking to potential targets. As I said, to us, in the last two important acquisitions, that has been an important situation to be in. Since Q1 of 2026, we're back in that position. We will, with all due respect and with all caution that needs to be taken, we will enter into those discussions and are already at the beginning of some of those discussions. Okay. Anything you want to contribute? I totally agree. I don't see the value destructive point at this moment in time. Okay. There is another question from Sebastian Hubert from MPCM. Do you see potential to remain above 10% Adjusted EBIT margin for 2026 as a whole, which would be positive if Adjusted EBIT is growing 9% at limit top-line growth? How big was the impact on inventories due to the Iran war and the closure of the Strait of Hormuz? Thanks, Sebastian, for your first call. Welcome to the JOST Universe. Second part of the question, I think I did mention already that this, which has been questioned, so that's a mid-single-digit safety stock increase that we did at the moment. That's basically the main impact that we see at the moment. Regarding the first part of the question, yes, that's definitely possible, right? We have seen a strong profitability momentum. In case there is the right ratio between sales growth, on the one side, we will definitely see or could see Adjusted EBIT that is at least close to 10%, if not slightly above, yes. Still in line with the guidance, potentially with the upper end of our current guidance. I don't yeah, I don't see any more written questions. As a reminder, for questions from the webinar, please click the Q&A button on the left side of the screen and then please the Raise Your Hand button. For written question, please click the Text button and type in your question. If you are connected via phone, please press star one on your telephone. Okay. We have one more question from Claudio Ranieri. Could you please provide a full year guidance for exceptional financial results and tax rate? Claudio, normally we don't give guidance for those numbers, but just give you a rough range. Regarding exceptionals, we guided, let's say, this beginning of the acquisition of Hyva, that until, let's say, the closure of the PMI, we would may incur EUR 20 million-24 million of one-offs to do the full integration, restructuring, closing plans, layoff of certain people, and so on and so forth. We have consumed last year EUR 15 million, there is another, let's say, mid to high single-digit EUR number going to be expected for this year. I would exclude a little bit that EUR 3 million that I mentioned in the call regarding that portfolio optimization in Far East and India. That has nothing specifically to do with the integration. Adding this on top, yes, it might be up to EUR 10 million. Again, for our guidance going in 2026, no impact. That already everything what we do there is for our profitability in 2027. Regarding financial results, we had a slight positive impact of FX in the financial result of first quarter, so that I think it's roughly EUR 6 million in the P&L for first quarter. You cannot 4x. It's probably a little bit more. I would expect between EUR 28 million-EUR 30 million of financial results from interest, lease rates, and so on and so forth for the full year. Regarding tax rate, because we are doing M&A, because we have PPA, you should always look into the adjusted net income and then the tax rate, calculate your taxes with the adjusted net income. That rate is typically between 27%-28%. I hope that answers your questions. Ladies and gentlemen, this was our last question. I would now like to turn the conference back over to the management for any closing remarks. Okay. Thank you very much for your interest in JOST. I think, with the two records in sales and Adjusted EBIT, we have had a very strong start into an interesting year, 2026. We'll see how it develops. I think, as I mentioned, we're well-positioned in the right industries, in the right regions, and with the right customers to make this a successful year for JOST. Thank you for your interest, and have a good day. Thank you. Bye-bye. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.