Ladies and gentlemen, welcome to the JOST Werke SE earnings call H1 Q2 2026. I'm Moritz, the Chorus Call operator. I would like to remind you that all participants will be in a listen-only mode, and the conference is being recorded. The presentation will be followed by a question and answer session. If you would like to ask a question from the webinar, you may click the Q&A button on the left side of your screen, and then click the raise your hand button. If you are connected via phone, please press star followed by one. For operator assistance, please press the operator assistance button on the bottom left side of your screen, or star zero on your telephone keypad. At this time, it's my pleasure to hand over to Joachim Dürr, CEO. Please go ahead, sir. Yes. Good morning, everybody from Neu-Isenburg, and a warm welcome to our earnings conference for the first half year and the second quarter of 2026. I'm very happy to report that we had a record first half year in 2026. Our sales grew 12% to EUR 857 million, and our adjusted EBIT grew 21% to EUR 88 million, which calculates to a margin of 10.3%. I'm very happy with the strong quality of our growth. Organic sales went up around 9%, driven by all three regions and all our business lines. The Hyva integration is fully on track. We are creating the cross-selling synergies, and they are ramping up. With our profitability, we are back into our strategic corridor between 10% and 12% in terms of adjusted EBIT margin. We're winning new customers worldwide. Our market share is growing across business lines consistently, and we are executing our AMBITION 2030 strategy. Let's look at the financial numbers a bit more in detail. It shows our strength and our resilience for the Q2. Sales were up 13% to EUR 440 million in the second quarter of 2026, paired with an adjusted EBIT growth of 19%, up to EUR 44 million, and an adjusted EBIT margin growing 0.5 percentage point, to 10.0%. Free cash flow was up in Q2, EUR 17 million, despite the working capital increase that we needed to drive the high business growth that we've had. We had high capital efficiency with a return on capital employed up 3.5 percentage points to 16.3%. Our leverage improved to 1.81x, and is now back in the strategic range between one and two times. Adjusted net income grew 19% to EUR 25 million in the second quarter of 2026, and that calculates to an adjusted earnings per share up 7% to EUR 1.48 due to the larger number of shares that we are circulating compared to last year. H1 2026 posts the strongest H1 in JOST's company history and was supported by a strong organic growth. With that, we confirm our outlook for the fiscal year of 2026. Looking at the market environment that we had in the H1 of the year, in Europe, Middle East, and Africa, the truck and trailer market grew slightly, 5%-10%. Tractor markets, very slight growth between 0% and 5%. Hydraulics, also very slight growth. Our organic growth in that market environment, a strong 5.6%, and I'll explain a little further on the next slide what the main drivers are. It is mainly been our ag and transport business. In America, we had no support from the markets, not in North America and certainly also not in Brazil. Market declined between 15%-10% on trucks and 10%-5% lower on trailers. Also in agricultural tractors, down 5%-10%. Hydraulics, more or less stable, slightly positive. Our performance in Americas region, +9.9% on an organic basis, without the M&A effect. That is mainly driven by new ag customers, also some market shares on trailers in North America and cross-selling synergies that we were able to generate. Asia Pacific region, market in that region for truck and trailer, fairly strong, 10%-15%. Market increase on agricultural tractors, 5%-10%, on hydraulics, 10%-15%. Our performance up almost 15%, 14.6% to be exact. We are benefiting from the growth of our Chinese customers in their export business, and also with the growth that we see mainly in India. As promised, on the next slide, I will go a bit more into detail on the organic growth that we are seeing in our business lines. If we split down the organic sales development by regions and business lines, if you look at the total sales in half year 2025 of EUR 764 million and the EUR 857 million that we are reporting in the first half year of this year, EUR 69 million is organic sales, EUR 39 million is Hyva. That is in effect the one month additional that we had in January because we closed February 1 last year, and we had a negative EUR 15 million FX effect. Looking at the organic growth that we are seeing, transport grew 6%. If you compare that to the reported number, it is an FX difference. There is nothing else included but FX. The same on agriculture. 6% growth in transport. New trailer business in North America is one of the driver. A strong export business in China, where we are growing with our Chinese OEMs that we supply, and a growing demand in India that we see. We see a robust demand in Europe, Middle East, and Africa, and we have also launched a new product, which is the Bus Link, in Europe. That ramp up, plus the market share gains, gave us those 6% growth in transport. If you look at agriculture, the biggest growth, 22% organic. That is a ramp-up of our organic projects that we have in South America and in APAC. It is also the dealer business, especially in the U.S., that is picking up, and a strong demand in Europe, Middle East, and Africa for our agricultural loaders and our implements. That is a really impressive 22% that we were able to grow here in our agricultural business. If you look at hydraulics, of course, the report is 20%. That includes the one month of January. If we look at only the organic growth, that is 6%, and that is cross-selling synergies that we have in the U.S. and demand in Brazil and the U.S. It is also new products, ePTOs and digital tipping systems, that are gradually ramping up in APAC, and are systems that give us upselling potential, and cross-selling synergies in Pacific, Americas, and South Africa. As I said, very happy with the organic growth that we are seeing on top of the positive M&A effects of the Hyva acquisition. Let's go to the next slide, please. You have seen that. It has changed a little bit, so a bit more weight in Americas and in APAC, in our sales by destinations. Europe, Middle East and Africa is 46%, and Americas and APAC are 27%. So a very good setup to also participate in the growing markets that we see in North America and in Asia, especially. If you look at where we earn our adjusted EBIT, it is almost a third, a third, a third between those regions, and Oliver will explain you a bit more on that distribution. Also on business lines, you can see that for us, transport business is about 50% of our business, but we are also benefiting from the growth in infrastructure with our hydraulics business and the stronger agricultural business that is 20% of our weight. With that, I would like to hand over to Oliver to give you a bit more detail on the financial numbers. Yeah. Thanks, Joachim. Hello, and welcome from my side to our this year's first year call. As usually, I will jump into the three regions before coming back to the group. A bit different to normally, I would focus more on the half-year numbers for one specific reason. You might remember that last year, with the half-year numbers, we showed the cranes business as discontinued operations, and that had an effect that we had to reconstitute all of the sales numbers for the second quarter, the full half-year numbers of cranes, and that is an artificial effect in the prior year numbers. But I will come to that point once we are reaching the group figures. When we look into EMEA for the first half year, we have seen an organic sales up by almost 6%, as Joachim has shown. As he said, yeah, with strong growth for a year across all business lines and driven by, let's say, a large extent by a broad product portfolio that we are offering here. There is an M&A impact of roughly EUR 10 million in EMEA for the first half year, and that is why then reported growth jumps up to 9%. The strongest growth come from the JOST agricultural products. We have seen continuously, following already the improvement in the H2 of last year, a demand for our agricultural products. Then what helps now is that also transport and hydraulics is starting to recover. The order intake, in general, remains very solid. We do not see at the moment direct demand impact, negative demand effects from the Iran conflict so far. Overall, the FX effects have been relatively low for the region, a slight headwind of 0.5 percentage points in EMEA. When we look into the EBIT margin for the first half year, it went up by 9% to EUR 24.4 million, and the adjusted EBIT margin reached 6%. This was driven for sure by scale effects from the growth, but also definitely by realizing synergies, and also by a mix towards the off-highway products. Keep in mind, the region gives the group costs, and with the larger group, this is also increasing. That always is a little bit of a burden for the EMEA margin. Besides that cranes effect that I mentioned already in the introduction, there is another effect, and that is also a structural effect that is going to be continued for the EMEA region. We have started beginning with the second quarter to shift certain highly profitable sales, not for the sake of highly profitable, but in general as part of the business model change into the regions. Those sales were routed previously via Hyva International B.V., which is a Dutch company, so consolidated in the EMEA region into the regions, definitely following our steering model like we have in JOST legacy, so to speak, that overall reduces the costs for the group. So it is for the benefit of even further synergies. It allows us also to legally consolidate certain legal entities in Europe. But that has the offset effect for the EMEA region that certain profits are now shifted into the Americas and APAC region, where on the other side, we see the profits as you get impacts. For the group, it is a zero impact. On top, what we also slightly see is in the second quarter here, the region has been burned a little bit by higher input costs. We see rising logistics and freight costs along the supply chain. You know that we are shipping parts from China, from India into Europe to serve our markets here, and that comes with the higher cost. So that is a little bit, but overall, a very successful first half year, fully in line with our internal expectations for the region EMEA. Now coming to Americas. Super strong first half year. Very strong organic growth, despite challenging markets in both the U.S. and Brazil. As Joachim Dürr mentioned, sales went up organically by 10%, reported by almost 12%. We see the synergies are ramping up. We have really a well-oiled machine, I would say, in Americas at the moment. Although the U.S. markets have remained challenging in the first half year, we could show a very nice growth. From a sales perspective, EUR 225 million sales in the first half year represents an all-time high, for sure. Also what we see now in the specialty trailers business, and that is in focus for the H2, I believe also from your questions. We see this sequentially improving now, and we see a strong order book in Americas for the second half. The market definitely started to recover, and that should support a very nice Americas sales year in 2026. There is a slight that FX has been in the top line of 2.9%. That is because of the Euro value versus the USD interoperability. I also affected a little bit from year- to- date average calculation. When we look into the adjusted EBIT margin, adjusted EBIT for the first half year went up from EUR 22 million to EUR 27.2 million. A margin step up of 120 basis points, again, driven by the synergies, driven by the market share gains that Joachim pointed out. We have seen a strong ramp-up of profitable projects in North America, and that is paired with the business model change that I was introducing in EMEA, which also has a slight positive effect here in Americas, increased that marginally to above 12%. When we look here in the second quarter, it is even above 13%. What we see at the moment is that we are already able to run that ratio also going forward. Again, seems to be a well-oiled machine here at the moment. Super good team. Congratulations to our teams over there. When we go then to APAC, also super strong organic growth with almost 15%, basically across all business lines and all subregions. We see still a very strong business in China with our Chinese customers that are increasing their export shares, and we do not see that stopping. So that definitely is payment for our APAC story. Sales went up from EUR 187 million to EUR 223 million, also here an absolute record in our history. The growth rate in the second quarter was the first quarter is even slightly higher. Also undermining that India seems on a recovery track, and we are expecting that to continue also into the H2. Regarding FX, there is a slight headwind that mainly comes from India. Also what we see is a little bit of an ongoing weakness in the Indonesian mining market. However, that is going to be of temporary nature. When we hear and analyze the press and the news coming from over there, government is already actively working on incentive programs, so there might be a positive upside towards probably more the end of the year, beginning of next year regarding the sales numbers in the APAC. When we look into the adjusted EBIT, strong growth, absolutely, from EUR 26.4 million to EUR 34.4 million. That is an increase by 30%. Margin reached 15.4%, very strong. That is driven by synergy ramp-up. As you know, the Hyva business has a higher share in Asia than compared to the other regions. So that means also the synergy potential is higher in the APAC region, and we are realizing that. But also we are seeing a very high capacity utilization, especially in the transverse plants that we have in the region. That also helped us to increase the margin from 13.7%- 15.7% in the second quarter. Again, there is a slight positive effect from that business model change. However, most of the increases of qualitative and structure nature. The only, let us say, little bit of a flip side that we see at the moment is India, compared with the high growth there and compared with the high capacity utilization, we see higher supply chain costs there, which should be mainly of temporary nature. But it is driven by the business member. So that is the regions when we sum that up for the group. Just to repeat, very strong growth, second quarter and full half year quarter organic growth on this 8.9%. We should say very strong in light of the current environment and the numbers that we see around us for an industrial company, I would say. The positive M&A effect is EUR 39 million, as you are going to just show. Excluding that, we see the strongest growth, definitely in the business line agriculture with 26%, transport up by 4%, vanity 6%. Even the business line hydraulics is the 6% organic growth, absolutely on the right path to contribute to our AMBITION 2030 strategy. When we look into the EBIT margin, EBIT went up 21% from EUR 72.8 million to EUR 87.9 million for the first half year. That is 21%, and also for the second quarter, it went up by 18%. I think very successful. We have a certain seasonality in our business. The first quarter is normally the strongest one for various reasons. We see the same pattern this year. Also on top, I want to mention a small footnote here. When you look into the second quarter numbers last year, they are a little bit artificially high in terms of the margin as the full crane sales from February to June last year has been deconsolidated in the second quarter last year. If you want to compare apples to apples, you probably would need to compare the 9.1% last year, second quarter, to 10% this year's quarter. That is a 90 basis point step up, fully in line with our expectations, I would say. Very successful. Let us go a little bit into some balance sheet and cash flow numbers. First, here, the adjusted net income bridge that you know. That EUR 88 million adjusted EBIT we are just talking about starts with a EUR 32 million net income. Then we add our taxes, finance results coming up with a reported EBIT of EUR 63 million for the first half year. Then we do our adjustments. As you know, that is mainly predominantly more than 70%. The PPA amortizations, that is EUR 18 million. We have EUR 7 million exceptionals. Compared also to the first quarter, we see that is further going down, ending up then with the EUR 88 million, and then when we adjust again for the, or deduct again the finance results and the actual tax expense, we end up with that EUR 53 million adjusted net income, which is then 80% higher than last year. Turning into an adjusted EPS growth of 10% for the first half year, even with the higher number of shares circulating. I would say also quite successful showing our value creation through that six months. Next page. One little detail regarding that exceptionals. You might remember when we announced the deal, we said for sure we want to realize that synergies in a range of EUR 23 million- EUR 28 million on a full year basis, that comes with a certain amount of integration costs. We estimated that those integrations costs should be at the end between EUR 12 million and EUR 24 million. We have reached now EUR 18 million since we announced the deal, so pretty in line with that guidance, so to speak, in terms of the integration costs. There is a little bit risk buffer for the next six months. We year-end there, still want to do some integration work. So it is probably more to the upper half of what we announced back again, fully in line with what we disclosed. Also with a nice payback period of less than under a year. Those are some details. Let's go now to the capital efficiency and balance sheet figures. When we look into our ROCE development, versus end of last year, a further sequential step up of 60 basis points, now reaching 16.3%. I would say 16.3% after only one and a half years after the biggest acquisitions within our history, it is quite a nice showcase for efficient capital allocation. We are very proud of that number versus the end of half year one last year. That is a step up of 3.5 percentage points. Equity ratio, as you know, we did the capital increase end of February. Driven by that and driven by the net income, despite having paid our EUR 25 million dividends, shows an increase by almost 6 percentage points up to rounded 27%. Together now with the net debt leverage of 1.81, I think we are feeling now comfortable back in our strategic corridor to further execute our AMBITION 2030 strategy. Which, as you know, is a combination of organic growth, which I think we demonstrated with that numbers here and are going to demonstrate even further, and potential M&A deals. I think we are now back in a situation where we can definitely further execute on this as we promised. Next page is cash flow figures. You might remember from the first quarter results that we were a little bit burdened by the growth and then the driven working capital increases that slowed down, turning now into a significantly positive free cash flow in the second quarter and for the first half year, that means then almost EUR 60 million. Yes, that is definitely less than last year, but that is somehow the price for that strong organic growth. For the H2, I expect that this working capital build is going to be reversed as the growth rates, so to speak, are then more on a stable basis, that incremental working capital growth should then stop. So here, definitely came in for the H2. In terms of our CapEx spending, we are well underway. We gave a guidance of a maximum of 2.8% sales in CapEx for 2026 with 2.2% per half year. I think we are well underway, giving us also a little bit of flexibility. There are opportunities to further invest into automation and efficiency projects. I mentioned that in the one or the other location, we are already very close to capacity limitations, but with that, we have no problem at all. Net working capital ratio will remain the same discipline like now for the last, I would say, two years, more or less, and with 17.4% improvement of sales, we showed an efficient working capital management for the second time, so to speak, in this year. There is definitely a pay versus growth, if you look into the numbers, but that has, for one reason, to do with the business increase and for the other reason is also that we are looking strategically at the moment within our safety stocks. We said this already in May, we do not believe that this Middle East conflict is over on short notice. I think that is now proven by the development, and this definitely a little bit buffer for our business. I think that is it. With that, I hand over back to you, Joachim, for outlook and summary. Yeah. Thank you, Oliver. Let's look at what we expect from a market for the remainder of the year. For Europe, more or less, it continues to be a market that is bottoming out with a slight recovery. We expect for truck and trailer, a slight growth from 0%- 5%. The same is true for agricultural tractors and for the hydraulics business. The biggest change to the previous assumptions you see in Americas, a strong increase in the expectations for truck, a slight increase for trailers. Truck, mainly driven by the EPA 2027 pre-buy effect, and also, quite honestly, by a pent-up demand because collection rates have been far lower than the long-term average. We believe that with the momentum we've seen in the last weeks, that we may even exceed the perspective that you see here for the Class 8 trucks in North America. As I mentioned, trailers, slight increase. Tractors, more or less the same as we've seen in so far, and also hydraulics, only a slight increase. For Asia Pacific, we expect the growth story to continue, and the Chinese truck OEMs, they are growing their exports to the Global South, and we're benefiting from that with our market share that we have with these global OEMs. The demand in India has been growing and continues to grow, and we expect that to also continue throughout the year. The same is true for tractors. On hydraulic, we see the market growing even stronger so that we believe that we can benefit with our hydraulic products from that. How does that translate to the overall business? Based on the strong first half year and based on the market outlook, we feel very comfortable with the outlook that we've given, and the guidance can be confirmed. We expect to grow single digits in sales, to grow mid-to-high single digits in adjusted EBIT, and with that, we will improve our EBIT margin above last year, where we had the 9.5%. CapEx will be around 2.8% of sales, and our working capital will be in the range between 17.5% and 18.5% of sales. What should you take away from this call? For the first half year, sales were up 12% to EUR 857 million and adjusted EBIT up 21% to EUR 88 million, with the margin improving 0.8 percentage points to 10.3%, well inside our strategic corridor of the 10%- 12%. The diversification that we have within the commercial vehicle industry is delivering organic growth of around 9% organic growth in H1 in all regions and in all business lines, paired with market share gains, also across all business lines. The rolling last 12 months figures confirm the profitable growth. Those 12 months figures are EUR 1,627 million in sales. From last year, 1st of July until 30th of June of this year, adjusted EBIT at EUR 160 million and adjusted EBIT margin of 9.8%. We see the rolling LTM numbers grow quite nicely. Capital efficiency is high, ROC up 3.5 percentage points to 16.3%, showcasing an effective capital allocation. Free cash flow up 17%, closing the gap to prior year. And despite the fact that we allowed a working capital increase in order to allow the growth in sales and also to protect our supply chains to a certain degree, as Oliver mentioned, we should have a little bit of support here in the second half year with the ability to release some of that working capital. With that, our synergies are supporting our growth and our profitability, and we are very comfortable with our outlook for 2026 and can confirm that. Thank you very much, and we are now looking forward to your questions. Ladies and gentlemen, 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 the text button, and type your questions. If you are connected by a phone, please press star followed by 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. One moment for the first question, please. The first question comes from Nicolai Kempf from Deutsche Bank. Please go ahead. Yeah. Good morning. It is Nicolai here from Deutsche Bank, and let me start by saying congrats to a strong quarter. Couple of questions from my side, I can take them one by one. Let us start with the U.S. And given the strong Class 8 orders we saw over the last months, we also share your view that H2 will be much stronger. I am just not sure how much is related to the market based on higher freight rates, and how much is driven by the EPA 2027 pre-buy effect. The reason I am asking is, if it is driven by the freight rates, it would maybe point to an underlying improvement. If it is driven by the EPA pre-buy effect, then there could be, not a big cliff, but it could be a slowdown again in 2027. Start here. Yeah, Nicolai, thanks for the question. That is the million-dollar question, obviously. But I think we have both. We have, and that is why I mentioned the pent-up demand. I believe that we have a pent-up demand in North America because build rates, especially of Class 8 tractors, have been quite a lot lower than the average. The vehicles are used, and the new vehicles give you a benefit in fuel consumption. Some of them will actually be electric in the future also. That will be a driver. So I think we have a combination of both. And I now believe more in a pent-up demand that will continue in 2027 than I did maybe three months ago. So yes, there is a certain EPA 2027, but that is not the only driver. One, because the regulations is not as strict as it used to be. Some of the OEMs will actually continue with the existing engines. PACCAR just announced that they will continue with the existing engines until 2027. Not all of that is EPA driven. It is a base demand that is increasing due to the pent-up demand that has been generated. Okay. Understood. Then moving to Europe. Yes, you mentioned a bit of pressure with higher freight rates, higher input costs. I assume you will raise prices to offset these? Yes. We typically have that effect when freight rates and energy cost goes up. In the aftermarket, we can relatively quickly adjust the prices. If we believe that it's a consistent price increase, then we will do that relatively quickly. In the OEM contracts, we have trailing price elements with the OEMs that we have agreed. That means the pricing will be adjusted after three months, six months, partially after 12 months, but we've recalculate or we've re-agreed that the 12 months will go to six months. We had a few OEMs where we had 12 months adjustments, but we're now with all OEMs to three or six months adjustments. That means it can take until it's in the calculation and until it's then being paid more than six months until you see that effects. Therefore the answer is, yes, it will be driven into the prices, but we will have this delay that we typically have. You probably remember when cost went down, we had a positive effect because we benefit from the higher prices, even though we are experiencing the lower cost already. Now we're having, to a certain degree, to assume those higher prices, the higher cost, until we can forward it to the higher prices. Makes sense. Okay. Last one, a bit of housekeeping. Did notice that your tax rate was a bit elevated in H1, at 40, 34%. Is that the full-year run rate, or should we expect a lower run rate for the income tax rate for the full year? To be honest, difficult to assess from my point of view, our tax rate based on report. I am assuming you are linking that to reported net income. Yeah. I would recommend that if you owe me a call afterwards. From my point of view, all these PPA adjustments that you have seen in the net income bridge, as an example, which were, I think it was EUR 17 or whatever for the first half year, these are not taxed up. So at least you should add those EUR 17. Then ending up probably with EUR 50 or so. If you then do your math, I think you will come to a much better ratio, which is relatively typical for a corporate between 25% and 30%. To a certain extent, you are right, we are seeing higher tax rates in China at the moment, and that is a structural impact that is going to continue. Okay, that is it. Thank you. Then the next question comes from Yasmin Steilen from Berenberg. Please go ahead. Yeah. Many thanks for taking my questions. I have also three, if I may, and will also take them one by one. The first on your guidance. I am fully aware of the historic seasonality with H1 being stronger than the H2. However, even adjusting for the divestment of the Tipper business, your sales guidance, at least at the lower end, looks or implies for H2 significant iteration of the 9% organic growth rates we have seen in H1. Could you walk us through the assumptions, also as you became more optimistic on your industry outlook for Trailer in Americas, but also for Hydraulics in Americas and APAC? That would be very helpful. Yeah. I will try to start, and then I will hand it over. I will let the CFO do the math. As I mentioned, we are very comfortable with the guidance at this point in time. But if you look at the last 12 months figures, you see that we had 6% of sales growth in the last 12 months. We will compare to a second quarter or to a third quarter and the fourth quarter of last year that have been structurally better than the first two quarters. So we will not see the same growth. Of course, you are right, we expect that organic growth to be consistent and to also flow through. With that, looking at the last 12 months numbers and the outlook, we are certainly at the upper end and quite comfortable with the guidance we have at this point in time. But we would like to reassess the situation once we have all the call-offs for North America. We get the call-offs updated, typically after the vacation period. Some of the announcements that we had from our customers that we see in the press, they have not yet translated into the EDI call-offs that we have. So we would like to see those and then reassess if we are still in the guidance or not. Let me add with some numbers. For sure, we are not talking about the lower end of the guidance, but let's talk about the typical seasonality and the midpoint of the guidance. If you just do that seasonality math, you would, and just for the sake of disclaimer, just doing math had nothing to do with our guidance. You would end up with EUR 1,645 or so, I just did this morning. When you then exclude, I don't know, 8 or 10 million from the potential sale of the Tipper business, if that closes end of September or beginning of October, you end up with EUR 1,635 or something. When you compare that with the consensus, I think we are fully comfortable with that. That basically is the basis for us at the moment to say we are fine with the consensus. For us, that shows from a current point of view, fair assumption of the outlook, which is probably in the middle of, a little bit up of the midpoint of our guidance. As you are assessing, we'll reassess then around the IAA, et cetera. Okay, perfect. Thanks very much. My second question is on the agri business. We have seen CEMA Business Monitor stabilizing on the reduced levels, and I'm aware that you explore it more on the livestock than arable or harvesting equipment. However, we have heard some negative noise from pig farmers, for example, that seems to struggle. Could you share your view on your intake or any indications you receive from your agri customers in Europe currently? It's a market that has a lot of drivers. What we see in Europe is that the dealers are continuing to buy, and I cannot confirm that we see any weakness. Of course, the CEMA index is an indication, but it's not necessarily that drives the farmer to the dealer to buy more implements or to buy a new loader. As I mentioned, we expect, as we've shown in the guidance, a slight increase in Europe of the market between 0% and 5%. That is what we also hear from our dealers. Yes, your CEMA index can be fluctuating, but we combine that with what we hear from our sales people that visit the dealers and visit some of the large farmers, and that's our view, the 0%- 5%. Yeah. On top of probably market fluctuations, we have a drought now in Europe, which might affect the one or the other. We see strong growth in our implement portfolio. That is probably also a little bit of a capital expectation that the farmers do at the moment. Even if in case they are not super certain about the recovery of the whole industry, so to speak, they invest in the implements because they need to do the work on the farms. They have replacements needs. We have a nice portfolio ramp up, part of our ocean strategy. We are seeing here double-digit organic growth in the implement portfolio continuously, and that comes with a very good margin. Yeah. The harvest so far has not been bad. Yeah. Cereal harvest in Europe has been quite well. Despite the lack of water, that was not impacted. We will see later in the year when we talk about corn, there may be a negative impact. That also does not necessarily translate into our sales because they still need the equipment. Basically you assume that the demand you currently see from the dealers is underlying demand from the farmers and not a rebuild of the stocks at the dealer inventory level. My question is, do you expect kind of a solid development continuing also into 2027, or might we see a risk of de-stocking again? No, I believe that the stock levels that we see at the dealers right now is appropriate for their selling level. Last year, they were reducing the stocks. They were building up stocks, and we probably benefited to a certain degree in the first half year with that. That's why we had the strong growth in agriculture. But what we have considered in our guidance and in the market outlook view that I gave, that assumes more or less stable stocks. I think that is the right assumption for the business that the dealers expect. Okay, perfect. That's all very clear. I'll step back into the line. Thank you. Thank you, Yasmin. I think there are some written questions, right? Or written posts. As a reminder, if you would like to ask a question from the webinar, please 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 on the Text button and then type in your questions. If you are connected via phone, please press star followed by one. Yes, we have a written question from Sebastian Ubert from MPCM. "Can you stay at above 10% margin in the quarters to come?" is his first question. "Do you still see JOST finishing 2026 at the upper end of the guidance like you flagged with Q1?" I think the second one. I can at least start. You may add, Joachim, but in general, that's our goal. Underlying, so to speak, that should be the case. Keep in mind, and I mentioned that, we have a seasonality in our business. That's also going to happen in 2026. Just based off that, we might not see the same strong margins that at least we have seen in the first quarter. That's the topic. But the underlying runway of the business, especially driven by the synergies, should support that. What was the second part? Do you still see us finishing the upper end of the guidance like effect? As I mentioned a little bit. We just were talking about the sales guidance, and the consensus is around 6%. Our guidance is that EBIT will grow higher than sales. Yes, that by itself implies that we are with the profitability guidance, probably at the upper end of the curve at the moment. I don't know if you- Yeah, no, nothing to add to that. I think, we've talked about the guidance and yes, we can confirm we're very comfortable with it and certainly at the upper end. Okay. There are no further questions right now that I see on the written or on the line. Correct. Great. Then I would like to thank you for your interest and your attention for our record first half year, and looking forward to see you either at the IAA or then at the next call of our Q3 numbers. Thank you very much. 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.