Ladies and gentlemen, please hold the line. The conference will begin shortly in a few minutes. Thank you. Ladies and gentlemen, welcome to the KION Group Second Quarter 2026 update call and live webcast. I am Chloe, the Chorus Call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it is my pleasure to hand over to Rob Smith. Please go ahead. Thank you, Chloe. Ladies and gentlemen, good afternoon, and welcome to our update call and webcast on the second quarter of 2026. For the call, please refer to our presentation on the IR website if you're joining in by telephone. I'm going to start with a summary of the second quarter 2026 and some recent business developments. Then Christian will take you through our detailed second-quarter financials and talk about our updated outlook for 2026. I'll be back with some key takeaways. Then we'll get into the questions and answers. Starting together on page three. KION showed a positive development in the second quarter. Order intake was a solid EUR 2.8 billion, 20% lower against a record quarter in IAS last year, and after a Q1 in ITS driven by pre-buying effects. Revenue was up 8% compared to the prior-year- quarter level. Adjusted EBIT increased 18% to EUR 224 million, corresponding to an adjusted EBIT margin of 7.7%. Free cash flow performed in line with our expectations and was positive, excluding M&A, additional pension funding, and cash out for the efficiency program. Some recent business developments on page four. KION is accelerating the development and industrialization of next-generation supply chain robotics, with a focus on autonomous pallet trucks, which navigate safely in the warehouse with high precision and efficiency and include the autonomous loading and unloading of trucks. Truck loading and unloading today is very manpower-intensive, and the future solution will highly automate the process. In this context, we acquired 70% of Smart Innovation NV, the Belgian retailer Colruyt's research and development subsidiary, during the second quarter. These pallet trucks have already been in operation in Colruyt distribution centers for two years and will now be scaled up in multiple industries by our KION Brands. The world's talking a lot about AI these days, sometimes in a tangible context, sometimes in rather intangible ideas. I'd like to share a very concrete example with you today where AI is used in improving our KION operations. The example is KION Spare Parts Distribution Center, demonstrating how AI is creating value for us today. In spare parts logistics, every second counts. Orders often arrive at the last minute, and shipments still must be packed and dispatched on time. To optimize these processes, especially at the end of the workday when the workload is at its highest, we made significant improvements using predictive artificial intelligence. We can predict with 96% or better certainty whether specific orders can be dispatched or if additional items are expected to arrive later. These real-time recommendations are improving our operations in our warehouses and the on-time fulfillment delivery performance for our customers. Here, AI is not replacing people. Rather, it's supporting them in their operational decision-making, resulting in measurable gains in productivity, process reliability, resource utilization, and deliveries to our customers. Now I'll hand it to Christian, and he's going to take you through our detailed second-quarter financials. Thank you, Rob. Let's go together to slide six for the key financials of the ITS segment. As expected, order intake in units developed atypically in the second quarter of 2026, as the first quarter was significantly positively impacted by pull-forward effects, driven by the announcement of a price increase effective April 6th of 2026. Accordingly, order intake in the second quarter amounted to a solid 69,000 units. New orders in value terms were 6% lower year-on-year. Service growth of 2% did not fully compensate for the mix-driven 15% decline in new business. Revenue was up 2% year-over-year, supported by both the service growth of 3% and new truck revenue growth of 2%, resulting from the good order intake in the first quarter. Adjusted EBIT reached EUR 183 million. This 5% year-on-year increase was attributable to savings from the efficiency program and lower expenses for long-term incentive programs, which more than made up for the continued low fixed cost absorption. The adjusted EBIT margin increased to 8.8%. I continue on page seven, which summarizes the key financials for IAS. Order intake developed in line with our expectations against the record second quarter of 2025. Pure-play e-commerce accounted for 46% of business solutions orders. The remaining verticals in total nearly doubled their order intake, led particularly by food and beverage, parcel, and wholesale. Service showed a good growth of 12%, especially driven by the modernization and upgrade part. Overall, revenue increased by 23% year-over-year due to higher order intake in recent quarters and driven by a 40% growth in business solutions. Service revenue increased by 2%. Adjusted EBIT increased 42% year-over-year to EUR 60 million. The adjusted EBIT margin increased by 100 basis points to 7%. Higher revenues as well as lower expenses for the long-term incentive programs contributed to the increase in profitability. Let me quickly run through the key financials for the group, then on page eight. Order intake development reflects the strong prior-year- quarter in IAS on the one hand and pre-buying effects in ITS in the first quarter on the other hand. Revenue growth of 8% was driven by both operating segments. Adjusted EBIT increased 18% to EUR 224 million, corresponding to an adjusted EBIT margin of 7.7%. Profitability improvement was driven by both operating segments, supported by savings from the efficiency program, lower expenses from the long-term incentive programs, and lower expenses in the corporate services and consolidation line. Continuing on page nine, which shows the reconciliation from adjusted EBITDA to group net income. The non-recurring items in the second quarter were positive, driven by the release of a provision, partially offset by approximately EUR 4 million expenses relating to the efficiency program. You may recall that we had said that out of the total expenses of EUR 180 million, EUR 169 million were expended in 2025, and a small remainder will follow this year. We have slightly reduced our full-year expectations for non-recurring expenses, as you will see in the appendix on the slide with the housekeeping items. PPA items were in line with the usual quarterly levels. The net financial expenses improved year-over-year, driven by improved net interest expenses from the short-term rental and leasing business. Due to the good development in the first half of 2026, we also reduced our full-year expectations for net financial expenses. Again, you will see on the housekeeping slide in the appendix. Pretax earnings therefore increased to EUR 176 million. Tax expenses of EUR 61 million in the quarter corresponded to a tax rate of 35% and are thus in line with our full-year expectations. Accordingly, the net income attributable to shareholders increased by 19% to EUR 112 million, corresponding to an improved earnings per share of EUR 0.86. Let's continue with the free cash flow statement on page 10. Free cash flow in the quarter reached minus EUR 25 million. The free cash flow was solidly double-digit positive, excluding a total of EUR 63 million cash out for the acquisition of a 35% stake in Zikoo Robotics that was announced with our Q1 results of an additional pension funding, as well as for expenses on the efficiency program. The increase in net working capital is due to higher trade receivables in IAS from outstanding milestone payments at the end of the quarter. The year-over-year lower free cash flow results mainly from the increase of net working capital, which is expected to substantially improve over the next two quarters. Remember back in February, we started to point out that we intend to broaden the financing of the leasing business to include also debt capital market instruments with general corporate purpose. We issued such an instrument at the end of March 2026 with a EUR 500 million bond. During the second quarter, we used the bonds net proceeds of EUR 495 million to refinance existing leasing liabilities, and this is the reason why the net financial debt increased not only by the EUR 162 million that you saw on the previous page, but also by these EUR 495 million. The calculation of the industrial net operating debt was revised to deduct those EUR 495 million of financial debt used to refinance the lease business as of June 30th of 2026. That is the reason for the asymmetrical development of the two debt metrics and the corresponding leverage ratios. On slide 13, we laid out our updated guidance for the fiscal year 2026 based on the year-to-date business performance and the current level of orders. I will quickly walk you through that. For ITS, we have lowered the upper end of the guidance bracket for both revenue and adjusted EBIT to reflect reduced expectations for the second half of the year based on the current macroeconomic and geopolitical conditions. We now expect revenue between EUR 8.2 billion and EUR 8.5 billion and adjusted EBIT between EUR 765 million and EUR 835 million in the full year 2026. For IAS, we have slightly raised both ends of the guidance brackets for revenue and narrowed the ranges for adjusted EBIT based on the good performance in the first half-year and a better visibility in the second half. We now expect revenue between EUR 3.325 billion and EUR 3.525 billion and adjusted EBIT between EUR 230 million and EUR 270 million for the full year 2026. For KION, this results in narrowed guidance ranges with slightly lower midpoints in all outlook metrics. I think you can actually all read the table faster than I can read it out, so I will skip that in the interest of time. As mentioned earlier, you will find the slide on the housekeeping item, as usual in the appendix. With that, I now hand back to Rob for our key takeaways. Thank you, Christian. Let's turn to page 14 for our key takeaways. KION had a positive first half 2026, with a moderate increase in revenue driven by growth in IAS. Adjusted EBIT and the corresponding EBIT margin improved in both operating segments. We're accelerating the development and industrialization of next-generation supply chain robotics with a focus on autonomous pallet trucks, including the autonomous loading and unloading of trucks. In this context, KION acquired 70% of Smart Innovation NV during the second quarter. KION continues to make significant advances in development of innovative AI-based solutions. We're leveraging AI in a predictive model, helping us streamline operations in our parts distribution center, resulting in measurable gains in productivity, process reliability, and resource utilization. With the first half behind us and increased visibility on the second half, we narrowed our guidance ranges today for revenue, adjusted EBIT, ROCE, and free cash flow. Our updated outlook remains subject to no additional significant burdens arising from the current geopolitical situations. This concludes the presentation. Thanks for your interest so far. Let's move back to Q&A now. Chloe, please open the line. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone. 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 star and two. Questioners on the phone are requested to disable the loudspeaker mode and eventually turn off the volume from the webcast while asking a question. In the interest of time, please limit yourself to two questions. Anyone who has a question may press star and one at this time. The first question comes from Sven Weier with UBS. Please go ahead. Good afternoon from my side. The first question, if I may, is on the truck EBIT guidance. If we take the midpoint of the new guidance and you assume you keep the same EBIT in Q3, it implies significant pick-up to EUR 250 million of EBIT in Q4, which would be quite unusual even when considering seasonality. I was just wondering from a kind of an EBIT bridge, what you assume to get there? Or would it be fairer to assume that you actually rather achieve the lower end of this truck EBIT guidance? Thank you. Hi, Sven. This question, on that end, I'm sure you noticed if you look at the guidance at the midpoint, we actually expect higher revenue in the ITS at the midpoint, to come in the second half of the year. Also, on the base of a market that shows dynamic, we expect that also from order intake to come that we can realize in the revenue. As we have been pointing out, that we are seeing an underutilization of resources. You can imagine that that does not come with incremental fixed costs. Therefore, that revenue sort of plays into that line. That's the main element. Supporting element is that also in terms of the efficiency program, the savings in the second half will be slightly higher than in the first half from the phasing. That will also support that element. Throughout the year, we have also made a reference to pricing. In particular, the order intake that we had at the back end of last year in the fourth quarter. This has been now actually realized also in sales. Therefore, we also expect that effect to wash out in the second half of the year, that pricing also has a positive effect in the development for the second half. That sounds like you feel relatively confident also in the midpoint of that guidance, given those factors, right? I would say, as always, we feel the guidance that we are putting into place is a balanced guidance. I think that sums it up. That leads also to the second question I had, because you were mentioning that revenue at the midpoint being higher in Q4 and on the back of maybe also an improvement in the order intake. Are you observing this already that now the pre-buy effect is out and orders start to trend more positive during Q3? Is that the assumption? I would refrain from making a reference in Q3. You know us quite well, Sven, and you know the business. A Q3 in particular, more than any other quarters, is very much depending on sort of the final months naturally this summer. Very difficult to make a judgment on a quarter in the current trading over summer before September is done, and then we already talk about the full quarter. Therefore, I would not actually want to add on sort of the quarterly phasing to that in addition to what I already said on your first question. Basically, the Q4 revenue momentum should also come from the existing backlog then? Existing backlog plays into that one, but for sure, as I said, we expect the dynamic in the market also in the order intake to be realized also in revenue in the second half of the year. Yeah. Understood. Thank you, Christian. The next question comes from Tore Fangmann with Bank of America. Please go ahead. Thank you for taking my questions. Hi, Rob. Hi, Christian. One follow-up question on the margin side. Appreciate you gave us a lot of detail already, could you remind us on how is the pricing competition currently looking? Feels to me like there was some increased competition also between the Western European players within this quarter. Together with this, what really needs to happen from here for you to achieve the 10% medium-term margin? Thank you. Sure, Tor. We don't comment on other people's pricing. As I'm sure you'll recall, we did put a price increase into the market. We put it in there effective 6th April. We had some pull-forward effect that we described in the first quarter. As Christian just described, we have been very consistent in building down our lead times on delivering trucks from a very high number of months, over a year, back in 2022. To now, probably ± four months is a pretty good lead time now. The pricing that we put in place from April, as that now is affecting the second half of the year, we expect that that pricing will have an impact on the order intake we take, the orders that we're building and the revenue that we're getting in the second half. My preference is just to simply comment on our own pricing. Appreciate. Any views on the next steps that are needed for the 10% medium-term target? Yeah. Well, it's volume, it's mix, it's service. It's good volume and good mix and good service. Good performance, good execution. Okay. Very fair. Just one last from my side, is we've seen very decent PMI strength actually across regions, both U.S. also Europe so far year to date. If we look at the total ITS order intake for the first half, so basically then compare it to the first half last year, we are down minus 1% roundabout. We've seen a bit of a decline versus the PMI actually showing some positive signs. Any view on phasing on when we should this improved activity in Europe see filtering through to forklift volumes as well? Well, maybe I comment more on the market, if you will, and my observations on the market. Consistent with what we said in the past, Tory, we see that the trough is behind us for both of our segments. You're asking specifically about the ITS market. We do see the ITS market bring in substantial growth this year in units. As you know, the value of those units lags the growth in the units themselves. That's a dynamic you need to be aware of or at least be building into your models. I think you know that one. If you're talking PMI, with the geopolitics and news flashes these days, you almost need to take a time date stamp on when did the PMI come out, and then what was the next morning's news and developments. Correlating those two closely, just a one-shot number with the overall market. Indeed, there's growth in the markets in both of our segments. Perfect. Thank you. The next question comes from the line of Gael de Bray with Deutsche Bank. Please go ahead. Thank you. Good morning. The ITS gross margin took a hit of more than 100 basis points in Q2 compared to Q1. Could you provide a bit more color on this negative sequential development? Do you expect the ITS gross margin to be back to prior levels, around 29%, as of H2, given the recent price rises? Is it a bit premature? Yes, the gross margin development was as you described, basically, and that actually was across the segment or the portfolio, if you will. From the new business and then the mix in the new business, but also in the services. We expect that actually to pick up as such also going forward. As I said, as gross margin also incorporates an element of fixed costs by definition. With an incremental revenue, we should have a better utilization on the product side, and that should actually support the gross margin development going forward, which is a part of my answer that I had to the first question from Sven. In terms of where would I see the pickup in the margin in the second half of the year. What really drove the disappointment versus internal expectations for ITS margins in Q2? When you say internal expectations, I guess you make a reference to pre-close call, right? Yes. Yeah. Okay. Thank you. Basically, there were FX changes that we had in the end of the month. From particular currencies, one of them, the Polish zloty that came in. That were sort of not incorporated in our internal expectations. That sort of is part of what drove then the expectation also on the margin in the end for the segment. Okay. Thank you. The next question comes from the line of Timothy Lee with Barclays. Please go ahead. Hi, can you hear me okay? Yes, Timothy, you're good. All right, cool. Thanks for taking my questions. My first question is about the current trading momentum also for the warehouse automation side of things. Can you also give a little color on what's going on market? How's the order activities look like in terms of the order intake by the industry players? Thank you. Sure. You're asking about current trading in Q3. I think Christian covered the ITS market very well with the summer pause in July parts and August parts. Q3 is always strong in September. If in now talking about the IAS segment, glad you brought that up. The trough is clearly behind us in the IAS segment. We had very good growth ourselves and the market grew well last year. Our view is the market's got strong growth in it this year. Our orders, as we called out, it's across all segments. You saw the 46% pure play e-commerce and the other verticals almost doubled on a comparative basis. We've got good, strong orders across all verticals in terms of good market development there. What I'd point out to you is, at least at this point in time, there has not been a perceptible slowdown in customers' willingness to be starting new orders based on the conflict in Iran. We're keeping a close eye on that, and we'll keep you posted. At this point, good growth in both segments and good growth in IAS across multiple verticals. Understood. Very helpful. Thank you. My second question is about the competition again. I think, if I look at the numbers of the Chinese truck imports, it seems to be also picking up year to date. Can you give also some color on how the competitive landscape look like for the overall truck market, especially from the perspective of the Chinese players? Sure, Timothy. You've observed that right, and you've observed that correctly. There is strong growth in the market with the Chinese players during the course of this year so far. That's the right observation. That's what we're seeing as well. You're asking perhaps about underlying, I heard you talk about commercials around that and pricing, for example. Look, I think the whole point I would get to is, we see that growth, and we see it's a growth market. As we are driving our order intake, we take a careful balance on driving order intake along in the good balance with achieving our margin targets. We're not chasing every single last deal if we think the margins aren't going to be good. All right. Understood. Very helpful. Thank you. The next question comes from the line of Akash Gupta with JP Morgan. Please go ahead. Yes. Hi, good afternoon, Rob and Christian. My first one is on M&A. I think you set aside EUR 200 million for M&A this year. When I look at your cash flow statement, in the report, so far you have spent around EUR 36 million according to cash flow statement. Maybe if you can talk about what else left in the pipeline, and is there any chance that the final amount on M&A could increase or exceed or shortfall behind this EUR 200 million that you have set aside? That's the first one. Okay. Akash, I'll take that one. Yes, you have noticed, obviously, the amount that we have spent in the first half of the year. The next one is in line, if you will, is the one that Rob made a reference to in the highlights for this quarter, which basically has done a closing in the month of July. That will be a lower double-digit million amount, right? That also closed meanwhile, right? Going out. I still hold to the EUR 200 million for the remaining of the year. As always, it will very much depend on the timing of the closing, which is not just the function of will we do the signing, but also do we go wherever we have to go through regulatory processes that take their time. We will see to that, but our pipeline and what we are looking at right now is supporting still the EUR 200 million, and that's why I'm maintaining this as the current number. Thank you. My follow-up question is for Rob, and this is more of a strategic or maybe technology question. We see a lot of interesting development on humanoid robots, and there is a big interest on what these humanoid robots can do. Of course, warehouse and like, you know, are one of the areas where people think about their applications. We already see they're used in factory floor where German automotive companies are leading the pack in Europe to deploy these humanoid robots. The question I have for you is that when you look at, let's say, on a medium-term, three to five-year basis, do you see that as an opportunity, given you as a leader in warehouse automation business? Is this something that you can integrate with your warehouse automation system to improve overall productivity? This is more of a threat where there may be some sort of risk to some of the forklifts that go in warehouse or in factories that might be replaced with humanoid robots in future? Thank you. Sure. Let's answer your question, back to front here, Akash. First of all, in terms of would humanoids be replacing industrial trucks on the shop floor? Very much less so. I don't see that particularly. The applications for humanoid robots are not particularly moving pallets. The applications for humanoid robots are on smaller, lighter things, and sometimes it's picking and placing, for example. I think that's what we call the lane 2, the startup and flexible mobile automation. It's a little bit like a horse race, and you have to back quite a few horses in that race. Clearly one of our technology partners is a humanoid technology partner, a very reputable one. We see humanoids as one of the potential technologies that will be growing over the next three to five years, that will be integrating into our warehouse automation solutions, our supply chain automation solutions. You have, as the integrator with the right orchestration capability, we have a very exciting opportunity to be able to integrate our own technology, Akash, as you know, as well as third-party technology, especially in this mobile and flexible and potentially humanoid automation, and integrating that into an overall solution. We're ready for that. I would tell you applications, and also you can use a subsystem of a humanoid too. You don't need the entire body to do what an arm does for picking and placing. There's a lot of automation picking and placing robots at the end of picking and placing lines right now, and I think that'll probably increase. We'll see you on the overall humanoid. The elegant thing about a humanoid robot is it does fit into the same brownfield work environment where a human fits in without having to modify the working environment. That's kind of the intriguing thing on it. Most of the distribution centers, we talk about 80% of the world's warehouses and distribution centers, are still quite manual. We'll see how that develops. We're ready when it comes, and one of our technology partners is working strong on that, and we'll be integrating that into our overall solution. Thank you. We now have a question from the line of Philippe Lorrain with Bernstein. Please go ahead. I wanted to have, maybe from your side, any further color on the pricing and the mix impact weighing on the ITS new business order intake trend in the second quarter, besides the regional mix, which is quite obvious. There is a delta of about -14 percentage points, if I calculate that correctly, between the -1% in volume and the -15% in order intake in value there. I just wanted to understand a little bit, because that 14 percentage point is quite puzzling. Philippe, Christian, on that one maybe, as you rightly pointed out, and one can actually have a look at that in the appendix, right? In that development there's obviously a regional mix effect, as you have pointed out, where the development was quite different in EMEA than in APAC. Growth in APAC is 14%, 6% less than EMEA, right? That's a mix effect. We have a mix effect from the product lines themselves. You can also see that from the counterbalance, both counterbalance lines, Electric and IC truck, are both approximately 10% down, and warehouse three percent up, right? Your question was then actually on pricing, which is then the other element. The development actually is to be attributed to the mix rather than the pricing. We have increased our pricing in Europe on the 6th of April for the cross-border. We have done the same thing also in APAC in the following weeks. Basically, we maintain our pricing there and remain rational on that end. The development that we are seeing there is basically a mix of development, regional and product mix rather than the pricing development. Mm-hmm. Just to follow up on that, did you have any, let's say, abnormal ordering activity from the rental fleet? Because this one would trigger volumes but no value in orders. Yes, we have higher growth in rentals. When we talk rental also for the operating lease, that share also went up a bit, but vertically also on rental. In rental, as you rightly point out, you have actually units reflected in the order intake, but the revenue and then the order intake value-wise, and the revenue is actually then distributed over the time of the rental period or the usage period of the rental truck. That also plays into this difference between a value-order intake and the unit-order intake as a technical consequence. Okay, perfect. There's no, let's say, specific view to have on the ordering of the rental fleet in the next quarters, no, I guess? No, nothing that I would highlight at this point. Yeah. Perfect. The second question I have is also to you, Christian. It's more regarding the change in net debt, et cetera. Should we expect the portion of the net financial debt that is used to finance the leasing and the rental businesses to grow in line with the rental- and leasing-related assets in the future? Because in the past, what you seem to call the leasing RCF was evolving that way over time. I'm not sure, Philippe, but I got the last part of your question. Could you please repeat it? Just acoustically. I was just asking whether we should expect the portion of the net financial debt, so the nearly EUR 500 million, that went up in this quarter, and that is used to finance the leasing and rental business to grow in line with the rental and the leasing related assets in the future. Again, the EUR 495 million, right? That's the specific use of an instrument for the leasing and the rental. We have used that instrument, so that's done then. Should we, and this is now just to illustrate the mechanics of the model, should we use another instrument, like issue another bond, which at this point in time, there is no need for? That number would change, but if not, that number would not change because we have used and consumed, if you will, for the leasing and rental business, we have now used the proceeds of the bond. To put that in other words, you have that financing in place now, whatever comes back in terms of increase of the leasing book, for instance, would be related to increases in the leasing liabilities in the balance sheet, up to the next step when you need to have another instrument like that. Yes. That's exactly correct. Okay. Perfect. Thank you very much. We now have a question from the line of Adrian Pehl with ODDO BHF. Please go ahead. Yes. Hi, everyone. Actually, I've got two questions. One is on the IAS segment. As we spoke about also gross profit margins on ITS. I was just wondering, looking at the performance and putting whatever constant gross profit margin on service, gives me the impression that actually, on the business solutions development, that has been rather stable sequentially. The question is, obviously, where should additional margin increases come from? Is that basically because you also see a better loading, and since you're working through these loss-making contracts, we should see a pickup in the gross profit margin in IAS, or is the development that we should potentially expect to meet your guidance rather coming from SG&A or other operating expenses elements? That's my first one. The second one is a bit on the regional revenues, which I found quite interesting when my model doesn't lie. Actually, you had an increase in ITS, now in Western Europe, in Q2, which was positive, with 3.7%. That was the first time since, what was it? five quarters basically. Despite what we discussed on the order intake, it's potentially a bit on the weaker side. Nevertheless, it's quite interesting to see this development. Is that more of a factor also, of pricing, or would you also see that there is some pickup and good conversion of the order book into revenues? That's it from my side. Thank you. Adrian, on the IAS side and the margin development on the IAS side. It all comes back to sort of the usual set of drivers here. Basically, yes, the one thing is, as we have said, we are still working off the legacy projects and the progress on that one, and that's a reflection that it's less and less a burden on the results of the IAS side. That's the one element. It's the project execution as such and the margin quality, so to speak, of the orders that we are getting in. Maintaining that. Also on service. We expect, actually, service to grow also going forward, and that will have a contribution to the margin quality as well. With revenue, at the midpoint, we are not looking at the midpoint of the guidance to a significantly higher revenue in the second half of the year, as you rightly pointed out. This revenue, obviously, also operating leverage from the SG&A is coming. That's probably not the main lever in the second half of the year. As that is more directed to the other elements that I made a reference to in terms of execution, working down the legacy project and the service growth. Which is then also pointing to better gross profit margins on our business solutions as part of IAS, I would assume, right? That's then the consequence, yes, Adrian. Okay, very clear. We now have a follow-up from the line of Sven Weier with UBS. Please go ahead. Yeah, thanks for taking the follow-up. It's on factory load, because I would assume that when we look at the entry-level segment of your truck sales, where you have the EP partnership, that this is going quite well and probably going to stay quite well. I was just wondering, in terms of improving your factory load, is this something you could do internally yourself, or could you not do this cost -competitively when you look at your terms that you have with EP? Let's be clear about that, Sven. I'm glad you asked the question, actually. Well done. The EP partnership is one element of our overall strategy. We've got a very comprehensive strategy for China, for China as well as China for the rest of the world. The EP partnership goes all the way back to 2018, when we bought our share in EP. That's an element. We have other partners there, too. The very small warehouse trucks is primarily what we source from EP. We've got our own very strong China footprint, as you know, third largest player in the entire market, the only Western player, the rest of the Western players left over the years, where we build in our new factory in Jinan that we built in 2021, the product for the economy and value line segments, the counterbalance trucks there. We do that in China for China. We do that in China for export to all of our other regions as well. That's a very well-performing truck in the market. We're in the process now of extending one of our other factories in China, the larger warehouse truck production, looking to build exactly the same kind of a global we have. We talk about the KGCB, the KION Group Counterbalanced. That's the one that we designed and engineered and sourced and build in China and is competitive in China and competitive for export. The larger warehouse trucks, not these very, very small hand pallet trucks, but the larger warehouse trucks, we're putting in place a global platform, too, and we expect to be introducing that over time. That will be exporting, be playing in China against the players there competitively, and also be exported to other places and other regions. The factory load is a load that's going against our own factory in China. Insourcing those hand pallets wouldn't really move the dial, if I understand you correctly. now we're back to the story on value and units, Sven. I trust that you're talking value, and you're exactly right. On a unit basis, insourcing would jack the units but wouldn't do anything to the financials. we obviously all observed now that Jungheinrich has also taken a stake in EP, just like yourself. Does that make you feel uncomfortable, or do you see this well-kind-of-ring-fence, so to speak, and there's no collision with your interests in the partnership? we're relaxed about that, Sven. We've been working with EP and John Hu there. We started our formal partnership in 2018, eight years back, but we've known him and his company for many, many years and feel like we've got a very good working relationship there. Understood. Thank you, Rob. Ladies and gentlemen, I would now like to turn the conference back over to Rob Smith for closing remarks. Thank you, Chloe. Thank you all very much for joining our call today and each of your good questions. I hope you've had a good summer and are about to have a real good summer when you go on vacation. We'll look forward to keeping the dialogues going in the weeks to come in our virtual conferences. Christian, the IR team, and I will be presenting in September, and we'll see you back here with our Q3 2026 results for our call at the end of October. Thanks very much and all the best. 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.