Good afternoon. A warm welcome from my side. My name is Olaf Scholz, Head of Group Investor Relations here at Krones. In a macroeconomic environment marked by further uncertainties, Krones has confirmed their financial targets for 2026 and also increased order intake and profitability in the first half year 2026. This was the headline of the press release this morning. Now, Thomas Ricker, for the first time in his role as CEO of Krones, and Uta Anders will give you more details about the situation at Krones and also explain the figures of the first half year 2026. After the presentation, you will have the opportunity to ask questions. I think you also know how the Q&A session works here at Krones. Please use the function raise your hands in Teams or send me just a short email. Then I will hand over to you. Additionally, please be reminded that this meeting will not be recorded and that it is also not allowed to record the meeting. Please also deactivate any functions of recording at Teams. I think, let's start. I will hand over to Thomas Ricker. Thomas, the floor is yours. Thank you very much, Olaf. Dear ladies and gentlemen, it's really a pleasure for me, for the first time in my new role as a CEO, to present the half year results 2026 of our company, Krones, together with my colleague, Uta Anders. As I mentioned already in the Q1 call where I introduced myself, I am very much looking forward to future direct exchange and close cooperation with the capital market. Therefore with you, the current situation in the world is challenging. Economy is globally slowing down. The uncertainties in the markets are still on a high level. Despite that, Krones continued in the first half year with a positive performance based on our resilient business models and our strong global presence. We are confirming the full year financial targets for 2026. I will just jump over this summary, because we will go in detail in the figures and in all this information afterwards. The highlights for the first half year in 2026, also in a nutshell, because we will go more deep in the following presentation. Order intake in totally at EUR 2.85 billion. The revenue grows +1.8%. EBITDA margin on a level of 10.8%. The free cash flow currently of EUR -31 million. Going to the order intake, you have seen the figures. Even the second quarter was on a plus compared to the last year of around 3.5%. In a sum, in the first half year, the growth of the order intake was by +4.5%. It's very important, for us, the book-to-bill ratio after the six months at the level of 1.05. In general, as I mentioned already, the uncertainties on the market are still on a high level. Despite that, we could manage it and we have our global presence. We are more or less everywhere, and we are in close cooperation with our customers to handle their projects in the best possible way. As you can also see, the strongest growths currently have been in North and South America. In Eastern Europe. We have quite a stable situation on the order intake side in Europe and in Asia-Pacific, and currently a bit of a decreasing order intake compared to last year in Middle East, which is quite explainable, and in China. We are expecting a catch-up effect also in the second half of the year also in that regions. China in the first half year is always a bit influenced from the Chinese New Year, which is in February. Up to now, as said, we could manage the uncertainties and especially the huge cost pressure on the raw material side of our customers quite well. The huge pressure on the cost side are mainly driven from the energy costs, and these are strongly influenced from the current situation in the Near East in the Iranian war. The order backlog raised a bit up, and we are still on a very good level of around EUR 4.3 billion. The delivery times is stabilizing at really a very competitive level of around 30 weeks. The order backlog in combination with the order intake, also from the first half, ensures our production capacity utilization largely for the full year 2026. If we come to the revenue distribution, it's still a very good balance between the emerging markets and the developed markets. A bit driven now from the developed markets, 52% in that area and 48% in the emerging markets. What you can see here, that North and Central America dropped down last year because of the shock of the tariffs. It's catching up again. That's good. South America, I would say, is on a stable level if you see the absolute values. Europe and Middle East, following the order intake situation from last year, has a very strong development in the positive side. The Eastern Europe, Central Asia, China, and Asia-Pacific regions are on a, I would say, stable and very good level from our revenue split So far from my side, and then I will hand over to Uta. Thank you, Thomas. As always, I will start with revenue development. As you can see, speaking about year to date, we are at EUR 2.715 billion as reported, and we have about EUR 60 million FX effects included in here, mainly coming from the U.S. dollars and FX adjusted, as you can see, EUR 2.775 billion. This is a growth by 1.8%. As you may recall, we had 1.4% in the first quarter. We have been catching up slightly to our 3%-5% growth guidance, which I will come to in a second. Quarter-over-quarter, you can also see that we had a slight increase, as I said already in the quarter, about EUR 10 million FX effects. I mentioned that already, we confirmed the guidance 3%-5% for the current fiscal year. We are well aware that the second half must be stronger than the first half in order to achieve that. We have also shown, for instance, last year, that we are capable of delivering that, and also the production schedule confirms that all our production sites or customer sites, installation and permission schedules, backlog, but also recurring revenue. That's why we are confident that we can confirm our growth guidance. Coming to EBITDA, you can see for the fiscal year to date, EUR 292.8 million EBITDA, which is a slight increase compared to last year. In absolute numbers, if I look at relative numbers, we increased by 0.2 percentage points from 10.6% to 10.8%. This is true for the fiscal year to date, but the same is true for the quarter because also here we had 10.6% margin. Here, we confirm our guidance 10.7%-11.1% EBITDA margin range for 2026. EBT, EUR 197.7 million. You can see yourself it is a decrease compared to last year, which is still kind of, let's call it carryover effect from the first quarter, because here we had a negative financial result as well as higher depreciation. You can see in the second quarter, we have increased slightly our EBT. All in all, here, this is in line with our expectations as we are also writing it on the lower end on the left side of the page. Moving on with personnel and material expense, the picture is very similar to what we have presented already in the first quarter. Let's start with material expense. You can see yourself it is an absolute numbers decrease compared to last year, as well as a ratio 45.1%, which is a result of the material cost reductions from last year. You may recall that we had also talked on the conferences about the cost agreements or the agreements we had done with our suppliers in 2025, which now carry through to 2026. This is one reason, but also price levels. Those are the reasons for the low material cost ratio. We assume that this is going to be normalized a little bit throughout the fiscal year. The same is true for normalization, but also similarity to the first quarter for the personnel cost ratio. You can see yourself EUR 29 million in addition, which is the result of, on the one hand, in average, higher FTE numbers, so employee number in comparison to same period last time, last year, but also tariffs or merit increases. 32.9%, as we have shown last year, we expect this to go down towards the more 30% throughout the fiscal year. Employees, actually, there's not a lot to tell this time. As you can see, we are at approximately the same level as we had end of the fiscal year, 21,249, 90 less. The reduction is mainly in Germany. Stable development, if I look at the different employee groups, which we always highlighted, it is very similar to what we had. Also that is in line with our expectations. Let's move on to the segments. For Filling and Packaging Technology, I always tell you it is in line with group development, because it is the largest segment. Speaking about revenue, EUR 2,293 reported, EUR 2,342 FX adjusted. FX adjusted we show a growth of 1.8%, which is already very close to our 2%-4% growth guidance, which we confirm. Speaking about EBITDA margin, you see a nice development also this quarter coming from 10.8% to 11.2% for year-to-date. Also here we are within our guidance of 11%-11.5%, and we confirm both growth and EBITDA margin guidance. Process Technology. The story is very similar to what we had seen the last years. Only limited growth, but good margin, or very good margin. If we look at the year-to-date numbers, you can see that both in FX adjusted, but also in reported numbers, we are below the last year, which is also related to delays of turnkey projects also in last year, but also at the beginning of this year. Higher or very good revenue in what we call units and components, pumps and valves, for instance, which is also the driver for the margin acceleration, the 10.6%, very similar to last year, above the guidance of 9%-10%. To summarize it, we also here confirm the guidance 0%-5% growth, and revenue growth a 9%-10% EBITDA margin. Last but not least, Intralogistics, nice growth. EUR 16 million reported figure, EUR 6 million adjustment for FX. We come to 9.7% revenue growth FX adjusted, which is already on the upper end of the guidance, 5%-10%. On the other end, also due to mix issues, there is still some way to go to achieve the EBITDA margin of 7.5%-8.5%. We are only at 5.3%. Also here to summarize it, we confirm the guidance for both revenue growth and EBITDA margin. Moving on with equity liquidity situation, starting with liquidity. As you can see yourself, we are holding a very comfortable liquidity situation with EUR 1.304 billion, which is compounded by EUR 405 million cash. I will come to the free cash flow statement in a second. Free credit lines, as you can see, close to EUR 900 million. That gives us sufficient room to maneuver for the growth we are expecting towards 2028 targets also, but also for everything which is going around economic volatility. Equity, also here, nice development, EUR 64 million in addition equity, despite of the fact that we paid out EUR 88 and a half million dividends. We had a net income this quarter of EUR 139 million. If I look at the ratio also there a nice development up to 43.6%, 1.4 percentage points, and this is because equity increased by 3%, whereas the total assets and liabilities more or less stayed stable at EUR 5 billion. Up to 43.6%. Let's come to working capital. Starting, first of all, with the middle part of the page. As you can see yourself, 18.5%. We are higher than we were last year. Also, if I look at absolute numbers, we are holding, or we were holding end of June, a working capital of EUR 1.117 billion, which is an increase by EUR 180 compared to end of last year, which, as we will see on the next slide, is the main driver for the free cash flow development. Let's look at the different components of working capital. Receivable POC. You can see from relative numbers, but also from absolute numbers, very stable, 35%, 36%, and it's about EUR 2 billion in absolute terms. Payables, they increased a little bit compared to Q1, where we have highlighted that in particular, and we are very similar to where we were last year at the same time, and we have about EUR 770 million accounts payable, lower than end of December, but that's also normal course of the business. Inventory, as you can see, and which we had already talked about in Q1, 13.5%, so it is higher. Two reasons. Reason number one, safety stock, as we have also highlighted in Q1 already. Reason number two is also a bit regional. We are holding a little bit more inventory in North America also to be able to deliver out of North America, and that's one of the main reasons for that. Last but not least, received prepayments, 15.8%. Very similar to end of the fiscal year, but much lower than last year at the same time. This is because, and I had mentioned that already, that with lower delivery times, we are moving faster also the orders, and then the down payments move from the liability side to the asset side. That all in all, the overall development of working capital. As I said, it increased by EUR 180 million, we can see the EUR 180 million, EUR 181.1 million to be precise, also on the third line of the free cash flow statement for quarter two, not quarter two, year to date. Let's first of all look through the fiscal year. I already reported on EBT. You can read it. Other non-cash changes, mainly depreciation of about EUR 90 million-EUR 100 million. Change in working capital, I commented. Other assets and liabilities. This is mainly income tax payments, close to EUR 60 million. Moving on, CapEx. That is a little bit different than last year. We are higher in CapEx this year than we were at the same time last year, 3.6%. This is because we have quite some large investment projects which just pay out regularly. Other is not significant. Free cash flow before M&A EUR -30.8 million, M&A activity is EUR 8 million. That's the earn-out we paid out in the first half of the fiscal year. Financing activities, others, that's the dividend, mainly EUR 88.5 million. The change in cash, as you can read, coming to cash. If I just shortly compare last year to this year, I want to highlight two things. The change comes mainly, the change in free cash flow, mainly from higher change in working capital, which we expect to normalize throughout the fiscal year and more CapEx. Those are the major changes. Now I will take a slight detour because I want to announce already something which we have closed in July. That's a small acquisition which we have done now in July. We are actually in the closing phase right now. It is a very small business. I mean, EUR 10 million revenue. You can read it yourself. It's WIRO Precision Tool company, and this is in addition to our Netstal MHT. Some of you may recall that we have talked about closing the loop. We have talked about advanced molding technologies as part of filling and packaging. So here they are producing molds and tools for special-purpose caps. It is closing a technology gap, which we had in combination between MHT and Netstal. Very small business, EUR 10 million, as said, 50 employees, margin accretive. You will see the payout in the third quarter of 2026. Now let's go back to the presentation. This slide you also know. I talked about the negative free cash flow, but I also talked about that we expect this to normalize throughout the fiscal year. It's the same information as I had given to you in the first quarter, but also Q4 2025. ROCE, 17.7%. Yeah, very similar. You remember that I always talk about nominator and denominator. What we see here is that the EBIT only increased by 1.9% for the reasons also mentioned already when I talked about EBIT. Capital employed increased by 9.8%. We expect a certain normalization, in particular in working capital, but also an increase in EBIT. That's why also here we expect-- not we expect, we confirm our guidance for 2026, 19%-20%. Far from my side, now I hand over to Thomas again. Thanks, Uta. Therefore, with all the figures shown, coming to the outlook, which we strongly confirm the guidance for 2026 based on our order intake situation, on our backlog situation, and especially also based on the schedule for our production and for the projects we have already enhanced for the rest of the year. We confirm the revenue growth in the guidance for the revenue growth in the range of 3%-5%, the EBITDA margin in the range of 10.7%-11.1%, and the ROCE in the range of 19%-20%. The outlook on the segments, I've already mentioned from Uta for the revenue growth and already also confirmed, I would not go in depth. You recognize that we have to have a stronger second half, which we confirm also that we are even in the segments fully in the guidance, what we have placed for 2026. Last but not least, also our midterm targets for 2028, with a revenue around EUR 7 billion on the revenue side in 2028, an EBITDA margin in the range of 11%-13%, and a ROCE bigger than 20% for the year of 2028. Also strong confirmation for that, while saying that when we have set the targets in 2024, the global situation have been quite a bit different, I would say a bit easier, and that means that the whole Krones team has to work even harder to get these targets for 2026 and also for the midterm targets done. The key takeaways, I think more or less done already. The start was quite good. The second half of the year will be stronger to come on the group level and on the segment level in our expected guidances. There is for sure, uncertainties on the market. Up to now, we managed it quite well, and this is our strong belief also for the future, for the second half. We have a good backlog. We have a good scheduled utilization of our factories, and therefore, the targets for this year will be, again, strongly confirmed. So far, an overview about the figures and short explanations. We are looking forward to your questions. Thanks to Thomas and thanks to Uta for the explanations of second quarter or first half year 2026, and also regarding the outlook. I think there are some questions, or I already see some in my email folder as well as in the Teams. We start with the Teams. We start with Sven Weier from UBS. Sven, your questions, please. Yeah. Thank you, Olaf. Thanks for taking my questions. Good afternoon, and welcome, Mr. Ricker. All the best for the new role. The first question I have is on the order intake guidance, right? Because you confirmed the book-to-bill of slightly above one Which implies an order intake for the second half, maybe slightly above the level that you had in H1, which was a good level, especially in the first quarter. Now you talked about prevailing uncertainties as a consequence of the Iran war, higher energy costs, which maybe caused some issues for some of your clients. I was just wondering if you could give us an update on the pipeline and how you feel about these book-to-bill guidance. That's the first one. Thank you. Thank you very much. As I mentioned already, there is for sure a lot of uncertainties driven currently quite through the Ukrainian war, and therefore through the energy costs, which have a direct influence on the raw material side of our customers, which is definitely understandable, and there is a lot of uncertainty because oil price and energy prices are going up and down very fast at the moment. This is not influencing what we see at the moment, our pipeline, because our pipeline in all the segments is really robust for the next months and for the future. It's still influencing, I would say, the decision behavior of our customers. That decision takes much longer, even that they have taken last year and the years before. As said, is understandable. I would say that's a bit also the uncertainty for us. Seeing the robust pipeline, seeing also the distribution of the pipeline around the world with a very good distribution, very good balance, we are, I would say, very optimistic that we can manage the order intake side and therefore then also the growth side. You also have a good start into July, that gives you also comfort on orders? The July figures up to now confirming my statement from right now. Yes. Thank you. I was just wondering, I think my understanding is that in order to achieve the full year revenue guidance, you also still need to get some order intake in the second half for this year delivery, if that's right. I was just wondering, the amount of orders that you need, is that around about the same level that you had in the second half last year? Or how should we look at this in for/out orders? We are quite good utilized at the moment, yes, there is a chance for single machines and for some new machineries also to be already delivered in this year. Especially on the service side, we have still longer chance to get orders in which we also can then deliver or make to revenue this year. I would say from that side, very satisfied with our statements for that year. A bit of an uncertainty also coming from customers because we have also deviations in their projects, driven sometimes from a crisis situation or wars in that area, so they have to slow down their projects. There might be a bit of a question mark behind, but seeing the volume we have, seeing the outlook and seeing the pipeline, again, strong confidence that we can catch up in the second half year and then being in our guidance. When you look at the 3%-5% revenue growth range for the year, would you feel a bit more comfortable at the lower end of the range, or do you think from today's point of view, you can still end up also at the higher end? We are more comfortable towards the lower end. Okay. Understood. I go back in the queue. Thank you both. Thank you. Thanks to Sven. Well, I switch to my email folder and I see also there is someone, Benjamin Thielmann from Bernstein. Benjamin, welcome back. Your questions, please. Yeah. Hello. Good to be back. Hi, Thomas. Welcome from my side as well. Three questions, if I may. First question, you mentioned it on one of the slides, is the solid order growth in North America, and I was just wondering where exactly is that coming from? We know the story, installed base in North America, especially in the U.S., is relatively old. Are you growing there particularly because of a replacement of old machines, or are you growing with new customers, or is it a mix of both? Thank you. That's the first question. First of all, to answer, yes, it's a mix of both. The explanations we discussed a lot of times. I would not say it's a kind of catch-up effect already. I would say it's coming a bit back to normality. The reason for that, at least that's my explanation, is that it's a bit more certainty on the tariff situation since a few weeks or months, so it's not going up and down. That might be the reason that the one or the other customers are placing even more orders. Tariff situation is more or less unchanged up to now, and that might lead to a bit of a certainty on the customer side. Again, it's not on a level what has been already. You have seen the drop-down in revenue and also in order intake last year. I would say we are on a good way back. Hopefully it stays like that. Okay. Very clear. Next question would be, you mentioned it as well, that some customers could be hesitant in terms of investment behavior. The CapEx outlook for most of your big customers still looks good. Q2 order intake was, I think, the strongest Q2 since, I think, 2020. It's clearly going well for you guys. I was just wondering in what regions or for what different types of lines and machines have you seen customers being reluctant to spend? Anything surprising, maybe in Asia-Pacific? As I mentioned before, I think Asia-Pacific is quite stable, including then also China, if we did that together. Not really surprising. Maybe a bit surprising is that still the European regions at all stays on a very good level, also on a good investment level. As mentioned, MEA is dropping down a bit, but also the expectation because of the crisis situation in that region, both from our side, even a bit higher. They keep it quite on an expected level. As mentioned already in the Americas, means North, Central, and also South America, we have quite a strong situation on the order intake, which is, let me say, supporting our overall good figure and good growth compared to last year. Okay. Cool. Last question, if I may, is regarding the working capital movements we have seen. Uta, you mentioned it, inventories went up by, I think it was 100 basis points, because of a buildup of safety stock in North America. What is the reason for that? You mentioned that you want to serve more from North America. Is this from North America to the North American market, or why is that what I perceive to be sudden increase in inventories year-over-year? It's what you said. It's from North America for North America to avoid the tariffs. We probably have said last year when we talked about the mitigation measures for tariffs, one of the measures we mentioned is more local production, also more local sourcing. This is now reflected in the working capital, actually in the inventory. Local for local is the main reason for that. Okay, cool. I have a few more questions, I go back into the queue and I come back in a few minutes. Thank you. Thanks to you, Ben. The next question coming from Vitushan. Vitushan from Baader Europe. Your questions, please. Hi. Good afternoon, everyone. Thank you for taking my question. I'm just bouncing back on the revenues. It seems like you said that you are comfortable with the lower end of your guidance for 2026. In H1 revenue growth, adjusted for currency effect was around 1.8%, and for full year guidance remains at 3.5% decline. At least, I mean, 4% of growth. How much of that acceleration is already secured by the existing production schedule, and confirmed by customer delivery dates? Also I wanted to know how much still depends on project execution, please. I relate a little bit to what Thomas said earlier. First of all, of course, we have our SCS business, service, spare parts, et cetera, where it's more or less in for out. That's not secured, but also there we are confident. When we look at the line business, what we call new machine, most of it is secure. There is, as Thomas said, a bit new machine, single machines which we can still take into order intake and deliver, but also generate POC, because POC is a major contribution. Everything which we are taking on now in order intake, we can generate POC from. It is, I would say, a lower two-digit million. Yeah. Sorry for stuttered in German. A lower two-million-digit number which still missing from order intake from new machine business. Yeah? From line business to generate revenue for 2026. Right. Thank you. Just on the Intralogistics business, revenue increased, and we have EBITDA margin which declined sharply. Could you please elaborate on that momentum and also what's going to change, compared to the first half, to meet the guidance and targets within the segment? We always see the word mix. I know that this sounds very easy, let's put it this way. It is to a certain extent mix. We are generating recurring revenue from service, that's one hand. On the other, new machine business also has different profitabilities depending also upon what kind of line it is, where it is delivered from. In the first half of the fiscal year, it was rather lower margins. As expected, and in the second half, we expect to accelerate. Also if we look at higher margins, which is also confirmed by the backlog quality. Okay. Thank you. Just a last question, please. In maintaining both your full year 2026 guidance and also the 2028 strategy targets, what duration and intensity of the current geopolitical conflicts have you embedded in your assumptions? At what point will the prolonged disruptions, supply chains, material availability, require you to reassess either the near term outlook or the 2028 targets, please? We have done the 2028 targets back in 2024. Back in 2024, we had a completely different situation. However, what we see if we look at overall sentiment and overall growth drivers, they are intact, beverage consumption and everything which we see there. There is an opportunity to achieve it, but it is much harder than it was in 2024 because we have all these additional conflicts which, to answer your question, we to that extent had not included when we set the targets for 2028. Okay. Well, thanks. I will get back into the queue. Thanks a lot. Thank you. Thanks to Vitushan. Next question's coming from Adrian Pehl from ODDO. Hello, Adrian. Your questions, please. Yes. Hi, everyone. Actually, I've got also a few, but I start with three questions. First of all, on the point, Uta, what you said with respect to the lower material costs coming from 2025, I was just wondering, are you continuing with some measures? Probably you do this on an ongoing basis, but are there specific projects you can mention to continue to lower material costs? Because on the other hand, looks like that you're doing a quite good job here, but at the same time, we have the issue of personnel expenses keep growing. There's just a compensation maybe, but not really growth coming from these two positions on profitability. The second question is, I would phrase actually the regional questions that have been asked a bit differently, because when I look at the implicit Q2 China and Asia revenues, growth-wise, they have been quite up substantially. However, I was just wondering if that was just a function of the low base that you had last year in Q2, or is this kind of a start of, let's say, more demand coming through, in that region? Maybe a question, the third one, is kind of a broader update on Netstal. My feeling was that the performance not been great recently, but maybe you could give us an update on how the asset as part of the group, has performed so far, and what do you see going forward? Let me start with material and personal cost. Yes, you are right. We are benefiting from the lower material cost ratio. You have asked for specific measures we have taken. I would not call them specific or measures we have taken, let's put it this way. It's just a normal bargaining power we also have. We are usually doing, not usually, we are doing in summer price negotiations with our suppliers. This is what we are benefiting from. We have also closed some hedging contracts, for instance, for copper. We talked about that already, and this is where we are participating or benefiting from in 2026. Also to a certain extent, it's also mixed. You know it's mostly the good development in material cost, which we see in the actuals. Personal cost, as I said, I expect this to go down further to 30%, to around 30%, as we had seen also last year, because we are accelerating revenue. Also we had seen, or we had said that when it comes to employee development, the time of the large increases for FTE is over for Krones because we need to also generate the efficiency out of the existing headcount. This is how I would phrase your question on material and personal. To your question about the region, I would like to give you the answer. As I said, I think it's currently quite stable in that region, which is, in my opinion, a success. You know that especially that region is also very competitive. I would also say that our investments in that region, either in China and now also in India, where we invested in new production facilities, is paying off right now. We definitely want to and will participate on the growth and the extraordinary growth possibilities in that market. Forwards driven, yeah, that's a clear focus area or focus market from our side. Therefore, also the investments further in that area. If I may start with Netstal, maybe you add then, what I said. We have talked about that on the conferences also. I would differentiate it into three buckets. First of all, cooperation is great. It's very good fit from a cultural point of view and also from how we drive business, that's very good. The second I want to say is, yes, the injection molding market is much more, not difficult is the wrong word, but much more under pressure now than we had assumed three years ago or three and a half now, when we have closed the transaction for Netstal. That means the overall order intake for AMT, for Netstal is not on the level which we had expected. You may recall that we have talked also about that a big chunk of the volume growth we had forecasted was coming from North America. Now delivering out of Switzerland into North America when the main competitor is sitting in Canada, that is a challenge, and that actually slowed down order intake by quite a lot, which is also a challenge for our 2028 targets. Also to say that already. On the other hand, there are regions like Middle East Africa where the business was good, but overall less than expected. Just my third point, and then Thomas can add, is of course, with lower volume, profitability is not on the level which we had expected. You may recall that two years ago we had said they will be on Krones margin level in 2026. No, they are not. They are diluting. Still the whole story, the equity story which we had talked about here, and also closing the PT loop is intact. Uta, well said, I would say. I would also pick on U.S., which was for sure one of our big growth market in that area because Krones had always quite well settled there. We have a lot of customer base there. The situation currently is, in general, the whole injection market is under very high pressure at the moment, and especially in the U.S. That's a reason why maybe the growth actually is behind our targets. On the other side, we are still continuing, we are finding the right solutions because it is what it is. We have to find solution with either more localization or even with pushing more in the system thinking, that also the reason why we acquired, for example, WIRO, to have the whole system together, have the injection, and again closing the loop from the raw material side to the molds, from the caps, from the preforms to the bottle to even increase our competitiveness as a one-stop supplier for our customers. Maybe just very quickly follow up on the topics we just discussed on the ramp-up in China and India. I guess there's nothing to worry about. That's in plan CapEx you spent was in budget, I assume. You can confirm that's all fine. We confirm it. Yes. Absolutely. All right. Thank you. Jump back into the queue. Thank you. Thanks to Adrian. Next question coming from Lars Vom Cleff from Deutsche Bank. Lars, welcome. Your questions, please. Yes. Thank you very much. Good afternoon from my side as well. Wish you all the best in your new role. Two quick questions, if I may. As you said earlier. Sorry, may I interrupt? Now it's better. Now it's better. Now it's better, I think. Yeah. Thanks a lot. Once again, please. Okay. Better now? Now it's good. Thank you. Perfect. First of all, Mr. Ricker, all the best in your new role, and best wishes. As you said earlier, lead times have stabilized at around 30 weeks, which as far as I consider, is below your target range of 40-50 or 45 weeks. Is this a concern for you or are you comfortable with it as long as the book-to-bill ratio stays at around one or higher? I would say that's not a concern. That's a good figure at the moment, very competitive in the market, and gives us also a bit better certainty and also our customers, because even the long lead times years ago, or maybe even last year, has brought another big question mark on our customer side for doing their investments. I think they can now justify quite well how their markets are developing and when they are placing in the investment, and then they have a range of, let me say, depends where it is, but around at least below 12 months from the point of order placement to first sellable products or production on their side. Understood. Thank you. If I remember correctly, on the Q1 call, you mentioned that given rising input costs, Krones was internally discussing the scope, timing, and mechanics of potential price increases for products which are scheduled for shipment this year. Could you provide us with an update on these thoughts? Okay. Sorry. Acoustical-wise, I did not understand, but yes, for sure. I think also that situation has stabilized, so especially on the freight and packaging side, I think this is a project individual calculation, what we have, and therefore working close together with our customers. In the end of the day, the price increase there have to be paired from our customers. In totally, we are still focusing a lot on, as we call it, our pricing strategy and the pricing discipline, which is also necessary. With the changes coming out of materials, coming out of freight and packaging. I think currently, and the figures from the first half year showing that we have a quite good balance to manage that and even bring it in the market. Lars, additional questions from your side? We didn't hear you. Okay. Lars, take your time. You can come back in the question later. I think next question is coming from Constantin Hesse from Jefferies. Thank you very much for taking my questions. I've got only a couple left. I'm just trying to understand a little bit better. This medium-term target of 2028. It feels to me, rather, that the base case feels that it's unachievable now that obviously things have become much harder out there. I'm just trying to understand what is still giving you the confidence of publishing this target. Basically what has to happen from a bull case perspective to get you there now? Do we have to see an acceleration in Netstal again or what? Because you obviously stated the fundamental growth drivers are there, right? You have beverage consumption going up, that is there. Market share gains potential in emerging markets. It feels to me that we might actually see potentially a cut in that target coming up. I'm just wondering what gives you still the confidence to take you there? The second question is if you could just remind us again on the ramp-up of the new capacities, when do these come online? Thanks. Targets 2028. You may remember that I had always said it's about two handful of measures. If I look at those individual measures, the one where we have a question mark is Netstal. Yes, for the reasons I said. If we don't get the orders out of the U.S., then there is an impact. Let's put it this way, there is an impact. In everything else, you remember the story that we had India. We need to have the capacity from India for local production. We are on schedule there to achieve that, to answer to your second question. China, we will open that plant and then also come into production very shortly in the fourth quarter of 2026. That is also ongoing. You remember the installed base we had talked about. Also there is good development, Process Technology and Intralogistics being the major drivers. Of course, we need to have the order intake in those two segments. Intralogistics is developing well. Process Technology had done also in the first quarter. Second was more stable, let's put it this way, not extraordinary. Those are very important to achieve our targets. That's why we'll not call it question marks. That would probably be too negative. There are impacts which we had not seen back in 2024, but on the other hand, I would not take them back right now. Understood. China online. Also. Yeah. Sure. If I just may add, because I always forget that, because it has been already some time ago, FX also played a role. You remember last year, we have lost more than EUR 100 million or about EUR 100 million just in FX. That also played a role, that's why, the point. Yeah. Mm-hmm. No, absolutely. Obviously, FX has come down quite substantially again. The question is, where does it end the year, clearly. It's a challenge, Constantin. It's a challenge, yes. Yeah. Mm-hmm. We have a chance to achieve it. Just to clarify, China Q4 2026, India mid 2027, is that correct? Opening also is in 2026. Now I hand over to you. We would say the same, but India is a bit different because it's a new plant. In China, it's an extension, we are quite more on productivity. India will take a bit longer to train the people to get the supplier base done. I would say opening up also in India is in the Q3 2026 already until we have the positive effects out of it. It will for sure take in 2027, while the new plant in China is more or less productive from the first day of opening. Understood. All of that. Those plants in the third quarter. All of that is running smoothly. Obviously now the question mark, as you said, Uta, is on Netstal. If I look at Netstal, I think back in 2023, revenue was something around over EUR 200 million. Can you give us a rough indication of that potential gap of orders that are basically driving that question mark, just to get a feeling for what's missing to get you to that EUR 7 billion? Yeah. We are just calculating because we don't have all numbers in our head. I would say you are more or less right with the volume you mentioned, and I would say it's substantial. The good thing is also that there is a really good pipeline, but also, let me say, the currently energy costs influence on the plastic raw material costs and PET costs is for sure also not a driver for the release of investment onto our customer side. Again, there, the market is quite stable. Our, I would say, market utilization and our sales network all around the world will help us. We try to catch up, but I would call it substantially. Yeah. It's substantially in the current situation already, plus we had planned growth. It's substantial in the view of Netstal, right? If I look at that EUR 7 billion target, and obviously, fine. A potential cut wouldn't be a massive cut, basically. We'd be looking at something in the few hundreds of millions of a cut. No. Not on a group level, you are right. Understood. Okay. Thank you. Okay, Constantin. Thanks a lot. I see Benjamin again in the questionnaire from Bernstein. Benjamin, your second questions? Yes. Thank you, Olaf. Two more questions from me, if I may. Again, on Netstal. I remember back then when you acquired it, you said margins are slightly margin dilutive. I remember it was something around 10 to 20 basis points on your back-end group margin. Now, with volumes or intake being below expectations, I think, Uta, you mentioned it before, it is still margin dilutive compared to the standalone business. Is it still margin dilutive? That's the first question. It is. The second is. It is? Okay. It is. Is it? Actually it has increased a little bit also. Okay. The margin dilution has increased a bit. Yeah. All right. Maybe one more question on the service business. I know you don't give a split between new machine and services. I remember back then at the CMD, I think it was in 2019 or 2021, you spoke about capture rate of the installed base growth. I was just wondering, with order intake looking quite good in Q2, how does the service business look like? Do you still capture a similar base or new machines with services than you did in the last five years? Because the regional revenue mix is changing. Is services going better than the new machine business? Any color on that would be super helpful. I would say no substantial shift on that between the services and the new machines. There has been a strong growth in the last year, so for sure, also our machine base outside is growing, but it's more or less also a linear growth than on the service side. Okay. All right, perfect. That's it from my side. Thank you, everyone. Thank you. Thanks to you, Ben. Next question's coming from Christoph Blieffert from BNP Paribas. Christoph, your questions, please. Afternoon. Thank you for taking my questions. Couple of follow-up questions, please. The first one is on order intake. I'm struggling a little bit to understand why you highlighted rising uncertainty and delayed decision-making from your customers while reiterating the book-to-bill guidance for 2026. I just want to phrase it a little bit different, the question. Do you feel comfortable with the current consensus expectations indicating 4% year-over-year growth in order intake for the third quarter? First, maybe your second question, yes, I'm absolutely confident with that. The first question is, yes, I would say seeing the market potentials and seeing the project pipeline we have and comparing that with the past, there might be even higher chances to get the order intake up. Means we have to fight even harder. This is, in my experience, the reason that the discussion time, the final decision time on our customer side, and as I mentioned already, understandable because of the pressures, either regional-wise, either crisis-wise, or either cost-wise, how markets develop for them, leads to a very long decision. There might be more potential, and this is why we said this is, let me say, the balance between the market potential, the project volume, and then the order intake in the books. Very clear. Thank you. The second question is on pricing. Have you already started to increase pricing to smooth input cost inflation, and can you give us some indication about potential price increases on the new machinery side? With pricing, I would first always thought that even all in the past, we are in a very competitive market. We have a, I would say, very good transparency on our cost situation and therefore also on the pricing. We have a lot of efficiency measures in place to at least cover some cost increases on our side. On the other side, your question, I think we balance what we see for the future, and the future is for sure when we deliver machines and when we are doing the services, which is around 6- 10 months in advance. Therefore, we have it also integrated in the pricing. Up to now, that's only slightly changes. The slightly changes lead to that we can confirm our guidances, on the other side, our financial targets we have set for 2026 and the following years. Can you remind us when those hedges for some metals expire? Oh, we need to take that question away. They also revolve. Let's put it this way. I would answer it this way. I don't have the exact, because we are revolving it. I also don't have the term in my mind. I think it's a year, but we are constantly revolving it. This is clear. The last question is, can you share what is your best estimate for the FX impact on revenues if you assume stable FX rate for the remainder of the year? What is the drag on revenue growth in terms of basis points? If I look at, we had in the first quarter, we had EUR 51 million. Now, in the second quarter, we had EUR 9 million or so because it's mainly coming from the U.S. dollar. I don't have a crystal ball to see it first because there are very different assumptions also from the banks on U.S. dollar rates. Our expectation is that the impacts in the second half of the fiscal year will be lower than they had been in the first half of the fiscal year. That's our expectation currently, or our assumption currently for our planning. Thanks a lot. Thanks a lot to Christoph. I see Adrian Pehl from ODDO, you still have some questions? Yes. I've got two very quick ones. Actually, one on Process Technology. Just thinking about the trajectory on the top line for this division, how can you support this segment to return to visible growth? Do we have to increase the scope of offerings? Is it M&A that you need? Maybe some clarity on the developments and how do you see it going forward would be helpful. Obviously, I guess this is still linked to a bit difficult situation on the brewery side. Having said M&A, I was just wondering if you could give us an update, in general, on your M&A strategy and developments going forward in terms of Are there sufficient targets out there? Are people reluctant to sell their businesses in tough geopolitical times, et cetera? Anything on that front would be helpful. Thank you. I would start with the question about the Process Technology. The way forward is definitely planned with organic growth. As you might know, we had a huge transformation already on the Process side from, let me say, former times, very strong link on the brewery technology. In the meantime, also developments in new areas, in new markets, in new fields, in alternative food and proteins and all that things. This is, especially that year, with a very strong order intakes or with a very strong start in the year is paying off right now. Brewery, as you mentioned, is still on a, I would say, weak level, and we don't expect a big growth coming of breweries because alcohol and beer consumption globally is reduced also for the next year in the forecast. This is our clear focus, and this is also the look back to our current order intake. Also, the visible projects we have already enhanced, which is because of the mix also completely different schedule time than the projects, gives us the confidence that we, first of all, will catch our guidance this year, we'll follow up also with the higher growth rates also on the volume side whilst, and that's also very important, keep the profitability. M&A? Yeah. M&A. Yeah As you know, we are always open to increase our competitiveness either on the technological side, on the other side, maybe also of market access and so on. There is currently nothing substantially in the pipeline. There is a few targets we have, we follow up, but no even substantial contribution to the guidances or to the targeted figures in the mid-term plan. All right. Thank you all. Thomas, best of luck in your new role. Thank you very much. Thank you. Thanks to you, Adrian. I have a look on my email folder. I don't see any additional questions there. I also ask you in the community, if you have further questions, please raise your hands. I think we are coming to an end to our Q&A session and also to our call, perhaps last words from your side, if you like. I would say everything said. From my side, first of all, thanks a lot for your good wishes, which I take personally, but I especially will give it to my team and to the whole Krones employees all around the world. As you see already, the Krones board team is already in the new, let me say, setup right now, and the whole Krones team is working even harder to get our targets for the future done. I thank you a lot for your questions and for your interest on Krones, and hope to see you soon somewhere. All has been said, Thomas. Okay. See you. Thank you very much. Thanks to you. Now we would close the conference call. Thanks a lot. Bye for now. Goodbye.