Dear ladies and gentlemen, it is our great pleasure to welcome you to the KSB earnings call on the half year results of 2026. My name is Sonja Ayasse, and I am Head of Corporate Communications. Our main speakers today are our Chief Executive Officer, Dr. Stephan Timmermann, and our Chief Financial Officer, Dr. Matthias Schmitz. After our joint welcome, Matthias will do a deep dive into the numbers of Q1 and Q2, followed by Stephan, who will summarize and also give an outlook on the remainder of the fiscal year 2026. As usual, we will have a Q&A session at the end of this call, so please send in your questions using the little chat window anytime during the next hour, and we will get back to you. This call will end after approximately one hour. As usual, we will publish a recording of the KSB earnings call on the KSB website under investor relations. But now I know that Stephan is very much looking forward to welcoming you personally. So Stephan, I pass on to you. Thank you so much, Sonja. It is indeed a huge pleasure to welcome you and to give you a short overview regarding the agenda that we have. A few words from my side, and then for sure, the key part of today's presentations will be the financial update of the first half of the fiscal year 2026 by Matthias. I will then try to summarize it once more, give you an outlook, and put a few words in terms of where do we see the fiscal year of 2026 in terms of long-term perspective. And then, as you said, Sonja, questions and answers for all those who have questions at hand. I welcome you, of course, in the name of the entire board. Matthias and me, we have been given the job to present the figures, but of course, we do this in pleasure for the colleagues which are not here today, Dr. Stephan Bross and Ralf Kannefass. Having said this, a little bit of housekeeping, as always. We will concentrate on the figures of the first half year. These figures do not blush. At the same time, especially regarding my part then at the end of the presentations, we will give certain guidance, best estimations regarding the future development of the company. And these, as you know, these are no juristical guarantees. This is the best true and fair view that we as a board have at the time. And having said this, it's now a huge pleasure to hand over to you, Matthias, to give us a deep dive into the first half year of the year 2026. Matthias, please. Thank you, Stephan. It's a pleasure this time to give this update. Ladies and gentlemen, thank you, Stephan. I also want to take the opportunity to welcome you in this call. My pleasure today is, and my duty, of course, to guide you through the figures of the first half year 2026. Let's first talk about order intake and sales. We have increased the order intake by 8.8%. We have increased our sales revenue by 0.4%. What is the message behind increasing order intake in these difficult times, in this very difficult political and economical environment? We are a company that is growing despite all these circumstances and in order intake and sales and of course, in profitability. We are on our path in order to fulfill what we have promised in our Mission TEN30. We are showing a reported EBIT by EUR 98 million. EUR 98 million means this includes already affected from the first time consolidation of Saudi Arabia, EUR 16.6 million. We talked about this in the Q1. We have spared EUR 12.3 million for the implementation of SAP S/4HANA. Talking about SAP S/4HANA, let me make one special remark. First of all, in this year 2026, we will spend approximately EUR 26 million for the implementation of S/4HANA, which means we are then more or less on the same level as previous year. Second message I want to give to you, SAP S/4HANA project is running well, is on track, and we will go live in the first quarter of 2027 as it is planned. We also can talk about an equity increase by EUR 45 million, and here you have to take into account the EUR 61 million after tax we had. We paid dividends of EUR 53 million. Later I will elaborate a little bit about the OCI effects of EUR 37 million. You know OCI is other comprehensive income. These are effects that are only going through the equity, but will not be shown in the P&L. Yes, we are a growing company, for that reason, we had to increase compared with the end of the year our working capital by EUR 85 million. Here also, you have to take into account the first time consolidation of Saudi Arabia. This has an effect of approximately EUR 23 million. This is a half year highlight of KSB. Let's go and make a little bit of deep dive. First, let's compare the figures with 2024- 2026. Again, you see order intake and sales revenue is growing. Yes, our EBIT is behind previous year. I will come to this later because what we see, what we are realizing is a strong quarter two, the company is back on track. In order intake, of course, we have increased the order intake by 8.8%. Here you have to take something into account, which is valid for 2026 as well as for 2025. We are only in the middle of the year. The currency FX effects compared with the previous year amount to a level of EUR 44 million. What does that mean? We are showing an order intake increase by EUR 150 million. Calculating these order intake effects for FX means that we have grown, if we take them like for like, to a level of EUR 190 million. If you compare Q1 with Q2 in the order intake, you see that, of course, Q2 is lower than Q1. Again, this is due to the big order intake we got by a great job, a big job in our energy division. Let's take a look at sales. We have increased our sales by 0.4%. Also here you have to take into account currency exchange effects with a level of EUR 37 million. That means eliminating this FX effect compared with the previous year, we have grown by far more than EUR 40 million. We have grown by far more. This is a company that is growing. You can read our lips. We fulfill the growth path that we have in mind. Let's compare Q1 2026 with Q2 2026. One thing is really obvious here, we have increased our sales by nearly EUR 50 million. We have increased our sales by nearly EUR 50 million Q1 to Q2. Where did we increase our sales? We increased it in Pumps, we, of course, have increased our sales by EUR 27 million in SupremeServ. In all the meetings we had, I explained to you that we are suffering in SupremeServ a little bit by the economy. Here you see SupremeServ is on its way back to track. The EBIT, of course, is being influenced by the sales. You see now that we have an EBIT of EUR 98 million. That means we are a little bit lower in Pumps, we are little bit better in Valves, and we are a little bit worse in SupremeServ compared 2026 with 2025. The reasons are obvious. First of all, we had a not so good Q1, if you might remember. Secondly, we see that we have an increasing margin pressure. We see an increase in competition by Chinese competitors also in other areas. The price pressure is increasing, of course, with all the sales we did, we had to cover higher energy costs as well as logistic costs. On top, I mentioned it before, in the first quarter, our plants were not as much utilized regarding our capacity than we had in mind. Let's make a deep dive and compare the both quarters. I'd like to start with the Q1 2026, and you might remember that Stephan Timmermann and I, he's close to me here right now, that when we had our press conference that we said, "Ah, it might be that the first quarter 2026 does not fulfill our expectations." Indeed, it did not. Indeed, this was reflected also in the stock market. Now take a look back to what we have achieved so far in Q2. We have EUR 64 million profitability and we have a higher profitability in Pumps. It increased by EUR 19 million. Take a look at SupremeServ. SupremeServ is the profit contributor in the second half of the year with EUR 46.3 million profitability. What does this mean? Yes, we had a weak quarter. Q2, we see we are back on track, I can promise you that the second half of the year we will be even better, of course, than the first half of the year. I take now the moment to make a summarize. Yes, we stay in what we have promised in our prognosis. Here is a short overview about the EBIT impact, of course, we cannot cover all the costs. You see that the cost of materials have increased from a ratio of 39% to more than 40%. Here, the higher costs are integrated. Also, the logistical energy cost as well as material cost. You see we had an increase in other income. This is due to the first-time consolidation of Saudi Arabia and of course, some other expenses are on a level of EUR 232 million. Here the implementation cost for SAP S/4HANA with an amount of EUR 12 million are integrated. Again, we increased the total output of our operations. Here you see the development in material costs. We were very low in the first half of the year 2025. We were above 40% in 2024, of course, as we are not confident with this cost of material level, we have launched special programs in order to reduce our cost of material. Our earnings after income tax is on a level of EUR 60 million. What I really want to line out, we have a level in our tax ratio of 31.7%. You might remember that in the last years, we had an up and down in our tax rate due to special effects. Now I can say our tax ratio at the end of the year will be anywhere on the level of 31%-32%. This is our running rate for our tax ratio. Also here, we are in line with what we have promised and with the plans we are executing. Finance income is a little bit lower than previous year. You see here all the major effects. It's interest expense for pensions. We have some hyperinflation effects that we have to take into account in Turkey and Argentina. Of course, the way how we calculate lease liabilities, when you activate them in your balance sheet, we have to differentiate also in interest expenses. This is an amount of EUR 1.5 million. You see, it's a pretty stable constellation we have here. Also, tax will remain stable now and in the future. Let's take a look to the balance sheet. Yes, we increased the total sum of our balance sheet to nearly EUR 3 billion. Here we have to work out that the non-current assets increased due to the investments. The current assets increased due to the working capital. Despite all these economic effects, we still have a stable, slightly increased equity ratio of 48.4%. I want to take this opportunity in order to underline this is a very solid balance sheet. This is a sustainable balance sheet. The increase in equity, how is it being influenced? On the one hand, of course, because of the earnings after taxes. We made dividend payments of EUR 53 million to all of the investors. Of course, we have three types of other comprehensive income: translation effects for currency, pension, and the total sum for a lot of other smaller effects. At the end of the year, we also will have a better equity as we have right now. We are going on to do everything to further strengthen our balance sheet. Working capital. There are two ways to look at it. On one hand, you can say, "Ah, your working capital has increased to a level of 29.7%." This is true. Bear in mind, once this management started, we were on a level of some 34%. We have decreased the working capital, and now we have reached a reasonable level of, let's say, 29% on average. We think it might be better at the end of the year. We are a growing company. Our task is once we are growing, we have to utilize working capital, but it should be among the level of 30%. This is what we're striving for. Therefore, we have a lot of action in place. We follow that up on a regular basis, and it works out. We are below 30%. Free cash flow. At this point in time, we see a free cash flow due to the reasons I have told you before that is lower than in the last year. I can tell you it will improve in the second half of the year. We are aware of the situation. What has happened? Two things you have to take into account. First of all, we see a lower cash flow in the operating activities due to lower EBIT, and of course, we had a first-time consolidation effect of Saudi Arabia with EUR 16.6 million. This has an effect on your earnings after tax, but it has no effect on the cash flow. You have to bear that in mind once you want to make a link between earnings and cash. Secondly, I think you're aware that we have increased our shares in ai-omatic, in ecop, and we increased our shares in KSE group, which is a pump and service group in east of Europe. We paid prices for them in a double-digit number. This also affected the free cash flow. The investments are still on a reasonable level, EUR 48 million, and we invested this as we are starting to build a new testing facility. We invested already EUR 4 million for that. A new testing facility for the energy department. We invested at GIW, the new CNC machine, and of course, we are modernizing our large parts production in Pegnitz. What does this mean for the net finance positions? There is one very good way to read a chart. Take a look at 2024. You saw that at the end of 2024 until the mid of 2025, the net finance position went down, and it came up afterwards. The same in this year. We see that the net finance position to the end of June fell on a level of EUR 200 million. The major effect here is, of course, that we paid EUR 53 million on dividend. The curve you're seeing right here is the curve we are facing year- on- year. For this reason, I can tell you the net finance position will increase until the end of the year. I think it will not be on the same level as in the end of 2025, but it will definitely increase by far more than EUR 250 million. Market capitalization. Actually, we are talking about the market capitalization of more or less EUR 1.5 billion. I saw that our preference shares today have increased by EUR 50. I'm absolutely convinced with the outlook we give you. With the strong quarter two we have that our profitability will further increase. I can confirm we are on our way to fulfill Mission TEN30, and I think really for this reason, I'm optimistic the share price will increase as we are steadily increasing the value of the company. Let me summarize. We have increased order intake by 8.8%. We have increased our sales revenue. We had a second quarter, which was much stronger than the first quarter, which gives a positive outlook for the second half of the year. That means stronger sales revenue, EBIT, as well as net financial position are expected in the second half of the year. For this reason, we confirm the outlook for 2026, the outlook is being summarized here. I do not want to read all the figures, again, we are on our way to fulfill what you can see here. Thank you very much. Thank you so much, Matthias, for your very positive and bullish summary of the first half of the fiscal year 2026. My job is now to wrap it up into the overall picture, I would like to frame the boundary conditions that we are in today, even if it might sound a little bit boring. To show how boring it is, these are the boundary conditions that we had in 2025. As you know, 2025 was the most successful year of the company in the history of recording. If you now ask, have these boundary conditions significantly changed, especially in the light of the continued positive development of the company? I must clearly say they have changed a little. Only the ingredients of the soup have somewhat changed. If you want the real big ones, of course, end of February, we had the unfortunate beginning of the Iran war, which is still ongoing which has huge repercussions all around the world in the smallest part of the continents where you wouldn't even expect them. We have a slowdown in China. Also, nothing new, the impact is becoming more and more graspable also visible all around the world, especially by the efforts of our Chinese competitors, which I comment in full respect for what they are doing in exporting their products wherever they can. It is not only the car industry, also in the pump industry. We have the economic downturn in Europe. Unfortunately, no true recipe in place yet to get the upswing going at short notice. The big impact for us is, of course, the automotive industry, especially in Germany. With all this automotive industry, the automotive supply industry, the tool machine industry. This is a tough cookie if you know how big our exposure in Europe is. Last not least, the geopolitical fragmentations, which you know better than I. All of this really leads to boundary conditions which have a multitude of impacts. What is our remedy? This might sound very simple, we are responsible of leading a company of 17,000 employees, again through the sixth year of a wild economy. Cost awareness, extreme pressure, focus on costs, prudence in what we do, be it investments, be it working capital, be it risk mitigation, also a lot of confidence and a little bit of optimism. If you lead a company, you have to be optimistic. Coming to this optimism and putting it a little bit more graspable, what are our chances? Our chances, they are there irrespective of the boundary conditions. The big one is, at the moment, data center. Data center for KSB, this is a big field of activity. It starts with the energy of production, where our power plant division, of course, steps in and then goes into the cooling, the primary circuit, the secondary circuit, the water supply, a real turf for KSB, and we are getting our foot into that door. Power generation worldwide. As populations grow, power generation is necessary. As the climate gets warmer, more power generation is necessary, and of course, the big consumer again is data center. Water, wastewater. If you are in Europe at the time, you can see we are really lacking water, this lack of water has repercussions, positive repercussions on KSB and be it that pumps which pump water out of deeper areas below the surface are now necessitated for farming and who makes the best in the class in Europe? It's KSB and we see a nice demand there, a short-term demand solely based on the change of weather in Europe this summer. Last not least, despite the fact that we are with own organizations in more than 100 countries, there is still a lot of room for expansion because KSB, from the heating cellar to the nuclear power plant, we have such a big portfolio and there are a lot of countries where our brand label is strong, but we still have opportunities. Having said this, what is our way forward? Resilience in what we have started in our company strategy, flexibility in terms of the company setup. As soon as we see downturns, we have to react very quickly and this is what we do. We focus on costs, we focus on liquidity, we focus on our profit structures. Of course, we utilize AI and all possibilities of digitalization and SAP S/4HANA for sure as the biggest digitalization project that we're running at the time, it will have an impact on our costs. Last not least, and this is the one that I want to deep dive with a few comments a little bit more, take care of our structural costs because as the seas get rougher, you have to see that your ship gets lighter. Otherwise, in a big trough of valleys, you might hit the rocks, this is not what we want to do. If you continue with our strategy, everything that we have put in place from KSB SupremeServ by our voice, by our customer orientation, Mission TEN30, the big cookie that we are now really focusing on is the question, how can we worldwide reduce our structural costs? Here we basically have two packages of measures, one short-term measures, and here for this fiscal year, Matthias forgot to mention it or gave the pleasure for me to mention it. We saw the downturn coming from the Iran war, we took action rather quickly and asked our organization to reduce structural costs, variable structural costs, up to the amount of EUR 30 million in order to safeguard our EBIT. The nice thing about KSB, we have a management, if you whistle, they execute, and this for sure will help us not only grow our EBIT, but also mitigate any risk should there be a turn down in turnover, which I do not see at the time. The next part of the structural costs will of course be to look into our headquarters worldwide and to see how we can make them a little bit more lighter, a little bit more flexible for the future to come because our target is clear. We want to grow our profitability. Having said this, summary from my side, what do we do? Of course, we study the daily headlines in order to extract what trends do we see. We mobilize, we adapt our organization accordingly, we lead with our long-term target and our long-term target is to make this company by 2030 a 4 billion-plus company with a return on sales of more than 10%. This is what my eagle, our eagle stands for and with this, I thank you so much for your attention and now Sonja hand over to you and I think now we have a nice half an hour for questions and answers. Indeed. Thanks a lot, Stephan, for your presentation, also Matthias for your insights. It's now time for us to open the Q&A session. Therefore, we will move to our little Q&A corner. Please give us two minutes and we will be right back with you. You can use the two minutes also to send in your question. We will be glad to answer them. See you in a minute. We are back and thanks very much for sending in your questions. Let's start right away with the first question related to data centers. Stephan, I'm addressing you. Could you provide more details on the size of orders for cooling pumps for data centers? Were these orders from different customers, and do you expect further orders in this area in the coming quarters? What do you estimate the annual revenue potential of this market opportunity to be, and who are the key competitors in this market segment? Are data center pumps more margin accretive than other applications? Yes, Sonja. There are a lot of exciting questions regarding data center, and I'll just start from the bottom. Are they more accretive than other applications? Data center pumps, these are huge packages of pumps, and that makes them extremely interesting. We were talking about numbers where the smallest order is 100 pumps. The vision that the customer groups give are in the thousands. These are standardized pumps, one type. This for a factory, this is the best that we can have because we have economies of scale. We can really streamline the logistical processes from the procurement side to the own manufacturing side. So far, this is a highly attractive business for us in terms of economies of scale. Who are the customers? Of course, I cannot tell you explicitly the names of the customers because this is really a top-secret business. I can tell you there are two huge customer groups, and these are the Chinese and these are U.S.-based companies. Probably you will guess these are all the big names in the business of AI, which really large scale orders. What makes this business extremely exceptional also for KSB is the speed. For some strange reason, maybe this is connected to the genetics of AI, speed is of essence. We're not talking about months, we are talking about weeks. Customers expect prototype pumps in four weeks, and they expect the first orders to be executed in two months. This is something where we really have to streamline our organization. Since I follow this in terms of some somewhat guidance and godfathering, I am fascinated how our colleagues in China team up with their colleagues in Germany and make it happen or in France or wherever these pumps come from. Of course, I have asked the question, how big is this business going to be for us? The last estimation was, but this is accumulated, that in the next three years, they expect about EUR 100 million in terms of order intake from data centers. I fear this is not the holistic calculation because data centers, as I told you, it starts with the electricity generation outside of the data center. It continues with water generation, and as you know, a lot of these data centers are in the middle of nowhere. It then ends in what you probably connect with data center, the cooling processes. Here we have the primary circuits and the secondary circuits and the firefighting and the cooling of the building, the HVAC. A lot of business. Fast, extreme pressure in terms of delivery, but also connected to this urgency, they have the willingness to pay good margins and to give us the chance to execute with economies of scale. Thank you, Stephan. We take away it's a matter of speed, actually. Matthias, I have a question for you. The order backlog should provide good planning security, but the EBIT guidance range remains relatively wide. What did prevent you from narrowing the guidance range, and how confident are you in achieving the midpoint of the guidance range? First of all, if you take a look at your order backlog, I think it's the first time that we have an order backlog of more than EUR 2 billion. Taking this into account, you must bear in mind this order backlog is not only an order backlog for the actual year, but it has an extent of three and sometimes also unto four years, taking the big energy project, nuclear business projects into account. Of course, due to the big energy order we got, the order intake, the order backlog increased by this more than EUR 150 million. That means, yes, the order backlog is higher, but it's not only the order backlog for the end of the year. Secondly, to give you a little bit of guidance or an idea, if you have an order backlog, a rough calculation by thumb means that the order backlog we have gives us full work for the next six months. That's a little bit a kind of an estimation. I think for that reason, there's no reason to narrow the guidance range. I don't think so. Regarding the question, how confident are you in achieving the midpoint of the guidance range? I am confident. That was clear. Thank you, Matthias. Stephan, I have a question for you regarding the Iran conflict. How does the Iran conflict impact your business currently in the Gulf region and in Asia? Basically from two sides. One from the demand side, of course, there are no big investments at the moment directly in the Middle East and Africa states which are impacted the most. This is Qatar, these are the Emirates, this is Oman. In Saudi, it is already a little bit different. The further you come away from the center of gravity, the bigger the investment appetite, which was very big, rests. I am sure that this investment appetite, which is there, it will resurge. It is just being somewhat strangled as long as the outcome of the war is not clear. There, I think we all have the confidence there is a visible horizon for the end of this war. The second impact is in the producing plants, we have a lot of orders which were supposed to be invoiced and sent into the region. Transport into the region is extremely difficult, and a lot of the customers are not willing to take the pumps and valves that they have ordered. They remain in our plants, be it in Halle, be it in India. Of course, this postpones turnover. Out of both, if I were to summarize it, Sonja, it is just two chances. The turnover will come, the one which is in the packed crates in our plants, and the demand, be it for new building or be it for refurbishment of damaged plants, this will be present as soon as the investment possibilities are there again. Opportunities. Very good. I would like to add another question on the Iran conflict, and that is the impact on the forecast corridor. Is it more likely that you will end at the lower end of the guidance than at the upper end due to the ongoing Iran conflict? I think here Matthias already made a clear statement. I confirm what I said. Yeah. I'm confident we reach the midpoint. Thank you for confirming that again. We have a question on the cost of materials ratio, which has increased from 39% to 40%. Has KSB been able to increase the selling prices, and did competitors also increase selling prices? Very clear. Yes. From 1st of June onwards, we increased our prices in alignment with the competition. It's always a game who goes first and who follows how. The first ones raised their prices in May, and we then adjusted worldwide in June. Basically, based on the fact that our transport costs have gone up. In many countries, the supply of raw materials, again India, let alone due to the gas shortage in India, foundry articles have increased by price 25%, and what we can pass on to customers, we pass on. Otherwise, we change our supply chains, which is in many cases not done overnight. This is basically the next jump, passing on costs and finding alternatives. We have raised our prices, yes. Thank you, Stephan. We have question on the EUR 30 million reduction in structural costs that you just mentioned. Matthias, how much of this was delivered in the first half of the year, and what is to come in the second half? What was or is the one-off cost associated with this, and is it being taken above the line? In the first half of the year, we could take out of it approximately a value beyond EUR 10 million. That means in the second half of the year, there will be an even bigger effect. This is due to the reason that in the first quarter we had to work out this program. So far, and until the end of the year, there will be no one-off cost because all the measures we are undertaking right now in order to safeguard the budget and our prognosis for the year 2026 do not contain any structural measures. Thank you, Matthias. There's a question on Chinese competition that you mentioned. Is it mainly within China or increasingly outside of China, too? Which end markets is it mainly seen in? The competition in China in itself, this is horrendous, the reasons are rather simple. A key driver for the growth of the economy in the last years in China was infrastructure spending, everybody happily lived on this. This infrastructure spending by the government is over for fiscal reasons of the government. The supply of Chinese products are there for the little bit of the cake that is left in China. Everybody's trying to get his part, this is a purely cost-driven business where yes, due to our reputation, due to our people, due to our connections, we get a small part of the cake. This is just a small part of the cake. The much bigger part of the cake now for Chinese suppliers is the export business. They have exported since decades, this is nothing new. Now this is being driven with a high level of professionality, I must say, which you can admire, the starting corners where they're under the radar screen, be it South America, be it Africa, where they have been in the market long-term, now it's just becoming much, much more fierce. Now of course, they're also coming to Europe and you see it in the car industry. I think this is in the headlines, the BYDs which are now coming also to Germany. Do we like it? No. Can we prevent it? No. We are in competition, today, Chinese products, many of them, they are of good quality, we have to adapt accordingly. Thank you for your comments. I would like to continue with a question on the capacity utilization. Can you comment on that and on the production process efficiency in the second quarter? What development do you expect for utilization levels in Q3 and Q4? I can take over this question. When you talk about production and capacity utilization, you always have two parts. One, the variable part, the flexible part. Here I must say I'm extremely proud, especially for the European plants. We have an extreme amount of flexibility together with the labor representatives and the unions to breathe according to the load. If we have little load, we work into time accounts. If we have a lot of load, we work out of time accounts. This is what we utilized in the first half of the year. What you can, of course, not change overnight are the structural costs, the investments that you have made into the factory. That is there. This then hits you as soon as your turnover is lower than your break-even, then you will have to bear these costs. These are the things where I said in terms of SG&A costs on the office side, there we just have to come up with clever remedies, how we are more flexible to adapt. As we look forward into the second half year, this you can see if you compare all of our second half years. The second half year, for whatever reason, in mechanical engineering is always much stronger than the first half year. This is what we not only expect, we already see in July, this is what we count on. Going back to the question of the workload that we have, there is no reason whatsoever why this should not also materialize this year. Thank you very much, Stephan. We have a question on KSB Pumps Arabia. What is the expected contribution, excluding the one-off EUR 16.6 million EBIT, of this newly consolidated operation in 2026? It's roughly between EUR 5 million and EUR 6 million. Thank you. Can you provide some more color on mining spare business in KSB SupremeServ and the sustainability of the improvement you saw in quarter two? Mining business, it sounds exotic, but it's a CapEx-driven business. First of all, the good news, the mines all around the world, they are working at full power, be it the copper mines due to the electrification and the change in electro mobility and now, of course, the data centers. They are running at full load. At the same time, of course, new mines are on the radar screen, but here there's an extreme cautionness in terms of investment because building a mine, once you have built it, the point of no return is behind you. This is a huge investment and the according political environment has to stay stable. I think if you look at Panama and Chile and quite a few other countries in the past, it has become rather wobbly. Mine operators are very risk-prone, and this you then also see in the variable part of the business. This is the stock keeping of spares, which is of course for us, a crucial part of our SupremeServ business. I would say in the last half year of 2026, for the first time in my recording, I saw a big hesitation to buy spares. There was a collective basically activity of reducing spares in order to safeguard liquidity. This went on into the first quarter of 2026, so this year. Now in the second quarter, we've seen that relaxation has come into the business. Again, since the mines are running, the time to buy spares, you can't postpone this forever. It will come and this also makes me personally very bullish for the mining business. This is an extremely important part of our business, and it will grow. Thank you, Stephan. We stay with mining and we stay also with KSB SupremeServ. In the first half of the year, KSB SupremeServ was surprisingly stable considering that a major mine grounded to a halt in September last year and will only start to ramp up again in the second half of the year. Do you expect some orders as the mine ramps up to 65% towards the end of the year? Against that background, why are you no longer expecting KSB SupremeServ to grow in the second half of the year and thus on a full year basis? First of all, I'm expecting SupremeServ to grow on a full year basis. Irrespective of this very specific question, which touches the Freeport-McMoRan mine in Indonesia, which in terms of figures, this is for us a EUR 15 million business in spares annually. For those who are not so much in the detail, this mine unfortunately last year had a catastrophic accident. It's a mine underground, which basically collapsed, and unfortunately to my knowledge, which is rather present, it won't open up, at least not the part which touches our pumps until 2028. They wanted to open up end of this year, and we were really happy about this has now been shifted because there has been another mining accident and now the state of Indonesia is really looking into the boundary conditions of the mine. This will be postponed. EUR 15 million we have to compensate. Looking for the good stories in SupremeServ to compensate EUR 15 million overnight, this is not so easy. We've managed to do it. For us in this business of SupremeServ, especially the project business is crucial. This is mining, this is the chemical industry, and this is the energy industry. Coming back to these, the only one which is not growing at the time, also to the known boundary conditions, is the chemical industry. Solely due to the fact that we have worldwide overcapacity in the chemical market, and this basically either leads to the shutdown of chemical plants or at least a huge risk mitigation in terms of doing too much repair work. This is what we see at the time, again, like in mining, the chemical industry will, after consolidation of capacity, come back into track, and we are one of the big players. I'm very positive. Thank you, Stephan. We have another question on the water shortage, which is actually a very important topic right now also in the media. Can you provide some more information on how water shortage in Europe translate into sales, and what level of contribution do you expect for KSB? The latter, how big is the contribution? I won't dare to give any guidance there. I can say, of course, this is what we really see, if you were to come to the workshops in Frankenthal as we speak, we have one business area in the water section. These are what we call the UPA pumps, sub-ground pumps, Unterwasserpumpen. At the beginning of the year, rather low in terms of order intake and suddenly, with this heat period and the drought, that we have a surge of order intake. If you ask what is the reason, you're told this is basically all farming business. The groundwater level has significantly gone down, which is explainable due to the drought, the farmers have to now extract the water from deeper levels. For this, they need stronger pumps, these are the pumps that they order at the time. Since I fear this hot summer will not be one of hot summer but probably a new era, I do expect that the climate change, even in Europe, will have an impact on our business. A positive impact in that respect. Thank you very much. I take the last question and the last sentence and address it to you, Matthias. With respect to the EUR 30 million lowering of the structural cost, is this a set volume, or could you step this easily up? Will there be cost associated with it? I think we had that one already. I'm smiling because easily is nothing in our business. Let me put it like this. The EUR 30 million cost saving we are going on to safeguard the budget for this year, they are related to 2026. At the moment for the year 2026, I do see no chance to increase it to EUR 40 million or EUR 50 million whatever and even not easily to make this very sure. Nevertheless, to increase our cost competition in SG&A cost all over the world, of course, we see a chance, and this is something which we bear in mind. Thank you, Matthias. We have another question on the service forecast for the end of the year. The second quarter saw a nice pickup in service orders and revenues. What is your expectation on orders for the third quarter and thereafter? How is the Chinese competition affecting the service business? What are the countermeasures, especially with respect to service business? Stephan, would you like to take that question? Yes, I see. I had the discussion this morning in terms of service here for our mining business. The good thing about our company is our people, especially in the service business, of course you can sell spares, but the more critical the applications become, the more risk-prone the customer becomes and the more he wants to know the people and have a good feeling that the ones that he employs know how to do the job. Even if they make mistakes, they have a company which stands up for the mistakes, mitigate the mistakes, and gets the job done. KSB has created this reputation over more than 150 years. We're now in year 156. This is what makes us extremely strong. To paste and copy this, yeah, you can try it. It will take an enormous amount of time and even more effort because it's a people's to people's business. For this, it is so crucial for me as a person, you have to keep your people, you have to motivate your people, you have to have a super company culture because at the end of the day, our success is based on people. Where you see it the most is at the end of the day in service. Thank you very much. By the looks of it, there are no further questions at the moment. Let's wait a couple of seconds. Last time there have been five or six over. This time we got all of them. Yes. Okay. It was very clear. If not, is there anything that you want to say as a final remark or statement? I think this is the Chief Executive Officer task. No To make the final remark. Come on, Stephan. Matthias, I do this with pleasure. It was good to listen to you, Matthias, how you summarized the first half of the year. After the game is before the game, now we have the second half of the year in front of us, but I am, as you gave the guidance, very optimistic that despite these boundary conditions, which are again really cruel, if you are leading a company with 100 subsidiaries all around the world, which are cruel and which are challenging, I am very optimistic that we will get the job done because I see it on a daily basis. We have 17,000 highly motivated employees running the extra mile, mitigating costs, showing flexibility in tough markets, finding new chances. This is what makes me proud and extremely confident. Thank you very much for these closing words, Stephan. If there are any further question, of course, you can always contact Dieter Pott or Matthias Schmitz. They are at your availability. If you want, you can also dial in to the next KSB earnings call on the 25th of March 2027. We will be glad to meet you again. Thanks a lot for dialing in today, for spending the last hour with us. Thanks a lot for your questions. We wish you a wonderful summertime and hope to see you soon again. Thank you very much. Thank you. Thank you.