Good morning to all of you. Welcome to Porsche AG's pre-close call. Thank you for joining us today. Following the release of our H1 2026 delivery figures yesterday, today's call is designed to provide analysts and investors with a comprehensive update. We will summarize key data from the sales release and highlights from most recent public statements made by management at roadshows, conferences, and other events. We will also reiterate selected messages from our Q1 2026 earnings call and other communications. Please note that this is our only pre-close communication ahead of our earnings release. We will enter the quiet period immediately after this call. If you receive questions during this Q&A session that go beyond the scope of our latest public disclosures, we kindly ask you for your understanding that we will address those in conjunction with our Q2 2026 earnings release and earnings call on Wednesday, July 29th. Before we begin, please note that today's presentation contains forward-looking statements. The safe harbor language and cautionary notes provided on the slide apply to all statements made during this call. We highly encourage you to review the disclaimer that we have put into the slides on our IR webpage carefully. Let's start with the macro environment. We welcome the progress reflected in the Turnberry Agreement on tariffs. At the same time, despite this positive development, the broader geopolitical environment remains challenging. Unchanged, Porsche has to expect strong demand alongside tight supply in certain components. This is resulting into pressure across certain parts of the supply chain. Now, on deliveries of the first half 2026. Porsche delivered 122,300 vehicles in the first half of 2026. This is down 16% year-over-year. This development was anticipated and is fully reflected in our guidance. Volume performance is primarily driven, as you know from our previous communication, by the product cycle, regional dynamics, and timing. As expected, this reflects the end of the production of the 718, limited availability of the combustion engine Macan. For the BEV Macan, demand was further impacted by the expiration of U.S. EV tax credits. This led to a noticeable decline in the BEV segment in the United States. Second, you should also note that we had a prior year base effect after the launch of the vehicle. In addition, we initiated sales of the Cayenne BEV in Europe in June. Reflecting these factors, the BEV share in the first half of 2026 declined year-over-year. On the positive side, the 911 continues to see quite strong demand. The increase reflects both underlying demand and a staggered ramp-up of the 992 in the prior year. As usual, volumes follow this typical seasonal pattern. China accounted for around 12% of all global sales. Our geographic footprint remains very well-balanced overall. In the Middle East, we have resumed deliveries following the resolution of logistical challenges. However, operations have not yet fully returned to normal. For Porsche, there is no alternative to value over volume. It is the natural consequence of our love for sports cars. In this context, let me also address recent speculation regarding potential changes in our sales and marketing division. As part of the ongoing evolution of our sales organization, our objective is to further strengthen our customer focus and deepen engagement across all markets. To support these goals, we are reinforcing the connection between our markets and headquarters, streamlining decision-making processes, and enhancing the effectiveness of our global sales organization. To achieve these objectives, Germany and Europe will be organizationally integrated into a single region, enabling greater efficiency, closer cooperation, and faster execution. As a result, the number of sales regions will be reduced from five to four. At the same time, this is quite important, the overseas region, to some of you, the so-called region number five, remains a key pillar of Porsche's global business and will continue to receive dedicated management attention and resources. Our strategic objective remains unchanged: a customer-centric, globally diversified business with strong local roots in all major markets and leveraging the worldwide appeal and resilience of the Porsche brand. Moving on now to production. Production in the first half is expected to reflect unchanged our disciplined supply management, fully aligned with our stringent value-oriented sales strategy. Wholesale mix should largely mirror the retail trends previously outlined, with overall wholesales broadly in line with retail volumes. Looking ahead, wholesales of the fully electric Cayenne are now starting. We expect a meaningful ramp-up in the second half of 2026, which will result in a significantly higher BEV share in the second half compared to the first half. Incoming orders. Order intake in the first half remained robust, with regional and geopolitical headwinds largely offset by strong demand across all our regions and key products. Demand for the new Cayenne BEV is encouraging, with order intake in line with expectations in both volume and very important mix. The GT3 S/C order book also continues to build well. The high level of individualization in our order book highlights customers' willingness to configure and purchase highly personalized vehicles of Porsche. This underlines the strength and the brand and product appeal. Moving on to group revenues. As communicated in our most recent engagements, revenues in the first half are expected to reflect the significantly lower wholesales compared to the prior year. At the same time, unchanged, our stringent value over volume strategy, combined with a strong premium product mix, continues to support positive pricing and mix effects. As a result, we expect the decline in revenues in the first half to be less pronounced than the decline in wholesale volumes. Moving on to the strategic realignment. Our Strategy 2035 provides the overarching framework defining where we act, what we change, and how we strengthen Porsche over the mid and long term. In the first half of the year, as you know, we conducted a rigorous and comprehensive review of our portfolio, cost base, organizational complexity, processes, quality standards, and ways of working. This review has led to a clear set of actions aimed at making Porsche more focused, more efficient, and ultimately strategically, financially, product-wise, and for the business model, more resilient. At the core of these actions is a sharpened strategic focus on what defines Porsche, our sports cars. We are concentrating resources on our core strengths and aligning the organization consistently around them. As part of this repositioning, we have decided to divest our holdings in Bugatti Rimac and the Rimac Group. In addition, as previously communicated, we will discontinue current operations of Cellforce Group, Porsche eBike Performance, and Cetitec. These had not been easy decisions, but they are quite necessary to sharpen our strategic focus and allocate capital and management attention where we see the strongest long-term value creation potential. Strengthening Porsche's foundation also requires structural adjustments. We are starting at the top by dissolving the Car-IT division and reducing the number of board departments from eight to seven. Across the organization, we are reducing complexity, increasing accountability, and strengthening execution ownership to enable faster and more efficient decision-making. In parallel, we are engaged in constructive discussions with employee representatives regarding the Zukunftspaket. As communicated in March, the package may extend beyond previously agreed measures. While these discussions are ongoing, we cannot provide further details at this stage. There is a shared understanding of the challenges Porsche is facing and the need to take decisive action to secure Porsche's long-term competitiveness and success. Now, expenses. We continue to operate in an inflationary cost environment, while DNA remains elevated following our BEV product offensive in the last years. In addition, temporary gaps in our product portfolio continue to weigh on our fixed cost coverage. At the same time, our cost base is expected to benefit from the continued execution of our Push to Pass initiatives with a strong focus on sustainable operational excellence and capital allocation discipline. This precisely means how and where we spend CapEx and R&D. From a macroeconomic perspective, FX effects are expected to be less favorable than in the first half of 2025. However, we continue to follow a disciplined hedging strategy with a substantial portion of our 2026 FX net exposure already secured. Expenses related to U.S. tariffs are expected to amount to approximately EUR 300 million-EUR 400 million in the first half of 2026. This is the same magnitude as in the first six months of last year. Let's now move on to the charges in connection with our strategic realignment. After relatively limited charges related to our strategic realignment in the first quarter, we expect burdens of approximately EUR 200 million-EUR 300 million in the second quarter. As a result, charges related to the strategic realignment are expected in the amount of around EUR 300 million-EUR 400 million in the first half of 2026. Looking at the full year as outlined at our annual general meeting, we consider to expand the scope of our strategic realignment measures during the second half of 2026. Consequently, the gross charges associated with these measures are expected to exceed the initially anticipated range of EUR 800 million-EUR 900 million by a couple of hundred millions. At the same time, following successful settlements with our supplier base and negotiation by our colleagues, we expect to reverse a portion of the provisions recognized last year. This is expected to result in a positive one-time effect of approximately EUR 200 million-EUR 300 million now in the second quarter. To summarize, taking both effects into account, the expansion of our strategic realignment measures and the reversal of provisions, we continue to expect the net burden from strategic realignment activities to remain unchanged at EUR 800 million-EUR 900 million within our 2026 results and guidance. To enhance transparency, we will include a detailed overview of the expected charges and offsetting benefits in the accompanying H1 slide deck available on the investor relations website on the day of our disclosure. Automotive net cash flow. Turning to automotive net cash flow. First half performance reflects continued solid operational execution and strong cash conversion, supported by our very disciplined working capital management. CapEx in the first half 2026, including the first licensing tranche recognized in the first quarter, is expected to be broadly in line with the prior year level. To be clear, excluding the licensing, CapEx would have been lower. R&D spending also reflects our continued disciplined approach to investment. In the second quarter, automotive net cash flow is expected not to include any material extraordinary cash outflows related to the strategic realignment. Tariff-related cash payments are expected to amount to EUR 200 million. For the first six months of 2026, we expect cash outflows of approximately EUR 300 million-EUR 400 million related to the strategic realignment, and this is more or less the EUR 300+ million a minor part from strategic realignment from the first quarter. The EUR 300 million, to explain, is the Audi license payment. Further cash payments associated via U.S. tariffs are expected to be approximately EUR 300 million-EUR 400 million. Now let's move on to the outlook 2026. EBIT is supported by a continued strong mix, pricing, as well as the ongoing execution of our Push to Pass initiatives. In the second quarter, as you have heard, profitability is expected to benefit from a strong mix and a temporary, relatively low BEV share ahead of the ramp-up acceleration of the electric Cayenne. As a result, the typical quarterly pattern remains intact, with Q2 expected to deliver stronger underlying profitability and strong cash generation on a yearly pattern. Turning to the full-year outlook. As communicated with our full-year guidance, whole sales are expected to decline versus 2025, reflecting the life cycle end of the 718 and the ICE Macan, as well as base effects and the U.S. tax effect on the EV Macan. Based on our current assumptions, second half volumes are expected to be broadly in line with the first half. At the same time, the ramp-up of the all-electric Cayenne is expected to result in a significantly higher BEV share in the second half. As always, we remain firmly committed to our value over volume strategy. As confirmed at our annual meeting on June 23, we have maintained our guidance for full-year 2026, despite a more challenging macroeconomic and geopolitical environment. To put it into the numbers, group return on sales stays 5.5%-7.5%, and automotive net cash flow margin stays at 3%-5%. Automotive net cash flow will reflect extraordinary cash outflows of approximately EUR 1.4 billion-EUR 1.5 billion. As you know, this reflects primarily to the strategic realignment measures, including the EUR 1 billion for the Audi license payment. In addition, the cash flow guidance includes cash payments in connection with U.S. tariffs of EUR 700 million-EUR 800 million. Looking beyond 2026, the phase-out of the ICE Macan will be completed by 2027. As such, in 2027, this transition is expected to affect volumes by around 25,000 units, and consequently will weigh on contribution margin and fixed cost absorption. The successor product is planned to be launched after 2027. Against this backdrop, our focus remains firmly on improving our cost and efficiency base, executing Strategy 2035, and strengthening Porsche's earnings credibility and cash flow, and the resilience of our business over the long term. Upcoming IR events. Porsche Q2 results will be published on Wednesday, July 29th, before market open. The analyst and investors call will be hosted by our CEO, Dr. Michael Leiters, and our CFO, Dr. Jochen Breckner. That will start at 8:00 A.M., prior market open, Central European Time. We would also like to ask you to note October 7, 2026 in your calendars. This is when we will host our Capital Markets Day at our R&D center in Weissach. At the Capital Markets Day, we will provide greater transparency on our forward trajectory. In particular, we will further detail Strategy 2035, outline how we are positioning Porsche on a sustainably stronger foundation, and provide a clear and tangible view on our future direction. Our Capital Markets Day and Strategy 2035 will demonstrate how Porsche continues to combine heritage and innovation, high tech and craftsmanship, as well as design, experience, and function. In short, we will define what Porsche stands for going forward. We are planning a focused and efficient program with ample time for direct interaction with management. Following today's call, we will circulate a template to collect your estimate for our company consensus, which we will be happy to share with you afterwards. We kindly ask you to put your estimates on today's discussion and the currently applicable tariff framework. We would highly appreciate your support and kindly ask you to return your estimates by Monday, July 13th, end of business. With this, let's move on to see if there's a couple of questions left over. Perfect. Thank you, Björn. First one on the line is Patrick. Good morning. Thank you, Alex. Hi, Björn. Thanks for the comprehensive color on the second quarter and all the moving parts. Sorry, Patrick, I cannot hear you. You can't hear me? Hello? Hello, hello. Björn, can you hear me? Just a second. Okay. Can you hear me now? Not yet. Just give it a second, please. Yeah. Okay. Okay. Can you please repeat your question, Patrick? Yes. Of course. Can you hear me now, Björn? Now I can hear you. Okay, perfect. Morning. Björn, I was just saying thanks for your comprehensive color on the second quarter moving parts. One thing I would like to focus on, the 911 deliveries have been very strong in the second quarter. It sounds like you're attributing this to seasonality, but I just wanted to check. Should we assume that the run rate of 911 is nowadays a bit higher than the 50,000 per year that you previously called more or less a hard cap to volumes? I think we're trending actually closer to high 50s and would be interested to get your thoughts on that. Against that backdrop, for the second half, you're talking about the ramp-up of the E Cayenne. Is it fair to say that the mix shift we will see in the second half is the biggest negative driver when you say volumes will be flat versus first half? Should we expect a drag on margins from the mix shift in H2? My second question about the Macan, you were very precise, 25,000 units down next year, all else equal. Yet consensus is still looking for a small increase in volumes next year, at least as far as I can see in Visible Alpha. I'm wondering what your, or what management comment is on that. Is there any chance to offset that Macan drop of 25,000 units with something else? Is it just that consensus hasn't reflected what you've been saying? First of all, coming to your question about the 911. As you can see from previous years, usually the first half is a relative stronger one, and the second 911 delivery is lower. As said, the company runs the principle value of volume. As such, our statement, 50,000 of the 911 is a market adequate number. As such, you should not expect that the company is pushing for 60,000, 70,000 911s on an annual basis. This is not the course of business. To the degree ramp-up of the E Cayenne, yeah, it's true, the BEV share, as you have heard during this call, will be higher in the second half. At the same time, you also heard that after around EUR 400 million from the strategic realignment, there are significant higher charges in the second half of around EUR 800 million-EUR 900 million. This is obviously also something that will reflect in the reported numbers. I'm 100% sure that you also do your math on the underlying numbers. With this, I would leave it because the company is not guiding quarters, nor six months profitability numbers. We're more focused on the full year, but we provide you with transparency to get an understanding, and if you do the back of an envelope calculation, you will also recognize that obviously the underlying performance in the second half should be satisfying. To be clear, and this is a humble statement, all profitability that we earn at the moment is at a standard that we will address. About the second half, as outlined before, no guidance from our side, but we mentioned a couple of the driving factors. This is also the same about 2027. As you have said, we recognized from discussions and we recognized from a couple of consensus data that, in particular with the sell side, some analysts and also on the buy side, have ignored the run out of the ICE Macan in 2027. As this is a pre-close call on the second quarter 2026, we only reiterated this, as we had mentioned that in a couple of conversations. It's far too early to provide guidance or to provide more insights into 2027. We are living in a quite fragile and volatile world, without knowing how 2027 will shape out on currencies, on macro environment, on the progress in Push to Pass and all of that. It would be absolutely premature to discuss 2027 now. This will happen at a later stage, you should expect, with the full year disclosure 2026. We wanted to address the Macan, as we recognize from a lot of discussions that not everybody has taken note from our previous communication. Understood. [Non-English Content] Björn. Thank you, Patrick. Next one on the line is Horst. Yes, good morning. I hope you can hear me. Sure. We hear you, Horst. That's great. I want to ask my questions maybe step by step. The first one is small housekeeping question. Maybe you can summarize again your statements that you made on wholesales versus retail sales. Did I get it right that you say that wholesales declined in H1 more than the retail sales? What does it mean for Q2? Do we have in Q2, because we have got this phase out of Macan production, and I was assuming that we get then higher wholesales because you ship basically the vehicles already to the dealer, or is also in Q2, basically wholesale is smaller than retail sales? That's number one. First of all, Horst, the statement that we gave is that in this quarter, the wholesales are more or less in line with retail. Why did we mention this? Because you remember previous communications where we always highlighted that the retail numbers are higher or significantly higher than wholesales. From this, you could read that we destocked our system. This quarter now, we tell you this is more or less in line. To your point, it's true that we will end the production of the ICE Macan within the next couple of weeks, but this doesn't mean automatically that all vehicles are being shipped immediately to dealers. This is something that you can expect is going to happen in the course of the second half. You will see some ICE Macan retail sales also in the fiscal year 2027. As you all know, we are generating our revenues on wholesales, and the wholesale effect then is about to happen in the second half, but not in the second quarter only. Okay. That means in H2 then, the wholesales is going to be higher than the retail sales. Look, Horst, very nice try, but I will refrain from commenting now on six months guidance. We focus on the full year. Okay, no problem. Question number two is on tariff guidance. You mentioned EUR 200 million on cash outflow, right? There was also a statement, EUR 300 million-EUR 400 million on P&L. I wonder what's the difference between the two numbers. Is the P&L guidance, again, a net figure of tariff and price? That's a kind of net guidance on tariffs, right? No. Maybe I was imprecise. You should assume that the EBIT and the cash effect is more or less aligned. There's no hidden statement that there's a net effect or whatever. The numbers that we give you on tariffs is already a net number of the gross payments and the pricing actions. Okay. What is the number again for Q2? You should assume that in the second half, you have around EUR 200 million of U.S. tariffs in the EBIT and around EUR 200 million in the cash. Q2, right? Not H2. Q2. Yeah. Okay. The one that you refer to is the H1 number. This is for the EBIT, EUR 300 million-EUR 400 million and in the EBIT, and EUR 300 million-EUR 400 million also in the cash. Okay. Last one that I have is when you made the statement about restructuring. I know that you are still negotiating with the unions. If there was an agreement before the Q2 numbers get released, is there still a chance that something gets accommodated then in Q2, or if the agreement is made from now on, that would be a Q3 matter? First of all, Horst, I didn't say anything on restructuring. I said that the company said at the annual meeting that we are considering to expand our measures in connection with strategic realignment. At the same time, I pointed in that call on the discussions on the Zukunftspaket. Just to be ultra clear, it's not to be read that now we give any discussion on Zukunftspaket or on any other. This was a generic statement on that matter that the company said at the annual meeting, we expand strategic realignment. From that point of view, to clarify this, because I'm 100% sure there's also a couple of journalists on that call that sneaked in and tried to interpret any statement. This is the reason why we need to be ultra clear on that matter, because we are in the middle of discussions, and as such, this pre-close call should not interfere with any discussion and raise speculation. To this degree, to be clear, expanding of strategic realignment, nothing else. Now, on the accounting front, as you have seen, the quarter is closed. As such, anything that had been booked as, for example, the reversal of the provision in connection with last year's strategic realignment, are going to be booked in the second quarter. Any potential action in the degree on decision-taking that we would expand strategic realignment would fall then into the second half. This is also what you read from my statement when we said the charges in connection with the strategic realignment in the second quarter are more or less net zero. If we expand it, then the charges through the strategic realignment in the second half would be higher. Long story short, this means first half, take EUR 300 million- EUR 400 million for the strategic realignment as the gross number. Take the benefit in connection with the reversal of the provision as a positive. This means for the first half, you have net zero, and then the second half will get another EUR 800 million -EUR 900 million potentially, so that the full year guidance of EUR 800 million -EUR 900 million remains unchanged. Simple as it is. Okay, that's great. That's clear. I would have more question, but I step back and leave some more questions to the colleagues and maybe come back later on. Yeah. Please apologize for the back and forth about the charge in connection with the strategic realignment, but we want to be as transparent as possible because we fully acknowledge your interest in the underlying performance of Porsche. As such, we grant you with this transparency. Who's next in row? Thank you. Perfect. Thank you, Horst. Next one is Stuart. Yeah, morning, guys. Morning, guys. Just a few quick ones to finish up from my side. You mentioned wholesales in line with retail sales. I wonder just at the 911 level, I think, is that the case for 911 as well? I think wholesale's been running a little bit ahead of retail there the last couple of quarters. On the mix side, I guess model line mix, so GTS, Turbo, GT, again, saying that's pretty strong. Can you comment at all on what that looks like sequentially? Is it just similar because it was also strong in Q1, or does that continue to improve? The final question, just on working capital. I think you just mentioned the disciplined working capital, but I just didn't know if you could give any more color. Is that actually sort of tailwind, or the last few years, I think it's been a headwind in Q2, so anything more on working capital would be great. Thank you. First of all, please understand that we don't provide wholesale-retail statements for single product lines on this call here. We would ask for your patience by the publication of the H1 report. To be clear, and also to clarify the speculation that the company would be pushing on mix in the 911 to manage numbers. We are running a customer-centric business, and we align demand and supply. For sure, we also have limitations on the production and the parts availability. There's no interest to artificially manage single quarters with the mix of the 911 in order to manage numbers. To be clear, last year, as you all know, we struggled from the supply of the cells coming from our [Non-English Content]. As such, the mix on the 911 after the launch of the 992 in the first couple of months was relatively weaker because we couldn't get the cells required for the GTS and also for the Turbo. With this resolved, we now have the required supply for these products. This does not mean that we push on these vehicles. What can you read from this? You should expect a sequential normal pattern in the mix of the 911, which also more reflects the underlying demand by our customers. This is not that we artificially push it into single quarters. Yeah, thanks for that. Useful to know. Wasn't what I was driving at, but take your point on not guiding on the wholesales by model. Then on that sequential mix GTS Turbo and working capital? First of all, as we don't guide single product lines, no, we guide on single derivatives, but you should expect that the order book and the demand for these products obviously is satisfying. On the working capital, we are not providing the single details on these measures here, but as you can read from the statements, if wholesale production and the retail are more or less in a normal sync, then from that point of view, this doesn't lead to a significant distortion in the matter of the cash generation. What we pointed you at is capital allocation also in this intro statement, because if you take a closer look at CapEx year-over-year, you will see that our statement implied it's around the same level of last year, but it includes the license payments. This means the underlying CapEx is lower. As such, now we need to park it from here because all else would go beyond the communication. All of that should lead to your expectation, also combining with the statements that we granted on that call, that Porsche is a company with its low vertical integration, attractive pricing, that translates into a quite satisfying cash conversion. Got it. Thanks, guys. Thank you, Stuart. Next one is José. Good morning. Thank you. Three quick ones, please, [audio distortion]. Can you repeat again the comments, please, for the full year, the restructuring cash outflows for the full year and the cash outflow for tariff, if possible, please. Second question on China. Any comments you have provided in the past weeks with investors, a bit more color or clarity on the situation in China, and any new product launches which may help the momentum into the second half. Three, on the launches into the second half, the Cayenne Electric, have you provided any comments whether this vehicle is margin-negative, or thanks to the pricing, maybe it's not so margin-negative as maybe the market is expecting? Any offsets that you have commented in the past weeks in terms of product mix into the second half, which could reinforce the product mix in the second half. That's it. José, let me repeat the statements about the cash outs. First of all, the cash flow guidance is 3%-5%. The company said that we have, for the year as a whole, cash out in connection with the strategic realignment of EUR 1.4 billion-EUR 1.5 billion. This number includes the around EUR 1 billion for the license payments. The company said, in addition, we have cash outs in connection with U.S. tariffs of EUR 700 million-EUR 800 million. Our cash flow guidance fiscal year 2026 includes EUR 2.1 billion-EUR 2.3 billion for cash outs in connection with the strategic realignment and tariffs. Yeah. To your point about the BEV profitability, the company is not communicating on the profitability of single product lines. The only aspect that we mention on that matter is that we say the electric vehicles that Porsche developed and the electric vehicles that Porsche sells obviously had all been planned on business plans that expected significantly higher unit sales. This finally comes with a certain amount of DNA that needs to be depreciated on a lower unit sales number, and in some cases, also comes together with supplier compensation. To be ultra clear, this is all nothing new. This is all not surprising to us. This is what we had been communicating for quite some time, this is, by the way, all reflected in the fiscal year 2026 guidance. Thank you. On China, any- Sorry, yeah, about China. Which Macan, Cayenne, S. Yeah. China is as China is. We disciplinedly manage China according to our value over volume and disciplined supply management. This automatically meant that we moved from around 90,000 units three years ago now to a level that we stand today. At the same time, we protected the brand. We made crystal clear that we are not willing to participate in the cutthroat pricing competition that's happening in that market. We will now have a couple of pure additions coming to market. This is namely the Panamera. As such, our statement unchanged holds that we expect China this year with around 30,000 units, as we had told you beforehand. To be crystal clear, we have no joint venture on the ground. We have no local assembly that we have to serve the market. Porsche unchanged is serving China with a flexible approach on that matter of an import model. Thank you. Thank you, José. Next one is Stephen. Yes, good morning. My question surrounds your guidance on the Macan. Principally your comment that you expect Macan to be down about 25,000 units, if I understood, for next year. Given the run rate on the ICE Macan of almost 20,000 units in the first half of the year. Your comment that obviously you're producing vehicles up to the end of July, which will obviously be sold into 2027, how confident are you that the BEV Macan is going to make up quite a lot of the difference as well, so you're only down 25,000 overall on Macan line? Stephen, first of all, we don't grant any guidance on single product lines. I hope you carefully listened to the statement that we gave earlier, that obviously after the change in U.S. legislation for electric vehicles, we had to recognize a certain demand effect in the United States. As said earlier, the company is with a quite disciplined pricing policy. As such, is not willing to compensate on the pricing side. As such, there's nothing else to be added from our side. Okay. Thank you. To be clear, Porsche could sell far more 911 and Porsche could sell far more electric vehicles. In the degree of the 911, this would be that we distort the natural balance of demand and supply, which would be longer term, not to the benefit of the company, brand perception and pricing. Second, in the case of the electric vehicles, this would come to that degree that we would hugely incentivizing the vehicles in order to facilitate higher demand. This is obviously something that doesn't rhyme with Porsche. As such, the company is with the clear focus, protecting the brand, protecting pricing, and protecting the overall core ingredients of Porsche. As such, we highlighted in the initial of this call why the BEV Macan sales development had developed in the first half as they are. You should not read into this, that this is a statement that implies that Porsche will fundamentally change its pricing or supply strategy. Okay. Well, thank you, Stephen. Henning from Barclays sent one question via email. A very precise question, as I think, I will raise it anyway. Short and simple, will the Q2 margin be above the full-year guidance for 2026? Henning, very nice question, obviously the company is not guiding on single quarters. Here in that context, let me point you to the statement that we gave earlier in the call that you may have missed. In this we said, where is it? Once again, we said that we expect the regular pattern in the profitability of our business in the second quarter also to apply. On that matter, you needed to take a look at your notes again, in the first quarter, the company published a ROS of 7.1%. The company just said in this pre-close call that the charges and the benefits of strategic realignment are netting off to zero. From that point of view, all information is available, but please understand, we don't give single quarter guidance. Well, thank you. All questions answered. Thank you very much. Have a lovely Friday, we look forward to talk on our Q2 earnings call. The ones of you who have the chance to join us for the Capital Markets Day, of the 7th of October, we very much look forward to see you there.