And welcome back. We are continuing with our third presentation of the day. PFISTERER Holding SE. The. Company will be presented by Stephanie Eberding, who is Head of Investor Relations form at the same as in the previous presentations. 30 minutes. All together, roughly 20 minutes. Presentation ten minutes Q and A. Should you have any questions, please feel free to enter them in our chat box. Lower right hand corner and we will address them during the Q&A. Following the presentation. With all this in mind, Stephanie, the floor is all yours. Thank you very much for the kind introduction and one welcome from my side. We are going to talk about viscera today and I would like to start with the management board. First of all, this is Mr. Johannes Linden. You can see here Mr. Linden is a co-CEO of PFISTERER Holding SE, and he is responsible for finance and operations. He's holding a degree in engineering and an economics. And it's got more than 30 years of industry experience right now. Beforehand, he was at Pierre Automation and Small Helen SIG and leading functions and we are happy that he is here for more than three years at Vista now. And yes, the other person you can see here, this is Doctor Konstantin Kurfiss. He is the other part of the co-CEO at Vista. And he's responsible for sales and technology, and he's holding a doctorate in electrical engineering. And he has got more than 30 years of industry experience as well. Before that, he was at NKT and all. Overall, he's at. And 16 years now. And yes, really happy we are having them both. So. Next slide. Oops. Excuse me. That was one too far. After talking. About myself and the executive board. Now we are going to the interesting part. I'm going to tell you something about Vista and therefore there is in this picture of a situation in which two high voltage cables are being connected. And this is done using a second voltage connector, which you can see here in the center of the image. And the special feature of this bolted connector is that it can be installed very quickly and easily. And that means that even someone who's not specialized, specialized, trained, can tighten this bolt sufficiently securely connect and conduct those two cables and. Once the required torque has been reached. You can see here on the brass. Shear. The. Ball head shears off automatically and the connector is then left with a really smooth surface, allowing the isolation sleeve on. On the left hand side to. Be. To be pulled over it easily and this is really important without any damage. And you can see here the quote of our mission. And we strive to be the preferred partner for innovative, reliable and mission critical electrical connection. And isolation solutions and mission critical. In that context means that cables do always have a finite length, and they need to be connected. At one point, and that connection needs to work. Absolutely reliable. Otherwise, the whole electrical transmission is not possible. So there we go. I'm going to tell you something about numbers. Now the slide is giving you a short overview of the company. In the fiscal year 2025 we gained. The revenue of almost €450 million in order. Intake of €548.6 million and adjusted EBITDA margin of 17.8%, and an order book of €334.4 million as of the end of December. The 300 plus right now. Meanwhile, we are more than 1500 people that are working for our success day by day and coming to the actual 2026 half year figures, we just published last week, we are having a revenue of €256.7 million and adjusted EBITDA of 52.4. That leads to an adjusted EBITA margin of 20.4%. At the moment, and the order book, as per June 2026. Rose to €340.3 million, and this order books book has got an order range of approximately 9 to 12 months at. The moment. So we see on the one hand side very strong demand plus we are working already for 2027 in some parts. Okay. On the. Slide here. There are some more interesting facts about fiscal. Fiscal is in a leading market position. Since we are capable, agnostic with. Our products in the isolation and connecting solutions. We have. In 50. Countries serving our customers in more than 90 countries worldwide. We are covering the entire power value chain from energy generation to over transmission to the distribution. And we are doing that across all the voltage levels. In 1921 means that we are having a really long standing tradition over more than 100 years. And since that time, we are standing for technological excellence at our really risk averse customer base. So right here you can see. Situations where our products. Come into play. This is a so-called consent con. Scuse me. Electrical landscape. Those situations are usually hundreds of hundreds of miles apart. And we just put them together into one picture. And this shows where our products are usually utilized, starting with a generation. Products. Can be used regardless of the type of the energy generation means. We are somewhat energy generation agnostic. You can find our products in the offshore wind, onshore wind or nuclear. Energy. Same as. Solar and. Fields as well. Going over. Such as. Subsea cable applications. Overhead lines or. For example, in substations. And last but not least, our products are also used in the energy distribution in the power distribution on industry applications or households in rail and mobility. And really important point it's. The data centers that needs lots of energy. And with our products, we help them to get the energy needed to categorize the products into voltage levels. We are talking about low voltage, everything that's below one kV. Just to give you a short taste. When you're having a socket in your wall, it's 200, 230V. So we are not talking about kilovolts, just volts. And that's might be harmful for all of us. So we start in this area when we are talking about medium voltage. Everything between one kV and 53 kV. And when it comes to more than 53 kV, up to 1,000,000V, and even beyond, we are talking about high voltage or extra high. Voltage. So. Aber ich glaube ich. Okay. Okay as I. Already mentioned, we're having a global footprint in more than 90 countries worldwide. There. Of 20 legal entities in 15 countries and thereof. We're having five production sites and a number of distribution hubs. Our production sites are in the USA in Rochester, in New York. We are having three production sites in Germany in in. Selb. And where our headquarter is located. This is winter bath. This is pretty close to Stuttgart. And. Last but not least, we are having our biggest production site in Czech Republic in codon at the moment. That's going to be extended within the coming years. Since we just bought some land for expansion. Or. Broad global presence guarantees us the proximity to our customers. That's very important because our customers. We are having in a different regions. We are having. Different. Taking a look at the revenue on the left side. On the top, I h. And splitting the reports, we had a revenue of 55% made out of Europe and Africa, most likely in Europe. We are having in Middle East, in India, 25% of our revenues in the Americas. That includes northern and Southern America. 11% of the revenues. And in Asia Pacific, roughly 6% of the revenues. And if you slice the cake a little differently. Looking at the left hand side on the bottom, you can take a look at the breakdown of sales into the various product segments. They are. We are having HVA. That's the abbreviation of high voltage accessories. That's 42% of the revenues we are having. MBA, medium voltage accessories. 11%. We are having. Com that's for components. It's most likely in the lower voltage levels or products with 21%. And we are having the the overhead line products with 25% of the revenues and the overhead. Most likely high voltage. And stressing that because we are having the rule of thumb that says the higher the voltage, the higher the margin. So you can see we are having almost 70, 70% made out of those two segments in the half year 2026 on the. Right hand side, there's an overview of some examples who are customers? Are. So you can say that ultimately, the customers are always. The utilities. In the end, means the. DSOs and TSOs and. However, it makes a difference whether they are direct or indirect customers of Vista. So it is possible that the utilities enter into the contract directly with viscera and you can see here we are talking about companies like tenet and Ampion and Nel, RWE E.ON and so on and so forth. That's roughly 30% of our revenues. We are. Such as South wire in the US or Atlantic Cable in Greece. We are. Having our own. Such as GE, A, B, B, or Siemens Energy, or contractors. We are doing our. Business with. And last but not least, that we are having our technical distributors that. Are. Selling our products to the utilities via our sales network. Okay. Coming to the fact that Fisterra is located in a large and a fast growing environment, market environment. There are two main growth drivers here. On the one hand side, we are seeing a really strong increase in the electricity demand. Due to the fact that population is growing or urbanization is going on. Same as the decarbonization. Of course, as we all know. Additionally, we are having the artificial intelligence that's affecting us. More. Or. We. Are. The topic is the reduction of. political risks. Sie vielleicht versus. Die camera immer aussenstellen vielleicht können wir damit band bright Spahn und Dann die übertragung zumindest sehen. Ja. Einfach. Camera. Perfect und so viel. I damit den. Etwas besser hin. Ja. As. Good. Excuse me for that. For for the interruption. On the other hand, we see technological changes in the. In the supply. Like increasing share of renewables and energy generation. That's more decentralized than the other opportunities of generating energy. There's. Going. Generation consumption in the end. So if you're. For example, taking a. The Energy generation takes place in the North Sea and the energy has to be brought down to southern Germany, such as Baden-Württemberg and Bavaria. And. The. The reason or the. The fact that we are having such long distances is. We need increasing voltage levels or load levels that are. Are necessary for that. And the problem is that the grid infrastructure is overaged and outdated and cannot handle that amount of voltage and load levels anymore. So not at least in the range we need to see and. We were asking for. Can you give us some numbers on that? And gave us. A study commissioned by them to verify the development of this market environment. And here you can see on in the middle of the picture an overview of investments in the electric and. Infrastructure. As you. Can see in the. GDP growth. And the change from 2020. And it was as it was recognized that the grid infrastructure was outdated. So usually the infrastructure is designed to last around 35 to 40 years. And that has now been reached almost worldwide. So massive investments are necessary and are of course expected, expected in the coming years. And however, even after the grid infrastructure has been replaced, investments are expected to remain at a high level. And the international Electrical agency, IEA assumes on the right hand side, you can see that that annual investments will almost triple by 2050. This means that we expect the market to grow strongly in the coming years and. Beyond, and to capitalize on this growth, we have developed and are pursuing a dedicated growth plan. Know as strategy. 2030 and as you can see here, our strategy House. Has. And. Several. Where we are already represented, taken advantage of the existing market environment. Second pillar. In addition, we are expanding our business boundaries. For example, by opening sales offices. For example, in Saudi Arabia or expansion of capacities in the United States And the third pillar on the right hand side. Comprises growth in New technologies such as, for example, high voltage direct current, the Hvdc technology and the expansion of R&D and testing capacities. So coming to some more numbers, thanks to our plan strategy. We also see potential in our top line development. So we have achieved strong revenue growth in recent years. And as of June 26th, revenues. Amounted to €556.7 million. And based on this performance, we expect full year revenue to exceed the previous year's level, representing. Growth of. 12. And the current consensus forecasts. For 24. Are 2026. The EBITDA. Has also developed positively in recent years, and as of the first half of 2026, the adjusted EBITDA margin stands at 20.4%. At the moment, while the current consensus expects a full year 2026. Adjusted EBITDA margin of 19.2%. So here we expect growth in the upper ranges between the high teens and the low 20s. In the medium term. And this leads me to my last slide. As a conclusion. Why? Going to the slide is a good investment. First of all, we are located in a really large and fast growing market, and we are having a really unique positioning in there. Since we are a cable agnostic supplier of our connection and isolation solutions, we are having a superior value proposition and. Having a really good global operational setup. Serving. Customers. And. Growth strategy based on three pillars that allows us to have an excellent financial profile. With being profitable and efficient and. Yes, this being said. I want to say thank you for your attention and I'm happy to answer your questions right now. Thank you. So much, Stephanie, for the insights that you've shared with us. Let me start out with the order intake situation. In the first half, which was a little weaker, driven by several factors. Do you expect the 2027 revenue growth to land somewhere within your mid-term guidance range of 12 to 15%? Yes, we are still sticking to our guidance. We made in April, and we are really confident to yes to. To to to to reach these numbers. We've already talked about. So we are we are thinking that the order intake is going to be at the same level. Then the whole year 2025. So the reason behind that, that the number in the order intake went down from 9.4% is that we are coming from a really, really high level in the first half year, 2025. So we are going back to normal right now. I would say in the order intake. In. 2026 and. We see that the numbers are normalizing right now. Yeah. But additionally, we can see that the order book is still full and that we can gain our revenues as we already planned. Thank you. You talked about Hvdc. Can you give us a little bit more insight as to how much capital will be required before it comes a meaningful earnings contributor, and what sort of return you would expect on that investment. And. Yes, I would really love to do that. So our H v d c segment, we are already having the first numbers on that. But we are expecting our first revenue in the second half of 2027. The reason for that is that we are already working with several cable manufacturers. On that topic for recent years. Right now. We are testing the whole systems, and as soon as the testing is done. The cable manufacturers can go into the tender offerings and then we can start. Gaining revenues out of that. So this is one point. The other point is that in Hvdc, the.