Again, thank you for participating in this IR talk, again, good afternoon, morning, or evening from wherever you are listening today. This is now our last call for Q2 or half year one 2026. As always, some notes at the very beginning. With this, we are following the recommendations of the ESMA. This means we are just sharing, of course, publicly known information. The call was made accessible to everyone who is interested via our website. If we would maybe show any documents later on, which I would expect not to happen, then this will be, of course, made available to all non-participants as well. Another hint, this call will not be recorded by us, but I think there will be some transcripts produced by service companies. To start with, let me first summarize the most important points of Q1 2026. Sales revenues in Q1 amounted to around EUR 318 million, which corresponds to a reported growth rate of 8%. Adjusted for negative FX effects, the growth amounted to more than 11%. Here, it is important to know that looking at the development of the past month, we see that there is a stronger pre-buying effect than we initially expected. To be honest, we cannot, of course, quantify that in detail, but looking at the strong organic growth in Q1, we would estimate that between 2% and 3% percentage points of the growth in Q1 were coming from pre-buying effects, mainly due to the announced price increases in the U.S. This would mean a bandwidth of between EUR 6 million and EUR 8 million, which might be put forward from Q2 or later into Q1 for saving old price levels. From a regional perspective, the overseas regions of North and South America and Europe were the major growth drivers. Asia was again a negative outlier in Q1 for us with 3% lower sales revenues compared to Q1 2025. Here, of course, you know this, still China is one of the most important driver of the lower performance, while the other markets overall did quite well. A look at the product group shows that the iVario was growing extraordinarily strong in Q1 with 18% compared to +6% for the iCombi. In the long term, this is not a run rate. In the long term, we are expecting for the iVario growth rates between 10% and 15%, and some middle digit growth rates for the iCombi product group. Looking on the gross profit side, we benefited from some lower warranty levels and productivity gains in production. This amounted to a positive effect of around 80 basis points. On the other hand, of course, the most important part were the tariffs, which had a negative margin impact of around 240 basis points. With some smaller effects in Q1 coming from components, steel, and logistic costs, this led to a gross margin reduction of around 150 basis points, compared to Q1 last year. Operating costs, on the other hand, increased slightly disproportionately to sales revenues, approximately in the range that we expected. Supported by a little bit less negative currency result effects, the EBIT margin was then at 23.9% in Q1 2026. With that, around 50 basis points lower than in Q1 2025. Before we start to look at the remainder of 2026, it is important to say again that not only the figures give us a good feeling and a confident look into the future, but also the foundation of this success. This means that the development of the sales organizations is going on, started since we left the crisis years behind us by the end of 2023 or so. This means that we are continuing to hire more salespeople. We see a growing activity figures, and with that, we trigger more demand and increase then the sales revenues. As said in many occasions before, there is one exception, and that is China. With all other markets, we see we are on a good way. Of course, in total, you know this, it's an ongoing process and we need to continue developing the sales organization. Of course, we are not yet there where we want to be, and this will of course then go up in the next years or from year to year. In China, after a management change last year, we are now about to reestablish, let's say, the RATIONAL way of selling, of marketing. For the team, this is quite a challenge right now together with this process also of establishing the new product series in the market, including also sales activities which are now not only for one product, but for two different products where one is really new. In China, in addition, we see still a very low consumer sentiment and in the latest months, indeed, also some changes in the purchasing behavior of our biggest key account customers toward a little bit more local China content. Yeah, regarding the local competition, this is an important topic. All over, China remains the most challenging market for us, and we are putting a lot of effort on the development there, which might take some quarters, as already said earlier. These are the management topics number 1 now, and we will continue on the path of building up sales capacities driven by growth potentials in each market and of course, working on the Chinese market with a little bit more pressure than before. For more detailed information on Q1, please visit our website, in the IR section. Closing Q1, let me now go over to some thoughts on fiscal year 2026. For 2026, we expect sales revenue growth in the mid to high single-digit% area. This is unchanged. We saw there was a significant currency burden in Q1 with around EUR 12 million on the sales line. From Q2 on, looking at the development of the FX rates, this will be of minor importance, and according to the latest FX movements approaching year-end may even turn to positive. Always, of course, assuming constant FX levels from now on. On the other hand, we see continuing positive trends on the sales development so that we can confirm our guidance. From a regional point of view, overall the trends are approximately as we had them in the last quarters with some specialties for Q2, which we discuss now. I said before, there were pre-buying effects in Q1, and this will to a certain extent, of course, be a negative impact for Q2. There is a certain shift I mentioned before that we estimated to be in the 2-3 percentage point area, in the range of maybe EUR 6 million-EUR 8 million. That's why there was a slowdown in order intake after Q1, in April and May. In June, we saw again a very strong business development approaching the quarter end. Therefore, there is another effect in Q2 now. The order backlog is now around EUR 10 million-EUR 50 million higher at the quarter end compared to the past quarters, and this will be then presumably shipped in Q3. Some thoughts on tariff situation. At first, there was a refund of tariffs that we paid until February of this year, amounting to around EUR 40 million. This was booked entirely in the operating income line and therefore impacts the EBIT margin in Q2 positively. This is really a one-off for this quarter. We just learned that it is not only booked now, it is also paid. We got that money. On the other hand, the tariff rates for cooking systems were again changed. From June on, they were lowered from the 25% rate that we had before to the 15% now from June on, and this will lead to lower tariff costs for 2026 compared to what we announced in the last calls. We now estimate them to be in there, let's say, higher EUR 20 million range, maybe EUR 28 million, EUR 29 million or EUR 27 million-EUR 29 million area, compared to the EUR 30 million, EUR 31 million that we assumed before this reduction. This means year-over-year, around EUR 14 million-EUR 15 million higher tariff costs than in 2025. To remind you of that, in 2025, they were at around EUR 12 million-EUR 13 million. In addition, as already commented, there will be higher costs, mostly for components, for raw materials, for logistics this year compared to what we initially expected. For 2026, in comparison to the situation when we gave the guidance, this will lead to effects in both directions. A positive one from the tariff refund, negative ones from the higher tariffs, the higher component, raw material, and logistics expenses. We expect that these effects will more or less eliminate each other. Therefore, our guidance range is still valid. In concrete, this means we stay with this mid to high single-digit growth rate guidance. On the other hand, due to the higher costs we saw that the COGS is going up, and this is, of course, a burden for the gross profit margin in a range somewhere between maybe 100-150 basis points. On the other hand, with the continued investment in sales and services and in R&D and the stable costs in other areas that are not related to sales, we are then staying with this range that is, as I said before, in the 25%-26% EBIT margin. After this short recap, we are ready now to answer your questions. Feel free to raise your hand in the Teams app, and we will call you afterwards. Philippe is number one and then Ove. Yes. Good afternoon, Stefan. Good afternoon, Laura. Just to come back a little bit on your comment on the 25%-26% EBIT margin. That's now valid but taking into account the EUR 14 million tariff refund that you got as well. That's one of the positives. Yes. There is the positive position, and there is some negatives, which adds up, some EUR million here, some EUR million there. Yeah. If we then compare that, the magnitude should be approximately on the same level so that we still stay within the guided range. Yeah. When you started in the year, you hadn't guided for that refund. If I exclude that, and I just look at the fact that you're saying the tariff per se, the new ones are a little less, let's say, negative than previously, plus the input cost inflation, that's actually like a net negative that you would have had versus the guidance. Before the refund. The higher tariff costs are included in this calculation. Yeah. Plus the higher logistics raw material, et cetera, costs. They should come out. It's all estimates. You never know this in detail. For example, raw material costs are depending on the alloy surcharge development, when they get effective, and then with a lag of a few months, we feel this in our P&L. You cannot exactly say how much this will be now. Overall, we think that on the one hand, the EUR 14 million positive, and on the other hand, somewhere in this range, around EUR 14 million negative from these different positions should lead to a wash for the EBIT line in the end. Okay. That's clear. Also, just before you mentioned the tariff, after mentioning the slowdown in order intake in April and May, due to the pre-buy and then the pickup in June, you were mentioning something around EUR 10 million-EUR 15 million higher. What was that? Was that revenue at quarter end? This was order intake. Order intake Let's say some slowdown in order intake in April and May. In June, it's strong. Yeah. This leads then, of course, to a result that we might not be able to ship everything in June. We see this now that the order book level is higher than at the last quarter end. This is sort of an, yeah, delayed- Yeah sales, which is maybe missing a little bit in Q2 and will be then shipped in Q3. Okay. Perfect. Thanks. I'm back in the queue. Ove. Hi. Three questions from my end. Just one on the tariffs, and sorry, this is rather obvious because you've just come to the point. You were expecting just above EUR 30 million, now you're expecting a tariff impact in the EUR 20 million range.. Is that the way to read the comments? Yeah. Maybe difficult to say. Maybe between EUR 27 million and EUR 29 million. It's difficult to calculate the exact effect now because it always depends on when we shipped it, when is it booked in the U.S. balance sheet, and what was then when they sell it three months later, then it gets effective in terms of the P&L effect. That's why this is a little bit difficult to calculate. We know it is going down, but there is not a complete effect now from going down from 25%-15%. Somewhat comparable to the comparison with 2025 to 2026 where we had a half-year effect in 2025 and now full-year effect in 2026, and now with these changing rates getting effective in the different. Just with the delay, we estimate that there is maybe half of the extra costs we had first in our estimates, maybe it's now going down again so that we come out with this higher EUR 20 million range. Okay. There was also the change to Section 232. Do you mind just giving some color on that? Yeah, this is the Section 232. We had the 25% getting effective, I think, in February. Then we had this change to the 15% now in June. On our units, on our cooking systems. This change is causing why we are reducing the cost expectation now for this year a little bit. Just to ask something rather obvious, are you implying that Section 232 has gone from 25% to 15%, or it's just the reciprocal element going away? Sorry? Could you repeat? Is the 25% on the Section 232 going to 15, or is it the reciprocal going away? It's just that it will stay until 2027, they said. This 15% level is Section 232, but a changed rate. This is now announced to be effective until end of 2027, if there are no changes anymore. Just two other quick ones. Do you mind just giving some color on the U.S. market and maybe the institutional market, like is that weaker or ahead of expectations? The U.S. market all over is developing well. We had the experience now on the trade show in May. We saw the demand is huge, the positioning is good. All over, there is good signs from the U.S. markets. From that point of view, if we are able to continue with the development of the sales organization, we think the growth in the 10%-15% level should be realistic. We had in Q1, 23% organic growth. This was maybe way too high, caused by the pre-buying effects. We will see maybe some lower rates now due to that in Q2. Maybe a little impact also for Q3 coming out of that, but that's difficult to say. All over, I think we can continue with this double-digit growth rates as we expect. Okay. Then just lastly on the pre-buy. Is it in effect Q2 is weaker for two reasons? You have the pre-buy or should be weaker for two reasons. You have the pre-buy, effectively you lose the EUR 6 million-EUR 8 million, also some orders will slip into Q3 and therefore, again, it's weaker because the Q1 was a bit too strong. It's weaker because Q3 might be stronger than Q2 due to some orders slipping. I think I saw in the consensus there is ranges. I don't have the single estimates, but the average is EUR 330 million. I would say that maybe here, at least some of the estimates are not considering this effect of the pre-buying and the end- of- quarter dynamic. Okay. That's it from me. Thanks very much. Thank you. Lars. Yes. Good afternoon, Stefan. Thank you very much. Two quick questions. The first one is about electronic components, memory chips. You mentioned on the Q1 call, prices are increasing, but it's still manageable. The situation hasn't relaxed since. I assume you're still facing increasing price levels. The availability of chips is as good as it was before, or has availability also become harder or more difficult? It's a very interesting question. Yes, price levels are still elevated. That's true. This is part of the cost increase estimates we are having. The availability, funnily, I met just our head of the Landsberg purchase department. I asked him whether there is some severe bottlenecks we are facing. He said no. Nothing we need to really seriously talk about. From that point of view, of course, price levels always are maybe a signal for maybe upcoming bottleneck for the future. We don't see this right now. Availability is, according to what we see now, it's not jeopardized. Understood. Thank you very much. Maybe adjusting for the pre-buying effect in the U.S. in Q1. If we adjusted Q1 and Q2 for that, would it be fair to assume the normal seasonal pattern, i.e., excluding this pre-buying, I don't know, 23% of annual sales in Q1, 25-ish Q2, Q3, the peak in Q4? Are you expecting a different seasonality for this year? Excluding U.S. pre-buy. We know that the seasonality is sometimes there is a percentage point more or less in one quarter. This is also depending on some bigger orders we sometimes had in previous years or on some postponements from one quarter to the other. That's quite normal that from time to time we have this. All over, this might have a little bit a seasonal impact that maybe it's flatter for the first quarters. On the other hand, on the full year, there should be not a big impact. I would not expect that there is a too big effect from a pre-buying in Q1 to Q3 and Q4. From that point of view, maybe an influence, of course, on Q1 and Q2. That's why it's a shift from one quarter to the other. I think Q3, Q4 should not be affected by that. Understood. Many things are back into the line. Next one is Craig. Yes. Hi, Stefan. Good afternoon, everyone. My first question, just continuing on the cost side, please. Can you kind of remind us of sensitivity these days for your gross margin for the changes in the nickel alloy surcharges and how that typically feeds through? Then I have a second question. Thanks. Yeah, of course. The alloy surcharge is approximately, I don't have the exact figure now, but maybe 5%, 6%, 7% of the COGS, depending, of course, on the level of the alloy surcharge. If this, of course, we had last year an average rate under some EUR 1.90 per kilo level. The expectation we had initially for this year was that it goes up by 10%, 15% or so to a little bit higher than EUR 2, between EUR 2 and EUR 2.10. We had some developments toward the EUR 2.20, EUR 2.25. This was the expectation why we said in the last call there is higher costs for nickel or for stainless steel compared to what we expected in the very beginning of the year. In the meantime, we had some rocketing rates up to EUR 2.50, when I think Indonesia announced a limited export level. Now it came back again to the EUR 2.20, EUR 2.25 level, but still higher than we had last year. The exact impact, it's difficult to say. Well, we can calculate this, I think for this round would be maybe too far to go now. Okay. To be clear, this is included in your comment earlier about the Yes. Yeah. Okay. All right. Thank you. Secondly, just turning to the top line. You alluded to this in your own opening comments that the KPIs for the development of your sales capacity and all that all that's developing in the right direction. If we take that into account, and also the fact that you've got this high order backlog in end of Q2, and at the moment it sounds like you'll have at least a neutral impact on currency and might even get some tailwinds from that. Am I right in assuming you should see quite an acceleration in that top line growth in the second half? Again, netting out the pre-buying effects, Q1 versus Q2. No, I would say maybe that we are in the normal direction, that we say organic growth rate that we had in the past quarters being in the high single-digit range. Some quarters a little bit better. I think Q4 last year was a little bit higher than Q1. We had this extraordinary effect, and when we take out the pre-buying and say three percentage points of this 11% were maybe pre-buying, then we are at 8%. If we would add this in our mind to maybe Q2, I think we are on a stable development path. Staying maybe in this organic growth levels in the high single digit. Let's say somewhere in the 8%, 9% range. Okay. Thank you very much. Ove has a follow-up. Hi, just one more. Just thoughts on pricing in context sort of the lower tariff headwinds. Is the expectation that they kind of remain where they are and sort of again, if- Price levels? Yeah. Mm-hmm. Yeah, I think Peter commented on that, I think in the Q1 call, that of course, as we did it with the price increases, we did now just for the U.S., that we normally, of course, try to avoid price increases as much as possible. As long as it's possible, we don't do it. In special situations, in the past, we did it mostly in local context, but in some cases, as in the inflationary period a few years ago, also on a global scale. Right now, there is, of course, different scenarios on it. As Peter said, there is no decision yet. There is discussions on different scenarios, and if it is not avoidable and we see this necessary to do, there could be price increases. To what scope in terms of regions or to what extent magnitude this would be, I think there is no decision yet, and we will not communicate on these details. We don't rule out completely, but we try to avoid. Thanks very much. Okay. It seems there are no more questions. Just a moment. If there are no more questions, thank you for participating the call. If there are any questions coming up, please let us know afterwards, you know our contact details. We meet next in August when we announce the Q2 or half year one figures. Thank you very much, and bye-bye. Take care.