Good morning, everyone, and a warm welcome to the Industrial Technology Conference. I am very pleased to open this session with Kontron, a leading provider of IoT solutions, embedded computing systems, and industrial software. It's my pleasure to welcome Mr. Clemens Billek, CFO of Kontron. He will guide us through the presentation and share deeper insights into the company. Before we begin, a quick housekeeping note: the conference is being recorded, and all participants are in a listen-only mode. After the presentation, we will move on to the Q&A session. Please submit your questions via the chat box at any time. My team at MBB Research follows Kontron closely, and I will share a link to our latest research in the chat box. With that, Mr. Billek, thank you for joining us, and the stage is all yours. Hello, and a warm welcome from my side. I want to give you brief guidance through the most recent Kontron results and give you an overview of Kontron for those of you who don't know Kontron that well. Let me start with a brief introduction. What does Kontron actually do? Well, we are the lead of smart industrial IoT solutions. We're focused on large and growing B2B IoT market solutions, with a very broad customer base. Around 4,500 customers with a very diversified customer base. None of our customers actually account for more than 5% of our revenue. If you take the top 10 customers, you don't have more than actually 15% of the total revenues of Kontron. We are a fully integrated technology company, so we provide hardware and software solutions combined. Typically involving the connectivity to the internet. That's why we're called the IoT solutions provider. We have several solutions for various industries, from trains to actually cars, airplanes, and robots in industrial factories. They used to be connected via 3G. They still are connected in 3G for trains, for example, because they have a relatively old technology, but we have switched for most other industries already to 5G and even preliminary 6G solutions, which will provide the relevant cybersecurity solutions. Some of you may be aware that from 2027 onwards, most critical infrastructure players will be required to have the Cyber Resilience Act compatibility for their solutions. If they are connected to the internet or if they have some connectivity topics, they need to make sure that they are connected to the internet in a Cyber Resilience Act -compatible way. Kontron is providing all of its software, and our operating system is KontronOS, connected to up to one million devices in so-called Kontron Grids. We provide them certified in a Cyber Resilience Act -compatible way. Companies that use KontronOS and Kontron Grid can be sure that the solutions they provide are compatible with the relevant regulations. We have released Q1, beginning of May. Just to give you a brief glimpse of what the most recent results were looking like with the strong growth in transportation and defense. Those two divisions, which are actually driving growth also on the revenue side currently in software solutions. They are also margin-wise, significantly higher. The play of Kontron's margin increase is coming from the increase in transportation service to the train industry and defense VPX modules served for our customers in the military sector. Both sectors grew by over 20% in the first quarter and are likely to grow. We expect them to double by 2030, so they are likely to grow by at least a high -double-digit range, 80%–90%, on average until 2030. The backlog increased again. We had a book-to-bill of 113, and we have a record backlog of EUR 2.5 billion currently. Working capital also improved. That was quite the headache in 2024. It has since then improved almost every single quarter from around EUR 450 million to below EUR 300 million. We are now at EUR 283 million. It's a further improvement from the already significantly lowered level of year-end 2025. At the same time, also looking at the lowlights, we started the restructuring of the GreenTec division, including the solar inverters and the wall charging business, in order to make them more competitive, with savings of EUR 30 million expected on a run rate by the end of the third quarter. In Q4, you will also see a significant savings potential realized. Those reductions actually will cost EUR 25 million in the course of the first three quarters. We have already expensed EUR 8.5 million in the first quarter. There's still EUR 126 million in cash payment outstanding from the COM business transaction we closed mid -last year. This amount actually was already due, and congatec and dhpg pay an interest of 8.5% to Kontron on that EUR 126 million. It's quite attractive. If they don't pay the full amount by end of September this year, they will have to pay another EUR 7 million as a kind of penalty payment on top of the actual interest rate. In theory, they have until 2028 to pay the full amount, but they have several steps of penalty payments on top of the interest if they don't pay by the end of September of this year. Last but not least, you may be aware that Ennoconn has taken a step forward. They were kind of exploiting the share price development, which was quite weak at the beginning of the year, and following the release of our full -year numbers in March, in the wake of the Iran war, which also played a role. They have taken this situation and announced the mandatory tender offer, which will be released. They have, mid-May, made sure that they've crossed the 30% threshold and thereby triggered the mandatory tender offer, which will be executed at EUR 23.5 per share. Very briefly looking at the latest KPIs. Revenues are pretty much flat on a like-for-like basis. The order entry is quite good. We have a book-to-bill of 113, implying a growth of 13%. In the order backlog, we expect more than EUR 1.6 billion of revenues this year, and we have a backlog now of EUR 2.5 billion. The gross profit was burdened because obviously we sold the COM business in the first half of last year, and the gross profit was weighted by several customers jumping ship as well as the supply chain crisis burdening Kontron in the first quarter. You see that gross profit was down significantly by 10%. EBITDA was up at EUR 46 million on a like-for-like basis, taking the one-offs for the Green Tec restructuring into account. The net result after the minorities was EUR 20 million. Also slightly up compared to last year if we take the one-off charges into account. Operating cash flow is not that impressive at EUR 3 million on an adjusted basis, as we have lowered factoring, and it is EUR -9 million if we just take the bottom line of the operating cash flow without taking the lowered factoring into account. Group balance sheet. Briefly, the working capital has improved. The total net debt has temporarily increased by EUR 50 million. If you take the EUR 126 million we expect from the congatec sale and deduct it, we are definitely below the range of 0.5% of EBITDA, which is the target range. Target range is from 0.5x to 1x EBITDA as a total net debt. The equity ratio has improved again from 41.8% - 42.5%. Well, I've mentioned the additional disclosures already briefly. We had reported third-party revenues, but we deconsolidated the COM business at the end of H1 last year. You have to take those EUR 19 million as well into account and the sold units in Bulgaria and Hungary. That brings you to an organic growth rate of 1.7%. We have significant R&D, as always, more than 10%. The larger part of those R&D expenses is already for Software Solutions, especially for transportation and defense. We had a delinquent backlog of almost EUR 33 million, which means that was a backlog that was due to be shipped in Q1, but we were unable to ship because some components were missing due to the chip crisis at the moment. We also give an EBITDA growth breakdown, giving you reported EBITDA. On top, of course, there are the restructuring program and one-off charges for the cash -saving program of EUR 8.5 million, bringing the EBITDA to a total adjusted EBITDA of EUR 46 million. Obviously, some of you might say, Well, I don't believe these adjustments or, I don't take these adjustments into account. Obviously, that was also reflected in the share price and caused Ennoconn to start with the current offer. The major KPIs. Well, I've mentioned most of them already. The FTE number is going down in the course of the restructuring significantly already. It's below 7,000 employees currently, and we're getting closer to 6,200 at year-end. That's my personal expectation. We also try to give you a clearer, more transparent view on the actual backlog. You see that we have a total backlog of EUR 2.5 billion, but that is obviously not only for 2026, it's the total backlog currently in our books of binding contracts. Of that EUR 2.5 billion, almost EUR 1.1 billion is the open backlog for 2026. We had reported revenues of EUR 364 million in the first quarter, a total of EUR 1.4 billion. That's the total coverage for 2026 already. 86% of our forecasted revenues for this year are already covered by revenues in Q1 and by the backlog for 2026. There are more design wins and backlogs to be expected in the train and for transportation and for defense, and also we currently have negotiations in the network access devices for the 5G modules for cars. Those are the biggest contracts we're currently negotiating. On top, we're accelerating discussions with Ennoconn and Foxconn. They have around one million employees. It's a huge company. They have hundreds of factories in China, but also factories in the U.S. They are interested in replacing some of their employees because in China, they feel the demographic development. In the U.S., they see that they can't be competitive unless they have a very high level of automation, and they expect to place robots, humanoid robots, in the factories. They are developing an Optimus Gen 2 competitor, and they will need the Kontron connectivity modules for that. That's why Kontron is strategically important for them, and they are trying to secure their stake and secure a higher level in participation, more than 30%. With this low-ball offer, they are unlikely to get more than 50% in Kontron, but they at least want to make sure that they have the board representation they currently have, and they want to make sure they have the AGM representation they currently have. Very briefly, Smart IoT. You see that the orders have developed quite favorably in the first quarter. This segment, Smart IoT, is delivering the network access devices, just to name one, and will deliver the connectivity modules to Foxconn and Ennoconn in the future. Obviously, we have the fast-growing Software Solutions segment with an even higher order entry that's driven by transportation and defense. It was not impressive EBITDA in Q1, probably also weighing on the result. That is kind of shifting and fluctuating from quarter to quarter. All in all, we expect to have increased profitability and an increased EBITDA, a significantly increased EBITDA, on a yearly basis for the total year 2026. You will see that already Software Solutions represents more than 50% of group profits, and this will increase to 75% by 2030. What we need to solve in the meantime is the Green Tec division, which was weighing on the result in 2025, and it was weighing on the result in the first quarter of this year. We don't expect a significant upward movement. I'd rather expect that business area, Green Tec, to stay on the same level with significant competition from China, in particular on the solar inverter side, and also with wall chargers. We have a contract with Volkswagen, and we might win a contract with another German OEM in the near future. We're in close negotiations there. We'll see the outcome, we're shifting part of production to Bulgaria because we can produce much more competitively from Bulgaria and not from Germany, unfortunately. With Bulgaria, where engineers are getting paid EUR 20,000 per year, in Germany you have to calculate with something more than EUR 70,000. It's almost impossible to compete from Germany, from Bulgaria, we are convinced we can even compete with some Chinese players because they have, on top of their production costs, also to take logistics and transportation tariffs into the EU into account. That gives you a glimpse of the new segmentation. We have Smart IoT and Software Solutions, just two segments. We've integrated North America and Asia into Smart IoT because that used to be a third segment. A lot of investors said it is confusing because you have three segments in a geographic setting, Europe and global, and then Software Solutions. We have two segments only, Smart IoT and Software Solutions. With Software Solutions getting equal in size, actually. Now, for target size, EUR 1.5 billion by 2030 compared to EUR 1.7 billion for 2030 Smart IoT. Green Tec getting allocated to different divisions in order to make them profitable and to get more synergies out of that. They will be integrated in Industrial ODM and the software part in Cyber Solutions. Talking about Cyber Solutions, it did not grow that much over the last year and the last quarter, even though we have launched several new products. Why didn't it grow that much? KontronOS, as our proprietary software system and our proprietary operating system, is delivered integrated into our hardware products, and we don't charge separately for it. In the first phase, in the initiation period, one to three years, when the hardware is delivered, the customer gets our software for free. After that initiation period of one to three years, the customer has several choices. Customer can either continue using the hardware and software for free because he has already paid for the package. He can buy new hardware and software. Thirdly, he can decide to get upgrades and security patches. If you're in critical infrastructure, we assume it's quite hard not to take security patches and software upgrades because you would have to explain to your stakeholders why you don't take precautionary measures against cyber attacks. On top of that, the Cyber Resilience Act requires you to have a specific focus on security updates from 2027 onwards. We are convinced that after another one to two years, you will start to see the increase in software revenues on an isolated basis as well. Defense is a hot topic these days. We're providing VPX modules, that's our main product family for defense, which are connectivity modules and racked computing modules, which are shock-resistant and temperature-resistant and are providing data connectivity between armored vehicles and the central command station in an encrypted way. While in the past, from a Leopard 2 tank, for example, they used walkie-talkies. They are using VPX modules these days. We're providing those VPX modules and are one of the few European providers of those VPX modules. This obviously is rising significantly, not only with new armored vehicles but also with retrofitting armored vehicles that have been produced in the past. I mentioned the restructuring. Sorry, transportation. Yeah, we missed the most important part, because transportation is really the pearl of our portfolio. We are growing there because the train segment is expanding in Europe with a market share of over 60%. We expect total revenues of over almost EUR 300 million this year already, and this is growing at almost 20% every year. There's little time left, yeah, we've mentioned the restructuring program already and the Green Tec strategy. I think I want to give you a chance to ask some questions. I think we have flipped through the program briefly, and yeah, the total revenue forecast is in the range of 2025. Maybe a bit disappointing. At the same time, we have the challenges from the supply chain crisis, and also, we see that Volkswagen has not ordered as many wall chargers as we anticipated. The EBITDA is going to be in the same range like last year. Now I'm happy to answer a few questions if you want. Mr. Billek. Thanks a lot for the presentation, and we've received some questions already, so I start with the first one, and we try to cover as many as we can. First question: how do you intend to monetize KontronOS, and how far along are you currently? We have currently around four million Kontron OS devices outstanding. We will deliver starting from this year to congatec. Congatec will also have the KontronOS on their devices from 2026 onwards, and we will probably try to tap into Foxconn and Ennoconn as well. After one to three years, the customers have a choice to take on the Software-as-a-Service model to pay EUR 1 per device per month. With a target of 28 million devices equipped with KontronOS, that provides us with a revenue potential of over EUR 300 million. Perfect. Thank you. We have got a few questions regarding Ennoconn. We'll start with the first one. With Ennoconn reaching a share of Kontron of 30% or above 30%, let's say 40%, will that have consequences in tendering for U.S. or European defense contracts? No, it has no consequence. It will start to have consequences. First of all, Taiwan is not a Chinese player, so they are regarded as a friendly shareholder. At the same time, yes, Taiwan is with insecurity over the development with China, but below 50%, even if it was a Chinese player, it would not have consequences. Okay. By when must Ennoconn make a takeover offer for Kontron at EUR 23.50? What is the deadline, and is approval from government authorities regarding antitrust law, foreign trade law, etc., expected? What happens if approval is not granted? Yeah. The tender offer is expected to be launched by the end of June. They have already submitted their documentation, as far as we know. It's going to start swiftly and probably with an acceptance period of four weeks. They want to be through quickly. They don't need antitrust approval unless they get over 50% of the shares, which I would not expect from a current point of view. They would also need only the FDI approval over 50%, and over 40%, they would need FDI approval in Germany. FDI, it could happen that they get more than 40%. In that case, they would have just an FDI approval in Germany, which I would be surprised if it didn't go through. Yeah, there's probably a long stop date for six months. If they don't get it within six months, the offer would fall apart. Perfect. Where do you see currently the main engineering bottleneck next in scaling defense and transportation rail projects? We are making sure that they have the engineering resources. We have also redirected engineering resources from Green Tec to transportation and defense. The bottleneck is not on the engineering side. We had growth of 28% in transportation in Q1 only. That really was growing a lot. I still expect growth in Q2 in both divisions. I think they are developing quite favorably. On top, please don't forget that they have an EBITDA margin of 20% or more expected by year-end 2026. Perfect. Maybe just the last quick question. Is HENSOLDT and Saab one of your customers in the defense business? Both. Short answer, both. Short answer. Perfect. Unfortunately, we are running out of time. Thank you all for the questions. a special thank you, Mr. Billek, for your time and sharing your insights. All participants will shortly receive a brief email, we would appreciate it if you could share your feedback with us and the company, thank you once again for joining us today. Defense will also be a topic in the next presentation, Heidelberger Druckmaschinen, we have provided a link in the chat box already, feel free to join us in the next presentation. I just say goodbye and take care. Goodbye. Take care. Have a good day