Good morning, and a warm welcome, dear ladies and gentlemen, to the analyst and investor web conference regarding the Stabilus results in the first quarter of fiscal 2026. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Dr. Michael Büchsner. Hello, and welcome to our quarter one results call of the Stabilus Group. As always, you have our CFO, Andreas Jaeger, and myself, Michael Büchsner, being the CEO of the Stabilus Group in the call, and I'm happy to lead you through our results for the first quarter, and then for sure, we'll also have a Q&A session at a later stage. Yeah, in a nutshell, I would say we hold our course in a very difficult market environment, as you can imagine, in the automotive and also in the industrial space. However, we had a very strong cash generation. If you compare that to the prior year, we've been doing particularly well, and we've been doing particularly well in terms of our operational management of the cash flow. Our cash flow came out with EUR 23.9 million and, yeah, like for like last year comparison, we've been at EUR 8.9 million, so very positive development in that term. Our EBIT margin stays strong with 10.1 percentage points, and you, as you all know, it's pretty much back-end loaded this year around because towards the second half of the year, our efficiency program and the new launches kick in. That's why the year will be for us back-end loaded in terms of the margin development and, yeah, loaded on the second half of the year. Also, a good highlight was the EBIT margin we had in China. As you can imagine, and we always talked about it, the environment in China is getting tough, tougher in terms of competition, and this is why we also took the decision not to hunt for each and every business, but concentrate also in these difficult times on the EBIT margin development, and we had an outstanding result. If you compare that also to the prior quarters and even the prior years, we had in the first quarter a record EBIT margin in China of 18%. However, I said at the beginning already, we for sure are in a challenging market environment, and you see that forefront in our revenue for sure, because the revenue was EUR 291 million, which at the end of the day is 7% change versus the quarter one prior year, and it's becoming softer. So the first quarter is particularly kind of an impact we saw in predominantly China, due to the fact that this consumer sentiment was particularly low. Then on the other hand, we also are, as we are represented predominantly in the upper segment, cars and the electromobility like Tesla, we also feel the market environment. On the other hand, there is a fixed impact of negative 3.7% year-over-year, which at the end of the day is unfavorable for us. However, as I said before, the margin margin generation in China was particularly good, and also the cash flow generation was yeah, on a very good level for us overall. And the EMEA and Americas region stay very strong in terms of organic development. The region we currently focus on is Asia Pacific, as you know. Our overhead reduction program is well on track. We started, as you know, this transformation program in the first quarter. So starting with October, we've been concentrating on cutting down costs on a second step in the overhead structure. You know that over the course of the past 2 years, we always have already concentrating on the reduction of our costs, predominantly on the operation side. We've been doing automation projects in Koblenz, which materialize throughout this year and the years to come. And now, as you already have been informed about quarter one, means starting October last year, we started also to cut down on overhead costs, and this transformation program is basically a boost for us for the second half of the year and the years to come. We're basically taking out already, in 2027, EUR 19 million in terms of fixed costs, on our P&L, and this is something which gradually kicks in in the next quarters ahead of us. Net leverage ratio, you know, it's important for us to stay around 3. We have 4.5 as a covenant, but we want to stay well below that with our net leverage ratio. And we've been in the range of 3, so 3 or 4, this time around as of December. I would say, as I said at the beginning, we, at the end of the day, start, in a market environment which is soft and challenging, with a strong and good position, predominantly on the cash flow. So with that, we will go into the next page, and I would like to draw your attention a bit more on the technical stuff. The growth drivers for here and now, the months, quarters to come, and also the next years. We invested in the past years, as you know, on the Industrial POWERISE. Why is that particularly important for us? We started in the same thing with gas springs, right? We are the leading company for gas springs. We brought the gas spring on a very good position, nice quality, excellent costs into the market, also for all kinds of industrial applications. So you find them everywhere. So we're now doing the same with Industrial POWERISE, right? We started the automotive side, are producing on highest quality and best cost position. The POWERISE now for the industrial space, we've been having revenues beyond EUR 5 million in the first 12 months of our doings last year, so it grows double-digit. And this basically, yeah, receives a lot of interest of our customers. It receives a lot of technical support by our customers, and they love this product because it's very robust. It's built on automotive lines to a very nice cost position, and as I said, we already started after the market introduction, which happened early last year. With EUR 5 million we've been generating in terms of revenue on a very exceptionally high margin. As you can imagine, Industrial POWERISE, part of the industrial space and industrial business enjoys good margin at this point in time. Second position is, here is a growth driver for us, the door actuation. Door actuation, a wonderful product to be a next generation of vehicle comfort, right? It opens and closes doors automatically. It's a must-have for all kinds of cars with autonomous driving, self-parking, but also, it enjoys exceptionally good growth rates in China these days. So we are in Geely, in Korea, we are in Hyundai. Actually, we start Mi Auto this year, and there is not a single customer who's not interested in this next generation vehicle comfort. And this takes off in the second half of the year as our customers, predominantly BMW, but also Tesla once more, and also Mi Auto, so Xiaomi, will fill their pipeline for the upcoming launches, and we enjoy also good business wins there. And as I said before, yes, currently in China, the consumer sentiment is on a decline. We saw that October, November, December, but this technology enjoys very nice growth rates, and it basically goes off in the second half of this year and will greatly help us in terms of sales. Last but not least, also the third growth driver for us is automation and the automation synergies. As you can imagine, over the course of the last years, we've been working a lot on synergy generation in terms of sales and technology with our DESTACO portfolio. And now, here I would like to highlight first time that we are working already also on humanoid robots and industrial robotics systems. We have not only gripping systems, which we tailored now to humanoids and to industrial robots, but also we are with one of our OEMs, where we are already in a strong business relationship in the automotive side, who decides to produce or decided to produce humanoid robots, robots, big scale, U.S. company, U.S.-based company. We are working on electromechanical solutions for the hinges of humanoid robots, and this is a development project which we recently entered. And this project, along with industrial robotics, gripping systems, the opportunities we see also for us in the automation space, materializes as we speak and helps us a lot also throughout the year to generate additional, highly profitable margins in business. Yeah. So the three growth drivers and the growth sentiment remains unbroken and unchanged. The big growth drivers, Industrial POWERISE, automation technologies, door actuation, they are kicking in and, as you can imagine, along with the program we are driving to doing reorganization, restructuring on the overhead side, we take and use these days and times of softer business to actively actively shape our future. So that's the strategic points we've been achieving over the quarter of the quarter one, October, November, December. However, I would like to also go into the details of the financials with you before I hand over to Andreas for the details on the regional view. Overall, revenues, as I said, EUR 291 million. Organic growth was soft, -7%, FX impact round about 4%. And then we see here this China impact, predominantly Europe, North America, growing well. In China, consumer sentiment, upper segment cars, you know, when inflation hits the fan, people decide to go for lower segment cars in difficult days. We are with our products, predominantly on the top segment cars, and this leaves its marks for sure, but we assume that being a short-term effect, which at the end of the day, will recover in the second half of the year from our perspective. DESTACO synergies were on track with EUR 1.7 million at this point in time. Our target this time around is EUR 10 million for the year. We will achieve that. Our forecast shows that, as I said, there is several elements in the pocket, like the production of gripping systems for humanoid or other elements for autonomous and robotic systems. In terms of EBIT margin, our EBIT margin came in with EUR 29.3 million, so at 10.1%. Predominantly supported by very strong industrial business, but also by China, because we decided in China to go for EBIT margins, not necessarily grabbing all the businesses around there. Well, knowing that the door actuation business, at the end of the day, has a higher margin to begin with, we said we rather focus on the high-margin products and the door actuation systems in order to generate good margins for us, and this strategy materializes. It's basically an 18% EBIT margin in China, overall 10.1%, and this, at the end of the day, will also improve over the course of the year as our effects of our restructuring projects kicks in. For sure, this take of cost synergies are still on track, and we monitor them on a quarterly basis. EUR 0.5 million. Here, the target for the year is EUR 4 million, and this is absolutely what we'll achieve. Net profits are impact for sure by FX, yeah, FX losses, but however, also here, FX and tax expenses, they are kicking in early the year. This is something which you will see develop positively over the course of the year. And then last not least, our free cash flow, which is exceptionally good. The free cash flow is EUR 23.9 million. We already got a question beforehand, whether this be driven by, programs we did on the financial, structure, but this is basically good management of the operational side, a good cost control, good, control on the, forecast in all levels on the operation side, which drives that, and less financing programs. So with that, I would hand over to Andreas for some details by region. Good. Thank you very much, Michael, and very warm welcome also from my side. I go directly into the region, and I would start with Americas. In Americas, we see in euro a minus of 5.7% in the revenue, but if we consider the FX effects from foreign exchange rate translation, in Americas the organic growth was only -0.5%. The EBIT margin at 4.7%, we are not really satisfied, and Michael already mentioned it briefly, and I will come back to that on the next slide. In EMEA, also in reporting currency, the revenue -1.4%. If you also factor out here the FX impact, we are only -0.3%. The margin at the solid 10.8%, and considering the slightly lower volume, we could even increase the EBIT margin by 1.9 percentage point. That shows, on one hand, that we really took out fixed costs and that we also worked on, flexing our cost basis. In Asia Pacific, in the reporting currency, minus 13.6% year-on-year. Michael already mentioned it, predominantly in China, with the challenging market environment in automotive. But the EBIT margin, clearly the highest with 18.1%, and considering all the challenges and the lower volume, we could almost maintain the EBIT margin, and in percentage point, it went down only by 1.3 percentage points. If I then go now more into the details for Americas, you see again on the revenue, the minus 0.5%. We grew organically in automotive gas springs and in POWERISE, and if we compare that slight growth in automotive gas springs and POWERISE with the latest S&P data from automotive, they were slightly negative. They told us -0.8%. So also, if we take the market as a benchmark, a solid development of the revenue. On the EBIT side, we are not fully satisfied with what we achieved in there. On one hand, we saw the volume impact. We also saw, and we informed you at the year-end presentation already, that we changed the allocation and the recharges of the intellectual property right, so that had a negative impact on the EBIT. But then also the challenges we had in Mexico, in the U.S. gas spring operation, where we had a higher turnover in the workforce, and that drove additional cost for training and also hampered the efficiency in the operation. If we then move on to EMEA, we can show a different picture. In EMEA, we are almost at prior year level if you look at the organic growth. We saw a slight decrease in automotive gas spring and industrial automation. On the other hand, we grew in automotive POWERISE. Also, if we here benchmark ourselves with information that we received from the S&P automotive market, with the -2.2%, we delivered better numbers than the S&P number told us. If you look at the EBIT, slightly lower volume, but it's clearly higher EBIT margin and even in absolute numbers, an increase of the EBIT. That shows we really took out fixed costs in Europe, and we could also flex to the volume our production costs. The last region then that I will cover is then APAC. In APAC, we already saw the decline that Michael in the beginning told us. The major impact we saw in this -24.9% comes from China, with a challenging market, as Michael already said. If you then look at the development of the EBIT, yes, in absolute number it went down, but we maintained a very solid margin of 18.1% in a very challenging environment. If you then look at the development of the business segment by market segment on the next slide, you saw that we slightly could reduce our portion from automotive with 54%. In Q1, we were at 37%, and, however, most of the segment showed a negative development. If I then continue with the net leverage and the net financial debt on the next slide, you'll see since 2024, we could decrease the net financial debt by 7.5%, and if you compare that, what we achieved in Q1 2026, we could reduce the net financial debt by EUR 13.3 million. Reducing the debt and bringing down the leverage ratio is clear priority, and we also said we will bring it to 2.0 within the next two years. On the net working capital, Michael mentioned it at the beginning when we talked about the cash generation. You see it, during the last three periods, the net working capital came clearly down, and we are now at EUR 218.6 million, or if you compare it to the ratio, in comparison to the revenue, it came down again to 17.3%. The investments, you see them year-over-year, and then the first quarter. The first quarter was with EUR 18.1 million, a little bit on the lower side if you look at the investment. However, this has more to do with the seasonality. For us, it maintains a priority to invest in the future, in develop new and interesting radar technology, smart door actuation, electric grippers, and also the automation of our production facility remains a priority. And with that, I would give back to Michael for the outlook. Thank you, Andreas. Yeah, we, as you know, and we know clearly what, and our main focus for the second quarter is to work on our restructuring project, to continue to do that rollout, basically to manage our overhead costs, but also to further improve us on the operational side. And this is something which, at the end of the day, will lead us into February and March, right? Over the first half of the year, we said we'll roll that Transformation Program out, and then at the end of the day, we will harvest that fruit starting in the second half of the year. And this is something which, at the end of the day, helps us in terms of sales initiatives, right? Door actuation, continue to win business. In terms of business on the industrial side, it's automation and the Industrial POWERISE. That's what we're currently working on. As Andreas said, also in the second quarter, we'll continue to work on improving our North American plants in order to deal with the fluctuation we had on hand, which drove negative performance there. Overall, with all these measures, our forecast is still on track, right? Our forecast, and we confirm it, will be at EUR 1.1 billion sales, up to EUR 1.3 billion sales for the year in euro. The EBIT margin will be in the range between 10%-12%, and also the adjusted cash flow is on track, with 80-110 million free cash flow after all. That are basically the points we are currently working on. If you go on the next page, actually here, a brief summary for you. Actually, we are impacted for sure by the market environment, no doubt about that. However, with the initiatives we have on hand, we clearly know what to concentrate on in the second quarter, and thereby the guidance is confirmed. For sure, with whatever we do, we work and continue to work with strong team efforts on our STAR 2030 initiatives, right? Andreas mentioned it as well. Our main priorities remain there, to invest in new technologies. We have had great achievements in the first quarter. We've been winning door actuation business, industrial POWERISE businesses, and also even up on the automation side, two contracts, development contracts for humanoid robots. That's what we're working on currently. And yes, in the second quarter, you will see development in the restructuring program. Next quarter, we will give an outlook about where we stand, what we achieved, and which further points are necessary in terms of cost management, right? It's, we've been managing the big and low-hanging fruit, which for us is now the restructuring program rollout. It has been starting very well. But also, the cost management itself is very, very important to us in all the different regions, and we will also put a strong focus on the improvement of the operations in North America and on top, the sales initiatives. Because there are two things which are important for us this year, is the cost management and the sales initiatives in order to prepare for a continuous success in our industry. Yeah, with that, we would hand over to you for questions. Perfect. Thank you very much. Dear ladies and gentlemen, if you wish to state a question, please press nine and the star key now to enter the queue. I repeat, the combination to state a question via telephone line is nine star. The first questions are already incoming. One more moment, please. All right, so the first question is from Akshat Kacker of J.P. Morgan. Please, Mr. Kacker, over to you. Good morning, Michael and Andreas. Akshat from J.P. Morgan. I have three questions, please. The first one, starting on your China business. As you mentioned in the first quarter, the market environment wasn't supportive. We have seen organic growth declines of 20%-30% across your business segments in the first quarter. Could you just give us more details in terms of a rough split between volumes and pricing? And in terms of how this year plays out, when do you expect volumes to start stabilizing in China, please? That's the first question. The second question is on the North America margin. You did talk about some operational inefficiencies, higher personnel and training costs. Could you give us an idea on what kind of impact can we expect on the business for this fiscal year, and how quickly can you turn around things in North America, please? And the third one is on your assumption of a second half recovery. I completely understand that you've talked about new launches and benefits from underlying cost actions that you have taken over the last year. But I also keep in mind, Q1 always has a seasonality for your business in terms of higher revenues and margins in China. So could you just give us some sense on how much of a pickup do you expect in the business second half versus first half this year, both from a revenue and margin perspective? Thank you so much. Thank you very much, Akshat, for your questions. I give it a start, and then for sure, I hand over also to Andreas. Talking about the first quarter in China, which is exceptional, good, EBIT margin of 18%. Your question was in terms of sales, how were sales developing, and what were the pricing impact? You know, out of the last year, over the year, we had 8% pricing kicking in. That's just a given. If you compare now last year's first quarter with this year's first quarter, you for sure see this 8%. We've been always talking about it, that this 8% are exceptionally high. Typically, in the automotive industry, we can deal with 4%, 4.5% maximum in China, because in China, also technical changes are easier to introduce. However, the big topic we saw last year is that the competitor for front engine did basically set new target prices, and this was something, and you mentioned it, was visible throughout the year in terms of the margin development in China in a, in a very firm way. And this is something which we've been constantly working on, so the impact was 8% pricing out of the revenue decline. Because you have this carryover effect, and if you compare quarter to quarter, first quarter to first quarter, basically, first quarter last year was October, November, December 2024. This is when this pricing discussion started bigger scale, and now this delta, as I said, is around about 8%. As stated, we are able to deal with 4%, typically, and now we had to take extra actions to improve our profitability. This is why you also see the profitability of China still show or being on a decent level this year round, with wonderful 18%, because apparently we can deal with this, but it has a time delay until we can deal with such margin deteriorations or pricing pressure in the industry. So these were the first 8%. Then we had an FX impact, a couple of percentage points, and I'm sure Andreas will talk about that. I think it was in the range of 3%-4%. And at the end of the day, then something in China. You know, in China, our business staggering is we have half of our business, Western world OEMs, half of the business, Chinese OEMs, so we are balanced very well. There is this consumer sentiment of China going down, which makes up roundabout for 4%, right? So the consumer sentiment, after all, went down 4%. This is, following the studies of market developments in China, where we have access to, and this is something which will lead us into the, second half of the year. That's the strong belief of, of economists in China, in a nutshell. And then there was for sure the impact that, we as Stabilus Group are operating on the top segment cars in both China's OEMs and Western world OEMs. You know, when there is high inflation and people feel financial pressure, they decide on a shorter term, because we saw that in the past as well, on a shorter term, to concentrate on buying lower segment cars, where typically the fitment rate of electromechanical devices is less. So in a nutshell, coming back to your first question and the answer to that, 8% was pricing, roundabout. There was a FX impact of 3%-4%. Then you see a consumer sentiment for the business of 4%, and then the remainder is then something which goes in line with the different segment of the cars have been produced, like the upper segment cars. Which by the way, we saw in all regions, but in Europe and North America, we've been better flexing that with industrial businesses, as our industrial business position is bigger or on a bigger scale than in China. This was more difficult this time around in China, and that's why particularly the Asia Pacific region was impacted by that. So that's your first question. Then North America. In North America, these performance-related points, yeah, they are basically affecting our two automotive plants. It's the one in Mexico, and it's the one in Gastonia. And these two plants basically did lose around about EUR 2 million last quarter, I would say, ± on the efficiency side. And this is something which we're currently working on. There will be an impact also in the second quarter. We expect that in the third and the fourth quarter we have things back under control. And this is something, there was, as Andreas said, people fluctuation related. So we lost some people, predominantly, in the workforce, concentrating on direct labor, but also maintenance people. Then, as you know and can imagine, maintenance people are basically the lubricant in the transmission and gearbox of such a plant, right? Because the maintenance people, they guarantee that the uptime of the lines is sufficient to serve the demand of the customer. Then you see a complete chain reaction, right? You lose some of the maintenance people, then you have less output, then you get into the mode of some premium freights. Quality is impacted as well, and this is something which we've been working on. We took sufficient measures. We will get out of this position, but it actually takes a couple of months to get there. So this basically is what we're working on for the second half of the year. You will see, out of the improvements of the restructuring program, one percentage point improvement in the second half of the year on our EBIT margin, and then fixing the operational issues in North America will add another percentage point. And this is something which then lifts us in terms of EBIT margin, so that we're getting closer to the margins we had last year and also getting us within our guidance ballpark. So, Andreas, from your side, I mean, I've been explaining intensively now the root causes and percentages, how they move up and down with our operational points. Because, you know, actually, it's very important to us that we have a clear picture of where we are suffering and how we're impacted by the current market circumstances. That's why it's important to talk about all these details. I understand that very well. But, Andreas, are there any points you'd like to add? If I look at the three questions, I, I would say they are all covered, but we can double-check that with Akshat. Did you receive what you were looking for? No, yes, that's very clear. That's helpful a lot. Thank you so much. Sure. Thank you very much. Perfect. Thank you very much also from my side. The next question is from Klaus Ringel of ODDO BHF. Please, over to you. Yeah. Hi, good morning. Thanks for taking my questions. I actually have two, and would take them one by one. One would be a bit more detailed. Yeah, coming to Akshat's question about the business momentum. If you can already share a bit of light on your expectations for Q2. I mean, margins shall improve over the course of the year, but regarding top line, can we also already expect some pickup in Q2 versus Q1, or shall we rather expect something going sideways? This would be the first one. So in terms of revenues, our expectation that in the second quarter it moves rather sidewards. Why is that? You know, in the second quarter, there is the Chinese New Year, which, for sure is something which we have in our budget and are planning already, and it's considered in the guidance. And, in terms of North America and Europe, we see a rather flat business out there. We see in the automotive industry, not too much movement. And on the industrial side, you know, typically the time when you get directionally a better view on how business develops is the springtime, because this is when the orders kick in, for new launches and other stuff. That's too early to say. So I would say January, February, March is moving, rather sidewards from our business. However, this is how we built our business plan this year. We said the first two quarters will be rather on the soft side, and then in the second half it will be picking up, and then similarly in the margin. And this is why, at the end of the day, also, we confirm for sure our guidance, because that's what we've been planning for to begin with. Okay, thanks for that. Second one is on the additional point you're talking about humanoids, and I really appreciate that you also start talking about this. You know, some other players are, yeah, bit more vocal, much more vocal for a couple of months now. So would be very interested how immediate this potential really is. I mean, you have this big US customer in automotive, which also has obviously big ambitions in these humanoid robots. Is this really a couple of, I don't know, hundred thousands or millions of revenues in over the course of the next 12, 18 months? Or is it less? Is it more so- -this would be great. And also in terms of margin, is it fair to assume that you can achieve a kind of industrial margin in this area? Thank you. Yeah. Thank you very much for this question. First of all, you mentioned at the beginning of your sentence that some people already have been talking about humanoid robots and automation in a broader scale, in a different way than we do. The point is, for sure- Yeah In this humanoid robots, this is a customer which we also have on the automotive side, and there are sometimes it's not kind of allowed to talk about such movements. On the other hand side, if I talk about the DESTACO volumes, sometimes there is a restriction by governments to openly talk forthright about it because we need to meet all the regulations to deal with this in the first place. But also it's then in many cases restricted in terms of communication because it's military service. That's to begin with. But we will disclose as much as we can for sure, not jeopardizing our business model with basically infringing any agreement we have with our OEMs. That's something which we very strictly kind of meet. So, then the impact, you know, there are two areas. There's electromechanical devices, which we're currently working on for hinges and stuff, for humanoids. That's something which is in the development phase. You'll not see sales, too much sales this year. That's different in terms of the gripping systems, which we do for humanoids and also for end of arm tools, for cobot systems. This is a new development we did at DESTACO with basically a smart gripping system. And these gripping systems, they are in place already, and this is EUR 200,000 already in the first half of the year, which we delivered to the customers. And we expect that this goes up because there are new solutions with electrified version, plus also feedback from the parts. So it's basically intelligent gripping system, which we did offer to the market here lately, and that's receiving very good feedback. These are the two elements which are leading to that business opportunity for us. Hope that answers your question. Thanks for clarification. Yeah. Yeah, of course. Thank you. Thank you for your question. Thank you. Thank you very much. Moving on. The next question in the queue is from Yasmin Steilen of Berenberg. Please go ahead. Good morning, Michael. Good morning, Andreas. Many thanks for taking my three questions. So first, coming back on the price erosion in China. So, we have seen the headwinds in Q1. However, you stated during the last call that you expect price erosion in China to ease a bit. So what is your current view on the overall price headwinds in China for POWERISE in FY 2026? That's my first question. Then with regards to the door actuations, door actuators, you just said that the ramp-up should happen in H2. So can you provide more color on the expected sales volumes to impact the second half? And how should we think about the profitability here in the ramp-up phase? And the last one on DESTACO, I might have overseen this in the interim report, but could you share any comments on the profitability, please? Many thanks. So thank you very much for your questions. In terms of pricing in China, the pricing in China is in the range of 4%-5%. That's what we assume this year. This is the pricing levels which we are used to. As I said before, last year, we saw this exceptional pricing of twice as much in the range of rather 8%. This year we see that continuing with 4%-5%, and that's something which we are, in a better way, able to deal with, because that's the typical price reductions you get out of efficiency and you get out of your bill of material with your normal doings in the business. And that's something which we definitely can deal with in a given business year. How do we do that? We take our suppliers and do supplier negotiations, because in absolute terms and volumes, for sure, the volumes go still up. It's a pricing-related reduction, so the volumes go up. And then at the end of the day, we negotiate with the suppliers in a better way, and we get their contribution to our success in the first place. Then the second thing is that our operational efficiencies in the plant are our main point of our concentration in terms of our improvements. So that's something we saw over the course of the first quarter and second quarter already happening, that the price reductions for this year will be in the range of 4%-5%. The second question you had, the door actuation system, the profitability and the launches. Actually, the launches in the second half of the year, they are filling the pipeline for, main customers like BMW. There is also Tesla involved, there is Xiaomi involved, and, and, and some others smaller scale. This is business which we, at the end of the day, won a couple of years back, and the launches are planned this year. And the profitability is on, good levels. It's comparable or even slightly higher than our margins on the Powerise side. This is driven predominantly by the good launch performance we already drove in Asia Pacific. In Asia Pacific, specifically with our customers in China and Korea, we could establish a good position to also be, leading in the price negotiations with the suppliers. Because at the end of the day, we've been winning over the course of the past years in the range of 40% of all businesses out there in door actuation. And due to the fact that we invested a lot in not only capacity, because we have in all the different regions now aligned, we also invested heavily in the area of building up our supply base and technology. So we are basically front runner in terms of developing the right software, integrating the sensorics, having the radar systems on hand, and so forth. So that's very beneficial for us, and at the end of the day, I would also come back to Klaus' question, because Klaus asked the profitability of humanoids and engineered and profitability on industrial elements. I did forget, forget to mention that this is for sure average and slightly above industrial margins to basically close also the question we had from Klaus before. And then last but not least, you were talking about this DESTACO profitability. This DESTACO holds the profitability very good. There is two things to keep in mind. One thing, and this is something which also with Andreas we can go in detail, there is a reshuffling of overhead costs in the organization due to the fact that now we distribute the complete overhead costs to the complete business we have. This is first time that we also burden DESTACO with the company overhead rate, the cost absorbed. So that means the like-for-like comparison, at the end of the day, is something which can be explained in detail, but it counts for basically 2-2.5%, which we burden on the DESTACO profitability. Other than that, the businesses we are taking in, considering the current industry weakness, we are absolutely fine with. I hope that answers your question. Yeah. That was very clear, and the last one on the, Sorry, on DESTACO? Excuse me? In terms of DESTACO profitability, how should we think about it, going forward? I mean, that's what I meant. Mm-hmm. They're very stable in terms of the profitability. We did distribute first time this year to the DESTACO business, also the overhead costs. That means in the financial numbers, you will see now two effects. Mm-hmm. You will see a burden of the overhead, related overheads to the DESTACO business, which counts for 2.5% roundabout. And then you will also see that it's now coming together with other businesses, like the synergy business we have on hand, and this is basically also impacting the position of DESTACO, but overall, it remains on a very good level for us. So it basically holds the course, except this burden of the overhead rates, which we first time basically also distributed now to the DESTACO business. Okay, so just to clarify, so the former indications you gave about 19%-20% was ex overhead costs? This was without allocation of the overhead costs, indeed. Yeah. Okay. Okay. Mm-hmm. Okay, perfect. Thanks very much. I'll step back into the line. Thank you. Thank you. Thank you very much. At the moment, there are no more questions in the queue, so dear ladies and gentlemen, please press nine and star now if you have a question or a follow-up. Let's wait a couple more moments for maybe a follow-up question. The combination is nine and the star key. Wonderful! As of now, there seem no more questions to be coming. Yeah, if there are no further questions, then thank you very much. One point is, very important. We know exactly what to work on in the second quarter. It will be continuing the restructuring program, watch costs, and for sure, use the drive levers we have to boost, sales, which at the end of the day, will kick in second half of the year, like our wonderful door actuation system, where we have the launches coming in the second half of the year. On the industrial side, the Industrial POWERISE, and then the automation system, predominantly in the space of automation, but also humanoid robots, which we on the long run work on. With that, thank you very much. I wish you a nice and successful week. Bye, everybody. Thank you. Have a good week. Bye.