Andreas Wolf, our CEO, and Werner Volz, our CFO, have joined the call today to guide me through our presentation of financial results. As always, they will report on the most important developments of the last quarter, the group's and business unit developments, as well as our cash flow and balance sheet. Finally, we will discuss our updated financial outlook for the fiscal year 2022. Afterwards, both gentlemen will be available for a Q&A opportunity as usual. Now, without further ado, let me hand over to our CEO, Andreas Wolf. Yeah, thank you, Heiko, and thank you very much, ladies and gentlemen, for joining today. The third quarter is in the books. Finally, we have seen a pickup in the worldwide light vehicle production again, and we could also benefit from the slightly improved availability of semiconductors. As a result, EUR 2.3 billion of sales in the single quarter and an adjusted EBIT margin of 2.1%. We are moving into the right direction. Even though our third quarter was slightly negative in terms of cash flow, it was another solid quarter overall. Hence, very important, our electrification momentum continues. With EUR 230 million of total electrification sales in quarter three, we are absolutely on track of achieving the targeted EUR 1 billion for the full year. Once more, our order intake proves our highly attractive product portfolio. EUR 4.3 billion order intake in total, thereof awards worth EUR 3.2 billion in electrification. That means we have achieved an electrification order intake of almost EUR 10 billion in the first nine months of 2022. I repeat, we have achieved an electrification order intake of almost EUR 10 billion in the first nine months of 2022. By the way, the EUR 3.2 billion in Q3 includes the EUR 1 billion thermal management system order, which we announced during our Capital Market Day in October. They also include an award of around EUR 300 million, which we received by a global German OEM for our battery management solutions. That means a total of EUR 3 billion year-to-date for battery management alone. You see, we are winning business in all major regions and across our entire electrification portfolio. Let us now take a closer look at the financial KPIs. The EUR 2.3 billion sales, which I mentioned, correspond to more than 20% increase compared to the third quarter of 2021. Of course, FX was a significant contributor. This also resulted in an increase of our profitability by 0.8 percentage points. However, the high input costs are still a significant burden, and therefore, the operating leverage is rather low. Considering the uncertainties in the market, we also limited our CapEx in the third quarter. Nevertheless, our free cash flow came in negative. This was mainly due to working capital seasonality combined with additional inventory build-up. Back to sales. If you analyze our sales development compared to the market, which grew by 27.5%, our organic sales development looks rather weak at first glance. However, you have to consider the significant up and down in vehicle production in Q3 and Q4, 2021, which led to a negative and positive base effects, combined with our respective outperformance and underperformance in those quarters. More concretely, the higher sales base of last year's Q3 leads to lower organic sales rates for both the group and the core technologies, as you can see on the chart. However, that also means that we will outperform in Q4 again. To sum it up, a difficult Q3 when it comes to outperformance, but a continuous strong performance of Vitesco Technologies when we look at the complete second half of 2022. As always, you will now receive more insights into our financial development by Werner Volz. Thank you, Andreas. Hello, and welcome also from my side. Ladies and gentlemen, as it was mentioned already, we almost doubled our profitability in Q3 compared to the prior year. We did that despite the continuous cost increases, especially in material, energy, and freight. In Q3 alone, these topics led to gross headwinds of roughly EUR 180 million. Especially the material costs showed a sequential increase of the gross headwinds compared to Q2. However, despite that, we are making good progress passing on these additional costs to our customers, especially our core technologies improved in Q3. EUR 300 million of sales increase and an adjusted EBIT margin of 4.5% in the single quarter compared to just 0.8% in the previous year. This, of course, includes Electrification Technology, which in line with our plan, continues to be loss-making. Let's zoom now closer into Electrification Technology. You can see that the top line continues to be affected by the global semiconductor shortage. In addition, we were extending our production lines in our Chinese ET plants in Q3. This resulted in a lower production output for a time span of roughly two weeks and respectively lower sales. As a result, we organically only grew by 16% to EUR 147 million. This sales increase was mainly driven from the development in Germany and North America, which is, by the way, true for all our business units. As a result of the limited sales increase, also profitability increased only slightly. We're now at -48.2% of sales, up 5.5% compared to the prior year. Once more, the real positive news is our electrification order intake. The business unit Electrification Technology alone recorded EUR 1.9 billion of orders in Q3. As a group, we managed to win EUR 3.2 billion lifetime electrification sales between July and September. Now, shifting to Electronic Controls here, we can see a real positive momentum. Electronic Controls had the strongest organic growth among our four business units, reaching more than EUR 1 billion in Q3 2022. This top-line recovery was mainly attributable to a slowly improving availability in semiconductors, as well as pricing effects from the negotiations with our customers. While the overall availability of semiconductors is improving, partially missing customer-specific electronics continue to challenge our operations. This challenge can also be seen in our adjusted EBIT margin. Yes, it improved year-on-year, but still is only at 4.3%. The main driver for this improvement were our core technologies in EC, which benefited most from the slightly improving environment. We increased our sales by more than EUR 200 million to EUR 704 million, with an Adjusted EBIT margin of 8.1%. Sensing & Actuation, on the other hand, only grew by 11% to EUR 880 million. This is mainly due to the base effects in the prior year, which Andreas has explained already. Here, we saw the main increase coming from the German and North American markets. The profitability Sensing & Actuation was once more very strong at 8.9%, especially the core technologies contributed with 12.8% Adjusted EBIT margin at EUR 683 million of sales. In contract manufacturing, we also saw the effects of increased prices and currency tailwinds. As a result, we reported EUR 262 million of sales. Nevertheless, we continued with our phase out, as you can see in the lower volumes for that business. The Adjusted EBIT of 0.7% is already reflecting the better productivities, which we have now mentioned already a couple of times in our last calls. All in all, we remain well on track with the phase out of contract manufacturing. Now let me give you some more insight into our cash development. As you already have seen across our industry, our cash flow is significantly impacted by continuous working capital build-up. The increase in accounts receivables is mainly related to the strong sales which we enjoyed in September. Also, we continued to build up inventory. Yes, this is a necessary measure in the short term to ensure production for our customers. Of course, we are not aiming to remain at these high inventory levels in the long term. Besides our increased profitability, especially tax reimbursements in Mexico partially compensated for higher input costs and the increased working capital intensity. As a result, our operating cash flow was at EUR 81 million. By our cautious spending behavior, here CapEx was more than two percentage points below the prior year. We saw a slightly negative free cash flow in Q3 overall. Again, mainly due to working capital. The figures of Q3 of 2021 are still highly influenced from spin-off effects and therefore not really comparable. On the next slide, here we see as a result of the negative cash flow and the currency changes, our available cash slightly reduced to EUR 783 million at the end of Q3. Nevertheless, we continue to be in a very comfortable liquidity situation. As a recent highlight, I can tell you that we managed to refinance our existing syndicated loan and replace it with a new one as of October sixth, with a tenor of 5 years, with options to further extend. Our solid track records as standalone company in the last year has certainly helped us here. Besides the new tenor, we also managed to achieve significantly more favorable conditions in our new RCF, despite the very volatile credit and financing markets worldwide. The overall available amount remains unchanged at EUR 800 million. We negotiated significant improvements and ESG-linked credit conditions. At the same time, we also reduced our financial covenants to just one, the leverage ratio, which we comfortably should be able to achieve. If we now move to slide 14, you can see once more the increased working capital levels in Q3 2022. Compared to the previous year, we have built up almost EUR 100 million in net working capital, which came besides negative currency effects, mainly, as mentioned a couple of times, from inventories and the seasonal increase in accounts receivable. I think, again, I have more than enough elaborated on these drivers already. The other balance sheet related KPIs continue to be very solid. A net debt ratio of -0.4, a net liquidity of more than EUR 300 million, and an equity ratio of 40.7% underline our healthy balance sheet structure. Finally, let us come to our guidance. Since the year is coming to a close, the view for year-end gets clearer more and more, even though uncertainties in the market are still as high as they can possibly be. Impact of a potential recession ahead in 2023 are still very, very hard to quantify. Back to 2022. As a result of a better-than-expected worldwide light vehicle production, we feel now comfortable to lift our sales guidance for the group to now EUR 9 billion-EUR 9.2 billion. Of course, our achievements in forwarding additional costs to our customers and FX tailwinds are supporting these figures as well. However, we're not able to pass on all our input costs, so that a smaller part still impacts our profitability. The inflated sales from currency do only have a very limited drop-through on our profitability. As a result, we will not reach the top end of our guidance, what the consensus, which is at 2.3%, is already reflecting. We are now guiding for an adjusted EBIT margin of 2.3%-2.5%. This requires a rather profitable fourth quarter and further catch up for price increases with our customers since we are still below that range year to date. On special effects, the difference between adjusted EBIT and EBIT, we see them coming in lower than expected. We now see EUR 50 million-EUR 100 million as a realistic figure. We have already mentioned today that we are cautious on CapEx in these uncertain markets. As a result, we also lower our CapEx forecast for this year to around 5%. The clear focus remains on electrification. Therefore, this lower CapEx will not limit our growth opportunities in the future. This of course affects our free cash flow positively on one side. However, we see strong headwinds from working capital on the other side. Overall, we do not expect more than EUR 75 million to be a more realistic figure for the fiscal year 2022. EUR 75 million wi ll be our realistic figure for 2022. Consequently, the typical pattern of Q4 as a very cash generative quarter is only true to a limited extent this year. Please keep in mind, many of the working capital related movements are back-end loaded in December. Therefore, we might see further cash flow distortions in the year-end as a result. Now, I will not go through every single market assumption that we have updated on the right-hand side. The main changes come from China, which looks more positive than we have expected, and a weaker European environment. Overall, we now see 5%-7% light vehicle production growth as a realistic figure for the full year. With that, I have reached the end of my presentation. Andreas and I are now looking forward for your questions. First, back to you, Heiko. Thank you very much. Thanks, Andreas. Thanks, Werner. Ladies and gentlemen, as announced, we will now enter the Q&A part of today's session. As always, since we would like to offer all participants the opportunity to ask questions, we kindly ask you to limit yourself to two questions. Also, if time allows, you can for sure ask additional questions after going back into the queue. Operator, we are now ready to take on the first question. We will take our first question from Christoph Laskawi with Deutsche Bank. Hey, good morning, and thank you for taking my questions. The first one will be on retrospective pricing in Q3 and Q4. Could you give us a comment helping to quantify the amount that you had in Q3? Other suppliers have shown fairly sizable margin support there and also for Q4. I think you have reiterated the pass-through on the additional cost that you have. Could you just give an update on what was the pass-through share in Q3, and do you go 100%, so overcompensating in Q4? As the second block, on energy and wage costs headwinds into 2023, do you have any comments there? Thank you. Thank you, Christoph. I guess I'll take probably both parts of your questions and let's start with the pricing. As we mentioned now during our last calls as well, of course, we see this huge price and cost increase in the size of three-digit million EUR amounts. Obviously we're really trying hard to pass most of that on to our customers. While we probably have seen significant first impact in the second quarter, this is going to continue now or this continued basically in the third quarter. We indicate also that we at least want to achieve 80% recovery of the overall amount. Since we have made progress, I think I wouldn't, well we're not quite at 80% in Q3, which requires catch-up effects in Q4. This is what we have anticipated, but the current status on negotiations with our customers is indicating that we should see further progress in Q4 in order to achieve our goals and targets. With regard, I guess Q3 it's probably in the range of 60%-70%. With regard to energy and wages, well, your question was related to 2023. Right now we're not providing any outlook or guidance for 2023, obviously. We are expecting costs to further increase also in 2023, and especially energy and wages we expect with probably. Especially the wages, we expect with double-digit increases moving forward in 2023. Energy, I guess nobody right now is really being able to predict the further development. However, I guess it's fair to assume that we will not see a price reduction on energy in 2023. Is that covering the aspects of your questions, Christoph? Thank you. It is just one brief follow-up on Q4 then. Outside of pricing, there are R&D reimbursements, I guess, driving your margin. Is there anything else that we need to be aware of as positives? I think we typically in Q4 we see a higher amount of reimbursements, R&D reimbursements. Well, I think also the markets might be slightly stronger than still in Q3. I think these would be the major additional positive effects we should expect for Q4. Thanks a lot. Yeah. You're welcome. Thank you, Christoph. We will now take the next question from José Asumendi with JP Morgan. Thank you very much. It's José from JP Morgan. Couple of questions that I think the first one I would like to hear a little bit more, an update with regards to the collaboration with Renault and Infineon Technologies. If possible also, you could comment on the orders you're winning on thermal management. That'd be the first one. Second, as we think about ET and the progression of this division, I know you don't want to give specific guidance for 2023, but as we think about higher costs for energy or labor or the additional headwinds you may have in 2023, does this still allow for ET to improve earnings next year? Thank you. Maybe, Andreas, you could cover the first two questions. Yeah. I mean, very briefly to Renault and its cooperation with Infineon. It's progressing. I explained that the strategic partnership with Renault means that we are working together, also physically working together. We are sitting in a room, have key core members of the team here and are working towards those new products which we are basically co-developing. Nothing really brand new now to be recorded. By the way, the same is true for Infineon. Yes, Infineon is a strategic partner on the supply side. Also here, I mean, you know that we are preparing for the future with those huge orders reflecting also our increase in sales, which we shared on the Capital Market Day. For electrification, we need to have access to, especially looking to the SiC technology, access to the capacities of the world. That's why we have initiated also that exclusivity or that cooperation with Infineon. But nothing special to report. We are on a regular basis meeting and updating the data. Nothing in a negative or positive way to report. Thermal management, we shared that news during the Capital Market Day, that EUR 1 billion. I also mentioned during my short introduction. That's. We rate that as a breakthrough because until then we always said we have also thermal management in our portfolio. We had all the orders more on the inverter, electric axle, battery management side, and now we could prove that also thermal management, we are playing a major role. All okay, profitable business with an international OEM. Nothing more to say here. Well, José, let me probably take the second part of your question. Reflecting on the headwinds. They're coming from energy, personnel costs, material costs, raw material costs, and reflecting that on ET. Well, as we also see already this year, although ET is obviously impacted by such headwinds. Again, in general that is our general major assumption and also our target and objective, and we're really fighting hard for that to get recovery for all of that from our customers. I also indicated that in our Capital Market Day already. Of course, we're supporting and not just supporting, we're confirming, of course, our direction moving forward. That assumes that we will get recovery from our customers on these pricing on these cost increases. So far this year, as I already indicated, we're on our way. However, we're not completely through. Moving forward into 2023, obviously we're not providing any guidance and upfront numbers for the next coming year. It is fair to assume that these cost effects will also impact the upcoming year, and negotiations with our customers in all areas will continue to become necessary also for next year. Even if we went through this year, I think we will not be completely done moving into next year. Next year will continue to be challenging. Obviously our general plan, so from an operational improvement in ET, considering process improvements, design improvements, scale effects and so on, we're well on track. We cannot obviously completely ignore the negative headwinds from the markets right now. Thank you. Is that somehow answering your question? Yeah. That's very helpful. Yeah. Thank you so much. Thank you. Thank Thank you. We will take our next question from Sanjay Bhagwani with Bank of America. Hi. Thank you very much for taking my question also. I've got a couple of questions. My first one is on ET. When I look at, let's say, the nine-month performance of ET, sales is just slightly above last year and so are the profitability. Could you please confirm that the Q4 you are still expecting a step up? I think initially the message is for somewhere around 15%-20% full year growth for ET. Looking at the order pipeline and the seasonality, could you maybe still confirm that you're still going to see a step up in Q4? That is my first question. I'll just follow up with the next one after this. Okay. Other. Yeah. I'm happy to take your question, Sanjay. Yes, profitability and sales are only slightly above prior year. I think we mentioned the reasons for that. Well, again, basically also coming from the overall market environment. Finally, also, ET has been impacted by certain chip shortage by the overall chip shortage and of course also by the cost increase. Also here we're in the process of trying to get cost recovery in all aspects from our customers as well. Also this is the assumption moving forward into Q4 for ET. That is basically what we still can confirm right now. Again, we're now on the way for recovery. It is not 100% recovery. As I mentioned already also for ET, but we should be able to confirm this step up in Q4 for ET as well. Is that? Thank you. Okay. Yeah. Yes. Looking at the product pipelines and the projects, you are able to confirm the top line as well, top-line growth as well for ET. Is that right? Yes. Okay. A very simple answer, yes. Yes. Thank you. Thank you, Andreas. My next question is on the order intake. That is again very impressive, and you managed to get somewhere around 10 billion of orders in the first nine months. Can you please provide some comparison, like what sort of like the new orders this year, the kind of market share you have won? Or relatively for example, do you see yourself as number one or number two in terms of win rate? If you can provide some color on that, please. Cool. First of all, nice that there is a question, Sanjay, related to the order intake. Yes, EUR 10 billion in 9 months is a real record order intake. That doesn't say that we are now stopping taking orders, but that's really a nice run we had the last 9 months. It's hard to say for me what does that really mean on the market share side. What I can confirm is that our growth plans, which we also shared back in mid-October in our Capital Market Day, means EUR 5 billion for 2026 and the EUR 10-12 billion for the end of the decade, we can confirm. With the EUR 10 billion now in the nine months and the forecast for the next months, we have a relatively high probability and certainty that those numbers will come. Why are we better and what is the take rate and market share percentages? That's a little bit too early, really, to say, but with those numbers, we see ourselves ahead of competition currently. Thank you. That is very helpful. I've got one more question on the underlying business, if I may, please. Please. What we see is a step up in Q3 for the underlying business and specifically quite an impressive margin for the core tech in Q3. When I see, for example, H1 underlying business was somewhere around 7.5% margins. Now this has gone up to 10% margins. Should we expect this to go further up in Q4, given that you mentioned a step up in the pricing recoveries and also reimbursements, along with reducing semiconductor bottlenecks? Very good question and, of course, very important, especially for underlining the performance of Q3. Here we saw an improvement, basically in our underlying core technologies business in all relevant areas. Well, I guess the two major drivers are, of course, the markets and the improvement of the overall market environment, and the slightly reduced problems in the supply chain with chips now. On top of that, of course, the improved price recovery in Q3 in order to recover for the cost increases earlier this year. I think these were one of the major aspects. Besides some other issues related to some release of warranty issues where we have been able to positively negotiate with our customers. Is that answering your- Yes. Should we expect this to increase in quarter four, given these favorable trends along with the reimbursements of the R&D and also increase in the price recovery? Mm-hmm. That was my question. Mm-hmm. Yes. Okay. Again, as I mentioned already before, essentially that we are expecting further improvements moving forward in Q4 and on top of the increased recovery rates that we expect for Q4, also reimbursements. Well, typically, that's traditionally for our business in Q4 and should support our Q4's performance and the step up. Thank you. That is very helpful. You're welcome. Thank you. As a reminder, to ask a question, press star one. We will now take the next question from Giulio Pescatore with Exane. Hi. Thanks for taking my question. I just wanna go back on the topic of pricing very, very briefly. I think it's very important for us to understand what is the sustainable pricing and what is the impact that relates to previous quarters. Others, some of your peers have been helpful in this regard and trying to give us an idea of what is not linked to this quarter in particular. Can you give us a rough estimate of what was the impact that you felt in the quarter that did not relate to this quarter, but the costs you felt in previous ones? And then the second one, a bit more technical on FX. Just curious to know what you're assuming in terms of FX headroom for the full year. Like, just lastly, quickly on the Electrification Technology sales. Is EUR 1 billion of sales still possible, a realistic number for 2023? Thank you. Sorry, Giulio. The line was really bad. Just to make sure we got the question. First part was, what portion of the pricing passed on to the customer is sustainable, right? Yeah. How much relates to previous quarters and, yeah, just a rough idea? The second part of the question was on the EUR 1 billion electrification sales. Is this still realistic given the year to date now? There was one on FX. Just quickly, what are you assuming for this year? Thank you. Very good. Thank you. Well, it's a tough question, your first question, Giulio. Our goal is to negotiate with our customers in order to get sustainable price increases. It is a valid question and, to a certain extent, we have not achieved to have 100% price increases on a sustainable basis moving forward. Some of the additional monies that we receive are either one-time payments or time-limited. Nevertheless, of course, we are already in the process of negotiations for 2023. In order to carry that forward and eventually get these increases for 2022 sustainable into 2023. I wanna add on that, Werner. Just to explain a little bit the background of how 2022 was negotiated. We always talk about the full year. Yeah? Whenever we sometimes mention here quarter three, quarter four, it's just the impact of reflecting recovery for the full year. In some cases, negotiations took a little bit longer time-wise, and then translating the cost increases into price increases is not possible, because then you have to basically combine the down payment with the price increase, looking forward. We have a mix of down payments, price increases, so that everything which is possible to basically show or give us an incentive on the cost increases. They are all linked to the year 2022. Even though we have, in some cases, price increases, they are not automatically agreed for 2023, 2024 and so on. Whatever the solution was to give us money, price-wise, down payments, et cetera, we have to negotiate for 2023 again. Hopefully that answers your question also. Yes. Thank you. You also asked maybe to just complete the second part. Yes, that's what I had in my speech. We are convinced that the EUR 1 billion is realistic for 2022. Thank you. On FX, just quickly, please. Please. Oh, sorry. Is this the tax situation? Well, the overall tax situation, I think, in general, we're making progress in applying our new tax regime, I guess, on a global basis, driving our tax rate down. If you refer to the tax cash issue that we were enduring this year, that relates to VAT tax receivables that we had in Mexico and still have, that is related to spin-off effects still in 2019, where we realized certain tax benefits back then, which we're currently able to recover. The size, it's a mid-double digit million EUR amount that we received as recovery in the third quarter, which on the other side is helping, as I explained or tried to explain, to compensate for the increase in our working capital coming from inventory and accounts receivables. Is that answering? Yeah, apologize for the bad line. My question was on foreign exchange, the impact you're assuming in your guidance for the top line. Oh, okay. Apologies. Okay. Sorry. Well, in Q4, in our actual Q3 numbers, we have a tax, a fixed impact of roughly 7 percentage points increase, reflecting on the increase. I think, well, right now that might change slightly, but also might be potentially the impact for Q4 moving forward. Okay. Thank you. Yes. The main drivers are U.S. dollars and renminbi, obviously. Thanks. Thank you, Giulio. We will now take the next question from Philipp Henning with Goldman Sachs. Yeah. Morning, guys, and thanks for taking my questions as well. First question is a quick clarification on the pricing. When you mentioned that the pricing only covers 2022, does that just mean anything, any further cost increases in 2023 means you need to renegotiate, or does it also mean that payments or the new payments don't go on into 2023 and the price is reset again? Just to clarify. My second question is a more long-term one on the reaching the break-even profitability in your electrification business, given that I think the most of the R&D spend for those products is more generic than customer specific. Is it fair to say that most of the R&D is spent fairly early, and then the improvement in margins should accelerate rather towards the late part or end of 2023 as we think about the path to profitability for that segment? Thank you very much. Maybe for the pricing question, yes, because, I mean, we were negotiating 2022 and not 2022 and the next years, because we have very specific details about cost increases on the material side and other cost components, which were then translated into price increases, down payments whatsoever for 2022. Logically, that means, I think that's quite normal for the industry, that price new prices for 2023 have to be re-negotiated, independently of how the money came in in 2022. For some customers, they already indicated that's now the new base. We will carry forward that into 2023. More generically speaking, all was focused on 2022, and now we have to basically extend it into 2023. Our goal is to translate it directly to price increases and not negotiate any down payments throughout the year. R&D and break even. You want a break even question? Well, maybe I take that. Right now we don't have any reason to not believe and not to confirm our mid-term break-even targets. Again, also here, as I referred to in our Capital Market Day presentation, that requires, of course, 100% recovery or recovery to a large extent for these significant cost increases. With regards to the R&D spend, while we have to a certain extent project-related, which is typical for our business and due to our modular and standardized product design, of course we are spending some of the R&D upfront right now as a base development, which is basically non-repetitive. On the other side, if you expect R&D and the overall R&D amount or the total R&D spend to be reduced, I think this would not be a fair assumption because the overall absolute amount probably might continue to slightly increase in order to support our significant growth in the future. In relative terms, of course, our R&D rate is expected to drop. Does this both answer your questions, Felix? Yeah. Thank you very much, guys. Thank you. Thank you. We will now take next question from Edoardo Spina with HSBC. Good morning. I have two questions. The first on the order book in general, and specifically on electrification. Because orders are measured in euros, what pricing assumptions are you making for these new orders? Can we expect an increase in the order book in future if you can push through more price increase, or you're already assuming higher pricing for the new orders? The second question is on non-core sales. It was higher than I expected. I just wanted to ask if you think there is a scenario in the mid-term where the non-core sales remain higher than you expected, and if that would have a diluted impact on the group margin, just mathematically for the mid-term. Thank you. Maybe I take those questions. I will start with the second one. No scenario change on the non-core. We shared the timelines, I think also during the Capital Market Day, where we said when is what shrink down to which%. No change, yeah. We will see significantly dropping the sales down next year already and the years after. No change. On the order book, it depends. First of all, in many cases, we are already quoting with an increased material price portion which means translated into higher prices, translated into higher sales, and therefore the order book will not change and will not increase once those numbers are then corrected. They are already in a good shape. Looking to all orders which we have already, the order books, the backlog, they are still based on old, how can I say, old material prices, old cost base. Here we think they will be adjusted accordingly over time. That's by the way, the assumption for our future. That's what Werner Volz just said, that looking to break even for ET whatsoever, we always assume that cost increases are also compensated. Many thanks. Thank you, Edoardo. Again, as a reminder, to ask a question, press star one. We will now take the next question from Himanshu Agarwal with Jefferies. Hi. Himanshu from Jefferies. Thanks for taking my questions. The first one is on the pricing. Apologies if you've already answered this question because I had a brief interruption. Yeah. Can you just comment on the Q3 pricing. Was there any retroactive pricing benefit related to first half? Also, you have given us the EUR 180 million gross headwind related to cost inflation. Is it possible for you to tell us what is the YOY increase so that we can estimate the price increase in Q3? The second one is on China. I appreciate the growth in Germany and North America. I think China was impacted by the lockdowns in Q2, and yet we are not seeing any acceleration in China even in Q3. Can you just give us some color on related to that? I understand, yeah, in ET you had a brief pause of two weeks for ramp up, but in other divisions. Thank you. Well, probably, thank you, Himanshu, for the question, and indeed, we were talking about the prices already. But again, I think the impact in Q3 on recovery to our pricing, that is, well, between 70% and 80%. Yet, you know that our goal is to achieve at least 80% and recover for 80%. That means that our Q3 is still below our expected level, which also means and requires catch-up in Q4, for which we have good indications coming from our sales organizations and from our customers on current ongoing negotiations. I think and therefore we're comfortable to see this catch-up effect in Q4. Is that answering the first part of your question? Himanshu? Okay. Yes. Can you confirm, was there any retroactive benefit in Q3? No. Actually, it is a complicated process in this recovery. To a certain extent, yes, there are retroactive recoveries included. Overall, I think that is important. We're talking about mid-size, three-digit EUR million amounts that we basically suffer in cost increases. Again, we try to get at least a recovery of 80%. In the first quarters, we haven't achieved the 80% yet. That requires catch-up effects in Q4. This is what we again confirmed that we will see these catch-up effects in Q4 due to our existing status in negotiations with our customers. Does this make it clearer now for you? Okay. Let's Yes, it does. Thank you. Yeah. Let's talk about China. I'd just like to repeat the question and maybe you correct me if I didn't understand it or I didn't get it right. When will we be able to profit from China development again? Obviously, the current main drivers right now in sales is North America and Germany. Was that your second part of the question? We take that as a yes. Yes. Yes. When should we see the growth coming? I think on passenger vehicles, we already see the recovery right now, and that is already visible. Also here, we will benefit from this trend. On the other side, of course, we have strong business in China, especially in China, with commercial vehicles, and this market is still very difficult. On the last part of the question, yes, I think right now, for the time being, the German and North American market, respectively, European markets, these are of course the main drivers right now. Is right now answering your question, Himanshu? Okay. Thank you. Thank you. Very good. Thank you, Himanshu. Yes, thank you. There are no further questions, so I will turn the call back to Heiko Eber for closing remarks. Thank you very much. Since we have no further questions, all I can do is say thank you to the operator, say thank you to our speakers, Andreas and Werner, and of course, say a big thank you to all you guys on the phone for your time and your interest. As always, if there are more questions coming up after our today's conference call, please feel free to reach out to us anytime. Thank you very much and talk to you soon.