Ladies and gentlemen, we warmly welcome you to the H1 2026 earnings call of the Gabler Group AG. I am pleased to welcome Gabler CEO, David Schirm, and CSO, Ole Johannsen, who will guide us through the presentation and the results shortly, after which we will move over to a Q&A session via audio line. Please note that we only allow questions via audio line. With that, I am handing over to you, David. Thanks, Judith, for introducing. Ladies and gentlemen, welcome to our H1 results and the earning call. Starting this presentation with some common understanding about Gabler Group. There are probably some new participants that are not 100% aware about who Gabler is. So I would like to start with a slide about our field of activities where we are in about the ocean. I guess most of you know and are aware of that the oceans are becoming actually the fundamental economic factor and, of course, having all the geopolitical tensions in mind that are currently running, it is a huge economic factor we are facing here. Just to give you some numbers, 90% of global goods trades are via sea routes. They have to get surveyed, protected. Roughly $16 trillion value of critical minerals on the sea floor. 30% of oil and gas production are offshore. It is according to roughly 32,000 km of pipeline. They also have to get monitored. 99% of international data traffic, probably right now as well, are via submarine cable. It is according to 1.5 million kilometers worldwide. The technological field we are in order to cover this, we see on the next slide, our equivalent on our part of the technology for Submarine Systems, for Subsea Comms & Data, and Subsea Power. All of these business areas are creating revenue streams, plus that we have synergies about these three business areas. They also have revenue streams and common products like underwater monitoring solutions. All the aspects just mentioned, it is about finding the right approach to monitor and survey all these kind of assets. We have comprehensive systems. We are a comprehensive system provider for AUVs and UUVs based on the technology that we have within the group. This is just in a nutshell what the Gabler Group is about. On the next slide, we will show you now some figures about the H1. Ole? Yeah. Welcome to the audience. Thank you very much. Here we see the record backlog provides high revenue visibility and the order intake above EUR 50 million. It is split and we have published this as well, to European Navy, to Submarine business and some smaller other orders. The total order backlog is what we like to present today is EUR 390 million. This, considering as well the revenue we did until end of June. The order intake is positive and leads to the fact that this still is a high demand and we are 100% convinced to fill up the soft order backlog until the end of the year with, let us say, our portfolio. By that, we show you on the next slide some more figures. David, again, you. The financial performance is ahead of expectations. As Ole mentioned, net sales over EUR 27 million in the first half year. As you probably remember, we expected over EUR 24 million. Work in progress, EUR 4.4 million. Gross profit margin of EUR 21.4 million. That is according 67.4%. The own work capitalized, considered in the profit and loss statement, EUR 0.7 million. An adjusted EBIT of EUR 6.8 million. That is according adjusted EBIT margin of 21%. The net cash end of this first half year of EUR 33 million. To give you some deeper information about these figures, first of all, it is about the own work capitalized. What we have capitalized is the Vision Mast and our electronic mast systems. This is something that we also have on our R&D roadmap and the strategic roadmap. These products are actually exactly what we need in entering the U.S. market. As you know, that is also one of our strategic approaches because it fits perfectly with the same interfaces like Calzoni, in that case, into American boats. That actually shows the progress we make on this project. In Q1 2027, we will be able to deliver and offer actually on the market this kind of mast system. The adjusted EBIT, the margin of 21.3% seems to be a bit lower than expected probably. What is really important to understand is that this EBIT is based on roughly 40% on the turnover, but covering 50% on the personnel costs according to German GAAP, because we are not following the [COGS] alignment. That means we have close to 60% only with half of the personnel cost for the second half year. We are more than confident to keep our guidance, as mentioned, beginning this year. The net cash is lower than in the first quarter. It will come from EUR 38 million to EUR 33 million. This is just due to the fact that we heavily increased the sales in Q2, and that leads actually to a higher receivable level of EUR 17 million. That means actually it is only operational effects we see here, and also totally on track for our aspects we are following by fulfilling the guidance. With regards to the strategic fields, on the next slide, looking to the business performance and, as Ole explained, the fixed order backlog hugely and also covering and showing our great position in the market. You might be aware of the big projects ahead of us. Of course, this is not even mentioned and not even considered. The achievement of the planned key financial targets for H1, a great end. Also mentioned in Q1, balance sheet strengthened by full repayment of interest-bearing liabilities, so the shareholder loan actually towards Possehl. The growth initiatives separated into organic growth and inorganic growth. What we did is the new production site for the Submarine Systems is signed and ready to move in beginning of 2028. The next acquisition for the company planned for end of 2026 also advanced on not only the shortlist we have, also in progress on pretty deep discussions and due diligence we are following. Our North America, U.S.A., Canada, we separated, but in total North America geographically, we also in progress so that we can deliver in Q3 our own U.S. entity and also the Canada entity to start or even accelerate the business in North America. Further key strategic hires. We are also improved actually and extend our management board with really some strategic persons as well. This is something we are going to disclose when they are going to start working for us, but it will improve our market entry globally, and for specific technologies we already have in place. On the side of the innovations, you were probably following our successful sea trial of the torpedo tube launchable USV. We still stick to our first deliveries in Q4. Beginning Q4, three of the systems will be delivered to a navy in Europe. Our diver homing, and Ole will give you some deeper insights on the next slide there. We receive or will receive the first orders in pretty near term and short term. Finally mentioned with regards to the capitalized R&D, the Vision Mast market ready. I mentioned that in Q1 2027. All in all, if we look to the financial performance, the same if we look to the strategic priorities from our side, we are totally on track, and everything that we expected and wanted to achieve so far are totally aligned to our expectations. Ole, next slide. Yes. Deep dive to the diver homing. Yeah. Seen in the video on the right side, the market and the divers have no possibility to communicate and find back the submarine on a very reliable way. This is what we present to the market. David mentioned, we are 100% convinced of near-term orders. We have here a unique device based on a patent, which allows the divers to communicate, to position themselves, and to have a underwater communication network without going to the surface for GPS. This is, as I said, unique in the market. You can directly navigate, you can stay connected below the surface, and you have integrated divers as well for AUVs, ROVs or other vehicles and other assets you can as well have this, let's say, device connected to. We see not only combat divers as a market, as well we have the special forces as an entry market, and we can expansion, or let's say, increase it and have the scalability in the expansion markets for other security and law enforcement divers. Of course, we see this as well as a platform expansion because this is not a special single tool. It is based on our core capability in one of our business area, which is the Subsea Comms & Data. We herewith increase the revenue stream by having this device invented, and we will present it in Paris at the EURONAVAL in November. This will be as well part of another slide later on. David, next slide is on yours. Right. Considering the current financial and performance that we were able to deliver so far, seeing our on track being strategic activities, putting all this together, as also mentioned, we stick to our guidance 2026, a net sales from EUR 69 million -EUR 71 million, an adjusted EBIT of EUR 17 million -EUR 19 million, and an adjusted EBIT margin between 23.5% and 26.8%. Also, midterm targets in terms of the net sales, gross margins, etc. The net sales Our clear target midterm organically over EUR 100 million. This still our goal, and we are confident in achieving it. The gross margin between 70% and 75%, personal expenses below 30%, other operating expenses below 13%, CapEx lower 3%, and D&A roughly 2%. This is what we are still keeping as our target to fulfill. Looking or an outlook, we just mentioned the EURONAVAL. Ole, maybe just give some- Yes, of course. -input right here. Meet us virtually or physically in Q3 and Q4 this year. Cantor Virtual Roadshow is on short notice the next, and we are present in Munich at the Baader Investment Conference. The EURONAVAL is the biggest event and trade show in Europe worldwide. From markets, published events to do there, and as well, are open for any meetings. Of course, therefore contact our team member, Patrick Jacobs. The other events shown here in this table, Deutsches Eigenkapitalforum, and of course, already planned some highlights in Q1 and Q2 next year. Thank you. Taking over, that's actually what we like to show you, and we're even more excited right now to get questions from your side. Well, thank you very much for your presentation, David and Ole. Ladies and gentlemen, now it is your turn and we are opening the Q&A session. Please note that we only allow questions via audio line today. To do so, please click on the Raise Your Hand button. If you are dialing in by phone, you can press star key nine to raise your hand and star key six to unmute yourself. Please introduce yourself with your full name and the institution you are working for. We have the first hand up from Marie-Thérèse Grübner. Please, the stage is yours. Please unmute yourself in the left corner. Marie, you probably- Can you hear me? Yeah. Now it works. [Non-English content] Hi. [Non-English content] I just had a very long messages in German with instructions before I could access even the microphone. Anyway, thanks a lot for taking my questions. Congrats on your half year, by the way. I think everything seems to be on track, and the pipeline looks very exciting. Thank you. So a couple of questions from my side. The sales breakdown for H1 was very much geared toward the Submarine Systems. David, we discussed this in the past. Yeah. I just wanted to know, when we did Q1, you were talking about a bit of a rebalancing in the second half. Are we still on that trajectory? You even mentioned, if I am not mistaken, a sales breakdown more like 78%, 12%, and 8% for H2. Now in light of your perspective on which business are going to be growing in the second half, how should we see this now for the full year? Yeah. Thanks for your question. That is my first question. If I understand your question right, there are several questions, but what I understood is the sales breakdown, how I guess it will look like for the entire year. So not about the automotive. Yes. It is about the sales itself. Right. So from the perspective of the revenue mix, and totally right, so the majority on the first half year is from Gabler, from Submarine Systems. And that is due to the fact that we have, of course, a lot of projects running, but there are also projects with a shorter lead time and like spare parts. Subsea Power and Subsea Comms & Data, they are only project driven. So that means we are more back-end loaded for the year in those two entities than we are in this revenue mix like we have it right now for Gabler. So that means we expect, for this year, the same level as we have last year. And we still stick to the midterm targets in achieving an even higher growth rate within these two business areas. Is that covering your question? Thank you. Yes, it does. Thank you very much. You are welcome. I have a couple of more, if I may. The one thing that surprised me a little bit, and maybe you can explain it is more of a financial question, is the tax rate in the first half and how it should look for the rest of the year. I think you had over 60% in the first half. What should we model now for the full year is really my question. Yeah. In the entire year, you should model the standard tax rate in Germany, so roughly the 30% ±. There we have the special effect. If we have like a minus, it is pretty simple. If you have like, just the assumption, if you have EUR 10 million and you need to pay EUR 5 million of tax, then there is, in one of the entities, also minus, so you reduce your entire EBIT to, for example, EUR 8 million. But you still have the EUR 5 million of tax you have to pay from the one entity. So that is a matter of the view on the consolidation. Assuming that all of the entities are highly profitable by the end of the year, that is something that will be vanished in that view. But of course, I am totally with you, that looks a bit strange, and it is not the tax level we normally have in Germany. Okay. I have two really very easy to answer ones. First of all is the torpedo- You want to answer them immediately? For the torpedo product, what sales should we expect? That is number one. Number two, very exciting, the acquisition. Can you say anything about the size of that acquisition at this point? Yeah. On the TTL, we have a target. The target, I can actually tell you, because this is, of course, first of all, only a target. We are targeting 10 units a year, of course, with a ramp-up. This is actually covered by the interest in the talks we have with different international, European, but also global navies. They are highly interested in that product. This is what we have for the first phase in getting to the market. That was the first question. Second question, I made the mistake, I did not write it down this time. Sorry, Marie-Thérèse, again. The second question is, you are talking about an acquisition- Yes. -which sounds imminent. I just wanted to understand if you could share anything about the size or the margins- What I- -and the sector, of course. There are, I would say, some more current running due diligences. I can't tell you, of course, any details so far, but it fits to the strategy that we talk about minor selective acquisitions. We're not talking about, I don't know, compared like Kraken and Covelya Group, so that we're going to go for a much bigger one. Not at this stage. It's more to fulfilling technologies. And we have, for each of the business areas, we have, so to say, advanced talks, and as said, also process of M&A there. Target is to have one, as we mentioned here as well, by the end of the year, to have one acquisition announced, signed, and closed, so that we can integrate them in the following year then. Okay. Thank you. It is, and maybe because you asked this, you can be sure that we're talking about profitable companies, smaller companies that are pretty advanced in the field of technologies they are serving. Thank you. You're welcome. Those are all my questions. Thank you very much, Marie-Thérèse. I will hold the room another moment for some more questions coming in from Ramon Huber. Huber. Huber, you should be able to speak now. Please unmute yourself in the left corner on your microphone. Yes. Yes? Yeah. Hello, Ramon. Hello. My question is rather simple on the very first quarter, half year, or especially second quarter, very strong. Outlook also looking good. What is the reason you are not ready to increase your guidance a little bit? To narrow it, you mean, or to increase? To increase. At least the lower end. You are saying you are expecting above EUR 24 million, you are now at EUR 27 million. Yeah. Roughly 10% more. Is there something in the second half which should be less as you expected when you came to the market? Or is it just cautious? I would say as we learn each other and get to know each other, we are conservative in the planning so far. That means if we are going to look to each of the projects we have currently running, we try to evaluate, and not we only try, we do evaluate the risks and the ops we have. And going to keep this in line. As you can imagine, and we are talking about this high visibility, more or less the entire sales is covered. So it is more about the operational performance in that point, where we at least like to keep open a little bit of an, so to say, a buffer. And it is not about the sales that has to happen in that case. And to considering this, we, first of all, keep it exactly at that level and like to narrow it and then probably also increase. Depends, of course, on the figures we will create in end of Q3 when we actually finalize the guidance. Okay. On the execution side, what do you see as the biggest risk then? It's about the supply chain somehow. We have, of course, long lead items. When long lead items, it's our standard business normally, long lead items came quite late, and then it's about the capacities, and they are only on a certain level to multiply them. It's a bit about the operational level, where we will have a lot of deeper insight over the next weeks to see whether some of the projects might, or a project might delay so that we will not able to adapt it, as you mentioned. For now, we are absolutely confident in achieving that level. I'm definitely with you. We're going to narrow it over the next quarter. Thank you very much then. You are welcome. Good luck. Thank you. Thank you for your question, Ramon. The line is open for your questions again, ladies and gentlemen. You may raise your hands now. I am holding the room for another moment. [Tae Kim]. [Tae Kim]. Please, the stage is yours. Yes, we can hear you. Oh, too yeah. Great half, guys. Great half, and really great results. I was just curious if we can get a little insight into how the H2 revenue split is going to look like. Is it going to be the same kind of 70/10/20 split, or are we expecting more volumes from non-Submarine segments coming in? Sorry, I have to ask. You mean the split in terms of sales? Yeah. Or you mean the split in terms of order intake, referring to the 70% I just understood? For both intake and sales. On the sales side, if I got it right, as we said, the guidance is EUR 69 million - EUR 70 million, and we are on EUR 27 million. Of course, the delta is what you have to expect. You now would like to know how we see it in terms of sales per month or per quarter? Is this your question? Yeah. Okay. May I jump in? I understand as well that you like to know whether the percentage on the submarine next to the percentage on the metal business area remains until the end of the year. That will be a little bit more diversified mix until the end of the year, if it answers your question right. Yeah. I just muted [Tae]. Oh, yeah. Okay. That makes sense. If I could just ask a quick follow-up. On the new Submarine segment place you guys signed and you guys are moving into, is that an expansion or are you guys relocating to the new manufacturing site there? The expansion in. The business of the Submarine is pretty much when we talk about the big programs, like we all know the CPSP in Canada, for example, or the upcoming program in P-75I in India, for example. They request and there is a demand for local production. That means we normally have a lot of engineering here in Germany at the headquarter, and we have a lot of supply chain and a lot of assembly efforts then with a partner or with our own capacities in the countries where we are. That is a bit limiting the expansion of what is the space we need. Meaning if we increase the sales as we are planning, it is not an equivalent of space needed there. But nevertheless, this is why it is sufficient moving in 2028 into the new building and is nothing that is somehow blocking or like a bottleneck so far for the operations. Got it. [Kim], let us come back to, I guess, the first question. Sorry to interrupt. We have it clear. What we will deliver, of course, is the delta as mentioned from the, in average, EUR 70 million guidance to the EUR 27 million that we generate already. And that will be pretty much smoothened from the timelines we have. Same 50% in Q3, 50% in Q4. That is how we are planning it internally, and that is also what gives me the confidence, because if we would plan like having 90% of the rest in December, those businesses also existing in some companies, but we have pretty much leveled it over the month, and that is also supporting our approaches in terms of capacity need, et cetera. Got it. Makes sense. Thank you. That is all from me. Thank you. You are welcome. Thank you, [Tae], for your questions. Ladies and gentlemen, the line is open again. With no further question, we have come to the end of today's earnings call. Thank you very much for your interest in Gabler Group AG. If you have any further questions at a later date, please feel free to contact investor relations, Patrick Jacobs. Here we have the contact again. A big thank you also to you, David and Ole, for your presentation and your time. I wish you all a successful day around the world, handing back over to David for some final remarks. Thanks, Judith. Thanks also, a big thank to you. As mentioned that we will be in many places in Europe also, then in the U.S. Really feel free to get in touch with us. We'd like to meet you there, having also the possibility for some deeper conversation on product, on market, et cetera. So whenever there are anything you like to know in a deeper way, just let us know, get in touch with us. Thanks a lot for your time, and have a great day. Thank you very much.