Ladies and gentlemen, welcome to the earnings call of secunet Security Networks AG, following the publication of the first half year results of 2026. I am delighted to welcome the CEO, Marc-Julian Siewert, and CFO, Jessica Nospers, who will guide us through the presentation in a moment, followed by a Q&A session via audio line and chat. With that, I hand over to you, Mr. Siewert. Thank you so much. It is with great pleasure to welcome all of you today to our earnings call for the first half year. We will go through the highlights of the first half year, 2026. Obviously look deeper into the financials, provide an outlook, and then we are looking forward to your questions and thoughts. The first half year at secunet was really driven by robust development and very high order intake momentum, continuously driven by the public sector, also by our activities in defense and space and homeland, all the way throughout public authorities. We were able to increase the order intake by almost 80% in the first half year compared year-over-year and landed at EUR 287.4 million. Also, revenue was increased significantly by almost 20%, EUR 204.7 million in the first half year. EBIT is following with an increase of even more, 20.4% to EUR 8.7 million in the first half year. All of this is driven by the demand in our main areas of business around the SINA portfolio, but also driven by the changes that we are doing in the organization in order to really invest into the future and cater this sector even better. This leads us to specify the revenue expectations for 2026 at the upper guidance of our range, or at the upper end of our range, which is EUR 460 million- EUR 500 million. We are aiming to reach the upper range of our guidance. Looking one step deeper, we see this significant uptake in order intake and backlog. It is definitely a record order backlog for secunet up by 30% and standing in the first half year at EUR 360.8 million, which for me is always the most important indicator as order intake and order backlog are really showing the revenues for the future and underpinning the continuous growth trajectory that we are looking at for secunet. We have a really solid foundation of reaching our targets for 2026 and also substantial parts of this order intake already reach into 2027 and the following years. At the same time, we have increased our workforce and expanded specifically into the key areas of development, whether it is AI functionalities, AI testing, and cloud capabilities, and obviously enhancing our technological expertise in these specific areas. Yet we are also looking at AI functionality to continuously grow revenue at an under proportional growth of workforce and with that costs. We are very strongly investing our resources and time into creating strong partnerships. This is one advancement for secunet as we are really landing inside the entire hardware and software AI IT ecosystem, where co-creation and co-building of solutions and stacks that are supplied or that are served by various players is absolute key in remaining successful and especially in scaling beyond local, beyond regional, beyond German markets. For this, we are investing a lot of time and energy to create partnerships with great companies out there to offer even better holistic solutions to our customers. Beyond strategy, we are happy to specifically announce for this year a number of partnerships that continue growing. We mentioned some of them during the annual shareholder meeting. I want to underline again the momentum that we are creating in these partnerships, which on the one hand for example, with INNOSYSTEC, really allow for analytics at scale. German analytics and data analytics at scale in a sovereign manner. We are working heavily with HPE and NVIDIA to create sovereign ecosystems for running AI workloads in public official and in our core customers, allowing public officials and public entities to really access the capability and power of AI while meeting regulation and remaining in a sovereign ecosystem. The latest partnership with Cloudflare is the same concept, really allowing the use of state-of-the-art technology, especially in terms of network encryption, network security, while maintaining the data privacy, the regulation in Germany and Europe, and making sure that all and any data remains sovereign. We are really trying to create the best of both worlds using state-of-the-art technology, making this available for our public customers, and at the same time maintaining our promise of sovereignty. Alongside these new technologies, with TCO and Tenzir, we are working on sovereign control on the edge, really intelligent filtering and data security at scale for solutions that are, for example, required for what you might understand and hear around the publications of the Cyber Dome initiative and the like. Also with the Telekom, we are offering a classified cloud on-demand, so our security infrastructure is used by Telekom to process and work with highly classified, sensitive workloads. This is just a sense and feeling to give you a feeling of where the company is developing alongside the numbers, but this will be creating the future of technology in the entire stack, and this will obviously then be also the foundation for further growth and the numbers we report here in the future. With this, I would love to bring you back to today's half-year report and hand over to my colleague, Jessica Nospers, who will have a deeper look into the financials of the first half year 2026. Thank you so much, Julian, and good morning and a very warm welcome from my side to everyone. Let me take you through the financials now. First of all, we are having a look at group revenue, and you can see that we had a very good start to the year in Q1, and that the dynamics increased furthermore in Q2. As Julian already mentioned, the top line for the first half year, excuse me please, is up 19.2%. When we are looking at the Q2 alone, the result is even more profitable, and we have roughly 32% increase in revenue growth. We will see later in detail that this was particularly up to the public sector that drove this development. With the continued high order intake we saw the first six months, we were very optimistic for a growing momentum also in the second half of the year. I am sorry. Looking at our EBIT development, you can see a similar seasonal pattern over the year. We typically start very slow into the year, but there is always an exception to this rule. Last year, for example, Q1 was a little special, when it was already positive in the first three months of the year as a result of some orders that were slipping from 2024 to 2025. This year, we have a more normal or more regular seasonal pattern again, starting with a slightly negative operational result. But as usual, it depends very much on how many orders we execute in the first quarter, while fixed costs are mainly fixed. Overall, EBIT increased by 20.4% in the first six months and more than doubled quarter by quarter. When we are having a look at the growth or the development by sector, we can see, as I indicated earlier, that the public sector took over the majority of the growth momentum and stood out, increasing almost 30%. In Q2, it was more than 40% revenue growth. Mostly the growth is driven by defense and space, which recorded a revenue growth in a mid double-digit percentage range, but also a homeland security division showed a very similar dynamic growth, nearly doubling the revenue if you compare it to the same period in the previous year. Business with public authorities also increased significantly, which is quite encouraging also for the second half, since this customer group is more year-end driven when it comes to placing orders. The business sector, on the other hand, is down 47% in the first six months. This development was already visible in Q1. The segment is facing overall weaker demand from healthcare sector, but also in some industrial sectors. We are fundamentally reviewing and realigning the product portfolio of this segment with a stronger focus on recurring revenue. This will initially lead to weaker revenue and earnings performance during the transition phase, but we are very confident that in the future we will see an uptick again. Coming to a favorable development in also the international sector and by geography, you can see that Germany had a good growth as usual, but also internationally, we see a very favorable growth development in the first half year of 2026 compared to 2025 and even more quarter- over- quarter. Main reason for the increase in the first six months was European deals or business within Europe with the EU, but also within smaller countries. In Europe, I think that the consistency that we showed and the confidence and the trust that we built up with the customers starts paying out. The cost development, as you can see on this page, is showing the profitability in EBIT expressed before. We have a growth by 20.4% in EBIT and 15.5% in EBITDA. You will also see that we had quite an uptick in the G&A development, which was due to, first of all, quite a low base, let's say, in the past year. So G&A costs are historically rather at the low end in secunet. But we increased it, first of all, ramping up our FTE base for the transformation, but also for further growth, to expand also our skill set. In addition, the position is affected by some consulting projects aimed at improving our organizational excellence. After all, EBIT margins after six months are in line with the previous year, but also show nice improvement in Q2. Net income was up roughly 17%. When it comes to cash flow, you will see that we made quite some use of the cash that we had collected in the past year. But there is no need to worry. You can see that a high portion of the negative free cash flow comes from a change in working capital, and this was a decision that we made in order to be able to serve our customers in these difficult times. A main reason for the increase or for the change in working capital, as you see it here, is an increase in inventory. This is related to this, let's say, a little bit crazy market of storage media. Typically, we have fixed prices that we negotiate with our suppliers once a year. Due to the storage media crisis, though, our suppliers could not keep up to the prices, and this change would have affected our workstation hardware prices quite negatively. So our suppliers informed us in time and gave us the opportunity to place a so-called end of price order, which we deliberately did. This will secure attractive prices for our customers, and most of this additional inventory is expected to be sold off until the end of year. This expectation is clearly supported by the high order intake that we already talked about. As a result, our cash position at the end of the period stood at roughly EUR 7 million, but is expected certainly to increase again in the near future as deliveries increase and we can sell off the stock. With this being said, I would like to hand over again to Julian for some comments in our outlook and some final remarks. Thank you for your attention. Thanks so much, Jessica. This last point is obviously the foundation and the basis for our decision to specify the outlook, because the last point really enables us to guarantee and secure, to an extent, the ability to deliver in 2026. Therefore, we are specifying our revenue outlook on the higher end of the range, so around EUR 500 million, and confirming our EBITDA and EBIT ranges as outlined before. These are narrow ranges, so we are confirming them for today. In summary, and most importantly, we see the order intake and top line to really continue growing with high momentum and a lot of clarity, a lot of more clarity, I would say, coming into the pipeline of the next years, especially in defense spending. This is different than probably one year ago when you heard us talking about a lot of money in the market, but unclear direction. We see much more clarity, we see much more direction that allows us to build our planning and business upon. We see very strong dynamics in the public sector. I also want to underline here that we are making progress with our active approach to new regional markets. So similar product ranges, similar customers, but more on a regional than on a state level. As well as Jessica pointed out before, substantial progress in our international customer base. Our profits are significantly improving in line with the sales, while we are able, as also Jessica outlined, to fund our own transformation and get ready for the next phase of growth and get the team ready for the next phases in our market. We see progress in our core technology as well as in our most. If you remember, the three fields are securing and bringing our core technology in the future. We see substantial progress driving cloud and AI offerings in order to help our clients also to apply secure sovereign cloud solutions and even use AI functionality on top of this. The third part, which is not listed here, is the internationalization, where we also see progress. So a lot of movement in 2026. With this, we confirm the outlook with the revenue at the upper range, as I said. We are really looking forward to the second half of 2026, as it is going to be a super exciting year. You know that secunet is quite strong in the last quarter. We have been getting ready for this with the additional inventory and a lot of negotiations with our suppliers, partners, and especially customers, which are always at our heart when we think of technology and when we make sure that we can serve them as we are very much aware of our responsibility in this market, really securing the freedom to operate for really key critical infrastructures and institutions throughout Germany and Europe. With this, I would love to thank you for your patience and attention throughout the presentation. Obviously with this, open the floor for any questions that you might have. Thanks a lot. Yes. Thank you very much for the presentation. Now, dear participants, you are welcome to ask your question if you have any. Please signal this with the raise your hand button. If you are dialed in by phone, please press star nine on your telephone keypad. Additionally, if you are not able to speak freely, you are welcome to use the chat, but we prefer the audio line. Andreas Wolf is the first participant, and you should be able to unmute yourself and toggle the microphone and ask your question, please. Mr. Wolf. We still cannot hear you. You have to unmute yourself. Hey, good morning. Can you hear me? Yes. Now, it is working. Sorry. Congratulations on the quarter. A couple of questions from my side. The first one is on the hardware price inflation. What would be the impact of a prolonged hardware price inflation on prices agreed with customers? If you look into the next year, would you be able to agree new prices with clients, or do we have framework contracts that kind of fix the prices with clients? That is my first question. The second is on the order intake. How do you expect incoming orders to develop over the course of this year, i.e. in H2? Should we expect the typical seasonality with a stronger H2 than H1, or is this year likely to be a special one? Then on the order book, are all orders in the order book binding, or does the order book also include non-binding orders where clients might not order or pull their order if they consider prices too high given the supply chain constraints? Thank you. I am happy to take these questions. First of all, to the hardware prices. Usually, we have the possibility to increase prices with our customers, full stop. Nevertheless, this does not change the budget for our customers. We clearly need to say that when they, let's say, have a budget of 100, it is not going to increase in line with inflation. So what we are always trying to achieve is to find a good solution with our customers, and very often communicate very clearly with them what the issues might be in a certain situation, particularly now driven by the hardware inflation. We usually work then on agreements where there is a price increase, but nevertheless, we keep the price increase for a certain time, even if the original input prices is reduced again to cover for, let's say, what we bring in advance. We are very open, particularly in these crazy situations where daily broker prices really make the market. We are very open. As a little summary, yes, we can negotiate price increases. We do it, but we also try to keep our prices for the customer attractive and find solutions that are favorable for both parties. When it comes to order intake development over the next quarters, we expect to see the same seasonality that we usually see. We expect also a very good level of order intake during the next few months and quarters. Certainly, times have changed a little bit since, let's say, two or three years before, which you can see that defense revenues are increasing. We expect also an ongoing favorable order intake development when it comes to defense, but also when it comes to all our other divisions. When it comes to order intake, if they are binding, yes, order intake is always binding. It is always based on confirmed orders. It has rarely happened that somebody cancels an order. Sometimes the specifications of an order are changed or the setup of the order, but it is very rare that orders are canceled. Usually, also, we have a binding contract, but if our customers will ask us if we can cancel an order, we always try to find a solution that is favorable for both parties. But as I said, rarely happened before. Thank you. Is that answering okay? Thank you. Perfect. Okay, so we move to the next participant, Mr. Christian Cohrs. You should be able to unmute yourself, and turn on the microphone and place your question. Please, Mr. Cohrs. I hope you can hear me. Yes. Yes. Yeah. Perfect. First of all, thank you, Jessica, for the clarification on cash flow and the hardware presentation. I have three questions remaining. First of all, coming to border patrol, there is a new European Entry/Exit System which could use a lot of press media attention about long waiting queues at the airports, et cetera. According to my understanding, your solution is a success story, but maybe can you elaborate to what extent the current problem are these linked to your technology or what is the cause and the root of the problem here? Secondly, in Germany, there are plans for a digital wallet to develop a sovereign German stack. To what extent is secunet involved in these projects? Is there future business potential that can materialize? Would this also not allow secunet for a stronger penetration of municipalities? So far I think your revenues are not exclusively, but to a large extent, linked to federal institutions. Is there a possibility to go for a stronger penetration of municipalities and local authorities? Lastly, you mentioned the cloud ecosystem. You have put this system in motion. Do you notice already also more customer interest, or have you even been able to achieve any commercial progress in this particular field of business? Thank you. Christian, one little question. I didn't hear the third one. Ecosystem for what? You mentioned that you put the cloud ecosystem in motion. Cloud. Yeah. Yeah. My question was whether you have been able also already to improve your cloud business operationally, whether you see already more customer interest or even better results on the cloud business, because I think so far your cloud solution is still a bit underutilized, and there is a promise of better financials in case you get a higher utilization rate. Absolutely. I am happy to take the first question. Julian, do you want to do it? Or shall I do it? Okay. You can do it. When the Entry/Exit System, I am very happy about this question because I can now state that there is zero problems with our solutions. I am really very happy because I know that I talked to Marco Breitenstein, who is the responsible guy for this division and who does it with a very calm hand and very long experience and a very good knowledge of the sector. When we talked, he presented to me the statistics of how things are running throughout Europe with the EES. All our systems were green and there were a lot of orange and red flags, but none of the orange and red flags were related to us. That is what I am very happy to say. Maybe I jump directly to the question of municipalities. Yes, we have a lot of federal state business, but we are now moving very much to also, let's say, the state level and also working our way through to municipalities. We plan to expand our market there, but it will take some time because the municipalities have a variety of different IT systems and different applications. We are planning to do this together with one to three partners to be able to provide a proper service and product portfolio also on municipal level. Okay. Then, to the digital wallet. Julian, do you want to take over for this and for the cloud? Yeah. Okay. Thank you. Yeah, happy to do so. Maybe I can add one thing on the municipality level, which Jessica outlined. It's a focus area. Yet in the current order intake that you see very favorable in the first half year, there is, for instance, one very big order of one big, how do you say, state level order. We're seeing this pick up. Yet, as also Jessica said, we are working on building pipeline. We are working on building budgets for large scale rollouts. For us, it's super important to supply the entire ecosystem, not one laptop or one desktop workstation, but a whole ecosystem and network. On your question around the EU Digital Identity Wallet, which is strongly driven also by the German government and by the partnership, I can say yes, we are part of this, and doing a lot of work on also advisory and let's say forming the tech stack of Germany. It is quite an open approach and project where we are deeply involved, obviously. So far, the awards or the tenders that have been given out are for larger scales, but it's usually not. We had this discussion with the order backlog before. This is not binding orders for a certain scope. This is usually frame contracts for developing parts of the system. Wherever it's applicable, of course, we are participating. None has been awarded in an area that is really an area of interest for secunet. We are still in the phase of really giving our input and, let's say, creating the technology stack and approach. We see this bringing a lot of potential in the digitalization of government, yet it's still a way to go until it's really fully functional. We are strongly involved, and we hope to create some more business out of that. Yeah. On the last part, in the cloud infrastructure, I think you asked specifically operationally. Operation, we're making substantial progress in the way we approach the tech stack and the market. The next 12 months will be very strong focus on how we approach the market in the specifically defined verticals that we are approaching. We are narrowing the focus and really driving heavily on the market in order to help create demand. We also see, or to help create understanding, I'd rather say, for why it's needed and what is needed. And we also saw quite an uptick in the orders we have, so physically in the cloud infrastructures that we are selling to our clients. Yet the clients themselves are still in the progress of shifting, in simple words, shifting data packages from on-prem service into cloud service, even when the cloud is available, because it's an entire change in transformation management also on the client side for the mindset of the customers to really move the data packages from what they consider secure on-prem service in the basement to the cloud, even when it's already there. And that's different. You don't see backlog from the cloud to that extent in our backlog because it is mainly demand driven or demand initiated. I hope that answers the questions and underlines that we are fully focused on these topics. Very helpful. Thank you. Thank you, Mr. Cohrs, for your questions. We head back to Mr. Wolf with a follow-up. You unmuted yourself. Please, place your question. Yes. Thank you. I have a question regarding the business segment. Looking at the revenue development here, is it fair to assume that the year on year decline is mainly due to lower Konnektor revenues? If we look beyond this year, what would need to happen for us to see revenue growth in this segment? Thank you. Thank you. Basically, it is partially or largely a reduction in Konnektor growth because the hardware model is no longer accepted by gematik. I think it is running out by the end of 2027. What is certainly not helping the push to recurring revenues in this segment is the fact that the Konnektor hardware's life was prolonged to a certain amount of time. A lot of customers are kind of being sticky or sticking to this old solution and a little bit hesitant to change to the as a service model. That is certainly one portion. The other portion is also the general weakness of the economy and the certain reluctance that we can see to heavily invest in cybersecurity, also in according with the regulations of NIS. Still, there needs to be some money for investment, and that is sometimes lacking. Thank you. Okay, thank you very much. We have, by now, no further questions. I will wait a few more moments if there is another participant raising his or her hand. That is not the case by now, so we come to the end of today's earnings call. Thank you very much to all the participants for your interest in secunet Security Networks AG. A big thank you to Marc-Julian Siewert and Jessica Nospers for the presentation and the time you took to answer the questions. To all the participants, should any further questions arise at a later date, please feel free to contact Director Investor Relations, Christoph Marx. From my side, I wish you all a very successful day. Handing over to Marc-Julian Siewert once again for some closing remarks. Thank you, and bye-bye. Likewise. Thank you very much for the moderation and especially for the interest to all of the participants. I think you see that we are not only operating in a very favorable market environment, but also we are really changing ourselves while maintaining the core and the responsibility we have along our customers and helping them to really move into the future, which sometimes takes a while, as we see in cloud and AI. On the other hand, then it comes at a very strong pace. So we are super confident for the next years and the foundation we are creating with secunet to build upon until the end of this decade. So thank you very much for your interest, for your support, and we remain open for your questions at any time. See you latest in November or before with Christoph Marx, who is always available for any additional questions. Thanks a lot. Have a good rest of the day. Thank you. Bye-bye. Bye-bye.