Hello, and welcome to the TI Fluid Systems 2024 half year results conference call. My name is Alex, and I'll be coordinating the call today. If you'd like to ask a question once the presentation has finished, please press Star followed by one on your telephone keypad. I'll now hand it over to your host, Hans Dieltjens, CEO and President, to begin. Please go ahead. Well, good morning, everyone, and thank you for joining us today. Welcome to TI Fluid Systems results presentation for the first half of 2024. I'm Hans Dieltjens, CEO and President of TI Fluid Systems, and I'm here, as usual, with our CFO, Alexander De Bock. I will take the disclaimer on slide two as read and skip to the agenda on slide three. I will kick off today's agenda by walking you through the highlights of the first half. Alexander will take you through the group's financial performance and our updated 2024 outlook. I will then update you on our strategic progress and business development before we take questions, as usual at the end. Let's get started. Skipping slide four and turning to slide five. We have had a good first half, despite the more challenging environment than expected, and I'm particularly pleased with how we have driven productivity, delivering 150 basis points of improvement. Our financial performance reflects strong operational execution, and it demonstrates that we are on track with our commitments. So first and foremost, our adjusted EBIT margin increased a further 40 basis points to 7.9%, mainly driven by self-help and particularly by productivity. Our ability to expand our margin in a flat and a volatile market demonstrates our agility, our resilience, and highly capable team. We continue to make progress with our Taking the Turn strategy. Bookings increased 11% to EUR 1.5 billion as we benefited from our propulsion-agnostic portfolio. BEV awards were down in line with the wider EV slowdown, but we more than offset this with awards for ICE and hybrids. So we remain focused on strengthening our position in China, particularly with the local OEMs. Around half of our 40 launches in the period were with local OEMs, and we secured breakthrough bookings with BYD. I will actually share more on this later. And finally, our capital allocation policy is delivering for shareholders. The interim dividend is 4.3% higher at EUR 0.024, and we returned EUR 45.3 million in total in the period on the share buyback and the 2023 final dividend. So taken as a whole, our financial performance has been strong, and we are on track with our Taking the Turn strategy. Moving to slide six, which details revenue and vehicle production by region for the first half of 2024. While global light vehicle production increased slightly in Q1, H1 production was down 4.2% to 43.6 million units. Production volumes declined 4.5% in Q2, and market volatility increased. BEV production growth was lower than expected, and overall production was affected by OEM inventory management towards the end of the period. We do believe this destocking is largely a temporary headwind, but we are monitoring it carefully and still see some fluctuations in customer schedules going forward. Looking now at the ICE revenue performance. First, a solid underlying growth in the Americas in a flat market, up 1.4%, excluding the plant production line exits. Conventional product lines grew well, more than offsetting weakness in other product areas, including thermal. OEM destocking was a particular feature and revenue headwind for the region. Secondly, we had a great H1 in EMEA, with a constant currency growth of 4.4% in a declining market. Cascade is performing well and contributed around 250 basis points to growth. So from a product perspective, conventional product lines performed well, while thermal was weaker, demonstrating the benefits of our propulsion-agnostic portfolio. And finally, as we expected, the same trends continued in Asia Pacific. Revenue was 7.1% lower at constant currency, driven by China. The rest of the region grew well, particularly India and Japan. Revenue in China declined 13.3% at constant currency, which is in line with global OEM production volumes and our current exposure to them. I will come back to how we are improving our position with the local players in China. So taken as a whole, group revenue declined 1.4% at constant currency. Our underlying revenue performance was broadly consistent with global light vehicle production after excluding a 40 basis point headwind from the product line exits, partially offset by Cascade and a 70 basis points negative regional mix effect. And with that, I would like to hand over now to our first half financial performance. Thank you, Hans. Let's start with slide eight, which sets out our financial highlights. Hans just spoke about the revenue. Despite the slight decline in revenue, we expanded our adjusted EBIT margin by 40 basis points and increased adjusted EBIT to EUR 135.5 million. We continued to drive down the cost of financing and tax, converting 2.7% growth in adjusted EBIT to 14.6% growth in adjusted EPS. H1 is seasonally weaker for cash flow for TI. This year, we had a small outflow, primarily due to two working capital items, which will unwind in H2. I will come onto this shortly. Return on capital employed increased 370 basis points to 25.4%, due to higher EBIT and demonstrating our ability to deploy capital effectively to create value. All of this was delivered within a strong balance sheet, with net leverage of 1.7x adjusted EBITDA, down from 1.8x 12 months ago. This financial performance, delivered in a down market and with continued inflationary pressure, demonstrates our ability to increase margin and our agility. Turning now to our revenue bridge on slide nine. Without going into the details of each region again, you will see that EMEA revenue increased EUR 31 million, while Asia Pacific declined EUR 37 million. Americas revenue was down EUR 18 million, primarily due to the exit of the unprofitable product line. Reported revenue declined 2.8%, with a foreign exchange headwind from the strength of the euro against the renminbi and Korean won. Moving to the adjusted EBIT bridge on slide 10. Compared to H1 2023, our adjusted EBIT margin increased 40 basis points to 7.9%. Volume and regional mix were negative, partially compensated by EUR 13 million of positive net pricing, as we concluded some volume recovery negotiations. As expected, labor inflation was a headwind, reducing our adjusted EBIT margin by around 100 basis points. Productivity increased EBIT by EUR 26 million for H1, which is equivalent to a 150 basis point benefit to our margin. And this is almost the same level as for all of 2023, as we accelerate programs in purchasing, footprint optimization, as well as plant productivity. We managed fixed costs down by EUR 5 million, with around half of the reduction related to synergies from the regional organization structure. As with revenue, foreign exchange was a headwind for H1. Let's move to slide 11 to look at the regional segments. I have already covered the revenue dynamics, so we'll focus on the adjusted EBIT margin evolution. We have seen mixed margin in movements in the different regions. The margin in EMEA expanded 220 basis points through a combination of productivity and volume recoveries. The Asia Pacific margin declined 180 basis points as a result of lower revenue in China, partially offset by accelerated productivity initiatives and increased restructuring. The Americas region was able to expand its margin by 60 basis points. This was despite the inefficiencies created by customer call-off volatility in Q2, and it reflects the positive mix effects of the product line exits and productivity actions. Slide 12 shows how we have converted 2.7% EBIT growth into a 14.6% EPS growth, through reduced finance expenses and an improvement in our tax rate from 35% last year to 30% in H1 2024. Adjusted EPS growth is slightly ahead of the increase in adjusted net income, due to a lower number of shares as a result of the share buyback. In line with our progressive dividend policy, we are increasing the interim dividend to EUR 0.024, 4.3% above last year. Let's turn to slide 13 and the drivers of the adjusted free cash flow. The EUR 14.4 million outflow in the period was due to a temporary buildup of working capital for two reasons. Similar to last year, recoveries concluded towards the end of the period will translate into free cash flow in Q3. Secondly, the volatility and the destocking in some markets towards the end of Q2 had a negative impact on inventory levels at period ends. We expect both elements to unwind in H2, and with this, we remain on track for our target at 30% adjusted free cash flow conversion for the full year. Looking briefly at capital structure on slide 14. Our half year leverage ratio has steadily improved over the last couple of years and is now down to 1.7x adjusted EBITDA. This has been reflected in credit rating upgrades from S&P last year and Moody's in the second quarter. Our strong balance sheet provides the necessary flexibility to invest in growth and allows us to provide attractive shareholder returns. Moving to slide 15. We continue to execute the capital allocation policy set out at last year's H1 results. Our CapEx needs remain modest, at just 3.7% of revenue, and we have increased the interim dividend 4.3%, as I already mentioned, and our EUR 40 million share buyback program is now around three quarters complete. The other components of our capital allocation, namely inorganic growth and prioritizing a strong balance sheet, remain unchanged. Before we talk about our 2024 guidance, I want to give a brief overview of the market outlook on slide 16. S&P recently reduced its forecast, and now it expects a 2% reduction in global light vehicle production in 2024. This is below the 0.5% decline expected earlier in the year. As you can see, most regions are forecast to decline. On slide 17, we set out what this means for TI. In this market environment, we expect our revenues to be slightly below last year at constant currency. Now, despite the weaker production outlook, we have increased our full-year adjusted EBIT margin expectation to above 7.6%, compared with above 7.4% in our previous guidance. This increase reflects our progress with productivity and our pipeline of additional initiatives. Lastly, as I've said, we continue to expect an adjusted free cash flow conversion of 30% of adjusted EBITDA. With this, we expect 2024 to represent another step on our journey back to a double-digit adjusted EBIT margin. Slide 18 sets out the path to achieving our double-digit targets, as we laid out in March 2023. The green boxes show what we have achieved. The orange boxes will drive further expansion. The main elements still to be realized relates to market volumes and mix, particularly the positive mix effect as early low-margin BEV platforms are replaced by new launches. Lastly, self-help and productivity will further contribute. We have made good progress in H1, and we have also strengthened our pipeline of initiatives for the next couple of quarters. Given the short-term outlook for lower industry volumes, we expect a slight temporary increase in our restructuring spend for the next 12 months to adjust footprint and further accelerate our lean progress across fixed costs. Since we put this chart together, the market environment has clearly changed. This could mean that the exact weighting of the different components might shift, but it does not change our target, and our progress shows we are well on track to achieve it. With that, I will hand you back to Hans to update you on our strategic progress. Okay, thank you, Alexander. In the next few slides, I will update you on some of our strategic progress, which has contributed to our H1 performance, and which will play a role in our future growth and margin expansion. Our bookings, launches, technology development, China, and productivity. But let's start with our strong bookings on slide 20. So bookings for the first half were up 11% to EUR 1.5 billion, which compares with the EUR 685 million at the end of March. We had a good Q2, and bookings were broadly evenly spread across our three regions. So as I said in March, our 2024 pipeline contained a large number of opportunities in ICE due to the slowdown in the EV market. And this is exactly what you can see here. ICE bookings increased significantly to EUR 0.9 billion, more than offsetting the decline in BEV awards to EUR 0.3 billion. Hybrid awards increased to EUR 0.3 billion, reflecting the increasing role they are expected to play in the transition. In the Americas, the majority of bookings are related to ICE. EMEA was more evenly balanced between ICE and EV, including some interesting BEV awards. Our awards in Asia Pacific include some notable hybrid bookings, as well as multiple wins with BYD in China. So over the last few years, our bookings have demonstrated our ability to evolve with the market and capitalize on our propulsion-agnostic portfolio. This indicates that we are maintaining or improving our market positions. On slide 21, you can see a selection of our key launches. Similar to bookings, these highlight the benefits of diversification by region, customer, and propulsion. These highlights include three launches in China, one with a global OEM and two more with local OEMs. These represent only a handful of our 40 launches in China in the period, but I will talk more about this shortly. In the top left-hand corner, you can see the Swift Dzire with Maruti Suzuki in India. It's one of the fastest-growing car markets in the world after China. The launch in the bottom left-hand corner is one of many programs we have with Hyundai. We have strong, long-term relationships with the Korean OEMs, both in their domestic market and internationally. In this case, we are supplying brake and fuel lines for the Santa Fe. This is also a good example of how many OEMs are moving towards flexible architectures utilizing all powertrains. Turning to the technology and our product portfolio on slide 22. Back in March, we talked about how in-house innovation was completing our product portfolio in modules and systems for EVs. Our electric coolant pump is a clear step forward, integrating mechatronics in our portfolio. We have a high level of customer interest, and we are pushing forward with industrializing a line in China. Start of production of this line is expected early 2025. On the right-hand side is our new pressurized SPT 2.0 fuel tank for plug-in hybrids. Hybrids typically offer a larger content opportunity, and it is a market that is developing positively. So while BEV growth is slowing, we see clear signs that hybrids, and especially plug-in hybrids, will play a larger role in the transition than we previously expected. This creates opportunities for TI in advanced fuel tank systems, where we have a market-leading position and patented technology.... So we maintain this leadership position through constant innovation. The SPT 2.0 tank is just a great example. We have optimized and adapted an existing technology used for lower pressurized systems, so that it can be used at higher pressures at a very competitive cost. And we have already had a number of successes, particularly in China, where we have secured seven awards with three local OEMs. The fact that we are winning with local OEMs, such as BYD, demonstrates that we have the right technology and competitiveness to secure further awards in other regions. And this brings me to slide 23, and China, where we are focused on enhancing our position with the local Chinese OEMs, as mentioned. We launched 40 programs in the period, over half with local OEMs. Moreover, we have made material programs with the largest local OEM, BYD. We took our first steps late last year, winning our first entry program for brake lines. So building on this, we have secured five more awards on three BYD, BEV, and plug-in hybrid programs for brake lines and tanks. This includes a significant booking for the SPT 2.0 fuel tank I just mentioned. All these awards represent a significant step forward in China. Moving to slide 24, for some color on how we drive operational excellence, cost competitiveness, and finally, profitability. Our program has clear, simple metrics and dashboards with live data, so we can actively manage performance. Purchasing has played an important role in H1, driven by benchmarking, consolidating product lines, further localization, and leveraging our scale. The second component is operational efficiency. It consists of activities that are individually small, but they're powerful, taken as a whole. So we have a clear structure for managing underperforming plans and consistent application of our TI Manufacturing System. And finally, restructuring. Alexander has described our progress in H1, and there is more to do. We have made great progress in H1. Productivity contributed 150 basis points to our margin assets, and we have a strong pipeline of activities. This makes us comfortable with increasing our adjusted EBIT margin guidance by 20 basis points, despite weaker market volume outlooks. So to conclude, let's turn to slide 25. We have had a good first half. Our focus on productivity has translated into a further 40 basis points adjusted EBIT margin expansion, despite a flat market and persistent labor inflation. Our propulsion agnostic portfolio creates resilience, and it has driven 11% increase in bookings. We are upgrading our full year-adjusted EBIT margin guidance, despite the softer short-term industry production forecast. We are progressing our strategy, supporting by strong operational execution. Thank you, and I will now hand it back to the operator for the Q&A session. Thank you. As a reminder, if you'd like to ask a question, please press star followed by one on your telephone keypad. Please limit yourself to two questions at a time. Thank you. Our first question for today comes from Vanessa Jefferies of Jefferies. Your line is now open. Please go ahead. Oh, Vanessa, your line is now open. Oh, so sorry. Congratulations on some great results, guys. Great to see, first, the awards with BYD. I was wondering if you could maybe talk to what you're specifically doing in China, that's led to that ramp-up in awards after a couple of years of looking for some more momentum there. And then maybe if you could just talk to how we think about the conversion into sales over the next few years. Yeah. Good morning, good afternoon, Vanessa. Yeah. So for specifically in China, specifically for BYD, what is important in China is, obviously, first offer the right set of technology, and competitive technology, as you understand that the market is looking for cheaper battery electric vehicles, but also cheaper plug-in hybrids. The second part of our strategy in China consists out of speed and bringing speed in our development. We have opened our e-MIC Localization, and what we call deep localization, is to work with Chinese sub-suppliers for our company in order to offer the most competitive solutions going forward. So these packages of technology, speed, localization, and local support, and local development, have actually been a main driver for us and will be a main driver for us going forward in order to win more business with the local OEMs, and with specifically one of the higher growing OEMs, BYD, as you could see. But how do we think a conversion into sales? What we saw into China is that the first program that we have awarded in the course of last year are now being launched and are now coming into revenues. But obviously, as these revenues, ramp up, we see a build-up of this as we go forward, and we will, we will see more of that in H2 and more particularly also into next year, when these volumes are, at full speed. Obviously, it takes about a year to 1.5 year also to SOP, to start off production of this, new platforms award. So that timeframe, we would, we would be looking at that these convert into sales. The other element I would say to it, is that what we saw in China is also we saw actually the reduction of the global OEMs to be quite stronger than we, expected. What means that some of these launches that we are doing have not been able to, fully offset, the, decrease that the global OEMs saw. Thank you, and then, just quickly on M&A. It seems like Cascade's making a good contribution, despite probably some more volatile conditions than you would have expected. Is there anything else in the pipeline there, and are there any kind of ICE opportunities that are maybe becoming more attractive given the volatility we've been seeing? Well, as we said before, Vanessa, we have a good pipeline of M&A opportunities that we are constantly evaluated and working on. We have all been quite open about it. I think on how we see M&A going forward, it's either a market share improvement for us, it's a addition to our current business in lines and connectors and line assemblies, or it forms a part of additional mechatronic and system know-how competence for our modular systems and for our thermal productivity lines. So, to your point on ICE, we have not been changing our strategy here or moving away from what we have said. So we are not necessarily looking towards other ICE opportunities or consolidations in the market. Thank you. Thank you. Our next question comes from Harry Phillips of Peel Hunt. Your line is now open. Please go ahead. Yep, good morning, everyone. Just looking at the sort of order intake around ICE and hybrid in Europe in particular, and how that might evolve over the next few months. And sort of thinking, should we get carried away or think in a more material sense around the margin impact that might have on the business? Or is it really just about utilization? And then thinking about utilization and the ongoing restructuring, obviously you say sort of slight step up for this year, but what sort of point in the market in terms of total volume, do you sort of go through a more sort of fundamental or reassessment of footprint, thinking particularly in Europe, which obviously slightly contradicts my previous question, because long-term vehicle production is in decline there, and how you sort of manage that process. Obviously, you've got a global network, which is great, but that more marginal sort of play is, would be interesting to hear your thoughts. Yeah. On the first point, the order intake on ICE and hybrids in Europe, and the potential margin, margin impact of that, what we definitely saw in Europe is a slowdown of the battery electric vehicle production line. And I think we indicated before that we do have some product lines, initial product lines on the, in the thermal side of the business that were of a lower margin impact. So we do see some benefits of the switch in the industry towards more hybrids and more ICE vehicles. I think that's clear. On the utilization of the capacity in Europe, I think it's fair to say that Europe probably was around 25 million cars, is now maybe hovering around 20 million cars, or that's the expectation, at least, that it's hovering. So there is indeed a level of capacity adjustments that we have been doing, that we are doing, and that we will be doing in Europe when it comes to our capacities and footprint adjustment. It's nothing out of the ordinary, as we have been handling this throughout the years, as we're handling this currently. And as I said, it's in our plans also going forward of necessary structures that we need to do to ensure that this capacity and that the footprint in Europe is properly defined. Thank you. And then just to follow up, if I could. The in terms of the additional inventory you alluded to, you're carrying because of sort of market volatility through the last couple of months, and, you know, it's been well documented. Just how much additional inventory do you reckon there was? And are you, you said you were very confident about getting working capital down in the second half. I'm just guessing that's part of that process. And then also, just in terms of the cash cost of restructuring and how much we ought to put in for this year, I think you gave a number, Alexander, but if you could just repeat it, if you, or say it, if you didn't. ... So if we first of all, if you look at inventory, I think the, volatility I've been referring to, earlier on, is really the volatility that happened towards the second half of Q2, and that's why we were, why we had so little time to adjust the inventory levels right away. In terms of, magnitude, we are talking about, roughly EUR 30 million, that you could argue is above a normal level of inventory at the current production level for TI. So that gives a good sense, I think, of how much we talk about, it's around EUR 30 million. And I mean, it really was built up over the, the couple of weeks, given the, the slowdown, particularly in the Americas region at the end of Q2. And therefore, we can, we can relatively easy readjust that, that, back to normal levels. So time-wise, we expect to unwind this already to back extended Q2. And then the secondly, restructuring. I think historically we've spent, we've been spending around EUR 20 million - EUR 25 million, actually more towards the lower end of that number, but around EUR 20 million of restructuring. We've been investing EUR 14 million in H1, of which, if I'm not mistaken, a little bit less than EUR 10 million was in cash. So we expect on a full year basis that both the expense as well as the cash level of restructuring will be slightly above the 20 year, above that range of EUR 20 million - EUR 25 million this time. I think that's not a surprise, it's in line with volume adjustments and in line with the market, and as well to drive productivity and take the necessary actions to put us in a good position for the future. Fantastic. Thanks very much indeed. Thank you. Thank you. Our next question comes from Akash Kakkar from JP Morgan. Your line is now open. Please go ahead. Thank you. Good morning. Two questions, please. The first one on the electric coolant pump. Could you talk about the overall content opportunity as you see it for TI Fluid Systems? Because I'm assuming there's a certain portion of that electric pump that is done in-house versus there are components that are bought in. And I'm also interested in how is your competitive positioning initially looking like in China, because obviously you're competing against names like Bosch or Valeo, that have their own internal electric control units or actuator sensors, et cetera. That's the first question. The second question is, sorry, to come back to cost savings and cost efficiencies, but that is something definitely that stands out with these set of results. When I think about your higher cash restructuring needs, in the near term, have you changed your overall assumption on net savings that you expect on the P&L from all of these actions going forward? I think you have highlighted before that a lot of the footprint optimization, headcount reduction, et cetera, still has to show, in the P&L. Could you remind us how much of that is still to come through till 2026, please? Thank you. Okay, thank you. So I will hand the second question to Alexander, but on the electric coolant pump and the opportunity, we see an opportunity, and it depends on it depends on the design of the vehicle, obviously, because you generally have sometimes one, sometimes two, or even up to three or more of these coolant pumps into one system. But you could, for argument's sake, you could say that the coolant pump is somewhere between EUR 20-30 EUR, so you could do the math on what the opportunity is out there for better electrical vehicles, but also for plug-in hybrid vehicles. So it is a decent opportunity for us, but it is much more an opportunity because it's a fuel. It's a further vertical integration into our modular systems. So what we have specifically designed is a coolant pump that is very modular, with our modular approach of the integrated thermal modules, as we explained a while ago. And this electric coolant pump offers also some technical benefits, where it is truly and specifically tailored to the requirements of the battery electric vehicles, where we see some others have been historic, what we call water pumps used in other applications. This is a very specific design, as I said, suitable for our modules, but also suitable for the application into battery electric vehicles. And with that, it offers weight efficiencies, it offers energy efficiencies that do form quite a good offer in the market. So, our positioning in China is there is indeed competitors out there. But as I said, given our local support, given the integration directly into the module, and given the additional benefits, plus the competitive nature of this product as we designed it, also having a competitive position in mind, do offers us a significant amount of opportunity, especially in China, where the market is obviously the highest growing opportunity. With that, maybe, Alex, you can. Yeah. So Akash, to come back on your cost savings question. So I think first of all, I'd like to just point out that our cost saving actions are actually much more than linked with restructuring. So it's a wide range of actions. Think about purchasing, redesign to costs- ... localization, deep localization in China for the Chinese markets. So it's a much wider range, of course. Within this, if we look specifically at restructuring, as I indicated, we expect to spend a bit more this year on restructuring, as we need to adjust some locations for the the volume update, as well as taking an opportunity for some cost efficiencies. If you ask what the... I think your other question was, how is the pipeline or what-- how to look at the future for this? It's clear that we are, I think we have, we've been launching a lot of initiatives, and by doing so, we are, we're also able to further increase our pipeline for the next couple of years. And again, it's about a wide range of elements, not just restructuring. In terms of size, we've indicated from early last year on already, that we expect productivity to contribute on a net basis, 25 basis points a year. As we stand today, I think we could probably assume that that component may be a little bit bigger than what we initially expected. So that's why we also hinted in, in earlier on, that we may see a shift to a little bit more self-help in, on our path back to double-digit margins. So I think we are very happy with the pipeline we have, with the way the teams have been executing. And I think that's looks quite promising. Yeah. Great, thank you for that. Thank you. As a reminder, if you'd like to ask a question, please press star followed by one on your telephone keypad. Our next question comes from Tom Elgar of Deutsche Bank. Your line is now open, please go ahead. Hi, guys, just the one from me. Looking to build on the customer volatility you've mentioned, in the Americas, how should we think about any further potential volatility risks in other regions? You know, thinking about tariff actions we've seen in the sector, and also reports of delays or cancellations to some platforms reported. So just looking to get any color around that customer volatility risks in other regions outside of the Americas. Thank you. Mm-hmm. Yeah, first, in the Americas, I know that doesn't answer your question, but I do want to make the point. In Americas, we will see some more of this, as inventory levels are for at least some customers, still relatively high, or actually for some, they are about double of what the average inventory level is. So we will see probably some more of that going forward. In other regions, as we communicated, you can see that H1 was about 0.2% under last year, with H2 being 3.6% under last year. And this is largely driven by Europe, and largely driven by China and Asia Pacific, excluding China as well. So you can see that in H2, given this volume, this potential volume reductions, they're still potential, will generate a level of higher volatility that we are managing, and that we are looking forward to manage in our businesses. So I think this is clear what we will see in H2. We have some indications of customers some extended shutdowns, some maybe extended periods around the Christmas period and so forth. We do have indications that we will see some of that going forward. Thank you. Thank you. At this time, we currently have no further questions, so I'll hand back to Hans for any further remarks. Well, thank you. So, to conclude, as I said, we have had a good H1. We had strong operational execution, and we delivered a further increase in our adjusted EBIT margin. And with that, also an 11% increase in bookings, that demonstrates the benefits again of our propulsion-agnostic portfolio. And all of that led that we have increased our 2024 adjusted EBIT margin guidance, despite the softer market outlook. So simply said, we are on track. So thank you for joining today, and I wish you all a very, very good day. Thank you for joining today's call. You may now disconnect your lines.