Good morning and welcome everyone. Thanks for joining our webcast on ARENIT's interim report for January to June 2026. I am Nils Schlag, and with me in our webcast today are my co-founder and co-CEO, Stefan Niemeier, and our CFO, Maximilian Dohse. After a short introduction, we will walk you through our first six months financials and then open the floor for questions. ARENIT is the homegrown compounder in German-speaking countries. We bring the tried and tested Nordic compounder model to Germany, Austria, and Switzerland. Our 11 companies are all B2B businesses that are organized in two divisions: Devices and Industrial Solutions and Precision Manufacturing. Companies in our Devices and Industrial Solutions division are companies with high technical expertise. They address a niche market, and they have long-term relationships with their customers. Our companies in Precision Manufacturing have a lot of recurring business, and they master their production expertise in their area. Looking back at the first half of 2026, we would like to mention the completed acquisition of Brainware Solutions GmbH in the beginning of the year. Another clear highlight for ARENIT was our listing at Nasdaq First North Premier Growth Market in March. Now let's take you through the financial details of our strong first half. Our first six months of the year, as Nils already said, have been a very strong first half of the year. On all relevant indicators, the company has shown strong growth in net sales, in EBITA, and on operating profit. Our EBITA margin is above our target of 15%, both in the second quarter as well as in the first half of the year. We also have seen strong organic growth. Organic growth in net sales was 19% for the second quarter and is at 18% for the first half of the year. Breaking it down into the two segments that Nils described in the beginning, both segments have seen this strong growth compared with the previous year and the previous quarter, respectively. We have also seen in Precision Manufacturing a very strong step-up in the margin. A few comments on those first six months. We do see very different dynamics depending on product segments and end markets. To illustrate this, we see that general growth trends in the global economy, such as the outfitting of the data centers related to AI or the shift towards electric vehicles, as well as some investments in high-tech areas in defense, also create demand for products that our companies sell into these areas. At the same time, we continue to see the headwinds in the global markets like jewelry, movie equipment, and at least for German-speaking countries, also in construction, translating into lower demands for products that our companies sell into these markets. These elements together explain why we see very different dynamics for the moment. We would also like to point out on the organic growth rate of 19% of the second quarter, that you have to put that somewhat in perspective because you will remember that at the beginning of Q2 last year, Liberation Day happened, and it affected some sales that were pushed backwards to the later half of the year. Comparing the Q2 this year with the Q2 last year needs to keep in mind that there was this special effect last year, and probably this overstates our organic growth rate of the quarter. As we have stated before, we believe that as our portfolio grows, our organic growth rates will start to more closely resemble the general economic growth patterns that we see in the German-speaking countries. As long as we have a smaller portfolio, we will see more volatile organic growth patterns. On the more general environment, two comments. The German economy is back to growth. You do see some positive dynamics in order intake in the German economy. But the growth rate so far is below 1%, whereas it was expected to be substantially above 1%. So there's, let's say, some good and some bad in this. There's clearly a dynamic in the right direction, but not at the level that people expected so far for this year. Secondly, the Iran war, as you know, creates inflationary pressures, and we do start to see this on raw materials and input products that our companies by, in particular, products that somehow relate to oil prices. Plastics like connectors do increase in price. Our companies will try to compensate this, of course, with price increases. On the acquisitions, as I've pointed out, we have closed Brainware Solutions GmbH at the beginning of the year. I would like to stress that you should rest assured, we expect to end the year within our target range of two to four acquisitions for the year. Given the volatility and uncertainty in the economy, when we are evaluating the targets, we continue to be very mindful about the current trading and the order intake dynamics. This is key for us. For example, we put a big deal on hold because of weak order intake at the target. Generally speaking, we continue to see a very strong pipeline of potential acquisition opportunities in the DACH region. This has remained unchanged and it's going strong. Moving on to the financial position of the group. In cash flow, driven by the good operational performance, we see a very strong cash flow. On the leverage, driven by the capital increase, ARENIT still looks at a negative leverage ratio. Due to the positive performance, the leverage ratio improved from - 0.2 x in Q1 to - 0.4 x in Q2 2026. Overall, we are in a good position to do acquisitions. This was, in a nutshell, our report for the first six months. Of course, we are very happy now to take your questions. The way we do this is you can type your questions and we see them coming in, and then we will go through this. I already see the first questions here and let's just take this. The first question is: Looking at Q2 figures for last year and this year, it appears that profitability tends to be slightly weaker compared to the first quarter. Do you share this view, and how should we think about this for the rest of the year? It's correct. Profitability was in Q2 slightly lower than in Q1. There is particularly an explanation in personnel cost, and there is some seasonality in personnel cost. Several of our companies pay holiday allowances, which is a quite typical phenomenon in Germany. The Q2 personnel costs tend to be higher than the Q1 personnel costs, and the same typically happens in Q4, where companies pay Christmas allowances. There's a somewhat seasonal effect in here. We also have a personnel cost effect because one company reduced short-time work and returned to full-time work because of the demand increase they saw. This is, of course, an effect that's not seasonal, but that hopefully continues. Yes, slightly lower profitability with a mix of seasonal and non-seasonal effects. A very active group today. Let's move on to the next question. Precision Manufacturing improved quite a bit in the quarter. Was this broad-based or one subsidiary driving performance? This was a broad-based effect. As Nils pointed out, in Precision Manufacturing, the companies, because of the recurring type of revenues they have, tend to mirror more the economic cycle. The uptick in general economic demand translated also into uptick here for several of the subsidiaries. It was a broader-based increase. Next question here is: Are you able to comment on the performance for AKB? As you know, we don't comment on specific companies. I think what we can say as a broader statement here, that the composition of contribution of the different companies in our portfolio hasn't structurally changed significantly from last year. We don't see any big movements between the contributions of different companies. Next question. I would probably hand this to Max. Taxes paid was quite a bit below the reported figure in the P&L. Can you explain this? Yes. Taxes paid in the cash flow statement, there is a difference here. In the P&L, the tax payment reflect the actual tax burden, which is not necessarily paid in that specific period. Hence, the actual tax cash payment may differ in this case. Okay. Can you expand on the positive order intake dynamics? Was that primarily market data, and do you see similar trends among your subsidiaries? The comment in the report on the order intake dynamics referred to the German economy. The recent figures here that track a macroeconomic order intake across the whole economy were positive in the tune of, I think, 2%-3% higher order intake in the economy. As we said, we do see different dynamics in our portfolio. We also see this for some companies. As I commented earlier in Precision Manufacturing, for example, we do see this as well, but we also see other areas of the portfolio where order intake is still subdued. Okay, moving on here. How well do you expect that you will be able to move higher costs onto customers? I think this refers to our comment on the higher cost inflationary pressure that we see as a consequence of the Iran war. You may remember 2022 had similar inflationary dynamics in the economy due to the supply chain crisis and the Ukraine war. Back then, our companies were quite good at rolling this over onto their customers. We hope we are able to do this as well this time, but of course, this remains to be seen. There is another question here. I think I would hand over to Max. Group items were quite a bit higher compared to last quarter. Could you go over where the additional costs come from and whether they are recurring in nature or not? Yeah. Group items were indeed higher. This is due to a couple of reasons. The key ones are that listing expenses that are not in relation to the capital increase, such as the Nasdaq listing fee appeared. This is something that is not recurring. Also what we see is M&A and due diligence costs appeared, and those costs are, for example, recurring. Mm-hmm. There is a question here, I think that it relates to it, whether there were group items moved from Q1 into Q2. That is something that we did not see, no. Okay. There is a question here. Last year there was a big jump in EBITA for a single contributor. Is this sustainable? I believe you cannot disclose whose company it is. As we said in the roadshow for the IPO, we last year saw very strong organic growth for the portfolio, but in particular back then for AKB. As I said earlier, the composition of the EBITA structurally hasn't changed that much this year so far from last year. Then there is another question on LOI s, Nils. I think I would hand that over to you. I will just quickly read it out. In the annual report, I saw that you had five LOIs in place. How are we doing related to these acquisitions and are there multiples you would not pay for? What is the typical multiple you are seeing for your transactions? Yeah. As I've said, we have a very strong pipeline of targets and are in very good and concrete discussions regarding the multiples. As we also pointed out in our roadshow, we are in the 5x-7x EV, EBITA range, so that hasn't changed, and we would not pay anything beyond that point. So we stick to what we have done in the past and what is our strategy also going forward. There's a question on weather. It's very interesting. Can you discuss how the extreme weather, low water levels experienced in Germany affect your companies, if any? As of now, we are not aware of any effect of the weather or the low water levels. The low water levels in the River Rhine, of course, may put some pressure on supply chains. So far, that hasn't affected our companies. Generally speaking, as you know already, the Iran war and- Yeah. Not only what shipped out of the Strait of Hormuz, but there was a more general impact on shipping across the world. But our companies so far have not experienced any critical shortages. And living at the Rhine, I can tell you it's raining and the water levels are rising. So, hopefully that's also not the case in the future. Could you provide any ballpark figure of your portfolio company's exposure to the AI build-out cycle, if any? We will not comment on this on a very specific nature, but to give you an example, our company, CAP PARTS, produces housing for capacitors. Capacitors are, of course, also in as much demand as chips because you need them for the build-out of the data centers. That was what we were referring to earlier. We do see this translating directly into demand for capacitor housing. Yeah. I think our overall exposure to this topic is limited relating to the total group, but there are individual companies that may very well benefit from this. There is a question on financing. Nils, I think I would hand that over to you. How does- Yeah. Financing from the Sparkassen compare to big German banks? Are terms and conditions better? The financing with the Sparkassen, which are the local saving banks, they are always individual, so they are organized in a regional setup. It is an individual financing structure that we have. In general, because of their, the Sparkassen's, internal structures, we are able to get very favorable terms and conditions, and they are typically better than from big German banks. Yes. There's, I think, a follow-up question on the AI topic. You mentioned data centers as a driver, the most specific exposure and contribution. I think we commented on this, maybe because it's the second question on this, a second example. As you know, these data centers are energy hungry, so you have an increase in global demand for gas turbines that provide this energy, and our company, AKB, has developed and sells specific drives that go into gas turbines. So also there we have, let's say, second order or third order effect of the AI data center build-out. I'm just checking. Yeah, there's a new question here. Do you see any new industrial acquirers, holding companies like yourself emerging in Germany? What would it take for a startup to catch up with ARENIT? Of course, we think no one can catch up with ARENIT. For sure, we will not give any hints. Let's take the first part of that question. We haven't seen any recent dynamic here. I think what we have also commented on during the roadshow is, of course, you always had and always will have strategic acquirers that want to buy a company because it fits to another company they own. Other than that, no one has stated that they want to be the next ARENIT in Germany, and we haven't encountered any in the recent discussions. Okay. Let's wait another minute because I think we went through the questions that came so far. Okay. If there are no further questions. Now there's one. What are the biggest risks for ARENIT in the next five years, and where do you see the company if you keep performing as you are doing? Maybe let's start with the second half of the question. What we said during the roadshow at the beginning of the year is that our ambition is to double the company within the next three years. I think that ambition hasn't changed. Also, our targets that we communicated back then have not changed. On the biggest risk, I think we can also repeat what we said. Of course, there's always the risk given by macroeconomic developments that could hit us. That probably is the biggest risk as such. Other than that, we feel very comfortable and confident, and as Nils also pointed out, we want to make you assure or give you the assurance that also on the inorganic growth, we are confident to hit our acquisition targets for this year. Okay. If there are no more questions, maybe we will leave you with Nils' comment that the River Rhine, the water level is rising. That's good news for the weekend. We thank you all for joining, and we hope to see you next quarter. A good weekend to everybody. Thank you.