Good day. Thank you for standing by. Welcome to the Concentric presentation of the results for Q2, 2023 webcast and conference call. At this time, all participants are in listen only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star 11 on your telephone keypads. You will then hear an automatic message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mr. Martin Kunz, President and CEO. Please go ahead. Good morning, everybody. Very warm welcome to Concentric's presentation of our Q2 results. I'm here with Marcus Whitehouse, our CFO. We will walk you through the Q2 performance. We would like to start with the highlights for the quarter. Net sales increased to SEK 1.098 billion, an increase of 8%. Underlying sales were flat as we compare to a very strong quarter in 2022. Operating income was MSEK 107, MSEK 75, up 7%. Net sales for e-products were MSEK 197, 18% of the group sales. Our book-to-bill ratio was up to 99% from 92% in Q1. This was mainly due to a strong demand for our electric products. Operating margins maintained strong level of 16%, cash flow from operations came in very strong at SEK 138 million, with a profit of cash conversion ratio of 135%. Let's have a look at the end markets. Let's move to the next slide number 3, please. Let's have a look at the end markets and regions based on published market indices. Overall, we're seeing a very mixed picture across our end markets. The engine market showed a modest growth of 1% year-over-year, while the hydraulics market contracted 2%. In our major geographic markets in North America and Europe, the picture is mixed. Various sectors are growing or contracting by small single-digit%. Emerging markets show a flat or moderate growth. The market indices for the rest of the year suggest flat markets for the next Q2's. Let's move to the next slide, and we will move now to the strategic updates. We have a few slides that are directly related to our Capital Markets Day, that we held on 23rd of May in Stockholm, I would like to start with the importance of the prototypes for our e-products. Our shipment of prototype units has increased by almost 50% again versus the Q2 last year. As we are in a developing market, electrification is not yet a solid, stable market as we know it from our other end markets. The prototyping is very important. We are seeing right now that this strong demand for prototypes is driven by our strong customer demand for our leading Concentric technology products, and has again driven a very strong increase of delivery of prototypes. What does it mean for the development of our e-sales? We have reported a strong order intake for e-products, and the underlying trends are, first of all, some of those prototypes have moved in the Q2 to production orders. I'm coming to that in the next slide, when we're talking about the business wins we have communicated during the quarter. We're also seeing that some of our customers are not yet at a level of production output to go to production orders, so we're seeing larger prototype orders. Also we're seeing, again, inflow, constant inflow of prototypes that are shipped to new customers. That all in all is providing a positive trend for our e-products, which we've also partially seen confirmed in our strong book-to-bill during the quarter. With that, I would like to move on to the next slide number five. During the quarter, we have communicated, we've issued a couple of press releases on important business wins for electric products. We communicated a strategic win for basically a truck hydrogen fuel cell order application. These were EMP-branded, fully integrated, high voltage cooling solutions, and those are supplied to a leading North American zero-emission truck manufacturer. That business awarded so far has a value of 201 MSEK, and will be supplied over the next years. It's clearly the potential that this supply contract will be extended beyond the current nomination. The last one, the next one we communicated last week. The electric school bus market is a very attractive market, fast growing, limited number of players, we are basically in that market. We could secure a contract extension with one of our major customers worth 14 MSEK per year. That market is really growing right now due to various basically underlying growth drivers. One of them is that, the electric school buses are heavily subsidized also by public authority in the U.S. to basically foster the green transition. It's also the age of the fleet. So 47% of the electric school buses or of the school buses old technology are in service for more than 10 years and need to be replaced soon. The 3rd order, the third win that we published, actually, beginning of this week, was minor in a financial impact, but strategically very important. As we have communicated in our Capital Markets Day, we also have firm plans to grow outside our traditional end segments and market segments. We have been awarded a strategically important prototype order for high voltage fans to a market-leading OEM, who is extending its operations into the mobile and stationary hydrogen electric power generation. This will become a very attractive market with the aim to replace the current diesel power generators in places where the grid doesn't get, or where basically stationary power generation is required. Despite the fact that this has been a prototype order, the value of this order has been already SEK 1 million. There's another update on strategic initiative. Let's move to slide number 6, please. Again, back to our Capital Markets Day. We have also within the section of operational excellence, informed about our strategic initiatives on manufacturing footprint. We're permanently looking at optimization in our footprint, and that's part of our plan for the next 5 years to accelerate profitable growth, in both the base business as well as our electrical business, whilst delivering strategic acquisition and maintain strong returns to our shareholders. In that context, we had a strategic review of our footprint in North America. We continued to look at dedicated centers of excellence to create the economies of scale and efficiency to make our manufacturing basically more efficient. Yesterday, in that context, we announced the closure of our manufacturing facility in Itasca, Illinois. Following the acquisition of EMP, we have already started to materialize operational synergies since basically mid of last year, that have resulted in combining commercial and other functions. The last step in that consolidation has been the decision to relocate assembly machining to our facilities located in Greenfield, Indiana, and Escanaba, Michigan. This consolidation of our North American facilities will achieve annual operation saving of 12 MSEK, and has a one-off cost of also 12 MSEK. We're also looking at a reduction of our complexity, and also making business for our customers easier, so an improved customer experience through a reduced number of manufacturing locations. With that was the end of the strategy update. I would like to hand over to Marcus, who will walk us through the Q2 financials. Marcus, please. Super. Thank you, Martin. Good morning, everybody. Let's start with moving to the next slide, the quarter two results and sales bridge. I'll just open with the results we're about to announce, a strong results of what is a mixed and challenging environment. Strong results, whether it be on sales, our operating margin, or our operating cash performance. As you heard from Martin, our sales for the quarter were reported at SEK 1,098 million, up 8% year-on-year. All of that 8% was due entirely to FX effects. Our underlying business was pretty much flat year-on-year. You can see with the graphic just below, our two businesses are operating in slightly different situations. Our engines business grew modestly at 1%. Our hydraulics business contracted at 1%, overall flat for the group, but it's the first indications that the businesses that we have, the two reporting divisions, are operating at slightly different speeds based upon their end markets and customers. Next slide, please. The operating income. Operating income was reported at MSEK 175 for the quarter, up from MSEK 164 last year, and an associated operating margin of 16%, broadly in line with the same reporting quarter last year. Our operating margin remains flat at 16%, and has been now for the last five reporting quarters. Again, if we look at the graphic below, our two reporting divisions, we can see that the small sales growth and some of the margin recovery in Engines, has been able to increase our operating income year-over-year by 18 MSEK, and whilst lower sales and some headwind on costs within Hydraulics, has reduced our operating income by 7 MSEK year-over-year. Next slide, please. As we delve a little deeper into the two reporting divisions, we will start with Engines. Engines, we saw underlying sales growth within the division of 2% year-over-year. Our book-to-bill ratio increased from 96 last quarter up to 107 this quarter. Again, as Martin touched on at the start, that's due to strong demand for some of our e-products. Operating income, too, was up. We reported at 118 MSEK, up 20% from the same period last year, with an associated operating margin of 16% in the quarter. As you can see with the graphic on the bottom left and the orange line that runs through, our margins on the Engines business now has been stable for the last three reporting quarters, having taken some headwind on cost in the middle part of last year. The Engines business continues to perform well, and that's pleasing to see. Hydraulics division. Next slide, please. Hydraulics division. Hydraulics division is exposed to construction and the industrial applications marketplace, both markets which are experiencing some headwinds. Off the back of that, we have seen that our underlying sales has dropped by 2% year-over-year, and our book-to-bill ratio stayed at the same level that we saw in the Q1, at 85%. Operating income was reported at SEK 58 million, down from the SEK 65 million we reported last year, and our associated operating margin was reported at 15.8%, whilst weaker than last year, was an improvement on the Q1. Next slide, please. Cash flow, working capital and gearing. Strong quarter on cash performance. We saw operating cash reported at SEK 138 million, a profit to cash conversion ratio of 135% in the quarter, that brought us up to 97% year to date. Working capital had a slight increase in the quarter, whilst the inventory reductions we are hoping for haven't yet fully materialized, it will remain a focus area for the second half of this year. Our group net debt fell to SEK 950 million, down from SEK 1,088 million last year, and so too did the gearing ratio, now at 42%. Very strong finish on cash and cash equivalents. We were at SEK 576 million at the end of the Q2. Q2 is typically our weakest quarter as we pay out the dividend. This year, SEK 152 million, but we finished at, what, SEK 576 million, and that has prompted the board to initiate an own share buyback program, which was announced this morning. It will be under the Safe Harbour rules. It will continue out to the 31st of March 2024, and will be for the maximum of 150 MSEK. That concludes the financial section of the presentation. With that, I will now hand you back to Martin for the Q3 outlook. Yeah. Thanks, Marcus. The outlook for the year remains uncertain, with continuing speculation of a slight downturn that might impact our markets. However, the demand for our engine products remains strong, and in particular, demand for electric products, which some of them are still partially supply constrained. The demand for our hydraulic products is weaker, in particular in off-highway sectors in Europe, and we're also seeing here something that we have already seen in the past quarter, which we have successfully mitigated, customer destocking activities. Thanks to the strong book-to-bill ratio this quarter and the near-term demand from our customers, we expect net sales for the coming quarter to be broadly in line with the sales that we have achieved during the past quarter, adjusted for seasonality. Inflationary cost pressures remain, but to a lesser extent than what we have seen in past quarters, in particular the second half of 2022, and we will continue to maintain our strong trading margins. With that, we are finishing the presentation part of the session, and we will now be open for questions from the audience. Thank you, dear speaker. Dear participants, as a reminder, to ask a question, you need to press star 1 1 on your telephone keypad and wait for your name to be announced. To withdraw your question, please press star 1 1 again. Mr. Bauer will compile the Q&A roster. This will take a few moments. We're going to take our 1st question. The 1st question comes from the line of Julia Utbult from Skandinaviska Enskilda Banken. [SEB], your line is open, please ask your question. Thank you. Hello, Martin and Marcus. Firstly, could you please repeat, the expected underlying market growth for the rest of this year? Is it correct that the underlying market growth for your Concentric weighted end markets in the second half is expected to be flat compared to the second half of the year, or is it for the full year? Hi, Julia, it's Marc. I think if we're looking towards the market indices that are within the quarterly report, it's suggesting that they will remain flat for the second half of the year. We're like indicating in this quarterly report, the outlook for the quarter three, broadly similar to just before the working day seasonality. Flat is where we're guiding. Okay, thanks for that clarification. On the engines orders, we see strong order growth there, mainly related to e-products. Do you think this is boosted by supply chain improvement, or can we expect those high levels going forward? Yeah, for the moment, the question is yes. That has to do with, obviously, growth initiatives that we started last year, but also a very favorable development in some of our very specific end markets. I take the first part of your question, market, and then I come to supply chain as a 2nd part of your question, Julia. I mentioned in when I spoke about the electric business wins, the electric school bus market in the US, which is, a niche market, but a very attractive niche market. We have a huge growth in that market, and there are other markets where we also grow. You have to look specifically into those end markets and come to the conclusion that that growth that where we've been seeing reflected in the order intake is likely to continue. The 2nd part of your question on the supply chain constraints, we still have some constraints in the supply chain. Obviously, it has been improving over the last quarter significantly, but we're also putting in place countermeasures that might mean that for some components, we have already started last year to develop second sources. That takes a while, but some of that will become effective in the Q3 and Q4. We are confident that some of the supply chain constraints that we've still been struggling with, will be easing over the next two quarters. This is more to do also with our own supply chain action plans, not necessarily, the market. We have seen also other companies still reporting out, supply chain constraints, mainly in the area of electronic components. There. Follow up on those orders, specifically related to the high book-to-bill here we saw in the engine division. Can you say anything about the lead time? Is it around Q1, as we talked about previously, or can we expect a positive impact on sales also beyond Q3? Hi, Julia, again. I don't think we're gonna see them necessarily in the Q3. It may be the quarter four and beyond. As Martin was alluding to, that there are still some constraints within the supply chain for electrical components. Even if we wanted to, we may not necessarily be able to get them in that Q3. Beyond that, and with some of the actions we're taking on the supply chain, we should hopefully see some growth beyond the coming quarter. Okay, perfect. Thank you. That's all for me now. Thanks, Julia. Thank you. Now we're going to take our next question. Our next question comes through line of Björn Andersson from Danske Bank. Your line is open. Please ask your question. Yeah, hi. Good morning. A question on your remark about the normalization of the supply chain among your OEM customers, as I read it. That could involve a risk for your demand situation later in the second half. I guess we hear some similar wording from the OEMs also, but could you maybe give some color on the potential magnitude of such a development that OEM starts trimming their inventories or so we get some sense of where this could end up? Thank you. Yeah. Hi, good morning. This is Martin. I'm happy to take that question. That is not a new trend. We have been seeing that starting already in the... At least since beginning of the year, and we have been successfully mitigating that. It doesn't happen at the same time, basically, at all customers, and there are customers that have been managing their supply chain more effectively, and others have been less effectively. Overall, we see that impact, we control it. In many situations, we also have agreements with the customers that only allow them to reduce, basically, their schedules in a given time window by a certain%. We are confident that we will also be able to manage that trend over the coming 2 quarters. Most likely, going into Q1 next year, I think we will reach a kind of not fully normalized, but largely normalized level. To your question, this is not something that we're seeing just now. That has been going on since beginning of the year, and I think we have been able to deal with it. Perfect. Very clear. Thank you. Thanks, Björn. Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star 1 1 on your telephone keypad and wait for your name to be announced. Now we're going to take our next question, the question comes through the line of Mats Liss from Kepler Cheuvreux. Your line is open. Please ask your question. Yeah. Yeah, hi, thank you. Couple of questions. 1st, regarding the well, production footprint changes you made in Itasca, the Americas. Is this sort of a one-off or do you see further potential in integrating EMP with your own business over there? Yeah. Good morning, Mats. Good to have you on the call. Yeah, I'm happy to take that question. First of all, we're permanently looking at our footprint for optimization potential. This is the project that was right now, given the fact that we acquired both capacity and capabilities with the EMP at the back end of 2021, the most evident one. We're not only better using existing, let me call it, floor space in the Greenfield and Escanaba facilities, we also have very good capabilities for machining and assembly there. That made a lot of sense. Is there any other question, any other project that we are right now looking at? Not necessarily, but it's a permanent scanning of optimization potentials in our global footprint. That's an ongoing process. We're happy that we could now announce and materialize this project because it makes a lot of sense for us, but also for our customers. Okay, great. About the inventory correction there in the supply chain, I guess, and with customers, is this sort of evenly spread between the hydraulics and the engine business, or could you say something about that? Yeah. I think it happens everywhere, but we're probably seeing it a bit more on the Hydraulics side than on the Engine side, and that also has to see with the profile of our customers. On Hydraulics, we have a very broad customer base, and in Hydraulics, we are seeing, as the market indices actually suggest, we're seeing a reduction in some of our end markets. There's another component that contributes to it. When we look at what happened in the last 2 years, supply has been much more constrained in the Hydraulics division than it was in the Engine division. There were certain components that have been in short supply, and that's why customers, basically, to be on the safe side, held larger amount of stocks. As this is now easing, there is a bit more of destocking on the hydraulics than what we see on the engine. Great. You have a good order intake there on the electrification in an engine. Could you say something there about the margin outlook for that segment going forward? Yeah. Hi, Mats, it's Marc. I think we've touched on this a couple of times in the past. Margins for the electric products are still in line with expectations and still in line with margins that we're enjoying on the main part of our mechanical-based business. We're expecting that to continue. Good. About the sort of volume ramp up there, is it sort of increasing now or sort of continue on a similar level? No, I think there's demand for the product as we're starting to see with that book-to-bill ratio. I think that near-term issue that we have is just the bottleneck of securing some of the components that will supply it, particularly as we touched on again in the third Q3. Hopefully, that demand for products and the supply, we can debottleneck and hopefully enjoy a little more demand, a little better supply in the Q4 and beyond. About the lead time, the electrification, I mean, is this more of a, well, still a sort of short term becoming quarters, or is it more of a 2024, you see the volumes ramp up more? I mean, you have a lot of prototype orders, so on. I mean, even if you see a cyclical downturn in some, well, the more mature segments, you will have a growth in the electric part next year or how could you say what do you expect? Yeah, Mats, it's, this is Martin. Happy to take that question. It's always, it's always difficult to, in the current environment, to go beyond the quarter. However, we are positive that growth will continue simply because when we see the underlying drivers of growth, and I'm just mentioning that example again of electric school buses in the U.S., there are big government funding programs behind, and there is a lot of investment going, in particular in the U.S., in some of these sectors. That may suggest that we're not just seeing that uptick in demand for Q1 or Q2. We're confident that those will be underlying trends because they are a perfect fit in the current macroeconomic environment, where we're seeing massive support from many governments, in particular the U.S. government, for those interesting end markets. Okay. Great. Thank you. Finally, just about the financial net there, and, is the Q2 a good proxy for the rest of the year? Maybe also a couple of comments there on CapEx to be expected this year and next. I think the level of cash generation on the coming quarter is still expected to be broadly similar to what we've seen. You know, our long-term ambition is to generate 1-to-1 profit to cash conversion. We've got some capital projects that we talked about last quarter, some investments in Escanaba for new business wins. We've got some coming within India as well for new business wins. I don't see the level of capital to be excessive, that will start to affect our long-term plan of converting 1-for-1 profit to cash. Yeah. If I may add, Mats, obviously, this is broadly in line also with our, with our growth plans. We invest where we grow, and some of the recent wins that we have communicated and also the strategy on the Capital Markets, they made it very clear where we are going to invest. One area of investment is clearly high voltage products that are made in Escanaba. Those are pretty much in line also with the growth, where it is expected to come. You mentioned prototypes. I have to go back to that again. The prototypes indicate how strongly our products are appreciated in the market. Not all of them will convert to orders. Right now, we're pretty satisfied with the conversion rate and also the development, that part of the business. The underlying investment will basically support that going forward. Okay. Thank you. Thank you very much. Thanks, Mats. Thank you. Now we're going to take our next question. The question comes through the line of Julia Utbult from Skandinaviska Enskilda Banken (SEB). Your line is open. Please ask your question. Thank you. Hello again. A few follow-ups, and the first one is on the hydraulics business. You have a good margin improvement there, quarter on quarter, despite weakening sales. Do you think this is more attributable to price adjustments still coming through, or do we have any mixed effects here or similar? Hi, Julia. I think it's more mixed effect that we've got. We've had some good volumes across two of our plants that has just enabled the mix to more into the margin in the Q2. Is it at the level that we're hoping to hold for the Q3? Yes. As always, depends on the volume we get out during the coming quarter that will influence that margin, but more mix that we've seen in the Q2. You say something more about price adjustments in general? You mentioned in the report, for instance, that there were increasing metal prices. I guess in general, that the input costs are coming down. Do you think we should expect more price adjustments in general, or are we approaching some kind of more declining price component here? Hi, Julia, this is Martin. Yeah, I wouldn't say that. We're still in a very mixed environment. We shouldn't forget that we had the highest labor increases on beginning of the year, that industry has seen for a long period of time. That is still a factor that impacts. Then the rest of pricing is very difficult to predict. Obviously, in our pricing excellence strategy, we continue to seek basically recovery of any kind of cost increase. Right now we're seeing a very mixed picture. We have seen metals going down, we have seen freight going down, we have seen other commodities being stable or again, going up. We shouldn't forget that many of our, in particular in the engines business, many of our contracts have automatic adjustments with the large OEMs, so they go up and down with the markets. Right now, I wouldn't say that inflation is over. You have to be very selective and look at which category of inflation. There is still inflation out there, fairly sizable, whilst in other areas we have seen basically indices going down. Right now it's extremely difficult to make an estimation of what the impact of pricing is, because we have so many different influencers in that mix. Okay, great. Thank you. One final question from my side, which is more conceptual. It's about when in the value chain is the Concentric order placed? Like, for example, the dynamics with truck manufacturers receiving orders, when would you say that you see it on your P&L as well? You mean in terms of. Yeah, like, Yeah. Yeah. Can you be a bit more precise on exactly what the question is about? Do you mean when. Mm. When are we getting orders from truck manufacturers in the time window when they receive it from their customers? Try to get the question. Yeah, that's my question. Yeah. I mean, the orders from truck manufacturers are all based on schedules. It's a rolling system, it's not that you receive firm orders. You have a master contract, and then you basically get regular updates via electronic data interchange. We're not getting firm orders here, and then in those contracts, you have a frozen window of X weeks that might derive from manufacturer to manufacturer, where the customer can't change the schedules anymore. We don't have visibility on the underlying planning and supply chain of the truck makers, but that's usually how the system works. However, when we go to smaller customers, in particular, the ramping up electric vehicle manufacturers, that's totally different because they don't have these big volumes. Here we're seeing more smaller discrete orders rather than the rolling schedules. The big guys are all operating like that. Okay. Okay, thank you. That's all for me. Thank you. Now we're going to take our next question. The next question comes from the line of Björn Andersson from Danske Bank. Your line is open. Please ask your question. Thank you. Short follow-up also on EBIT margins and Hydraulics. I mean, if engine margins have been quite flat for quite some time, and Hydraulics have, I'd say, I mean, declining, and you said mix helped it a little bit in Q2, I guess also some seasonality there. Where are we in a more long-term perspective on the Hydraulics profitability? Is there still a burden on, from the inflation environment, or should we, or when could we hope for some margin progress year-on-year in that division? Okay. I'll take that one, Björn. I don't think we're gonna anticipate any margin progress in certainly in the coming quarter. Let's just leave it like that. We've got a business that's slowing. There's still some corrections to come. Volumes are gonna dictate as well, the level of margin that we enjoy off that business. Our plan is to hold those margins in that coming quarter. That's where we're at at the moment. Until we can start to get a bit more volume in the market to recover, we're unlikely to see those margins recover to levels that we've seen historically. That's where we're at at the moment, but, it's gonna be a, you know, a difficult, quarter for the hydraulics business. Yes, it's more of a volume. Yeah. Volume reason behind it. Correct. Rather than anything else. Absolutely. It's our CB ones, our contributions are broadly in line with where we've seen it historically. Yeah. It's a volume, the volume across the plants that's gonna drive the margin now. Perfect. Thank you. Björn, if I may add here- Yeah. As Concentric has done in the past, obviously, we have our strong cost mitigation plans in place to mitigate those effects of the volume and keep the margins where they are right now. That will continue for the foreseeable time until we're seeing margins, basically markets recovering. Yeah. Perfect. Thank you. Thanks, Björn. Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star 1 1 on your telephone keypad. Dear speakers, there are no further questions. I would now like to hand the conference over to our speaker, Mr. Martin Kunz, for any closing remarks. My apologies. We just got another question. Are you happy to take this, speakers? Absolutely. Perfect. Thank you. Now we're going to take our next question. Now we're going to take the question from Marius Hjardal, from Mustad Industrier. Your line is open, please ask your question. Good morning, gentlemen. A few questions here. One, I guess, is for Marcus, and that is: cash conversion was very strong in the quarter. Could you provide a bit more flavor on that? Break it down for us a bit. Yeah. I think we've got a couple of things that has gone within there. The majority is just around some age debt that we've been collecting in the quarter. We've made some real progress in collecting that. As you can imagine, over the last few months and quarters, pricing increases that have been going down have caused some inefficiencies in cash collection. We've made some good progress overall in that area, that's just helped to convert it over. Nothing exceptional has been done with creditors quarter on quarter. That's our main driver. Great. Thank you very much. I remember from Q1 that you had some comments on staffing. I think it was in EMP, labor markets are. I guess they sort of remain tight. What is the status on that now? Yeah. Hi, this is Martin. I mean, when you look at the macroeconomic numbers in the U.S., U.S. economy continues to be strong. Unemployment hasn't really changed a lot. As I said previously, there's a lot of investment going on, going into the U.S. industry. We're also seeing trends, let me call it, to localize manufacturing again, after two and a half years of recognizing that global supply chains are not the solutions to all your problems. We continue to see a tight market for qualified labor in the U.S., but we have been mitigating that through specific actions to basically recruit labor through other ways. For example, looking at immigrant communities and other areas where we go very specifically and basically train the people on the job as if they were apprentices. That is providing some good results. All in all, the labor market in the US still continues to be constrained, but we're finding ways to work around that. All right. That's all from me. Thank you very much. By the way, we believe that the labor market in the US will continue to be constrained simply because there's so much investment going on. I saw the other day the amount of new manufacturing plants that are coming on in the US for the next 5 years is amazing to see. That big picture is not likely to change, we have found our solutions to deal with it. All right. Thank you very much. Thank you. Thank you. Now we don't have any further questions. I would now like to hand the conference over to Mr. Martin Kunz for any closing remarks. Yeah, thank you very much. Thanks for all of you to participate in this Q2 results announcement this morning. Also, many thanks for all the good and constructive questions that we had around the results and the company. Also, thanks to our audio team in the background who has managed that as usual, very well, and everybody else who has contributed to that. With that, I would like to close off the session and see, speak, or hear you again, in a quarter from here when we talk about Q3 results, and wishing you all a nice continuation of the summer. Thank you and goodbye. Goodbye. That does conclude our conference for today. Thank you for participating. You may now all disconnect. Have a nice day. Thanks, Nadia.