Thank you very much for your attention. I am now pleased to welcome SMAG CEO Ulrich Feindt, who will guide us through the presentation shortly, after which we will move on to the Q&A session. I am handing over to you, Mr. Feindt.
Yes. Thank you very much, and warm welcome also from the management board to our investors for the presentation of the first half of 2026, which is almost two and a half months after our IPO. I am glad to also introduce next to me, our COO, Kai Oppermann.
Warm welcome from my side as well.
For all the investors, before we go into the details of the first half of this year and reflect on the story and give you a little bit of light of what is ahead. We would, for all the investors who are not so familiar with the SMAG story and our unique positioning in the market, give you a short overview about what we do, who we are. I am happy to hand over to Kai for this introduction.
Yeah. Thank you very much, Ulrich. If we go to the next page, we see, let's say, basically, our fields of activity. Ladies and gentlemen, we are very strongly rooted in several kinds of use cases. Starting from the bottom left, in communication, our systems support milestone programs such as TaWAN, the German new communication network for the ground forces. We are also, for instance, let's say, central part of the IBCS implementation in the eastern flank state, at the eastern border of the NATO. A second very important use case for our company and products is ground-based air defense. As you know, we are a key partner for Patriot programs of five different countries in Europe and the Middle East. We are also a part of the European effort to integrate different ground-based air defense systems, the program called IRIS-T SLM together with MBDA.
Last but not least, on the top, drone defense. Our systems are being used in exploring possibilities to protect critical infrastructure. We supplied this year two systems in this use case and looking forward for then rolling them out in the future. On the right-hand side, we have more the use cases linked to electronic warfare and radar applications. Starting with radar and passive radar applications at the eastern flank as well. We have electronic warfare. Here we have supplied systems on truck in the Baltic region. We have border control, amongst other, we support in the UAE. Last but not least, very promising use cases on Physical AI platforms. For instance, integrating laser tech, laser effector counter-drone, or also integrating drones on our systems to protect them and improve total value.
If we then go to the next page, we would like to show you how we deliver this value to the battlefield. We have four product families starting from the left. We have the on-truck family. We have then second, we have mast systems that can be mounted on armored vehicles, small tanks, but also other vehicles. We have container systems and on trailer. To give you a flavor of what these systems can do to our partners from the armies, they are able to support wind speeds from up to 130 kilometers, on a height of 40 meters with maximum payload of over 500 kilograms. The setup time is under six minutes in some systems. These criteria are key to the success of the missions, to data transmission, to safety of our soldiers.
Basically to lay the foundation so that communication, surveillance, and electronic warfare and other use cases can be successfully implemented to protect our country and the alliance in the NATO Europe. On the next page, we will discuss how our positioning is. Let's say we are system agnostic. That means that basically we can on the one hand integrate and do integrate sensors from different manufacturers. On the top of our mast systems, we can integrate technology from neo-primes into our steering modules of the systems. We also can integrate different platforms, meaning different vehicles, meaning different trucks. That really places us in the middle of this spider web.
We are constantly in discussion with the end users, basically the militaries with primes, but also neo-primes and suppliers to basically design the systems from the start, make sure that the sensors are really well integrated onto our mast systems. Make sure that the rolling platforms or let's say also the containers fit and basically exceed the expectations of the customers. So really then to use a system that guarantees at all weather conditions, at all times, 100% functionality. And that really places us in the middle of this ecosystem of our industry.
Okay, thanks, Kai. The investors reviewing on the first half of our journey of 2026. We have spoken in the IPO process probably oftentimes about the project, TaWAN, but we can say that the first half was nothing less than remarkable for the company. The official signing of the Bundeswehr TaWAN LBO project was a total of EUR 120 million fixed order backlog, and this is a total contract with up to EUR 900 million, including the optional parts of this contract. So this was an outstanding first half year. We completed now, in beginning of July, our IPO.
It gives us the opportunity with almost EUR 30 million of funds to invest, and we will explain to you our journey of investments in a couple of slides for the future, to broaden and to use this opportunity of large contracts, a significant order backlog and the best-in-class product to set the right cornerstones for the future. The first half year was also implemented or was driven by a ramp-up execution and a ramp-up of our production and our total capabilities. We grew our total output by 20% to slightly more than EUR 20 million, and also our net sales increased by slightly more than 15% to EUR 12.6 million. However, as you can see also in the KPIs on the right-hand side, these ramp-up efforts and also partially the impact of product mix, resulted in a temporarily lower profitability, with an adjusted EBIT margin of 2.6%.
We go a little bit more into detail in the next couple of slides. We stand with the guidance and confirm the guidance, which we have given with EUR 55 million to EUR 60 million on total output and 19%-21% of adjusted EBIT margin. What is remarkable is, of course, and we guided you through the process of our total order backlog of EUR 1.4 billion, by the end of 2025. And of course, this order backlog stayed on the same level, and we can also report slightly increased, but tremendous order backlog of EUR 1.4 billion by the end of half one of 2026. Kai, if you would like to talk a little bit about the investments and the use of proceeds.
Yeah. Thank you, Ulrich. Indeed, the company is strategically now well-positioned with the funds of up to EUR 30 million that we have basically been able to receive during our IPO or during the IPO. We have three pillars here that I would like to explain a bit further. The first pillar and basically the central pillar is our growth investment that makes up about two-thirds of the funds. This has basically two aspects. One is the ramp-up and the industrialization and enlargement of our facility here in Salzgitter. As you know probably, we have here at hand 10,000 sq m in production space.
We will double that at the end of the year, starting at the end of the year, and then equipping that next year, so that at the end of next year, we will have then more than double 20,000 sq m. In this process, we have made already substantial investments. We have already invested in a welding robot line. We have set up our first truck line in the first half of the year. We have basically improved the handling and logistics in our factory, making work better for our employees, making it more efficient, invested in that. In the major points still to come this year, we are going to invest in a new basically paint shop. Paint, as you know, is a very critical application here in our industry. You speak about functionalities such as infrared visibility or decontamination capabilities.
So paint shop is one very big item. We also discuss or invest in a second facility for our basically mast tower assembly. This is a huge facility where we can basically unfold the mast completely and do all the very detailed checking and installation work on that. Those items together will be around EUR 2 million. We will still invest in aluminum welding, also invest in more fixtures in basically handling of the assemblies. So, this is by far the most important pillar. The second aspect of that is international growth, right? As we reckon, Europe is one Europe, but all the countries have different basically priorities. As Ulrich outlined, we see a lot of growth potential also in major programs such as TaWAN or others in European neighboring countries.
But we reckon that this will not be possible to solve out of Salzgitter-Bad. We therefore prepare for also a footprint internationalization, so that at least part of the value chain can then also be localized to participate in this market growth. Two other aspects here is working capital investment and strength and balance sheet. Working capital investment, ladies and gentlemen, basically two layers. One is supply security. Let us take the electrical components, rare earth chips. So we are basically stocking now what we need for our contract execution, either at our factory or at our supplier, so that they are physically basically on hand. Secondly, here we have what we call intelligent inventory. There are many opportunities, for instance, in service.
Having the right parts on stock puts you in a position to fulfill the customer requirements very swiftly, and this will generate new business. Last but not least, strength and balance sheet. For instance, you have reckoned that we have, let's say, a huge amount of prepayments, that we have a good market position to impose that in the market, but this has to be securitized. Obviously, the cost of that will fall by having a better balance sheet position. That is in the third layer of our use of proceeds.
Great. Kai has spoken specifically about already the ongoing projects of our production expansion, obviously, with our order backlog at a tremendous high EUR 1.4 billion. This is one of the key elements what will drive our future growth and also profitability increases. It is also a main point of discussion with our customers. As you can see here, our order backlog stays at these tremendous levels. What is though still a highlight to mention in comparison also to the points that we discussed, between the first half of this year, we were able to increase our fixed order backlog from EUR 140 million by 30%, up to EUR 180 million. Our frame order backlog remains at EUR 1.1 billion.
You can see with a soft order backlog at slightly more than EUR 120 million, that we are managing the shift from right to left to give our production and our execution security for the next couple of years. It is extremely important to mention that, of course, as we are operating in mission-critical situations, all our programs are predominantly driven by NATO states and large lighthouse projects such as TaWAN that we mentioned. It is also Eastern European IBCS projects. The internationalization strategy, we spoke about this earlier. Kai mentioned it, and we highlighted our drive now to use the best-in-class products to gain additional business. Here it is one part that we would like to mention, that we are now already with large Western European prime customers participating in RFQs, and we have made good steps going forward.
Of course, we cannot disclose anything, and it might be for future announcements. Our activities with hiring our international sales director from France really show the fruit of this work, and now it is up to us to perform and excel in this. Looking towards the development of the half one in comparison to last year's first half. Here in the chart, you can see how our total output increased in comparison to half one 2025. It is, though, like you can see, revenue was increasing by 15%, total output grew more. According to our local GAAP, the difference between total output and revenue is the change in finished and unfinished products. This is sort of our ramp-up and what we will benefit from in the next couple of months when we bring this to revenue.
As explained in the ramp-up execution phase, we explained, here you can see the Q2 comparison this year to last year. What I would like to highlight is we expected during the process that Q2 will be almost a repetition of Q1. This is based on the topics that in Q1 we delivered both prototypes for the TaWAN project, and in Q2, we used the time to build up our assembly line, build up our production lines, and were able to get the first industrial customer approval by the end of Q2, so by the end of June. This marks this ramp-up journey. On the right-hand side, we explained we had last year and in the business, always a very favorable part of aftermarket service sales.
We expected this, of course, with the strong new orders, with our order backlog being full with big products, that we will decline slightly in percentage. As you have probably read, just yesterday, we signed a very nice contract with one of our customers for a European defense program for the service team with EUR 6 million. Also, this shows in mission-critical situations that our customers rely on the capabilities of us to refurbish and enhance our products that are already in the market. We have also, of course, developed in profitability. Here you can see the comparison of the first half year of 2026, compared with our first half of 2025, and also the comparison of the two quarters. Intrinsically, between the years, our profitability dropped compared to what's last year, because mainly of three reasons.
The one is, of course, the absolute strengthening and increase of cost due to the scaling and to the ramp-up of our factory, but also factory and the entire organization. As you have reckoned in our guidance, the EUR 20 million was purely also driven for ramping up and getting our production into the serious production mode. The second reason is an unfavorable product mix within the year-over-year comparison. This reflects mainly towards a customer that we had in Q1 of 2025. However, it's very important to mention that with these products, we have secured already one additional contract with this customer, where execution will start in Q4 of this year. We're about to sign further contracts with this customer. So this very positive business will also come back to our P&L statement.
Like mentioned beforehand, we grew in output, and the growth in outputs was driven by growth in net sales, but also primarily by the increase and the super increase of our work in process. Here we realize profitability once we ship the goods and our customer, and we run through the acceptance tests with our customers and end customers. Whilst EBIT and EBITDA remained below previous year, also after reversing the non-recurring items, and we had minus EUR 1 million EBITDA. This is compared to the EUR 2 million of last year. Here you can see that our CapEx initiatives with investing into our factory for the ongoing opportunities. We had EUR 1 million, which was more than half a million more than last year.
However, the changes in networking capital and the very positive impacts from down payments of our customers impacted significantly the cash conversion, that our free cash flow at the end of the period was plus EUR 0.6 million compared to a minus EUR 1.5 million last year. This shows again that in this mode of the contracts that we win and when we deliver the contracts, high profitability, that our cash conversion is on an extremely high level, even whilst we start investing more into the future than we have done in the last years. So, ladies and gentlemen, coming to the part of what do we expect from the remainder of the year. We have confirmed the guidance for this year. We are extremely positive on having put the right development initiatives for 2027 and beyond.
As mentioned, this year, we still have the extra efforts to take due to ramp-up, but also one legacy project that we still have in our books. This will be shaken off in the first quarter of next year. So we are therefore very positive on the underlying case of SMAG. We have put a lot of energy into the organization and into the production ramp-up. We are looking at a business that has a very high order visibility. We are able to increase our fixed order backlog by more than 30% in the beginning of this year, and we expect more order intake and more contracts to be signed in the near to mid-future. The execution is, of course, one of the main and top priorities ongoing for the business.
We are confident that we will strive on the road to further convert the frame to fixed order book and do everything here to not only satisfy our investors but also, and of course, our customers, like the customers for the TaWAN project, but also our other customers that are driving projects on key European NATO defense programs. With that having mentioned, also final slide on our activities in terms of our interaction with the investors. We have ramped up with NuWays in our coverage. Kai will join tomorrow, NuWays European Midcap Conference in Paris. I will join and I will present SMAG on October 8 on mwb research's Defense and Security Conference. We are on main stage on 25th of November on the German Equity Forum. Then already now looking at into next year, by May 2027, the Cantor Investor Conference.
In May, we'll publish our annual report, and we'll have the annual general meeting in June 2027. Of course, we will, to the end of the month of October, then publish Q3 numbers. Okay. That was the presentation from the management board of SMAG for the half one. We will now jump to the Q&A session.
Yes. Thank you very much, Mr. Feind and Mr. Oppermann, for the presentation. Ladies and gentlemen, now it is your turn. We are opening the Q&A session. If you would like to ask your questions in person via audio line, please click on the raise hand button. If you are dialing in by phone, please press star key 9 to raise your hand and star key 6 to unmute yourself. Additionally, you are also very welcome to post your questions in our chat. We already do have the first raised hand. Mr. Finn Kempe, you should be able to unmute yourself now and ask your question. You should be able to unmute yourself now.
Perfect. Can you hear me now?
We can hear you.
Perfect. Thank you guys for the presentation. Couple of questions from my end. First one is, you mentioned current inspection and acceptance bottlenecks that lasted also into Q3. Just if deliveries should be delayed as a result, should we expect these volumes to shift into 2027? Or is there a risk that they could be pushed out even further? Maybe another question is, could you outline the concrete measures that you are taking to remove these bottlenecks and what timeline you currently expect for the inspection and acceptance process to be fully normalized? Then maybe in the end, if I recall correctly, around EUR 100 million was moved from the soft backlog into the framework backlog. Maybe you could provide some context on what drove that reclassification. Thank you.
Yep. Finn, thanks for your questions. I would start with the first question, your contractual question, and on the measures, what we do to accelerate and smoothen the process with the acceptance, as we have mentioned that also on the slide to Kai. First and foremost, we are delivering on contracts. With the eventuality of an acceptance that will not take a case in 2026, these deliveries are then pushed and postponed to 2027. Means that this would be then just a matter of project phasing and whatever is taken away from 2026 would be added to 2027.
Okay. Clear.
Kai?
Yeah. Okay. Perhaps you said, basically the process of certification and acceptance. Let's say we have successfully passed the acceptance process for, let's say, one part of the TaWAN project. What is basically to be accepted is once you have basically passed the first acceptance, the process has to be very well-defined. The documentation has been accepted, and then basically the process is speeding up, right? It is no industry secret knowing that the German quality acceptance organization is also basically required to, let's say, speed up processes ramp up. This is very, let's say, important factor. We have on-site here a team of dedicated personnel from this organization. We have seen the speeding up for basically the small TaWAN system, and we successfully started the certification for also the large system so that we expect this to be ended soon.
And then also seeing the same effect and speeding that up. Our associates, they work hard, let's say, basically to make this acceptance as smoothly as possible. This should be normalized as you demand. It normalized basically then at the end, let's say end November, mid-November, it should be normalized, and then we will be, let's say, on full steam from then on.
Okay.
I think you had a third to expect, the reclassification of order backlog.
Exactly, yeah. From the soft backlog to frame, if I recall correctly.
Yeah. Exactly. If you recall the page, total I'm flipping back to it. I hope you can all see it.
Yes.
The EUR 1.4 billion remained the same, of course. Fixed order backlog increased by primarily the one contract that we won to the end of half one, and decreased as a matter by revenue. Frame order backlog, it is driven mainly by the large programs frame order part of TaWAN, and then the other Polish business that we are working on, which is kind of the continuation business. From our classification also, whilst it becomes more and more precise and we are jumping into the final negotiation or the negotiation rounds, also our project with MBDA has moved from soft order backlog to frame. New opportunities where we explain that we are in a very solid position of single source have increased to soft order backlog, whilst we take a very delicate and rather conservative approach on the size of these projects.
All right. Perfect. Thank you.
I think, yeah.
Thank you very much. Meanwhile, we had also received some questions in the chat box. One of them you already touched on a little bit, which is, "Can we expect the rate of frame backlog conversion to fixed backlog to speed up, or will it continue to be lumpy one-off moves?
Yeah, that's an excellent question. The answer to that is that mostly we work on very large programs. We are in a project business. Our business is that we participate in larger contracts. We have won yesterday a project of EUR 6 million. This is rather on the small hand size of our businesses. We are currently working, as mentioned, on one program we believe that we are rather close to getting commitment from us and our customer of approximately EUR 70 million, seven zero. Looking at the change of the years, there's the program signing with potentially our customer on the AREONOUS with EUR 150 million to EUR 200 million potentially. By the mid of next year, round about September, we expect that the optional volumes of TaWAN will be signed. That is major lumpy one-offs, probably as per the question.
Still we see the acceleration and the clear milestones here of when our business shifts from frame to fixed. On the go, we expect also, of course, smaller programs to be signed.
Perfect. Thank you. The next question is: "The management guidance has a caveat that requires key suppliers to deliver on time/budget. How can you manage, mitigate these risks?
Yeah. I guess that's a very typical one of any business that is in our ramp-up situation. We have given the guidance of also growth for the future, where we said business will accelerate with probably 40% growth rates. This is then, of course, the huge opportunity, but the topics of ramp-up that we mentioned, suppliers and the acceptance of our customers, but also the German Bundeswehr authority are key drivers. I guess, Kai, if you want to say a couple of words towards the key supplier risks and how we mitigate.
Yeah. Thanks, Ulrich. Let's say the basis for our business is our large contracts in the order book, they are based on precursor models. We have basically for the truck system, we have a precursor model at the NATO's eastern flank.
For the small, let's say, the mast on tank, that is the small TaWAN, we have supplied already 70 plus units to Switzerland. It has to be understood that this is not something that is, let's say, completely new or so. It's proven design. Obviously this also relates to supply sources. However, we have designed by purpose our products that there is no, let's say, special material, think of special steel or so, that you cannot basically easily source in a constrained situation or highly engineered products. These are, let's say, the foundation of our basically supply chain. Yes, we have basically on plan our supplier development what is basically the first action here. We have already, let's say, increased our supplier development team to four people, and they are constantly with the suppliers and making sure that this is delivered on time and in quality.
Obviously, our strategy includes second source. Basically, we started that already, let's say, last year. This second sourcing process where you have more than one source for a certain good will be finalized in the coming months. Last but not least, as a third item or measure we have here basically well ahead stock keeping to make sure that goods are in the right quality in the warehouse, so that this cannot impact our production system.
Thank you very much. Meanwhile, we also received some more raised hands. Mr. Ramon Huber, you should be able to unmute yourself and ask your question.
Can you hear me?
We can hear you, yes.
Yes. Coming back to the question of this risk of delays. In your guidance you gave, saying that all you know till now, your guidance is okay like this. Does it mean that delays you mentioned till now, they are in the guidance? Even if it does not restart straight away, that you are going to reach in to your sales guidance?
Ramon, thanks for the question. I will give you the answer. That is correct. We have confirmed the guidance. Of course, we have the plans of how we will deliver to the end of the year. We have here plans with our customers. It is fair to say that, like any company, ramp-up has its ups, it has sometimes its setbacks, but we have here the plans to deliver this. This is an inclusive plan, also worked with our main two key customers that we have. On the other hand, also the positive part, what we have here taken into account, with the signing of the one contract with our Eastern European customer in the middle of the year. We have also heard their demand of accelerated delivery. So we deliver four more units for them to the remainder of the year.
Taking all this into account, we confirm the guidance. But we thought it was fair to mention deliveries of key suppliers and the customer acceptance, because this is of course, the main topics in this journey.
Oh yes, for sure. I'm happy to get the details. It's good if you're going to get there anyway. The other one is on the margin. You need a margin of around 25% or something like that for the second half. Has it to do with this new contract or is it more legacy business falling out, and then the margin increases so much?
Yeah. There's the one legacy project that we have also mentioned in all our risk factors that we now deliver and which will fall out, as you mentioned. The delivery of the new business, we mentioned that we managed the ramp-up with three units of TaWAN Large. This is a project, like the other new businesses, with a very better profitability scheme. Also the project with our customer, which I mentioned, where we have won the four additional units, better profitability structure. This is the main reason. And of course, we invested very much into operational expenses, both on personal cost, but also on OPEX. We increased heavily our workforce in the first half of the year to be able to deliver in the second half and going forward.
Okay. So we can also expect much higher margin then for next year?
That's at least also our expectation for the short and midterm future, yes.
Thank you very much, and good luck.
Thanks.
Thank you very much. We also received a further question in the chat, which is, "To reach the lower end of your guidance, you need EUR 35 million output in H2. How will that split Q3 and Q4, and will sales match output?
Yeah. Thanks for the question. This is the EUR 35 million on the output on the lower end. This will be significantly driven, of course, by sales recognition. We explained, I think, that in our German GAAP standard, what you can activate into your work and processes, potentially around about 55%-60% of the sales price of a unit. Hence, this is then revenue recognition as a key driver on this journey to reaching the total output and partially towards the question of the EUR 35 million. The split between Q3 and Q4 is that, of course, we have done all the work in the first half for the ramp-up, but it's obviously also not just a turning off the switch and the digital process that then from July and Q3 onwards, everything is set in place.
We have seen and done all the work of the measures to accelerate our ramp-up, but have started in July slightly slow into the Q3, but it's also normal that this is a continuous increase between Q3 and Q4, and then going forward also for the next couple of years.
Thank you very much. The next question in the chat is, given you set the risks of delay are already baked into FY guidance, this would imply an underlying upgrade from the guidance given at IPO. Where is that coming from?
That question is hopefully well understood. The baking in, we have, as mentioned, started probably slightly slower into July than expected, but now have the plan and the ramp-up and the activities, like mentioned, that we are confident in order to reach the guidance from the IPO of EUR 55 million to EUR 60 million with a 19%-21% profitability scheme. We don't see that this would be a change in guidance or an upgrading of the guidance in comparison towards the IPO.
Thank you very much. Ladies and gentlemen, at this point, again, the reminder, if you happen to have questions, to place them in our chat box or to click on the raise hand button. Since we don't seem to have, oh, there is a raised hand again. Mr. Chai Sokolov, you should be able to unmute yourself now.
Yeah. I'm not sure if you hear me and I have reception issues.
We can hear you.
Yeah. I just wanted to ask, you mentioned a few times that you need to shake off the older legacy programs, and I'm curious how hard is it to shake them off and if it's reasonable. Meaning you're not a new business and you sold many older systems, and you also talk about your aftermarket efforts. Is that realistic, or what do you think the exposure of that issue of keep dragging or dealing with older projects?
Yeah. Understood, Chai, and thanks for the question. To give you a broad answer to that one, this legacy project is one specific project with a customer we signed a couple of years ago, before the Zeitenwende. It is one very innovative program, which we now have under control, but which took us a lot of learning years in the last couple of years in terms of an engineering solution. I think probably you have heard from this explanation with innovative programs oftentimes in the past. We think that this will bring a lot of additional sales in the future because it's a system in a container with a very heavy antenna. It's very complicated to engineer, but once we have mastered that in this one, it's not comparable to the system on truck, it's not comparable to the system on armored vehicle.
But that whilst customers are, or the end users are pressed by the capabilities, we'll have more sales in the future with that program. The question regarding shaking off. The schedules see that, let's say to the end of Q1 of next year, this program will be shaken off and it's not the one-off, but it's more like a shake-off in terms of easing the pain because we're then delivering. Currently, we have an amount of more than 16 containers in our factory, and we will continuously now deliver them out to the end of Q1 of next year. Yeah, maybe a good point. We understand that our customer is convinced that we now have a technical solution. We understand that there's more demand for the future and potentially, like you said, the aftermarket or the service aids business.
This is a very complex program, so we expect also some service sales, of course, or some nice service sales for the future then.
Okay. Thank you.
Thank you very much. Again, ladies and gentlemen, the reminder to place your questions in the chat box or to click on the raise hand button. Should you be dialing in by phone, press star key nine to raise your hand and star key six to unmute yourself. Since there seem to be no further questions, we therefore come to the end of today's earnings call. Thank you for your interest in the SMAG Mobile Antenna Masts AG. Should you have any questions at a later date, please feel free to contact investor relations. A big thank you also to Mr. Feind and Mr. Oppenheimer for your presentation and your time. I wish you all a successful day, and hand over to you, Mr. Feind, once again, for the closing remarks.
Yes. Thank you very much for hosting this event. Thank you very much to our investor and analyst community of joining and showing such great interest into SMAG and our developments. It was a pleasure to also have this interactive and being able to answer your questions. As our investor relation section and the potential meeting points with us will increase, we are also happy to see one or the other of you then face-to-face in the nearby future. Thank you very much, everyone, and have a great afternoon.
Yeah. Thank you from my side, too, and perhaps somebody happens to be in Paris tomorrow, so I would be really keen on meeting you then. Bye-bye.