Hello, and welcome to the nine-month reporting of Basler. We will wait for another minute that everyone is on board, and then we will start. It looks like everyone is on board. Welcome, everyone, to our nine-month earnings report of Basler. Ines and I are happy to present you today very strong numbers and also a sound outlook, a good outlook. Before we start, legally, we need to remind you, our disclaimer here, that the statements that we are making today are based on information that are available to us at this point in time. We are making also forward-looking statements, obviously, and they are by nature subject to significant known and unknown risks and uncertainties. Let's get started. We brought with us a slide deck, a typical slide deck. We will start with an executive summary.
I will do this, and then after that, Ines will take over, going through the financials in more depth, also talking about the share development. I will then take over again for the outlook, and then together we will have hopefully a lively Q&A session at the end of our call today. Let's start the executive summary with the market environment that we are in. The third quarter actually developed in line with first and second quarter, again, better than expected. The overall industry, and this is the best indicator we have, the German industry exporting to the world, bookings are up 33%, billings are up 14% for the first nine months. There is still a strong momentum. We are also seeing on a broad base that the manufacturing PMIs of the important investment goods countries are above 50 and have also positive trends.
We see a continuing strong development and over-proportional growth in the applications of semicon, consumer electronics, data center hardware production, and also warehouse automation. Obviously, we have, as we are having high exposure to the Asian markets, an ongoing high competition intensity. The geopolitical frictions and tariffs situation are still there, also rising, but fortunately, no big impact on our industry in the first nine months. What we are seeing is due to the strong market demand and also due to the strong development of our industry that the supply markets cannot catch up fully, so we see rising constraints in the supply for semiconductor and also for electronics components, and this is valid for the whole industry. From the FX side, there is also a pleasant development at the moment.
The export currencies are getting stronger, so US dollar, Chinese yuan, and also the Korean won are getting stronger over the course of the year, especially in the last quarter, also went even stronger compared to the EUR. How did we do it in this environment? Even, I mean, we used the market environment, we rode in the wave, but on top, we also won quite some market share. We continue to do this also in the third quarter. Bookings are up 62%, billings are up 35%, so we are by and large 2x of the speed or of the growth compared to our peers, and at least in the German industry, exporting to the world, so we are clearly outperforming at the moment our industry. There is a continuing order momentum. Actually, we have clearly a record high order entry in Q3.
There is quite some positive book-to-bill ratio again in the third quarter, and we have piled up quite some order backlog, so we are going into and entering the fourth quarter with strong order books. Our year-to-date gross profit margin has also improved. Ines will give you more insights, but by and large, 5 percentage points. Strong EBIT growth, more than tripled actually compared to last year, and EBIT margin are far above. Let's say our long-term steering points, we are at around, or we are at 22.5 percentage points year- to- date. Also, strong free cash flow. Also, Ines will walk you through this, especially the last quarter was pretty strong on our free cash flow. We did all this, and this is worth to mention, in the light of a more and more challenging supply situation.
There is a general shortage in supply, but on top of this, there was, and we reported this in the last earnings call, there was an earthquake happening in Japan impacting a sensor supplier, Sony, so an imager supplier. This impact, fortunately, was lower than what we have originally expected. So we are maneuvering together with Sony through this and navigating through this situation. From a team perspective, so comparing the organizational size to last year, same time, so we are up by a large 20 FTEs. This is not end of the story. We are step by step, due to the strong growth, increasing our organization.
We are doing this very selectively and cautiously also, but we are willing to invest and step by step also grow the organization as we are on a pretty high earnings margin at this point in time, and we have also a positive outlook in front of us. With regard to products, maybe just some highlight from the third quarter. We were present at one of the most important shows in our industry. This is the VISION Show in Stuttgart. Many of the international players demonstrate on this show their latest and greatest products. We have also been present with many new product introductions. We have demonstrated high-end products on line scan, so the upper left part here, product systems together with frame grabbers. Also a small 3D Stereo mini.
These type of products are typically for mobile robots, whereas TDI Vision Systems are more for higher-end semicon applications and electronics inspections, for example. We have introduced also new mainstream products with GMSL interface, but also with 10GigE interface. We have also demonstrated, let's say, the connectivity of different component lenses, lighting, and a certain controller, so to make it easy for our customer to integrate different components into the systems. Last but not least, we have demonstrated our Basler Vision Simulator. We have talked about this before, but this also got high attention, actually.
The idea is here to put all our hardware offering and all our software offering in the virtual world based on Omniverse and NVIDIA technology, and make it easy for the customer to select and also to configure a vision system virtually before they really get hardware at the table. It speeds up the design process of our clients. That was the executive summary, and now I am handing over to Ines to give you more insights for our financials.
Thanks, Hardy. The last time I already said I am looking forward to present the financials to you, this time I think I can repeat it. From a revenue picture, you have seen the numbers, 35% up overall, leading to EUR 227.4 million. Basically, the trend continues as we had last quarter already. The regions are performing now all. All on a pretty good path. China still in the lead, but we do not have any region that is really underperforming by now. Just a very strong China region. Also the percentages and how we are generating the revenue did not move much to what we had last quarter. How does it look like overall? We had again a very strong quarter.
Revenues first maybe, we made a Q2 with EUR 75 million, and we initially expected Q3 a bit lower, because we saw that the supply chain issues that we had with Sony and the sensors would hit us already in Q3. This is not so much visible, so we really made it and had a very strong one. And we are now expecting a little bit of a dip for this month or October and November period. But you see the billings or the bookings also coming in relating to the billings. This is 62% up increase, and they are also, the pattern did not change much. We are still seeing, or we are expecting also a good start into Q1, but we also see this stretched pattern in the bookings, that they are not relating to the following quarter, but also the quarter after.
Overall, very good one, 98.6, which gives us a good starting point into Q4, but most likely also into the next year. Now we remember that in Q2 and Q3 now we had the same revenue. And you most likely read already a little bit about our special effects that we had in there. Taking a look at the gross margin with the same revenue, you are recognizing that in euros, but also in the percentages, the gross margin is up. We had one big effect in there. We have our tariffs now majorly, I would say, not all of them, but majorly agreed upon by the U.S. authorities to be being paid back.
And as we are expecting that we are going to distribute these collections to our customers, this took our revenue down in Q3, so the revenue would have been a little bit higher, but also it had an impact to the gross profit. So overall, you see an increase, but you see a bit of an inflated gross margin, and the effect in Q3 only was about 2%. And to the whole year, it was about 0.7%. So this is not going to happen again. We have a little bit of an effect left, but not to the magnitude. That was really the max that we had out of there. Otherwise, we have product mix and regional mix helping, but no real major impacts other than these special ones just driving the business where it should be.
So now here again, with the same revenue, we are coming from an 18% to a 26.7%. And in the EBIT, you see the effect from tariffs on the one hand, but we also had in our reporting already that we are starting or that we started to capitalizing the capitalizable portion, let's call that, of our software. So during our reviews and also the strategy, we took a look into our software developments, and some portion of that, to our point of view, need to be capitalized because they are an asset, an intangible asset. Of course, they also need to be amortized in the end, but you see an effect in here in the EBIT of about 700K. That is purely Q3, but you also see the EUR 1.7 million that we wrote about, lifting up our EBIT and also then, of course, the EBIT margin.
So with these two effects, this is quite of a portion, 3.4%. Still a good one from a very good gross margin, also good grip on our cost position, but we had a help of special effects that will not come again. For that, we might be expecting that we get the question what we do with the software. So software development continues, and we will still be capitalizing the software capitalization, but it will also be amortized, and then quite some time in the future, it will have a normal run rate, but currently, we see a little bit of a positive effect. To speak to that, it is only an EBIT impact, 1.1% overall for both effects, to the whole year, but it is of course not a cash flow effect. So here we have our financials in our table that we usually show.
So I think again, highlighting gross profit margin is above our target of the 50% for the whole year now, with some help. Also, next to the special effects, currently we have good help from the currency development, and this could be quite large when you take a comparison to what we have seen to the negative side already. So this quarter, it was positive, and overall, we are trending now at about EUR 1 million in the currency effect. And of course, with the special effects, we are now trending 22.5%, which is of course a very good one, and we are coming later to what we have figured in to the effects that we decreased the very good EBIT margin so far. So free cash flow, picture also looks pretty good, I would call it. So here we have especially the cash flow driven by the OCF.
EBIT is pretty good. It is driving into the OCF, of course. Here you have the major impact from the ICF investing, yeah? Now we have the investing into intangible assets, so you see that jumping up. You have the comparison. I already said it is like about EUR 1.7 million from the year, and then EUR 0.7 million for Q3, and we are basically expecting kind of a run rate like that also for Q4, so that you have a little bit of a numbering behind. And of course, with these kind of numbers and good collection, yeah, here you see the overall cash flow again, and then you also have the impact of cash end of period, of course.
We are doing a good job here, yeah, cash flow from financing hitting, of course, but cash by the end of the year, end of the period, sorry, increased to EUR 43.8 million, yeah? And of course, also our net debt is now leading into a positive number with us paying back our liabilities as planned. All right, with that, coming to the shares. Last time, not a lot of change, yeah? I am going to skip this one as an overview. Yeah, here, quite a journey again. We ended up the quarter with 24.25, if I am not incorrect. That is currently where we are again trending, so up and down, a little bit of a journey. But I think reflecting our great results that we are currently showing, and also the target where we want to move for the full- year. Yeah, so ending up at the 24.
And with that, I maybe-
Already the outlook. Okay.
Maybe even more interesting, already the outlook.
Okay, then I take over again for the outlook, starting with the assumptions for the remainder of the year. I mean, obviously, it is not too long from now until the end of the year. What do we expect for it? We expect that the industry recovery will continue, so with strong growth driving factors in the semicon, consumer electronics, data center hardware, and also logistics or warehousing automation applications. Trade and geopolitical conflicts most likely will further rise. Hopefully, they continue also not to impact our industry, and this is also our expectation for the remainder of the year. I mean, obviously, we are seeing high currency volatility, but as the remainder of the year is only two to three months now, we expect that the strength of U.S. dollar, yen, and also the Korean won will remain for the remainder of the year.
What we expect from the supply chain is that when the demand will further be on the positive side, that the supply chain will further tighten. And as most of these components that we buy and that the industry is buying are chips, are electronics components, and they become shorter and shorter, or delivery times come longer, and also input prices are rising. That is definitely a challenge. But for the, let us say, for the remainder of the year, we feel pretty good to manage this out. I think, now we are. What does it mean for us? This means for us, due to the strong results we have created in the first three quarters and this market outlook, we have a couple of days ago raised our guidance. We are now projecting EUR 295 million -EUR 300 million.
Beforehand, we were a bit more cautious, especially due to this earthquake effect and not foreseeable what the impact will be. We were at EUR 270 million-EUR 290 million, and the EBIT margin, even a stronger hike here because of the currency impact, the revenue impact, also some cost impacts, and the extraordinary effects Ines mentioned. We are now projecting 17.5%-19.5% EBIT margin. These projections also include the market environment, but they also include a profit sharing or a bonus payment to all our employees that is depending on the EBIT margin that we will reach by end of the year. This will impact our P&L in the fourth quarter, so it is not in the numbers yet. This is when you do the math that needs to be considered. What does it mean for the longer run?
And we will keep you posted here, but we really want to, again, wait for another quarter to see how the markets will develop. Obviously, we have reached our four-year plan in just two years. So we have reached our 2028 goals and even exceeded them. We will bring out a new midterm plan by beginning of next year. We will see how the market will develop in the fourth quarter and also beginning of next year. But obviously, this will be revised. And yeah, we are very happy about the overall performance. The year is going much stronger than what we have expected.
This is no means for us to lay back. In the opposite, this is for us very motivating to continue our course, to stay concentrated and step by step, let's say, put our strategy in place and also continue our profitable growth track. Having this said, we are at the end of the slideshow, opening the Q&A session. Jan will help us to moderate this, our colleague. He will open now the chat room for you.
Indeed. Hi to everyone. Like always, you can type in your questions into the chat or raise your hand. I already see two people raising their hand, and I will then unmute you. Maybe we can start with Bruno. Second. So Bruno, maybe you should try now whether you can speak out.
Hello, Bruno. We cannot hear you yet.
Okay, I will try again to activate it. You need to unmute yourself, Bruno. Maybe this is still not done. Let's try someone else in the meantime. Lasse.
Hi, Lasse.
Hi. Good afternoon. Hope you can hear me.
Yeah, we can. Perfect.
Congrats. Very good results.
Thank you.
Question on sort of supply chains. You touched on it briefly, that in the past when you have seen such big increases in the order intake and the momentum you are seeing at the moment, the supply chain, as you said, starts to heighten. I just wonder, is that already starting to be reflected in your kind of sales output? Is the EUR 75 million you have kind of seen now for the past two quarters, is that pretty much all you can manage at the minute? Is that, I guess the question is this related to the supply chain or is this a headcount problem?
Mm-hmm. Yeah.
How are you thinking about capacity in terms of headcount into next year? You've had sequentially stable headcount since really the end of last year. I'm just wondering what you're thinking in terms of headcount additions headed into 2027.
Yeah. Okay, yeah. Regarding the two topics, Lasse, maybe the first one here regarding the EUR 75 million run rate, quarterly billings run rate, this is definitely due to supply chain constraints, especially in the third quarter. We would have been able to produce more from a capacity perspective and also already in the third quarter now with regard to people. But we have a challenging time in playing Tetris on what material comes in and what customer we can order, we can serve. This is the situation at the moment. This will be also the situation we expect for at least fourth quarter, if not also the first quarter of next year. The second question regarding the FTEs, I mean, we are in a situation definitely where we need to step by step, if material comes in, also increase our operational staff.
In addition to that, we are currently in the planning for next year, and we have also a certain amount of backlog on positions that we are at the moment trying to fill. I mean, all in all, maybe expectation is that we are willing at this level of business maybe to go up by another 50 FTEs, but they will be hired over time depending on the revenue development. But this gives you a feeling, yeah? We will not stay at the, let's say, 830 FTEs, because we are coming also to our limits what's possible, and also there is continuing strong market momentum. So we need to take care also to take the opportunities in the market.
Okay, understood.
Yeah.
And maybe a follow-up on supply chains. Are your suppliers asking you to place longer term commitments already for certain components? I'm just thinking back to 2022 when you had to place orders kind of 18 months in advance.
Yeah.
When you only really have visibility for three months. I'm just wondering, are we at that stage already or is it not that extreme?
We are not at that super extreme stage, but we are at the stage already we have to place for critical components, semicon chips, or we have to place orders by and large 50 weeks timelines, so a year, in order to make sure that we get supply. This is the situation in the supply markets already.
Okay.
Yeah.
Great. Thank you.
Okay. Thank you, Lasse.
Okay. I am checking for additional questions. I will try Bruno again later if it is okay, and we will first start with Lukas. One second. So Lukas, you have been requested to unmute.
Yes. Good afternoon. You can hear me?
Yeah.
Hi, Lukas. Yeah, we can hear you. Yeah.
Hi. Good afternoon to both of you. Maybe we can start with your guidance in terms of EBIT margin. If we take the lower end of your EBIT margin guidance, that would result in more or less zero EBIT in Q4. I understood, and you mentioned it also in previous calls, that you have these employee payments in Q4, and you now explained that this is also dependent on your EBIT margin you reach at the end of the year. But there seems to be also some further and/or some additional effects in Q4. Maybe you can explain a little more in detail why we should expect, besides the employee topic, such a low EBIT in Q4. That would be my first question.
Yeah. So I take this one?
Mm-hmm.
Thanks for the question. Actually, we are taking care of the variance in the gross margin. Here, we figured in into our high end basically, that we are also expecting the U.S. authorities to approve the rest of our tariffs, which will be a positive impact to the gross margin. But in the past, we've also seen the currency variating. So it's quite a ride that we have in there, and it's easily 1%-2% in the gross margin that we need to take care of. So, on top of that, we have a little bit of a seasoning usually in the personnel costs, and then in the third quarter, it's up.
Plus, you already said that we have the employee payments, so that will be in the months we will be booking that. It is not in our. We said, like, it is not in Q3 yet, so it will be coming in Q4. But in the months that we will be booking this accrual, we will have a negative month. This is why the quarter can really end up with quite a variance. We discussed that also internally because it is a 2 percentage points, but there is multiple effects that can still come and that, for instance, as the currency, are not in our hands to the full extent, I would call it.
To get a feeling on this employee payment, if we take the midpoint of your EBIT margin guidance, what would be the amount of employee payment for Q4 you have to pay or take into accruals?
For the whole year, it will be an effect of 1%-2% in EBIT margin for the full- year.
Okay, so much higher for Q4.
Correct.
Way much higher. It is a special payment, right? It is not a variable recurring payment, so it has not been accrued for because there is no. There is no intake for the first nine months. It will be really a hit to Q4 once we have reached the lower end of our targets, let us say.
This is not, Lukas, this is definitely not a structural effect. This is a one-time payment as we are far beyond our original goals. As we come from difficult times, we really want to give back also what the employees have achieved. It is kind of to be seen more as a capital allocation than an operational effect.
Yeah. Sure. Then on order intake, if we look on the three quarters this year, there was an increase from quarter- to- quarter. Q2 better than Q1, Q3 better than Q2 in terms of order intake. Can you share any insights already for the beginning of Q4 now in October? Was this development progressing as the first three quarters or anything you can share in terms of order intake so far?
It continues to be strong, or continued, as October is already done. Same, similar path than what we have seen in the third quarter and second, third quarter.
Do you think this is still real demand, or is it also possible that you have to make with your suppliers that there is some pre-ordering?
Yeah. So there is definitely the effect as we are piling up order backlog and our lead times are increasing. This effect is fully in that. So this is by and large in the last quarter, in the third quarter. So our average, or our order books, let's say, increased in a way that there is maybe another three weeks of orders in it. This is certainly something, once the supply and demand is balanced out, that will go out of the system in future quarters. Do we have a significant effect of, let's say, on order stocking at our client? I would say no.
They are also living on very low stock and consuming the products we ship. But definitely, they try to order more than what they really need. But we are challenging this with each and every client in order to best, let's say, supply a broad base of our customers and keep them alive or keep them in the business, yeah. But if we look at the situation, there's definitely a certain portion in it as well.
Maybe related to this, in the last weeks and months, there were some discussions about the hyperscaler CapEx and also in terms of CapEx for data centers. You heard, for example, from big companies like Lumentum that there's no change in customer behavior. Can you confirm this, or is this something where you see something different?
Absolutely. We can confirm our clients. I mean, these are the CapEx machine builders for the production, and they are still very bullish. This is the situation we are facing. No one is scared or the mood is not changing. We can confirm what you hear from other companies that are acting in this area.
Okay. Thank you very much. See you in Frankfurt.
Okay. See you soon, Lukas. Thank you.
Hey. We still seem to have three questions. Bruno has sent his question into the chat. Why are you still so cautious about the market? The momentum seems to have improved strongly since six months. Are you not able to open new verticals with your new product range?
Yeah, I think we are not so I wouldn't share that we are so careful. I mean, the carefulness that we have done in the third quarter, and I mean, for the remainder of the year, it's relatively short, and we just raised the guidance. The carefulness came more from the supply side than from the demand side and introducing new products. I think from the demand side, for the foreseeable months, and also from the new product introductions, I think we are positive that we can continue a growth path, and we let you know beginning of next year what will be the guidance for 2027.
Perfect. Thanks. Another question in the chat from Jamie. On demand, how much of the demand increase from this year do you think are structural versus cyclical? You've talked about going up by 50 FTEs, but also that your throughput is not limited by internal capacity. The question is, how much would the quarterly revenue have to increase by to justify this increase in headcount?
Maybe just on the Because often the number of headcount, and it's very much connected to the operations, maybe just to clear this perspective, we typically have only a few people in production to be added if the production volume is rising. Then we have a significant operational lever because the rest of the organization, mostly R&D, marketing, sales, admin, can stay fixed. Yeah. The question is, how much are we willing to invest in these functions? And investments there are mostly OPEX, obviously, and hiring new people.
Here, as we are with the current, let's say, revenue projection for this year in between the EUR 295 million to EUR 300 million, and let's say an EBIT margin by and large 20% if you take out also the structural effect of the bonus payment, we are at a working point where we, at this point, are willing to consider scaling up the organization. However, we will be careful also for next year because we know that our markets are volatile, and you have seen how strong a hike is. To be honest, it wouldn't be serious to give you a number now what is in this growth that we have demonstrated from, let's say, EUR 225 million last year to EUR 300 million this year. So, how much is really structural and how much is cyclical? Because it's kind of a mixture.
For example, the AI data center hardware production segment, that was a structural increase, because we haven't had this business significantly before. However, it's also cyclical, as many investments are done. And we cannot really differentiate that seriously. But what we can, let's say, promise and what we can tell you is that our management philosophy is we are very carefully looking in the market developments before we make rush decisions in scaling up the organization, because we want to make sure that the organization can continue the path, the growth path, and the strategy execution, and have no big disruption when cycles come.
Great. Thanks. [Bastien Chalet], you have raised your hand. I will try to unmute you. Maybe you can speak out now if it's possible. Maybe you still need to unmute yourself.
Bastien, we can't hear you.
Can you hear me okay now?
Now I can hear you. I thought already there is something in between France and Germany that might have broken.
Yeah, you're so far apart from me that it takes time.
Okay.
Sorry about that. Congrats on a great set of results.
Thank you.
A couple of questions. Maybe I will ask them one by one. The first one is, given the current constraint on your supply chain, and because it happened in the past, I will need to ask, how big is the risk of your customer doing or placing double orders in order to make sure they have the right quantity? How do you analyze your backlog, and how confident are you that there is no double ordering within it?
Yeah, maybe direct answer, we had the question also before. I mean, there will be inflated orders in it, but at the moment, these are... To what the knowledge we have, a very limited risk at the moment. What is in our order books, and this is worth to mention, and this is a normal effect, our lead times increased from normal times, two months by and large, I mean, to now four months by and large.
This means there are two or revenue of order backlog worth two months of sales, by and large, EUR 50 million, that are higher than normal if the markets come back and a better balance in between supply and demand. This effect is significant and also needs to be considered if you look at the order entries placed this year so far compared to the billings we had also. But not so much that we see big risk of cancellations or so. Yeah.
Okay. Thank you. The other one would be about logistics. Could you maybe give us a bit more color on what is the logistics extra cost, the constraint at the moment? Is it an issue? If yes, how to tackle it, even though I guess you cannot master the logistics.
Yeah. So as our products are pretty small physically and low weight, Bastien, there is not a big impact on the logistics costs. Yeah. So can be neglected.
Okay. Perfect. Thank you very much.
Welcome, Bastien.
Again, two additional questions from Michael Junghans. Could you give us a rough percentage breakdown of your order backlog by end markets or end applications, and where you saw some notable shifts to the upside or downside over the last six months?
We cannot, so we do not have it, this split. Also, we are not publishing the splits. But, I mean, as we are mentioning here, semicon, consumer electronics, data center hardware, and also warehouse automation, I mean, these altogether is making up, let us say, by and large, half of our revenue, to give you just a rough understanding. And this also correlates to our order books. So it is at least this kind of information we can reveal.
All right. There is another question from Sasha. It might also include parts of the previous questions. Are you concerned about future cluster risks regarding your high exposure to the semicon and data center sectors, and what percentage of your current order intake do they represent?
Yeah. First of all, maybe to explain this also, I mean, in general, obviously, I mean, we wouldn't do a good job if we just ignore that semicon electronics are cyclical markets. It doesn't mean we stay away from it? No. I mean, we definitely want to ride the wave when the demand is there, like now, but we also need to consider that there will be cycles. No one of us knows when they kick in, that we also need to consider this and having enough flexibility, having high enough EBIT margin, having enough flexibility in our cost structure to adjust accordingly when the down cycle is kicking in.
Maybe also to give you a feeling regarding the spreadness of our business, we have roughly 6,500 active customers worldwide, and they are working in many different vertical markets, and even within a vertical like semicon, there are many different applications and customers. So we are pretty spread out. However, we have the strong industries. This is by nature because our industry, or in, let's say, in high-tech machinery and precise processes, you need a lot of vision technology, and this is why our industry is also exposed to it. Yeah. That's the world we live in. But we are not only semicon. Yeah. We are also in medical applications. We are in classic automation. As mentioned, we are also in warehousing. So these are definitely also sometimes different cycles.
The next question from Michael Junghans is also focusing on the market questions. Could you elaborate a bit whether the aerospace and defense sector, the industrial covers for drones, could become a potentially emerging growth area for you over the next two to three years?
Yeah. What we are seeing is, I mean, we have never been a defense player so far. What we are seeing is that obviously the world is changing and that we also get certain requests out of this segment, as we are a German company with German engineering, German production. So we have a certain profile that is attractive for investments or for, let's say, companies acting in the defense or defense players. So we are seeing rising questions to us. We are still investigating with those potential opportunities whether this is a fit from what we can offer as a company, technology-wise, but also governance-wise. This needs to be seen. So there is no clear statement we can make as of today.
Okay. I am just checking incoming questions, as it seems none so far. Other channel is also empty right now. It seems we have no additional questions at this point. Of course, you can send out questions at any time through the website. But it seems to be clear to that point.
Okay. If there are no more questions, we thank you for your attention, also for the various questions. And we are happy to see you again in, by and large, three months from now, or maybe a little bit longer, as it is your annual closing. As said before, these great results that we presented today keep us motivated to continue our path to manage the company in a sporty fashion in order to continue our profitable growth path. Thank you very much.
Thank you.
Bye-bye.