Welcome to the Dürr conference call for the third quarter of 2026, followed by a Q&A session. The conference will be recorded. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Björn Voss, Head of Investor Relations.
Thank you very much, and welcome everybody to today's call. With me is our CEO, Jochen Weyrauch, who is temporarily also serving as CFO after Dietmar Heinrich retired at the end of September. This is only for a few weeks, as Alexandra Dambeck will join Dürr as the new CFO from Sunday this week. Today's call will be led solely by Jochen and me. Looking at page two already on December 9 and 10, you will have the opportunity to meet the full board of management at our Capital Markets Day in Bietigheim. Apart from Jochen and Alexandra, our two other new board members, Lars Friedrich and Daniel Schmitt, will be available there and give deep dive insights into their businesses. Moreover, we are going to present a strategy update and talk about our midterm targets until 2030.
Besides, you will see a lot of high-tech made by Dürr, and we will have the unique opportunity to visit the construction site of our largest paint shop ever at Mercedes in Sindelfingen. This site will give you an impression of how we manage giant projects and make our technology run. The fact that Mercedes is partnering this event in its own plant is a sign of its trust in Dürr, and you should not miss this as well as our Capital Markets Day as a whole. If you haven't registered yet, please just scan the QR code for all details. Your participation in person would be highly appreciated, but you may always also join us via Teams, at least for the presentation on December 10. With this, I'm happy to hand over to Jochen.
Ladies and gentlemen, a warm welcome from me as well, and thank you, Björn, for being such an excellent promoter for our Capital Markets Day. Of course, I would also be delighted to meet you at our premises. A lot has changed at Dürr, not just the recent changes to our board of management, but also over the past two years as we have made the group leaner and sharpened our focus on sustainable automation. So I can only agree, this will be an insightful Capital Markets Day. Let's now start with our Q3 reporting on page three. We are still operating in an altogether adverse environment with a high level of political uncertainty, low growth in Europe, and high transformation pressure on many of our customers.
Against this backdrop, I regard our business performance as very solid, with year-on-year increases in sales and order intake in Q3, and a strong sequential improvement in our margin, a trend we expect to continue in Q4. Let's have a closer look. Order intake grew by 5% in Q3. This was supported by all of our three divisions, even if absolute volumes could have been higher. Q4 should become the strongest quarter in terms of order intake, especially Automotive sees opportunities for big tickets. Revenues were up 3% in Q3, thanks to the strong sales generation Automotive. The operating EBIT margin amounted to 5.7%, which is the highest level in the year to date. Apart from Automotive's strong performance, the margin also benefited from earlier cost-cutting measures.
Woodworking saw a clear sequential increase, while Industrial Automation virtually returned to the break-even level, driven by high profitability in Schenck balancing business after Q2 had been clearly negative due to low sales and extra project charges at BBS Automation. As announced, we recognized restructuring provisions of EUR 32 million in Q3. They are related to the Vector optimization program at BBS Automation, as well as to targeted redundancy measures at HOMAG to further adapt capacities to the continued muted market environment in Woodworking. Looking at the full-year forecast, we are in a good position to confirm our targets after having completed three quarters of the year. Slide four shows that order intake was slightly up also in the nine-month period. However, we should not forget that 2025 was impacted by weak new orders in Q2 and Q3 due to the turbulences in trade politics.
This year's slight increase is positive, but there is potential for more. We continue to observe that customers need more time until they award their orders, and very similar to last year, Q4 has the potential to become a strong quarter as we are in advanced negotiations for several orders. Sales were EUR 100 million higher in Q3 than Q2, and we expect Q4 to be even stronger following the typical seasonal pattern. Accordingly, the margin should benefit from accelerated project progress and economies of scale in Q4. At 4.7%, profitability is almost on last year's level. The minor decline is predominantly caused by Industrial Automation. As in 2025, we expect Q4 to be the strongest quarter in terms of profit generation. The accelerated order execution and sales generation in the last few months were accompanied by higher net working capital needs.
At the same time, prepayments received were lower than last year, as we received less high-volume contracts. Accordingly, free cash flow turned into negative in Q3, as expected. This kind of volatility is not unusual for our business model. That's why it makes sense to assess our cash flows rather on a multi-year average basis. Next is slide five, with the quarterly split of order intake. As mentioned, we expect new orders to peak in Q4. While order intake in the year to date was dominated by small and mid-sized projects, we now see more large turnkey projects coming to the market again. The explanation for this is as follows. After the tariff turbulences had started in 2025, our customers needed time to reevaluate their CapEx plans.
During that time, there were only few big contract awards, whereas now we see more turnkey project activity again, mainly in North America and Asia. Please be aware that the prior year base in Q4 was very high following big-ticket orders at Automotive and also Woodworking. Page six shows a 10% increase in order intake in the Americas for the first nine months. This was mainly driven by rising CapEx spending in the U.S., as the tariffs and good long-term sales perspectives for ICE cars are prompting customers from abroad to expand their footprint in the States. This trend is set to continue. Our customers are preparing more investments for U.S. plants, which means that more big-ticket projects are entering the project pipeline.
We also recorded an order plus of 17% in China, as we gained several painting technology orders based on our competitive domestic position, and I have to say it's been local domestic Chinese customers mainly. Europe, except Germany, was marked by declines. The same applies to Asia without China due to last year's high base level. Page seven reveals an almost opposite picture for sales. China and America were muted, reflecting last year's low order intake in both markets, while sales in Europe benefited from the execution of large orders from previous years. Year-on-year regional changes in order intake and sales clearly show the benefit of our globally strong position and our ability to allocate capacities and our supply chain where needed. Let's turn to the divisions, starting on page eight. In the Automotive division, Q3 results exceeded last year's figures across the board.
Even the EBIT margin before extraordinary surpassed the high 8.2% base. This was driven by sales growth of 15%, good service margins, and excellent order execution. As a result, the nine months margin also matched last year's high level. To make 2026 an overall successful year, Automotive is aiming for high order intake in Q4. As mentioned, there is considerable potential not only for Q4, but also for next year. As you know, contract awards remain lumpy, so orders which might not be signed in Q4 are highly appreciated also in Q1, as we're working from a solid backlog. Next is Woodworking on page nine. Even if we still don't see reliable signs for market recovery, order intake in Q3 was at least up sequentially and versus the low prior year base. While the furniture market continues to be subdued, business with production systems for timber houses is robust.
Sales almost matched last year's level in Q3 and were up sequentially as HOMAG has started to execute the large timber house contract received in Q4 2025. The operating margin was appreciably higher in Q3 than in the first two quarters, even though it did not reach last year's very high level due to mix effects and one-time burdens for an IT transition and the ramp-up of the new plant in Poland. This new plant was inaugurated in October and will have major positive efficiency effects from 2027. According to its focus on profitability, HOMAG has initiated additional redundancy measures and booked corresponding provisions of EUR 17 million in Q3. This reflects our profitability-first strategy, even in times when markets don't provide tailwind. In Q4, further earnings improvements would bring the full-year margin to the guided range of 5%-6%.
Industrial Automation, page 10, recorded high order intake, sales, and earnings in Schenck Balancing Technology business in the first nine months. This was driven, among other things, by strong CapEx spending in the power generation sector, given the high energy demand for AI data centers. Schenck's strong performance partly compensated for the losses at BBS Automation that resulted from the difficult market environment and extra project costs. However, BBS Automation has passed the trough, with order intake accelerating from a low level in Q3 and sees the project pipeline filling up. On top, we are systematically executing the Vector optimization program to make BBS more efficient and resilient. Just a short update on this on slide 11, please. Vector aims at recurring cost savings of EUR 30 million by cutting around 500 jobs at BBS.
This is connected to restructuring provisions of EUR 30 million that were largely recognized in Q2 and Q3. We already completed redundancy measures in China and concluded the negotiations with the works councils in Germany, so initial cost improvement should already be achieved this year. Besides, Vector consists of organizational optimizations, for example, in R&D, engineering, service, and a more systematic go-to-market approach in the life science business. We are convinced that BBS will return to profitable growth soon and achieve its 2030 targets of at least EUR 600 million sales and an operating margin of 8%. Ladies and gentlemen, after this short divisional overview, I now change hats and switch to my once-in-a-lifetime opportunity to speak to you as a CFO. Please allow me to focus on two items on this slide. This one is the temporary decline in the gross margin.
This is a result from the low contribution of BBS Automation due to the market weakness and low sales. Secondly, I would like to point out that the negative EBIT and the net loss for the first nine months have no operating background. They resulted from net extraordinary expenses of EUR 149 million, mainly including the EUR 95 million non-cash impairment at BBS in Q2 and restructuring expenses of EUR 40 million at BBS and Woodworking. Next is page 13 with the quarterly sales split. As I already commented on this, I would like to keep it short and just mention that the service ratio stood at 28% in the first nine months. Slide 14 mainly presents content we have already touched too. As last year, we expect Q4 to be the strongest quarter in terms of operating EBIT and the corresponding margin.
The bridge diagram illustrates the gross profit decline caused by BBS Automation in the year to date. This was opposed by reduced functional costs resulting from tight control of admin and sales costs, whereas R&D spending was raised by 8% to strengthen our innovative edge. Moreover, you can see that the composition of extraordinary expenses, as explained before. Slide 15 shows that free cash flow, according to our full-year guidance, moved into negative territory in Q3. The reason was EUR 142 million change in net working capital linked to the accelerated execution of large automotive projects. On the other hand, the inflow of prepayments was moderate as order intake included fewer larger projects. Slide 16 illustrates the net working capital increase in the year to date. However, at roughly EUR 400 million, net working capital is still absolutely in line with current sales volumes.
This is also reflected in days working capital of 36 days, below the level seen in most previous years and below our target range of 40 - 50 days. The table on the right shows that inventories, receivables, and contract assets were up, while payments to suppliers were kept under control and contract liabilities were marked by lower level of prepayments. Please turn to page 17. The decrease in free cash flow led to a higher net financial debt of EUR 137 million. However, this level and the corresponding leverage of 0.5x are pretty comfortable. The declining liquidity mainly reflects the repayment of the convertible and several Schuldschein tranches. Page 18 shows that despite the cash out for debt repayments, our available funds continue to be comfortable at EUR 1.6 billion.
The diagram on the right includes a maturity of EUR 107 million for 2026, as we terminated further variable Schuldschein tranches in advance. This repayment was done in October and halved the maturities due in 2027. Please note that the new EUR 200 million Schuldschein is not yet reflected in the maturity profile as of September 30, as the funds came in only in October. Ladies and gentlemen, this was the financial part. Before we will start with the Q&A session in a minute, please let me briefly comment on the outlook. As mentioned, we are confirming the group forecast. This is among other things based on the assumptions that Automotive's order intake and sales will further accelerate in Q4, Woodworking will further expand its margin, and that within Industrial Automation, Schenck's balancing business will continue its strong development, and that Vector will deliver initial savings at BBS Automation.
Looking at the free cash flow guidance, please note that there will be more outflows in connection with redundancy and tax payments in Q4. Page 20 shows the divisional forecast, which is unchanged as well. This brings us to the summary slide on page 21. Dürr has delivered solid operating group KPIs in 2026, despite a largely adverse environment. The Automotive division has demonstrated that it's able to cope well with the transformation in the industry and to keep profitability at a high level. It is important to understand that Automotive has only a limited exposure to direct OEM pressure resulting from short-term car production figures and cost-cutting measures. Much more, we are a trusted partner for long-term CapEx projects that have high strategic relevance for our customers with regard to production efficiency and market share.
This will drive our customers' CapEx spending in the quarters to come, especially as there is an increasing number of large turnkey projects coming to the market again. In this context, our international setup is very beneficial to satisfy customer demand globally. The situation at Industrial Automation is not satisfying due to the market weakness and low sales at BBS Automation. This is partly offset by the excellent performance at Schenck's balancing business. Moreover, I'm fully convinced that the Vector program will make BBS Automation more resilient and turn it into a more efficient company, which is able to better tap business potential, especially in the life science sector. We successfully optimized HOMAG Automotive and the admin sector, and we will also be successful in reshaping BBS. Woodworking continues to focus on profitability, and it's certainly the player who copes best with the adverse market environment in the furniture sector.
We've launched additional cost-saving and redundancy measures to continuously increase HOMAG's profitability at current levels and see accelerated margin growth when the market recovers. Free cash flow is marked by the tightly managed consumption of last year's high prepayments, as we have been accelerating order execution. Please keep in mind that with rising order intake in the turnkey sector, we will also receive more prepayments again. It's normal that our cash flow displays a certain volatility, and this is why it makes sense to not spend too much attention on a single-year cash flow, but rather look at, say, three-year averages. Ladies and gentlemen, that concludes my presentation. Now happy to answer your questions.
Ladies and gentlemen, if you would like to ask a question, please press the star key, nine, and the pound key on your telephone keypad. If you would like to cancel your question, press the star key, three, and the pound key. You can also use the dial-in function in the webcast to ask a question by raising your hand. The first question is from Sven Weier from UBS. Go ahead, please. The floor is yours.
Thank you for taking my question. Good afternoon. I just have a question regarding the guidance ranges you provided and confirmed today. Obviously, there's just one and a half months left, and if you look at the ranges, the EUR 400 million range on revenues and orders, it's fairly broad then for Q4. I was just wondering if you could give us sort of a preference where you would see yourself coming out towards the higher or lower ends, respectively, of the order sales and EBIT margin guidance. That's my question. Thank you.
Sven, yeah. There's still a lot happening even though the year is only six weeks to go. As you know, order intake is a very interesting animal and always interesting to the very end. There is still a way to go in order to achieve the guidance. At this point, I would say we'll be more likely in the lower half of the order intake range. For sales, we are, I think, very well underway. So, median is probably a pretty good way to look at it. On the EBIT margin, we've said that we probably end up more towards the lower end of the range. Still there is lots of activity, but I'm very confident for the lower end of the range, and then we will see.
Yeah, that makes sense. Thank you very much. That's it from me already.
Thank you. Thank you very much.
Next question is from Holger Schmidt from DZ BANK. Go ahead, please. The floor is yours.
Good afternoon. Thanks for taking my questions. The first one is on the big tickets, which are entering the pipeline again. Could you outline where this comes from a regional perspective, and whether it is more related to demand from established or new players in the auto industry?
That's a very smart way to pull out information Holger, but many thanks for the question. As we've already said, it's more Asia and the Americas, where we see more projects in the pipeline, not so much in Europe. It is, I would say to a large extent established customers.
Okay. I have a question on the woodworking side. I mean, the demand here is still at low levels, and the suppliers must be eager to fill the capacity. How do you see the competitive environment there? How have you changed? Do you have to provide higher discounts than before?
Mm-hmm. I would say this is pretty much unchanged from 12 months ago or even longer back. So we've seen this pressure, and of course, there is always discussions on prices, but you've seen that we very well managed our margin in the past. I don't see any We are always managing the margin by managing prices and cost. We've been at least as successful on the cost side as there is increased pressures on the price side. So I don't see a big risk, or I don't see at this point a risk of margin deteriorations.
To add to that, also in HOMAG, we now see, and as the ones of you who've been on this call for quite some time, I always said only with my lawyer I will give comments on the market outlook, but at least in our CRM, we are seeing a few more bigger projects coming. Will that mean conversion in the short term? Let's see. So a good and short question answered in a long way. I'm not concerned about the margins in general for HOMAG.
Mm-hmm. Then maybe my last question is also at HOMAG. You are now feeling the impact of lower capacity utilization on the divisional service business. Could you give us an indication of the service share that you had in the third quarter, and to what extent did it impact the margin in the third quarter?
Yeah, I would have to look up the exact number for the third quarter, but we are slightly down compared to prior year, which is an effect of some of our customers with lower utilization rates ordering especially fewer spare parts. There is a little bit of a push now towards the end of the year. Let's see what's going to happen, especially for Q3 and woodworking. I don't have the perfect numbers, but Björn just gave me a sign. He'll drop the number with you after the call. But I would say there is not a significant change to what we've seen in the first and second quarter.
Mm-hmm. Okay. Thanks a lot.
Thank you, Holger.
Much. At the moment, there seem to be no further questions. A little reminder that you can ask your question by pressing the star key, nine, and the pound key on your telephone keypad. There is one more. Adrian Pehl from ODDO BHF. Please go ahead. The floor is yours.
Having me. Actually, hope you can hear me well. I've got a question on the free cash flow. I mean, you alluded to that we should look at it rather from a longer-term perspective. Nevertheless, given that you had this minus EUR 23 million in Q3, I was wondering what should the free cash flow drive down in Q4, or is that just now a relatively conservative outlook? Because I assume that when you're getting orders, that might mean you're getting even prepayments, and that should brighten up a bit your net working capital, or am I wrong on that side?
Thanks for asking that question, Adrian. There is one special fact that we will see in Q4, which is the, I would say, the extraordinary tax payment of roughly EUR 50 million, which we will execute, which goes back to tax audits for a number of years back. Which, by the way, we will challenge, but nevertheless, we will make that payment. So that's a EUR 50 million one-time impact, if you will, and we hope obviously to get the money back, but that will take a little while. And then we will have to see what the And if you take this on top of the - 23, we're already on an operational basis at - 73, and then let's see what the remainder of the year will bring. Much will depend on the timing of the larger orders, whether they will still generate advanced payments this year.
I suspect rather most of the payments to come in next year. This is what brings us to the guidance and confirming the guidance that we've made earlier.
Got it. Very good. On that topic, this tax payment is that kind of the last chunk that you have to pay, or is there anything coming up in 2027 from the prior audits?
No, we don't expect. No, w e don't expect. I mean, you never know what the tax audits do to you, whether right or wrong, but at this point, we don't expect anything.
All right. [I just had a question]. Yeah. Understood. I got a question on Schenck, actually. On this business that you were doing with respect to the gas turbines, I was wondering, as in that electrification industry, everyone is fighting to get the capacity up to produce faster. Is that a topic also at Schenck? Does that mean you have to expand the capacity a bit more? Secondly, not quite sure if you can talk about a little bit about the customers and actually the progress you are making in terms of revenue on that business. That would be helpful to get an idea on this.
Mm-hmm. Yeah. Let me start with the capacities. We believe that we have, with the current production network, ranging from the U.S., Germany, India, and China mainly, we have enough capacity to play with. When you talk about electrification, you probably talk about e-mobility or g as turbines?
No, it's rather energy. Yeah, gas turbines.
Oh, energy. Yeah, yeah, yeah.
Yeah.
Okay. Our customers have very long lead times because their own capacities are limited, and we support them with the equipment as they go. That currently, and we assume this trend not to change over the next one or two years at least, we provide them with the capacity for balancing their turbines as part of their production process. So, I assume that they try to ramp up as they feel it is economical, and we are an integral part of this. But energy is only one big driver. Another big driver really is also aerospace, as we supply all the engine producers in the Western but also Eastern hemisphere for equipment that balances turbines. Even for turbines, it's integrated in the production process for non-destructive testing. Those are the two main drivers.
We will give much more substance on this during the Capital Markets Day. So I hope you're joining.
Yes, I will, albeit probably virtually. Just to understand the product a bit better and what you're doing there, is that something that you always sold into these markets, or is that something where Dürr has seen a bit bigger potential because there were more orders or product change at the customer level that was requiring more input from Schenck, or is that not the case?
No, it's always been an application we've been supplying. It is just that the market has significantly grown, and fortunately, there is quality requirements in those two fields that only very few, if not one can only cover that.
Mm-hmm. All right, so you are then single source in that business, basically.
Mm-hmm. I wouldn't say single source.
Close to.
but close to. I mean, statistics that we've made say that we probably balance nine out of 10 aircraft engines globally, so that gives probably a bit of a feeling.
Understood. Then very lastly, it's probably, I don't know if that's an easy question. On the other hand, coming back to your Automotive division and the paint shop business, I mean, we've seen rather difficult times, obviously, and the narrative, as far as I understood, was so far that you are more or less kind of living from the replacement business, yet we have also relocation here and there on production side. But I just wondered where we are in terms of the cycle. Is there now a time where clients actually have to invest again into paint shops more. And your hope for Q4, is that actually based on increased quoting activity? Will that then, in that sense, go on in 2027, or how should we think of that?
Okay. Thanks for the number of questions. I'll try to answer them. If I'm missing out, please remind me. First of all,
Sure
if we look at what projects are replacements, what projects are in a way, greenfields, sometimes it's not easy to say because let me give the example that we're fortunate to see on the Capital Markets Day, the new paint shop that we're building in Sindelfingen for Mercedes. In fact, is a greenfield project. We got complete new paint shop, but it is on an existing site and just absorbs, just, if you will, absorbs existing volumes. On the pipeline that we're currently seeing, actually there is a healthy mix, even in terms of at least one customer significantly expanding capacity. On the cycle, there is a fleet of roughly 500+ significant paint shops out on this planet. Most of them are still at very low efficiency levels.
As you know, a paint shop is roughly 50% of the energy consumption and consequently carbon footprint within an auto plant. That will, over the next number of years, continuously create the demand for at least significant refurbishment work. In many of those cases, then there comes the decision and the economics whether or not to implement or build even a new paint shop, because the savings are so significant. This is the constant game, and this will continue. We will have stronger years, we probably will have weaker years, but there will be constantly a pipeline in this fleet of paint shops. It is our aim to attract customers to build new ones, but we are also happy to do refurbishment work. Is there an increased amount of quoting?
By the way, the paint shops we are talking about that hopefully then fill the gap between now and year-end, that is all projects we have been quoting for quite some time. Because between the first quote and booking a project can be quite long. Obviously, there are some exceptions, but in many cases, it takes six or even more months of discussions until you book an an order. Hopefully, I have covered most of your points. If not, please repeat.
No, that is fine. No, all good. Thank you for that. Then a very final question from my side now. Given that you are restructuring the Industrial Automation business, at some point, obviously, you will have concluded that. I am not quite sure if you are already now in M&A mode, but I would expect that you will probably add businesses by taking over entities as part of the strategy. Maybe you could elaborate on if you are looking at something very specific, or if there is just an idea about a potential M&A funnel, anything, any color on that would be helpful. Thank you.
Yeah. No, thanks. I can only repeat what I have said a number of times. Focus on BBS is to generate a resilient and profitable business at this point. This is why we have implemented the measures. Obviously, we had to understand that our expectations in terms of volumes, especially on the auto side, did not turn out. We typically address those issues by first fixing a business and then going the next step. The next step, which will not be soon, could be the step, as I have also said before, rather a rounding up smaller acquisition in the life science area, because that was the area we have always been targeting at to grow the most. But we are not talking about anything soon.
All right. Thank you.
Thank you very much, Adrian.
Much. The next question is from Christian Cohrs from MPCM. Please go ahead. The floor is yours.
Hello. Thanks for taking my questions. Actually, you mentioned that the pipeline is filling up again and possibly already in Q4. So I wonder, how is the pricing quality of new orders? In the past, you have been quite selective, also being eager to have a good price ticket. Now, given the difficult market environment, do you see that pricing quality of new orders could actually deteriorate, or are you confident that you can maintain a disciplined approach when it comes also to your pricing requirements? Second question relates to possible bottlenecks. We hear a lot about bottlenecks arising in various parts of supply chains. So, is Dürr also meaningfully affected in one of the business units? Lastly, sorry, touching your new or temporary CFO role, coming to the tax rate. It was elevated in Q3. It was also distorted in H1.
Can you give us any guidance on Q4 or the full year? Will the distortions be diminished or fading out in Q4? That would be helpful for our modeling. Thank you.
Very much, Christian, for the questions. First of all, on margin for auto, basically the same applies to what I said on woodworking earlier on this call. Yes, auto is always margin pressure. Those days, with some of our customers, especially in Europe, being even also under pressure themselves, this is always I am used to this for a few decades now, and it is never good. It is only bad or worse. We have been managing so far the margin of those projects very well because we manage our cost extremely well. We use our supply chain from around the world in a good way, and even more, we have increased capacities to some extent in lower labor markets. That is why I continuously believe that we defend our margins.
This is the assumption also going forward, despite the fact that there will always be pressure on margins, but that is not any different from last year. What we have to keep in mind is that we easier, of course, look at the news that we see, and those news are very much focused on European, if not German OEMs, where our business is global, and this is where we still see opportunities. That is probably what I can say on the margins. Bottlenecks in the supply chain, we are always very carefully watching this. It has not been an issue at this point. We do not expect it to become an issue in the foreseeable future, but we always also have mitigation ways.
We might have an advantage over a few other players in the industry that we typically do not buy single elements in the market, but we buy, especially when you talk about electronics, we buy complete products, if I may say so. Nevertheless, and that is a learning from the COVID supply chain issues, we are very carefully analyzing what is in the products and make more sure than in the past that where it is critical that we have at least dual source approach. So far, so good, and at this point, no big risk expected. On the taxes, the distortions, as you know, are coming not so much from the absolute tax numbers, but from the related earnings that are impacted from impairment and a few other effects. For Q4, I am just checking with the colleagues here, we are not expecting any real adverse effects.
Christian, you can take the nine-month number, EUR 40 million, and divide it by three, so you end up at EUR 65 for the full year.
Okay, that is helpful. Thank you.
Thank you.
There seem to be no further questions at this point.
Okay. Then ladies and gentlemen, thank you very much. If there are some follow-ups, just give me a call. Otherwise, I really hope to see you all at our Capital Markets Day in December. Thank you. Bye.