Good morning, everyone, and welcome to NFON's H1 2026 earning call. Thank you for joining us today. My name is Friederike Thyssen, Vice President, Corporate Affairs and Investor Relations here at NFON. As usual, we published our quarterly statement and presentation earlier this morning on our website under Investor Relations. Joining me today for today's presentation, our management team, Andreas Wesselmann, our CEO, and Alexander Beck, our CFO. Let me quickly guide you through the presentation. Andreas Wesselmann, our CEO, will give you a general business overview and update. He will then hand over to Alexander Beck, who will present the financial performance in detail. Afterwards, we will open the floor for the questions. Please note that questions can only be asked during our live Q&A session at the end of the presentation. If you'd like to ask a question, please use the raise your hand function.
Once unmuted, please say your name and your organization before asking your question. Written question in the chat or the Q&A function will not be accepted. Thank you for understanding. With that, I'll hand now over to Andreas. Over to you.
Yeah. Thank you, Friederike. Also from my side, hello everyone, and thank you for joining us in the call today. When we spoke in May, I outlined the market environment we were operating in. A challenging macroeconomic environment and a much more fundamental structural transformation driven by AI, especially agentic AI and digital sovereignty. Over the past few months, both have become more visible. Yes, the economic environment remains demanding, but the more important development for us is that the structural shift we anticipated is accelerating. Euro- area growth remains weak. Business sentiment in German digital sector is subdued, and corporate insolvencies remain elevated. We see the effect in longer decision cycles and more scrutiny around larger investment decisions. AI is fundamentally changing business communications from simply connecting people into an intelligent, action-driven layer of business processes.
AI innovation is moving at extraordinary speed, and the number of solutions entering the market is growing rapidly. But technological availability does not automatically translate into productive adoption. Many solutions still address isolated use cases rather than being deeply embedded in existing communication and business processes. A voice agent, for example, creates significantly more value when it connects directly to telephony and business systems and can seamlessly hand over from AI to human. While 38% of organizations are piloting agentic AI solutions, only 11% are already using them in production. This shows that the ability to move AI from experimentation into productive deployment is becoming a key differentiator. Customers increasingly expect measurable operational value, reliable integration, and a clear path to scalable use before committing to larger investments. This is contributing to longer decision cycles despite the underlying strong demand for AI.
This gap between experimentation and scalable deployment is beginning to reshape the competitive landscape. As the growing number of new AI offerings increasingly meets the reality of fundamental economics, further consolidation in the agentic AI market is expected. This is likely to favor providers that can combine productive customer adoption with sustainable economics and trust in data handling. For NFON, what we are seeing confirms the direction we have taken. We have built our strategy around AI embedded in real business processes, productive customer use, and European sovereignty. The positive development of recurring revenue in Intelligent Assistant and Customer Engagement provides early commercial evidence that we are on the right path. But the pace of change also raises the bar for us. We need to respond with the same speed and accelerate our own transformation.
This also means further simplifying our portfolio and reducing complexity so that we can move faster and make better use of the growth opportunities ahead. In the last couple of months, we therefore accelerated our transformation across three areas. Our technology and solution portfolio, our go-to market model, and the way we use AI within NFON itself. A major step was the completion of the legal integration of botario. We are now bringing its technology and AI capabilities deeper in our portfolio, connecting omnichannel conversational AI, telephony, customer interaction, and workflow automation in one integrated technology stack. This enables intelligent functionality to be seamlessly integrated into the existing communication environment. This means enabling AI assistants to handle calls, trigger follow-up actions, and seamlessly hand over interactions within existing customer workflows.
Just as importantly, we are making the value of these solutions increasingly measurable, giving customers greater transparency into usage, productivity, and efficiency gains. This is critical for both adoption and monetization. In parallel, we continue to expand our own core AI technology. This includes speech-to-text, text-to-speech, and sovereign AI components. One concrete example is our own text-to-speech technology launched earlier this year, combining high voice quality with flexible deployment options and EU-based data handling. Owning more of the underlying technology gives us greater independence, shortens development cycles, and improves economic scalability. It also strengthens our position as demand for sovereign European solution continues to grow. This also means making clear choices in the existing portfolio. We have further streamlined Business Telephony, consolidated products and systems, and completed the DTS migration. In hardware, we are transferring parts of the standard business to an external partner.
These steps reduce operational complexity and allow us to concentrate resources on areas with greater future value creation potential. The technology is only one part of the equation. We also have further developed how we bring these solutions to market. This is why we have refined our go-to-market approach. NEXUS, our new partner program, creates a clear framework for activating, enabling, and growing our European partner ecosystem. Our modular licensing model makes it easier to commercialize AI use cases and creates additional opportunities for cross-selling and up-selling. We are also expanding dedicated AI sales capabilities and simplifying the way existing customers can add new solutions to the environment. This also includes developing a scalable digital sales and self-service channel to simplify the customer journey from quoting to ordering our AI-powered solutions. We have also sharpened our approach in individual markets.
In the U.K., we realigned the sales organization in response to weaker first- half performance, placing greater emphasis on commercial execution and partner-led growth. At the same time, we are allocating more resources to larger enterprise opportunities. These larger opportunities increasingly involve more than traditional seat-based telephony. Larger customers are increasingly focused on AI-driven use cases that combine communication, customer interaction, and workflow automation to deliver measurable business value and return on investment. This increases the commercial potential per customer, while larger projects typically involve longer sales cycles and implementation cycles. We are already seeing clear commercial traction with significant recent wins across trade fair, higher education, and professional services sectors. Our pipeline includes further sizable enterprise opportunities across a broad range of activities, but we remain disciplined in how we assess the timing of their conversion. Lastly, our transformation also extends on how we operate NFON.
We are applying the same AI-first mindset across our own organization. This means systematically embedding AI across R&D, sales and marketing, service, and support. This also gives us first-hand insights into how AI reshapes workflows and practice, insights that directly impact our product and how we support customers. Our progress has also received external recognition, including the TOP 100 Innovation Award and several distinctions in connect professional's Product of the Year 2026 Reader Survey. Ultimately, the commercial outcome is what matters. Recurring revenue in Intelligent Assistant and Customer Engagement developed strongly positive in the first half, providing early evidence that the investments we are making are beginning to translate into additional recurring revenues. Let me now turn to our business performance. The first- half year fell short of our expectations. Against this backdrop, we reviewed our assumptions for the remainder of the year and adjusted our guidance for 2026.
The challenging market conditions I described earlier translated into more cautious customer activity and slower conversion, particularly around larger projects. At the same time, our Business Telephony business remained under pressure. The deliberate streamlining and simplification of the portfolio created short-term effects on the customer base, which could not yet be fully offset by new customer wins and additional licenses. This was compounded by a weaker development in the U.K., where we have taken measures to strengthen commercial execution. In addition, project business was lower than in the prior year period, reflecting lower volumes and timing shifts in individual customer projects. At the same time, we are seeing positive proof points. Recurring revenues in Intelligent Assistant and Customer Engagement developed positively, and higher- value solutions continue to support the broadly stable blended ARPU.
The strategic growth areas are gaining commercial traction, but from a still significantly smaller revenue base than our Business Telephony business. As a result, their contribution is not yet sufficient to offset the decline in the core business, while the conversion of larger opportunities into revenue is taking longer than originally expected. The first half of 2026 has not changed our view of the strategic opportunity. What it has changed is our assessment of the time required to translate that opportunity and the progress we are making into financial performance. Given the continued challenging market environment, we expect the measures we have implemented to support a gradual improvement rather than an immediate return to growth. Our near-term focus is on stabilizing the core business while further increasing the contribution of higher-value recurring solutions.
Our priorities are clear: continuous product innovation, disciplined execution, and the conversion of commercial opportunities into sustainable growth. We have established the technology and strategic foundations. The next step is to accelerate execution and convert this position into stronger commercial momentum and financial results. With this, let me hand over to Alexander, who will take you through the financial results and our updated guidance in detail.
Yes. Thank you, Andreas. Good morning, everyone. I will take you through the financial performance of the first half year, starting with the key figures and then moving through revenues, cost, profitability, cash flow, and liquidity, and concluding at the end with the updated outlook. Let's start with group revenues. Group revenues amounted to EUR 42.5 million, down by 3.8% year-on-year. Recurring revenues declined by 3.0% to EUR 40.0 million. The share of recurring revenues increased to 94.1% from 93.4% the year before. Adjusted EBITDA amounted to EUR 4.4 million, compared with EUR 5.7 million in the year before. The seat base declined by 4.2% to 629,869 seats, while the blended ARPU remained broadly stable, was slightly up with 0.2% to EUR 9.98.
The high recurring revenue share continues to provide stability to the business model, but at the same time, lower revenues and lower gross profit base had a clear impact on profitability in the first half year. Looking at the revenues in more detail, total revenue declined by EUR 1.7 million to EUR 42.5 million. The main pressure came out from the Business Telephony, where recurring revenues declined by 4.5% year-on-year. This was mainly driven by the decline in seats, and this again, primarily in connection with the ongoing streamlining and simplification of the product and solution portfolio. As well as a weaker development in the U.K., which had a noticeable impact on the overall group performance. Against this, our strategic growth areas, Intelligent Assistant and Customer Engagement, developed very positively in terms of recurring revenues. Intelligent Assistant recurring revenues up by 39%, Customer Engagement up by 11.7%.
On a total revenue basis, however, growth was more moderate due to lower non-recurring revenues, particularly in project business. Non-recurring revenues declined by 14.3% to EUR 2.5 million. This reflected lower volumes and timing shifts in project business, as well as lower hardware revenues at group level. Andreas mentioned we are also changing the way parts of our standard hardware business are handled by transferring them to an external provider, to an external partner. This simplifies our operating model while the hardware offering for our customers remains available. As a result, the recurring revenue share increased to 94.1%. The revenue base also remained more stable than the seat base, supported by a broadly stable blended ARPU and the contribution from higher- value solutions. Total number of seats declined about 28,000 compared with end of June 2025, to a number of 629,869.
The main driver was the streamlining and simplification of the product and solution portfolio. The challenging market environment and cautious customer investments also affected the development of the seat base. Regionally, we see in Austria and Italy increasing seat bases, while in the U.K., we recorded material decline. Blended ARPU broadly stable at EUR 9.98, compared with adjusted prior year number of EUR 9.96. The stability reflects price adjustments on the one side implemented in prior periods, and a higher share of higher- value solutions which offset the lower seat volume. Going to gross margin. Gross margin, gross profit declined by 4.2% year- on- year to EUR 36.4 million, while gross margin remained broadly stable at 85.6%, compared with 86.1% one year earlier. Material expenses decreased slightly to EUR 6.1 million. As revenue declined somewhat faster, the material cost ratio increased slightly from 13.9% to 14.4%.
Other operating expenses decreased by 5.3% to EUR 13.8 million. This is mainly reflecting lower distribution sales commissions as well as lower IT expenses, partly offset by higher marketing expenses related to our AI solution and partner business. Adjusted for special effects, our operating expense amounted to EUR 13.7 million, resulting in an improved adjusted cost ratio of 30.3%, compared with 33.1% in the prior year period. This is a positive development, particularly against the lower revenue base in the first half year. It shows that our cost discipline is taking effect and that we are managing operating expenses efficiently while continuing to invest selectively in strategic priorities. Looking to personnel expenses. Personnel expenses amounted to EUR 19.0 million, compared with EUR 18.9 in the year before. The average number of employees increased moderately from 422 to 427.
The reported personnel expenses included EUR 0.5 million for reorganization measures and around EUR 0.1 each for streamlining of the product and solution portfolio and share-based compensations. The adjusted personnel expenses were stable year- on- year at EUR 18.4 million. The adjusted personnel expense ratio increased from 41.6% to 43.2%, primarily driven by the lower revenue base. As a result, EBITDA amounted to EUR 3.7 million, compared with EUR 4.9 million in the first half of 2025. Adjusted EBITDA declined to EUR 4.4 from EUR 5.7. Again, the adjustments totaled EUR 0.7 million, reorganization on the one side as the largest component. The adjusted EBITDA margin declined from 12.9% to 10.4%. The decrease mainly reflects the lower revenue and gross profit base. At the same time, adjusted cost, personnel cost remained stable and other operating expenses declined, demonstrating continued discipline in managing our operating cost base.
However, these cost effects were not sufficient to offset the impact of the lower revenue base. Looking to our cash flow and liquidity position. The operating cash flow in half year one was slightly higher, with EUR 2.8 million versus EUR 2.5 million the year before. This was supported by a more favorable working capital development that more than offset the lower result before taxes. Our cash flow from investing activities amounted to -EUR 5.7 million, compared with -EUR 3.6 million in the year before. This higher cash outflow was mainly driven by the second payment, EUR 3.7 million, related to the contingent purchase price obligation from the botario acquisition, the earn-out. In addition, we invested around EUR 1.5 million in tangible assets and EUR 0.5 million in property, plant, and equipment. Cash flow from financing activities amounted to -EUR 1.5 million, also reflecting repayments to the bank, and also lease liabilities.
Cash and cash equivalents stood at EUR 8.5 million at the end of June. Important to mention here, the reduction of the cash and cash equivalents, what we see here, was only driven by botario acquisition-related payments, earn-out, and bank loan repayments. The operating cash flow remained positive and slightly above the prior year level. Free cash flow, to conclude with, free cash flow was approximately at EUR 0.8 million, the year before at EUR 0.7 million. Yes. With this, I will turn to the outlook now for the full year. Based on the first half performance and our updated assessment of the remainder of the year, we have adjusted our guidance for 2026. We now expect total revenues at a range of EUR 84.5 million- EUR 86 million, corresponding to a change of -5% to -3.4%, more or less, compared to the financial year 2025.
For adjusted EBITDA, we expect now a range of EUR 9.5 million to EUR 10.5 million. Our previous guidance had called for a low to mid-single-digit revenue growth and an adjusted EBITDA of slightly above EUR 12 million. The adjustments reflects the factors that Andreas outlined already, the weaker development in Business Telephony, including the U.K., longer decision cycles, and timing shifts in larger customer projects, as well as the continued cautious investment behavior among many enterprise customers. For the remainder of the year, we continue to expect positive contributions from Intelligent Assistant and Customer Engagement, the further development of the partner business, and the changes we have made to our sales structures. However, based on the information available today, we no longer expect these contributions to be sufficient to offset the weaker development in Business Telephony and the timing shifts in project revenues at a full-year level.
From a financial perspective, our priorities are clear: stabilizing the revenue base, converting the existing project pipeline, and maintaining our strict cost discipline. That concludes my comments on the financial performance and the updated outlook. Thank you very much. With this, let me now hand back to Friederike for the Q&A.
Yes, thank you so much. Okay. Questions. We will now open the line for questions. Just a quick reminder for everyone, if you would like to ask a question, please use the raise your hand function on the platform, and then I will call on you. When asking your question, please state before name and organization, and to whom you want to direct the question. Please note, again, questions via chat or the Q&A tool cannot be considered. We are now looking forward, and the first one in line is Philipp Sennewald.
Yeah, thanks, Friederike. I hope you guys can hear me well.
Yeah.
First question is regarding the Intelligent Assistant and Customer Engagement products. You mentioning the strong growth there as well on the report. It would be interesting for me to know what is the absolute impact or relative impact compared to total sales. I am a bit puzzled why ARPU isn't up more on the back of this momentum. Can you maybe elaborate on that?
Yes, Philipp, first of all, good morning, and thank you very much for your questions. Very valuable questions. Intelligent Assistant Customer Engagement you mentioned, so we have two effects there. First of all, and there we are very happy, and this underlines our strategy and confirms us in our strategy, the recurring revenues in Customer Engagement are growing in the first half by roughly 11%. The recurring revenue base in Intelligent Assistants are growing in the first half by almost 40%, little bit lower, 39%. This confirms us again in our strategic directions, because even though that we have to lower the guidance right now, the effects did not change so much. We see Business Telephony a little bit under pressure.
We expected it a little bit less under pressure, to be honest, but we also see, we expected Customer Engagement, Intelligent Assistant to grow, and this we see. These are the effects. The absolute effects, I am sorry if I cannot mention absolutely effects here, but the volume is still low, and it's still too low, and this you can imagine, the volumes are still too low to compensate the rest. To give you a flavor, overall in Customer Engagement, Intelligent Assistants we are doing right now, the share is increasing, but also step by step on a small basis, but the total revenue share of Customer Engagement, Intelligent Assistants, roughly at 10%, little bit lower than 10%.
But that's already not insignificant, I'd say. Thank you, first of all, but that brings me also to my second question. Why isn't then the effect on ARPU stronger?
Yeah, the ARPU. First of all, I come again, as I mentioned last time. The seats as the volume indicator and the ARPU as a pricing indicator are reflecting or are describing our Business Telephony business. We do not include in the ARPU our Intelligent Assistant yet, and also not part of our Customer Engagement. As I said last time, to understand and to describe well our current business model, we have to bring more transparency, and we will do in the future. We will bring more transparency also in terms of users and pricing effects in terms of Customer Engagement and Intelligent Assistants. But so far, the ARPUs, what you see, the blended ARPU is purely describing the Business Telephony business.
Okay, that makes sense. Yeah, would be well appreciated if we could get also a metric there to understand these IA and CE impact there better. Next one's on botario. Looking at the
Philipp, we lost you now.
Yeah. Philipp? One, two, three. Philipp, if you can hear us, I will remove you from stage. Then raise your hand again, then we'll take your further question. Sorry for that, but we can't hear you at the moment. Okay. Ah, there he is again. Philipp? No. Sorry, we can't hear you.
Let's take him afterwards again if we can.
Yeah. I take Ross Jobber before. Again, Philipp, raise your hand if you would like to ask further questions. Ross, you are unmuted.
Yeah. Morning, gentlemen. Can you hear me okay?
Yes.
Great. Well, Ross Jobber from Edison Group. I've got a micro and a macro question for you today, if that's all right. I'll start with the micro question. Again, botario, maybe it was Philipp's question, I don't know. Obviously, botario's revenues are affected by the fact that some of these projects are taking longer to come to fruition. Could you give us some indication of what sort of pipeline botario has currently got? Some sort of idea of how much interest there is, I guess. That's my micro question. My macro question is this. I perceive the relationship of NFON and its customer base is changing, courtesy of AI. It's deepening, it's becoming richer, and that begs the question, do you think you have the right geographic footprint?
Do you think you have enough critical mass in each of the countries in which you operate for the new business paradigm as opposed to the old business paradigm? So those are my two questions. Thank you.
Yeah, Ross. Thank you for the question. Let's start with the micro question. Overall, botario, as I outlined, we decided to accelerate also the legal integration, and that means also the convergence of the technology and portfolio to have a strong baseline of a platform that combines then voice and AI. I think the trajectory on Intelligent Assistant, which is essentially driven by the botario assets on the recurring revenues, shows that we are then on the right direction, and the growth path of 40% that Alex indicated, I think gives us some indication also for the future pipeline we expect to growth on that base going forward. Happy to report that then strongly, confidently, and hopefully in the next calls.
I think the micro question, maybe let me try also to start with the more a, let me say, macro perspective, and that might answer your question as well. As we see that in the market, the gap overall between experimentation and scalable deployments is really beginning to reshape the market landscape. What do I mean by that? Customers are realizing that there is a difference between some pipe- coded service integrations and a working solution for really concrete customer use cases and mandatory legal requirements. This is true across all countries. I think what is differentiating us is that we really have built out our strategy on embedding really AI in real business processes and also focusing on productive customer use and this topic of digital sovereignty. This is based on our own proprietary AI technology.
This is, as you rightly said, country independent, of course. Why is that so important? Sometimes we also get this question to have an own IP with a proprietary AI technology. I think first, we believe that the combination of the intelligent use of what you could call open- source combined with own IP and a clear focus on specific use cases is more important than just size and general purpose AI models. You might also know, for example, Black Forest Labs from Freiburg with their FLUX image models as an example. For us at NFON, at our core business, at our core differentiation, it is about the text-to-speech and the speech-to-text models. Owning these core models in combination with our proprietary and open platform, we can then offer the suitable best-in-class solutions.
This is very important, I think, also to understand, to combine it with flexible deployment options. So from cloud via private cloud to really on- premises. We believe that this is getting a more key decision criteria, especially in Europe and also including the U.K. So this is also geo and country- unspecific. Maybe why this is relevant from an economic perspective as a last thing, then concluding my answer. Let us reflect on what do you think will happen when using AI voice models is widely accepted, and then you as a customer are dependent on third- party models, especially on ones from outside Europe. Then the question comes up, these companies will need to get profitable. My forecast is that this will lead to a massive price increase without that much additional value because you are dependent, you have no choice.
By us owning the core AI technologies ourselves, we have our own economies of scale and can provide them a customer pricing model that correlates with a clear value generation. This all, therefore I mentioned that so broadly, is country independent. We also have to see how we scale in the different countries as effective as possible. Currently, for this year and for the next year to come, a clear focus is on our key countries and to best leverage their potential, which is Germany, which is Austria, Italy, and of course, then U.K. as well. After that, as we build the foundation in a way that it is not country- specific, this is obviously coming to your micro point, a perspective that we can also leverage and scale that out fundamentally across more countries in Europe.
Thank you very much.
Okay. So far, there are no more questions in line. Quick reminder, if you have questions and would like to ask them. Perfect. Gereon Kruse. You are now unmuted.
Okay. Hello. I wonder whether your mid-term guidance up to 2027 is still valid. Can you please give us an update here?
Good morning, Gereon. Thank you for your question. What is important, our strategic direction remains unchanged. I said it already before, but what we see now with our three product pillars, Business Telephony, Customer Engagement, Intelligent Assistant, the things are not moving so differently than we expected. Only the magnitude of the things are a little bit different. But this is important for us, the strategic direction remains unchanged. Our focus is on the implementation, the operational implementation of our strategy and further scaling of our growth areas of Customer Engagement, Intelligent Assistant. As part of our ongoing planning process and also strategy processes, we will do end of the year as always, we will prepare a new budget for next year or for the next years.
Obviously, we will also review all our financial targets, and we will provide an update in due course when this is ready.
Mm-hmm. Okay. Thank you.
Okay. Another question from Ross Jobber.
Yes. Sorry.
You are unmuted.
Yes. Going back to the point about how you're deeply embedding your solutions or increasingly deeply embedding your solutions in your customers' business processes, two questions that arise from that. First of all, can you say a little bit about how you're having to invest in your sales force in order to create a sales force that's able to sell at a deeper level? Secondly, I know you're investing a lot in your partner network. Are you comfortable that, and is there evidence that your partner network is also able to adapt in order to sell more deeply into your customers? Thank you.
Yeah. Thanks for the question, Ross. Maybe start with the first one. You have a right observation. The current reality is if you go deeply more in the processes of the customers, you always win when you have a combination of understanding the business of the customer, and there we have competencies also in our sales, in combination with people that have awareness about the technological capability and can judge how to do best the integration and what leads to the best solution. So more coming from a technology perspective. Our approach is that we combine these two capabilities in a combined sales approach by the customer, and we see that this is the way that leads us to success. By this, both sides learn from the other in the process, and based on this, we can then scale going forward. Second question about the partner network.
Also there is the right point, and based on this also conclusion and insight, what we did now is also to focus all our sales activities very channel-specific. So the one is if you want our existing channel, where we believe that there is a substantial potential of transforming also those customers and cross-sell also our solution portfolio in Intelligent Assistant and Customer Engagement, and we do this with dedicated focus. Another channel is focusing more on the bigger OEMs and direct enterprise customers, where you have a dedicated different focus also with a different setup. Especially in that second channel, we talk also about new OEMs, new partners, and bigger customers. We just outlined, but we cannot name them yet.
I think this dual combination on leveraging best the existing potential in the existing partners and customers, plus in addition, going also actively out to new larger enterprises especially, that's the combination we think will give us the possibility to get the maximum out of our potential regarding also the financial impact.
Great. Thank you. As a follow-up to that, is it also true to say that as you go deeper into a customer, your total available wallet within that customer changes because you become more of a business process solution. Therefore, rather than having what I might call just a pure telephony budget to pitch for, if I can call it that, there could be a larger solutions budget that you might have access to in the future as you go deeper.
I could not frame it better. This is exactly the case, and this is exactly what we also seeing. Maybe to underline that, one is the deeper integration in the business processes by the products which then leverages, as Alex also said, not only potential of keeping the telephony but also doing an up and cross- sell of our new portfolio ingredients. The other point that is very important there, and therefore I stressed this before, is the trust. Because at the end of the day, we talk about high- value communication. We talk about people talking to people. We are talking about people acting with AI agents and this kind of information, there is a trust point. Where do you store that and where do you process that?
There we come with a big, so to speak, positive impact with all our experience and learnings on the telecommunications area, with all the qualifications we now apply, of course, also to the AI portfolio. We believe that in this combination, we will get deeper in the process topics within the customer. Of course, this leads then to deeper access and better access to a broader range of revenues within the customers.
That's great. We just need a market recovery now. Thanks very much.
Thank you.
Okey-dokey. Thanks a lot. I see no further questions. If you want to raise a question, now is the time to raise your hand. No one in the queue. So, with that, thank you from my side. There seem to be no final questions. I will hand back to Andreas for the final or closing statement of today's earnings call. Andreas, back to you.
Yeah, thanks for attending our call today. Thanks for the great questions. Ross was already doing the conclusion of the call. We now need to wait that the economy is waking up again, and then we are confident that we can put all the things we outlined today even into more traction. With this, looking forward to our next call we have in November talking to you then.