Please hold the line. The conference will begin shortly. Thank you. My name is Valentina, your Chorus Call operator. Telephone.
Yes. Good morning. If I may, I would to ask the questions in English, please, and thank you for taking them. And the first one is on acquisitions. I mean, these last three years, you did at least four acquisitions every year.
This is this year, so far, you've done two, and they are rather small. So my question is, is there any rationale why this year we are seeing less activity on the M and A front?
So thank you very much for this question. So acquisition is an opportunistic case. We have a lot of demand, so around 45 these years and we did two acquisitions. So that is a process we always do. We have a lot of critters, important critters.
And yes, we did two, maybe we will see a third one in the second half of the year. But yes, maybe a fourth one. Last year, as you already mentioned, we did four acquisitions. So it's quite an opportunistic task.
Okay. Thank you. My second one would be on margins. I mean, your sales were up by 3.4%, but your margins were flat year on year. Was this driven by the impact of some specific projects, or was it more broad based?
No.
No. Actually, not. It is normally first half year is a little bit, weaker than the second year second year, so it's just a normal effect, that we have. It's nothing special. Yeah.
A little bit more material and yeah. But it depends on also how the project goes on, then you have more or less material, and it's really a read nothing special, want to say, like that.
Okay. So you would say it's more broad based. It's not related to a specific project. Okay. Okay.
Yes.
And and then my my third question, please, would be on on the big projects precisely. I mean, I believe that you had three big projects in your latest update, two hospitals and one train station. So if you could provide an update on those, and also if you could maybe let us know if if you have any new big projects in our pipeline. Thank you.
Yes. First of all, the Cantonspital Baden. This is already done, finished. We are actually discussing all about the financial situations, but it's going quite well. The second one is the Kontornchpital Arau that will be finished at the end of the year.
Now it's high season in this project. That means we have a lot of material. We have a lot of personal costs, more than actually 150 persons who are working on it. So it's a quite busy time now till the end of this year. And the third one, this train station is just beginning.
So I cannot say a lot of things about this project. It's just at the beginning.
Okay. Thank you.
Any else new projects, large projects? No. We don't have as large as we have these three. We will see what happen afterwards.
Okay. That's helpful. Many thanks.
You're welcome.
Telephone.
Finance the
Yes.
Thank you. I just have a follow-up. Could you maybe give us an update on the integration of of Prenina and the ERP system, please?
Yes. You mean the IT system or you need our ERP project? Or I give you an update about both. The ERP project is going quite well. We expect that we finish this project in 2026.
It's quite going well. The IT infrastructure project is also going well. We will finish this in 2027. All is on track quite now.
Okay. Thank you.
The next is from Stephanie Eminada, AWP. Please go ahead.
Okay.
The next comes from Mark Posa from.
Yeah. Good morning. The ASG for CAR E,
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