Ladies and gentlemen, welcome to the conference call on the financial results of the first half of the year 2025-2026. I'm Sergen, the course co-operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing * and the one on your telephone. For operator assistance, please press * and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Attila Dogudan, CEO. Please go ahead.
Thank you very much. Ladies and gentlemen, good afternoon and good morning to you all. This is Attila Dogudan. Our team today is Bettina, both Johannes, Attila Junior, and myself. We're very happy to share our half-year results and will be then ready for the Q&A. We had the best and strongest half-year results ever in the company history, and hopefully, therefore, have met all your expectations. As you have seen, revenues have increased by 9% to EUR 1,236.8 million in revenues. EBITDA is EUR 149.7 million, which is an increase of 24%. EBIT is EUR 106.7 million, which is an increase of 28%. The net result is EUR 53.5 million, which is an increase of 21%. I think even more important for us are the margins, as we have promised to increase them step by step. EBITDA has increased from 10.6% to 12.1%, and EBIT from 7.4% to 8.6%.
Net result from 2.9 to 4.3. We have improved in all divisions and markets, which we are proud of. We therefore believe that the team did a great job, and we are definitely going in the right direction. As you know, our clear goal was to improve margins, digest the high growth rate of the last year, create a financially healthy setup for solid growth in the upcoming years. We have reached a very good level of financial stability, and what we are working on is to get now the right people, as already mentioned a few times, and educate them for the next step of growth. You all know this only works if we can manage with the right people and the level of quality which is expected from us at the same time of different locations only works if we put this kind of focus on education.
Once again, this is the reason why we put this on our headlines, on the corporate news, hiring the best talent. When we say we're going to get 2,000 people, it doesn't mean we're going to get for the same business 2,000 people. It means we're going to prepare for the next step from next year on. This year will not affect any cost of these people and give them the right education in our own DO & CO Academy because the portfolio of activities DO & CO has no one else has. It's a business case on its own and is unique. Therefore, we can get people, but we need to train them then to deploy, so to say, on various locations at the same time.
I think you heard this a few times, but we think it's very important to say it again because this is the driver of the next development and the next growth, so to say. Before Johannes will go through the numbers, then after my presentation, we're going to go now, let's say, to page two. You see on page two of the presentation, airline catering EUR 981 million, 11% plus with an EBITDA of plus 26% and EBITDA of plus 31%, event catering only 1%. The restaurants and lounges with plus 11% and 30% and even 46% in EBIT, I think, are very promising numbers. Highlights: the EUR 1.5 billion in sales, first-time 8.6% EBIT in kind of first-time and 4.3% net results we really like. Free cash flow, EUR 107.8 million means 40% increase in comparison to last year.
Net debt to EBITDA ratio 0.4 makes us honestly very happy because we believe that you have to be strong for the future in terms of financial power and no wrong debt, so to say, to be able then to go for the next level of growth. Equity ratio of 38% makes, I guess, everyone happy too. If you look on the three divisions, nothing special than what is promised. An estimated, basically, in airline catering, the construction has started in Istanbul for the biggest kitchen of the world. I think it's really the biggest kitchen of the world and, in any case, the most sophisticated and modern one, which will be very efficient, I think, once it's operating. We won the majority of tenders. We went in and expanding our customer base. Event catering, same for all areas which you already know.
I think the really good news is in the restaurant, lounge, hotel, which is a clearly B2C business where we have improved our margin from 7.7% to 10%. I think we do well. With the mix of the right education and the financial strength, it means innovation, quality, and people will drive this company to a next level as we have estimated and all the time shared with you. Coming back in detail to airline catering, the EUR 981 million I already mentioned, I think we can pass this slide. Go to Türkiye. Türkiye is doing very well. Turkish Airlines is very much focusing on product. They are doing, I think, a very good job in terms of how they sell the tickets and how it works.
We got again, this is one of the airlines really taking super care of the clients, of passengers in lounges and on board, I would say almost like no one else. It's all about Turkish hospitality and driving this as a trigger to get clients on board of Turkish Airlines. I think it works quite well. Additionally, I think in Türkiye we have additional third-party business which is developing in a good way as well. International Airlines Group, London-Madrid from Madrid, very proud of this kind of close relationship and partnership. I think we have a very good operational performance in Heathrow and in Madrid Barajas. We have fresh menus everywhere. What we see is basically that on both locations, these are key European hubs which so far, knock on wood, worked very well. Delta, stabilized.
One of the reasons why I'm improving is that the startup cost of last year, which was a headache for us and cost us a lot of money, is no more in place. This is a stabilized account. Step by step, I think we get better and better. JetBlue, one of the few airlines focusing on quality on the American continent, so to say. We are proud of this partnership as well. Additionally, you see some clients which we got like Air Lingus or WestJet in various locations. New contracts, last page. You see again a few airlines from Air Canada and All Nippon Airways, KASEI, Etihad. You name them.
This is basically all these are all these airlines who take care of passenger satisfaction, take care of onboard quality, and I think hopefully we are not only a good partner for now and for the future. Event catering, as mentioned, the only 1% increase is because we have no chance to replace the European Football Championship of last year. We have this problem every four years when we do these kind of events, which are one-off. If this was in place, it would be a different growth, obviously. Again, here no surprises. Formula 1, as everyone knows, doing very well. Strong demand on all locations. We just finished last weekend Brazil. Next weekend is Las Vegas, which is one of the biggest of the whole tour. Not only of the whole tour, I think it is one of the biggest sport events at all.
We see strong demand this year for the remaining races than in Qatar and Abu Dhabi. We already see a very good demand for next year. As you know, the teams will from 10 to 11 teams will be increased. By nature, we get more guests, so to say. Additionally, the interest in Formula 1 has increased significantly and still increasing all the time. I think it's today the sport which attracts, I guess, most of people of the world. Allianz Arena in Germany, including Bayern Munich's home city, so to say, home stadium. We're very proud to be there. It is a very good relationship. Nothing new to report. The same is Olympiapark. A lot of concerts to Alippa and Robbie Williams and you name it.
The same is in the SAP Garden in Munich, a new arena, as you know, where you have a split between basketball and ice hockey, which gives us the opportunity to have a very good locational utilization throughout the week with the two segments. Tennis, we did last year a little bit. FIFA World Cup, the other open airs we have, I think, is regular business, as you know. In terms of restaurants, very good news if you do the comparison with the old years. Now, I think we learned how to approach these kind of clients and we will grow in this division, as mentioned, once we have settled the right people, the right education. It is the DNA where we come from. This is basically where the driver of the quality in the other divisions impacted and affected.
That's the reason why we take very much care of this. Damon with pastry is doing super well. Kazakhstan, the Austrian pancake is already a kind of signature product. The restaurants in Vienna and Munich work well. Nothing special to report. Hotels, DO & CO in Vienna and the hotel in Munich, the one in Munich already got a Michelin key and was awarded to, I think, the best boutique hotel in Germany. It's only 30 rooms and the other one is 43 rooms. I think, first of all, it's making money on its own. Secondly, I think for the brand awareness of the group, it makes really, really sense. Airport gastronomy on one end, we serve clients who focus on quality and serve something.
On the other end, we have airport gastronomy where these airlines who do not buy have clients and passengers who at least consume at the airport, which gives us another driver of the whole, let's say, business case. Finally, in a nutshell, I would say we are happy with the development of the company. Although we know that some of you always expect more and more growth rates. We shared already with you a few times openly that we will need this year to prepare ourselves for the next level in order to take the strong goals in the following years. We have to think about delivering the expectation of our clients to keep our margin, to increase our margin. I think it's the right step. It was openly communicated. I hope you agree with this strategy.
I can promise you that our, let's say, macro goals, adding a double-digit EBIT in the next two or three years and targeting EUR 3 billion in revenues has not changed. Some FX effect were in this half year, which were not in our favor. Johannes will then come to this in a second. That is in a nutshell what I could or wanted to report to you. Thank you for listening. Johannes will now take over. We are happy for the Q&A. Thank you very much.
Good morning, afternoon, and evening. Thank you for joining us today. My name is Johannes Echeverria, and it's my pleasure to take you through our company's best half-year results now. I would like to begin with our detailed income statement on page 27.
Let us first consider the revenue, which has increased by 9.3% and now exceeds EUR 1.2 billion for the first time at the half-year mark. It's worth highlighting that we achieved this increase over the past six months despite a few headwinds, with the Turkish lira devaluating by 16% compared to 9% last year and the US dollar devaluating by 7% compared to zero last year. However, the most significant outcome is that our profit margins remained unaffected. In the first half year of 2025/2026, we saw an improvement in our EBITDA margin, which grew from 10.6% to 12.1%, and our EBIT margin, which increased from 7.4% to 8.6%. We are pleased to announce that our net result has also improved from 3.9% to 4.3%. A big thank you goes to our more than 16,500 employees worldwide whose daily commitment is the key to DO & CO success.
All in all, we are pleased that our philosophy and company culture are reflected on our financial performance with consistent bottom-line improvements and an increasingly robust balance sheet. We move on to the next slide, 28. We can see the development of our results quarter by quarter. I would like to draw your attention to the Q2 figures. As you can see, we have succeeded in increasing our EBIT margin from 8.1% last year to 8.7% this year. Another step as well from Q1 to Q2. If you look at the margins at the right, it is obvious that our EBIT margin has consistently been over 8% since the second quarter of last year, which demonstrates once again how margins have increased sustainably over the last months. Now let's review the results for the first six months in our divisions on page 29.
In airline catering, we have seen a significant improvement in the EBIT margin, rising from 7.0% to 8.3% in the first half of the year. This was driven by startup cost at JFK last year, as mentioned in our last call, as well as improvements in all other units worldwide. In Q2, our EBIT margin increased from 8.2% to 8.4% versus the last quarter. In event catering, revenue increased by only 1.3%, as we experienced a substantial one-off effect last year in the form of the Euro 24 tournament in Germany. For this reason, we would like to present our growth for the first half of the year without this effect, which is plus 22.3% versus the reported 1.3%. Nevertheless, we were able to improve our margin in that division from 9.1% to 9.7% for the first half year.
The margin improvement from 7.7% to 10% in our last division, restaurant lounges and hotels, once again demonstrates the great potential in this division. BMO, as well as our lounges, Henry Shops, restaurants, and hotels must be mentioned here. Looking again at the absolute numbers in the boxes on the right side, we see that the revenue increased by EUR 9.1 million, of which EUR 2.8 million ended up in our EBIT. Let's move on to the balance sheet on page 30. Firstly, I would like to highlight the overall increase in our balance sheet to 4.4% to almost EUR 1.3 billion. This is the result of an increase in trade receivables of EUR 37.9 million and an increase in cash of EUR 34.1 million to EUR 208.3 million. We will discuss our cash flow for the first half of the year shortly.
In contrast, property, plant, and equipment decreased by EUR 17 million, mainly due to FX differences from U.S. assets. Turning to slide 31, I would first like to draw your attention to the equity ratio of 38.3%, which is the result of an increase in retained earnings and non-controlling interests. The reduction in other financial liabilities of minus EUR 17.7 million is mainly driven by a decrease in lease liabilities, mostly in the U.S., of EUR 9 million and a repayment of loans of EUR 8 million. The left-hand box displays the outstanding loans as of September 25. The total remaining amount is EUR 68 million, of this EUR 2.1 million and EUR 55.8 million are to be paid back this year. Please find our strong cash flow statement on page 32. Firstly, I would like to highlight that gross cash flow has increased by 22.5% compared to last year, amounting to EUR 155 million.
The company's free cash flow stands at EUR 107.8 million after a six-month period. If we review last year's result, we will see that we had EUR 125 million for 12 months. The cash flow from investing in dividends has seen a decrease of EUR 13.5 million. Please be advised that our capital expenditure for the first six months was EUR 29.2 million, as illustrated on the left-hand side. The figure is in comparison to EUR 36.5 million last year. It is anticipated that our CapEx will be higher in the second half of the business year. Our guidance for that remains the same, between 3-4% of our revenue. I would like to close my presentation on page 33, where you will find our new letter to EBITDA slide.
We would like to demonstrate our progress over the last few years, beginning with 2020-2021, a period that was impacted by the pandemic, resulting in an 8.2. Further improvements can be seen down to 3.3, 1.9, 1.1, below 1, and 0.4 now. I would like to thank you for your attention. I will now hand over to Mr. Dogudan, and we will be happy to answer your questions afterwards. Great. Thank you very much. Please go ahead.
Ladies and gentlemen, we will now begin the question and answer session. Anyone wishing to ask a question may press * and one on the telephone. You will return to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press * and two. Questioners on the phone are requested to table the loudspeaker mode. Anyone with a question may press * and one at this time. We have the first question coming from Julian Richard from Kepler. Please go ahead.
Good afternoon, everyone. I have three questions, if I may. The first one, we have been facing mixed comments about the U.S. consumer environment recently with record jet cuts, but at the same time, some decent consumer figures based on credit card data and the like. Have you noticed any areas of weakness in your two main divisions recently, whether it is in the U.S. or Europe? If you can talk about it, that's the first one. The second one, in terms of new contracts contribution, are you still in the 40%-45% of revenue, organic gross revenue coming from new contracts contribution? Do you still expect this level of contribution in full year 2025/2026?
Last one, in terms of EBIT margin evolution, do you expect additional H2 EBIT margin pressure? You are above the 8.5%. If I look to the figures you just discussed in H1 for the airlines catering activity only, the increase in revenue and EBIT implies something like a 20% EBIT margin. The marginal EBIT margin was close to 20%. Is there any reason for a deceleration in margin improvement in the second half of the year? Thank you.
Thank you very much for the questions, Julian. Let me start maybe on the US side. We, at least so far, do not see any changes on, let's say, on the attitude behavior on the American market. I would say we have two segments. The one segment is all international carriers.
They have to have their global product anyway, which is their product regardless of where they fly to. We do not see anything there at this stage. You have the American carriers where money is always a big issue, as you know. There is always a pressure, but this is part of the game, honestly. We do not see any additional pressure than the one which we have all the time because everyone is asking us for more efficiency, obviously, and getting, especially on the invisible side of cost, which is the logistics side, something which reduces their cost. Whatever I think happens, so far, we do not expect any margin development. There might be some, let's say, nominated items someone could ask for, but it does not affect so far our margins. This is the number one.
I think on the new contracts, I do not know, Johannes, if you can say something.
Yes. Thank you for your question, Julian. Last year, you know we mentioned that our share is 50/50. This year, it is slightly down because we had the ramp-up of Delta last year. Yes, you are right. It is between 30%-40% coming from new contracts. Regarding your third question, H2 pressure on the EBIT margin, we do not expect that, to be honest. Q3 should be in line with Q2. You know that Q4 is our lowest month. Our guidance on the EBIT margin stays the same, like in our last call, at 8.5%.
Julian, let me add something on the EBIT margin.
I think this is a great question because it's basically reflecting very much when we say we're going to get the right people, educate, and train them. When do we get a better margin? We only get a better margin if we are able to differentiate from the rest of the market. Does the premium product apply to everyone? No. Those who like this, and this is a good chunk of our clientele, they only would go for the premium, so to say, if they had a really visible, tasteable, realizable better product. This is exactly why we are playing in the premium league. The problem, so to say, is if the gap between us and the rest is not big enough, we would not get the premium.
This is the reason why we have to invest in people, education, systems, procedures in a better way to have this innovational part, which is consistent throughout the network. This is the driver of the business case. It is not like we are not putting this on a corporate news because we do not know what to say. It is simply significantly impacting and securing the future growth and to keep the margin and not to go under the pressure. Almost everyone on the market is offering for cheaper. We still get, I would say, the crème de la crème of the airline industry. The more we give them something which they differentiate, so their clients have a good voice and everyone has an NPS score, everyone has customer satisfaction, and they see then, especially on the premium cabin, that this makes a big difference.
So far to the pressure on the EBIT margin.
Very clear. Thank you very much.
This is very much, by the way, valid for the airline, which is completely different in the other two divisions. The reason is because in big sport events or in big corporate events, and at the same time on the side of restaurants, lounges, and these kinds of things, it is anyway a lot of B2C, so to say, where the margin of our clients are pretty high. No one is going to go for a 10% discount and risk operations. Right? This is on the two divisions, I think, is more safe. On the airline, you're right. There is always a pressure. The answer is what we're trying to explain to you. I hope that's beneficial. That was clear.
Just as a quick follow-up, if you are talking about with the academy that you are launching, if you are talking about 2,000 people, i.e., it is more than 10% of your total staff, does it mean that we have to take that into account for the next two years, two to three years? It will be more or less in line with the 4% increase in staff you put in H1, so maybe 4-6% on a yearly basis. You are going to have that through an 18-month, two-year period?
Exactly. Completely right. We wanted to give the market the message. Hiring 2,000 people does not mean that we increase our cost. It means we expect business in the next years where we have indications, good indications that we will get this.
That's the reason why I said in the very beginning, all the targets we have are in place and all, let's say, activities we have shared with you are in place. The FX, which was this half year or quarter, a kind of disadvantage for us, does not say that this company will not grow in the future. The 2,000 people means, as you said, a couple of hundred million of additional revenue. 100% right what you said.
Thank you very much.
Welcome.
The next question comes from Vladimira Urbankova from Erste Group Bank. Please go ahead.
Yes. Hello. Good afternoon. Thank you for taking my questions. My first question will be still related regarding your targets. Earlier, you said that you target growth on the top line of some 8-10%. Should we rather expect 8% because of the forex?
What was the forex impact in the first half, and how do you see the situation developing going forward, especially with respect to the big dollar as a new element of that kind of forex pressure on the top line? Next, in Q3, we have seen this government shutdown impact in the U.S. Does it impact your Q3 results, or what is your observation in this respect? Last but not least, again, U.S. market related, do we have any new developments regarding your catering for the FIFA World Cup, or when do you think you can update us on this? Thank you.
Thank you, Vladimira. Let me start with your first question regarding the guidance for the top line. It is still in line with what we told you so far, so between EUR 2,450 million and EUR 2,500 million, depending on FX.
For FX, we still have the same assumptions like in our last call. Regarding the FX impact for the first half year, let me explain to you the situation. If you look to the U.S. market, our revenue in $ increased by 15% for the first half year. In Europe, it's only 9%. We are missing approximately 6 percentage points, which is $15 million. In Turkey, if you look to the lira revenue, it's up by 51%. In Europe, we see a 19% increase, which is more or less the organic growth in Turkey. If I only consider now the revenue in U.S. that we lost, the 6 percentage points, and if I add it up with our revenue in airline catering, our growth rate would be at 12.4% for the first half year.
That's more or less our organic growth rate for the first half year in airline catering. Regarding Q3 shutdown, you do not have to expect any reductions in revenue there. Yes, we might have some cancellations, especially in domestic flights, but that was kind of our normal business. No big impact on that.
On the FIFA story, we still did. They just came back now, and we're still talking to them. As I mentioned, I think last time, we do not expect too much of the FIFA World Cup. They still did not decide anything, and it is very little time to go. I think we should not count on that. If there is something, then it is low numbers. Honestly, we are already for next year very well booked for this period. We do not expect too much.
Thank you.
The next question comes from Henry Wendisch from NuWays. Please go ahead.
Yes. Hi. Good afternoon, everybody. Thanks for taking my question. Congrats on the strong results. I just have two questions left. First one is regarding the segment International Event Catering. We've seen that the EBIT figure was more or less flat despite a 10% decrease in sales due to the aforementioned effect. I was wondering what, so the underlying margin actually increased quite a lot. I was wondering what was the main driver of this development. I have two hypotheses. Maybe that one is that the positive sales effect of the Euro 24 was actually at a relatively lower margin, now explaining the higher margin, or it could be something different. What is the development here, or what am I missing?
The second question is I would like to know, we have seen overall on the group figures a slight decline in material expenses. I guess this is due to the higher startup cost at JFK. They were still present in—
I'll talk over you. Henry. Henry. Henry. Thank you very much for the question. Let me just—yeah, sorry. Let me just give you an answer on the event catering side. Yes, you would see that you had a bad margin, but that is not basically the case. It is better now because at the big events, we have more guests than the year before. We have better economies of scale at every location. This is especially driven by Formula 1, but it is the same with all the other sport events we did. We had more people in Madrid at the tennis.
We had more people at the golf. We had more people. If in one location, after a certain number of people, if it deploys by another 500 or 1,000, you simply have a better margin. This is because your infrastructure is already paid and like this. Coming back to the euro, was the euro the highest margin? Not, but was it a driver in terms of new margin? No, it is not true. The key answer is that we have at the same location more people and, through that, better profitability.
Right. Regarding the cost structure, let me start with the numbers first. Material costs the first half year went down from 42.5% to 40.3%. Personnel costs increased slightly from 33.7% to 34.2%. Operating expenses at 14.2% compared to last year, the same amount. Yes, you are right.
This reduction is mainly due to the startup costs last year. Please bear in mind that agency staff costs are included in material costs as well as purchase services. This is why startup costs always increase this cost factor. If we switch from agency staff to fixed staff, we will also see a shift towards personnel costs from material costs. You're right. I hope this helps.
In the underlying, the food prices and all of that, you just pass that on more or less. We've talked about this quite a lot. That is not the reason why the ratio in terms of sales and % of sales has declined. No, that's not the reason. The main reason is agency staff and purchase services.
Yes. Perfect. Thanks.
You're welcome.
The next question comes from Marie Therese Grübner from Cantor Fitzgerald . Please go ahead.
Yes. Good afternoon. Thanks for taking my questions. I have a few, and I will ask them one by one if you do not mind. The first one pertains to the FIFA World Cup. I noticed a change of language on your side, and maybe you can elaborate what has happened. Is it a question of you being so booked out that you really cannot accommodate, or maybe it was not that interesting from an economic standpoint apart from the prestige? Maybe if you can add a bit more color on what has changed. Secondly, if you could give us some guidance on the minorities, which are always a topic for the full year, if you can give us some guidance of where you see that. Last but not least, my question regards the minorities, and the reason for it is, again, the minorities.
Is it outlandish to ask why you do not buy out those minorities and take complete control of the Turkish business? Is this something impossible at this point or something you have thought about? Thank you very much.
Thank you, Marie Therese. Let me start with the FIFA World Cup. The language we have is basically the language we get from FIFA, so to say. I think we did last year or this year a very good pre-club World Cup in Miami and then in New York. The problem in the U.S. with the stadia is that the stadia have their contracts with the incumbent caterer on-site, on location. I think FIFA underestimated how to get rid of them, and it is not so easy like it was or it is with UEFA or EURA and so on. Basically, you have always a stadia.
They have 16 stadia with different incumbent caterers. This was a problem why it did not come up in the same way like European Championship, which no one knew. What we have been offered now is doing the VVIP and VIP areas. I have to explain the terminology. This would be the top segment of every match, but just for a couple of hundred people. If you go for a couple of hundred people in 16 locations, if you do not have the critical mass, it does not make sense commercially. If we would not get more, then it does not make sense. It is not like that we are completely out, but I think in terms of effort you put in and you do, let's say, only the top-notch, then you still need the best people which you have. Otherwise, you would not deliver.
In terms of revenue, if you added another 5,000 people, you would have the same management structure in the stadium. I do not know if this is clear to understand. We do not get, as it looks like, the critical mass of number per match. If this is not the case, you cannot say you have 104 matches and you get, I do not know, 500 or 1,000, then you have 100,000. The cost structure will be completely different than if you have 15,000 or 10,000 per match. This is not the case, and it does not look like they can get rid of this setup in the U.S. This is the explanation of the language, and it is going up and down all the time. We had the last call just a couple of days ago.
I do not expect out of experience that we're going to get the same like we had in Europe. Maybe Johannes, the next one.
Yeah. Regarding minorities, let me start with our last year's number, which was EUR 23.4 million, including IAS 29. For this year, our forecast is EUR 30million-35 million. Keep in mind that Q4 is always lower because the hyperinflation effect is the biggest one. Our guidance is between EUR 30million-35 million for this year.
I think in terms of relationship, and you know that anyway for a long time, we have a very close relationship with Turkish Airlines. This is more than a joint venture. It is not just a financial joint venture. It is a very much emotional joint venture.
I think you can expect even more activities in other areas, in other regions where Turkish Airlines might be strong, but there is no idea that someone buys the other's share or something like this. I think it stays like it is. We are happy with this kind of setup. I hope Turkish Airlines is happy with this. The more we can do together makes sense as the airline is heavily growing. On the other side, the more we can make joint businesses with other areas, which reduce end-of-the-day cost of Turkish Airlines, makes sense for them and makes sense for us in increasing our partnership.
Thank you so much. If I may ask a follow-up, an additional one. It is regarding the interest income line and how sustainable it is for you to invest your cash balances at these rates.
What should we expect for the full year and maybe next year if you can give us some color? Thank you.
Yes. Of course. The highest position within the financial result, positive one, is the income, which you mentioned, which is mainly due to the Turkish lira exposure with a high income. I think you cannot expect, or you do not have to expect any big changes until the end of the year. That is still in line with our expectations so far and also for the whole entire business year.
Thank you. Thank you very much.
As a reminder, if you wish to register for questions, please press * and turn on your telephone. There are no more questions at this time. I would now like to turn the conference back over to Attila Dogudan for any closing remarks. Thank you very much for your time.
I hope we could clarify the open issues. As I said, I think we are at the right path. We do not have any doubt that exactly this way is the right one. Hope to see you soon, latest at the Q3 results. Thank you very much for listening. Have a good evening. Have a good day. Thank you very much.
Thank you. Ladies and gentlemen, the conference is now over. Thank you for choosing Corosco and thank you for participating in the conference. You may now disconnect your line. Goodbye.