PORR AG (VIE:POS)

CMD 2025

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Apr 1, 2025

Summary

Strategy prioritizes selective growth in infrastructure, data centers, healthcare, modular housing and industrial EPC, supported by Lean and digitalization. By 2030, the aims are 3.5%–4% EBIT margin and EUR 1 billion–EUR 2 billion of output growth, depending on growth assumptions.

For now, Klemens and myself are going to introduce PORR to you. We're not going to talk so much about what happened already, but we're going to take a look into the future, and we're going to talk about sustained results and how we want to achieve them. We're going to talk about the track that PORR is on. I will give you a couple of facts and figures. Then we will have enough time for a Q&A session. Then we will go to the tunnel. You will get some protective equipment. Then we will go to the LeopoldQuartier. We will have time for questions again. Then maybe if you have time, there will be a cocktail or drinks before you go home. I'm very happy that you are here today. I hope you enjoyed yesterday evening. I think we had enough food. I hope you like the food. We have beef, very traditional Austrian food. We are all strong and ready for today. Most of you know what PORR is. I will just briefly go through where we operate. We are a construction company. We will always be a construction company. We will build as much as we can ourselves. We are home of construction. Why? Because for us, home is where the best people, the best PORRians have their home. It is also the home for expertise in construction. We are not a construction company that is just building construction or civil engineering or tunneling or some combinations thereof, but we are one of the very few companies in Europe that from construction engineering, from demolition, geothermal, tunneling, railway construction, bridges, infrastructure. We have facades. We have many different fields that we operate in. Here in yellow, you can see our seven home markets on the slide. In these markets, we offer everything that we have in our range of services. We are reinforcing and increasing this in all of our countries. That's why we have grown sustainably. We started with special civil engineering in Germany. If you need that at the moment, you have to go to the Keller, Bauer companies. Then we started with our own special civil engineering project. I don't have to order it from others, but I can place the contract with my own people. That's why we're number one in Germany. In Austria, in special civil engineering, we're the absolute number one. We have a lot of potential in Poland. German and Austrian colleagues are helping out there with expertise, technology in special civil engineering, and also in Romania, but I will come back to that in a second. That's also our approach in other markets. We're not going to change anything about our seven home markets. Then we also have a couple of project markets, but they only account for 3%. The U.K. is a market that we will retain. We have an order for HS2, our slab track system from PORR. This is an order for more than EUR 300 million. All High Speed Two lines that other companies are building will be equipped with our system. We produce it. We deliver it. We are in charge of the engineering. Installation is done by other companies. They are trying to convince us that we do it, but we are a little bit reluctant. Either they will pay a better price or somebody else will do it. In Norway, we have the Drammen Bridge. This is another very interesting steel engineering project. We are still on the market in Qatar. In Qatar, in this region at the moment, nothing much is happening. There is a tunnel and some smaller projects, but there is no company that still builds in their own country. All our partners are building in Saudi Arabia, otherwise they could not survive. Also, the companies from the Emirates are not building in the Emirates, but they all went to Saudi Arabia. For us, this is not a market. There are so many competitors there already. They are still looking for big companies, but this is not of interest for us. We are very strong in most of these home markets and in Romania. It is one of the markets that we also operate, and we are not going to change this. What is the essence of PORR? As I already mentioned, it starts at the design stage, planning. We do this design. We have in industrial construction, a lot of American companies like Jacobs, you know, Fluor. This EPC system is only available in plant construction. PORR has responded to that. In industrial construction in Germany, we have been using it for quite a while. We set up a division for this EPC, and we make sure that it is used in the healthcare sector, pharmaceuticals, chemical industry, life sciences. We are taking the best people from other areas. Then we construct, of course, we renovate. Revitalization is a buzzword, especially in building construction. We have to prepare ourselves to climate change. Then operations, of course, and also demolition, circular economy, raw materials. These are our most important aspects. Here you can see the KinderKunstLabor in St. Pölten in Lower Austria, the second picture on the slide. This is the Südtangente of the Elbe crossing in Germany. The Salzbachtal Bridge will be completed in July as announced, so perfectly on time. This was a project in Wiesbaden. Let me talk a little bit about the situation we had there. We were instructed to demolish the bridge and build it up again. During demolition, we find out that there were mistakes in the design. With the method that we were meant to use, we would be failing. We informed the builder of this and said that we have to do it differently. The first reaction was, "We will think about it." The second reaction was that PORR probably wants to cheat us. They stopped thinking about this, and they said that they take this out from our scope of services. Another construction company, I think their name is Gebrüder Weiss, was awarded this contract. What happened? This bridge that you can see here came closer to this other bridge. They thought that they could demolish one, and then everything will go through one bridge. Once this has been completed, the other bridge would be demolished. We said from the very beginning, that is not going to work. It happened exactly as we predicted, because one bridge was leaning over to the other one. They had to close both bridges. Wiesbaden, Frankfurt, in this area, the whole motorway was closed. And they have 5 or 6-lane connections, the high-speed Bahn, Frankfurt, Wiesbaden, Cologne. That had to be closed suddenly. For 3 to 4 months, nobody was at the station in Wiesbaden. This shows how we have to handle some suggestions as to how to build. 1 and a half years ago, we completed the first bridge. The second one will be completed as planned in July. Tunneling, this is what we will see later on. Here you can see one of our data centers in Poland. Here you can see the sports arena in Vienna. This is special civil engineering. Here we have one of our harbour engineering projects in Constanţa in Romania. Why do we believe that construction will always be even more important? Construction has always been important. Some people say construction was the first trade. It has always been part of our human development. We refer to it as the four Ds at PORR. What is happening at the moment? Deglobalisation. During the pandemic, we saw that some trade routes were no longer open, new prices, new conditions. We responded quickly. We tried to localize our operations. We have greater priorities in our countries. We opened a logistics port at the Elbe port as the first construction company for bulk materials, cement, and so on, and also a concrete plant via the Danube. We get steel from Turkey through this port. This is very important in the procurement market because steel was very expensive, and we did not get any. We talked to Turkey. This is a different standard, but then the standard industry came up with a new standard. In Austria, steel has to have a density of 55 as compared to 50 in the rest of Europe. This does not matter. You just take the steel and add this factor. It is a little bit more work because you have to do all these calculations, but you can still use it. When they saw that PORR has a hub, that we have these ships, and that we asked Turkish steel producers, suddenly steel was available via the Danube, and it came from Germany. What we do at PORR is deglobalisation by focusing on these markets, having stable partnerships there. We also tried during the pandemic to make sure that we do not completely cut ties with some of our subcontractors. We supported many of them, and now this helps us a lot as a partner company. If you are feeling too hot, please feel free and just open a window. We all need fresh air. Regionalization resilience. We are very well prepared for all of this. Renovation, housing, storage, logistics, all of these topics. The second D is decarbonisation. This is a very important topic. As pure construction, PORR is the most sustainable construction company in Europe, together with two French companies and a Spanish company, but they are all mixed companies. Energy transition, we have changed all our construction sites. For the first time, we are measuring and metering everything, electricity and water. We have a separate waste disposal system for every construction site, which is quite easy in Austria because we are the market leader anyway in environmental engineering, but also in Germany, in Czech Republic. Circular economy is important for us. In Austria alone, we have 17 collection points where 2.8 tons of concrete, asphalt, steel, timber, and so on is collected and refed into the circular economy. In Vienna, we also deliver to Lafarge for brick construction. In Stockerau, we have the first gypsum recycling plant. It sounds great. Why didn't we do this earlier? Until 1/1/2026, you could just bring the gypsum to a collection point, but this is no longer allowed. You have to recycle it, and there are special reception places for this. We invested EUR 7 million, and we will have the first recycling plant, approximately 60,000 tons. The recycled gypsum comes to Saint-Gobain, where it is turned into new boards. Decarbonization, ESG, saving water and electricity. We will make sure that more than 60% of our electricity need will be produced by ourselves by 2026. We have a huge photovoltaics plant. We are equipping all our halls with photovoltaics. We can send electricity within our group. We can feed in electricity ourselves, so we are highly flexible. Together with Verbund, we have our landfills that are no longer in use, and we're using these areas to build state-of-the-art modern photovoltaics plants where you can also have agriculture. Another topic of ESG, diversity, inclusion, promotion of women, children, family. How can we combine all of this? Healthcare is important. Care Plus, for instance, this is an insurance that PORR has for its employees. If something happens, within 24 hours, you get EUR 20,000 into your account, which is, of course, great for a worker with an injury, and they only have to pay EUR 5 every month. The other EUR 5 are paid by us. This is an insurance scheme that Wiener Städtische developed together with us. Governance, we do have our charter. You all know this. This was important and also very helpful. There is no gray zone. There's just black and white. Every year, 10,000 to 14,000 colleagues are trained in terms of anti-corruption, for instance. So governance is important for us. Sustainability is important, and it is also going to be important in the future. A lot of contracts have been placed with us because we support our clients, our customers, in making their buildings more sustainable. Let me give you an example. In Pforzheim in Germany, there's a huge lab with storage areas, warehouses, and we were number 2 in terms of price, but still the contract was awarded to us because we showed them how they can use their LEED and their certificates. We showed them what we are doing in this area, and that's how we convinced them, and the contract was placed with us. Everybody, of course, all of our clients always are afraid that they just talk about sustainability but are not doing anything. The management of listed companies is always nervous when they have to have a construction project. Designing, planning is very important, and that's why we play a big role because the customers, the clients like our approach. We do know that this whole regulation doesn't really make sense. There are a lot of regulations, and this keeps many people busy. You have all seen our annual report. Two-thirds of it is on sustainability. Who of you really read through that? Klemens is going to go into detail on that. We used to have how many KPIs? 180. Now we have 1,300. So that doesn't make sense. This is absurd. Who is going to measure all of this? We have to think about it first, then we have to go out in the field, talk to those working in practice, and everything that is more than three pages of explanations on a certain topic doesn't make sense. If I write 10 pages, complicated wording, and nobody understands, it doesn't make sense. Digitalization, of course, is always important at PORR as well. We always have three steps forward and two back, and sometimes we are the faster pace, but we are on the right track. We have an internal project, Portunity. This is like the spine, so to say, where we have all data and incoming orders. On the basis of this, we have calculation, and on the basis of that, we have all these construction execution topics and then also the storage of the date. This is all based on this BIM system, and Portunity is used for even the smallest project. The client, the location, all of this is entered. Logistics is getting more important. You have to imagine this Portunity is like a spine, and the other programs are the ribs that are connected to it. That's HR, that's procurement, calculation, execution, ordering, up to lean management. That's how we try. We have, for instance, projects like digital construction find or the foreman of the future. It's not as easy as it sounds. Like all other big companies, we use iTWO. We all know that it was built by Schneider. It was the most promising thing in the construction industry, but it's a high risk because they promised a lot, but they're still not able to deliver. We all, Strabag and all other construction companies, rely on this system because we decided to use it. It's a great program. However, there are a couple of bugs. We are completely independent. We will talk about the processes and the transformation that we're planning in a minute. Another challenges of our future, whether we want it or not, is demographic change. Of course, with automation, we can counteract many developments, but our own staff is the key for our future success. Targeted migration will be important. We have to differentiate between migration and asylum. That's very important, as I keep repeating. We have to take a look at what we can do. Our response is increased training. PORR Academy is something that we have had for 100 years in Austria. Apprentices, foremen, project managers, both on the commercial and the technical side, and also in terms of management with our leadership programs. We also rolled it out to Germany, Romania, and Poland. We're trying to keep engineers in Romania so that they do not go to Germany or to other countries. When we needed trades, for instance, in Darmstadt, we had 50 colleagues from Poland. In Norway, we couldn't even work without our Polish colleagues because we don't have Norwegian staff that goes to the construction site. But they have a lot of construction managers. But in Norway, you do not find people working at the construction site. Let's talk about our strategy. Most of you have been with us for quite a long time, and you have noticed since 2012, we're talking about intelligent growth. How do we want to do this? We build with Lean. I am going to talk about Lean Construction in a minute. Of course, green, that means sustainable. Here you can see our house of strategy. On top, we have intelligent growth. We have four pillars. Our company, we do not want to be the biggest company, but we want to be the best in class. We want to have a good, sustainable result. We want to have strong equity, and we want to make sure that our customers are satisfied. We want to be best place to work. At the moment, we are 22,000 people at PORR. We try to promote them, to support them, and train them. Our five principles have proven its worth. At PORR, you do not need a lot of rules. You need these five principles. Whatever you expect from me, I expect from you and your staff members. Then we have the magic words like please, thank you, hello, and goodbye. Together with these principles, this is really useful. Of course, we always work in a Lean way, and ESG is also very important. What is happening right now? Talking about digitalization, this is a very important crossroads for us at the moment. We are on our PORR road. This is a very solidly built road. These are safe jobs. We are on this road. We have the guardrails on both sides. We have tunnels, we have bridges, and that's where PORR is traveling right now. We have this old IMS system with all these rules that we used to have. We have processes in our group. We are trying to become a process-oriented company. We need processes, digitalization, automation, and so on in order to do that. We also need processes that result from the Lean introduction at our company. We always say we pack all of this into our PORR car. The PORR car is steered by the right people from the digitalization department, from IMS, and the Lean department, and they are coming up with the processes that we need. But we do not want to become a rigid company. The most important topics have to be mapped in processes. We have minimum standards, that's the guardrail on the right-hand side, and we must make sure that we stay within these guardrails. We always have to meet the standards at PORR. Then we have the maximum standards, and there you can decide on which side you want to drive or if you want to take over. We take all the old IMS standards, and we come up with new ones based on Lean standards. Of course, there are also some legal requirements, ratings, certifications that we have to comply with. All of this is embedded in our strategy. I already showed you the house. Here you can see the PORR car on the road again. How do we steer the business units? All countries, all divisions have their own targets. This is also part of the transformation. At the moment, we really focus on simplifying things, and that's very difficult. Which things can we abandon? What is correct? There's no right or wrong. We just have to make sure what is accepted by the others. For instance, if I am working on a sewer, it doesn't matter where we are in Mabasha or in Spittal or Alle-Grau or in Hamburg. It doesn't matter. There are minimum standards that we have to comply with. And of course, there are local rules, local laws in each country. But the minimum standards matter. At the moment, we're trying to find out how we can sell this to the people, and a lot of training is being offered. Let's take a look at our market. What is the direction that we are going into? In Germany, within the next 12 years, EUR 500 billion. This could be a great atmosphere of renewal in Germany. We do not know when this will happen and in which form it will happen. Planning procedures take a long time in Germany. There are a lot of veto rights. Politicians do not really, they are reluctant to make decisions, and they no longer know how to decide on things and stick to it. But part of the infrastructure in Germany is in a really bad state, so these things will have to be done. In Dresden, there was an accident with an old bridge. There had been warnings for quite a long time, and then it happened. Or the A45 motorway. The Minister of Transport said we can still use it for five years, and a couple of weeks later, both of the bridges had to be closed, and they're still closed. So there will be a lot of projects, and we are well-prepared because we can offer all road construction, asphalt mixing plants, and so on. We have all of this in Germany. So we have a lot of colleagues from Salzburg and Tyrol in Bavaria. Oevermann is now for Verkehrswegebau, for traffic route engineering, and up to Baden-Württemberg, where we acquired the Wackershagen company in 2024, a perfect company from Germany. We have our own mixing plant there, and this really helps us a lot. German Railways, they are also trying to get involved in some projects. They are, in part, well-prepared. Let's see whether they will get all the permits that are necessary. We also tried to come up with new models there. For instance, they wanted to close a very short distance track, and then they have one year, and they have to make a turnover of EUR 300 billion to EUR 400 billion. I do not think that this will work. That's why we do not participate in this project. The big players are all not participating. I don't think that the result will be a good one. Let's see whether German Railways will continue with these models or change to different approaches. Let's see. CEE, as you can see, in Poland alone, EUR 700 million every year just for healthcare infrastructure. At the moment, PORR is building four hospitals, one for children, and different types of hospitals. Then we have in Poland, EUR 48 billion for railway infrastructure. A lot of highways have already been completed in Poland, and now railway infrastructure and terminals and so on will be built. In Romania and Czech Republic, the situation is similar. Romania is a very progressive country. Let me give you an example why things are getting done a little bit faster in Romania than in Germany. The Sibiu-Piteşti motorway in Romania, tunnels, bridges, and we have a design and build invitation for bids. So the state says these are the standards. The motorway has to look like this, the bridge has to look like this, and so on, and the tunnel is specified with the following measured safety requirements and so on. This is highly regulated all over Europe. In Romania, they say design and build. You have 1 year for the design, then you will get a construction permit if your design is in accordance with the laws, and then you have 3 years to build it. In Romania, 12 kilometers of highways through the mountains will be built in 4 years. In Germany, on the other hand, after almost 20 years, one section of the motorway from Ulm to Stuttgart, if I remember correctly, was finally up for a tender. This is not a design and build tender, but there are 80 different construction lots, 30 construction lots just for the design. You do not take the design of one bridge, take the measurements and the experience that you have from this one and transfer it to the other. No. Every design step has different architects, different measures, and so on. They want to use regional, local, small companies, which is, of course, okay. But They also split these tenders into so many small parts, and of course, this takes a long time, and it is impossible to manage the interfaces. I am sure there will be some problems. Austria is in the catbird seat. ASFINAG is doing a great job. There are great people. Two-thirds of their budget is earmarked for maintenance and repair, and the Luegbrücke is a horror of a construction site in the summer. It is only one lane in each direction. This is a horror for motorists, and it is being completely repaired and maintenance. They are always doing this in 2 lanes. We did this together in a consortium with a partner, and we had a great plan for doing that. ASFINAG is very happy, we are happy, and we can begin with the construction. But it is very difficult to begin that when you read in the newspaper that the local mayor wants to have a sit-in on the highway because they want a tunnel and not a bridge repair, but there you have it. That is one point. The Austrian Federal Railways are also heading in the right direction. Excellent planning, for example. They do not always look to the cheapest bidder, for example. The German Federal Railways is trying to do that, but we here are not doing that, and we do not have to deal with these political issues. We want to have a very high quality of road network, and that is what we are looking at. In Austria, for example, we need EUR 1 billion for residential construction so that homes will be affordable. We need EUR 3.5 billion for railway infrastructure, EUR 1.2 billion for road infrastructure every year. This is an excellent system, but what is the problem in Austria? What could be the problem in Austria is that the municipalities that are spending the money, they have the budgets for 2025 and 2026. They are not quite sure. They want to see what the federal government is doing. There is supposed to be a municipal billion EUR package, but we will have to see whether or not it is truly in the pipeline. Here you have PORR in motion. Here you can see on the map where we are headed and what we are doing here in PORR. This is true for our competitors, but not for all of them. This applies also to competitors that are similarly positioned compared to PORR. Of course, each construction company is a bit different, but you can see here the markets that we want to focus on. Of course, we are behind slightly when it comes to building construction in Switzerland, for example. But you can see that Germany will be the market for the next 10 years. Here you have Ukraine on the side. This will be the next large market in the next 10 to 20 years. PORR will not be involved. Building is people business, and it is local business. We do not have any Russians. We do not have any people who speak Russian at our company. We have consulting experience. We have consulted a number of tunnels and consulting companies, for example, but we have never built this ourselves, and we are not planning on doing that. We do not want to buy up a local business because we do not know the language, we do not know the local mentality, we do not know what is going on in that country, and we are hoping, of course, with good reason, that many of our international competitors will go there. For example, the Italians, the Spaniards, for example, they are stocking up with Russian-speaking employees. This means that this is going to give us some breathing room in our current markets. So we are going to be concentrating on these markets or these issues of what we are focusing on. I will come back to that in a minute. But this is a very important slide here. The current business, for example, also permanent business. So what we are doing in Austria, what we are doing in Romania to a large extent, and this is what we are doing also in Germany. We are beginning in Germany and in the Czech Republic. This is the business that we see here in Vienna, where you cannot see a street without a PORR construction site, where you have small municipalities or houses, or where municipalities are writing up tenders. This is permanent business for us. We have excellent relationships, excellent planning, and we are getting in on the ground floor. This is something that we are hoping to build on, and we have project-based business, for example. I have one project, for example. In order to post the profits, here we see this in Switzerland, Germany, Poland, everywhere, in fact. But there is a difference whether or not we are a leader in permanent business, from the smallest worker to the construction office with planning. For example, we have to make a key decision what you want to do in each market. We have analyzed this in PORR very carefully. In Poland, we have large-scale projects, large-scale residential constructions. We had Kaiserwald, for example, and there is another one that is currently in construction. Here we have gone out to the cities, industry, infrastructure, LNG terminals from the coast to military infrastructures, warehouses, et cetera. We are building up our permanent businesses so that we can achieve independence. Projects, of course, can be fantastic, but the government might come along and say, "We are going to postpone the projects," and we do not know what the next government will favor. Permanent business is different. We have budgets, for example, which of course can grow or shrink, but here, if you have a mixture of both, you have a sustainable business model. This is why we in Austria, we are the absolute number one. We are posting sizable profits in Austria. We are the absolute number one when it comes to the power of the regions in each issue, also from our teams. In each province, PORR is the leader in the market, and we have others who are also good, but we are the leaders. We have the specialties that we offer, facades, et cetera, and that is who we are, and we cannot be beat. We are very selective when it comes to our projects, and we are absolutely full up in our order book this year. We are very selective in our acquisition. We have looked to hire the right people. We have thought long and hard about what we want to do in the building industry. In the future, we want to have our own staff, and we want to focus on logistics so that we can ensure procurement. These are the two main influential factors. When you have your own staff, you can build. If you do not have your own staff, then you are vulnerable. Then you are dependent on subcontractors. Of course, this affects us in some areas. For example, in building construction in Germany, we do not have our own staff. Because in Germany, we do not have the same foundations in Austria where we can, for example, send people home over the winter season, for example. We have this in Austria, we do not have that in Germany. You can only send people home if you have short work that has been approved or if you fire them. But if you do that, then you have a lawsuit on your hands. In Austria, we have an excellent construction industry for that reason. In Germany, they do not really have a very good German construction industry. We are talking about building construction, civil engineering, for example, that is in the hand of the Spaniards. In Germany, that is a problem. We have SMEs in Germany, but we do not really have very large companies in Germany. There is no market in Austria that is as fragmented as you have in Germany. ARGE, for example, is one of the biggest players in Germany. They are in Germany what we are in Austria, for example. They have 8 or 9 billion EUR. The market is 400 to 440, for example, so they do not have very much, and we are one of the next leaders with GOLDBECK and others. Many of the other markets are very similar. You have normal business there that PORR has, but we have decided we do not want just normal business. We, of course, want to plan and prepare. We want to design and build. Because we can do that, we can do things that other people can't do. We have data centers, for example. We began with data centers five years ago. Five years ago was the first one we built. This was Microsoft in Austria, and parallel to that, we had in Warsaw two data centers for Vantage. These are American providers, private equity companies that specialize in that area. We learned a great deal from our first project for how to do this. Of course, we received a lot of instruction from our American customers, and we've been able to refine that. We have eight data centers in Poland, and each data center is ever larger. The next one is over EUR 200 million in Frankfurt. 30 megawatts, 40 megawatts. It costs about EUR 400 million to build. This is special know-how. This is special security issues that are involved. We only do this when you have this project. This helps shore up our business because we have these references. Many people don't have that. Here at Kohle-Spitz in Upper Austria, we have Google here. Microsoft has the second data center in Austria. They closed it down. We started building it. The procurement wasn't prepared, and Microsoft has decided to close it down for some reasons. We don't know exactly why. Data centers, for example, that's in the U.S., of course, may be a question mark. We have NTT from Japan, other French companies. We have a EUR 500 million data center in Germany where we are involved in negotiations for that. The market is growing here. It's also important that the building of the future for us is without borders because data centers is where our Polish colleagues are in the lead. In Germany, you have the project leads, or they are our Polish colleagues. They have a second data center here. If they were to build that, the second data center, they have their own references, and they could build that on their own. They could build that up, build the capacities and skills. For example, they could also go to the Czech Republic. There's one plant there, also in Romania. So they have very special data centers being built there. You see that this know-how is very important. Our Polish colleagues are going to be leading us, and they will be able to rely on our Romanian colleagues as well. We don't need local companies or subcontractors that do that. We work with PORRians. This is our strength in our data centers. If you take a look at that, here you can see the three largest data centers. This is what it looks like here. These are all emergency generators. The important issue with data centers is energy supply. We build in Berlin, where we built two, and there was another company built a third, and they built a natural gas plant there to supply energy in an emergency. The City of Vienna wants to build one, for example, but if we don't have the energy supply from Wien Energie, then we can't build a data center. You have to find somebody who's going to rent it. Of course, we have people to operate it and not to rent it. Data center are very important here with very special know-how, and this is growing and being developed constantly. There is a question with no microphone. Unfortunately, we cannot hear the question. This goes up to about EUR 6 billion. The total market is EUR 30 billion and EUR 6 billion is the next step. If these forecasts, of course, come true, it is going to be happening as quickly as we think, because right now this is aimed. We do not know exactly if this will materialize in the future, but the first talk has happened with data centers, but I think we have recovered. DeepSeek, for example, most people said we only need 20% of the energies in American data centers for operating this AI technology. You have, of course, it is important to calculate the times to whether or not the plans, if somebody comes to you with plans, that they are actually serious with that. The second reason now is Trump, of course. He has told many companies that you have to stay in America. About half of the players are American private equity companies like Vantage, or in Europe we have Mercari, and in France there are a couple. There is a number of entities here. But it is possible the market will be weaker than we forecast, but we are well-positioned to do well. Healthcare is the next issue. Why did we take over VAMED? This was an important partner for us, as we said. We wanted to do this together with this partner in Austria. But we have actually gone beyond those initial steps. We have 8 rehab clinics. We have children hospital. We have another clinic that we build up in Liesing, near Vienna. This is our PORR. And 7 of the clinics we operate with Haselsteiner. Peter Haselsteiner is our partner there. We operate it, we manage it, we head that up. This comes in all of our countries. In all of these countries, we are active in these countries, and they want to sell their insurance companies. For example, Hungary, Slovakia, and Poland, we have 200,000 versus a much higher figure in Austria. You see what potential is there. And we have cooperation. Every insurance company has its own strategy. They have free capacities. Other people are investing in infrastructure. Our infrastructure in healthcare is going to be undergoing a transformation. We have the Waldkrone. We are purchasing a project in Brussels, perhaps. The decision will be made in the summer. Then you have other decisions being made in Austria, but we will have to see whether or not there is actually in the pipeline. We have many people from VAMED, particularly those who were released, and this knowledge is going from Germany to Poland. You have this trend. This is an enormous potential here. You have data centers for healthcare, full service provider. And this is something that we are capable of. VAMED as a player is gone. They were developing this project. You have the medical clinic here that was postponed, but VAMED was purchased by Dr. Marfe, and he wants to use it for something completely different, and the rest of it is gone. Healthcare is an important issue. There are many publicly listed healthcare operators. There is a Turkish, there is one in Singapore, Health Service, I think they are called. They have 150 hospitals. They operate these hospitals, and they are looking to gain a foothold in Europe as well. They come and say, "We want a hospital to look like this. Put this in this place." This is something we can do. This is our know-how. We can do this in Austria. We can do this in Poland now. We are beginning to be able to do this in Germany, and we are looking toward Romania to build on our expertise there. The next issue is modular construction, affordable housing, and affordable residential construction. This is very important. April, May, June will be a very key issue for us at the top of our agenda. Here we are looking at this project with Nicolas Sanders, but we have to test this. This is based on this InstaBlock that we recently acquired, and this is a new modular system that we are developing. Some of the materials are very sustainable, some not, but some are very sustainable, so we have to look at cost. We are looking at EUR 10,000. We have great flexibility. It is not just a box, a square box, for example, that you put somewhere. You can build up to 6 floors. We are developing this. We have a sample house that is finished, and we have tested it, and we are going to be sending that information out when it is ready. Of course, we are going to be informing our customers and our property developers, for example. It says it costs below EUR 2,000 a square meter. This is turnkey, of course, not furnished. Questions being asked. There is no microphone. I am saying up to EUR 3,600. This is affordable residential construction. If we can build larger, we come under EUR 2,000 per square meter. There is a lot of this. This is not just one alone. There is one decisive advantage when this is developed. We have this based on our InstaBlock acquisition. We have a system where very small issues, for example, are clarified from the very beginning. Now, of course, there are certain variations available for the user. More questions without a microphone, unfortunately. The answer? We do not know exactly, but these will be very small units. It would be a ground floor plus 2 floors above. About 20 to 25 apartments. This is going to be the base plan, of course, and you can scale that. You could do 10 apartments, for example. Maybe it will be EUR 2,300 approximately per square meter. But this is something that we can advertise with. Something we want to stress is this is affordable housing. These are not boxes or shoe boxes like you see in Holland, for example, that you want to tear down after 20 years. But this is Viennese quality. In Vienna, housing is very high quality. Of course, this is a problem with the pricing, but of course, there have been distortions in the market due to other reasons. But normal housing, for example, here is going to be sustainable, and we as PORR are very active in that market. We have industrial construction here. This is a key issue. Of course, we have that in Austria, but we have a very special subsidiary in Germany for this. We have semiconductor, life science, pharma, food, for example. These are all important areas. We have EPC, engineering to construction, et cetera. There are not many that can do this. Engineering, procurement, construction, EPC. There was a German company, for example, that did clean rooms, and this is what we can plan now. In Feldkirchen we are doing this. We have a project there, but in Germany, we have other projects as well. We have actually decided to venture into that project, but we have to look at how that market is going to develop. The market is going to be important, and this is important here in industrial production. It is not going to be an interface where I am going to say we are going to build something where the executive board is going to break out in sweat if they have to build a new company. But we are going to have a one-stop shop that we offer. There will be no problems. We are doing this in Austria. We are expanding this considerably in Germany for Boehringer, for Bayer, for Helios, Sanofi, for example, B. Braun, Sanofi. We are doing this as a turnkey operation to the clean room, for example. Everything that they need is included in that project. Energy works, energy transformation, whether this is political types or natural gas plants and hydroelectric plants, et cetera. PORR has its finger in every pie here. In Limberg, for example, we are building the third project for Verbund. This is about over 50 meters. We have a tunneling machine that we developed for the first project, and this machine was able to tunnel 50 meters a day for Limberg City. 50 meters a day because the engineering is worked, because the team is a well-oiled machine. Waste to energy plants, these are very important. This is in Poland. This is a niche that we have gained a foothold in, and there are multiple players there. We have Italian partners that we are able to rely on. Romancraft, for example, they are a leader in Europe, and we are working together with them with engineering in this field. We also have road construction. I do not think I need to mention that in great detail, whether it is bridges, for example. Here you see a bridge in Upper Austria. Of course, it is always an issue to make sure that the traffic is not impeded too extensively. Of course, ASFINAG, for example, in Romania, for example. We have to service and maintain the roads. We have to expand the roads, build new roads, et cetera. These are all projects that are in the pipeline for us. Railway construction. We have slab track. Here you see this with an asphalt foundation, and the rails are placed in this foundation. You can hear the supports indicating. You can see this very carefully here, that every slab is placed exactly, and then the concrete vehicle travels on top of it and fills it up with concrete. This is an invention together with the Austrian Federal Railways system. This is something that we are doing this across the world. This is a completely new invention and very innovative. We are doing this also with Indian high-speed rail. You have 160 kilometers per hour. This is a high speed, but starting from 80, this is a doubling. We are providing engineering for our systems, the tunnels and bridges, of course. But here you have maintenance in Germany, over 4,000 bridges in Germany. Of course, this is also true for all of the countries that we are active in. Robotics are very important, and many people ask us about that. We are using this for collecting data, for scanning, for drilling and marking robots. This is a typical marking robot for building construction for our streets. For example, we have marking robots for civil engineering. We also have shotcrete robots. This is great. They work very cleanly. We have concrete removal robots. We have Hilti robots and construction robots. The Hilti robots drill, and you only need somebody to come along behind and put the lines up. This is something that we are doing. This is a very important innovation issue. This is on track. We have special surveying and modeling. This has been a special opportunity for us. Everything that is being planned is planned in 3D. Even if we have 2D plans, then we convert them to 3D, sometimes 5D. 5D, this is the BIM standard. We take the 3D model, and then we put cost and time on top of that, and that is how we can scale it up to 5D. We do this with marking, with automatic scanners and readers, and drones, for example. You have the 3D house. We were able to calculate that to a finished product. We did this in Vienna for a department store, for example. These were three houses that were all the same size, and we developed this 3D model. The project was already started, and we took it over and how could we improve it? We played with it. We optimized it, for example. We had a shield placed on top for all the logos where everything was protected. We had a new segment with four floors. I said that we have guaranteed the finalization date, and we have not said exactly when we were to begin, but still. We are working here on the windshield. We have the tunnel, of course, with vertical elements as well. What we are doing today is smart project management, and this is something we are a specialist in. Here we have 21,000 employees, ladies and gentlemen. We had 263 babies, of course. This is our contribution. Here you see our areas of focus. We are unique. We cannot be really compared with any other construction company because we are so broad-based. If you look at the map of Europe, of course, you look at our data centers, you look at our projects. We are building without borders. Poland are building in Austria, who is building data centers in Austria. We are supporting the Poles in building construction here at Warsaw. We have specialized civil engineering in Germany that we take to Romania. We are generating revenues without competition because we do not give the contracts to Romanian construction companies. We keep that in our back pocket. We are able to cut costs with this. These are all of our main issues. The issue is, of course, how are we planning to build in the future? How are we going to tackle this issue? Lean is very important. This is where we have decided how we want to build in the future. Lean administration, lean construction, for example. Lean in building construction is exactly what you see here. You have lean meetings once a week, and we plan that 6 to 12 weeks in advance. Everyone in the construction site knows exactly when they are to do what, and they know exactly when somebody else cannot take that on, and they raise their hand and say, "I cannot do that." For example, next week we have to deliver the transformers. We have to do this, that, and the other. If somebody says, "I am sorry, we cannot install the transformers," then everybody knows that in the Lean meeting. That information is passed on, and they say, "Okay, I have to deliver that a week later." So that everybody that is planned there, they do not have to wait for that to happen. They can do other things. This is a very streamlined system. Everybody has the information. Everything is transparent. It seems very simple, and it is actually very simple. This is our model. As I said, Lean is our main guiding light. We have decided to apply this to the construction business. We are able to speed up construction by about 25%, even within budget, because the property developers are able to have their project finished on time and on budget. We do not have too many or too few staff on the site, and our logistics are planned exactly. We know when something is going to be delivered, and we know how that is to be done. We know that the crane can place that where it needs to be placed. It seems a bit theoretical if you think about it, perhaps. We sometimes have to chuckle to ourselves as well. You see how this works and what advantages this has. What an enormous task this is so that we can draw and tap the potential that we have. All the building engineers that have 30 years of experience, for example. They have Lean in their fingertips. They know exactly how to do this, but this is something that has to be multiplied with everybody else. Everybody, even the electrician in the back, has to know what to do. You have a large table. You have all of the people at the table. You have the electrician, the facade people, you have Lean managers, for example, and the construction engineers, et cetera. Everybody is informed. Everybody knows exactly what to do. When a subcontractor is asking us if we want to participate in Wien Museum, we ask them if you do Lean. They say no, and then they know that we are able to take that on. We have 126, six weeks and 12 weeks programs. The next five to six years, we will have to deal with this intensity. Communication has to be different. We need training for that. We need to be open, transparent, and not just hide away from problems. Of course, we cannot apply this to everything. Sometimes it does not make sense because it is too much, but two-thirds of all construction sites are eligible for this Lean. Construction will change. We will no longer have silos. We will be cross-border cooperation with a special civil engineering facade constructs and so on. They will start working together in the calculation process already. This will bring us closer together as PORRians based on our five principles. This is like a safeguard for our future. We can continue to grow, we can build things up because we have PORR Academy that takes care of many aspects. Logistics is becoming more and more important, and we have to find out how we can use this strategically. In cities, the construction sites are in very dense space, so it is very difficult to find storage areas. A lot of things have to be done on site. Here you can see a data center in the picture. That is what I wanted to say about construction and the next steps. It is quite a lot, but believe me that this is the way we will build in the future. Our clients are reacting to this in a very positive manner because they have the same problems. It is hard for them to find qualified, skilled labor. They do not want to have so many interfaces. The chambers for the architects and engineers, of course, they do not want that because for them, the architect is the big master on the construction site. We can only be successful if we do it together and not with one party dominating. We cannot do everything on our own. We do need partners, but we can do a lot of things on our own. The next item, the next thing I would like to talk about is sustainability, and Klemens, the floor is yours. Good morning also from me. Green is a topic that is also part of our slogan and our strategy. We are really top in this field. We have certified sustainable construction sites. This is a trend that we can see in Germany and in Austria now, especially industrial clients and large-scale clients and also public clients like ASFINAG or ÖBB, ask for this. We have to take this topic seriously, and we have to advance it even further. In 2024, we prepared a decarbonization plan. This is more or less the core of every sustainability strategy. The science-based targets, of course, we are committed to them, and we want to save our Scope 1 and Scope 2 emissions by 43%, and in Scope 3, 25% by 2030. We are on a good track when it comes to achieving these targets. As I already said, a minus of 43% of our own emissions. We are the market leader when it comes to recycling. We have a very high internal recycling share of 50%, which we want to increase to 70%. Our staff is very important to us. We have a very high engagement index, but we want to expand it even further because our staff is also the key to our future growth. In construction, of course, occupational health and safety is extremely important. Accidents, we use, of course, this international KPI of accidents that lead to lost work. We have a mission zero project in order to reduce these accident rates. Data center operators take a very close look at these measures. You have to report and approve all this data, and you have to show that we have zero accidents on our construction sites. Only if we will be able to show this in the future, we will be able to build. Caroline Schulz already said that we have top ratings. In January, we got the EcoVadis gold medal, which only 5% of all companies are able to achieve, in construction it is only 3%. We have AA rating in MSCI, which is outstanding achievement. This equips us for the future. What does that mean in figures? We had a capital increase in 2021, and with PORR 2025, we set ourselves targets. Now we have almost reached the end of this period. What is our status quo? Between 2021 and 2024, our output and our revenue was increased by approximately 20% or EUR 1 billion. What is even more important is that we improved our earnings. The EBIT or the EBT were increased by approximately 70% in this area. Our net profit was increased by 77% and our earnings per share by 100%. The share price for a very long time was on the same level. We had a capital increase at a price of 12, and then there was a very long period where we were in a band of 12-14. Then we had 13 at the end, and we had price earnings of five, quite low. Then the market realized that we can deliver a sustainable product, and this was also reflected in the share price development in the last half year. We have an increase in share price by 93%. Is there still some potential for further growth? I do believe so. What you can see here, not only did we do some work on the earnings side, but also regarding capital. We had very high inflation in recent years. Still, from 2021 to 2004, we have only an increase of 3.4% in our balance sheet total because we were extremely successful in working capital, and that is why we have cash flows from operating activities at a very high level. We are talking about an increase to almost EUR 300 million in cash flows, and in 2021, we reduced our capital even by 180, and this year by EUR 80 million. We took a lot out of this working capital. What did we use these funds for? Of course, we also want to invest. The capital hardly grew, but at the same time, we invested. EUR 275 million, this is the annual investment, 4% of our output. Because we have this great cash flow in 2024, more than EUR 300 million were invested, and we still have some room for M&As, small M&A. Last year, we had two transactions, one that secured us raw materials in Austria, and the other one expanded our successful traffic route engineering in Germany, and that is also the approach for the future, increasing cash flow to make sure that we cannot only operate in normal CapEx transactions, but also M&As. We have a net debt of zero. However, we have to take into account the EUR 240 million of IFRS 16 debt from leases of office buildings are in our books. We have a very solid, stable position, and we would like to continue like that. We have a lot of successful work on the capital side, which prepares us well. The basis for our growth and also for the growth in earnings, of course, is our construction output. In the last three years, from five point, we increased by EUR 1 billion in output. Approximately EUR 600 million thereof came from Austria, which is really pleasing. Austria is our most important market, not only in terms of size, but also because we are really successful in our operations, and we have the best margins in Austria. This is already the area that we want to achieve in the future. In the entire segment together with Switzerland, we have an EBIT margin of 3.6%, and in Austria, we have approximately 4%. The order backlog also includes EUR 3.2 billion from Austria. This is exactly the development in margins that we want to see. Where else do we have growth, especially in the east, in the area in Poland, for instance, from 2021, where we had an output of EUR 720 million. We have now EUR 960 million. We already had EUR 1 billion in between, so we grew by one third. If we take a long-term view of this, in the last seven years, we tripled our output in Poland, and that is exactly the area where we are going to continue to grow based on the EU funding available there. For instance, there is a railway construction program with EUR 46 billion that will be on the market there in the next couple of years. I think we have proven in this area that we are able to grow with a lot of profits. Also in Romania, where from 2021, where we had EUR 160 million, we grew to EUR 425 million in 2024, meaning we almost tripled our output. How did we achieve that? Again, EU funding plays a very important role, especially the highway network is being promoted at the moment. At the moment, there are approximately 1,000 kilometers in Romania, and 2,500 kilometers is the target. We know that we need, of course, people, staff for our services in order to be able to grow organically. In Romania, we have three times more staff members in Romania than in 2021. In addition to our other HR tools, like the PORR Academy training, for instance, we also focused on the topic of migration. 200 to 300 Indian colleagues are working there. They used to work in the Middle East for us, so they are now in Romania, and they were integrated there, and they are also an important component of our growth. We can see moderate growth at the moment at 3%, plus minus 3%. In the future, if the opportunities that we can see in the market should realize, we will continue to grow. As I said, we increased our earnings. The EBIT margin was also increased from 1.8% in 2021 to 2.6% in 2024. We are on the right track. We will probably achieve the 3% that we have set ourselves as the target. How did we do it? Capacity utilization, of course, is important and efficiency. We already talked about Lean and cost management. We do have a cost management program. A new one is being launched right now in order to make sure that the overhead costs, the fixed costs will be reduced. Then we have, of course, also risk management. This is also something that we will rely on in the future. Let us talk about our basis for financing. We have approximately EUR 340 million, EUR 350 million in financial debt, but we have good refinancing for this. The biggest part of it is from a promissory note, so in the next couple of years, we will not have any major financial challenges. We have some hybrid bonds that you can see here in yellow, and on the basis of our cash flow and earnings development, we will be able to service and pay back these bonds. Let's take a look at our order book. We have increased our order backlog quite consistently. It is very remarkable that last year we increased our orders even more because we had a couple of large projects in tunneling. For instance, the Brenner Base Tunnel, and we have a pumped storage power station in Ebensee. So altogether, EUR 1 billion incoming orders in tunneling. That's why we were working at full capacity, so we didn't have any new projects this year, and we won't have any next year. That's, of course, resulted in a decline, but we overcompensated this. How did we do it? First of all, Austria, an increase in order backlog and incoming orders by 10% to EUR 3.6 billion. As I said, we have margins of approximately 4%, and this is also our target for the future. Where else did we manage to grow? Poland. As I said, infrastructure. There's a high demand for infrastructure in Poland. We had a plus of 30% in incoming orders and 20% in order backlogs in Poland, and EUR 1.7 billion comes from Poland and another EUR 1 billion from the other CEE markets, in particular, Romania and Czech Republic, where a lot of investments were made into infrastructure. We have good margins in these markets as well. In the CEE segment, we are talking about margins between 3% and 3.5%. In Poland, there was only one project that did not perform that well, and that's why we did not achieve this margin yet. But still, we are really progressing well also in Poland. As I said, the margins will be between 3% and 4%. Let's take a look into our future after 2025. Carlos Straub already talked about our opportunities. Infrastructure is very important. Railway, as I said, in Poland, EUR 46 billion is on the market. At the moment, we have tenders for EUR 3 billion. Last year, we had a plus of 20% in orders. So from 2017 to 2024, from 350, we increased to EUR 1 billion. By 2030, we will definitely make sure that a couple of hundred millions plus will be recorded in terms of output. The German market, as we already heard, is also important. Now money will be made available for infrastructure, and this is definitely a big growth market. In the past, especially 2024, this was our weakest market. So we also had to record declines in output. Then we also have Romania, Czech Republic. Road construction infrastructure is important there. We had a project of EUR 300 million that we acquired recently. So infrastructure is a very important potential in all of our markets. Austrian Federal Railways and ASFINAG in Austria have a large framework budget for the next years. Austrian Federal Railways is more than EUR 20 billion and ASFINAG EUR 7 billion. Building construction, there we have a lot of products that are opportunities for us. Healthcare, for instance, in Vienna alone, in the next couple of years, 10 hospitals need to be renovated or built. So, we're talking about EUR 6 billion investments into hospitals in Vienna. As Karl-Heinz Strauss already said, building a hospital is quite complex. This is nothing that a small company can achieve. There are only a couple of companies that are qualified for that. In healthcare, it is similar, like in the case of data centers. If you are able to build complex buildings at a good quality in a certain time frame, then you can earn higher margins. We also know this from the data centers. For their operators, time is extremely important and quality matters as well. That is where, with our good work, we do earn quite good money. We got a certificate and award for the best data center, as we just heard in Berlin, and we are really in the right spot. Energy is also important. The cities where construction projects will take place are Berlin, Warsaw, Frankfurt, and these are exactly the places where we were building with a good start. How can we earn this extra bonus, so to say? I think that modular construction is also going to be important. Affordable housing, if we can deliver that, I am sure there will be a high demand for that, and therefore it is a lot of potential. The last thing I would like to mention is industrial construction and EPC. We already talked about BMW. This was the largest building construction order we had, EUR 600 million in total, and we have really good margins, and we are using Lean construction. This is just one example. In the pharmaceuticals industry, we have some projects, semiconductor, and we achieve really good growth in all of these projects. In 2021 to 2024, we had EUR 1 billion growth in three years. If we take a look at 2030, I think we will have to achieve growth between EUR 1 billion to EUR 2 billion, depending on whether we assume growth of 3% or 4%. In most of our markets, we already achieve really good margins. I do believe that we will be able to translate this into good earnings. If we succeed to be successful in special niches or special products where we have special margins, then we will be able to increase earnings by 10% to 15%. This, of course, will also contribute to our increase in earnings and margins. Robotics and Lean construction, this is, of course, a very important topic. We are reducing construction periods by up to 25% using Lean construction. This is, of course, important to the builders because we have 1,700 staff members that have received training. We have engineers, 2,000 engineers that are specialists in this topic. Lean construction is something that everybody does, but we have really intensively focused on this, and we have also invested a lot of money, and we are convinced that this will also have a positive impact on our competitiveness and our margins. Cost control. You probably remember that we had launched a program in 2020 in order to lower our overheads. Back then, it was 8.2%, and we achieved a lot of savings. By 1.2%, we are now down to 6.7%. Of course, then we had high inflation. We had increases in HR costs, as you all know. We are talking of 10% and 7.5% in 2022 and 2023. And with the contribution margin and our prices, we could pass it on to our clients. But of course, due to this very rapid increase, fixed costs also increased. On the other hand, there is also a lot of potential for increased earnings in the future. If we are talking about a program with more than EUR 40 million, and we implemented it in only 2 years. And now we just launched a new program. If we do similarly with this program until 2030, we will probably be back to 6.7%. We have a huge potential for improving our earnings. We all do this quite prudently because we also want to grow, and that is why we do not have a cost-cutting program, but EUR 40 million over a period of 6 years. This is something that will really support us, and it will not hinder our growth. Question without microphone? It is quite simple. We have the contribution margin and these overheads, these fixed costs. Of course, we do not have them at the headquarters. We have them in all of our branches and units. And there are some normal, healthy dimensions, and what we are doing right now is we are comparing this within our group, and we try to become more efficient. Another question without a microphone? Most of it is HR costs. These are all people that are not working directly on the construction site, but for instance, in purchasing, in controlling, these commercial staff and of course also IT. And these are construction site-related overheads or fixed costs. As I already said, EUR 40 million is what we save. We are talking about approximately 10%. I believe that we will be able to implement this new program and still achieve growth. Another important aspect is risk management. You can see the spreading, so to say, of our contracts. Here you can see the size of our contracts. You can see we also have some very small ones. Almost half of our contracts have a volume of less than EUR 1 million. We are talking of up to EUR 20 million order volume. Approximately 90% of our orders have this volume. They have also a very low risk, and they form this very solid foundation of our results. Then we have 300 contracts every year in the next category. We have a special monitoring system. It is called Gate system, and Gate means that there is a point in time in a project where a risk manager is included in the decision-making process, and this is a must. At the acquisition stage, once we have an overview of the project as to where we decide whether we will submit a bid, then there are 4 milestones in the execution process. When you set up the construction site, after 20%, 50%, and 80% of the performance, we have to be included, and this, of course, has an impact. It is important that all of this is controlled centrally. Every contract with more than EUR 100 million, if the project flops, then the loss is quite considerable. Every project that you do not take on or where the risk management tells you at an early stage that this is not a good project, this is a potential to grow our earnings in a 2-digit way. We have long-term contracts. This is something which we cannot always see every year, but this is a longstanding sustainable development, that we are on the right track here and we are convinced that we can use this Gate system. Then we have some difficult markets, for instance, building construction in Switzerland, and the way in which the contracts were implemented at the court's opinion was not really favorable for us, so that is why we had some losses in this market. In the Middle East, we also did not have successful projects in the end. That is why we stopped taking on such projects, and this opens up another potential for earnings growth. What does that mean? As I said, from 1.8% to 2.6% was our improvement, and we have improved our margins. What is our target? 3.5% to 4%. It means we want to make sure that the improvement that we achieved in the last three years will be reached again by 2030, up to 1.4%. Why are we talking 3.5% to 4%? Why have we chosen this? International studies have shown that this is the peer group of top-listed construction companies, 3.5% to 4%. This is the proven margin. Our opportunities in the market Are based on infrastructure and our product in construction. We can, of course, increase efficiency, cost control, and risk management. I think if we take a look at the potential of all of these blocks, then we are talking about a potential that will be even higher than 3.5% to 4%. However, we do not want to have too ambitious targets. We want to stay realistic. But this is a margin target that gives us enough running room to develop ourselves, not just in terms of our results, but also in other areas. We are taking measures here on various areas, and this has persuaded us that we are setting targets for ourselves that are realistic. From the capital side, from the capital markets side here, let us take a look back very briefly. We have 2021 to 2024. We have equity growing by EUR 70 million, but we also have a hybrid portion of EUR 300 million to EUR 212 million. We reduced this here, as you can see in the chart. In three years, we saw a 20% equity growth that was organic, EUR 150 million. You can see the payout ratio of recently 40%. Between 30% and 50%, we were between actually 35% and 40%, to be more specific. If you look at our results and earnings policies, and you want to extrapolate that, then we are looking at our hybrid capital here, EUR 135 million here. This is our target for 2026. You can see where we are headed in the next several years. We want to go even beyond that. We want to grow in our equity capital. We are looking at a target of EUR 300 million. We are actually in the corridor of 20%-25%, but of course, always looking upward. Of course, this also is provided that we are on a positive capital trajectory here. We are looking at an inflation rate of 2%-3%. We have to keep an eye on the balance sheet total. We are looking at up to EUR 5 billion approximately. We are looking at a forecast earnings of-- As you can see here on the slide. We are projecting up until 2030, a 20%-25% payout ratio with higher reductions in hybrid capital. Here you see the figures for cash flow. You can see what we had in the past. Operating cash flow of about EUR 400 million. EUR 300 million, for example. These are from the results, EUR 100 million or EUR 180 million are from working capital management. We have been able to increase our earnings here and our potential from earnings of about EUR 400 million. For operating cash flow. CapEx, for example, which is necessary in order to provide the proper equipment, and this is 4% of our output. This is about a little bit more than EUR 300 million a year. We have an excellent success with EUR 30 million-EUR 50 million in equipment sales per year. We are looking at EUR 250 million of investment needs. This gives us margin of maneuver in our operating cash flow of about EUR 400 million. This is a total of EUR 400 million. We have a margin of maneuver of EUR 150 million. This gives us, as I said, some running room to achieve our payout ratio for a continuous dividend policy of 30%-50% as a payout ratio. At the end of the day, we have a great deal of room for selective M&A without increasing our debt ratio. This is our target. We do not want to increase our debt, of course, but we want to seize opportunities as they arise. I think this is a very balanced view of where we stand and how we are well-positioned for the future. As said, we are looking at moderate growth, at least moderate growth in output and revenue. We are not just talking about 2025, but the next several years, in fact. Of course, we are looking to build across the board and tap into our potential to achieve an EBIT margin of 3.5%-4%. I think we will be able to have a very profitable and positive future for our company and for our share price. That was our presentation, more or less, so far. Thank you very much for your attention and, of course, we are available for any questions you may have. Yes, thank you very much for your presentation. I have a question about your growth markets. You said that Germany was very clear the engine for growth in the next several years, but it is going to be a little while coming. What is your best guess with regard to your incoming order book? When do you think you will see that reflected there? Do you have the necessary capacities here? You talked about your own staff that will be very important in the future. When you are looking at your exposure, you have 23% of Germany. Where is it headed in the medium term? In Germany, for example, we see more of an emphasis of railway construction in Poland. This is going to probably be on the decline in the next several years because there is a great deal that is being built. In a couple of years, Germany will be able to issue tenders there, so we will be able to shift from Poland to Germany. We will be able to do this with Austrian units. In Germany last year, we had a closing with a company, Knape, for. We purchased a railway construction company that has all of the permits. They have all the permits for all of the routes, for all switches, for all high-speed routes. For example, we purchased this, and this will be under the Austrian aegis. They will be able to operate throughout Germany. We have purchased a great deal of staff there. It is important to point out that we have purchased access to the so-called EU rail. This is the EU Railpool. This is where the large machines, the large locomotives are in, where you usually have to wait several years to gain access. We have a lot of machines there. Knape owns 50% of the pool and 50% Swietelsky. You see there are large machines available there, and PORR now has access to these machines at the same conditions as Swietelsky. We have a great deal of capital now at our fingertips. In Bavaria, it will be strongly present in terms of road construction than Austria. From Upper Austria to Lower Austria, we will be able to extend into Bavaria. We will be able to construct roadways in the north and the west with Oevermann, or PORR Verkehrswegebau will be able to do that in Backnang. That is why we had a purchase in Stuttgart. Here, only PORR is present. This is excellent. We have our own staff. We have other countries where we are active in building construction. This probably will not make that much sense, but in civil engineering and infrastructure engineering, this will be important in 2-3 years. We will see a continual increase. I think Germany will probably see a small dip, probably because there are not enough projects out there. Until the projects are developed for motorways, et cetera, they are lagging a little bit. We have some procedural issues here, but we have the capacity for that. Particularly when you are talking about other projects, I have an excellent picture on my phone here, if I can show that to you. I do not know if you can see this on my phone. Here you see yellow and blue. That is the most important thing. This is a train, or it is a grinding train, if you will, and this is what we have taken on for Blasenpfahl. We have been able to rent that out to the German Federal Railways for the next many years. We are able to do that, and this is an excellent project that we have had. Rails are an important issue. We have access to this pool, and this is exactly what we are looking at, particularly when other markets are in the wane. We have some trends that are on the decline. Railways will be growing, and here we are in a very good position for that. We will be able to purchase small companies like Knape. These are very small SMEs that will be very useful for us. We do not want to grow for growth's sake. We want, of course, to make sure we can make the most profit. Stefan, please. Yes, good morning, and thank you very much for the wonderful overview. Karl-Heinz, I think you've answered my question at least partially with the issue of where M&A projects might be of interest when you're talking about new margins. Allow me to add, says Mr. Scholz. We're not going to be doing major M&A acquisitions here. We will just want to expand where we see empty spots on the map, like in Baden-Württemberg. There was nothing there, and now we are present. Or we see a niche where you have issues, for example, energy transformation, or in Austria, for example, you have Allianz and Agenda, for example, all this cabling that is being laid. This is what PORR does. We have EUR 50 million that we're doing in Carinthia, where we lay cable. This is great, and we have fantastic expertise that we can bring to the table. And of course, affordable housing is very important. We're trying to open up niches so that when we are in charge of that niche, then we can purchase and acquire as needed. With regard to the margin. In Austria, you have a margin of considerably over 3%, and you see that increasing in Germany, but it's still under the 3% mark. Poland is improved, but it's still under the 3% mark as well. If I take a look at Germany and Poland, for example, with the growth opportunities that are arising there, particularly with regard to infrastructure, and how can you expand that margin here, then I think that you are in a catbird seat. You are headed in the right direction. Is that your impression when you look at Germany and Poland? These are two markets that occupy about 40% of output. Allow me to add, Klemens, if you will. As Klemens said, in Poland, there's a twerk. We would be over 3% if we had not had a flop site with this LNG terminal. But the LNG terminal is the first large-scale project for EPC construction in Poland. But why did we post a loss there despite the warning from myself and from others? We looked at the calculation, however. The issue was that EPC stands for engineering, procurement, and construction. All of the other providers that are on the market, the Americans, for example, Exyte, for example, which build semiconductor infrastructures, they can't build themselves. But we build from our own capacities. We have EPC and construction management. We have validation, for example. That's very important. You are able to turn that over to the client. We do EPC for LNG terminals. There's a lot of technology there. You have to plan for six months. And I said, "No, nothing below 12 to 18 months." And Heinz said, "Okay, we'll do 12 months." What it means, we need 18 months. That was the validation. We have experience. We paid all of that. We completed it. But what does that mean? We have an experienced team for LNG terminal construction. And there's a second one being built in Poland. We have another one in the works in Germany. In our margin in Germany, Poland, and Austria, these are the three markets where we have increased know-how in EPC. We have planning groups that are on the market, from healthcare, from others, and from other projects that are already in the works in Europe. We have BDE in Austria and Germany. We are expanding our planning capacity in design and engineering, and we are doing that on a massive scale. We are doing that with people that work together with the Americans. The Poles know that they can come to us. We have excellent people flocking to us. This provides us with very different access in a stage of the project where we would not have access before because, of course, the tender would not be finished. We have the capacity of developing business cases and testing these. This is how we are able to tap into that market. We look at these industrial construction issues. These are the projects that will deliver us margins in Poland and Germany. Another question. We have a number of old office buildings in Germany where revitalization and refurbishment measures are needed. You also have to find tenants here. What about refurbishment of properties or office buildings in Germany? What about recycling of materials? Would you be refurbishing them or tearing them down and creating new space for new projects? Are there any plans like that underway? Well, I have cities. In the cities like Vienna, where we have refurbishment and new building, and of course, office space growth is very limited. I think the office space market will probably not return to previous levels. The trend to home office, I think, will be on the decline. But we still need, for that reason, high-quality office space in a good location. But there will probably be nothing in the middle of the market or below that, aside from what we already have on the market. Those things might be torn down, or we have to refurbish them if they are protected by monument protection. We have other aspects. We do not want to have long-term leasing agreements. We have project management offices planning. For example, today we are 20, tomorrow we are 40, and then next year we are only 10. We have to allow for a lot of flexibility. This is how I see the market. What do you think? I think so. I think that is probably correct. It is not just about office space. We are looking at demolition and refurbishment, for example. Here we are by far the number one in Austria. Germany, here, the market is different. Here you have a large joint venture. There is a company that is leading the market. You have large consortium or joint ventures. Gaggenau Tech, for example. They are creating office space, and we are gaining in importance. Porr BeKa is one of the largest companies there because we work together with a family from Cologne. Two brothers who said, "We are not going to do this on our own. We want to do this in partnership with another company." We said, "Great." There is a coal-fired power plant here in Porr BeKa, I believe is what it is called. We tore that down, we demolished that, and we are collecting the material. We have one collection depot in Germany that we purchased for other reasons, but today it is perfectly suitable for these purposes. This is Mosel Valley. It is not Rhine, but we have the mine shafts there we purchased. We are able to use this and sell this on to other industries. The cornerstone for these investments is that the mine is 24 kilometers in length. You have plaster remains there from England and Holland that can be stored there. Germany doesn't have these issues with regards to depots, and you have other asbestos, other materials that can be stored there. These are other materials from ships from the Rhine and the Mosel. This can be conveyed from there, of course, protected from the rain so that it won't be washed away. This was actually a very fortuitous acquisition, but I'm sure that Germany will be on the rise in the near future. We were talking about the railway construction in Germany, in the area near Frankfurt. I think this is where the route is closed down. I'm not sure if I believe that that's going to be a success. Maybe it sounds like this would be great conditions for construction there. There's no traffic there. What about the opportunities for further projects? We are observing that very closely, and we are trying to learn from the mistakes of others and build on our successes. We see the following problem. It doesn't really have to do with what other people are doing, but what we see is if you take a look at this is worth EUR 300 million, and they have to complete this in 11 months. This is EUR 10 million a month. That doesn't sound like very much, really. But you would have to make EUR 30 million a month. These are people that are out and about that are working all in parallel. We will certainly be able to get a foot in the door because the need is so great. We are looking at the Deutsche Bahn. This is the first project of this kind, and we can perhaps hope that everything will turn out well in the end. We, of course, are crossing our fingers that this project will be a success. But I'm not sure whether or not this makes economic sense. You have an extended construction site, and this is a problem with logistics, of course. The trains are not running, but the construction site is what it is. There are two rails and the tunnel that they are expanding. Klemens, I think, showed a picture. You see what it is. You can see the tunnel construction site where there's a small hole in the middle where the train is running through. This is an investment on our part with Mr. Herrenknecht. Here you see that. This is the tunnel here. It's over 100 years old, the original tunnel I'm talking about. There were two rails here, and it has to be improved for lighting. There are two options, blocking the tunnel and try to expand it. We thought, well, we would probably try to do something different. We have a protective covering here, which is solid here. The train can travel through with one track. Around this covering here, you see all the hydraulics here. We have a drilling apparatus that expands the tunnel surrounding the original tunnel. At the beginning, it didn't work as well as we thought it would. Of course, Mr. Herrenknecht told us that he could do this, but it didn't work all that great in the beginning, as I said. But together, we have been able to achieve at least two-thirds of the construction site. This is just an experiment, of course. We wanted to try this out. We have got 3 of these machines. There is no other company that has this type of machine. If we do this successfully, we can use this in many different construction sites throughout Germany. We have this also in Poland and Germany, but now we have the experience. How many running meters can we achieve with this machine? How much staff do we need? How many workers, for example? So this is a good example of infrastructure, of how we can tap into our engineering know-how. Mr. Herrenknecht is a great partner who, at the end of the day, has delivered results for us. He has delivered a project at margins where nobody else can deliver. Of course, you have traditional methods that would require you to shut down the tunnel with the drilling. But here you have one track on one side where you can finish the tunnel, and then you can finish the tunnel on the other side and put up a new track. So it takes about 2 and a half times the project duration as opposed to the way we are doing it now. So question is, you are talking about Norway and Qatar. It sounds like you want to withdraw from those markets because it did not meet your expectations. What do you think the future will look like? Well, Norway, we are almost finished. We only have one more project, but it is going really well. In Qatar, we have been withdrawing for quite some time now, and I think we are almost finished there. Yes, from me. Thank you very much for your presentation. Particularly with regard to digitalization and AI, I am convinced that the entire industry and construction sites will be fully digitized, and there is a great deal of potential in that. I am also convinced that this potential will have a massive impact on your KPIs, on the financials, also on the management of project risk. So my question is, what about the competitors and the dynamic momentum you see there? What about runners-up? How would you position PORR in that respect? Because this will be a decisive criteria to determine the success of winners and losers in the industry. Well, basically, I have to say. When you are talking about commercial processes, the industry is much farther along than the construction industry. Why? Because the construction industry wanted to wait and see if they could develop a customized system. There is none, in fact, and maybe we are a bit egotistical, et cetera. In Austria, we purchased a program for avoiding wage dumping and social dumping, and this is called ASChAT. There is no other program that is capable of what we can do together with other program developers, and this was 6 years ago. So we actually purchased that for peanuts. But we left 30%-50% in that project, and we said, "Okay, fine. If we want to develop that further, we have the team, and we are going to provide our lobbying. If we want to sell that off, then we will be able to benefit." Why did we do that? Well, PORR was the owner of that. Some number of construction companies decided they were going to have their own system. Then they realized that they were not able to do that. They realized that our program was the best. Strabag and Swietelsky decided to purchase our programs. We said that partial was actually the standard for the industry. Just so you understand how people think. We are going to have that for the construction industry. They wanted us to provide that to them for free, and I said, "No, PORR shouldn't make a profit on this." There is the other program called the Construction Card, and it doesn't hold water. It is not as good as our program by far. We have been able to sell that on to a major fund that is now further developing ASChAT on a European scale. That is not our market. This is the construction industry. Our idea here was that we have many owners for asphalt mixing systems. We have concrete, for example. How are we going to make sure that everything runs very smoothly? We developed a platform, SEQUELLO, and it worked really nicely. What about our customers? Our German customers are beating down our door, and they [Foreign language] "Yes, they say this is a great idea." The Austrians are saying, "Well, I don't know, PORR developed it. Maybe we don't need that after all." It is really a pity. For example, there is ADI in the automotive industry, and that is what you have to use. That is the interface that you have to use, and that is the end of the story. It is difficult because we have a very fragmented market. Two-thirds of our clients are not that advanced in their IT system, so you cannot network with them. They have different priorities, and that makes it difficult to find a system. A lot is happening. In building construction, we have BIM standards, passing on of data and so on. It is more difficult in civil engineering. There are other companies that are in the lead. In building construction, PORR is number one. In civil engineering, others have already progressed more than PORR, but we are watching them closely. In Romania, of course, our colleagues have really progressed a lot. At the construction site, you have the format in a container like here, and then you have the CSI desk. It is all made of glass, and you have the drone cameras and six cameras installed, and you just have to control them by a touch of your finger. If you see that the digger is just stationary, then they are taking actions with this Trimble. This is used for all the mechanics, and we really try to roll this out to us as well. Local standards and sometimes the preparedness to accept other standards or not accept them because it comes from a competitor makes things difficult. That is why at PORR, we have Portunity, we have SAP. We were the first construction company in Europe, and we are still just one of a few. We were the first to make sure that all of our vehicles were completely electronic. We have predictive maintenance. The others pretend that they are doing this, but they are so far behind. We have developed a program on the basis of SAP. SAP, what did they do? They are closing the programs they did for the other players in the automotive industry. Fiori, this is the solution for the vehicles. This is not aligned with the margins of SAP, so they discontinued it. We have SAP HANA. The last 1 and a half years, we used to take all the data and migrate it to the new system. SAP discontinued the product. There were two competitors, and they said, "I heard that your system is great. Can we take a look at it? Maybe this is something that we could use." There is one group in Austria that has to take a new decision regarding IT, because they use iTWO for an ERP system, and they are looking for new solutions. Probably they have to migrate to SAP, let's see. This would be a great tool for them. We show them everything, and they are really impressed. They want to pay, use our system, and we say, "Well, of course, you can do this. Why should we keep it to ourselves? But it costs a couple of million." They say, "Well, we cannot pay that because it is from PORR." Once again, we wouldn't mind sharing it, but it is extremely difficult in our industry. Digitalization, no problem for us. We have to make sure that our commercial processes from ordering to paying work in the same way as in the real industry. We no longer need delivery notes, for instance. The job profile has changed completely in the last 5 years. A lot of things are changing. Of course, it takes a couple of time to make sure that each and every PORRian is aware of that and understands this. It always takes a risk to do something new. If you have this new system, then it is running smoothly and quickly, and some staff members say, "No, I have to really touch a physical delivery note." I ask them why. You can see it on the screen. A lot of staff members say, "No, I have to have a delivery note, and then I can talk to the supplier and say there is a tiny mistake." Even if it is not their job. There are different problems. It is always difficult when you work with people. As I said, we are taking a couple of steps forward and then maybe one back, but basically we are going in the right direction. We do not only have a large building construction, we have a lot of subcontractors, small companies. It is not quite easy to digitalize the entire chain because you need the players for that. We are one of the oldest industries or trades there is, and we have different habits, so to say. Invoices are still written by hand and corrected by hand, and it is difficult to digitalize all of that. That is why it takes a little bit longer than in the rest of the industries. But I believe that we are the leaders in digitalization, and in addition to digitalization, there is also a lot of potential in robotics. We have a lot of working steps, and if we can use robots, we can save the human labor. This is also something that we should focus on, not only digitalization. When we think about this in the connection with construction, we also think about real estate and the management, and I think there's much more potential. You mentioned contracts and risks. Well, you can do all of this in a digitalized manner. In the end, I see that our engineers and those who do the calculations have a lot of expertise. We have topics like Monte Carlo, for instance, and at the end of the day, there are some restrictions on the market. So we always have to take a close look before we take a decision. We really also rely on traditional measures when it comes to responsibility, decisions, management, and I think this is as important as the results of Monte Carlo. I have to be able to submit a bid at competitive condition, and Monte Carlo can support us, but the decision on the price is still taken by management. Hans Marinoni from Privatbank. You just mentioned entrepreneurship. I have a question. Can you give us a figure on outside services? The background is you want to increase your margin, so reducing the services provided by others is also one component. If you do not have to rent that much equipment so much, for example, that would be one good measure. I have a second question as well regarding geothermics. In Germany, EUR 100 billion were invested or can be invested into geothermics, and you have a lot of expertise in civil engineering. Is geothermics something that you would like to focus on in the future? Let me answer the second question first. In Austria, geothermics has a completely different importance than in Germany. In Austria, we don't have that many bans. Heat pumps, for instance, have a huge future. We have small heat pumps for warm water and large heat pumps for energy and for heating. There are some tests with the City of Vienna together with Oechsner, where they try to do this in the buildings, water geothermics using probes. This is definitely something that will be important in the future. If you use photovoltaics for the electricity, this increases efficiency considerably. I do not know why they are that hesitant in Germany. They want to have more heat pumps, but still, for instance, in Berlin, it is strictly prohibited to add water. It's completely different in Austria. In Austria, at least, it is different. I do not really know about Poland and the other countries. I do not really know what the trend will be. Well, I think that especially in Germany, in Munich, for instance, there are a couple of companies that will focus on this. In Austria, we are the largest geothermal company. We also involved quite intensively in the construction of power stations. When it comes to the energy transition, we can provide all of these services. The value creation depth, this is something that PORR is known for. In civil engineering infrastructure, 70%-80% of the services are provided by ourselves. In building constructions, this percentage is a little bit lower, of course, but still, we have our own facade building departments. We have a lot of things that are also important for hospitals and data centers. The Ortner + Elin company, for instance, operates in Germany, Poland, and Austria, and the countries where we are also strong, and is a great partner with a lot of expertise, and we have a great collaboration. Thank you very much. I have just a short question regarding sustainability. You mentioned that you used to be the best bidder and not the cheapest one. I think this was when you talked about a data center project. My question is, maybe this would be a way to improve the EBIT margin if you are positioning yourself as a consultant. Yes, definitely. Because our clients don't have this knowledge. We have a separate department for all the certifications at PORR, so we know how to do this. We always include this in our offers, and if the customer is interested in that's great. This will definitely be something important. It's not only the price that matters. When we talk about data centers, the price is not the decisive factor. The price is clear. There's a certain price per megawatt hour, but that's not that important. What counts is quality. No discussion about that. The second one is time and availability. If you complete the project 14 days earlier, you get EUR 2 million cash, because if they can put the center into operation two weeks earlier, that's a lot of money for them. If you do not meet your deadlines, then they will no longer work with you. It's like here, we have containers, and you cannot just open a door. It's fenced in. You need a fingerprint to verify that it's you. Even we cannot enter the construction site. There's a lot of screening. You have to wear special protective clothing, then you are trained, and then there are some pathways marked in yellow. So they have high safety standards, like in America or Great Britain. That's exactly what counts. Of course, we're talking about completely different margin, and that's why I want to focus on this. I showed you a lot of projects on the map, and all of these are products and projects where the margins are or may be higher than in our daily operations. The fewer people you have on the market, like for instance, data centers or pump storage power stations. For instance, in Ebensee, we only had three companies that were submitting a bid, or there was, for instance, a railway project with slab track where we're the only bidder, or in industrial construction, we have, for instance, Exyte. They do quite a lot of things, but they are just the two of us. What is important is to take our people on board, train them in Lean. Take one step back, sit down, think about it once again. Use modeling, make sure that you did the calculations right, that the price is right. Where can you purchase something in a cheap way for strategic reasons? That is what I refer to as smart construction. Next question, please. I would like to come back to Germany. Not this EUR 500 billion program, but there is also the German Verkehrswegebau was EUR 270 billion. What is your experience? I think the big concern is that capacities at the level of the public authorities might not be sufficiently large to implement this project. The German Bundesvereinigung Bauwirtschaft, I think that is what they are called, has already been contacted. I do not want to mention lobbying. No, they are officially talking to each other. What is your perception regarding capacity bottlenecks at public authorities? Is this something that the government is also tackling? Well, the government will do that because the deadlines of these proceedings have to be reduced. This was already done in the '90s with the expansion towards the East. I always ask, "You have a crisis in your country and you are not shortening deadlines?" In 1990, this worked, and the crisis now is even bigger, and they are not doing it. But forget about this 270. This will be eaten up by the 500, so to say. I already said that in 2025, there will be a small decline in Germany in railways because they do not have enough capacity in the planning offices. Decisions have been delayed for way too long. They spend too much time just discussing or objecting to plans. In Germany, it was clear that they needed electricity from the East and the North. True fact. Everybody was aware of that. It took 15 years for this plan approval process. 15 years. Unbelievable. But in the end, that is a political question. The most important requirement is that we have financing available for that. That is the first step. If there is political intention to do this, then we will try to speed up these processes. I think it is just a question of willingness, and the infrastructure is more or less broken, and there is need for action and an accelerated process and proceedings. This is something that is being discussed at a political level. This will be step 2. Of course, we will need more staff if all of these things are realized, and then we have to discuss how we can do this, whether we need staff from outside like we did. The question is always what will be given priority? But we can make sure that we create the conditions for that. As I said, we do see some willingness on the political level, and it is a fact that infrastructure needs to be renovated or renewed because it is really broken. As we saw in Dresden, in Germany, there are only 2 options. If there are 14,000 bridges on highways and railway tracks, you can either close down these routes and come up with some buses, or you wait until it is really broken. Politically, both of these measures are probably not easy ones to take. In our project in Salzburg, for 3 quarters of a year next to Wiesbaden, both the highway and the railway track were closed. There was also a subcommittee on bridges at the local parliament. This is a political topic. We are not doing this because we feel like doing it. It is also quite difficult. Of course, there were immediate reactions on the capital markets, but there is no alternative. We have to tackle this, and I do hope for all shareholders of PORR that this will be the case. This applies to all industries. We do not really depend on that. As I said, we have grown, and Germany was the weakest market, so this is just additional potential. In Poland, however, or in Romania, investments are being made. They really use the EU subsidies for that. In Austria, we do build. We have an increase in incoming orders. We achieve great margins. No worries in Austria. Data centers will be built. Whether the number will double or triple, we will not be able to build all of them, but the ones that we build, we will build at a high quality and in due time. If every year we can build another one, adding to our volume, having higher margins, we will also increase our earnings. I would like to come back to the margins later, but another question regarding slab track. Is every railway construction project eligible for slab track, and how much can you speed up the construction period, and how can you save costs? It makes projects faster but not cheaper because all traditional railway constructions happen like natural life, and they need maintenance on a regular basis. Everything that has a useful life of more than 40 years, we are cheaper with different methods. We have some test tracks in Singapore, and they are testing this right now. These high-speed routes, they will have the need for this system. Munich, Berlin, for instance, they are using our system. Every tunnel we have in Austria, we just finished the Koralmtunnel, and now we have this Semmering Base Tunnel with our equipment. An advantage of flap track is that we can take this with us, and we also take with us the mechanical and electrical equipment of the tunnel. Companies that can only do this mechanical or this technical equipment, we will not work with them. Another question, by 2030, what is your top-line growth that you want to achieve? Let us not talk about Germany now, but are we talking about 3%, 4%, or 5%? In 2021, between 2021 and 2024, we grew by EUR 1 billion. Now we are currently at approximately EUR 7 billion. If we assume growth of 3%, this would be EUR 1.2 billion, 4% would be EUR 2 billion. This is quite substantial. Of course, this will depend on the actual reduction, so we cannot give you definite guidance regarding our output, but these are the dimensions that we are thinking in. We do think that these are realistic expectations. The final question from me regarding the margins. Your order books are full. Cherry-picking has been mentioned again and again. You have great projects, and also your competitors confirm that you are leading in technology. We are talking about 10 to 20 basis points growth in margins every year, assuming that we have no flop projects or legacy projects. You compare yourself to a 3.7 average margin. This is not the guidance of the company. It is to be achieved by 2030. What I wanted to say is the following, if 3.5%-4%, is this the lower end? Or is it possible to achieve this even at an earlier stage? Because the order intake will turn around after 1 and a half, 2 years, so there will always be new high-margin projects, and on top of that, we have cost-cutting, lean management, BIM risk management. Basically, our large-scale projects have a project duration of 3 to 4 years, so it takes a little bit longer. The 2,000 orders of up to EUR 1 million, we always have them, but we do not have a high percentage of flops in this area. This refers more to the large-scale orders where we have a longer turnaround period. Karl-Heinz Strauss has turned a national construction company into an international player. We have recorded strong growth, and now the margins are catching up as well. This is exactly what happened with our competitors. They had a long growth phase, and then it took them years for results to consolidate. That is just the normal way it works. We want to have a reasonable target, 3.5%-4%, and we also want to make sure that we can achieve this target. We do not want to discuss later on whether we were too bullish. I think we have sufficient potential and sufficient growth, and it is quite realistic that we will achieve this. There is another question. I also would like to talk about the medium-term margins. How will you achieve this? By reducing costs further, or will it be a mix? What are the main drivers? Another question, do you expect a constant increase in margins until 2030, or will most of this increase be achieved in 2030 or shortly before that? Basically, we have 4,000 to 5,000 construction orders, the positive ones and negative ones. In total, our efforts to improve this are quite continuous. This is something that we witnessed in recent years, and that is also our expectation for the future. Of course, there might be some outliers. If there are positive outliers or special effects, one-off effects occur, in particular regarding the building construction potentials with our products, then of course it might happen a bit quicker. But our expectation is that it will be a continuous development, and all different measures contribute to that. If we will be able to realize all of them at 100%, maybe we will have a different result. But experience has shown that you never achieve all of your targets fully, and I think we do have a good mix of measures. Maybe we could come back to the overhead costs that increased in recent years. You mentioned that you would like to reduce them again. How will you do that? What are the drivers? Wage inflation is still an important topic. This is just efficiency. We have 50 units in our group. At headquarters, we have a quarter to one-third of the cost that is cost at the headquarters, and the rest of the cost is generated in our branches. We have a very strict benchmarking, and the best model has then to be implemented in the other regions. This is something that we cannot do at the very beginning. This is something that needs diligent analysis, and then you have to implement various measures throughout the group. We used to have higher costs, and then we cut costs, but we also want to grow, and that is why we will not have any cost-cutting program, because this would not also create the atmosphere that we need. We will try to improve efficiency all over our group. No microphone is being used yet? Yes, it is definitely. In my calculation payout ratio, if we have the results and the payout ratio that we have at the moment, we will still have a dividend that will be as customary in our industry.

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