Half Year 2026 MBB SE Earnings Call
Speaker #1: Person who founded the business 30 years ago, I still demand your shareholders and operationally very much. Many of used no probably quite well because Constantine has been a member of the MBB team for more than 10 years, and MBB CEO from 2021 to 2025.
Speaker #1: Yeah, for us at MBB, the rationale for our decision to sell the company is primarily to sharpen our focus on developing our existing portfolio companies, as well as to ensure that we have sufficient capacities internally here to pursue M&A.
Speaker #1: Telefonpolster has contributed around 12 million euros in revenue, as well as 0.4 million of EBITDA in H1, and will be deconsolidated going forward. We agreed not to disclose the purchase price, but overall you can expect the transaction to have a moderate positive impact on our net cash position.
Speaker #1: Yeah, all in all, we'd like to thank the entire Telefonpolster team for its tireless effort and commitment over the past 16 years, and wish them the best of luck for the future.
Speaker #1: Well, and with that, let's now turn to our H1 results. H1 was phenomenally strong, with EBITDA increasing by 53% to €117 million, and hence almost a 22% EBITDA margin, while revenue of €536 million remained broadly stable year on year.
Speaker #1: With seen strong profitability improvements already in Q1, where EBITDA had grown by 40% year on year, despite the relatively cold start into the year at Friedrich Vorwerk, but Q2 has equally underscored this trend, as Friedrich Vorwerk, DTS, Aumann, and DiligNet delivered strong results.
Speaker #1: Q2, as I said, contributed disproportionately to our H1 performance, with revenues up 5% year-on-year to almost €300 million, and EBITDA up 62% to €75 million, which translates into an EBITDA margin of 25% in the quarter.
Speaker #1: As I said, this was driven first and foremost by Friedrich Vorwerk, which significantly drove our EBITDA and relative as well as absolute terms, but also DTS, Aumann, and DiligNet, which held or even improved their margins in the second quarter.
Speaker #1: So let's dive into some of the details now on the following slides. Yeah, looking at Friedrich Vorwerk here on the left, the company continued its very strong run in the second quarter, Q2 revenues grew 17% year on year to almost 200 million, while the EBITDA margin reached an impressive 30.7%, up more than 9% points year on year.
Speaker #1: The drivers were the successful execution of the ongoing large projects, with a notably higher share of own works and lower material costs, but also the continued recruiting success with headcount up 7% in the first six months, as well as increased contributions from joint ventures.
Speaker #1: For the intake remained solid, with a total project volume of €470 million in the first half, and a very healthy order backlog, including JVs, of more than €1.4 billion.
Speaker #1: Looking ahead, we see a strong pipeline of new and attractive projects across all verticals, concrete projects in the market are, for example, the Spessart Odenwald link, a 117 kilometer natural gas pipeline to be commissioned by 2028, but also a 100 kilometer electricity project, for example, called Nordostlink Section 2, or the 400.
Torben Teichler: First and foremost, DTS, but also Hunkeler, which basically are not reflected here in the valuation and come on top of 3. I think that makes the MBB stock still quite attractive, and I am optimistic that our share price has the potential to catch up with the very nice development we have seen here in the H1 of the year. I hope I was able to give you a brief walkthrough these H1 results and the outlook for 2026, and I am happy to take your questions now.
Torben Teichler: First and foremost, DTS, but also Hunkeler, which basically are not reflected here in the valuation and come on top of 3. I think that makes the MBB stock still quite attractive, and I am optimistic that our share price has the potential to catch up with the very nice development we have seen here in the H1 of the year. I hope I was able to give you a brief walkthrough these H1 results and the outlook for 2026, and I am happy to take your questions now.
Speaker #1: First and foremost, ETH, but also Hunker, which basically are not reflected here in the valuation and come on top for 3. So, I think that makes the MBB stock still quite attractive, and I'm optimistic that our share price has the potential to catch up with the very nice development we've seen here in the first half of the year.
Speaker #1: So, I hope I was able to give you a brief walkthrough of these H1 results and the outlook for 2026, and I'm happy to take your questions now.
Speaker #2: Yeah, thank you very much for the presentation, Torben. Ladies and gentlemen, we are now moving on to the Q&A session. If you would like to ask a question in person via the audio line, please click on the raise your hand button.
Operator: Thank you very much for the presentation, Torben. Ladies and gentlemen, we are now moving on to the Q&A session. If you would like to ask your questions in person via the audio line, please click on the Raise Your Hand button. If you dialed in by phone, please use the key combination star 9 to raise your hand and star key 6 to unmute yourself. Additionally, you are also welcome to place your questions in our chat box. The first raised hand is from Victor Beyer. The stage is yours.
Operator: Thank you very much for the presentation, Torben. Ladies and gentlemen, we are now moving on to the Q&A session. If you would like to ask your questions in person via the audio line, please click on the Raise Your Hand button. If you dialed in by phone, please use the key combination star 9 to raise your hand and star key 6 to unmute yourself. Additionally, you are also welcome to place your questions in our chat box. The first raised hand is from Victor Beyer. The stage is yours.
Speaker #2: If you're dialed in by phone, please use the key combination *9 to raise your hand and *6 to unmute yourself, and additionally you're also welcome to place your questions in our chat box.
Speaker #2: And the first raised hand is from Victor Bayer. The stage is yours.
Speaker #3: Hi, thanks for taking my question. I have one on Aumann, where you obviously participated in the share buyback program. I was just wondering the allocation ratio was just about 6%, but you significantly reduced your stake.
Victor Beyer: Hi, thanks for taking my question. I have one on Aumann, where you obviously participated in the share buyback program. I was just wondering, the allocation ratio was just about 6%, but you significantly reduced your stake. What was the intention to sell additional shares in the company? Because its value just closed above cash, and you said you will stay as a shareholder. What was the intention about it? Given your high level of cash on the MBB holdco level, which brings us a second question, it does not seem to be the case that you are in need for cash, because we have seen this growing nicely quarter by quarter. When can we expect maybe also news from the acquisition side? What is your current view on the M&A market? Thank you.
Victor Beyer: Hi, thanks for taking my question. I have one on Aumann, where you obviously participated in the share buyback program. I was just wondering, the allocation ratio was just about 6%, but you significantly reduced your stake. What was the intention to sell additional shares in the company? Because its value just closed above cash, and you said you will stay as a shareholder. What was the intention about it? Given your high level of cash on the MBB holdco level, which brings us a second question, it does not seem to be the case that you are in need for cash, because we have seen this growing nicely quarter by quarter. When can we expect maybe also news from the acquisition side? What is your current view on the M&A market? Thank you.
Speaker #3: So what was the intention to sell additional shares in the company? Because its value just closed above cash, and you said you will stay as a shareholder.
Speaker #3: So what was the intention about this? Because given your high level of cash on the MBB holding level, which brings us to the second question, it doesn't seem to be the case that you're in need for cash.
Speaker #3: Because we've seen this growing nicely quarter by quarter, so when can we expect maybe also news from the acquisition side? What's your current view on the M&A market?
Speaker #3: Thank you.
Speaker #1: Sure. Torben, maybe first of all, I think we really appreciate Aumann is, you know, having this is pushing this transition into next automation. And obviously what's a bit disappointing is the automotive environment.
Torben Teichler: Sure. Maybe first of all, I think we really appreciate Aumann is pushing this transition into Next Automation. Obviously what is a bit disappointing is the automotive environment, and that is obviously affecting overall order intake. But the company has, over the years, done a really good job in capitalizing on its markets, has maintained and grown a balance sheet, which has put it into a position where it now can, in a time where overall order intake is weaker, actually do something for its shareholders, and it has done so through this share buyback program and also through the planned dividend. We, as shareholders, do appreciate that the company is engaging in this. Obviously the balance sheet has a lot of room for them to still engage into M&A, and also in organic investment. I think the share buyback program was attractive.
Torben Teichler: Sure. Maybe first of all, I think we really appreciate Aumann is pushing this transition into Next Automation. Obviously what is a bit disappointing is the automotive environment, and that is obviously affecting overall order intake. But the company has, over the years, done a really good job in capitalizing on its markets, has maintained and grown a balance sheet, which has put it into a position where it now can, in a time where overall order intake is weaker, actually do something for its shareholders, and it has done so through this share buyback program and also through the planned dividend. We, as shareholders, do appreciate that the company is engaging in this. Obviously the balance sheet has a lot of room for them to still engage into M&A, and also in organic investment. I think the share buyback program was attractive.
Speaker #1: And that is obviously affecting overall on the intake. But the company has over the years done a really good job in capitalizing on its markets, has maintained and grown a balance sheet, which has put it into a position where it now can in a time where our intake overall order intake is weaker, actually do something for its shareholders and it has done so through this share buyback program and also through the planned dividend.
Speaker #1: And we as shareholders do appreciate that the company is engaging in this. And obviously the balance sheet has a lot of room for them to still engage into M&A and also in organic investments.
Speaker #1: So I think it's the share buyback program was attractive. We did not expect the allocation to be that low, to be honest. We were hoping for a higher one, but okay, that was the nature of the program.
Torben Teichler: We did not expect the allocation to be that low, to be honest. We were hoping for a higher one. But okay, that was the nature of the program. We obviously saw the increase in the share price in the course of this share buyback program, and realized that there was a high volume. So we felt that was an attractive price, and fairly opportunistically took the chance to sell some shares and increase the free flow and support, basically, the company in promoting the share. If you look into our history after the IPO, we also had 38%, so it is not a level where we have not been yet. So it was, from our view, a fairly opportunistic thing and we are excited to see what is going to happen in the next quarters. I think Next Automation is providing interesting tailwind.
Torben Teichler: We did not expect the allocation to be that low, to be honest. We were hoping for a higher one. But okay, that was the nature of the program. We obviously saw the increase in the share price in the course of this share buyback program, and realized that there was a high volume. So we felt that was an attractive price, and fairly opportunistically took the chance to sell some shares and increase the free flow and support, basically, the company in promoting the share. If you look into our history after the IPO, we also had 38%, so it is not a level where we have not been yet. So it was, from our view, a fairly opportunistic thing and we are excited to see what is going to happen in the next quarters. I think Next Automation is providing interesting tailwind.
Speaker #1: And we obviously saw the increase in the share price in the course of this share buyback program. And realized that there was a high volume.
Speaker #1: So we felt that was an attractive price and fairly opportunistically took the chance to sell some shares and increase the free float. And support basically the company and in promoting the share.
Speaker #1: And if you look into our history after the IPO, we also had 38%, so it's not a level we where we haven't been yet.
Speaker #1: So it was from our view a fairly opportunistic thing. And well, we are excited to see what's going to happen in the next quarters.
Speaker #1: I think the next automation is providing interesting tailwind. We still have the M&A topics going on. Which were alluded to in the Aumann call.
Torben Teichler: We still have the M&A topics going on, which were alluded to in the Aumann call. So, yeah, from our perspective, this was an attractive part of capital allocation of Aumann. With regard to our own net cash position, well, obviously, that has gotten a bit bigger through that. We are obviously looking at new M&A targets and would like to invest this money, first and foremost, in M&A. You have seen now we have sold CT Formpolster. We were approached by Nexeros, which was a great thing, and so the decision came rather quick to sell the company. I think it frees up capacities for us internally to put more pressure on the M&A pipeline going forward. So I think overall that has also been a good development for us.
Torben Teichler: We still have the M&A topics going on, which were alluded to in the Aumann call. So, yeah, from our perspective, this was an attractive part of capital allocation of Aumann. With regard to our own net cash position, well, obviously, that has gotten a bit bigger through that. We are obviously looking at new M&A targets and would like to invest this money, first and foremost, in M&A. You have seen now we have sold CT Formpolster. We were approached by Nexeros, which was a great thing, and so the decision came rather quick to sell the company. I think it frees up capacities for us internally to put more pressure on the M&A pipeline going forward. So I think overall that has also been a good development for us.
Speaker #1: So yeah, from our perspective, this was an attractive part of capital allocation of Aumann. And with regard to our own net cash position, well, obviously that has gotten a bit bigger through that.
Speaker #1: We are obviously looking at new M&A targets and would like to invest this money first and foremost in M&A. You've seen now we've sold Citi Form Polestar we were approached by Nexeras, which was a great thing.
Speaker #1: And so the decision came rather quick to sell the company. And I think it frees up capacities for us internally to put more pressure on the M&A pipeline going forward.
Speaker #1: So I think overall that has also been a good development for us.
Speaker #2: Does it answer your question, Victor?
Operator: Does it answer your question, Victor?
Operator: Does it answer your question, Victor?
Speaker #3: Yes, thank you very much.
Victor Beyer: Yes. Thank you very much.
Victor Beyer: Yes. Thank you very much.
Speaker #2: Thank you. Then I will move on to the questions in our chat box. You have shared some light already on a few, Torben. I will read them out.
Operator: Thank you. I will move on to the questions in our chat box. You have shed some light already on a few, Torben. I will read them out. MBB has lowered its exposure to the subsidiaries by about EUR 100 million in H1 2026, while reinvesting a similar amount in equity securities, a substantial capital allocation decision. As investors, we would like to see more transparency from management on the composition of this portfolio. What you already did is shedding some light on the M&A environment. How reasonable is it to expect significant acquisitions of standalone companies on the holdco level?
Operator: Thank you. I will move on to the questions in our chat box. You have shed some light already on a few, Torben. I will read them out. MBB has lowered its exposure to the subsidiaries by about EUR 100 million in H1 2026, while reinvesting a similar amount in equity securities, a substantial capital allocation decision. As investors, we would like to see more transparency from management on the composition of this portfolio. What you already did is shedding some light on the M&A environment. How reasonable is it to expect significant acquisitions of standalone companies on the holdco level?
Speaker #2: MBB has lowered its exposure to the subsidiaries by about 100 million in H1 2026, while reinvesting a similar amount in equity securities. A substantial capital allocation decision.
Speaker #2: As investors, we would like to see more transparency from management on the composition of this portfolio. And what you already did is shedding some light on the M&A environment.
Speaker #2: How reasonable is it to expect significant acquisitions of standalone companies on the hold co level?
Torben Teichler: Yeah. Maybe a bit on the composition of the cash. There is around EUR 160 million invested in equities. The rest is largely in government and corporate bonds. If you look at it from the top, less than half is invested in equities. That equity portfolio is a large-cap, rather US-oriented portfolio, which if you looked into it, would not surprise you. You would know most of the names in that portfolio. Plus, not all of the cash we invest directly into shares, but also in some funds. I think we have a fairly diversified and balanced approach to this. For us, it is just part of our treasury activities and a way to optimize return on that cash.
Torben Teichler: Yeah. Maybe a bit on the composition of the cash. There is around EUR 160 million invested in equities. The rest is largely in government and corporate bonds. If you look at it from the top, less than half is invested in equities. That equity portfolio is a large-cap, rather US-oriented portfolio, which if you looked into it, would not surprise you. You would know most of the names in that portfolio. Plus, not all of the cash we invest directly into shares, but also in some funds. I think we have a fairly diversified and balanced approach to this. For us, it is just part of our treasury activities and a way to optimize return on that cash.
Speaker #1: Yeah. So maybe a bit on the composition of the cash. The large, there's around 160 million euro invested in equities. The rest is largely in government and corporate bonds.
Speaker #1: So if you look at it from the top, less than half is invested in equities. And that equity portfolio is large cap, rather US oriented portfolio.
Speaker #1: Which if you looked into it would not surprise you you would know most of the names in that portfolio. Plus not all of the cash we invest directly into shares, but also in some funds.
Speaker #1: So I think we have a fairly diversified and balanced approach to this. For us, it's just part of our treasury activities and a way to optimize return on that cash.
Speaker #1: But we definitely do not want to share individual stock names here because then this conference call would become very long and we would discuss whether we should buy Microsoft now or not.
Torben Teichler: But we definitely do not want to share individual stock names here because then this conference call would become very long, and we would discuss whether we should buy Microsoft now or not. That is something we definitely want to avoid. To give you a flavor of the nature of this, it is large-cap. It is rather US-oriented. It is diversified, partly done by us, partly also some external funds. If you looked into it would not surprise you what is in there. With regards to the bonds, here the approach is not to speculate on some interest rate levels. It is a rather short-term oriented portfolio with an average duration of around about 2 to 3 years, and very well-diversified over a large number of positions. More than 95% investment grade.
Torben Teichler: But we definitely do not want to share individual stock names here because then this conference call would become very long, and we would discuss whether we should buy Microsoft now or not. That is something we definitely want to avoid. To give you a flavor of the nature of this, it is large-cap. It is rather US-oriented. It is diversified, partly done by us, partly also some external funds. If you looked into it would not surprise you what is in there. With regards to the bonds, here the approach is not to speculate on some interest rate levels. It is a rather short-term oriented portfolio with an average duration of around about 2 to 3 years, and very well-diversified over a large number of positions. More than 95% investment grade.
Speaker #1: And that is something we definitely want to avoid. So but to give you a flavor of the nature of this, it's large cap, it's rather US oriented.
Speaker #1: It's diversified, partly done by us, partly also some external funds. And if you looked into it, it would not surprise you what's in there.
Speaker #1: And with regards to the bonds, here the approach is not to speculate on some interest rate levels. So it's a rather short term oriented portfolio with an average duration of around about two to three years.
Speaker #1: And very well diversified over a large number of positions. More than 95% investment grade. So that is something which is just a way to enhance the return on that part of the cash pile.
Torben Teichler: That is something which is just a way to enhance the return on that part of the cash pile. I hope that gives you a bit more color and flavor of what we do there. With regards to M&A, particularly standalone, we do look at things. We are faced with a challenge with which fairly all investors in Germany are faced, and that is that the investable market in Germany has become significantly smaller. Which doesn't mean that you cannot look at automotive or something like this, but I think you must look really much more carefully, and it really has to be a super attractive price to push us towards an investment in that area.
Torben Teichler: That is something which is just a way to enhance the return on that part of the cash pile. I hope that gives you a bit more color and flavor of what we do there. With regards to M&A, particularly standalone, we do look at things. We are faced with a challenge with which fairly all investors in Germany are faced, and that is that the investable market in Germany has become significantly smaller. Which doesn't mean that you cannot look at automotive or something like this, but I think you must look really much more carefully, and it really has to be a super attractive price to push us towards an investment in that area.
Speaker #1: I hope that gives you a bit more color and flavor of what we do there. With regards to M&A, particularly standalone, we do look at things.
Speaker #1: We are faced with a challenge with which fairly all investors in Germany are faced. And that is that the investable market in Germany has become significantly smaller which doesn't mean that you cannot look at automotive or something like this.
Speaker #1: But I think you must look really much more carefully and it really has to be a super attractive price to push us towards an investment in that area.
Speaker #1: So if you look at the attractive parts of the German M&A market, infrastructure, defense, and IT, and these types of things, then you also have a fairly large amount of institutional money in this market.
Torben Teichler: If you look at the attractive part of the German M&A market, infrastructure, defense, and IT, and these types of things, then you also have a fairly large amount of institutional money in this market, particularly in the size of businesses we are looking at. Because for us, it obviously does not make sense to buy another EUR 20 million company. But we would like to make a larger and more meaningful investment, which fits into our current portfolio. That obviously is a space where a lot more people are looking. That I think is just how the M&A environment has developed for us. That does not mean that there are no opportunities.
Torben Teichler: If you look at the attractive part of the German M&A market, infrastructure, defense, and IT, and these types of things, then you also have a fairly large amount of institutional money in this market, particularly in the size of businesses we are looking at. Because for us, it obviously does not make sense to buy another EUR 20 million company. But we would like to make a larger and more meaningful investment, which fits into our current portfolio. That obviously is a space where a lot more people are looking. That I think is just how the M&A environment has developed for us. That does not mean that there are no opportunities.
Speaker #1: Particularly in the size of businesses we're looking at. Because for us, it obviously doesn't make sense to buy another 20 million euro company. But we would like to make a larger and more meaningful investment which fits into our current portfolio.
Speaker #1: And that obviously is a space where a lot more people are looking. And so that I think is just how the M&A environment has developed for us.
Speaker #1: That doesn't mean that there are no opportunities. I think we've built a very nice track record with Vorwerk, for example, but also DTS or Aumann where we have provided an attractive structure for a succession solution or where for example, you have several shareholders, one or two want to get out, some others want to continue the business.
Torben Teichler: I think we have built a very nice track record with Friedrich Vorwerk, for example, but also DTS or Aumann, where we have provided an attractive structure for a succession solution or where, for example, you have several shareholders, one or two want to get out, some others want to continue the business. I think we have proven that we are very flexible to accommodate that on the one hand. Then we have basically brought a certain angle into all of our companies to develop them in structural growth trends. That has enabled the IPO of Friedrich Vorwerk. It has enabled the IPO of Aumann. There are people who recognize this and see this and approach us because of this.
Torben Teichler: I think we have built a very nice track record with Friedrich Vorwerk, for example, but also DTS or Aumann, where we have provided an attractive structure for a succession solution or where, for example, you have several shareholders, one or two want to get out, some others want to continue the business. I think we have proven that we are very flexible to accommodate that on the one hand. Then we have basically brought a certain angle into all of our companies to develop them in structural growth trends. That has enabled the IPO of Friedrich Vorwerk. It has enabled the IPO of Aumann. There are people who recognize this and see this and approach us because of this.
Speaker #1: And I think we've proven that we are very flexible to accommodate that on the one hand. And then we've basically brought a certain angle into all of our companies to develop them in structural growth trends.
Speaker #1: And that has enabled the IPO of Friedrich Vorwerk. It has enabled the IPO of Aumann. And there are people who recognize this. And see this.
Speaker #1: And approach us because of this. And I think in these situations we have a chance to find a good deal. And together maybe even with a seller, develop a perspective of how we can develop a new business going forward.
Torben Teichler: I think in these situations, we have a chance to find a good deal, and together, maybe even with a seller, develop a perspective of how we can develop a new business going forward. That is what we focus on because our aim is not to. We are not a fund, so we do not have to generate deals one after another. I think the success of MBB comes from a very few deals, which just turned out to be very good ones. That is what we will also focus on going forward.
Torben Teichler: I think in these situations, we have a chance to find a good deal, and together, maybe even with a seller, develop a perspective of how we can develop a new business going forward. That is what we focus on because our aim is not to. We are not a fund, so we do not have to generate deals one after another. I think the success of MBB comes from a very few deals, which just turned out to be very good ones. That is what we will also focus on going forward.
Speaker #1: And that is what we focus on. Because our aim is not to, we're not a fund, so we don't have to generate deals one after another.
Speaker #1: I think the success of MBB comes from a very few deals which just turned out to be very good ones. And that is what we will also focus on going forward.
Speaker #2: Thank you very much. And the last question. So far, ladies and gentlemen, please feel reminded to place your questions if you may have some now.
Operator: Thank you very much. The last question so far, ladies and gentlemen. Please feel reminded to place your questions if you may have some now. MBB is committed to the capital market. When will DTS be ready for an IPO? Why did MBB sell shares in Friedrich Vorwerk and Aumann?
Operator: Thank you very much. The last question so far, ladies and gentlemen. Please feel reminded to place your questions if you may have some now. MBB is committed to the capital market. When will DTS be ready for an IPO? Why did MBB sell shares in Friedrich Vorwerk and Aumann?
Speaker #2: MBB is committed to the capital market. When will DTS be ready for an IPO? And why did MBB sell shares in Vorwerk and Aumann?
Speaker #1: Yeah. DTS is obviously well, it's impacted on the one hand by, as I said, this memory chip crisis, also some private sector hesitancy about public sector is developing very nicely.
Torben Teichler: Yeah. DTS is obviously. Well, it is impacted on the one hand by, as I said, this memory chip crisis, also some private sector hesitancy, but public sector is developing very nicely, and I think that is providing good tailwind. I think for the full year you will see a very nice profitability improvement. So that is great. However, we believe that for an IPO, probably it makes sense to grow the company a bit further, make it a bit larger. I think the company has done that very well organically in the past. We would like to help a bit more with M&A to gain more scale. Then maybe in a few years' time, an IPO might be on the table, but for the time being or at the moment right now, we are not thinking about an IPO.
Torben Teichler: Yeah. DTS is obviously. Well, it is impacted on the one hand by, as I said, this memory chip crisis, also some private sector hesitancy, but public sector is developing very nicely, and I think that is providing good tailwind. I think for the full year you will see a very nice profitability improvement. So that is great. However, we believe that for an IPO, probably it makes sense to grow the company a bit further, make it a bit larger. I think the company has done that very well organically in the past. We would like to help a bit more with M&A to gain more scale. Then maybe in a few years' time, an IPO might be on the table, but for the time being or at the moment right now, we are not thinking about an IPO.
Speaker #1: And I think that's providing good tailwind. And I think for the full year you will see a very nice profitability improvement. So that's great.
Speaker #1: However, we believe that for an IPO, probably it makes sense to grow the company a bit further, make it a bit larger and I think we've done that.
Speaker #1: I think, well, the company has done that very well organically in the past. We would like to help a bit more with M&A to gain more scale.
Speaker #1: And then maybe in a few years time, an IPO might be on the table. But for the time being, or at the moment right now, we're not thinking about an IPO.
Speaker #1: Yeah. As I said, Aumann, I think I already answered. And Friedrich Vorwerk, well, at the beginning of the year we had still attractive share prices.
Torben Teichler: As I said, Aumann, I think I already answered, and Friedrich Vorwerk. Well, at the beginning of the year, we had still attractive share prices and we have just decided to basically continuing from last year to still reduce our sharing a little bit. But we were slightly below 40% after the first quarter, and now we are slightly above 40%. But clearly at the current share price level, I think it is a rather attractive level. So, we feel quite comfortable with the 40% at this stage.
Torben Teichler: As I said, Aumann, I think I already answered, and Friedrich Vorwerk. Well, at the beginning of the year, we had still attractive share prices and we have just decided to basically continuing from last year to still reduce our sharing a little bit. But we were slightly below 40% after the first quarter, and now we are slightly above 40%. But clearly at the current share price level, I think it is a rather attractive level. So, we feel quite comfortable with the 40% at this stage.
Speaker #1: And we've just decided to basically continuing from last year, to still reduce our shareholding a little bit. But we're slightly below 40% after the third quarter.
Speaker #1: First quarter, sorry. And now we're slightly above 40%. So yeah. But clearly at the current share price level, I think it's a rather attractive level.
Speaker #1: So yeah. We feel quite comfortable with the 40% at this stage.
Speaker #2: Thank you very much. And as no further questions have come in, we come to the end of today's earnings call of the MBB SE.
Operator: Thank you very much. As no further questions have come in, we come to the end of today's earnings call of the MBB SE. Thank you very much for your question and your interest. A big thank you also to you, Torben, for your presentation and your time. Should you, ladies and gentlemen, have any further questions at a later date, please feel free to reach out to MBB. I wish you all a successful day. Having said this, I am handing back over to you, Torben, for some final remarks.
Operator: Thank you very much. As no further questions have come in, we come to the end of today's earnings call of the MBB SE. Thank you very much for your question and your interest. A big thank you also to you, Torben, for your presentation and your time. Should you, ladies and gentlemen, have any further questions at a later date, please feel free to reach out to MBB. I wish you all a successful day. Having said this, I am handing back over to you, Torben, for some final remarks.
Speaker #2: Thank you very much for your question and your interest. A big thank you also to you, Tom, for your presentation and your time. Should you, ladies and gentlemen, have any further questions, add a later date, please feel free to reach out to MBB.
Speaker #2: I wish you all a successful day and having said this, I'm handing back over to you, Tom, for some final remarks.
Torben Teichler: Well, thank you very much for your interest in MBB, and I look forward to seeing you or hearing you soon.
Torben Teichler: Well, thank you very much for your interest in MBB, and I look forward to seeing you or hearing you soon.
