Q2 2026 Friedrich Vorwerk Group SE Earnings Call
Speaker #1: Of Friedrich Vorwerk Group SE, regarding the first half-year figures of 2026. The company's CEO, Torben Kleinfeldt, and CFO, Tim Hameister, will guide you through the figures in a moment, followed by a Q&A session in which you have the possibility to place your questions directly to the management.
Speaker #1: And with that, I hand over to you, Torben.
Speaker #2: Yeah, thank you very much for the introduction. Myself, Torben Kleinfeldt, studied civil engineering and have been on board at Friedrich Vorwerk since 2001. Today, I am responsible, together with my colleague Tim Hameister, who will introduce himself later, for all responsibilities of the company, and I also still take care myself of some of our major projects in both pipeline construction and also plant construction.
Speaker #2: To all of you who are joining this call for the first time, I would like to start with a very brief and short introduction to our group of companies.
Speaker #2: So, Friedrich Vorwerk was founded in 1962. From its first day on, it has always been active in energy infrastructure—so, in the end, laying cables, pipeline systems, district heating pipelines, and today also large cable systems and hydrogen pipeline systems.
Speaker #2: Our branch offices are very well distributed in the north of Germany, as you can see on the map on the left-hand side. With 50 locations and more than 2,400 employees, we are one of the largest players for energy infrastructure here in the middle of Europe and, due to the energy transition that is going on at the moment, especially in Germany, we're seeing strong annual growth over the last years of more than 30% per year.
Speaker #2: Today, we are active in very highly attractive markets such as infrastructure for natural gas and electricity. Over the latest years, also clean hydrogen, and what we today call adjacent opportunities, which basically wraps up our activities in district heating, the treatment of biomethane, and also the subtraction of CO2, transport of CO2, and storage of CO2.
Speaker #2: Among our long-deck hit customer relationships are, of course, the large TSOs and the bigger district system operators here in Germany, both on the natural gas side and also on the electricity side.
Speaker #2: To name some of the larger names, there's Amprion and TenneT. On the natural gas and hydrogen side, it's Open Grid Europe and Gasunie. But as you can also see, among our major customers are petrochemical companies, and also the large producers of energy and electricity, such as E.ON or Thyssengas, for example.
Speaker #2: Yeah, we have, as I said, the major driver of our activities is the energy transition going on, and due to this, our total project volume acquired has increased from 2024 to 2025 by almost 30%.
Speaker #2: So, what does Friedrich Vorwerk Group stand for, and what are our, what daily works are we involved in? I think this sketch is from the early days of our IPO, but it still shows very well which activities we are involved in.
Speaker #2: So, for example, on the very top of this slide, you see our activities: natural gas, so our company group is able to engineer, construct, and also operate all belonging all necessary facilities that belong to a natural gas high pressure natural gas grid, so it could start, for example, by setting up an engineering and LNG terminal, or a cross-border takeover station, then of course we are we have the main objective to construct and build the high pressure gas pipelines which transport the natural gas being taken over from an LNG terminal or a cross-border station and bringing it to either consumers or, for example, to underground storage facilities, which are well located here in the north of Germany.
Speaker #2: To make the system of pipelines work, every 200 to 300 kilometers, compressor stations are required. These are very sophisticated, large pumping stations that boost the flow of gas in the pipelines.
Speaker #2: To finally bring it to the consumers, and at the very end of the value stream, we can also engineer and set up gas pressure regulating and metering stations, which are, so to say, the interface towards the consumers. Here, the gas is reduced in pressure, and these stations are responsible for delivering the right volume. Also, at these locations, the gas flow and the energy being transferred to the consumers are metered, so it can be later invoiced.
Speaker #2: For all customers. Basically, the same is true for the future hydrogen grids, which are shown here at the bottom of this slide. So it also requires pipelines, compressor stations, storage facilities, and metering stations. But at the very beginning, of course, since hydrogen cannot be found in nature, it requires electrolyzers, so hydrogen can be produced out of electrical energy and water.
Speaker #2: Friedrich Vorwerk has already been active in hydrogen electrolyzers since 2011, when we set up the first Power-to-Gas plant here in Germany for the Eion Group.
Speaker #2: In between our activities in high voltage underground cable systems, which the main activity starts with the landfall of seagoing cables, picking up the electricity from the offshore wind farms, which are installed in the northern Baltic Sea, these activities are mainly done by our sophisticated horizontal directional drilling, services which take over the underground cables and underbore the sensitive areas of the shores of northern Baltic Sea and bring it to onshore, from here we can run the underground cable systems to the next transformer or inverter station, and of course we are also able to set up these sophisticated stations but also able to set up Power-to-Heat stations where the electricity can directly be transformed in heat mainly to heat the households in the big cities and also the industry.
Speaker #2: So after this general introduction, a short market update, what is going on in our markets. There are some new activities and as I said in the beginning, in our adjacent opportunities we are already today active in extraction of CO2 out of, for example, biomethane streams, and we have already a couple of weeks ago placed an offer for the first commercial CO2 pipeline in Germany, which will, if the project is realized, will connect the the cement factory in Legedorf, Romberg Holzim, to the port of Brunsbüttel, where the CO2 is loaded on a ship and then being shipped to Norway, where the extracted CO2 will then be dumped into old natural gas wells under the North Sea, and just recently an agreement between the Netherlands and Germany has been finalized that they are planning to export through the Delta Rhine corridor CO2 from major power stations and other industries towards the border of the North Sea in the Netherlands, and there it will be picked up and then being transferred via pipeline to old natural gas wells in the North Sea and can be stored there for a very long period of time.
Speaker #2: So this is really an activity which can be a very nice opportunity for our group of companies, with up to the 1945–2045 year when this project is really being kicked off and is realized.
Speaker #2: Besides that, I know that a lot of discussions has been going on about our underground cable activities, so the Germany German government has decided in 2016 that all major high voltage cable systems need to be installed underground and not as before in above-ground power lines, due to that new law, all recent plannings have have been done, and also the investment volume which is shown shown in the today's natural electricity grid development plan with the volume of 320 billion euros up to 2045 is still based on that law, so all the current projects which are being executed in high voltage transport of energy here in Germany will be underground pipelines, but at the moment due to the costs of the underground cable systems, discussions are going on in the German government to switch again to overhead lines, which could be feasible for some of the future projects that will be executed after 2035, but in the end there are for many projects which are in the grid development plan at the moment there are good technical reasons why they are being built underground as a cable system so the discussion in the government is still going on and as you can see from the slide some of the federal countries in Germany, for example, Lower Saxony and also Schleswig-Holstein, they have already strongly opposed to the discussion, so we did expect to find a resolution in the German government by the summer since now we have not received any update so we'll see what comes out of this in the very end, but as we say in the very end we are very sure that there are good technical reasons for underground pipelines and in the end the decision is being made by the TSOs for which technology technology they will decide.
Speaker #2: But besides that, of course, within our company group, a lot of tendering is still going on in all fields of activities, and this slide shows our project pipeline which we are working on at the moment in our information department, so there are a lot of very huge projects in all markets which we are working on at the moment, largest one in natural gas industries at the moment, the Spessart Odenwald link, which is about 120 km or 40-inch pipeline, and the southwest of Germany being executed in the years 2007 up to 2009, other projects which will be used for natural gas over the next years and then later be converted to hydrogen, for example, the gas uni project ETL 186 which will end in Pine where the Salzgitter steel factory will receive in in the later 30s hydrogen for their seal production, but also pure hydrogen pipelines are being worked on at the moment, so for example the Delta Rhine corridor which will carry both hydrogen and also CO2, the Hercules project where we have already received two small contracts for open grid Europe, to set up a 56 and 40-inch pipeline, and also here another gas uni project the ETL 187 where we have handed in our first offer beginning of July this year, and electricity major projects reaching out up to the year 2034 is WindAda West, SüdwestLink, SüdostLink Plus, and NordostLink Section 2 which is run by by 50 hertz, and also in the region of adjacent opportunities there will be large projects coming up, for example, the Legedorf Brunsbüttel link which I've talked about before, and also a large water transport line which will carry water from the river of Rhine, when it carries enough water and then fill the the coal mines being left over in western Germany, so these are projects we are working on for the major projects we are working on at the moment in estimation apartment, but please keep in mind that these projects are only the few major projects we are working on working on at the moment, our company group executes more than 500 projects a year so among those are of course also a lot of smaller projects being executed for the DSOs and other customers.
Speaker #2: And with that, I would like to hand over to Tim for the financial section.
Speaker #1: Good afternoon, ladies and gentlemen. Welcome to Friedrich Vorwerk's earnings call on the H1 figures. My name is Tim Hameister, I'm the CFO of Vorwerk, and I'm very pleased to walk you through our again exceptionally strong half-year results and the updated outlook.
Speaker #1: So, following a modest start to 2026 in terms of revenue due to unfavorable weather conditions, we returned to our targeted growth trajectory in the second quarter. As a result, monthly revenues increased each month from April to June, with June achieving the highest monthly revenue to date at €73 million.
Speaker #1: In total, we generated revenue of €198 million in the second quarter, representing growth of 17% compared with the previous year. As in previous years, a key driver of this continued growth is the increase in our workforce. Although we had originally intended to take a slightly more measured approach to recruitment this year, we were nevertheless able to recruit more than 160 new employees in the first six months on a net basis, representing a 15% increase in the average number of employees compared with H1 2025.
Speaker #1: In terms of revenue breakdown, the Electricity segment was once again the strongest, accounting for 53% of total revenue, followed by Natural Gas at 29%, and our Adjacent Opportunities at 16%.
Speaker #1: Clean hydrogen revenue was still quite weak in the first six months. However, we continue to expect strong growth in this area, not least due to the large orders already received in Q1, the two major plant construction projects—Bobbo and Großküris—and in Q2, where we secured the H2 CoastLink pipeline project, which will be seen later in the presentation. But also due to the very attractive project pipeline related to the hydrogen core grid.
Speaker #1: Furthermore, since the start of the year, we've also been reporting what is known as production output, which, in addition to revenue, includes the proportionate revenue from our joint ventures, the Arbeitsgemeinschaft.
Speaker #1: As the contract structure has shifted increasingly towards these joint ventures over the last two years, due to the growing scale of the projects, we believe this key figure provides a more transparent view of our business performance.
Speaker #1: In the first half of the year, the production output improved by 35% to €448 million, representing significantly stronger growth than revenue. Looking at the breakdown by segment, it's clear that a very large number of joint ventures has been formed, especially in the natural gas segment.
Speaker #1: However, profitability showed particularly strong growth in Q2. EBITDA increased by 68% to €60.8 million, corresponding to a margin of 30.7%, which represents a quarterly record for Vorwerk in both absolute and relative terms.
Speaker #1: The EBIT margin rose by 9 percentage points to a new record high of 26.7%, corresponding to €52.8 million alone in Q2. The key driver behind this fantastic performance is that we've managed to substantially reduce the cost of materials ratio, while turnover has risen significantly.
Speaker #1: In other words, fewer materials and subcontractors were required to deliver our services. The cost of materials was reduced by €10.7 million compared with the previous year, resulting in an improvement in the cost of materials ratio from 46.4% to 38.6% in the reporting period. Expanding our own value chain remains, therefore, a key part of our growth strategy. Yesterday, we were able to announce the acquisition of a former supplier called MeterQ. Torben will provide further details on this acquisition later on.
Speaker #1: Another reason for the improvement in profitability is the sharp rise in earnings from joint ventures, which more than tripled to €12.8 million in Q2.
Speaker #1: Accordingly, we generated EBITDA of €92.6 million in the first half of the year, with a margin of 27.4%, and EBIT of €67.9 million.
Speaker #1: In addition to the effects on profit described previously, these results also include a positive one-off effect in the amount of €1.7 million from the sale of our former branch office in Lüchow-Dannenberg in Q1 this year.
Speaker #1: So let's now turn to the other situation. On the left-hand side, we can see the conventional order intake figure, which has improved by just under 50% year-on-year to €321 million. On the right-hand side, we can see the total project volume acquired, which also includes a proportionate share of the order intake of the JVs.
Speaker #1: This figure actually shows a decline of 25%, to €470 million, which is due to the fact that, especially in Q2 2025, a number of new large projects were secured in the form of joint ventures, such as the Südlink project and the South German natural gas pipeline.
Speaker #1: Overall, we are quite happy with the order situation. This is a very satisfactory development, with a book-to-bill ratio above one in terms of the total project volume acquired versus production output.
Speaker #1: Despite the high turnover, respectively the production output, the order book remains at a high level and has even increased slightly compared with the balance sheet date. As of June 2026, around 45% of the order book relates to the electricity segment, followed by 30% for natural gas, and already 14% for hydrogen. Then also look at the balance sheet, which remains very healthy, very strong, and also relatively unchanged compared to December 2025. Again, we have continued to invest in our non-current assets, such as drilling equipment and especially the welding equipment for our subsidiary 5C Tech, which is growing at a very high speed.
Speaker #1: For seasonal reasons, working capital increased compared with the end of the year. However, the management of working capital, which was and still is a key priority for us, has achieved continuous positive results.
Speaker #1: Therefore, our net cash position has improved by an outstanding €128 million compared to Q2 2025, underlining our high cash conversion rate. Due to this fantastic performance, especially in the second quarter, we revised our guidance for the 2026 fiscal year upward last month. We now expect EBITDA in the range of €180 million to €200 million, after previously forecasting €160 million to €180 million. We continue to expect revenue in a range of €730 million to €780 million, and again, this forecast is based solely on the company's organic growth and does not include any additional inorganic growth opportunities.
Speaker #1: However, given the net cash position of €212 million as of June, a range of opportunities for further growth options remains definitely open. And let me now hand it back to Torben for some updates on the ongoing and upcoming projects before we open the floor to your questions.
Speaker #2: Tim, thank you very much, and after these fantastic figures, I think we'll present some very nice projects we are working on at the moment. Some of the projects we have already introduced to you in the Q1 earnings call. So, largest project at the moment is actually two projects: it's the gasoline pipeline system, ETL 1A2 and ETL 179/200, which we have started working on in the fall of 2025, preparing preliminary works such as the pipe storage facilities. You can see on the bottom of this slide, we have now started with construction and laying of the actual pipeline. So, welding is in full progress on ETL 179. We already finished all the crucial non-dig procedures, so all the large crossings—in terms of horizontal directional drillings, micro tunnels, and also direct pipes—have been successfully executed in the time frame given by the customer. For the 179, which has to be handed over to Gasunie by the end of this year to allow further transports of LNG via the floating terminal in Stade, this can definitely be met by the activities we are doing in the field at the moment.
Speaker #2: For ETL1A2, also here for all the major crossings, we are in the timeline given by the customer and by our project crew, so we are at the moment quite happy with the execution of these two projects. Also, after a very slow beginning due to weather conditions here in the north of Germany, we had a fantastic weather opportunity over the summer months and did a very good performance on both of the projects.
Speaker #2: Coming to the next pipeline project, which is a pure hydrogen pipeline project. It's a diameter-wise smaller pipeline with a 16-inch diameter. Pressure load in our design pressure of the pipeline will be 100 bar. The customer for this project is EWE Net and GTG Nord, which are two of the smaller TSOs here in the north of Germany. We are constructing a pipeline to connect the newly built electrolyzer with a total capacity of 320 megawatts, which will be set up in the area of Emden, so the North Sea port of Emden, and will pick up the produced hydrogen at the electrolyzer facility.
Speaker #2: And then transfer it to a section of pipeline, which will later on feed some industry in the region of Lea and also the storage facilities in Jemgum and Muttermoor, which are also being run by a subsidiary of EWE AG.
Speaker #2: So, this project at the moment is still in the engineering and preparation phase. Work on this project will start probably in Q3 this year. The next project is again a natural gas project, which is a project that was won by our subsidiary, 5C Tech. So, our newly set-up welding technology company—we have received a contract to execute 28,000 butt welds with a diameter of roughly 1,100 millimeters, to set up a natural gas pipeline transferring Kazakhstan gas towards the border of China. At the moment, we have done all preparational work, we have executed the welding procedures, and now, at the moment, all our specialized equipment is being shipped to Kazakhstan. Once it arrives there, our expert team will set up the system with our customer and then start executing the welding activities, also in Q3 2026, with an estimated duration of roughly eight months.
Speaker #2: Since 5C Tech has already executed very successfully similar projects last year in Iraq, we are very happy to have won this $2 million digits project for our new subsidiary.
Speaker #2: Also new company in the group is the Mieter Q company, this company is located in Friedberg close to Frankfurt am Main, company has been active in the field of gas analysis, so they can do both gas quality analysis, both in natural gas and they are the only supplier of this equipment which has been certified at the moment, for hydrogen, the plants which are being produced here, you can see on the bottom right hand of this of this slide, and we are very happy that we could take over we could take over all the assets of Mieter Q and we have integrated those assets in our subsidiary Vorwerk Gas Technology GmbH, where we have already located our activities for flow metering with our system Orca, which we have introduced already a couple of years ago, and to putting the Orca and also the gas commodity fee together, we are also able not only to meter flows and quantities but now we can also meter the quality of the gas being transferred and therefore can also do the calculation which energy is being transferred to the customer with own equipment, and we can offer full solution in this area of our activities.
Speaker #2: We have already integrated those pieces of equipment in our activities in Bobo and Prosperus, so both major gas metering and gas reduction stations, which we are working on at the moment for our customer on trust.
Speaker #2: With that, also 15 very high qualified new employees came on board, and as Tim already elaborated before, a number of employees has already grown quite by a significant number by the first half year of 2026, so headcount on the 30th of June 2026 is more than 2,400 employees, which is a rough growth of 7% of the employees from beginning of the year, so I think when you carry on like this we'll probably this year also be managing to grow by 10% headcount, and although we figured we would take it a bit slower this year with the growth of headcount due to the large project volume, we are operating on at the moment I think it is necessary to get some new and also very well-trained people here on board.
Speaker #2: So, coming to that, I think it's the end of our presentation, and we are very glad you listened and would be ready for all of your questions.
Speaker #1: Thank you very much for your presentation, ladies and gentlemen. We will now move on to the Q&A session. If you would like to ask your question in person via the audio line, please click on the "raise your hand" button.
Speaker #1: If you're dialing in by phone, you can use the key combination star key 9 to raise your hand and star key 6 to unmute yourself. Additionally, you are also very welcome to place your questions in our chat box. Lasse Stuben, the stage is yours.
Speaker #3: Hi, good afternoon. I wanted to ask just generally on sort of the outlook for order intake in the second half. I know you gave some projects in the presentation, but just, you know, given how quickly you're growing, I'm guessing that, you know, winning more orders now is going to be of the focus for the second half and also going to 2027, so just curious about how you're thinking about that also in light of the, you know, I'm guessing that we'll have some project delays on the electricity side of things until we get clarity on the legal framework.
Speaker #3: The second question is on ANORD. You know, we're nearing, I guess, completion here in 2027, so just wondering how you're thinking about the kind of provision for the bonus-malus scheme that you've built up. And then finally, maybe you can talk a little bit about how the business has developed so far in Q3.
Speaker #3: I'm guessing the weather has been pretty good, maybe even too hot in some parts, but it would be good to just get an update on Q3.
Speaker #3: Thank you.
Speaker #2: Well, first of all, at the moment we do not really see a delay of tendering activities in the electricity market. As I tried to explain before, the major projects to set up further high voltage electricity grid are still unchanged and under way. So all major projects which are planned to be executed up to the year 2035 will remain with the underground cable system. For most projects, the cables have already been acquired, and also most of the permitting is on the way. So it is very hard for the customers to change these projects since they have already made large investments, as I said, in the cable procurement.
Speaker #2: So, we do not expect any delays here, except for the usual delays which we see in all project tenderings, which could happen. But that only slows down the projects one or two months in the end. We do expect that all the projects we did show on the pipeline slide will show up in our estimation departments over the next month.
Speaker #2: I think especially for the large pipeline systems, we feel very confident that we'll be able to get some further pipeline projects on board. Although, please keep in mind that we are still very, very well booked for the next year, so 2027 will still be, with the workload we have at the moment, a very busy year for us. But there are, of course, still a couple of interesting projects coming up, which we would like to tackle for execution in late 2027 and 2028.
Speaker #2: And Tim, maybe you want to catch up with the ANORD?
Speaker #3: Sure. Yeah, in late Q2, we were able to agree with the client on an adjustment to the bonus-malus-related targets, related to the delays we have seen in the project.
Speaker #3: Yeah, and this agreement was finalized in Q2 but has not yet been effected into the project assessment, which means that there is no adjustment effect in the Q2 figures.
Speaker #3: And I think this will be done by Q4 at the latest. The remaining contract volume, as of June 2026, is roughly €100 million for this project, which will be worked through until summer 2027.
Speaker #3: And regarding the start into Q3, we were pretty happy with July. As you said, we had pretty good weather conditions on all our project sites and branch offices, so yes, it was a good start.
Speaker #1: Lasse, did that answer your question?
Speaker #3: Yes, thank you very much.
Speaker #1: Thank you very much. And we have a question from the chat: Could you elaborate on your perspectives around data center build-ups and connections?
Speaker #2: Yes, potentially we could be active in all sorts of activities around the data centers. Of course, they do require a lot of electrical power, so potentially running underground cables to these locations is work that we do see in the future, but also backup power in forms of hydrogen generators or potential work for our plant construction department.
Speaker #2: We were already engaged in a couple of projects where we did some engineering tasks, but in the end, here in Germany, we have not yet seen real projects with the data centers where services like backup power and grid connection have been tendered out so far.
Speaker #1: Thank you. And suppose the state elections in September lead to the resignation of the German Chancellor and snap elections—would this have an impact on Vorwerk, for example, delayed approvals?
Speaker #2: No, since the acting government is not responsible for permits and approvals of infrastructure projects. This is done by the federal municipalities, and the federal governments do not expect any delays in the project. But of course, there are always delays in terms of permitting, which is in the end the responsibility of our customer. But that will not really be affected by a change in government.
Speaker #2: But of course, it could happen that energy politics are being swung in a different direction, but this is a fact that could, of course, always happen, which we are not really afraid of. And in the end, since we are active on all energy markets, we are not really afraid if we see more gas-powered units or we see more natural gas or more hydrogen. We are very flexible; we can shift our workforce very flexibly from one to the other market. We can also shift our machine resources very flexibly, for example from cable projects to pipeline projects, so we are pretty much relaxed in which direction the energy transition in Germany would go.
Speaker #1: Thank you. And two questions regarding EBITDA: The EBITDA guidance for the year implies a soft H2 margin, declining compared to H2 2025. Could you provide more color on this matter?
Speaker #3: Well, at the upper end of the EBITDA guidance, this would result in an EBITDA of €107 million compared to €93 million in H1, so still a significant improvement in absolute EBITDA.
Speaker #3: And we're not really—we're not really thinking that EBITDA margin is still the right KPI, given the higher share of GVs, which haven't an impact on the margin side. So I would ask you to look more at the growth of the absolute EBITDA, and in this case, I think with the current guidance we have, this is still quite ambitious but very good and manageable.
Speaker #1: Thank you. And the EBITDA margin has improved significantly, while the revenue share from ANORD is declining. What portion of this margin improvement do you consider sustainable, and what level of EBITDA margin do you regard as realistic for 2027 and beyond?
Speaker #3: Well, given the special contract structure and remuneration scheme we had with the ANORD project, you know that had a dilutive effect on the margin of the group. So the revenue share of ANORD is decreasing from quarter to quarter, which has obviously a positive effect on the group margin level. But again, it's better to look at the growth of the absolute EBITDA.
Speaker #1: Thank you very much. And that was our last question so far. Ladies and gentlemen, if there are any questions left, please let us know.
Speaker #1: And if this is not the case, we have one more question. 5C, what is your long-term revenue and margin target for 5C? Can you walk us through your thinking?
Speaker #1: How scalable is the 5C business model? What are the current bottlenecks—demand, wind rate or project availability, supply constraints?
Speaker #3: Yeah, what we love about the 5C tech business is that it is very scalable because we are not relying on that many employees. We can just build more robots and bring them to the projects.
Speaker #3: And this is what we've already seen in the figures so far. For example, we finished last year with around €3 million in revenue in the first year of operation. This year, we expect to see more than €20 million in revenue already, and I think from a mid-term perspective, the company can reach around €50 million in yearly revenue.
Speaker #3: And we already said that we expect the margin level of this business can be even higher than the current group average.
Speaker #1: Thank you very much. And the last question regarding where you can find this recording: we will put the recording on the airtime platform afterwards and also send it to Friedrich Vorwerk. You can also contact investor relations, in this case Torben and Tim, for it.
Speaker #1: Ladies and gentlemen, if there shouldn't be any questions left, we will come to the end of today's earnings call. Thank you very much for your shown interest in Friedrich Vorwerk Group SE. A big thank you also to you, Torben and Tim, for your time and your presentation.
Speaker #1: Should you have any questions at a later date, ladies and gentlemen, please reach out to Friedrich Vorwerk. I wish you all a successful day around the world, and I am handing back over to Torben for some closing remarks.
Speaker #2: Yeah, also from my side, thank you very much for listening today. I think we still have a great year ahead of us, so stay with us and let's get back to work, I would say.
