Operator: Good day, everyone, and welcome to the AMG Q3 2026 earnings conference call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. You may register to ask a question at any time by pressing star one on your phone. Please note, this call is being recorded, and I will be standing by for assistance. Now, I will turn the call over to your host, Thomas Swoboda. Please go ahead.
Thomas Swoboda: Thank you, Elvis, and good day, everyone. Joining me on this call is the entire AMG management board, namely Dr. Heinz Schimmelbusch, the Chairman of the Management Board and Chief Executive Officer, Mr. Jackson Dunckel, the Chief Financial Officer, and Mr. Michael Connor, the Chief Corporate Development Officer. We published our Q3 2026 earnings press release yesterday, along with a presentation for investors, both of which you can find on our website. They include our disclaimers about forward-looking statements. Today's call will begin with a review of the Q3 2026 business highlights by Dr. Schimmelbusch. Mr. Connor will comment on strategy, and Mr. Dunckel will comment on AMG's financial results. At the completion of Mr. Dunckel's remarks, Dr. Schimmelbusch will comment on outlook. We will open the line to take your questions thereafter. Dr. Schimmelbusch, I am taking the call over to you.
Heinz Schimmelbusch: Thank you, Thomas. Ladies and gentlemen, during Q3, we achieved $78 million of adjusted EBITDA, 22% higher than the $64 million in Q3 2025. This quarter, we benefited from strong results at our Brazilian lithium operations. Lithium pricing has been favorable compared to last year. In addition, we achieved a cost per ton of -$62 per dry metric ton CIF China. This outstanding cost result was achieved in part due to the ongoing strong demand for tantalum in electronic applications, which, in the face of the limited supply reaction, continues to elevate prices to 2.5 times higher than last year. We are also seeing increased demand for our chrome business in aerospace as well as in emerging new power generations technologies. We have had several positive developments in recent months.
Heinz Schimmelbusch: As of 30 September, AMG is officially listed on the Frankfurt Stock Exchange, giving investors in Germany and across Europe another way to trade our shares. Last month, the European Commission recognized two of our lithium activities as Critical Raw Materials Act strategic projects at 2026. By combining significant European lithium resources with advanced processing capabilities, AMG is uniquely positioned to support Europe's growing demand for critical battery materials while reducing its dependence on foreign supply chains. I will now hand over to Mike Connor. Mike.
Michael Connor: Thank you, Heinz, and greetings to everyone joining us today for the call. Q3 was another strong quarter for AMG, highlighted by exceptional performance at our Mibra mine in Brazil and continued progress across our strategic growth initiatives, including the completion of two important transactions. In July, we acquired the remaining 71% of Zinnwald Lithium, securing full ownership of one of Europe's largest lithium resources, which we intend to develop, leveraging AMG's mining expertise and processing technologies. Also in July, we completed the sale of Graphit Kropfmühl, streamlining our portfolio and strengthening our financial flexibility to pursue higher growth opportunities. Beginning with lithium, our Mibra mine delivered outstanding operational and financial results. Strong production volumes, improved efficiencies, and favorable lithium and tantalum pricing drove exceptional profitability.
Michael Connor: Producing both lithium and tantalum from the same resource provides a significant structural cost advantage, reinforcing Mibra's position as one of the world's most competitive lithium operations. In Germany, our Bitterfeld lithium hydroxide refinery continues to increase production and advance customer qualifications. Delays in commissioning at our customers' cathode active material facilities have extended the qualification process, but our teams continue to work toward final approvals. Importantly, the refinery continues to generate sales of non-qualified battery-grade lithium hydroxide during this period. Additionally, the European Commission recently designated both Bitterfeld and Zinnwald as strategic projects under the Critical Raw Materials Act, validating our strategy of building an integrated European lithium supply chain. The rapid growth of battery energy storage systems is emerging as a major driver of lithium demand, complementing the continued expansion of electric vehicles and creating another powerful source of long-term growth for the lithium industry. Turning to vanadium.
Michael Connor: We continue to advance our molybdenum expansion following the acquisition of AURA earlier this year. Engineering is progressing to expand production of high-purity recycled molybdenum for the catalyst industry. Strong customer interest and attractive market fundamentals provide significant opportunities to scale this platform and establish another source of high-margin growth for AMG. Despite geopolitical challenges, construction of our Shell & AMG Recycling B.V. super center in Saudi Arabia continues to progress, with the first phase now more than 50% complete. This investment will significantly expand our global vanadium recycling and processing capabilities. Turning to chrome. The Q3 marked the first full quarter of operations at our new chrome metal facility in Newcastle, Pennsylvania. We continue to pursue opportunities to expand production capabilities in both the US and UK. Customer interest in chrome is growing, supported by strong structural aerospace demand and emerging power generation applications.
Michael Connor: These trends reinforce the strategic importance of expanding our global production capacity for this critical material. In AMG Technologies, our engineering business continues to perform well, supported by a strong order backlog and growing demand from the aerospace and industrial sectors. We are also advancing opportunities to expand our engineering capabilities and commercial presence in the United States, positioning us to better serve customers in this strategically important market. With our leading technologies and strong market position, we see significant opportunities for continued growth. Together, these developments demonstrate AMG's ability to deliver significant growth with relatively modest CapEx investment, leveraging our unique metallurgical expertise, proprietary technologies, and strategic investments. As governments and industries increasingly prioritize secure and diversified critical material supply chains, AMG is exceptionally well-positioned to capitalize on these structural demand trends and create long-term shareholder value. With that, I'll turn the call over to Jackson Dunckel, our CFO.
Jackson Dunckel: Thank you, Mike. Starting on page 4 of our investor presentation that we posted, you can see that Q3 2026 adjusted EBITDA increased 22% versus the same period last year. This is mainly due to the very strong profitability from our lithium segment, partially offset by the decline in profitability by AMG Antimony versus Q3 last year. On page 5, you can see the volume and price movements for our key products represented by arrows, which underscore our segmental results. I'll cover these price and volume movements for the individual segment comments. AMG Lithium results are shown on page 7. On the top left, you can see that Q3 2026 revenues increased by $65 million versus the prior year. This is mainly driven by higher lithium and tantalum sales prices, as well as increased sales volumes of lithium concentrate, tantalum, and unqualified battery-grade lithium hydroxide from our Bitterfeld plant.
Jackson Dunckel: Q3 2026 adjusted EBITDA was $37 million compared to $3 million in Q3 2025. The current period benefited in three ways. First, from strong production of lithium concentrate, second, from the lower production cost, and third, from higher lithium and tantalum prices. AMG Vanadium results are shown on page 8. Revenue for the quarter increased by 28% compared to Q3 2025, largely due to increased volumes of ferrovanadium, chrome metal, and titanium alloys, as well as higher sales prices in ferrovanadium. Q3 2026 adjusted EBITDA of $16 million from our vanadium segment decreased by $3.5 million compared to Q3 last year, which benefited from a $5 million compensation payment for an equipment failure at our Zanesville plant. In the current quarter, we experienced higher production costs in vanadium and higher fixed costs in chrome as we ramped our US plant.
Jackson Dunckel: The sequential decrease in EBITDA versus Q2 2026 is due to the one-time increased availability of spent catalyst from a bankrupt competitor and the benefits of the integration of AURA in the second quarter. The results for AMG Technologies are shown on page 9. The Q3 2026 revenue of $177 million was 29% lower than Q3 of last year, primarily due to lower antimony prices in the current period. Adjusted EBITDA during Q3 2026 was $25 million compared to the $41 million in the same period last year. AMG Technologies adjusted EBITDA decreased due to the drop in antimony profitability, partially offset by very strong results from AMG Engineering. AMG Engineering signed $85 million in new orders during Q3 2026, achieving a book-to-bill ratio of 0.8 times. Moreover, the business achieved a very strong order backlog at $366 million as of 30 September.
Jackson Dunckel: Page 10 of the presentation shows our main income statement items. The key change on this page is regarding taxes. The tax expense increased from $7 million in Q3 2025 to $18 million in the current period, primarily driven by an improvement in operating results. Our cash tax payments of $19 million in Q3 2026 were largely due to significantly higher profitability in Brazil versus last year, and payments for our German fiscal group following the finalization of the assessment for tax in the tax year of 2023. Also, our net finance costs increased due to a $5 million non-cash reclassification of cumulative foreign exchange losses associated with the sale of Graphit Kropfmühl. Page 11 of the presentation shows our cash flow metrics.
Jackson Dunckel: The use of $6 million of cash during the current period reflects the usual adverse seasonality of working capital, and we expect this to reverse in the fourth quarter and result in positive free cash flow for the year. We ended the quarter with $469 million of net debt, and as of 30 September 2026, we have $350 million in cash and cash equivalents. With the $200 million available in our revolving credit facility, the resulting $550 million of total liquidity demonstrates the enhanced strength of our balance sheet. That concludes my remarks. Dr. Schimmelbusch?
Heinz Schimmelbusch: Thank you, Jackson. In Q3, the production run rate in our lithium business in Brazil has further improved, and the backlog in our Engineering business continues at very high levels. Based on the demonstrated strength of our portfolio in the first 9 months of the year, we increase our 2026 adjusted EBITDA guidance to approximately, to, quote, "approximately $280 million," unquote, up from a range of between $230 million and $250 million. We continue to expect to deliver positive free cash flow for the year. Operator, you would now like to open the line for questions.
Operator: Certainly. If you would like to ask a question, please press star one on your phone now, and you will be queued in order. Once again, star one for a question, and we will pause briefly to form the queue. Our first question today comes from Frank Claassen of Degroof Petercam.
Frank Claassen: Yes. Good day to all of you. Frank Claassen of Degroof Petercam. Two questions, please. First of all, can you update us on the supply situation for the vanadium North American spent catalyst plants for the vanadium recycling? What is roughly the utilization rate, and what is the supply situation for the spent catalyst? What do you expect going forward on that? That is my first question. Secondly, on the CapEx, I presume that the guidance for this year of the $70 million to $90 million still stands, but what can we expect for 2027? Will it be going up, going down? What are the main projects for next year? Thank you.
Heinz Schimmelbusch: The vanadium supply situation in the United States and globally is robust, and we do not publish percentages of capacity utilization.
Jackson Dunckel: And then on CapEx, you are correct. Our CapEx guidance remains the same. In 2027, we are still working through our projections, so no update on that front.
Frank Claassen: Okay. That is okay. Thank you.
Operator: Next, we have Martijn den Drijver of ABN AMRO.
Martijn den Drijver: Yes. Good day, gentlemen, and thanks for taking my questions. I have four, and I will take them one by one if you will allow me. On ALD Engineering, you have announced an expansion plan. Could you maybe share your initial thoughts about how we should think about capacity and the timetable?
Heinz Schimmelbusch: It is a critical growth project of AMG to establish an assembly center, ultimately comparable to our big assembly center in Hanau, in the United States, given the volume of sales to the aerospace, primarily aerospace sector, and its value chains in the United States. We have sales in excess of $200 million per year in sales to that sector from one plant in Hanau, Germany, and it is absolutely critical that we establish a US assembly center. We have done site selections, studies. We have opened administrative and corporate development offices for this purpose. This is a high-priority project for obvious reasons.
Martijn den Drijver: Just to follow up, in terms of overall capacity. The addition of this assembly center, would that add 20%, 30%, 10% to the overall capacity for ALD Engineering? How should we think about that?
Heinz Schimmelbusch: Well, I do not think you should think about that in that way. This is a project which will not come overnight.
Heinz Schimmelbusch: It is critical to qualify a US supplier network. The technological superiority of our engineering services to a certain large extent depends on the highly qualified and proven supply network of our equipment engineering. The supply network is, of course, traditionally centered in Germany. When you move to the United States, the suppliers partly move with you, and new suppliers in the United States are being qualified to replace whatever has to be replaced because of regional and transport considerations. This is a very complex project. It is sustaining our growth in America, given the fact that local value chains are on the rise, and the priority of this particular sector is obvious. As regard to growth, this has nothing to do with a plant.
Heinz Schimmelbusch: The growth is a function of the growth of the aerospace sector and related sectors, such as space technologies, that, of course, is a vibrant long-term sector in the United States. When you want to define critical materials, then the center of the definition of critical materials as regard to its metal part is the aerospace engine. It is probably the element which is the highest single demand element of critical materials, metallic critical materials in general. Since the aerospace sector, including its various sub-sectors, is, of course, most vibrant in the United States, the whole thing is logical.
Martijn den Drijver: Understood. I have a second question about ALD Engineering. If you recalculate sales in the quarter based on the book-to-bill ratio and the order intake, you get to a sales level of $108 million or thereabouts. If I look at the last three years and the quarterly sales, that is a significantly higher number. Is this, particularly given what you just said, is this higher level of sales structural? If so, how should we think about the EBITDA margin? Has that also moved up?
Michael Connor: Well, the quarterly sales, certain of our contracts are percentage of completion, and certain contracts are completed contract. Depending on the type of contract and the finalization of a specific contract, it can cause some variability in the quarterly revenue levels. Our production capacity hasn't changed. Obviously, as Heinz described, we are adding additional capacity in the United States going forward, but I would not expect a significant volume change in annual revenues based on the current quarter.
Martijn den Drijver: Got it. The EBITDA margin would also revert to the more normal level?
Michael Connor: Yes.
Martijn den Drijver: Okay. Moving on to lithium. Mike, this one is just for you, I guess, as well. Could you update us on the phasing of the qualified volumes in 2027, how we should think about that, given what is happening at Beijing Easpring and the upgrade at EcoPro? That would be very helpful. Thank you.
Michael Connor: Yeah, thank you for the question. Yeah, there has been very public announcements around the delays of our customers. Obviously, that impacts us in the timeline of qualifications. We continue to produce unqualified battery-grade lithium. We continue to sell that material, and we continue to aggressively advance our qualifications, but we are, to a certain degree, at the mercy of our CAM-producing customers. As we move forward, we will advance them as aggressively as possible, and we will continue to produce and sell battery-grade material, but the qualifications will be defined by our customers and not by essentially our progress.
Martijn den Drijver: Does that also mean that AMG Lithium Bitterfeld will remain as excluded from adjusted EBITDA, or will it be included in adjusted EBITDA?
Michael Connor: Yeah, we will take a look at it year-end when we do the budget for next year, and we will include that in our guidance when we give it in February.
Martijn den Drijver: Understood. Another question for Dr. Schimmelbusch, probably. The chrome plant is scaling up. There was already strong demand for aerospace. You now mention power generation as an additional demand factor. It is early days, I understand, but does this impact how we should think about total capacity, pricing, and therefore also profitability, and perhaps even in the future, further expansions, or am I being a bit too ambitious here?
Heinz Schimmelbusch: No, not at all. We were the first in reacting to the signs of expansion of the demand by building a plant in Newcastle. You have to see that plant as a multi-aerospace alloy center. We started there with vanadium aluminum alloys and related alloys for the aerospace industry, where we are one of two producers. We added the chrome plant to that center. By the way, the next diversification within our portfolio is happening in Newcastle as we speak. So this is a high-growth operation. As it got to chrome, we follow the market. The market is growing particularly strong in the United States. You have a Western world production of 40,000 tons, roughly, of which we are half or so, in order of magnitude terms.
Heinz Schimmelbusch: That is growing, has been growing moderately, and is now growing strongly and accelerating. That poses a lot of challenges, but we can react capacity utilization-wise in the UK very quickly. We constructed the plant in Newcastle in such a way that we can double capacity very quickly, and we are even considering further capacity expansions. It is a situation where critical materials has one particular feature. You are always sold out. That is happening in particular ways in cold.
Martijn den Drijver: Clear. Understood. Thank you for that. My final question is for Jackson, if I may. What is the $9 million of other income in Q3? What does that relate to, please?
Jackson Dunckel: It relates to a variety of different, as always is the case when you have these numbers, you have a lot of different aspects. For instance, we have gains associated with our Zinnwald holding. We held the shares at a certain price, and we got a gain.
Jackson Dunckel: We had some lithium income that also is reflected in there that is not normal course income. It is a variety of different things.
Martijn den Drijver: Okay.
Jackson Dunckel: You should not think about it as recurring income.
Martijn den Drijver: No, no, no. Definitely not. I have a few more questions, but I will move back into queue. Thank you very much, gentlemen.
Operator: Next, we will hear from Dario Dickmann of MPCM.
Dario Dickmann: Hi. Thanks for taking my question. I have one on the lithium production in Q3. During the last call, you indicated that Brazil already ran at 11 kilotons in June, and now you mentioned that it is running well. In Q3, you sold roughly 24 kiloton, but gave no production figure. How should we think about tons sold in the next quarters?
Michael Connor: Yeah, so the expansion of Brazil has been running at the projected levels for recent quarters and recent months. We are still working on stabilizing. There is a little bit of variability, but essentially, we are running very close to the forecasted 130 right now.
Dario Dickmann: Okay. Tons sold should get closer to 30 kiloton per quarter, right?
Michael Connor: Yes.
Dario Dickmann: And then one on the vanadium segment. Could you put some color on how much the Newcastle ramp cost EBITDA in Q3, and when do you expect the plant to run at full capacity?
Michael Connor: It did not contribute meaningfully in the third quarter. It was ramping, and it will contribute, I would say, really consider it next year for 2027. It will run at full capacity.
Dario Dickmann: Okay. But was it a break-even already in Q3?
Michael Connor: We don't necessarily want to disclose plant-by-plant profitability, but it was in a ramp procedure, so you can think about the implication of that.
Dario Dickmann: Okay, thank you. That's it for me.
Michael Connor: Great. Thanks for the question.
Operator: Next, we'll hear from Michael Kuhn of Deutsche Bank.
Michael Kuhn: Good morning. Thanks for taking my questions. I'll also ask them one by one, and I'll start with lithium. We have seen prices coming down quite a bit for especially the Chinese quotes as of late. Do you see those price declines in your deals already? What is currently the time lag between spot prices and you feeling the effect, and what would be the implications into the next, let's say, two quarters?
Michael Connor: Yeah. Thank you, Michael, for the question. We price a few months ahead, so you should start thinking about 2027 when thinking about the implications of the recent price changes. I think the important thing to highlight here is despite the significant variability in the spot pricing, which is a relatively illiquid market, we continue to see exceptional demand in the demand growth in the physical market. So, extremely strong growth rates in demand outpacing supply growth rates. So, when we look at that, it doesn't necessarily align with what we're seeing in the short-term pricing in the spot markets. So, I think that's an important factor to consider when looking at the price movements.
Michael Connor: But I would say as far as your question on timing, we've given the guidance for Q4 and for the full year, so you can look at that and understand the implications for our current year profitability. Then, obviously, we're going to take into account the price movements when we finalize our guidance for 2027 in February.
Michael Kuhn: All right. Maybe as a follow-up, how would you explain, let's say, this divergence between supply-demand on the one hand and price pressure on the other hand?
Heinz Schimmelbusch: We don't know.
Michael Connor: Anything would be speculation.
Michael Kuhn: Okay. I mean, you spoke about chrome already and about potential expansion plans. I remember your remarks, Dr. Schimmelbusch, at the fireside chat recently that this plant is effectively sold out already. So, those potential expansion steps, would that be pretty imminent, and at what cost would those steps come?
Heinz Schimmelbusch: First of all, as I mentioned, we have spare capacity in the UK, so the capacity utilization there will go up. We always focused on the aerospace sector, and we can now, given the expansion of the market, we can really squeeze the capacity utilization upwards in the UK plant. That is number one. That is short term. That is quickly. We can expand Newcastle. We are prepared for that, and all preparations are ongoing. That also coincides with negotiations with large buyers, additional new buyers for the material, which I also mentioned in my walkthrough in Newcastle to the news agencies there. So, that is a vibrant picture. I would say that chrome metal will become a significant new source of earnings for AMG in the context of vanadium and lithium. Vanadium, lithium, tantalum, that is a new major element.
Heinz Schimmelbusch: We see that already in the projections nearby of the growth of the market. Shortly behind, there comes molybdenum, high-purity molybdenum. The family of growth in critical materials, we, in general, have seen growing markets, of course, volatility, and signs of an increasing volatility and an increasing of the growth. We have to follow that. Now, in chrome, that is a typical example that is entering a high-growth phase, and we need to fasten our seatbelts here.
Michael Connor: Yeah. Michael, I think it is important to highlight here that these are relatively low CapEx numbers because we are expanding our existing capacities and very quick returns. So, very attractive expansion opportunities for us and will not cause us to incur significant additional capital expenditures beyond sort of our normal investment rate.
Heinz Schimmelbusch: Yeah. Since we are prioritizing short-term incremental EBITDA potential projects.
Michael Kuhn: Yeah.
Heinz Schimmelbusch: In these times, this is a typical example of a fast implementation and good ratios between CapEx, very good ratios between CapEx and EBITDA.
Michael Kuhn: Understood. Thank you. Then one more on free cash flow, Jackson, you mentioned the, let us say, typical seasonal working capital buildup. I mean, with the expected decline in Q4, would you be able to give a rough estimation of how free cash flow could evolve in the fourth quarter? One topic I think we have discussed for a few times on the calls already, what about the 45X tax and the repayment? Is that something that you could expect maybe before year-end, and maybe a reminder how big that would be?
Jackson Dunckel: The answer is yes, we would expect it. As we have said in the past, it is running at roughly, depending on capacity utilization, running at roughly $20 million a year. There will be a multi-year catch-up that we would hope to have, but we are obviously at the whim of the IRS. Being able to put a number on it is a little difficult, but we do expect to see significant cash from that in Q4. You said decline in Q4. What were you referring to?
Michael Kuhn: The seasonal working capital decline.
Jackson Dunckel: Well, that is pretty much always what happens in our business, right? So 31 December, our customers wind down their operations, and we see the benefit as they pay us. That Q4 result has been very consistent for the last three or four quarters. So we are pretty confident about that, and that is what is leading us to free cash flow positive for the entire year.
Michael Kuhn: Thank you, very clear.
Operator: As a reminder, press star one for a question. We have a follow-up question from Martijn den Drijver.
Martijn den Drijver: Yes, thank you, operator. This question is for Dr. Schimmelbusch with AMG. You mentioned the molybdenum project. Could you update us on a few of these critical projects? So the molybdenum AURA, the carbonate to hydroxide conversion plant, and updates on planning, your thoughts, that would be very helpful.
Heinz Schimmelbusch: Well, as regard to molybdenum, we are establishing a full value chain from the collection of HDS catalysts to high-purity molybdenum. That is a very interesting development because it is an open space, frankly, to be covered by technology. We have that technology, we developed it. Our technology is key for HDS upgrading in a first step, and then comes a high-purity step where the technologies of AMG Titanium are absolutely market-leading. When you combine all of that with relatively low CapEx, we are expanding this in Europe, step 1, and then in the United States, step 2, you can expect relatively high levels of molybdenum, high-purity molybdenum production. Now we have a Chief Corporate Development Officer. You are more qualified, Mike, for answering the multitude of expansion projects which are happening.
Michael Connor: Yeah, I think we touched on the chrome project. So obviously, that is a great project for us because, like I said, low CapEx and a quick return. So I would say that is a high-priority project. The AURA project, as Heinz noted, we really look at that as a platform. It is a technology advantage that we have, and we intend to deploy both in Europe and in the US. It is in the engineering phase, but the one big benefit here is that once we engineer the plant, we can then utilize that engineering for a very quick expansion into the US. So once we design the plant line for Europe, we can then utilize the engineering and plant design to expand very quickly into the US.
Michael Connor: So, we are excited about that opportunity, and that technology really is a platform for. As Heinz said, when we think about our leading products as far as profitability, chrome and molybdenum are joining that group as a result of these big expansion projects. Then I think you asked about-
Heinz Schimmelbusch: And don't forget tungsten.
Michael Connor: And tungsten, yes. So the technology that can be used for the recycling of HDS can be dual-purposed for both molybdenum and tungsten-bearing catalyst. So big opportunities there, especially considering the implications for geopolitics with regards to tungsten. Additionally, you asked about the recycler. It is still in the engineering phase, but we are continuing to advance that project. It is a relatively small volume, but it combines very nicely with the production levels from Brazil to fully feed Bitterfeld. So we are continuing to advance the engineering phase there, and we will start construction in 2027.
Martijn den Drijver: So just on the timing, it would be probably more reasonable to think about these projects impacting the P&L 2028, 2029. Is that the way to think about it?
Michael Connor: Correct. Yes.
Martijn den Drijver: Understood. My final question is on the super recycling plant in the Middle East. You mentioned 55% completion. In terms of operating fees, license fees, equity income, should we also think about that as a 2028, 2029 type of impact for the P&L, or can it be earlier?
Heinz Schimmelbusch: No, but it is essentially in line with our original time projections. It is so far proceeding well. We completed our project financing work, so the project financing for the project is signed, which under the circumstances in the Middle East is a very good piece of news. We monitor this practically continuously, and we expect, subject to force majeure, unexpected force majeure things, when you exclude that, we expect that to be in line with the original time schedule. So in 2029, we will produce.
Martijn den Drijver: Okay. Understood. Thank you. Those were my questions.
Operator: Thomas, we have no further questions at this time. I will turn the program back over to you for any additional or closing comments.
Thomas Swoboda: Yeah. Thank you so much for the interest in AMG. We are looking forward to seeing many of you on the upcoming conferences. That concludes today's call. Bon weekend, everyone.
Operator: That concludes our meeting today. You may now disconnect.
Operator: The host has ended this call. Goodbye.
