Q2 2026 Vestas Wind Systems AS Earnings Call
Speaker #2: Good morning, everyone, and welcome to our presentation of Q2 for 2026. It was a long quarter, and let me also here immediately thank our customers, partners, the full supply chain, and also colleagues for an exceptionally well-executed quarter.
Speaker #2: And with that, I would like to go to our key highlights for the quarter. So in the quarter, revenue was $4.7 billion, that's an increase of 26% year on year, driven by strong growth in Power Solutions of 37%.
Speaker #2: EBIT margin of 9.4%, strong profitability improvement driven by both onshore and offshore. EPS of EUR 1.1, EUR per share, earnings per share grew 46% year on year, to one of the highest levels in the history of Vestas.
Speaker #2: The order intake of 3.3 gigawatts—that's an increase of 67% year-on-year—was driven by commercial traction in both EMEA and the Americas. Importantly, returning cash to shareholders: we are also launching a new share buyback of $400 million, which will begin on 13 August, as of tomorrow, and run until the end of the year.
Speaker #2: That's a little special note: it runs until the 16th of December, intended, but Jakob will give you more details on that when we come to the capital structure for that.
Speaker #2: And then, outlook for 2026: guidance raised, reflecting the performance in the second quarter and the improved feasibility for the rest of the year. With that, I'd like to take you through the markets and environments we are operating and executing in.
Speaker #2: First of all, wind energy: key to affordability, security, and sustainability. No new words in that, but especially the two key words right now for society worldwide are affordability and security.
Speaker #2: When we look at the global environment, inflation, raw materials, and transport costs are stable, but tariffs and blockages increase costs over time—or from time to time, as we say.
Speaker #2: It's a changeable environment. When we look at the ongoing geopolitical situation, the trade volatility, and the energy crisis, these are leading to regionalization—we've spoken about that.
Speaker #2: We’re still seeing it, and that trend has not reversed to any better. When we look at the market environment, heightened in focus on energy security and affordability, I think most societies, we have that.
Speaker #2: Unfortunately, sometimes information also gets included without a factual basis, and we are probably the ones that will strive and keep striving to tell what the real benefits are, what the costs are, and how fast we can get the energy.
Speaker #2: When we look at grid investment, it's prioritized in key markets and is becoming increasingly prioritized in those key markets, including the EU. When we look at permitting, it's improving in some markets, but overall, permitting, auctions, and market design are still presenting challenges.
Speaker #2: I will just say here, take Denmark as an example: in November 2024, a failed offshore auction then included better and improved conditions for the developer and the customers to us.
Speaker #2: Then, in August 2026, we see that a fully subscribed offshore auction unfortunately only leads to Denmark actually missing the new energy supply by another 18 to 24 months.
Speaker #2: So we’ve got to change our way of looking at it. On the project level, really strong project execution this quarter. We have had a really good quarter, and thanks to everyone. And of course, we will strive to do whatever we can to keep that momentum going into the second half of the year.
Speaker #2: So this time, before we go to the segments, let me also anchor Q2 2026 in the bigger picture, and also anchor you in the longer-term picture of our 10% bridge.
Speaker #2: This bridge, and this slide and picture, is important for the whole of Team Vestas, and not least for me personally. When we look at it, we're talking about how we get to the 10% EBIT, and it says plus 10%, so that means at 10 or above.
Speaker #2: We now have a starting point with the grace guidance for today at a midpoint of 8%, and we also just want to take you through that the four levers to get to 10% are still the same, but we have rearranged them a little bit.
Speaker #2: But it also means that when you see this in a bigger picture, you've seen it before. Now, there's 200 basis points to go, and I will assure the investors that raised it at the ADM that we might now be at 8%, but that doesn't satisfy us.
Speaker #2: We still have the 10% target, and we will work towards that diligently—not least in the coming quarters and the coming years. I will start here with offshore, which is still, by far, the largest lever to get us to 10%.
Speaker #2: It's the ramp-up, it's the cost-out, and it's extending the competitiveness as we add volume to the platform of our 15 megawatt. We have then rearranged it so we actually have service as the second-highest delivery in operational recovery.
Speaker #2: The commercial reset with the ambition to achieve a 25% EBIT margin, and we are assured through our recovery process that this is possible and we will work diligently, but it doesn't come overnight.
Speaker #2: On the quality side, we removed that, so it sort of has a lever and has a very important lever to us because it drives operational performance—it's talking about lower warranty cost. We are at 3%, and Jakob will comment on it a bit later, but it's also reduced the cost of poor quality.
Speaker #2: Through close collaboration throughout our full value chain, especially also when we source and when we use the inbound in our factories. And last but not least, on the onshore, it is a quarter where we could sort of debate: is there really that big a lever in onshore still?
Speaker #2: And there is. There is the operational leverage, there is the cost-out that we still can do more of, and then there is retaining the commercial culture.
Speaker #2: So, when we look across the world, it is also what we're talking about today: how do we get other countries to pursue the same alley as, for instance, the US and Germany are doing by scaling up?
Speaker #2: And of course, we'll benefit from that. Takeaway: doable. We believe in it, and of course, the closer you get, probably also, therefore, your level of confidence goes up.
Speaker #2: With that, I would like to move on to the power solutions and discuss what has happened in Q2. We had an order intake of 3.3 gigawatts in the quarter, driven by strong onshore order intake, especially in the US and Germany.
Speaker #2: There are no offshore orders in Q2, but don't worry about that. They come quarter on quarter, and they will be lumpy, so we will address that when things happen.
Speaker #2: On the ASP on new orders, it was €1 million per megawatt for the quarter. The ASP reflects a good mix of project scope and geography, and the overall pricing environment remains stable, which of course bodes well for the quality we have in our order backlog on Power Solutions.
Speaker #2: The power solution order backlog was €36 billion at the end of the quarter. And when we look at it, we continuously see progress in our offshore ramp-up with reduced tag times, better efficiency in manufacturing, and improved installation time. So again here, keywords for us are that scale offers us both the required, but also expected, dilution, and we can see that the offshore team—and across Vestas—are really pulling forward in that journey, which is positive also when we look to the end of the year and also into '27.
Speaker #2: You can see the numbers described on the charts to the right. With that, I'll go to Service. So, the recovery plan is progressing. It's the heading for Q2.
Speaker #2: The service order backlog increased to €40.9 billion. That's an increase of €5 billion compared to a year ago. That includes a €1.3 billion uplift from indexation and a €0.2 billion headwind from foreign exchange rate movements in the quarter.
Speaker #2: When we see that, service reached 166 gigawatts under active service contracts. That's an increase of 2 gigawatts compared to last quarter. Strong contract renewals and new additions more than offset expiries and customer deselection.
Speaker #2: I think here we are confirmed after Q2 that we are doing the right things in the commercial reset as part of this recovery, but we can also see that we have actually been positively surprised over, first of all, the value we create together with our partners, but also, therefore, the stickiness of our renewal process in service.
Speaker #2: The service recovery plan is progressing well, and we continue to see the operational movement drive down cost levels, while the commercial reset is improving the backlog health. We can see that quarter on quarter.
Speaker #2: Again, the drivers here are working, and the new service operation discipline is getting adopted worldwide as we speak, and we're getting comfort seeing it's being adopted at the pace we are implementing it.
Speaker #2: With that, I will finish with the sustainability for Q2. Sustainability is still in everything we do, and if we start on these turbines produced and shipped in the last 12 months, I expect them to avoid 535 million tons of greenhouse gas emissions over the course of their lifetime.
Speaker #2: This is, of course, one of the highest numbers we have had for a quarter, and therefore also a reflection of that. We see the increase in levels of activity, total turnover up 26%, and in the Power Solutions, 37%, which, of course, reflects in this.
Speaker #2: The carbon emission from our own operation increased by 7% compared to last year. That's mainly due to the vessel emission from increased activity in the offshore, so we know we have to spend some more carbon emission to do also the offset, what you just saw above, of the 535 million tons.
Speaker #2: Therefore, it's also worth noting that the carbon emissions went from 110,000 to 118,000 tons, so it's a different ball game when you compare the two.
Speaker #2: But of course, here it demonstrates how low we got Scope 1 and 2 before we also embarked on the offshore journey with our customers.
Speaker #2: The number of recordable injuries per million working hours, TRIR, increased to 2.9 compared to 2.6 last year. Safety remains a top priority for us, and we are committed to addressing the identified hotspots.
Speaker #2: And what I mean by that is we still have parts of Vestas where we see that some of these safety incidents come from a behavioral and attitude point, and we are addressing that because it's not acceptable in the environment we work in.
Speaker #2: Of course, we also have to appreciate we are now working closely with almost 40,000 employees, and some of the sites are also new or have newly embarked into Vestas.
Speaker #2: We will address that as we go and comment on it in the coming quarters. I think it's actually now time, Jakob, that you have been looking forward to taking us through the financials.
Speaker #2: So with that, over to you, Jakob, on the financials.
Speaker #1: Thank you, Henrik. And as you mentioned, a strong quarter where we see earnings per share increase by 46%. Another highlight of the quarter is that revenue increased by 26% compared to Q2 last year.
Speaker #1: The increase was driven by Power Solutions, while service revenue was slightly lower. EBIT margin before special items was 9.4%, an increase of almost 8 percentage points year-on-year.
Speaker #1: The development was driven by improved profitability in Power Solutions from both onshore and offshore. Then, also on the right, you can see that we incurred €27 million of special items in the quarter.
Speaker #1: That's mostly related to our operating model reset, including staff severance provisions. Moving into the segment split and the financials for that, we start with a strong quarter in Power Solutions.
Speaker #1: In Power Solutions, Henrik, as you mentioned, revenue increased by 37% year-on-year, driven mainly by higher megawatts delivered in both onshore and offshore, and to a lesser degree by higher average selling prices per megawatt delivered.
Speaker #1: EBIT margin of 10.4% in Q2 was strong, up more than 10 percentage points year on year. We saw positive benefits in both onshore and offshore from operating leverage, outstanding project execution, and lower-than-expected project costs.
Speaker #1: All of this contributed to the strong profitability in the quarter. Here you can see the quarterly split on the right, as well as the split between onshore and offshore. It is worth noting that onshore revenue was expected to follow the usual back-end loaded profile during the year, while offshore revenue is more evenly spread across the quarters.
Speaker #1: So, as we mentioned last time, this is a change from what you have seen previously when you look at the total numbers.
Speaker #1: Moving on to our service segment, where, as you mentioned, Henrik, we are really pleased to see costs are coming out and that the commercial reset is working as planned.
Speaker #1: Service revenue decreased by 5% year on year, including a 1% currency headwind. The ongoing recovery plan is working and driving lower cost levels, leading to a decrease in contract revenue.
Speaker #1: That we also spoke about last quarter, so the same trend this quarter. Transactional sales were slightly lower than last year. Our service generated an EBIT of €149 million, equivalent to an EBIT margin of 16.6%, which is in line with our expectations.
Speaker #1: Moving to the focus on STNA cost and our scalability in general. STNA cost amounted to 7% of revenue on our last 12 months basis, an improvement of 0.4 percentage points compared to a year ago, and obviously driven by higher revenue.
Speaker #1: We continue to work and improve our STNA cost through the Operating Model Reset Program, and we see right now, also with an increasing top line, we see an opportunity to scale the organization while growing the business.
Speaker #1: And as you can see on the right side, we have, for the last three quarters, seen a marginal decrease in the cost, while, yeah, we have just spoken to the top line increases.
Speaker #1: So, that obviously gives the scalability. Net working capital—we saw a slight increase in the quarter, to negative $2.3 billion, mainly driven by an increase in inventories and contract costs.
Speaker #1: As a percentage of the last 12 months' revenue, net working capital in the second quarter amounted to negative 11.1%, so still a strong place to be.
Speaker #1: Operating cash flow was positive by €419 million in the quarter, a significant improvement compared to Q2 in the prior year. This was driven by higher profitability.
Speaker #1: Total investment amounted to €278 million in quarter two, which is stable compared to last year. Adjusted free cash flow in the quarter amounted to €94 million, an improvement compared to last year, driven by the reasons mentioned above.
Speaker #1: Cash flow from financing activities in the quarter was driven mainly by the repayment of the bond, which we also spoke about last quarter, as well as dividend payments and share buybacks.
Speaker #1: We ended the quarter with a net cash position of €92 million. Then, Henrik, you spoke about quality and, here, looking at our LPF—our lost production factor—we see a slight improvement in Q2, reflecting the better fleet performance and operational improvements across our serviced turbines.
Speaker #1: Warranty cost amounted to €141 million in the quarter, corresponding to 3% of revenue. Warranty consumption was in Q2 €218 million, and that confirms the previous quarter's positive trend, where we consume—meaning repair old, identified quality cases—more than we provision for new quality cases.
Speaker #1: The capital structure and shareholder distribution—Henrik, you mentioned the €400 million buyback program. The net debt to EBITDA ended the quarter at zero times, stable compared to last year and within our targeted range of minus one to plus one.
Speaker #1: We maintain, as in previous quarters, a solid investment grade rating from Moody's with a stable outlook. Given our performance and visibility at this point in the year, combined with a healthy capital structure, a new share buyback program of €400 million will be initiated, in line with our previously communicated intention to return at least 40% of net profit to shareholders.
Speaker #1: The buyback will begin tomorrow and run until the end of the calendar year. And as you can see also on the right, the €400 million is covering the two quarters, which is of course different from what we have previously done.
Speaker #1: And then, ending—as I said it before—on my favorite slide, because this is where we look at our long-term shareholder value creation. Here you see the most important financial metrics in a longer perspective.
Speaker #1: These metrics are central to how we measure our performance and align nicely with our shareholder value creation, and of course, also our equity story.
Speaker #1: And I encourage you, if you want to read more about that, to read further in the annual report. And with that, over to you, Henrik, for the outlook.
Speaker #2: Thank you so much, Jakob. And of course, I absolutely understand your liking for the slides, but there are many slides that could compete for the favorite one this quarter.
Speaker #2: But also, on the slide here, I also want to just say it's nice to see the trend, but it's also nice to see how you have been able, since your start, to accelerate a couple of those graphs as well.
Speaker #2: So thank you for that. With that, I'd just like to go to the outlook. So, outlook here—as most of you have also seen—revenue kept at €22.2 billion, previous outlook the same.
Speaker #2: When we look at the EBIT margin we are raising the guidance to 7 to 9 from 6 to 8 and that also means in this we keep service as it was previous from February so service is expected to generate EBIT margin before special items of 15 and a half to 17 and a half percent and then we see total investment around the 1.2 billion mark for the year.
Speaker #2: With that, I will say thank you for listening in. I'm sure there will be a few questions and answers to come, and therefore, let me by this pass back to the operator, and let's start the Q&A.
Speaker #1: We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their telephone. You will hear a tone to confirm that you have entered the queue.
Speaker #1: If you wish to remove yourself from the question queue, you may press star and two. Questioners on the phone are requested to disable the low speaker mode while asking a question.
Speaker #1: Anyone who has a question may press star and one at this time. The first question comes from the line of Akash Gupta from J.P. Morgan.
Speaker #1: Please go ahead.
Speaker #3: Yes, hi, good morning, and thanks for your time. My first question is on the U.S. market. Could you please talk about the dialogues you are having with your U.S. customers, and whether the intensity of those discussions has changed, as we can see the demand for power equipment continue to grow? Especially given that we saw a new record for gas turbine orders in the second quarter.
Speaker #3: So, I'm just wondering, has anything changed on your side on the U.S. pipeline and your view of the market in the course of the quarter?
Speaker #3: That's the first one.
Speaker #2: Okay, thank you so much. And the easy answer is no. The bit more filling on this one is that in the US, demand and fundamentals are making their way into also how it's being evaluated.
Speaker #2: And right now, speed to energy and speed to, not least, energy and electricity and electrons are also part of the driver. So the environment is underlying strong from fundamentals, and the whole of the US society in many states needs more power and more energy faster than probably new sources or other competing technologies.
Speaker #2: But in reality, the U.S. is also coming to the conclusion that we need more of everything.
Speaker #1: Thank you. And my follow-up
Speaker #3: The question is on Power Solutions margins. You delivered a strong performance in Q2, and a lot of people who follow Vestas split margins between onshore and offshore, given the large differences between the two.
Speaker #3: Can you give any indication of what offshore margins are in the quarter, and where you might get to by the end of the year? Also, when we think about the guidance upgrade, which is coming from Power Solutions entirely, how much of that is onshore versus offshore?
Speaker #3: Thank you.
Speaker #2: Yeah, thanks, Akash, and you know already that I will give you the answer to it. No, we won't give you the breakdown, but we will also say here, as we've said, we're aiming for a better full-year number in '27 than we have had in '26 on offshore.
Speaker #2: But on the other hand, having a second quarter where we are at 10.4% in Power Solutions, we see both onshore and offshore contributing positively, compared to where we started the year and planning for it.
Speaker #2: So there is good momentum in both parts. For obvious reasons, I don't have an interest in showing you the split between onshore and offshore, but you also know that we will most likely end this year in a red number, and the scale and the ramp up will take us to a black number in '27 for offshore.
Speaker #2: So, of course, that's the positive development we also see in this quarter, and also part of why we are raising the guidance overall for Vestas.
Speaker #3: Thank you Henrik.
Speaker #1: The next question comes from the line of John Keem from Deutsche Bank. Please go ahead.
Speaker #4: Hi, good morning. Thanks for the opportunity, and congratulations on the numbers. Two questions, if I may. If we think about the guidance after a very strong evolution in H1, I want to say the upper end of your guidance only implies about 200 basis points of margin expansion year-on-year.
Speaker #4: I'm wondering if there are certain things we need to consider—think about, kind of curtail perhaps, the optimism into H2.
Speaker #2: No, I think what we see here is that Q2 has been an exceptional quarter. We have had some projects in Q2 that also contributed strongly to that.
Speaker #2: So, we know that there's no linear programming between the quarters. We are still back-end loaded. That also means that we see some risk, just by the nature of what we are executing for the second half of the year, which of course is reflected in our guidance.
Speaker #2: And I can assure you that if we have an opportunity to do better, we will do that. But that's what we see currently for the second half of the year.
Speaker #2: And the split intra-quarter, we are so dependent on some of those major completions on the projects. What that project is exactly, and what is it as a percentage in the backlog?
Speaker #2: But I will say, in this quarter, really well executed, and there are some lower costs on some of those exceptional projects, and good execution in the second quarter—that, of course, contributed to it.
Speaker #2: But hey, it's not too shabby to raise the guidance to 7 to 9. So I thank you for your congrats. We have hard work going into it.
Speaker #4: Great, thanks. And my second question, if I may, is about the contract assets. We saw a sequential increase from Q1 to Q2. I'm wondering if you could help us unpack that, and what you're seeing around kind of price/cost, or price/cost in the service base.
Speaker #4: Thanks.
Speaker #2: Yeah, let me take that. Similar to last quarter, the development is driven by our Power Solutions. So that's to answer the first part of your second question.
Speaker #2: The second part, on the service cost, we are—as I also mentioned—pleased with the development this quarter. The team is delivering as we have expected and as we have planned.
Speaker #2: We take out cost as we have planned, and we are also having the success we expect in the commercial reset, which is really one of the initiatives we see that also now is having a positive impact on the overall service business.
Speaker #2: So, service is progressing as we have planned and as expected.
Speaker #4: Great. Thank you.
Speaker #1: The next question comes from the line of Klaus Elmer from Nordea. Please go ahead.
Speaker #3: Thank you. Yeah, also from my side, you know, impressive quarter. Well done by the business organization. I will also do two questions. So, the first is about the Power division.
Speaker #3: As Jakob mentioned in his prepared remarks, the strong performance was driven both by onshore and offshore. And I think, Henrik, you mentioned this '27 could be in black numbers.
Speaker #3: This question is not to get any guidance for next year but you know could we get a bit more color to you know the strength of the momentum could it be a 5% potential next year or where is you know the range of outcome that would be the first one.
Speaker #2: I love the camouflage of various reasons to ask for 27. If a black number that also includes a 5%, I don't know, but it's a positive number for next year.
Speaker #2: And then we will say no more about it, because in reality, we'll say more about where we expect Vestas to perform next year. And from giving a service percentage, you can then calculate the power solution.
Speaker #2: I think here we're giving ourselves time to enjoy a little bit the execution of this. It is hard work, and it has been hard work. There have also been mixed feelings when you ramp up and scale up of this nature in offshore cloud.
Speaker #2: So what we are first and foremost really happy with is that there is a large contribution from both offshore, and of course from a different contribution in onshore, because onshore is just execution of all what is so well known to us, where the offshore is reducing the marginal cost from offshore and the scaling of it.
Speaker #2: So it is different, and therefore, the same thing is, we'll fight hard to see if we can get it to a full year plus/minus zero or whatever for '26, and then there is a black number coming in '27.
Speaker #2: How big that black number is, we won't tell you. And we won't tell you that in February either.
Speaker #3: That is fair, Henrik. So maybe let me ask in a different way: The improvement you are seeing within offshore—is this an improved speed of output of the factories?
Speaker #3: Is it your better projects that are starting to be delivered, or what is the main driver for the better profitability, or less loss?
Speaker #2: I think here, when we open a new set, we open new capacity. You're always a bit questionable about that—when does it work, when do we have the right practices in and around those shifts? We can see the negative side of that, for instance, on Linear, where we had to say goodbye to some very good colleagues on Linear. But when you get to that point where takt time is improving and other things, that's the main part we have seen.
Speaker #2: So it is working towards the takt time, and of course then it's getting now the full value chain also to link to it. So we see the installation time offshore.
Speaker #2: We see the transport. And of course, the benefit now is people are seeing it much more frequently than they did a year ago, and that really is, for us, the key driver.
Speaker #2: While it may look very comparable, these are actually very different assets. We are both manufacturing, transporting, and installing, so we are fully aware of that.
Speaker #2: So it's the ramp-up, and it's the efficiency across the team, which is why I extend a huge thank you, especially to the teams that have been working diligently with that ramp.
Speaker #2: We are just around the plan, and maybe in some quarters a little bit better, but we see the momentum in there, and that's what we are also adding to by raising the guidance today.
Speaker #3: Okay. Then my second question is on the onshore backlog. These price initiatives you have taken over the last year, year and a half—have we seen the full effect in the P&L in this first half, or do you still see some additional effects the rest of the year?
Speaker #2: I don't think there's anything to say about the rest of the year. We've just said something about the rest of the year in raising our guidance, and as I said, I have to correct you.
Speaker #2: If you think we have done something with pricing in the last 18 months, I’ve been here long enough. We have discussed it for the last, more than four years, and everyone probably questioned a little bit in our quarterly also—is it enough?
Speaker #2: Will we ever get to 10%? Is this enough priced for 10%? And the truth of it is, we live in a very changeable world, but the backlog is supportive and our pricing and commercial culture is very supportive of that journey to 10%, which probably also means a lot more with the day-to-day trusted customer conversation that also supports this pricing.
Speaker #2: So I see it as a much longer thing than 18 months, and if you look at that, there's nothing we have said in the last couple of years that would hinder that. But you also know that there has either been further realization that there has been disruption, and there have even been some tariffs that have been coming and going. So therefore, it's never locked in; it's more as we share the risk in a transparent way.
Speaker #2: So, for us, strong pricing—€36 billion in the backlog—is very supportive for not only the coming quarters, but also the years ahead.
Speaker #3: That sounds great. Thank you so much, Jakob and Henrik.
Speaker #1: The next question comes from the line of AJ Patel from Goldman Sachs. Please go ahead.
Speaker #2: Good morning, and congratulations on the results. I've got a couple of questions, please. Firstly, can I just get a little bit more of an understanding on the improvement in margin?
Speaker #2: It's very rare that Vestas beats consensus Q2 results by a factor of two. If you look at what you've delivered in margin for Q2—the 9% number—and compare that with what's implied at the midpoint for the second half, that's also a 9% number. That would seem odd, given that you have a sizable amount of operational leverage in the second half of the year from onshore.
Speaker #2: So, I'm just trying to understand: to what degree is Q2's fantastic performance the result of contingencies that you may have provided for? And if you could maybe give us an idea of how good that execution is, and what kind of contingencies you may have made in the second half of the year in the new guidance, to give us an understanding—at least of what the sort of risks or potential upside or downside to numbers could be for the second half.
Speaker #2: And then I'll come back to the second question, if you don't mind.
Speaker #1: There was a what I call a long first questions with a few dimensions in. So let me give you the let me give you the credit for that raise.
Speaker #1: First of all, it's nice to see. I won't comment on why we beat consensus because, in reality, you and I know that we know the backlog. None of you are on our payroll, so you don't have access to see what projects we are executing in a quarter, and the mix for us in this quarter on the deliveries and other stuff have formed that basis.
Speaker #1: And then there will always be, in there, projects that have either in this quarter over-delivered on some parts towards an average we're looking for in the second quarter, or the third quarter, or the fourth quarter.
Speaker #1: So you can't, sort of, again, here, it is not a constant percentage in the backlog we're executing. It is actually a diverse, spread project portfolio.
Speaker #1: So therefore, that came out positively. And of course, had we had to give you guidance, we probably would have indicated that Q2 will be a bit higher, but I will just say fortunately we don't.
Speaker #1: So, therefore, in this, we look into the second half—we have good momentum. But there's also something in the projects we already look for in the second half that doesn't imply that it is as backloaded as you probably have seen in previous years of Vestas.
Speaker #1: And please, then, don't forget that we also now have offshore, which is a much bigger proportion of the business. It has a stable factor to it, but it doesn't necessarily have the same seasonality and back-end loading when we look into that.
Speaker #1: So that's for you—is one you have to balance a little, and we give that guidance through the revised guidance today. On the H2 risk, you very well know what we have of H2 risk in Vestas.
Speaker #1: So, we have a seasonality. We are getting into the fourth quarter, where weather—and can we get from the inbound to the outbound—doing, yeah, latter part of Q3 into Q4.
Speaker #1: So we are sure we have all the assets there. The team is executing extremely well right now. So I know exactly what I'm going to tell the organization in a town hall later today, because this is about keeping that attention and keeping that spirit.
Speaker #1: Don't try to do anything else. So we won't try to change our good execution, but as I said here, it's not too shabby to now raise the guidance to 7 to 9. And as I said—probably also refer to Klaus Alma previously—we feel we are where we would like to be right now, and that's a pretty positive place.
Speaker #2: Thank you. And then, on the second question side, I think on the tapes we're seeing from the press call, it was cited that management saw an opportunity to reach the 10% EBIT margin next year.
Speaker #2: And I know that you don't want to give guidance for next year, but just to make sure that we're all treated exactly the same way—is it potentially, is it possible to achieve your medium-term guidance next year, as was asked on the press call?
Speaker #1: We don't give that sort of guidance, and we don't give a time guidance on it—that I've been here too long for. So, as I said, we just took you through the slide and we took you through the bridge.
Speaker #1: We have changed a little bit in the order of the bridge. Trust me, if we can get it out, we will get it out as quickly as we can.
Speaker #1: We just said to you it's definitely not going to happen this year, but we are building that bridge so it actually has a lasting impact—so therefore, please don't run ahead of yourself. And I think, a little bit here, it's—I feel, over the last probably couple of years, some have called it impossible, why we keep talking about it, and others have said, hey, come on, there's probably a chance you can do it. For us right now, it means a lot that we can see that we have the levers, we have the handles, and then in reality, for all of us who have been here very long in Vestas.
Speaker #1: Whether that comes in one year or the other doesn't matter, but we will do whatever we can to get there. But don't read into something people will quote for us, because when we now start talking about 10%, people can see it's the lowest distance we have had for more than six years, and that probably makes everyone now imply, oh, we couldn't do it next year.
Speaker #1: That's not where we work diligently on improving, quarter on quarter, day on day.
Speaker #2: Thank you.
Speaker #3: The next question comes from the line of Christian Thorne from SEB. Please go ahead.
Speaker #4: Thank you. I have two questions as well. The first one goes to your guidance. I've noticed you highlight the strong execution of your organization on several occasions here, and I guess that already started in Q1 as well.
Speaker #4: As to the explanation for the strong margin in Power Solutions, it has also been pointed out that your guidance for the second half of the year doesn’t really imply any substantial margin uplift.
Speaker #4: So at least, my take seems here to be that you're assuming your organizational performance should go back to a more average level in the second half of the year, which I understand why you would sort of assume that in a spreadsheet. But why shouldn't we expect that your organization could keep pace to some extent in the coming quarters?
Speaker #1: Thanks, Christian. You know me well enough—I probably work slightly more outside than in the spreadsheet, but I fully understand your question. We don't try to necessarily do worse, but as I also said here, I think it's actually a bit of a nice reminder on a day like this, that we are sitting here and discussing if we're going to do at a mix of what we are executing on. And you will say, come on, the Power Solutions is up 37% compared to a year ago, on a quite large-sized company.
Speaker #1: So I think here when we then have a mix of projects do you know what we will do whatever we can but it's also fair saying there is always a risk attached and we only need one or two of the medium to large sized projects to have a negative bump on the road or whatever and then at the same time we also can see that there is a pricing in some of the projects that comes in Q3 and Q4 that probably not bought as high as you will normally see in sometimes in what we have had in Q4.
Speaker #1: But as I said, let's see how that goes. The guidance right now—7 to 9—is the best estimate for the full year, and that implies we're actually doing pretty okay in the second half.
Speaker #1: So I understand maybe there are people that are sitting and now trying to do even better, but, you know what? If we hit the 7 to 9 in that part, we're doing a really, really good year.
Speaker #4: That's fair enough. Then my second question is regarding the blade incident at the head right of your wind project. And just if you could sort of update us on that—has there been any noticeable financial implication, and have you identified the root cause and so on?
Speaker #1: Yeah. First of all, there is an incident in Hedright that happened on the 22nd of July where due process shouldn't happen. But when you produce blades and you produce turbines of the size we are doing, then it will happen from time to time.
Speaker #1: I'm particularly proud, again, of the wider organization here and not least also the collaboration with ENBW and especially our—or at least for my part—my contact Peter Heidegger in there. We are going through the normal process.
Speaker #1: I think the first thing to observe is no one got hurt by it, which is positive. The second here is that we have managed to also keep and contain something, such as the debris that comes off.
Speaker #1: We even—I can see on some of the pictures—we even got help from the German Coast Guard, so that's another important one. And we have had here both vessels, and we have had people on beaches collecting things so it doesn't sort of mess up the summer holiday for people that are coasting on the North Sea.
Speaker #1: So that is really well done. Then, at some point in time, we are doing that and we are going through the normal root cause analysis on that. And then, of course, right now, as you probably also have seen, we managed on Sunday—Saturday—to complete the last turbine, number 64, on the head, right? And that means right now we have a full turbine park we can work with, but of course there is a blade—one blade—short, and we need to get the remaining part of that blade down, and then we will finish our root cause analysis.
Speaker #1: So that's where we are. It's something—you can probably hear it in my voice—that I would rather not have, but now we have it, and we deal with it. And we deal with it in a really professional way, and I can't thank at least our partner enough for also having the same professionalism and availability to deal with an anomaly like this.
Speaker #1: So, if it has done anything, it has probably strengthened the partnership, and for more details, I reserve my partnership right with Head, right.
Speaker #4: All right. Thank you, that's all from me.
Speaker #3: The next question comes from the line of Alex Jones from Bank of America. Please go ahead.
Speaker #5: Good morning. Thank you. My first question is on the Power Solutions margin again this quarter. One of the reasons you cited for the strength is lower-than-expected project costs.
Speaker #5: Could you just expand a little bit on that? Are there any specific items that are common across projects that have driven those lower-than-expected costs, or is it just generally good execution and a lot of project-specific factors?
Speaker #1: Just normal project factors. Project factors that hit sometimes you have an execution where you have no delays you have access to full access to site and you get the assets there and you get the cranes and everything else.
Speaker #1: So it has just come together really well, and of course we are probably benefiting, in a quarter like this, on some projects that were having commercially really good traction. At the same time, we are also executing, as you can see on our delivery table, in markets where we have very, very experienced operators on site.
Speaker #1: So that's the main reason underlying. Then there will always be some one-offs hitting some of the projects, and of course, that also leads to what we have as a comment here, saying that there are some of the projects that simply just have a lower operating cost in the quarter.
Speaker #5: Okay. Understood. And then the second one on the buyback obviously you've decided to announce sort of a larger program for the next two quarters today rather than the sort of one quarter at a time approach that you were taking previously.
Speaker #5: Could you just talk through the decision to do that? Is it implying that you now have better visibility on future results, orders, or cash flow than you've had in the past year when you've been taking a quarterly approach, or is there any other interpretation we should take from that?
Speaker #5: Thank you.
Speaker #1: Yeah, thanks for the question, Alex. No, there's nothing else you should take from that. That is, as we also communicate, on the back of the strong first half and on the visibility we now have into the second half, and that, yeah, these €400 million, together with what we have done so far this year, will bring us up to €650 million in total with what we have announced.
Speaker #5: Thank you.
Speaker #3: The next question comes from the line of Martin Wilkie from Citi. Please go ahead.
Speaker #5: Yeah, thank you. Good morning. It's Martin from CT, and, yeah, congratulations again on such a great set of results. I did want to come back to Power Solutions, and if I understand correctly, the offshore business is still loss-making, so you expect that to go to profit by Q4. But that does mean that your onshore margin has to be sort of low to mid-teens, which we've not seen for about a decade, and it sounds like there were some lower costs in the quarter. But you used to frame the way that you saw the margins with the pre-calc and the post-calc.
Speaker #5: What you expected when you signed the contract—what it ultimately ended up being. I mean, in aggregate, was that post-calc just way better this quarter, or was it much more just the particular mix this quarter was better, and you kind of knew that already given the backlog and the comment that you made earlier?
Speaker #5: Just to understand what really drove that magnitude of improved margin. Thanks.
Speaker #1: Yeah. We've just been through this and seen, of course, a quarter where I don't think I've had to raise my voice one single time on a project execution. This quarter, if I had to raise my voice, it was to give people an extra grace for something. So I think margin in this quarter is just very... I mean, I don't think I can go back in the quarter and say there were some projects where we should have done things differently or something. So it's really been really well executed, and that also means that, of course, in a quarter like that, where you have some really positive projects in the backlog to execute on, you just didn't have much deviation. So that is really the one.
Speaker #1: On your split between offshore and onshore, of course you can make some of those calculations, but there I won't comment on it, because in reality here we know what we are aiming at, and therefore, of course, I can't say anything else. Of course, onshore is performing above the average, and the average was 10.4, so there's no shying away from that. So we are doing well in onshore; we are also improving and getting there in offshore.
Speaker #5: Great, thank you very much. And if I could just ask a follow-up question—I mean, the question did come up earlier about the US market, but obviously there are still a lot of moving parts in the US.
Speaker #5: There was some court rulings on permitting recently. Obviously the tariff backdrop has changed quite a bit since the start of the year. Are you seeing any signs of pent up demand in the US getting released or do you still think that the some of these uncertainties are sort of weighing on the market still and we have to wait for a bit more progress before we kind of unleash a new wave of order intake in the US.
Speaker #5: Thanks.
Speaker #1: Yeah. I don't know what you I don't know what people are sort of unleasing. I don't know. We got to fulfill the demand that comes and I think last quarter I think the talking point was at that point in time there was a department in the US that probably didn't work exactly accordingly to the expected legislation on issuing the permitting or the at least the negative interference permitting with for instance the Department of War and I think that of course ended with a judge ruling as late as a week ago so I think Martin in the US as I said earlier on this call that the underlying demand and fundamentals are really strong so whenever people can get a project through there is an off taker in the other end immediately and of course that bodes well for both getting permitting and the volume through whenever you have a full approved project in the US.
Speaker #1: So I see the lifting of it potentially, again, accelerating something, but we will see more of that when we get further into the year and in '27.
Speaker #1: I think the same as I did when we were sitting here last quarter and discussing. I think there's still a Section 232 that is outstanding, but then on the other hand, some tariffs have been going and some tariffs have been returned, and then new tariffs are coming. You know, it starts feeling a little bit, on a day-to-day basis, like what we have seen before. We have an incredibly good organization, not only in the US but also globally, to deal with it, so we are positive we can overcome some of those challenges.
Speaker #1: So far, it doesn't look too shabby.
Speaker #5: That's good to hear. Thanks very much.
Speaker #3: The next question comes from the line of Casper Blom from Danske Bank. Please go ahead.
Speaker #5: Thank you very much, and of course also congrats from my side. So happy to see that your hard work is paying off here. Two questions also here; first one goes to the service recovery plan.
Speaker #5: You've now, for a couple of quarters, talked about how you can see that your efforts are paying off and that you are able to take out costs.
Speaker #5: Can you talk a bit to where you are in this recovery plan are you sort of past all identification of challenges and is now more execution or should we more think about this recovery plan as something that will also continue after 2026 for 27, 28 and onwards as you continue to sort of optimize this business and as a bit of a follow up to this I know many investors are eager to see when will this cost take out lead to higher margins in the service business.
Speaker #5: Is there anything you can say about how you will evaluate the business when you get to the end of 2026? Thank you.
Speaker #1: Thanks, Casper. I will only repeat what we have said. The service recovery plan is on track and delivering as expected. It's both on the cost side, but also on the commercial side.
Speaker #1: The team is delivering exactly as we have planned and as we expect. I appreciate that you all would like to see when and how much, and so forth, and what we have said—and we will repeat this quarter.
Speaker #1: We have two more quarters of the recovery plan ahead of us. We'll speak to those in the next two quarterly investor calls and then after that we'll have a conversation about how do we naturally as part of the last quarter we will talk about how do we see into 2027 and let's talk about guidance there but again we have more to do for the rest of the year.
Speaker #1: The last six quarters of the recovery period are giving us good confidence in the team in terms of their ability to deliver on the plan, because they have done so, so far.
Speaker #5: Okay, thanks for that. Then my second question is a little bit of a follow-up to all the previous ones on power solutions and your statement about it. I suppose we can also see that in your gross margin.
Speaker #5: Henrik, you point to the fact that you are delivering a lot in markets where you have a lot of experience, and looking at the table, it's Germany and the US that stand out.
Speaker #5: I suppose these are also markets where we can expect to see a high degree of onshore deliveries, both for the remainder of this year and for next year.
Speaker #5: Should we then also expect that these markets can continue this outstanding execution, and is it possible to take the best practices from these places to other markets?
Speaker #5: Thank you.
Speaker #1: Yeah. I mean, it's a special day because you sit here and now you almost have to explain why we are doing so well, and we are probably trained very well quarter on quarter for five years in explaining why we were doing so badly.
Speaker #1: I think here today we are doing so well, so it's an interesting one. Listen, we learned all the hard practices three, four years ago, and we try to bottle that and take it into the countries. But you also will appreciate, where you have several projects in execution on a go, then it's a lot easier to compensate. Where you have single countries, single project.
Speaker #1: If something goes wrong, you have no— you have no compensating factor. So, of course, we are right now blessed with part of that, and that's probably why some of the execution just came so well together.
Speaker #1: As I said, it's not a Q2 we can sort of bottle, because it just came well together, and the pricing and the commercial terms of the Q2 orders were significantly beneficial.
Speaker #1: Project by project, so there is a combination in this quarter which is really well. Trust me, if we can continue doing that and we can bottle it to the rest of the world, life will look different for the future. But it would have also looked very different in the past if we had had more quarters of this nature.
Speaker #1: So I don't know what more to—I'm not sitting here and apologizing for doing good in a quarter. That's for sure, Casper.
Speaker #5: You shouldn't. Thank you.
Speaker #1: Thanks.
Speaker #3: The next question comes from the line of Sean McLaglin from HSBC. Please go ahead.
Speaker #5: Thank you, and well done from my side too. I have a question on offshore deliveries, now stable over the last three quarters at about 0.8 gigawatts.
Speaker #5: Is this a new run rate? Is there any reason to expect H2 offshore deliveries to fade versus H1? That's the first question.
Speaker #1: I think the quarters here will be more equal because it's about getting it out, getting it prepared. As there is more installation, there's more pre-installation work when you talk about offshore, so that will probably be more flat-lined.
Speaker #1: It doesn't have the same seasonality and shouldn't have the same seasonality. But, of course, in offshore you would also appreciate that, where you are more—I can call it sort of easier or safer in terms of working days—offshore is always going to be Q2 and Q3, where you will use Q1 and Q4 to ramp and get some capacity out.
Speaker #1: So it's slightly different. It becomes more difficult to rely on the weather installation in Q4 for offshore because both the wind and the waves there will impact that.
Speaker #1: So, counted a little bit more, I wouldn't say linear, but a little bit better balanced across the four quarters and also between H1 and H2.
Speaker #5: Yeah, thank you. And then, staying on offshore—it remains the largest hurdle, if you like, in the bridge to the 10% margin target.
Speaker #5: We've seen that tack times have been falling, so obviously you've already reached a degree of production efficiency in the last quarter, which I imagine is also part of that margin strength.
Speaker #5: Just where do we go from here? Is it really about higher volume, or are we already at a level where this three- to four-gigawatt run rate is, I guess, the delivery norm, and it's really about—there's still a lot more to do on the actual efficiency of production? I'm just wondering if you can provide any detail around where you see those incremental improvements that drive you from red to black and drive the company to 10%.
Speaker #5: Thank you.
Speaker #1: Yeah, I think you're right in saying we can start seeing, and you can start seeing, the same as we can in terms of scalability and volume.
Speaker #1: We are getting there. I think we spoke about it a lot through last year. I think there was an initial period when people started not liking offshore as much a couple of years ago. I think last year, when you ramp something up, I actually appreciate today that with the ramp we have done, it takes a lot more effort and a lot more resources. Also, from something as simple as just getting the full value chain tools into installation and being sure you have the right tools and the tools available.
Speaker #1: There is a lot Sean I'll tell you get comfortable with that. Are we full comfortable with that? As the journey ended no not at all but we are at a point now where we can say that from a scale point of view from last year we had a couple of projects this year we are right now fully focused on running five projects various parts so therefore also it just takes different scalability also from right from people to the tools and of course that by far biggest thing here sitting with the variance or the I call it today I have to say 24 and 25 it was the investments in getting off the ground but as you can also start seeing this is now a business that are from next year starts contributing positively and then we will start seeing something that also meaningful drives and lifting what is the midpoint of the guidance from 8 towards the 10 and there's a little plus in the head of the 10 so let's see where we stop with it but you can see the lever of it and I think now you can also start seeing the lever of it in a context.
Speaker #5: Thank you.
Speaker #3: The next question comes from the line of William Mackey from Kepler Cheuvreux. Please go ahead.
Speaker #5: Yeah. Good morning. Thank you for the time. A couple of follow-ups, really. Starting with service: you've explained you're making good progress with the cost out, and that's evident in the revenue progression being slightly down in the year.
Speaker #5: Can you share how you see the scope of revenue development in the second half of the year, or rather, how you see the scope of cost development? And also, maybe touch on the viability of the 25% margin in Service that you've called out in previous quarters.
Speaker #5: That's my first question.
Speaker #1: Yeah. First of all well take it as a positive here cost out journey progressing so that means the cost out as a meaningful lever here is continuing and that is also continuing but it is also continuing as a day to day working discipline but there are still a couple of areas around the world where more attention is needed so that will be then on the guidance of second half of the year there's also transactional sales which makes that a little bit sort of hey that we don't do that and we don't have a top line.
Speaker #1: We have an EBIT margin guidance right now, and that we are following because I'm a bit nervous for, in the recovery of—in all fairness, it's not a chasing of top line, or it's not a top line here. So, top line will be what it is, and then we will show that quarter on quarter. But the business is in better health than it was six quarters ago, and our colleagues in there running it are responding positively to it. And of course, at some point in time, Jakob's point on LPF will also start helping when the LPF is coming down, and therefore also support a more stable running of the service business.
Speaker #1: On the 25% ambition, it will take some quarters, and it will take us a little bit more comfort in finishing the recovery before we are able to probably say a bit more of what jumps will that come in. But there is no doubt for all of us, first, the immediate target of the service business is to complete what we are doing, get the backlog right, and then the target is for having a margin that starts with a two, and that we will get to in a time frame.
Speaker #5: Thank you. The second question goes to onshore business development again. I think your installation volumes are declared as 3% up year-to-date.
Speaker #5: I mean, if you could share, all being well and obviously subject to weather and execution risk, the sort of level of increase in output you might achieve in '26? Or to think of it another way, how do you see your factory utilization trending into '26, '27? And then an add-on to that, really, is to come back to a question that you sort of prompted earlier, which is about your back end of the year—including weaker price of projects, some in Q3 and Q4—and maybe any more color on how that would occur, given that we've seen a steady progression of price development over the last two years, and a steady development of the supply chain and costs, so it seems a little counterintuitive.
Speaker #1: Thanks. First of all, well, I will say here on the utilization, I think we are still seeing that. You can also see that in this quarter, and Jakob has had that in his part as well. We have included now the factories from also TPI in Mexico and India, and we expect to use those factories as well in our capacity planning. And so, therefore, we are not sitting here and trying to say that our utilization will go down—opposite—but that also speaks to still part of the handle to the 10% bridge, which is onshore. We can still do things; we can still have better utilization. And you know, right now in the US, we’re having good utilization, but it's also finding that balance in the US because, of course, there is a US manufacturing advantage, and, of course, we are using that. So the utilization right now goes hand in hand, and there’s more also on the scale and the advantage and the mix in the onshore we can take advantage of.
Speaker #1: And then, as I said, I would really encourage people not to walk away from the call here and think that the second half is a kind of a disappointment.
Speaker #1: I'm saying if we are now discussing a rounding whether it's 9 or it's 9 and a half or something do you know I have variances in a broader in a quarter on executing power solutions that are far bigger than half a percent as you are saying so it's priced well it's in there but we have had some execution and we have had some part of the Q2 that was just exceptionally well and I think we have had it because it also looked like it surprised you in some of the consensus for Q2 so therefore let's go through the quarters and I think here we know each other that well we shouldn't talk a negative out of raising a guidance and now having a 7 to 9% because we are not aiming at hitting 7 and if we can we will try to see if we can get to 9 but that's the guidance we are seeing for the business.
Speaker #1: And if I could take the last question, operator.
Speaker #5: The last question from today's call comes from the line of Lucas Ferhani from Jefferies. Please go ahead.
Speaker #6: Hello, and thanks for fitting me in. I have two questions. The first one is just on inflation. Obviously, we're seeing fuel prices, copper prices go up, logistics also accelerating a bit as of late.
Speaker #6: I mean, how do you think about what that means for ASPs, for our underlying pricing? And then the second one is just on Germany.
Speaker #6: Obviously, the new EEG has been released—EEG, sorry. The new grid package as well. There are some changes for developers there. I guess the feedback is mixed, but it's still up in the air in terms of whether it could change again. But how do you see—let's say—the regulatory changes in Germany, and what that means for '27, '28 if they stay like this?
Speaker #6: Thank you.
Speaker #1: Yeah, thanks for your question, Lucas. Let me start with the first, and then Henrik will end on Germany. So, in terms of inflation, we have learned our lesson.
Speaker #1: Also, from history, in terms of logging this in, when we have a project that is firm, there we either have agreed with the customer that they will cover a part of the risk contractually, and the rest we are securing through—whether that is indexes or whether that is through our various tools in our treasury team—then we cover that. Treasury and procurement, then we cover that.
Speaker #1: So, I would say inflation and other changes to raw materials and pricing we are dealing with better than what we have done in the past.
Speaker #3: And, Lucas, on your German EEG policy and other stuff—this is, again, I think, wisely for a country that has revised so much and changed so much in the last 24 months, you're inviting to a consultation period where people are invited to also come with feedback.
Speaker #3: We have actually seen a number of European countries doing that. I think to the benefit—I saw it the latest in France just a couple of months ago, where also they invited feedback on, for instance, the offshore expansion.
Speaker #3: So I think this is positive when it comes in this way, that you invite the market participants. You also will appreciate what has come with the German expansion and the German policy. Let's not forget, it's only sort of three years ago Germany was doing, on average, what the rest of Europe was doing—well below an average—of expanding the energy accessibility for Germany. And now, Germany, in today's future expansion on auctions, are of course suddenly doing almost in auction volume the same as the EU did totally in installation just three years ago.
Speaker #3: So we are trending towards auction volumes of somewhere around 13, 15, maybe even 15 gigawatts, while the EU, just a few years ago, in total did 16 gigawatts.
Speaker #3: So I think there is a good example developing, and the cost of it has also come down because now you suddenly see the upside of having the capacity, having the infrastructure, having the cranes, having the experienced construction people.
Speaker #3: So this is really, really good. They deserve a lot of credit for that. The new government, Eisenmerz, deserves a lot of credit for it, and therefore, as an industry, we can then only add how we think that will work in the next three to five years, depending on how we structure it.
Speaker #3: But I think there has to be something for both, and that the German government is looking for. So, maybe we can comment on it after Q3, when we know a bit more about how the actual rules then came out.
Speaker #3: But so far, active participants from Western society, and active participants also together with our partnerships on customers. So we are really looking forward to that.
Speaker #5: Thank you very much.
Speaker #1: Thank you so much, Lucas, and to everyone else, thank you for listening in. Thank you also for your active questioning, and we look forward to seeing many of you in the coming days or even the coming weeks.
Speaker #1: Thank you for that, and thank you for your support, not least through the many last years. I hope you appreciate the support and also our way of saying a proper thank you with the share buyback after Q2.
Speaker #1: Thank you so much.
Speaker #5: Ladies and gentlemen, the conference is now over. Thank you for choosing KORUSKOLE. Thank you for participating in the conference. You will now disconnect your line.
