Operator: Ladies and gentlemen, welcome to the Publication Preliminary Q3 2026 Results. I am Sandra, the Chorus Call operator. I would like to remind you that all participants have been dialed in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it is my pleasure to hand over to Mr. Niels Fehre, Corporate Investor Relations. Please go ahead, sir.
Niels Fehre: Thank you, operator. This earnings call is based on preliminary figures for our third quarter of 2026. Wolf Lehmann and Achim Schalk will explain the quarterly performance and provide an update on the company's development. Let me please remind you that the disclaimer in our preliminary Q3 2026 slide deck applies throughout this earnings call. I will not read it out loud. You can download the slide deck from our website under Presentations in the Investor Relations section. Now, let me hand over to Wolf for the preliminary Q3 results, and starting with the highlights of the quarter. Wolf?
Wolf Lehmann: Thank you, Niels. Please turn to page 3 with our recent company highlights. We continue to execute our transformation roadmap step by step. in Q3, we achieved a big milestone by closing the sale of Centor. Before we dive into this, let's start as usual with the business performance. Q3 revenue increased by EUR 46 million year-on-year to EUR 605 million, with all three segments contributing to this top-line growth. Adjusted EBITDA was EUR 103 million, broadly stable year-over-year and quarter-over-quarter for the total company. We will go into more detail where we grew and where we work on improvements a few pages later when discussing the segment results. As in previous quarters, we maintained a strong focus on cash management, including inventory, with a corresponding negative impact on profitability.
Wolf Lehmann: Looking into the last quarter this year, Q4, cash generation will remain a key priority for us. However, at this stage, we do not anticipate a significant further reduction in inventory levels in Q4. In addition, as in every year, we expect certain settlements under customer and supplier agreements to be recognized in Q4, providing a positive contribution to both EBITDA and cash flow. Based on our current visibility for the remainder of the year, we expect to come in within the range of our full-year guidance. On the divestitures, as mentioned, we successfully completed the sale of Centor on 1 October, only two months after signing of the contracts. The closing preparations for the sale of Primary Packaging Plastics are progressing well. As a result, the transaction is currently expected to close already in Q1 2027.
Wolf Lehmann: Having closed Centor, we also made further progress in our discussion with our banks. We will use the proceeds to lower our debt until the end of this fiscal year and repay the promissory notes maturing in 2026. Post-closing Centor and Primary Packaging Plastics, our leverage reduces to around 3x and puts us in a good position for a fulsome refinancing. On transformation, we continue to execute our transformation program initiative by initiative. Example given on footprint optimization, we have already completed the closure of Chicago Heights and now focus on the merger of our Forest Grove facility into Morgantown. On SG&A, our SG&A cost reduction program progresses in line with our expectations, and we are heading towards a much leaner structure in 2027. Lastly, I would like to emphasize that our grow, fix, and sell portfolio strategy remains unchanged and continues to guide our capital allocation and portfolio decisions.
Wolf Lehmann: Before discussing the quarter in more detail, please turn to page 4. As usual, we start the presentation with the quarterly allocation relating to the previously communicated full-year 2025 adjustments. The adjustments to Q3 2025 were limited. Revenue was basically unchanged, while adjusted EBITDA increased by approximately EUR 3 million compared with the previously reported figures. The BaFin investigation remains ongoing. We continue to cooperate fully with the authorities and remain committed to accurate, transparent, and high-quality financial reporting. Please turn to page 5 for our Q3 performance. Revenue increased by EUR 46 million year on year to EUR 605 million. All three segments contributed. Compared to the previous quarter, revenues increased by EUR 26 million. Adjusted EBITDA was EUR 103 million, EUR 3 million below the adjusted prior-year figure and roughly stable quarter on quarter. The year-on-year development was affected by our continued inventory rigor.
Wolf Lehmann: We reduced inventories by EUR 20 million in Q3 2026, burdening this year, compared with an inventory build of EUR 14 million in the prior-year quarter, affecting EBITDA obviously positively in Q3 2025. We will explain more details by segment on the following pages. Free cash flow before M&A was -EUR 20 million. The year-on-year development reflects negative working capital movements, mainly driven by less reverse factoring, impacting payable, as well as a higher amount of exceptional items, amongst others, advisory cost on stabilization, financing, transformation, and our divestitures. Positive effects from a further reduction in inventories and less net CapEx could not fully compensate for that. I will explain more details on the cash flow walk page. As stated earlier, we expect to generate positive free cash flow before M&A in Q4 and come in within the guidance range for the full year.
Wolf Lehmann: Before we continue with the segment details for Q3, please note that the figures discussed today are preliminary results. As such, they still include Centor and Primary Packaging Plastics and have not yet been adjusted in accordance with IFRS 5. Furthermore, as highlighted previously, we perform quarterly impairment tests to ensure that assets values appropriately reflect current business conditions, including restructuring measures, with any resulting adjustments recognized in the final quarterly financial statements. Final Q2 or H1, we plan to publish in November, and final Q3 in December. With that, I hand over to Achim for the performance of Containment & Delivery Systems and Primary Injectable Solutions. Achim, please.
Achim Schalk: Thank you, Wolf. Please turn to page seven for Containment & Delivery Systems. Containment & Delivery Systems delivered another strong quarter. Revenue increased by EUR 27 million year on year to EUR 330 million. The continued ramp-up of our Peachtree site remained an important growth driver in medical devices. Based on the strong momentum we are seeing, we expect Peachtree's revenue to more than double in fiscal year 2026, reaching a triple-digit million euro level. The growth in medical devices was complemented by a positive contribution from Primary Packaging Plastics, where sales pricing actions took full effect in Q3. Adjusted EBITDA increased by EUR 13 million to EUR 77 million, with the margin improving to 24.5%. The improvement was mainly supported by the higher contribution from medical systems, as well as efficiency measures implemented in advanced technologies. Please turn to page eight for Primary Injectable Solutions.
Achim Schalk: Primary Injectable Solutions delivered a mixed picture. Segment revenue increased by EUR 9 million year on year to EUR 123 million. Syringe systems was the main growth driver, while tubular glass revenue was flat. Adjusted EBITDA reached EUR 50 million, which is EUR 4 million below the prior year quarter. The strong improvement in syringe systems was more than offset by continued weak profitability in tubular glass. Encouragingly, performance in tubular glass stabilized quarter on quarter. Nevertheless, profitability remains clearly below our expectations. Our priorities for tubular glass, therefore, remain unchanged: footprint optimization, operational excellence, and SG&A savings. Across Primary Injectable Solutions, we are also actively optimizing our product portfolio to enhance profitability, strengthen our market position, and support sustainable growth. Wolf, back to you for Moulded Glass.
Wolf Lehmann: Thank you, Achim. Please turn to page nine. Moulded Glass revenue was broadly stable year on year at EUR 169 million. Stable pharma and food and beverage revenues and slightly higher cosmetics revenues offset the impact from the closure of Chicago Heights. Adjusted EBITDA declined by EUR 12 million to EUR 70 million, resulting in a margin of approximately 10%. Continued inventory rigor was again a major driver of the weaker profitability. We reduced inventories by EUR 10 million in Q3 of this year, compared with an inventory buildup of EUR 14 million in the prior year quarter, affecting EBITDA positively in Q3 2025 and obviously negatively in Q3 2026. Overall, it was driven by a roughly EUR 25 million year-over-year inventory swing. Excluding these movements in inventories, current performance remains broadly consistent with an annualized EBITDA run rate of approximately EUR 80 to EUR 85 million.
Wolf Lehmann: The focus has not changed. Similar to tubular glass, the new Moulded Glass leadership team is driving rigorous restructuring measures to improve operational performance. Footprint optimization, operational excellence, and SG&A savings, as well as product portfolio optimization is the focus to improve competitiveness and profitability. Let us now turn to cash flow on page 10. Free cash flow before M&A amounted to -EUR 20 million in Q3. Net working capital was broadly neutral. We reduced inventories, as explained, by EUR 20 million, while receivables increased by EUR 6 million, in line with the higher business volume quarter-over-quarter, and payables declined by EUR 15 million. Tax and interest payments developed as expected. The EUR 32 million other are mainly related to our adjustments, as mentioned, and include, among others, cash out for the advisory cost around stabilization, financing, our divestitures, and our transformation program.
Wolf Lehmann: Net CapEx amounted to EUR 56 million, EUR 7 million below the prior year quarter, and included in that figure are selected investments into growth and productivity projects. Please turn to page 11 for the financing update. Our net financial debt at the end of Q3 of this year is around EUR 2.1 billion, and our liquidity is EUR 208 million and fully sufficient to run our business. The cash in from Centor sale is not yet included in these numbers, as closing was 1 October, the first day of Q4. Excluding transaction cost and taxes, approximately 90% of the gross proceeds from this transaction will be used for debt reduction. This will enable us to repay close to EUR 700 million of debt by the end of the year.
Wolf Lehmann: Our focus continues to be on further reducing debt through closing of the Primary Packaging Plastics divestiture, which drives our leverage down to around three times. Please turn to page 12 for our financial calendar. We expect to publish our final H1 financial report at the end of November and our final Q3 quarterly statement in December. We intend to return to the regular reporting timetable with the publication of our 2026 annual report in March 2027. On the right-hand side, you see our upcoming investor conferences at which we would very much like to meet in person and update you on our latest progress at Gerresheimer. Achim, over to you for our closing remarks.
Achim Schalk: Thank you, Wolf. Let me close by summarizing our priorities for the coming month. First, we remain focused on delivering a strong Q4 and completing fiscal year 2026 within our guidance range for revenues, EBITDA margin, and free cash flow. Second, we are executing our portfolio transformation. We successfully completed the sale of Centor within only two months after signing, demonstrating our ability to deliver against the milestones we have announced. Our full attention is now on completing the divestiture of Primary Packaging Plastics. Closing preparations are progressing well, and the transaction is currently expected to close already in our fiscal Q1 2027. Third, the proceeds from these transactions will accelerate the reduction of our financial debt. Following completion of both divestitures, we expect leverage to decline to approximately three times adjusted EBITDA, providing a sound basis for a sustainable long-term financing structure.
Achim Schalk: Fourth, we are executing our operational transformation through GTO. This will lead to the targeted EUR 50 to 70 million annualized EBITDA improvement, with implementation across 2026 and 2027, and the full run rate impact expected for 2028. Finally, we are sharpening the profile of the future Gerresheimer. We are building on the strong momentum in medical devices and the opportunities in syringe systems while addressing the performance gaps in tubular glass and Moulded Glass through rigorous restructuring, operational excellence, and product portfolio management. Taken together, these actions are designed to create a more focused company with a stronger balance sheet, improved profitability, and attractive positions in high-value primary packaging and drug delivery solutions. As always, thank you for your continued support. With this, I pass over to Nils again to open the floor for our Q&A session. Niels?
Niels Fehre: Thank you very much, Achim. Operator, please open the floor for the Q&A session.
Operator: Thank you, sir. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and 1 on the telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use only handsets while asking a question. Anyone with a question may press star and 1 at this time. Our first question comes from Oliver Reinberg from Kepler Cheuvreux. Please go ahead.
Oliver Reinberg: Oh, yeah. Good afternoon. Thanks so much for taking my questions, three if I may. Firstly, can you just provide some kind of color thinking about 2027, what kind of key tailwinds and headwinds you currently have in mind? Specifically on energy, can you just give us any kind of color what incremental earnings or cost headwinds you are expecting from that, and what of this can be probably passed on to clients? Secondly, I think you talked in your prepared remarks about a settlement in Q4. Can you just remind me what exactly is it and what kind of magnitude are we talking about? The third and last question, can you just give us any color, when will you start to report financials based on a kind of continuous basis, so excluding Centor and PPP, please?
Wolf Lehmann: Sure. Oliver, thank you very much for the question on 2027. I think it's a bit too early. Currently, we're laser-focused on closing Primary Packaging Plastics, as mentioned, as well as coming in successfully within the guidance for this year. Then timely, we'll provide more color around 2027. I think if we look, I think you particularly mentioned energy. Energy, that is a headwind if conditions stay as they are today. I would say we do expect currently higher energy cost, and that represents a headwind, particularly for Moulded Glass business next year. I think already in the last call, we mentioned that in this year, 2026, we have roughly 80% hedged. Next year, less than 50%. I think it's not just a Gerresheimer or Moulded Glass issue. This is an industry-wide development affecting both competitors and customers.
Wolf Lehmann: We intend to mitigate the impact through, A, what is in our control, which are GTO or transformation measures, managing our cost well, through operational efficiency improvements, and then also commercial excellence, meaning price actions where appropriate. That's on 2027. Then, I think you had mentioned in the Q4, certain impacts. This is, we expect in the Q4 to benefit from positive year-end effects. This is as usual and as in prior years, including settlements of certain customer and supplier agreements on the supplier side. These are the typical volume rebates, et cetera, which are expected to contribute both EBITDA as well as cash flow. This is in combination with the seasonally stronger Q4, which that altogether underpins our confidence in achieving our full-year guidance. Then what was the third question again?
Wolf Lehmann: Could you repeat, Oliver?
Oliver Reinberg: It's basically the kind of results from continued operations. So when you're going to report sales and EBITDA excluding Centor and PPP.
Wolf Lehmann: Okay. As we mentioned, Oliver, this is a preliminary earnings call. As such, we focus on our key financial KPIs, which are sales, adjusted EBITDA, as well as cash flow before M&A. As I mentioned, when we provide our final financials, for the H1, this will be in November, and for the Q3, this will be in December, then we will provide the details on IFRS 5 accounting. So thanks for your patience there, and this will be part of the final financials when we file them. Thank you, Oliver.
Oliver Reinberg: Understood. Thanks very much.
Wolf Lehmann: Thank you.
Operator: The next question comes from Oliver Metzger from ODDO BHF. Please go ahead.
Oliver Metzger: Good afternoon. Thanks for taking my questions. The first one is also about the future Gerresheimer and the underlying trends you see right now. You made some comments about the Primary Injectable Solutions. Also, you said a few words on tubular glass. Can you give us a little bit more granularity? How do you see current business trends progressing in tubular glass, as well as the underlying dynamics in syringe systems? Also in this context, it would be great to hear also some comments of still your GLP-1 business, which to my understanding is primarily within the syringe systems. My further question is on Moulded Glass. You made a comment regarding the inventory reductions for the group. Does this imply also for Moulded Glass? Do you see now the reduction as mainly over, or this is still some spillover effect for Q4?
Oliver Metzger: Thank you.
Wolf Lehmann: Sure. Maybe.
Achim Schalk: Oliver, maybe I take the first one, Wolf, as this is Primary Injectable Solutions. In total, we expect market to grow above GDP, mainly on biologics and biosimilars trends for both syringes as tubular glass. Please understand we will not provide details on the exact segment performance, but I believe it came across that syringe systems progresses very well while we continue to have restructuring work to be done within tubular glass, specifically in Europe. The second part of your question on GLP-1, yes, we are exposed to syringes in GLP-1, but also in the medical device side, and we continue to see growth for GLP-1 in both segments. Over to you, Wolf, for the Moulded Glass question.
Wolf Lehmann: Yes, I wanted to jump in, do that one first. Sorry about that, Achim. Here we go. On Moulded Glass, Oliver, ultimately inventory management and cash management is the main driver here around that margin decrease that you see. When you look at it, revenues were similar year over year. You are talking EUR 165 million in Q3 last year and EUR 169 million in Q3 this year. Yet the EBITDA is down from EUR 29 million to now EUR 17 million, thus a EUR 12 million EBITDA decrease. Really, the main driver is, as explained, year over year, is our strict cash management, including and primarily on inventory. In Q3 of last year, we increased inventory by EUR 14 million, and this comes with a positive impact on earnings on the P&L.
Wolf Lehmann: In Q3 this year, we have decreased inventory by roughly EUR 10 million, and that comes with a negative P&L impact. Thus, year over year, you are talking about a EUR 24 million swing, and at roughly contribution margin levels or so, at 50%, that explains really why the earnings are down EUR 12 million, pretty much mainly through just this rigorous strict cash management, including inventory management. We think we are through the most of that, and as mentioned, for Q4, I do not expect that same impact again. We will continue to manage our cash very rigorously, including CapEx, including receivables, et cetera, et cetera. Yet in inventory, I think we are through most of it. Hopefully that explains your questions. Thank you.
Oliver Metzger: Absolutely. Thank you very much. Happy weekend.
Wolf Lehmann: Thank you.
Operator: The next question comes from Falko Friedrichs from Deutsche Bank. Please go ahead.
Falko Friedrichs: Thank you, and good afternoon. My first question is, what gives you confidence that you can still reach this adjusted EBITDA margin guidance for this year? Given we are very close to the end of your fiscal year, do you think the midpoint of this range is still very much doable, or should we rather assume the lower end of this range? My second question is on the Containment & Delivery Systems segment. Of the 9% revenue growth you saw in the quarter, could you give us a feeling for how much of that was coming from pricing, and also how much of that was driven by the PPP business? My third question is on your CEO search. Can you give us an update on where you are standing there, looking for a new permanent CEO? It has been a full year now since you had one.
Falko Friedrichs: Is there any reason why this is taking you so long to find a suitable candidate? Thank you.
Wolf Lehmann: Great, Falko. Thank you very much for your question. I will take the first one on the EBITDA and guidance. Just to bring the guidance back to everyone, what is our guidance? We said sales, the guidance is between EUR 2.3 to EUR 2.35 billion of sales. Then in terms of organic, meaning normalized for foreign exchange, EBITDA margin, we are talking 17% to 18%. On cash flow, we said EUR 50 to 100 million negative, and that includes the impact of the roughly EUR 80 million less reverse factoring. To your question, if you go to page 17, we show, for full transparency, the organic results. If you look at that, we are currently Q3 year-to-date, so nine months into this year, we have EUR 281 million of adjusted EBITDA organically, meaning again, organically adjusted for, also for normalized for foreign exchange.
Wolf Lehmann: So, to your point on sales and margin, if you were to take the EUR 2.35 billion sales, and then let's say take the lower end, the 17% EBITDA range, that computes to roughly EUR 400 million of EBITDA. We are at EUR 281 million, so that means to come in at the lower end of the range, we need around EUR 120 million of EBITDA organic adjusted in Q4, or more, to come within the guidance range, which we have visibility to, and that is why we expect to come in the guidance range. Over to you, Achim, on Containment & Delivery Systems.
Achim Schalk: Yeah, thanks, Falko, for your questions. If I understood correctly, you wanted to understand the split between pricing and volume for the 9% growth that we have seen. Most of it is actually driven by volume on the medical device systems as shared, mainly on the ramp-up in Peachtree City, and then a smaller contribution of PPP also because the segment by itself is smaller than medical devices. On the third question, Wolf and I, as Co-CEOs, are currently sharing the leadership of the company with very strong support of our business unit experts, and obviously all the rest is in the hands of the Supervisory Board to come to a final decision.
Wolf Lehmann: Correct. Rest assured, Falko, nothing stays undone or not being a priority. Everything that Achim and I introduced in terms of priorities for this year and for the coming months, we are executing that, and this is the priority for Achim and I, and we are very confident on that. Thank you.
Falko Friedrichs: Okay. Thank you. Can I just squeeze in a quick follow-up? It is on this BaFin investigation. Is there any high-level sense you can give us on the timelines of this, how much longer that could potentially go on?
Wolf Lehmann: Falko, thank you very much. Very good question. There is not much I can add in terms of insight to that. We are 150% supporting the BaFin investigation in full transparency and in full cooperation. Unfortunately, on the timeline, we don't know exactly. I mean, the BaFin has the authority to run the investigation at their timeline. As such, that's difficult to put a timestamp on this. Thank you, Falko.
Falko Friedrichs: Understood. Thank you.
Operator: The next question comes from Christian Ehmann from Berenberg. Please go ahead.
Christian Ehmann: Hello, everyone. Thanks for taking my question. I have three left. Just with the old management, we had this figure of EUR 350 million GLP-1 revenue at some point in 2028, potentially. Could you give us an update on this, and also maybe give us some guidance on how significant, for example, a Card 清 水 contribution would be included in this figure? Then on CapEx, next question, then CapEx. The current run rate is just shy of 10% or significantly below 10%. Is this something you can maintain, or is it something that we should model for the foreseeable future or just this year? The third question is, I guess I'm pondering the comment regarding leverage, including the PPP and Centor sale. You said we have an expectation, or we can have an expectation of 3x leverage closing of the sale.
Christian Ehmann: So, maybe you can give us some color on how you calculate the leverage then on the RemainCo after closing of those two sales. Thank you very much.
Achim Schalk: Let me take the first question, Christian, on GLP-1. Obviously, we do not comment on individual customers' contributions or products when it comes to GLP-1. In total, yes, there was a target given of around EUR 350 million, while the exact revenue contribution will depend on the execution and timing of customer programs. Let me remind you that we have very strong customer arrangements, and we are in the ballpark of the target already. Back to you, Wolf, for the second and third.
Wolf Lehmann: Yes, thank you. Good question, Christian, on CapEx. Yes, you are right. So, 9 months into the game, we spent EUR 149 million on CapEx, roughly 40% on base CapEx, maintaining all our assets properly, furnaces, et cetera, and roughly 60% on growth. That EUR 149 million is 37%, a full 37% below last year, same time, which clearly, I think, demonstrates our improved and strict capital allocation rigor. Now, the math, I think you also did correctly there, Christian. If you take the EUR 149 million CapEx divided by the roughly EUR 1,707 sales, yes, that is around 9% of sales. Yes, we do expect to finish the year around this level of CapEx as a percent of sales. So, I think for this year, the 9% for sure, that turns into around 200-ish on the cash basis. I think that is a good assumption.
Wolf Lehmann: If you go into the outer years or next year, I think it is, as I mentioned to Oliver, it is a bit too early. We are still going through our budget. We are still going through our midterm planning. Nevertheless, I think it is fair to assume that our capital allocation rigor is improving, and also will tie to what we have on the very first page, where you see grow, fix, and fix to sell, if you want. So that we want to improve our capital allocation rigor to fund over-proportionally the business that we want to grow, obviously. Then in the fixed bucket, obviously, we spend our money on productivity improvements. I think your last question, Christian, was on leverage and refinancing, etc.
Wolf Lehmann: Look, I think we have a bit under EUR 2.3 billion of gross debt and a bit under EUR 2.1 billion of net debt. And with the two divestitures, we have the great opportunity to reduce our gross debt to below EUR 0.9 billion of gross debt. Then obviously, correspondingly lower than that, obviously, our net debt. As Achim mentioned, as we mentioned, our current focus is on completing and closing our Primary Packaging Plastics divestiture swiftly. We expect now to successfully close that in Q1 2027. When you do the math, it computes to, with reducing our gross debt to just below EUR 0.9 billion of debt, net debt obviously then lower than that computes to a leverage to around 3x. I will not give you exactly the pro forma EBITDA that you need to use, but I think you can do the math.
Wolf Lehmann: We are really, really looking forward to closing Primary Packaging & Plastics also as successfully as we did Centor. That will put us in a great position to then do a meaningful, fulsome refinancing for the long term. Thank you, Chris.
Christian Ehmann: Thank you very much.
Operator: As a reminder, if you wish to register for a question, please press star followed by 1. Our next question comes from David Adlington from JP Morgan. Please go ahead.
David Adlington: Hey, guys. Thanks for the questions. I've just got two left, please. Maybe just on Moulded Glass, wondering if you're able to give any timelines around expectations for your exit from that business. Then secondly, I just wondered if you were willing to confirm or deny the recent reports of third-party interest in the remaining group and whether the EUR 50 per share mentioned in the article was the reason for rejection, i.e., down to valuation. Thanks.
Wolf Lehmann: Thank you, David. On the Moulded Glass point, look, really, we are laser-focused right now on completing the transformation and further improving profitability. We have already made meaningful progress, example given Chicago Heights closure, but we know there is still significant value to unlock. As I mentioned, the business is currently running at an annualized EBITDA level at around EUR 80, EUR 85 million or so, and our ambition is to move back to EUR 100 and more and beyond, yeah? As such, our focus is on creating the strongest possible standalone business and maximizing value rather than committing to a specific transaction date, yeah, David? Then, on your last point, look, as always, we don't comment on rumors or any of those matters, so no, we don't comment on that. Thank you, David.
David Adlington: Thanks.
Operator: Our last question for today comes from Ed Hall from Stifel. Please go ahead.
Ed Hall: Oh, hi, guys. Thanks for taking my questions. I've got a couple on utilization. I think you mentioned that the profitability of tubular glass is below expectations, and I'd just be curious to try and understand what the utilization changes would be needed to get to at or above your expectations. Then on Peachtree, the utilization today and how much extra utilization could we see from that particular facility in the US? Then finally, just on the free cash flow, so it's at the bottom end implies EUR 40 million Q4 free cash flow. I mean, how much is coming from these extra settlements, or just help me square up that positive EUR 40 million, at least at the bottom end. Thank you.
Achim Schalk: Thanks, Ed. Let me take the first two and then hand over back to Wolf for the free cash flow. On utilization tubular glass, honestly speaking, it is not only a matter of utilization. The improvements are also performance-related and what I mentioned on the product portfolio, mixing up and moving into higher-value solutions for tubular glass. Second, on Peachtree, the plant is ramping up nicely. There is still headroom on utilization in double-digit percentages, so you can expect still some more, even though I think the run rate that we have confirmed in the most recent months is where we wanted it to be going forward. With that, I will give the words back to Wolf on free cash flow.
Wolf Lehmann: Sure. Ed, thank you very much for the question. Yes, currently 9 months into the year, the free cash flow before M&A stands at roughly EUR 140 million negative. Our commitment is to come in between EUR 50 million to EUR 100 million, and we are confident to do so, and we have visibility to that. Look, I will not comment on exactly how much of the special effects or usual seasonal effects that are coming in in Q4, like every year, contribute to that. But overall, what we see is that we are coming also on cash flow, not only on sales and on adjusted EBITDA margin, but also on cash flow. We are coming in within the guidance range that we provided. Thank you, Ed.
Ed Hall: Thanks, guys. Have a good weekend.
Wolf Lehmann: You too.
Operator: Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Mr. Niels Fehre for any closing remarks.
Niels Fehre: Thank you very much, operator. As we have no more questions in the queue, we hereby close today's call. Thank you all for your participation, and see you soon. Bye-bye.
Operator: Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.
