Hello everyone to the Basler's Annual Report 2025. We will wait for another 30 to 60 seconds, and then we start the call.

It looks like that we are complete. Very warm welcome to the Annual Report 2025 of Basler.

I'm very happy to present today our numbers of last year together with the new management team. We are also proud to present you good numbers, also a sound outlook.

Before we start the call, I have the obligation to hint you to our disclaimer here that all statements that we are doing today are views and assumptions made by the management board using information available at this point in time. The forward-looking statements we are doing by nature are subject to significant known and unknowns risks and uncertainties.

Having this said, we start with the presentation. The agenda is like always.

We start with an executive summary. We go then through the financials and the share price or the share development and also the dividend payout.

At the end of the presentation, we come to the outlook before we have enough time for a good Q&A session. Let's start with the executive summary.

Start with the environment that we had in 2025 looking back. The best indicator we have at hand is the German vision components industry, all the German manufacturers selling vision components worldwide.

Their bookings all in all were zero, flattish bookings, and billings have been at around 6% plus. In a nutshell, what we have seen worldwide last year is a relatively weak demand.

Also the PMIs, the industrial manufacturing PMIs, were flattish, around 50. The overall market was relatively weak, but we have seen some vertical market niches where the market picked up.

It was namely Semicon, everything around AI-related and advanced nodes-related production machinery; logistics and warehousing, especially in the US; consumer electronics, battery production for mobile devices; and last but not least, in the second half of the year, we saw a lot of pick up in the area of AI-related hardware production for data centers. Compared to previous years, we have also seen last year a relatively normal inventory situation at our clients.

We have not seen any muting effects, and we have also seen that the delivery times have come down to normal, relatively short, even in the second half of the year. We talk about 2 to 3 weeks delivery times that we have asked for.

The ongoing high competition and intensity is nothing new. We see it especially in the Asian region.

The Trump news kicking in last year in April with regard to US tariffs, this situation has caused on top of the geopolitical stress some uncertainties, additional uncertainties. Last but not least, we had relatively strong headwinds due to the currencies.

US dollar, Chinese renminbi, Japanese yen, and Korean won, they all devaluated against the euro. This gave us quite a strong headwind last year.

Our performance in this environment, clearly outperforming. Bookings 22% plus, billings 23% plus.

We have seen over the course of the year we had a strong start, but then also the momentum in the second half of the year, especially with the bookings, increased again so that the strong regions, US and China, over the full year. In addition, Europe kicked in in the second half of the year, and gave us a good order momentum also in the fourth quarter.

We also made not only on top line, but also on the gross profit margin, further progress: 47.4% against or compared to 45.1% the year before. This was negatively affected by FX.

Without FX effect, this would have been much stronger hike, actually. The earnings before tax, 16.2 million compared to last year actually where we made quite significant losses, a big improvement, sound profitability with 7.2%.

It's not where we want to go, but we are proud that after two very stressful years and red numbers, that we are back in black with those sound profitabilities. Not only profitability, we also made progress on the cash flow side.

Even though the billings raised significantly and therefore also our receivables raised, we were able to realize a free cash flow of 18.5 million, which is definitely quite a strong number. The reason behind is also lying in inventory reduction.

Is our executive summary for the financial statement, but we also made good progress on our non-financial numbers. You can read carefully also our Sustainability Report 2025.

You can download it on the website. We have made good progress on our net zero emission ambition for 2030.

We have reduced our carbon footprint by 15% compared to the base year 2022 location-based. If we look at the market-based, the energy that we have bought, we even reduced it by 63%.

On top of it, we installed a solar panel system on the rooftop of our car park here at headquarters. We finished this project beginning of the year.

The anticipated reduction for this year is by and large 240 tons, quite significant move and investment we did in that direction as well. Also we have increased our ratings.

All in all, also here, very pleased about the progress. Having this said, I will hand over as you know Ines, you know myself to give also Kai, our new member in the management team, the opportunity to introduce himself, and he will also continue the executive summary presentation, then.

Okay. Warm welcome also from my side.

Short introduction, my name is Kai Ströder. I have some 15 years experience in deep tech businesses, especially optics-driven businesses.

The focus was always to establish new innovative business models, and that is basically what I do here today at Basler. I focus on the team, I focus on the processes to enable and establish new business models and new technologies, yeah, to broaden our portfolio, to deepen our tech expertise, and to scale the business.

What we have done in the last year was not under my responsibility. Oh, next one, sorry.

However, no, this was also not under my responsibility. However, also very important.

The measures of the former board are visible now, we reduced the headcount, the FTE, we are in the target setup. Maybe to highlight, we have reduced a little bit the R&D quotes in the FTE.

This is not due to the fact that we lower our investment in the R&D, but we have to refocus on different capabilities. That is still an ongoing process since technologies change, and yeah, we still have to focus also on the new technologies, new paths, more software-driven maybe.

We have got ongoing processes to adjust also this. Administration sometimes a pain point has just risen a little bit.

However, that's also due to the fact that we do and we will centralize some functions which have been localized, and we bring them back into the corporate center, and that maybe also an indicator why it have risen. Overall, we are on good track and in good shape, and it shows that it is also possible due to the improved EBIT margin to have potential on the FTE side, and we will still leverage these potentials also in the next future.

Good. To the interesting part of our product portfolio.

Overall, the message is that we have got a very broad and still very robust product portfolio. We had invented the 3D stereo ace, which was a logical next let's say extension to the existing product portfolio.

We have very good numbers on this 3D business already in the first year. It shows that we are able to fill the gaps in the portfolio.

We are working hard on this, that we are also ready for the next evolution of this product portfolio. We cannot disclose anything right now, but the numbers clearly show that we have got a very, very strong basis where we can leverage potential and get the required, let's say, cash to invest in a very, very strong and innovative product portfolio in the near future.

On the market access side—we went too far—there was the acquisition of the Alfatex entity in India, which was a very smooth process. We are very happy to have the team on board.

The post-merger integration process was very successful. We have integrated it into our go-to-market unit EMEA, and they are working very closely already.

Team is highly motivated, very young, very experienced also on the other hand. We think that was a really good strategic move, and the first, yeah, discussions, numbers, and impulses from this market are very promising.

I think we will still have an open eye on other opportunities, we will keep you posted. As of today, that is the story.

Okay. This one.

Oh.

It's jumping a little.

It's a bit sensitive, sorry for the group here. It's wrong.

Now. Now we have.

The new board has picked up the transition to this target where we want to be this full-range system or solution provider. We are focusing not only on our core, on our camera systems, but also on the accessories, on the adjacent parts.

We are working still to find some really good scalable business cases in our pillar markets, which are on this x-scale. However, we cannot disclose too much, but there are dedicated resources working on this, that we don't only have broader portfolio, but also a deeper portfolio in some focus areas.

The latest numbers show that we are right in this approach, that we have identified the real sweet spots of technology where we can leverage our potential, and we will really focus on this and continue this effort during the whole year with some initiatives which we will disclose later.

This brings us to the financial part. Ines, I hand you over the mouse here.

It's

sensitive, be careful. Thank you, Hardy.

Let's see, and let me pick up the financials here.

Next one.

Next mouse. In another

way. Good.

Working out. Waiting for this good picture, sorry for that.

Here you have the total sales and distribution of the region. We ended up in the end at 224.5 million, really upper right side of our guidance.

That was that was a good one for us. For the first time you're also seeing region split-up, also displaying China now.

You might recognize beforehand we always had Asia including China, now for us China is growing bigger. You see the increase to 26% of our revenue from the 23 of last year, yeah?

Also pretty good improvement we see in Americas in the split of our revenues, because when you're losing a bit of gross margin in China because of the regional mix, we are gaining a bit through the Americas, so that's a good good level for us. All right, then here you can see from 2024 and now also 2025 the whole year by quarter our bookings and our billings.

Let's focus on the on the Q4 and also in comparison what we've seen in 2024. We ended the year with a bookings of 65 million.

That that was a pretty good outcome for us because it was not only with the expected regions, but also EMEA picking up in the end. We had a pretty good pretty good mix and pretty good increase from China, Americas, and EMEA.

Revenue being more or less equal to Q3 with 56.5, and a very good increase to the Q4 of the year before, yeah? With this one, we are picking up more or less 10 million to carry over on in addition to Q1 to give you a little bit of an expectation what you will hear from the outlook in the later slides.

Here we go with the gross margin. Overall, I would say we had a good result, could have been better of course, but a good result with 47.4% overall.

Last two quarters above our target of of the 48, yeah? As you've seen, the currencies definitely gave us a headwind there, so that that caused us, yeah, some some basis points there in the margin.

Overall, we ended at a at a good one. You will see also in the outlook that we are expecting pressure on the gross margin as we still have the currency ongoing, yeah?

Currencies not so bad as they were at the end of the at at the end of Q4 last year, but also not, yeah, coming back enough to help us currently, but being a good move depending on the regions where we are in to have a positive contribution, of course, also in the leverage of our resources. EBIT and EBT margin, you're still seeing the EBT.

I'm just talking to that in a sec. Here we ended up at the 7.2%, also on the right-hand side of our guidance, but but in the guidance.

A mix as you can see throughout the year, right? We stand we started with a with a very good one.

The currency being strong in the beginning and then weakening overall, and revenue helping in the end. Q4 was influenced also by increase in OPEX due to variable salaries, but still above the 5% line, yeah, so that we had the 7.2.

To give you a little bit of an idea, this means an EBIT margin, with interest of 7.9%, 0.7% in between. From next year onwards, you will see us presenting the EBIT as our KPI in order to be able to better drive the operational results in a more meaningful way, I would call it.

Here we have an overview. I think we talked about that already.

Let me point out the gross margin again. Pretty good walk even despite the weak currencies with a 47.4.

That was also due to a lot of negotiations with suppliers and material savings we had in there. We, yeah, we are keeping the pressure on the on the OPEX, right, really you've seen the FTE coming in in relation to '24, not increasing the workforce too much and really leveraging whom we have in order to scale, and the EBT again with the 7.2% being, yeah, targeted to hopefully up next year.

An earnings per share by the way, we will see that for the dividend of 0.38, yeah, in comparison to what we had last year. Here the cash flow.

The cash flow lacks a bit of a comparison with the ICF because we had our acquisition of the subsidiaries in Q3, so that's a bit skewed. Q2 and Q3, we had in 2024 around 2.

4.2-ish million of, yeah, of one-offs let's let's call that. Pretty pretty stable one here.

You see in Q1 still in 20 2025 to to recap here, we had an increase in receivables, so that we didn't have the push through collector throughout the year. To have a nice OCF ongoing and also around 18.5 million in free cash flow.

That was impacted still by the increase in receivables, but good outcome and above the target. Here again, same same picture more or less.

I think this is also important to see to see the coverage that we have here. Cash flow from operations, as you've seen in the graph; cash flow from investing, you see here the exchange rate effects on the cash holding, so that's a that's a hit to us with 1.5 million, otherwise in comparison to last year we would even been at near to 20 million; cash flow from financing being down, also here you see in the liabilities to banks we are paying off our debt currently and have therefore a lower basis to our banks.

Next one, let me pick some of the numbers. The first number that I want to highlight is goodwill.

You see that the goodwill is down, but this is no impairment, this is really also an exchange rate effect as we have some of our goodwill positions not in euros. Then maybe let me pick out the the inventory balance here.

This is really down from the 38.8, which was 140 days in inventories in 2024. We really worked through that, right, to reduce the risk and be faster with the customer, we ended up at around 100 days, 101.

This is more or less also our target as we don't want to drive that too much down in order to be, yeah, to be able to deliver in time. A downside here a little bit is the receivables.

Always good to have receivables, but the days in days in receivables went up from about 54 days to 64 days. That's mainly mainly due to China, and that will also influence our business in 2026 to give a little bit of expectation here as with China being increasing and also delivering good performance in in orders and revenue, we are unfortunately also seeing higher days in in China here.

That's that's the major impact that we are seeing here. Going to the to the liability side.

Again, you have long-term liabilities to banks which are decreasing as we are paying off. You also see change in leasing liabilities, and you might have also recognized also in our report that we have 2024 adjusted.

Our adjustment has no cash flow impact, but is related to our leasing assets and our leasing liabilities which have had to be stated differently. You see here changed a balance for the leasing liabilities short-term and long-term.

Maybe here again to the to the trade payables, they were up a bit, yeah, helping with our cash flow, but probably being managed a little bit down in terms of days throughout this year again. With that, I would be jumping to this to the share session.

Shareholder structure, no major changes, right? You will recognize this picture with the Norbert Basler Holding at 53%, and also no no real changes in in the different positions we are having.

This was a good picture for us despite being down currently a bit. We started the year with €6.09, and we ended up at 15.30, not exactly where we want to be, but good direction.

Also of course in relation to the TecDAX performance, yeah? So.

Share dividend, we are now back to our dividend policy. Dividend policy, the normal one would be 30% of the net results, which we now also did.

This is from the 0.38, this is a 0.11 that we are going to to pay out as a dividend, yeah, as an adjusted for our 31.5 million shares. With that—

Already

outlook.

Maybe before we come to the outlook, also quick summary. We are pretty proud to have achieved this comeback, being back again in black and sound profitability, also growing top line far above market, having a strong free cash flow, reduced our debts and also our net debt position.

Everything goes in the right direction. We have right-sized the company.

We now concentrate on growing top line, hopefully also being able to improve further gross margin points with the same organization, step-by-step growing also profitability. In the outlook, let's come to that.

What we see for 2026: so we see an environment, and the first bullet points are about the environment, where we believe the computer vision market can grow mid to high single-digit in the first half year. To be honest, with this current environment around us, we are having problems to predict the second half of the year, and I guess you know why.

With all the geopolitical conflicts and now also combined since recent weeks with the Middle East conflict, yeah, the second half at this point in time is pretty unpredictable, but we are positive for the first half. The currency volatility, we estimate that the volatility will be high.

There will be up and downs. At this point in time, the main currencies that are important for us against the euros appreciated a bit against or compared to last year, at least most of them, Korean won not, but the rest.

However, the volatility we think will stay high. What we believe is that the industrial manufacturing PMIs will improve a bit, will be slightly above 50 for at least the first half of the year.

To our own position, in our assumptions we will be able to defend and win larger projects opportunities also in 2026. You might remember that one of the growth drivers last year was winning larger projects with key accounts that we have.

Especially in the field of electronics, battery, logistics, and data center hardware production. Also, yeah, we assume that intensity of competition will stay high.

As we have a high exposure to Asia, we are working in this environment. We showed that we can be successful in this environment, but it's by far not easy.

There is some noise in the line here, but I continue with the forecast. The guidance that we give under these assumptions, and also under the assumption that we had to increase salary around the world because of cost of living adjustments from 2025 to 2026, and as we are highly personnel-intense, this lowered a bit or increased, let's say, our break-even point or lowered a bit our EBIT margin.

Taking this all into account, market environment, own position, and this cost of living, we believe we can be in the corridor between 220 232 million up to 257 million in terms of revenue. This would give us an EBIT margin of 6.5 to 10%.

For those of you who follow us for longer time, they will recognize we switched from EBT to EBIT margin in our guidance. We have made this change because we believe it's giving a better indication of our operational business.

There is nothing behind in terms of that we want to increase debts by far or something. It's just that we believe it's a better parameter to measure the operational business of the company.

Looking into Q1 and setting expectations here, we believe we will have a strong start into Q1. Obviously, as we have already seen certain weeks, we have as Ines mentioned had a good momentum at the end of 2025.

We give here the indication that the numbers for Q1 will be at or above what you see here on the right side of the guidance, yeah. This also brings us to the midterm outlook, which remains unchanged.

In 2028, we are thriving to achieve 275 million and an EBIT margin we just changed here also from EBT 12% to EBIT 13% margin by the way that I mentioned already. We want to focus now with the right-size organization on top-line growth, on gross margin improvement in order to get there, and also continue to have strong cash conversion rates.

Obviously, this depends on certain market conditions. The main assumptions, the two main assumptions here are that the access to the Chinese market will remain and that we will see a 2026 with market recovery, which at least in the first quarter it looks good, but as I have mentioned, there are still uncertainties in the world that we all know of.

Yeah. We are committed to get there.

We are passionate about it. Closing our presentation slot, opening the Q&A session for you or for us.

Jan, our colleague in the background here, will moderate the session, you can either jump in by audio or you can also use the chat function, and Jan will moderate it.

Right. Hi everyone.

Again, you can raise your hand digitally. In the app, you have the function.

I will unmute you in that case. You still need to unmute yourself.

If you don't want to speak loud out, you can also write your question into the chat. I'm just going through the participants to check questions.

I have a question in the chat, and the question is: what is the portion of revenue with new products? This is coming from Xuan He.

Thanks, Xuan.

The question is always when you talk about new, what is new? It's always a definition.

What we measure is an indicator where we take products that have been launched or have been to the market 4, 5 years or younger. This might sound long to you, but you need to anticipate that we work in a design-in mechanism where our customers design in the product into their machines, then they need to finalize the design, and then ramp off.

This portion is by and large 20%. It depends also a lot on the seasons, but this should give you a good indication.

Normally, our product life cycles are 10, 12, 13 years.

Right, thanks a lot. We have additional questions.

One is coming from Lasse Stueben. I will try to unmute you, Lasse.

Maybe you should do it on your own. Right, seems to work.

Perfect. Hello, good afternoon.

Hi. Hello, Lasse.

I'd have a question on China. I think if I saw the numbers correctly, you almost did 60 million in China in '25.

I think from memory, that number sort of in sort of past peak cycle times was somewhere around 80 or 90 million. Seems like you've made really good progress there with good growth year-on-year.

I'm just thinking for '26, how has Q1 kind of started, and in particular, how has activity been since Chinese New Year in China, because that's typically a stronger period for order intake? Then also, generally more broadly across the regions in Q1, seems like order intake has been very strong in the first quarter as well.

What's kind of driving that strength? Is that the same markets you saw drive strength last year?

Then the final question is on the EBIT guidance. It seems that just given the revenue outlook, that there's probably room for that guidance to have been a bit higher, but I guess you're factoring in a bit of conservatism.

I guess my question is how much conservatism is in that EBIT margin guidance? Thanks.

Okay. Should we share, Ines?

I do China and growth driver and you do EBIT?

Yes.

Let's start with China, Lasse. You're correct.

In high times, we were at around 80 million, almost 80 million a couple of years back. Business was declining and then successfully coming back last year.

The main drivers that we saw last year and also that we see right now are mainly around AI production, hardware production for data centers, consumer electronics, especially on batteries for consumer electronics. These are the main drivers, actually.

What we are seeing in the first quarter, actually, that is that the momentum keeps strong, even a bit stronger than last year. From a market perspective, we recently had also our Shanghai show last week.

One of the main trade shows has a lot of attraction at the moment. There seems to be also more consumer electronics kicking in after Chinese New Year, huh?

What does it mean for the long run? To be honest, it's very very volatile.

We are, let's say, positive for this year, but going beyond this, I think it's foggy. We need to make sure this is also why we are so strict in keeping the organization as it is, because we know that China is a very volatile market.

For now, we are running a good business. We have also found success recipes to grow further the business.

Looks good for the short term. The growth driver in general, there is still some noise in the room here.

I hear it too. Maybe someone in the background.

Good.

That sounds better. Yeah.

Yeah. Growth drivers in general, from a vertical market perspective, we see still logistics for 2026.

We see consumer electronics, also smartphone assembly coming in. We see also definitely data hardware production for data centers.

On top of this, we see in Europe maybe also some traffic projects kicking in. It's not a worldwide phenomenon.

These are still also the main verticals kicking in.

All right, yeah. Then I would be picking the EBIT guidance question.

I would like to give you a hint on four topics that we have figured in there. The first one is currency, right?

This is figured in with our forecasted rate, and currently currency helps a bit, yeah, so that could influence. We still didn't increase the guidance as especially in H2, it's really tough for us to foresee, and we didn't wanted to change that.

The second one is tariffs, yeah? That last year it was in our numbers for about 7 months, right?

This time we have the full year in. We are passing it through, but it's also, yeah, giving a hit to the margin in the end, not to the euros, but to the margin.

I would also like to call out that we are seeing a price pressure from China. Of course, currently a good market in China and good numbers from China, the regional mix also having impacts on us.

Is that conservative? Might be the case if we have a change in especially these three parameters.

It could look better in the end, but currently we have the assumptions in for these three parameters that lead us to the guidance.

Very good. Thank you.

Thank you, Lasse.

Thanks a lot. We have a second question from Malte Schaumann.

Malte, I will unmute you. Maybe you can try to unmute yourself.

Yes, I think you should hear me. Good afternoon.

Also on profitability, the factors you just mentioned most or only affect the gross margin. Maybe you can share your expectation for the gross margin, which stood slightly below 49% last year.

What's then the expectation for the current year given the factors you just alluded to?

Yeah. We basically want to hold the gross margin, yeah?

They are the effects that I named that have a pressure on it, but of course we have economy of scale effect, yeah, we are not planning to increase our workforce larger than would be reasonable here. We have a good leverage on there.

This is going against it, but with these negative effects that we are seeing, plus minus what we had last year. So.

Maybe one additional aspect beyond the gross margin topic, as mentioned earlier, we also increase cost of living by and large 4.8%. As we have a relatively high cost position on personnel costs, this also needs to be digested and needs to be also considered when doing the math, yeah?

Exactly. That would have been my next question.

Below the gross margin at OPEX level, is that around 5%

roughly?

It's slightly more increase, something you baked into your forecast into your budget?

Yes, this is reflected in the guidance, yeah. Roughly 5% also.

Yeah. Okay.

Okay. Then

let me ask with respect to the 2028 guidance. At the high end of this year's guidance, you expect maybe 30 30 million more in sales, but only 2 percentage points more in profitability.

Looking at your '28 targets, you would need an additional 20 million in sales, but which should then lead to a 3 percentage point hike towards 13%. Maybe you can elaborate a bit on that, what then needs to happen to really make that jump from assuming maybe 10% this year at the high end to then 13% with less sales on top?

Yeah. You want to start?

Let

me to pick that. Okay.

A pretty good question that you're raising here. I think what doesn't help us is again a currency change, yeah?

Currency needs to stay as is. Also price pressure in China and the regional mix staying basically the same.

We are currently also having a share of cost in our OPEX and for some portion also in the gross margin to have structural projects ongoing that are making scaling possible, yeah? That is not going to people, but really into processes to be as effective in scaling, yeah?

From our expectation, after costing a bit, yeah, and having a bit of cost, that will really enable us with a more or less the same workforce to grow into that revenue.

Also with regard to the gross margin, as Ines mentioned, at the moment from plan-wise we are planning by and large to keep the gross margin. Our ambition is a different one, but our ambition is to grow the gross margin step-by-step further towards 50.

However, one need to be careful obviously in our guidance what we promise to the markets. Over a longer period of time until 2028, we work hard and we also believe we can grow the gross margin also step-by-step.

Not in the same hikes and steps we did in the last two years. This is by far too much, but step-by-step to go in the area to 49 to 50%.

We believe it's possible, but it's a continuous work to get there.

Understood. Then in terms of data center hardware revenues, can you maybe share a number, what's the actual revenue share of that application?

We want to not 100% disclose it, but it's in the area, let's say, of higher single-digit percent points.

That is mostly linked to China, is that right?

Highly linked to China.

That is mostly linked to China? Yeah.

Yeah. Definitely,

yeah. Yeah.

Many thanks.

Thank you, Malte.

I'm scanning for additional questions. None so far, but giving a last shout out.

It doesn't seem so, but in any case you can always reach out to us through the website and the traditional contact forms. I see no additional questions right now, so...

Claudio, I see one question. Maybe I will try to unmute you, Claudio.

You just also wrote it into the chat, but maybe you can speak out.

Hi. Hi, can you hear me?

Yes, I can hear. Yeah.

Hi, hello. Have a couple of questions for you.

The first one is the following: does the current 2026 guidance factor in to somehow the current situation and the war in Iran or it is based on the original budget done before the war started? Linked to this, have you seen a change in the bookings pattern in March compared to January and February?

The second question is related let's say to the memory shortage issue. Is this something that could affect Basler and to what extent?

Thank you.

Yeah. Maybe coming to these points.

The Iran conflict, at least for now, is in our guidance. This is why the range is relatively high, and maybe for some of the people they might see the lower end of the guidance being low.

This is exactly the reason. The unknowns of the Iran war at this point in time, and especially what this means for the second half of the year.

It's included. From the bookings, January, February, we haven't seen or also in February, March, we haven't seen impacts, negative impacts due to the war situation so far.

Last but not least, the memory questions. Yes, everyone is talking about it.

For sure, the memory question can have a potential direct impact and a potential indirect. If our clients, for example, do not have enough memories, independent of what industry they are in, they might slow down the production and they need lower amount of production capacity.

This can have lower demand impact, which we don't see today, but we are watching out if things are happening. The other one is, how are we affected by this memory shortage, and as our products use also memories?

The situation is that in the range of the guidance, we see a high likelihood that we are able to achieve this, even knowing the shortage of the memories, which means we are in constant contact for months already with our suppliers maneuvering through this situation. For us, it's not a new thing.

We already work on this topic for a couple of months, and this means we are relatively sure that we can deliver in the range of the guidance that we have given out. Does it answer your questions, Claudio?

Yes, thank you.

Perfect.

Good. Checking again for additional questions.

None so far, but giving a last shout out. It doesn't seem so, but in any case you can always reach out to us through the website and the traditional contact forms.

I see no additional questions right now, so...

Okay. Good, perfect.

In case there are no further questions, we thank you very much for your attention today. We are definitely looking forward to see you again in 6 weeks from now for the Q1 results, and wish you a nice afternoon.

Thank you. Bye-bye.

Thank you.