Good afternoon, everyone. My name is Torben Teichler, I'm the CFO of MBB, and I will take you through our Q1 results today.

Before we do that, let me, as always, start with a very quick recap of what makes MBB special. MBB offers long-term succession solutions to sustainable Mittelstand companies, and the way we do this is quite unique because we are a family business ourselves.

Our two founders, who founded the business 30 years ago, are still the major shareholders today and operationally very much involved. That means that in many ways we actually share the same DNA with the businesses that we actually want to acquire.

Secondly, we're fans of the capital market, and that's why we're here today as a stock-listed company, but that's also why we've IPO'd three of our subsidiaries: Friedrich Vorwerk, Aumann, and Delignit. Having brought all of these companies to the stock market in order to finance their growth and development is, in my view, a special differentiating factor for us.

Moreover, we have a long-term focus, when we buy, we don't have any intention to sell, but seek to develop and grow our companies, and hence, we remain anchor shareholders in all of our businesses. Lastly, we focus on sustainable businesses, and with that, we don't mean that we have a particularly environmentalist agenda, but we believe that trends like the energy transition or IT security offer enormous business potential.

Today, we're a group of six companies with almost €1.2 billion in revenue and double-digit EBITDA margins. With that, let's now move to our Q1 results.

Q1 was actually quite special for us because we not only managed to significantly grow our EBITDA by 40% year-on-year to €42 million, and hence almost 18% EBITDA margin despite softer revenues, but also because we exceeded €1 billion in equity for the first time in MBB's history, just in time actually for our 20th year anniversary of our IPO, which was on 9th of May 2006, and hence just three days ago. We're really happy about that, and we'll see that later in the balance sheet again.

Despite some expected headwinds to the top line, pretty much all of our companies showed very decent improvements in profitability. First and foremost, Friedrich Vorwerk, of course, which significantly drove our EBITDA in relative and also in absolute terms, but also DTS, Aumann, and Delignit, which held or even improved their margins in Q1.

Let's dive now into some of the details on the following slides. Looking at Friedrich Vorwerk here on the left, the company had a really strong start into the year, especially when considering the very cold weather conditions in January and February.

Revenues grew by 5% year-on-year to €139 million, while the EBITDA margin reached an impressive 23% or €32 million in absolute numbers. Although the margin picked up to levels we had already seen in previous quarters, it is nevertheless quite remarkable at this level given that Q1 is the seasonally weakest quarter and we had a fairly cold start to the year.

Key drivers for this profitability growth were qualitative shift in the project mix thanks to a number of attractive small and medium-sized projects, as well as a higher in-house service share at A-Nord, solid JV contributions, and a good utilization from mid-February onwards. Q1 was actually also strong on the order intake front, with total project volume won up more than 50% year-on-year to almost €200 million, as well as a very solid order backlog including JVs of more than €1.4 billion.

Looking ahead on 2026, we see a strong pipeline of new and attractive projects, most of which are right at Friedrich Vorwerk's doorstep across all verticals. From—just to name a few projects—the Spessart-Odenwald-Leitung, which is a 117-kilometer natural gas pipeline to be commissioned by 2028, to a 100-kilometer electricity project, NordOstLink Section 2, or the 400-kilometer Windader West, just to name a few projects the company is currently looking at.

We also see a growing number of clean hydrogen projects, from hydrogen pipelines to hydrogen gas pressure regulating and metering stations, as well as projects in adjacent opportunities ranging from district heating to water transport to the first CO2 pipelines. The project pipeline is really well filled, and we're confident that Friedrich Vorwerk will be involved in a number of these projects.

For the full year 2026, management of Friedrich Vorwerk has reiterated its guidance of €730 to €780 million of revenues, with an EBITDA range of €160 to €180 million, which implies an EBITDA margin range of 21% to 25%. Thanks to the strong Q1, I think the company is really well on track to achieve its targets.

Turning to DTS now here on the right, the company saw a decent EBITDA margin uplift of more than 2 percentage points to 17% in Q1, which was largely driven by a better product mix geared towards services, as well as efficiency improvements throughout the organization. Revenues, on the other hand, were down 25% year-on-year and impacted by temporary project delays primarily related to the memory chip crisis, meaning that we partly saw late delivery of some hardware components, we could not commission projects which we already have in the pipeline.

At the same time, significantly increased prices for memory chips, together with the uncertainty of the Iran war, are leading to customers postponing decision-making in general, and we've seen several projects shifted into Q3. Overall, I'm nonetheless fairly confident that we can catch up on this over the coming quarters, but I would also expect revenues to be rather flat this year.

Positively, and actually more importantly, we're working on our earnings quality, and I think we'll see a slight margin improvement this year as we concentrate on our service and software businesses, and obviously are trying to increasingly harness the benefits of AI throughout our organization. Last but not least, public sector investment remains a joker for the second half of the year, and we're actively looking for M&A add-ons to broaden our geographic footprint in Germany.

So, 2026 could, despite the moderate start, become another really good year for DTS. Turning to Aumann now here on the left side, revenues came down as expected 38% year-on-year to €37 million, while the EBITDA margin stood at a strong 11%, and hence broadly stable year-on-year, which really speaks for the company and how well they have actually handled the current environment.

While the automotive environment remains challenging, with order intake at €34 million in Q1 and an order backlog of €120 million overall, the dynamics in the Next Automation segment are clearly positive, with order intake up almost 130% year-on-year to almost €20 million, and underscores that Aumann's increasingly successful diversification into new end markets is bearing fruits, and particularly the progress here in aviation, which you might have heard in the conference call of Aumann just now, are, I think, particularly mentionable. Thanks to the company's strong net cash position of €144 million, management continues to be able to expand into these new end markets, and that not only organically, but potentially also through acquisitions.

For 2026, Aumann expects revenue of €160 million with a very solid 6% to 8% EBITDA margin. We hope that, well, the rising EV registrations which we've seen across most geographies, and a hopefully soon more stable macro environment, will eventually improve the overall investment sentiment again, not only in Germany overall, but particularly also in e-mobility.

Turning to Delignit, we saw a really solid start to the year, I would say, with Q1 revenue up 4% year-on-year to €18 million, while profitability reached a decent EBITDA margin of 6% thanks to good cost discipline and product mix. Although the LCV and caravan business remain challenging overall, there are interesting opportunities outside the automotive industry, such as in the rail floor business, which the company continues to capitalize on.

The recent transaction in Italy could actually provide for an interesting hub for growing these businesses outside of the automotive industry and support the internationalization of the segment. For 2026, Delignit expects a slight increase in revenue of €66 million with a very solid 7% to 8% EBITDA margin, and thus, I would say at the moment looks quite well on track.

Last but not least, Hanke and CT Formpolster have had a solid start to the year, I would say, despite nonetheless challenging consumer environment. Hanke's newly installed converting capacity is now gradually ramping up, and that's going to be margin supportive going forward, while both companies have and continue to optimize their cost bases.

I would say so far so good. Nonetheless, we expect the macroeconomic backdrop, as well as volatile raw material and energy prices, to be a challenge for both companies in 2026.

Looking at 2026 as a whole, and taking the varying dynamics in our portfolio into account, we expect broadly stable revenues in the range of €1.1 to €1.2 billion, with an adjusted EBITDA margin range of 15% to 18%. While this guidance obviously takes some of the geopolitical and macroeconomic challenges into account, I think it's fair to say that after this very strong start to the year, particularly on the profitability side, the lower end of our EBITDA margin range looks rather conservative, and 2026 could hence have the potential to become yet another very good year for MBB.

As already mentioned, our balance sheet holds a special present for us for our 20th IPO anniversary, which was on 9th of May, with an equity of more than €1 billion for the first time ever. We actually took the occasion to look at some of the old IPO presentations, and it is really nice and interesting to see how much of what has been said and promised back then still holds true today.

Also if you consider that MBB started out with in equity of €35 million in 2006, we're obviously very proud, but also grateful that at least some of you have accompanied us along all this way. Our financial strength is not only underscored by this very nice equity position, but also by our net cash position of €766 million at group level, and of that €460 million are attributable to the holding.

All of our companies continue to have ample room to maneuver in the current environment to pursue M&A, and to of course also focus on capital allocation. For the upcoming AGM in June, we will propose an increasing base dividend of €1.21 per share, which would mark the 16th consecutive increase in our base dividend since 2010.

At the same time, we continue our current share buyback program still until the 22nd of May, and we've already bought back shares worth €21 million in 2026. The share buyback program is going to continue a little bit more, and obviously is a nice way for us to return capital to our shareholders.

We'll hence also ask for new authorization at the AGM to be able to execute share buybacks also in the future. Finally, while we believe that MBB continues to provide attractive value, as you can see here in our sum of the parts valuation, as we've tried to illustrate in this speedometer graphic, our net cash at holding level, as well as our shareholding in our listed portfolio companies Friedrich Vorwerk, Aumann, and Delignit, together account for a value of €211 per MBB share, while MBB's current share price stands at €204, or actually just now a little bit below that, and hence stands at a discount to our liquid portfolio.

That obviously does not reflect the value of our private portfolio, especially DTS and Hanke, which basically comes on top for free. I hope I was able to give you a brief walk-through our Q1 results and the outlook for 2026, and I'd be happy to take your questions now.

Hi, thanks for taking my questions. I have one on DTS.

You spoke about some delays in project execution in Q1. Would it be fair to assume that we see already a recovery in Q2, or is it more postponements in the second half of the year?

Maybe an add-on question on possible M&A opportunities for DTS. Maybe you can give us a bit more color on what are you looking at.

Is it more new technologies or more geographic diversification? Thank you very much.

Sure. I would say for the projects, basically, we will see this gradually improving as we move along.

Q2 will well, most likely be stronger in absolute terms than Q1. We will see that development, especially for the projects where we were missing some hardware components, and that basically hampered project delivery or commissioning of the projects to the customer.

I think we'll see that getting better in Q2. As I said, at the moment there's a bit of uncertainty in the market, we've seen some, especially newer projects, pushed out towards Q3.

The pipeline for Q3 looks fairly good at this stage. You will see a gradual improvement in Q2, I would say, but I think the second half overall will be relevant for DTS as every year.

Seasonally, it's of course an important part of the year because also you have public sector business, which tends to be rather year-end loaded. As I said, Q2 will be better.

Q3 and Q4 should see more projects, and the pipeline looks good so far. Secondly, for M&A, well, if you had asked me maybe two years ago, I probably would have said, okay, we are looking for software add-ons.

I think that has dropped down the priority list a little bit at the moment. What we look at now is primarily something where we can broaden our geographic footprint, particularly in Germany.

Maybe a little bit in Austria or Switzerland, but Germany clearly is the focus. The idea is to maybe get a bit of a better exposure into Southern Germany.

We are very Northwestern-focused at the moment. Finding a partner in other parts of Germany with a good customer base, where we can leverage the breadth of services of DTS into that customer base, would be something very attractive for us.

Obviously, we'll keep looking out also for technical add-ons if that makes sense, but I would say if we can, let's say, be successful on the bread and butter, buying a customer access and leveraging the breadth of our services into that customer base, that would at the moment be the key priority.

No, very helpful. Thank you very much.

Great. Hi.

Thank you for the question. Was curious about how the higher hardware costs are impacting the total project costs for the client.

If you could quantify that, that'd be interesting in kind of framing how clients take their decisions in terms of postponing the projects. Thank you.

I don't know if I understood the question correctly, but basically, if you refer to the increase in memory chip prices, it just means that sometimes you get into the awkward situation where you cannot really tell the client, because our supplier cannot tell us, when the components will come and at which price. That obviously creates some, let's say, uncertainty for customers, and that has two effects.

Some customers are very eager to do projects now because they believe that this shortage won't be short-lived because it is obviously driven by the significant AI demand, which is absorbing all of these memory chip capacities, and inventories in the memory chip space are empty. You see that on the one hand, but you obviously on the other hand also see customers who take a wait-and-see approach and say, okay, I don't get a fixed pricing and a fixed timeline on certain projects, and at the same time the world seems to be a bit crazy with the Iran conflict dragging on.

Some customers also postpone decision-making and try to wait for more stable times. I think at the end of the day, that is probably an initial reaction now, and I would assume that things and also decision-making normalizes again as we move along in or throughout the year.

That's simply what we saw in Q1, and which unfortunately impacted us here on the top line. As I said, on the bottom line, I think the higher service share is good for the margin, and obviously we also try to use the time and use the opportunity to double down on our service business because it is obviously quite attractive.

Can I have a follow-on on that? What percentage of the total cost is memory?

If you think like project costs, SOC, what percentage is memory? Then, are memory prices the pass-through for you?

Does DTS take some margin? Does it have some margin impact from the higher memory costs?

Another unrelated questions, I thought it was interesting that you said that you're less interested in software acquisitions. Could you maybe explain why?

Sure. We're not a hardware trader, we don't really take a margin on this in particular.

Obviously, if we have something on stock which we can pass on at a slightly higher price, we're happy to do that, but there's not the focus of the business. I would say the pricing is one aspect.

I know memory prices, or one memory chip—don't count on the exact figure, but cost a few hundred dollars at the end of 2025, and now we're rather closer to a thousand or more. It does have an impact, but I would say the impact is larger on availability, the lead times are getting quite long and it's difficult to procure these things.

Although they actually don't make up a large part of the hardware, and actually we're not very keen on hardware deals, but sometimes obviously some of our projects have hardware components, and then the customer obviously doesn't want to get half a server which doesn't work, but wants to get the entire thing up and running and ready, and then we can run our I don't know, firewalls and whatever it is on that hardware. That is the reason why with these longer lead times, yeah, we just had this issue in Q1, and I think we'll see that also a little bit in Q2.

I expect it to get a bit better as we move into the second half of the year. It's not a P&L driver for us really.

Yeah. On the M&A question, well, we generally do like software, but as you can imagine, through AI, this space is, on the one hand, quite dynamic and things are changing here, and I think it has become a bit harder to judge who's a winner and who's not.

On the other hand, obviously, you still have fairly high price levels, and I think as this uncertainty spreads around AI, that might create opportunities again for us to buy at better prices. I think what we want to do is we focus on the things where we feel we can create synergies rather quickly.

That is, as I said, buying customer access, coming with a much broader DTS service portfolio, and then cross-sell into that customer base. It doesn't mean that we don't look at software deals, but I would say we take a bit more of a cautious approach than maybe two years ago.

Great, yeah. Thank you.

Thank you very much for your interest in MBB. Pleasure to speak to you again.

I'm looking forward to hearing and seeing you soon.