A very warm welcome indeed to our H1 2026 earnings call. My name is Johannes Laumann, I'm the CIO of Mutares and back from holiday, batteries loaded, full of energy.

If you miss Mark Friedrich, he is still on holiday somewhere in Southeast Asia enjoying family and life and will be next to me here on Q3 then again. I will take you as always a quick summary of what happened in H1, the financials, a portfolio update, and finally the invitation to our Investor Day.

When we look at H1, we have conducted 3.4 billion in total group sales, an EBITDA of 349 million, and the most important number here as well is the adjusted EBITDA of 67 million because that stands for the consolidated performance of our portfolio companies. In addition, and I will not read out all the highlights, we have re-established the full of compliance with the bond covenant by June 30th in '26 and we have completed a bunch load of work with the closing of our largest acquisition of the SABIC business which we call NextPoint since Q3.

Further US expansion is planned and we expect significant actions on buy-side, but especially on sell-side on the closings in the H2, where I will give you an insight later on. Then last but not least, again obviously we confirm our guidance for fiscal year 2026 as we always do, because we always deliver what we have promised and that quarter over quarter, year over year over the past couple of years.

When we go a little bit into the financial in the details, conducted revenue of 3.4 billion, slightly higher than previous year. We'll get a significant uplift in the second half of 2026 because the additions of Nordgas Solutions and the addition of Shedid, former project name, NextPoint, the new name of the business, will significantly boost this number in the second half.

EBITDA is below, but this has to do simply with a lot of goodwills and badwills which differs from '25 to '26. In '25 we had large acquisitions with large badwills of Magirus and of Buderus, which is not there in '26, but there will be also a significant uplift here in H2 especially because of the SABIC transaction of NextPoint which will boost that far and beyond the billion mark.

Then very important, the adjusted EBITDA. We improved the performance of our business of more than 150 million compared to prior year.

This is the pure operational performance and we will see that later on in the segments where it's coming from and where we're still lagging behind. Adjusted net income of 6 million, previous year 70 million.

Previous year there was still a big portion within the Steyr exit. The exit of NEM, which we have announced but not closed yet, will be closed in quarter three very soon and we'll have here an impact of north of 100 million.

That's why we are absolutely confident of the guidance '26 as well. Despite the fact we are a little bit behind, but exits you can't schedule.

When we come to the segments, as I said, on adjusted EBITDA, first segment Automotive, we slightly increased the revenues, more or less the portfolio is the same. Adjusted EBITDA also increased.

If you talk about automotive obviously you have the European part, you have the global part and the mix of this is the result of here. I still believe if you are a good manager and if you can manage automotive you can still make money, and this is what we have proof in H1.

It's not everywhere a depressing barbecue, you just have to do your job and manage the things well. If you look at the Energy & Technology, there you see a steep increase in profitability.

The energy segment obviously is the golden diamond, is the rockstar industry of the moment, that we also see with our participations. Infrastructure & Defense, same situation here.

We have kind of stabilized the turnover, but we have done a significant improvement on the Magirus side, for example, compared to last year, which pays off here and defense infrastructure obviously is also a segment which is doing very well at the moment. Goods & Services, stable from revenue, stable from loss-making, and here we have a very good business and stable business in the B2B service companies like, for example, Palmia in the Nordics, like NERVION, very stable business there.

Obviously the retail is also going into that, and as we have announced previously, retail is not going well, we don't get the returns, and we really, really want to divest surely but slowly here. The biggest negative driver here is Lapeyre in France.

When we now come to our portfolio update, we have a portfolio still of the five segments: it's Automotive & Mobility with four companies; it's the Energy & Technology segment with six companies, which is a lot of fun obviously at the moment; Infrastructure & Defense, you also see the result there, with 10 companies; then we have Goods & Services with a really depressing barbecue here at the retail part; and then we have Chemical & Materials with four, but the two big ones which we are going to bring in there are signed but not closed yet, but the total revenue here expected is far and beyond the €2 billion mark. The NextPoint business comes in and the chemical business we have acquired in Czech Republic will also pop in in quarter three.

Then as you're used over the past couple of quarterly earning calls we give you, we want to give you a snapshot and insight on one of the portfolio companies. For H1, the portfolio companies we would like to introduce is Nordgas Solutions.

Nordgas Solution is a company and acquisition and we have also a lot of people listening to that call, Mutares employees, this is where everybody knows I fought for this business heavily. This we signed very close to Christmas and we closed the transaction in H1.

Nordgas Solution is a provider of supplied services of liquefaction offshore and onshore in the marine business, LNG, other gases, everything which is currently, yeah, asked, which is the segment at the moment which is there. The business has in the range of 400 to 500 million of turnover, and we are very happy with the development so far over the year.

Business in the first seven months has generated an EBITDA which is north of €30 million and holds a significant cash position as well. Nordgas Solution, as we speak, is a company which is growing heavily.

Nordgas Solution is a company in the liquefaction of gas, LNG, ammonium, hydrogen, biogas. This is really a growth market here, a mega market here, a megatrend here, and we are very happy to own this business.

I would like to give you a little bit more insight in the movie clip which follows now.

Nordgas Solutions is a global provider of advanced gas handling systems and life cycle solutions across the entire gas value chain. Our main focus areas are the handling of gas in marine, gas to power, liquefaction, biogas, onshore solutions, and recently power-to-X and ammonia cracking.

What sets us apart is a combination of technical competency, precision, in-house engineering, and manufacturing expertise, and a strong partnership-driven approach to delivering complex projects. Our solutions are fully customized and highly engineered.

Each system is engineered to meet specific customer requirements, ensuring performance, safety, long-term reliability, and higher customer productivity. With more than 60 years of experience, we continue to build on strong legacy while positioning ourselves for the future, supporting our customers in navigating the growing general energy demand as well as the energy transition with reliable, efficient, and sustainable solutions.

As part of the Mutares Group, we benefit from strong industrial ownership with a clear focus on operational excellence, core competencies, performance improvements, and long-term value creation. This combination of engineering expertise, innovation, and industrial backing enables us to strengthen our position as a trusted partner in the global energy and maritime markets.

We work closely with our customers to understand their operational needs and develop tailored solutions across the gas value chain, whether it's in marine, gas to power, liquefaction, regasification, or biogas. Our focus is on creating long-term partnership by combining technical expertise with commercial understanding, ensuring that each solution delivers performance, reliability, and life cycle value.

It's not just about delivering systems, it's about understanding our customers' challenges and providing integrated, efficient solutions that support their business over time. Our projects often operate in demanding environments, whether on board vessels or in complex energy infrastructure.

This requires precision in engineering, strong project execution capabilities, and close collaboration with our customers and suppliers. We deliver innovative, highly integrated, and efficient gas handling systems, which enable our customers to succeed in their line of business.

Each project is unique because most of the customers have unique needs and requirements. Our strength lies in combining expertise and passion across innovation, engineering, project execution, commissioning, and strong life cycle support to our end-user customers.

We are where our customers need us. At Nordgas Solutions, we combine competency, experience, innovation, and strong partnership to create lasting value.

Nordgas Solutions, enabling a more sustainable and efficient future for the gas value chain and its customers.

Nordgas Solutions, to me one of the or the most valuable asset we have in our portfolio, very close to my heart, but certainly in the same league like Magirus, Ferratec, but also NEM where we have worked hard on the exit and will close it. This is a business which we have acquired in order to grow and in order to provide maximum shareholder value in the months and years to come.

I love it and it's a growth business and as you have seen in the clip, I think something also to build on for the next years. Last but not least, I would like to invite you to our Investor Day 2026 on Thursday, November 19th in London in the location C'est La Vie.

We have replaced the location or moved the location from Frankfurt to London because we also want to address a more global, international base on this as the central financial hub here on the continent, and it should also set the scene for the future: global growth, global profitability, and maximum shareholder creation. One last comment: C'est La Vie, London.

Life is also not easy. If you open the newspapers, you can imagine that and you feel it on daily life.

It's the same for me, it's the same for us here in Mutares. Buy-side deals are getting more expensive or are taking longer than we think, restructuring is getting slower than we think or getting more expensive than we think, and exits maybe are postponed by 1 or 2 weeks or 1 or 2 months or deteriorating.

At the end of the day, I believe, and we have proof, that we will always win. I believe also for the second half of the year, we will be successful.

We will buy successfully, we will restructure successfully, and we will exit successfully our companies. I give you my word.

Thanks for joining. Enjoy the rest of the summer, and we see us for the quarter three results.

Thank you very much.