Yes, good afternoon also from my side, ladies and gentlemen. We will now guide you through the Q1 results we have realized for the last quarter, and with this I will hand over to Markus.

Thank you for the introduction. The first quarter developed a little bit better than expected, we are satisfied with the first quarter.

As the general conditions are unchanged, are there also some challenges about the market, but we see also initial signs of recovery in Germany towards the end of the quarter. Especially we are a little bit more optimistic because we see significantly higher order income in the first quarter.

We continue to act all cost items down, as you can see in our profit and loss account, F3 program accomplished and also further adjustments ongoing. Let's have a look on the first quarter, we achieved €234 million sales.

You can see it is in comparison to the last year -12%, but in comparison to the fourth quarter, it is stable with €234 million. You can see EBIT a little bit positive with €0.2 million in comparison to the previous year, -€2 million, and a EPS from 0.27 cent and a really positive free cash flow from €47 million and a high equity ratio from 46%, reflects a solid balance sheet.

As I mentioned, total sales stabilized quarter-on-quarter, you can see on the right side €234 million versus the €235 million from the fourth quarter from the last fiscal year, in comparison to the last fiscal year. You can also see the effect from our redundancy program on our headcount, today roughly 12,000 employees and 4,000 are abroad and 8,000 in Germany.

You can see our redundancy program is successful, and you can also see the impact on our profit and loss account. You can also see the positive impact from our cost optimization program.

Personnel expenses -€28 million, also material expenses, but also especially other operating expenses from €2.3 million year-on-year. Also D&A, €1.9 million, and there's also a one-off item included in Q1 from €1.5 million in the other operating expenses.

Also I think interesting for you, our foreign subsidiaries with positive results. We are successful developing in Spain, in China, and in Romania, in Morocco, so that's on a good way.

On the right side you can see €0.2 million EBIT, and in comparison to the previous year, -€2.2 million, you can see the development. In comparison to the last quarter, €3 million, but please consider the last quarter had four working days more, three or four working days more seeing this.

You can see we are on a good way. Total sales, as I mentioned, €234 million, material expenses from €28.9 million, and also personnel expenses, you can see much better cost ratio from 74.7%, and based on headcount development and also benefits from the cost optimization program, D&A regular declined, and other operating incomes, as I mentioned, including a one-off from €1.5 million, and other operating income from €1.25 million.

Solid balance sheet with €635 million. You can see there's a movement in the cash and cash equivalents position and also in the net financial debt.

A loan was due in December, and we repaid it in December, and you can see the effect in the equity ratio from 46.4%. You see also net financial debt from €157 million in comparison to the previous year, €179 million.

Forecast fiscal year, economic and geopolitical environment remain volatile and challenging, but we see ongoing and accelerated transfer of R&D into international locations. As I mentioned, we see a much higher order income, and we expect the call-offs from the new contracts with the beginning of March, April, and so we expect a much better and stronger H2.

Especially we will see the completely cost effects from the cost optimization program in the whole fiscal year. Also positive for Bertrandt, a lot of customers announced a lot of new models and technology, more hybrid solutions, more IC models, also more EV models, and this positive for Bertrandt, every new technology, new models need engineering, and needs especially testing and validation.

We see also diversification in balance customer base, we are successful on the way with aviation and defense customers was really successful in the first quarter, and we see also much more potential for the whole fiscal year. Additionally regulatory requirements, competitive and innovation drives R&D budgets.

We confirm our guidance, total revenues for the whole fiscal year grows moderately up year-on-year. We confirm also positive EBIT for '25/'26 and also a significantly up on operating cash flow and also our mid-term margin ambition between 6% and 9%.

Summary: market environment stabilizing, recovery of order income, sales still down year-on-year on higher prior-year base, but stable quarter-on-quarter, as I mentioned. We will see the benefits from our cost optimization program in the current fiscal year.

I think we have a really solid balance sheet with 46% equity ratio. As I mentioned, we see also a normalization of call-offs with the beginning of March, April, and a strong H2, and especially a really strong Q4 with a normalized call-off volume and fully impact of our cost optimization program.

Thank you for your attention, now we are ready for your questions.

Just a quick call to give you enough room to raise your questions if you like. Mara, would you coordinate them, please?

If there are no questions, no worries. I'm available anyways, if you want to have a one-on-one dialogue, of course.

I think he is referring to the second half, H2, maybe?

so. For the whole fiscal year, we are expecting a strong operating cash flow and also positive free cash flow because based on a really tough working capital management and based on low CapEx volume, because I think you have seen in the last fiscal year, we had CapEx from roundabout €9 million, and I expect also low CapEx volume for this year.

With a normalized margin level, we will see a cash flow generation.

Guidance is significantly up year-over-year. I think normally during the year, the first quarter is quite strong in terms of cash flow, also the fourth quarter, maybe a little weaker in the second and third quarter, but this is the normal development we see every year.

We have aero and defense initiatives, and we are working for aero and defense customers cross over Europe, in Spain, in France, and in Germany, and also in Italy. We see there's much more potential for Bertrandt, and we implemented also additional sales capacity because there's a big demand.

Today, I think we have roundabout €80 million revenues, and we see in the next years there's also potential up to €300 million.

In the defense and aerospace field.

Exactly, in the defense and aero fields business, and we see or we expect also much more growth for the second half-year.

Yeah. Thank you very much for your interest.

We have seen many of you already in the last weeks and we're looking forward to see you in person at May 13th, when we will have our Capital Markets Day in Ehningen close by Stuttgart. We will maybe also webcast it online, but of course we would really appreciate to see you in person.

With this, this call ends, and thank you, Markus. Thank you, Mara.

Thank you. Bye.

No, we're fine. Thank you.

Bye-bye.

Bye.