Thank you, Sarah, and a very good morning from my side as well here in Cologne. Thank you for participating in our today's conference call.

Glad to welcome you as it is the first time we report in our new structure with five business units, reflecting the different markets and thus providing you even more transparency and clarity. At the beginning of presentation, Sebastian Schulte will share with you some key figures of Q1 and then provide an implementation update of our strategy along these five new business units.

Obviously, next, our CFO, Oliver, will give a detailed overview on the group's financial performance. With a look at the guidance and how the strong Q1 momentum is pushing financial year performance, Sebastian will wrap up before, of course, we move forward to your questions.

Sebastian, please go ahead.

Thank you very much, Lars, for the introductory words, and from my side, a very warm welcome as well to our Q1 earnings call 2026. We started really, really positively into this exciting, but also challenging year 2026.

DEUTZ '26 is all in the light of transformation, but also in the light of growth, profitability, and successful start, as I said. A couple of highlights which are behind us or where we are in the middle of it, let me be more precise.

That was really an exciting moment for all of us, we got promoted from the SDAX to the MDAX, which is a nice milestone, a nice recognition of the successful work the teams at DEUTZ have been performing. Obviously, that's a result also of an above-market share price performance.

We see it here for the last-- for the last half a year where we compare our stock performance with the MDAX performance, where clearly are ahead of the index. If you look if you would were to look back at '24, the gap is even more significant.

That's the sign that our work's paying off. Frerk acquisition in our Energy business unit, I'll come to that later, gave us an order intake impact of almost €150 million, so that's contributing to the growth, but it's not the only contributor to the growth.

What's I find particular encouraging, quite frankly, is that next to all the successful ramp-up of new business units, also the sort of heritage business unit, our Engine business unit, but also supported by Service, sees quite positive momentum in very relevant markets, namely Construction and Agricultural. All in all, a lot of positive points in our transformation.

No surprise that with all these positive points, we also see that reflected in the numbers. New orders been up significantly, 41% year over year, €771 million order intake, new orders, that's great.

Revenue at €530 million is also up 8%, one of the highest numbers on a quarterly basis DEUTZ has delivered, well, in the company's history. The same applies for the EBIT margin, we are now at 7% EBIT margin, which is also 1.8 percentage point better year over year.

We always need to bear in mind that the first quarter of a year is typically not the seasonally strongest quarter of DEUTZ, and in fact, that's also underlined by the fact that since the start of the downturn, the end of '23, that is the best quarter we have achieved. Very encouraging news.

Important, I'd like to repeat that, we've shown that at the annual results call earlier this year, we've also started, Lars said it in his introductory words, into the new year with a new structure, and a structure which clearly follows the company's strategy. We introduced business unit setup in January '26, and next to the group-wide management, Oliver, the CFO, Katharina, EVP for HR, Strategy, Transformation, we have now in charge dedicated business unit leads: Marco for Defense, David for Energy, Markus for Engines, Bert for NewTech, and Andreas for Service.

That's more than just an organigram, it just shows that we take our strategy seriously. We've implemented the structure to have a responsibility on a P&L basis for each of the business units, even though they are at the at this point in time still different in size, but all extremely relevant.

That's why we needed this clear responsibility, and I can tell you the setup is working extremely well since we implemented it. Let me now walk you through the business unit by business unit.

I start with the largest business unit, with the business unit Engines. What happened in Engines in the first quarter?

It's positive again, back in black, that is great, and we also see very positive momentum in order intake. I show that here on these numbers, will not go through this all in detail, but what you see is particularly if you compare Q1 '26 with Q1 '25, in terms of revenue are only slightly up, 5.3%, but well, see where we were in Q3, for example, but in terms of new orders, up 26%.

That means there are the fundamentals become stronger, there is a certain recovery in certain sectors, particularly the very important construction and agri sectors for us. We also see the growth dynamics in all regions is even a particular momentum in China, that's the smallest region for us, but that was contributing here with high-margin business as well.

Profitability went up significantly, you see that, but at that point, last year we were slightly negative. This is a like-for-like comparison, you will not see these numbers in the presentations of last year Q1 '25, because we're bringing here the numbers into place so that we compare apples with apples.

Profitability went up significantly. Yes, of course, higher utilization, but also the cost savings of FutureFit program, we will hear from Oliver later, as well as obviously the positive order momentum.

Sales growth with new products, there is a significant, strong interest also in our new engines. We introduced a couple of weeks ago our G-Drive initiative, engines for power generation.

We hosted that here in Cologne after an important trade fair in Dubai was canceled, we hosted that here. We received strong interest, more than 30 potential customers were there, and this is something we do not see in the new orders yet, but we expect that to materialize in new orders in the coming quarters.

Of course, very important strategic work we're doing with the team, Markus and his team are doing, we are streamlining, aligning here our portfolio and also the footprint in order to further push the profitability, because obviously 3.7% is a great development compared to previous years, but that should not be the end of what is possible. We are working also on efficiency here in our main assembly plant in Cologne-Porz, noticeable savings potential has been identified and is being implemented, here we clearly see that the new responsibility we put in place is beginning already to pay off.

All in all, Engines on a good development, both from a top-line, from a market-driven, but also obviously from what we have under control in our internal measures. Let me move on to Service.

Service, you see here a picture, it's a great picture, actually, this is our material logistics center, also here in Cologne, where we implemented a new AutoStore, that's AI-driven storage management, which significantly reduces costs, but also increases capacity for spare parts, both is extremely relevant given that in Service we're on a growth path. In March, and I'll come to the quarterly numbers in a bit, but in March, the Service business for the first time yielded a revenue significantly above €50 million, and that's great.

Two years ago, three years ago, we were always around the €40 million, now we're at €50 million, and that shows that on a monthly basis, we're improving here the run rate significantly. You see that here also on the numbers.

In the last year, we were always between €130, €138, now in Q1, we're at €148 million, and that's particular driven by February and March, given January is always a bit of a weak month. Also this growth came across all regions, both driven by parts, but also aftersales business and the integration of our acquisitions.

We did a few acquisitions in the United States as well as in Europe. I mentioned the €50 million revenue already.

The traction we're proving is also by our international network expansion. The logic is very simple: the more service center we have, the more profit we achieve, right?

We do have we do follow a further growth investment in our regional infrastructure, particular in Europe and the Americas. We're opening new power centers across the nation in the US, and that for that is the only sort of critical point we'll see at this point in time, is that the ramp-up reduced the margins a little bit, but on a very, very high level.

Also the margin Q1 '25 was a little higher than normal because at that point we had a very high share in spare part business, but we expect to normalization across 2026. By no means this is a problem with margins, it's actually a very healthy, profitable growth going forward.

Let me move on to Energy. Energy, our, besides to Defense, our sort of biggest growth case at this point in time.

I showed it I said it initially, growth momentum comes obviously in particular from the new acquisition of Frerk. Frerk, which is, as active particularly in the data center business, which is a market which enjoys not only now, but also in the next three, four, five years at least, a very high growth momentum.

Looking at numbers, Q1 was also first time here the revenue was at €50 million, obviously a bit driven already by the anorganic effect from the acquisition of Frerk, which joined us, the closing was happened in the middle of the first quarter. That's why here it's not really a like-for-like comparison if I compare Q1 '26 with Q1 '25.

So €145 million of order intake was contributed by Frerk, and now we have a new orders of just above €200 million, and we have an order backlog of €240 million in the business unit Energy. That means the visibility of this business is extremely strong, and that applies to both top line as well as bottom line, I will come to that in a minute.

We're making extremely positive progress with the business unit Energy to really create a global unit. Frerk is obviously supporting in Germany, but also in neighboring countries.

DPS, our Chinese setup, is supporting out of China to also drive growth in Europe and, of course, in Asia. We do have a little margin dilution in the first quarter, particular driven by FX in the United States, as well as change in the product mix, but we expect a significant improvement in the second quarter, the numbers we see here in Q1 '25, that's more the level of profitability we expect throughout the year, so that's why this is a temporary thing.

We will come later in this presentation also on the guidance for the full year where we will also give you a little bit of details on the guidance for the business unit. The guidance we provide here for Energy is very safe and sound at this point in time.

The growth perspective, as I said already, is continuing to remain extremely dynamic, particularly because of that data center opportunities we have in Europe, but also Blue Star continues to grow above what we initially had foreseen. On a smaller scale, but very encouraging, our North African genset business in Casablanca, Morocco, Maghreb Deutz, we always explained that was a bit of a turnaround case, the turnaround has now been achieved.

Company is EBIT positive and also enjoys growth, obviously on a smaller scale with like with like annual top line in the mid mid-€20 millions of euros. Of course, one important aspect of creating a global Energy business is obviously that we are now implementing more and more synergies not only within the business unit Energy, but because we're building really something global, applying the capabilities in data centers we have with Frerk in also other parts of planet, but also utilizing our service footprint, which historically has been created for combustion engines, but now we're beginning to utilize this also for our Energy business.

Let me move on to the business unit NewTech. In I call it internally and also externally at this point in time a bit like a growth option, a growth option with very, very positive dynamics and outlook, but at this point in time, it's still rather an option than already secured top line.

You see that in the numbers here, the revenue is still on a low level. It's growing, but growth here from Q1 '25 to Q1 '26, that is not a relevant number.

Of course, the 64% sounds much better than it is, it is still a small business. We do see new orders coming in, we have obviously also an order backlog, but that is still on a sort of prototype and small series scale.

We do in this point in time work particular to improve the earnings, because it is obviously still a lot of upfront investment, R&D activities, and that's why we managed here to significantly reduce the quarterly losses, we cut them in half pretty much coming from -€12 to -€6. A big focus in this business unit is obviously converting the the very promising large pipeline into actual revenue.

We're working here with a couple of promising large customers, but part of the truth is also that we have not yet secured a large order. We're working on that, and why I consider this a bit of an option value, because obviously as soon as we see or we would see pressure from electrification in particular into the lower power ranges in, let's say, our construction business, then obviously this business here will start to pick up speed.

That's why it's an important option value. It's an important business to be involved in, and we can and will further support obviously here the growth in NewTech.

That brings me to the last, but certainly not least, business unit Defense, and to be very accurate, Defense as well as Others, we also include here the business of HJS, the emission aftertreatment specialist. Defense, you see here that fantastic picture where our Ulm plant has shown that we have the capabilities of assembling here unmanned vehicle systems from our partner ARX Robotics, that's an exciting project we're working on together with ARX, and here it's about increasing relevance and really, really building strong and a strong business model.

Looking at numbers, here this is a business unit which has only been created by the end of last year pretty much, beforehand it was more rather a collection of own businesses, of own projects, but latest with the acquisition of the SOBEK Group, we really created and that business unit. That's why we don't have a meaningful quarter-over-quarter comparison in terms of profitability.

What we see here is that the business becomes more and more relevant. Q4 '25 was driven by a few large-ish orders, very, very strong with almost €30 million, now we're at €22.1 million in Q1.

We enjoy a lot of new orders, €26 million order intake, here also growth dynamics is in place. The order backlog is at almost €40 million right now.

Without at this point here being able to release names of the customers, but we did receive in the first quarter first significant relevant orders relating to the loitering drone package that the German Army ordered at a couple of drone OEMs, and in one of them, we are the supplier of the drive systems. That relates to the ramp-up of SOBEK, because that's the part of DEUTZ which actually provides here the drive systems, and we are also continuing to invest R&D, in particular in new powertrain solutions, and that applies especially also to the field of diesel engines where we are enhancing our current product portfolio to make it sort of defense-ready.

Also the HJS I mentioned earlier, HJS Emission, it's been bought by us as a turnaround case. Now it's working actually quite successful.

We were able to integrate some of their production into our supply chain, that's important. We're continuously committing also to that deftech ecosystem with, I mentioned it earlier already, the investment in ARX Robotics, but also the investment and the supplier relationship to Titan Technologies.

What's about here, it's a conversion really of an extremely strong pipeline into sales. We have a lot of very promising conversations, project negotiations, discussions.

Obviously, the Ukraine plays an important role here, and we're continuously working on exploring more and more opportunities both in terms of drive systems, but also in terms of military energy solutions, and that will always include partnerships and M&A, there is certainly more interesting news in the making throughout this year. So 13% margin level, I think that's a fair margin quality given the combination here of the traditional sort of defense business as well as the HJS contribution.

We're creating we have created here a pillar which is attractive to the business and which is enjoying significant growth in the next months to come. Right.

With that short run-through the business units, I will hand over to Oliver, who will bring some more light on the financial aspects of our first quarter.

Thank you, Sebastian, and good morning, warm welcome also from my side. Let me start with some figures that show quite nicely the strategic development DEUTZ has undergone over the last years.

You see here the quarterly EBIT development of DEUTZ since beginning of 2024, just to remember, that was a year where the crisis in the traditional core business, the engine market, was kicking in quite heavily. We see here on the one hand on a yearly basis significant EBIT improvements, starting from a bit more than 4% to a bit more than 5.5% to 7% in Q1, but also on a quarterly basis.

This chart basically shows the increased resilience of the DEUTZ business. Just to remember, in Q3 '24, that was where we acquired the Daimler Truck engine portfolio, where we acquired Blue Star Power Systems, entered into the Energy business.

In Q3 '25, we additionally acquired SOBEK as a strong entry point into the Defense business. Overall, of course, the continuous growth on the Service side, organically as well as inorganically, and the FutureFit program with cost reductions then driving that profitability up.

That's nice to see that we see here a record result in Q1, and as we heard initially from Sebastian, that is typically a seasonally rather weaker quarter, so that's why we are proud for having achieved that. Let me come to a bit more detail on the key figures.

We see here new order development increased by 41%, or €225 million. €145 [million] out of that increase is related to the first-time consolidation of Frerk, our recent Energy acquisition, and €80 million then organically, the growth on the new order side is driven organically as well as inorganically.

On the revenue side, lower increase to a level of €530 million, so that is typically a weaker Q1 on the revenue side, you cannot just take it times four to derive yearly values, we have to take into consideration, first, the high order intake and, second, of course, also cyclicity effects within a year. Growth here on the revenue side mainly in absolute terms with similar contributions from the Engines, Service, and Energy business, while NewTech still remains on a low level.

On the earnings side, also here we see substantial increase of 45%, 46% compared to first quarter last year, ending up at the 7%, driven by various factors, cost savings from FutureFit coming into place again, especially on the R&D side, but also improved plant utilization, and that is also what brings us to a higher net income, €21.8 million. That is €10 [million] compared to -€10 million last year, but last year Q1 was also impacted by the FutureFit provision, but even adjusted for that, there was a significant increase, EBIT logically is also turning into higher net income.

Looking at some more key figures, on the R&D side, we see a decrease of 4%, that is a consequence of our FutureFit program. We gave some more details on in the text line here on the split between the different business units.

We see a very strong cost discipline on the Engine side. We see our cost discipline also as announced on the FutureFit program on the NewTech side to tailor the R&D spend more to what the market is demanding.

Of course, we are not saving on the R&D side when it comes to Defense, there are some first R&D expenses here in order to get our portfolio ready and even more attractive on that Defense side. When it comes to capex, it's predominantly here a slight increase predominantly for IT infrastructure, production equipment, and software, so as I mentioned last time, there is that S/4HANA transformation ongoing, which requires a bit of capex, but we are overall on a rather low level on the capex side, Q1 '25 was exceptionally low.

On the working capital side, we see an increase, that has two effects. On the one hand, it's the acquisition of Frerk, first-time acquisition of Frerk or consolidation of Frerk, which contributes roughly €25 million to that working capital increase, and on the other hand, there is also a slight increase in the remaining working capital basically also driven by inventories where we are getting ready for delivering on the orders which we achieved and realized and so ensuring delivery in the future.

That brings me to cash flow. Cash flow for operations went down by €25 million.

There we need to keep in mind that the cash flow in operating cash flow in Q1 '25 was extraordinarily high, driven by some effects at that point in time, so that explains basically the decrease. On the free cash flow side here before M&A, we are slightly negative.

Basically, I would say we are coming back to a more normal season pattern where Q1 is on the free cash flow side typically the weakest quarter. After M&A, we have been ended up at roughly -€100 million because we acquired Frerk and we had those investments in ARX Robotics and Titan, so that's then also the reason why overall net debt went up to a level of €385 million, including roughly €80 million leasing.

That brings me to the chart on equity, leverage, and dividend proposal. Equity ratio remains very strong, 47.3%.

It came down slightly, driven by the debt-financed acquisition of Frerk. The leverage remains moderate, 1.7.

Keep in mind that this leverage includes leasing, taking leasing out would bring us 0.3, 0.4 lower on that level, still on a good and absolutely solid level. Dividend proposal, as already announced, slight increase to €0.18 per share for our Annual General Meeting next week.

Far on the figures, and then I hand over to Sebastian again for guidance and outlook.

Thank you, Oliver, for the view in the numbers. Let me speak a bit about the guidance first.

Some context, we gave the guidance initially with obviously, as always at the beginning of the year, fairly limited market visibility, particularly given the geopolitical challenges. What we can say, the growth we've given or we've implemented in our guidance is clearly supported by the momentum we have, the positive momentum in Energy, Service, and Defense, that is strengthening the overall resilience.

When we gave the guidance initially, we said we expect a bit of a recovery in the engine markets also over the course in 2026 with a stronger H2. We're well, a bit taken by positive surprise that already in the first quarter, as we've shown in the numbers earlier, the order intake's been picking up speed.

Let's see how, in which speed that will continue. Obviously, geopolitically, there's still a bit of a challenge out there, but so far, good.

Also what we've seen in April so far, preliminary. Let me reiterate here: revenue €2.3 to €2.5 billion, we see that very much also from our bottom-up planning right now.

Obviously, the business units contribute as stated here, midpoint: 1.33, Service 635, Energy almost 300 with a bit of luck and further movements, potentially even above, NewTech 35, and Defense and Others 110. In all of them, we see obviously a bit of potential up, but obviously also a bit of risks, and but in the end, that's a good thing of having a portfolio of business models and business units.

All in all, it's a very solid view on the future which we have here right now. On the margin, we provided in March fairly wide range, 6.5 to 8%.

We got feedback from many analysts and investors, that was perceived as a bit too broad. We take that point, but that the visibility we had at that point really didn't allow us to be more specific.

However, it seems like we're narrowing that down on a positive side right now. Engines, you can just compare what we've shown earlier the last half an hour, compare with the midpoints here, we are well above that the large Engines business, Service we are already at that level, Energy, well, in the Q1 we were slightly below, but the view we have on Q2 to Q4 is actually very much on that number we see here, Defense will also probably expect a number slightly above that.

That's actually confirms not only the guidance, but gives me personally optimism that we'll narrow down here that corridor on the better side. Free cash flow, we heard old word from Oliver, the view on cash flow right now, we expect high double-digit million euro amount positive.

I've said a bit about the outlook for '26, but confidence is extremely important, which we have right now. The transformation of the company is paying off.

We've shown already in the first quarter a very decent level of profitability, 7%, given where we come from at DEUTZ and given that in Engines, despite the recovery we are seeing, we're still way below what the factories can deliver, yeah? Economies of scale are paying off, but only on a low level, it's, if the recovery continues, we will see massive contributions from economies of scale.

The other good thing is we have a lot of positive contributions from pretty much all business units. In Engines, we are doing our homework, yeah?

Cost-cutting, you heard it earlier on the FutureFit program, but also new initiatives in the factory. We're growing, step-by-step in Service.

The team is doing a fantastic job here, particularly in the United States and in Europe, really growing step-by-step, hundreds of initiatives, but they're being implemented with tenacity, tenacity, tenacity. We're growing in Defense and Energy.

It's a growth case, it's exciting. Yes, the business units are not massive yet, but they're significantly growing, and they're improving profitability and resilience, which is extremely important.

Last but not least, we've got the option value of NewTech. Of course, the market perspective is a challenge.

It certainly doesn't provide much tailwind, that geopolitical situation where every day we seem to have a new development, but it's our conviction as management team of DEUTZ here not to complain. There's no reason to complain.

There's only one thing, to control what you can control, and that's what we're focusing on. There is a lot we can control to navigate strongly through that difficult environment.

The results we've achieved in the last years and now obviously paying off with this really solid quarter just confirm that is the right approach: stop complaining and rather act, because there's so much opportunity out there. That's what makes brings us, me particular myself also, to have a very positive view on the future.

We're creating something we call here the Next DEUTZ. I mentioned it before, the more resilient business units, the structure, but also the business models behind that, they pay off, the benefits pay off.

We see already now a lot of positive P&L impact from acquisitions and other portfolio measures and, as I said, the efficiency and the cost improvement. We're creating an industrial platform, industrial business, the DEUTZ, which with a strong heritage, but a lot of upsides and potentials in growing markets supported by megatrends, Defense and Energy in particular, and with that, we feel more than confident to achieve our growth, which is significantly above the market, and also bring the margin performance not only on that level, the 7% we are right now, but step-by-step also in further increase here the performance and thus increase also shareholder value.

Next DEUTZ, I mentioned it, strong growth across the businesses, organic as well as inorganics. We are working very structured on M&A projects, and we have delivered in the past, we've shown that we can deliver.

Margin will increase further. One important thing: quality before volume, yeah?

That applies particular to Engines. Five years ago, DEUTZ was more volume before quality, and now we change that around, we rather sell less, but at high margin.

In the end, well, effectively we rather sell much at higher margin, but if we need to make a compromise, it's always quality before volume. Obviously, cash is relevant.

We are very comfortably set up, but this should not give us a false sense of security. We're working here on discipline.

ROCE is an important KPI also for the executive board, and that's at least the reason to that we take that extremely seriously. We're very much on track for the free cash flow guidance for 2026.

I mentioned already more than once that we have here we follow a prudent option approach that we continue to support or to grow in the NewTech business, even if that is at this point in time the only unit which is not profitable. Given where we are right now in other parts of the group, that is something we not only can afford, but we must afford in order to be ready when the market dynamics eventually will change in this business here.

Right. That brings me to the end of our presentation, and we would lay back, obviously, and we're looking forward to receive and answer questions.

Hi, good morning. First question would be on the order intake in the Engines, which you mentioned, is up very nicely in the first quarter.

You mentioned construction and agri is better, but can you just give more color on what's going on and maybe how that's looked into Q2 just, thinking about higher oil prices generally not great for some of these sectors? Just generally what you're seeing for your customers.

Then just on the same point, in terms of the margins in Engines, as you said, you're already above kind of where the midpoint guide is for this year. I guess my question is, should we expect kind of that to flatline from here in terms of the margin, or, should we expect further operating leverage in the remaining quarters of the year?

I'll ask my questions one by one.

Sure. Let me start, thanks, Lasse, for the question.

Let me start with the order intake, and the order intake in Engines was around, the book-to-bill was just shy of 1.2 in Engines, so that's first of all the pure numbers, and it's driven by orders as well from the United States, from Europe, and as I mentioned in the presentation, also from China. There were a couple of individual customers, and I don't want to disclose the names here for confidentiality reasons, but it's been driven by particular one customer in the United States, two European customers, larger customers in the construction sector, and then, and that's rather a larger number of customers with smaller individual orders out of China for fairly special equipment.

Not the sort of bread-and-butter business, but special equipment, which also typically has the advantage of being quite high margin. That was particular February/March.

January, as I said, was a slow start as usual. April, May, we expect further order intake at least probably on that level what we've seen in the last couple of months.

Do we expect now a further increase? At the moment, I would be a bit more cautious here for exactly the reasons you mentioned.

High oil prices are never great for economy, but on the other hand, and I did mention that earlier, we did not see any negative impact on the DEUTZ portfolio from the conflict so far. The Iran war, as terrible as it is, but it has not impacted our business neither of the business units negatively.

We didn't see any cancellations, and it's more, one customer shifting ahead, someone else is shifting forward. That's, yeah, we're pretty resilient at this point in time.

That's on the order intake. On the margin level, we do expect a bit of purely operational leverage given that the current outlook on the second quarter in engine production is in terms of numbers here at the German facilities a bit above what we've seen in the first quarter, so that's on a quarterly level, because mainly because of the seasonally very weak January.

The second quarter, yes, I do expect operational leverage, mainly driven by volume. I also expect further improvements in profitability due to the efficiency measures we've taken in the assembly line here in Cologne, but that I do not yet expect significantly in the second quarter, that's more something for the third or the fourth quarter.

What we do here is very simple measures. We increase the so-called takts, how many engines we bring out on an hourly basis, and we obviously want to do that with less personnel.

We don't talk about massive restructuring, don't get me wrong, but it is a difference when I on one shift, I can produce more with, let's say, two, three, four FTEs less, and that's currently what we're working on, but that obviously has quite a significant and nice impact on production costs and thus on operational leverage. Then on top of that, but that's more a question for the end of the year, we're working with our Indian partner on the setup of the facility for smaller, for sub-4-liter engines in India, but on that only get will go live in production in 2027, but we expect the first components to be sourced from India also for some of our products here in Germany, the first components we expect to be shipped in the fourth quarter.

That's not a game changer in this year, but step-by-step, it will help boost profitability as well. That's a bit sort of the high-level view on profitability as well as order volume in Engines.

Super. I might have missed it in the report, but are you willing to share the unit number on Engines for Q1?

I'm not sure if you've given that this time around.

I think we should have this number in the detail. We don't, but let me I'm happy to give it.

It was around 30 32,000 engines.

Perfect. Very helpful.

If you take that number and, 32,000 multiply that with four, and then you see the utilization is still fairly low. That's what I meant earlier when I'm saying there's still a lot of upside potential if we bring that up from 32 to, say, 36, 37, and that's a bit of, the development we're expecting in the next quarters.

Makes sense. Very good.

Then on Energy, I think if I'm working it out correctly, if I adjust for the Frerk order intake in Q1, the consolidation, I think orders are roughly down 10% organically. Is that the right number?

If so, can you give some color just on what's going on here? I know you sometimes have bigger orders from customers at Blue Star.

Maybe it's some lumpiness, but just some color around the organic development on order intake in Energy.

That is that's exactly the point. You answered the question almost by yourself.

The orders in Energy are they're always a bit lumpy, because if I look at Blue Star, there's a lot of business goes via dealers to individual orders, but there is one larger customer, that's a company setting up an microgrid in the supermarket themselves for a large supermarket customer in the United States. This customer, is our premium customer in the United States, and in Q1, we ordered a little or we sold a little less to this guy, but compensated that with dealer business, that's what diluted the margin a bit, that's one of the explanations.

Also the order intake, they these guys order, and when they order, they order for the next six months, and so that's why the order intake Blue Star on a quarter-by-quarter doesn't have too much explanatory impact.

Maybe just adding to that point, also Q1 last year, we had exactly the opposite effect. There was a large one-time order in the Q1, Q1 '25 was artificially high, there's not a big relevant reduction.

Okay. Understood.

Then final question, you partially answered this, but just on the outlook for the EBIT margin for the full year, last year you kind of started below the range in Q1, and then you kind of worked your way into the range throughout the year. This year, you're starting, in yeah, within the range and based on kind of operating leverage, should we expect a similar sequential development?

I understand maybe not quite as aggressive as last year, but generally, should we expect margins to improve sequentially through the year?

I guess, Lasse, here you got to interpret a bit on what I'm saying, because obviously we're, we are following a very structured forecasting process, we're in the middle of the first update of our annual budget. Of course, if we would see substantial support for really narrowing down the margins or even increasing, we would have to update the guidance.

We haven't updated the guidance today, so that's why we're still in the process of working that out. I'm not pessimistic.

Okay. Very good.

Thanks a lot.

It's a bit what I said already, right, Klaus? Sort of the order intake in Energy with the bit coming from Frerk, that also relates to the fact that we first time consolidated the business, right?

We talk here about €145 million, and that's pretty much the entire order backlog for the rest of the year and beyond, so that explains that. The range of order intake in Energy is typically a bit longer, especially when we talk about larger projects relating to the data center business, because this is to build these products, that's also not a question of a day, that's a question of weeks build and implement and install, question of months partially.

Here the conversion is really for the throughout the end of the year and even beyond. It's different in Engines.

In difference in Engines, the conversion in Europe is typically below three months due to the short shipping times. The part which applies to China and America typically ranges rather four to six months, so that's everything, is for, let's say, Q2 and Q3.

On the other business units, step-by-step, on Service, we have a fairly flat, fairly stable book-to-bill on a high level, but here the conversion is typically only 30 days. On NewTech, is no material order intake at this point in time, and in Defense, the order intake also spans throughout the year.

That's the most lumpy business, especially the order I mentioned when walking you through Defense, the order coming from the German Army regarding the loitering ammunition drones, that's an order which has been placed, believe it was in March, and the delivery is expected throughout the rest of the year. We rather expect a potential follow-up order throughout the year, which then would also be delivered throughout the end of this year, potentially even beginning of '27.

That's and we appreciate obviously the question from you guys on that, because the business model of DEUTZ is changing, and also when Lasse asked earlier about the unit sizes, up to let's say two, three years ago, you could explain the business performance of DEUTZ very simple by, order in book-to-bill and unit size. Now with different business units, we have obviously different business models and different relationships of the KPIs, and we want to also do that, together with you guys to, help you building up your models on that by providing the transparency on a business-unit-by-business-unit level.

I think that was basically answered throughout the call, I think.

That's fine.

I can take that. I just can repeat what you just said.

Thank you very much for joining. It's been a pleasure talking to you on that quarterly numbers, and particularly with good numbers and good outlook.

We look forward to see hopefully many of you next week in our AGM here in Cologne. For those haven't realized, it's not in the trade fair show as usual, it's in the Gürzenich.

It's normally a carnival location, but we do something far more serious than carnival this time, we're doing AGM there. Looking forward to that.

It's the first physical AGM since COVID pretty much, right? That's going to be good.

We also will provide an update on our brand, because the transformation of DEUTZ also become visible to the outside. We're extremely excited about that.

Then obviously, the next steps, as we currently foresee, is the first half interim report in August, the Q3 in November, and, of course, along the way, as many as ideally also physical meetings with investors and analysts through various roadshows and conferences, which we look very much forward to. Thanks for staying with us.

Thanks for following us, for supporting us, and obviously thanks for buying our shares.