our daily work so it took quite long, but the idea behind was quite easy, there were two main ideas behind. First, we found out mainly from a political side and a lot with our discussions we had with Brussels, for example, that recycling is not the core topic of the European politics or even on the German side.

The core political view today is to create resources. The independence of resources is one of the key topics among Europe today and, yeah, military.

We are not in the military, we won't be, but we are a supplier and a creator of critical raw materials. That's something that we wanted to show with our new branding: Pyrum – Re-think Resources.

In fact, what we do, and that's our main task over the last two years, is that we really develop new raw materials that are among the most critical raw materials that exist, which is carbon, gas, and oil. That should be visible directly in our logo, and, believe it or not, on the political side, it has already an impact because we are seen completely differently from the decision-makers in Brussels.

We are not just a recycler that recycle tires; no, we are a supplier of critical raw material, which is among the heart of the most important topics today. The recognition of the word Pyrum.

Everybody who knows Pyrum recognized the logo, but people who have never heard about us, and we are having more and more shows on TV, where, for example, also our brand ambassador, Felix Magath, is present in TV shows having the Pyrum logo on his collar, nobody could recognize what it is. It is too thin, you cannot read the word Pyrum.

The idea behind was that easily people can recognize the word Pyrum. I invite everybody of you to visit our new website.

It is really well-designed. It has two videos: one 1-minute video showing what Pyrum does in just a minute, and another one of 3 minutes that is under the category Technology.

Feel free to see it. It took a year to do it, and we are proud that now it is released.

Don't worry, we are not spending now millions to change the logos everywhere. We are doing that time after time, slowly, not spending so much money on that directly.

From the market, there's nothing new on that side. We still have more than enough tires worldwide with the tendency to grow.

We just added that slide so that people who watches this presentation outside of this live presentation here gets again a picture on how big the market is today. Therefore, I'm going to skip that quite quickly.

What I want to tell you about the market is that we see now over the last year that the market is extremely changing. Burning is going down, which was the core use of used tires for almost 20 to 30 years.

It was even at 50% 5-0 4 years ago. Now burning went down, as you can see it here in the presentation, from 35% even down to 17% in 2025.

Granulate is still quite stable at 35%, but the tendency will go down in the future as the use of granulate on many uses like sport fields, playground, etc., will be forbidden from 2031. That is a law that came already out in 2023.

Export has risen, and that is a very bad evolution. It went from 10% up to 23%, and that is something that we shouldn't do because tires are a critical raw material once it has been treated properly by us.

We are handing out here important raw materials to others, which we could keep here. The unknown part, that is what I think is the most critical one, that one was almost between 5% and 10%, and now it's at 23%.

That shows that this changes in the market gives also a lot space of, yeah, not so legal ways what happens with tires. For the first time, now you see here Pyrum with 2% of the market in 2025, which makes us extremely proud.

That is thanks to the plant in Dillingen. We see that rising, the potential available market is more than 86% until 2030.

The big changes recently are there's now export ban for end-of-life tires to non-OECD countries since May, 21st of May this year, which is very good. Specialists think that this will keep 800,000 tons more tires in the European market.

That export ban, we are really working on it on EU level to expand that as far as we can because for the moment there are too many exceptions, and exceptions shouldn't exist on an export ban. Ban of rubber granulate, that is an older story.

Pyrum is first time visible in the annual market share in 2025, which we can be extremely proud of. Another thing we are working since two years on it is the end-of-life vehicle regulation that finally came out now, and according to our lawyers and the lawyers of our partners, our Pyrum model and what we do, for example, with BASF, sending them our oil and making raw materials for new cars, meaning dashboards, door handles, etc., under the definition of secondary raw materials, we are definitely in the end-of-life vehicle regulation, and what is made with our oil accounts into the pro-ratas that have to be fulfilled by the automotive industry in the next years under the end-of-life vehicle regulation, which is a big win for us because this makes Pyrum more a legal obligation to use our raw materials before crude oil is used or before material that is imported is used.

From a legal perspective, I can only say we are really in a good situation, and sometimes you could even think that, yeah, laws are working towards us as good as they can. As we have changed our design, we have also changed a little bit here the presentation of our process.

You all know the process, I'm not going to tell you again that tires are coming in at beginning, we make steel, textile fibers that goes into the reactor, we create electricity, oil, and carbon. What I wanted to show on this slide here is where we stand in Dillingen for the moment with our big industrial plant.

The shredder is fully running, the three stars means that it is in daily operation, it produces high quality products as it should, and the third star means has reached the plant capacity. The shredder does what it should on a daily basis, but more on that later, we have slides for all of these parts.

Now, and that is what is often forgotten, the patented technology what Pyrum is accountable for, what we have developed and what we have planned and what we are building ourselves, is just the green part. The shredder, the power plant, the mill and pelletizer, these are things that we purchase.

Like you when you purchase a car or fridge, you purchase something. What we built is what you see here in green.

That is really one of the things that is working the best in our plant, and I'm not ashamed saying that, and I'm proud even to say that the best working machine in our plant is ours. It is running on a daily basis, the products are really high quality and reliable, and we have reached the plant capacity already since a while.

Power plant is also getting stabler and stabler. I would give also now three stars to the power plant.

It does what it should. Even though it took some time.

The third part or the fourth part independent plant in our plant is the mill and pelletizer. You all know that this is also part that we have purchased.

That is running at a two-star level, I would say. It is running every day, and the products that come out are now also high quality, we have very few out-of-spec productions, almost none anymore.

I would even give it a two and a half star because it has not reached the plant capacity yet, but it can reach the plant capacity with Plan B, but more about that on the next slides. Let's speak now about the shredding unit.

I don't want to speak so long about that, just that you all know that. That is the graph you see here on the bottom.

The green part is our real production, and the dark green line is our planning. The planning was to reach roughly 14,000 tons of treated tires until end of this year.

You see that we were exactly into the plan until end of May. Then we sadly had a crash on the shaft, which we had not in stock, and after that, the ramping up in volume, so that is the volume that we have actually produced, did flatten a little bit due to the use of the shredder and due to the crash that we had with the shaft.

Then we went into our maintenance, which took sadly 4 weeks instead of 2. Why?

Because the shaft was broken, we had no spare shaft, and by taking out the shaft, we found out that there was more broken behind the shaft than the shaft itself, and we had to wait for spare parts. That was sadly the reason why we had to double the maintenance break from 2 to 4 weeks, but since that is done, you see we are now going up again parallel with the plan, but that gap that was due to the crash now and to the prolonged maintenance of about 1,000 ton per year would be difficult to catch it up by end of 2026.

We will do our best. We are speaking about additional shifts on Saturdays and things like that to catch these 1,000 ton up, but it's not something that I can promise now.

What we have done so that this will never happen again is we have now a replacement shaft, now it won't take 2 weeks anymore to replace that one. We have a spare shaft in stock.

That one has costed us €120,000 to have it in stock, but now we have it. Better have it and don't need it than need it and don't have it.

That's the case now, and we were able to build up now in the last months a rubber granulate storage of 20 production days. If you ask yourself, why are there standing so many big bags outside in the plant, I would say a big part of that is rubber granulate because we have now, as said, 20 production days of reserves in case anything like that happens again so that we can really produce whole year long nonstop with the shredder.

What happened here this year won't happen again. Already now we are mid of September and we are already now at 1.6% of the German market, reach the 2% like last year is easily feasible in the rest of the year.

The reactors. As I already said, they run very good.

Here you see the planning for the next quarter. I just see that this has moved, the circle should be more left, and here's also a mistake, it's Q3, but I will change that afterwards.

The reactor insulation has been improved, so that is one of the big things that we have done in the summer stop. That's why you see here the ramp-up or the production volume before the summer break.

We started a little bit earlier. It was planned for 2 weeks.

At the end, you see that the line here was flat for 4 weeks, and then you see that the production goes up again parallel to the planning. The increased longer maintenance was due to the fact that we have not just done maintenance, we have strongly improved the isolation in the reactors to improve several things.

First, to be able to reduce the temperatures in the reactor in the hope to reduce energy consumption, and to make the carbon black softer. That is now a more complicated story behind that, but I will explain more on that on the next slide.

We have an R&D project, Pyrum internally, which is called PyroPower, and the idea behind that is to improve our reactors even over what they are doing today. We have already the first positive indication so far.

We reduced the wear in the TCU conveying, so that means that the carbon became softer and that we have less maintenance now, and we have a higher oil yield, we produce more oil. That is now showed here in the next graph.

The conclusion of the annual maintenance of our reactors is the following. The manual shutdown was done in July, August.

We have changed the isolation, we have changed some settings on the reactors in the hope that we could reduce the temperatures in the reactors and to get stabler rCB. That were the goal: more stable rCB, less energy consumption in the reactors.

You see here on the left graph, that is real graphs from outside from the plant. You see that we tried lower temperatures in the reactor.

The yellow, green, red lines here, these lines here, these are the temperatures in the different zones of the reactors. We tried to make them lower, but then the rCB quality became weaker.

You see here on the green line underneath, you see the spikes that went down into the red, and these red spikes means out-of-spec rCB, and yellow is it could be okay, but it's not safe. We need to be in the green line for a stable rCB production, and you see that we needed high temperatures to be perfectly in-spec in the green area with the rCB.

Now, after the summer break and the change of the isolation, you see that we were able to go down with the temperatures, which has a high effect on our energy consumption, and you can see that the rCB quality is extremely stable, even though we use now much less energy in the reactors. We don't have the final data yet how much we are losing less, it's just since 3 weeks that we are running that way, but the first indications are perfect, better than we all expected.

The effects are right now: we increased our oil production from 25%, before from a tire we got 25% of oil, now suddenly with the new setting and the new isolation, we reached 40% of oil out of a tire, which is a plus of 60%. That is now since beginning of September.

We are now up to four oil deliveries per week. Before the summer break, we had two to three oil deliveries per week, and that is a fact.

Since beginning of September, we have really four oil deliveries per week, which is a real increase, but as you all know, the oil is not the most important part in our turnover, but it has an effect. We have, as a matter of fact, 8% less gas, we have approximately 2% to 5% less carbon because all that becomes oil.

What is the effect on the business plan is that we will see now, but it should have good ones, and soon we will have results on how much energy we save now. Of course, the softer rCB is better for the conveying systems, for the mill, the use in the mill is less, the maintenance cost will be lower.

I can just tell you that before the summer break, we had holes in the tubing between the reactors and the mill and pelletizer every day, every day we had to repair a tube somewhere. Since the last 3 weeks, there was not one single problem in the tubing, we had nothing to repair.

That also shows that our maintenance cost will drop, but by how much, we can't tell it yet. This all to show you that we are still getting better and better every month.

Coming now to the most important part, the mill and pelletizer. Again, I want to explain: we ordered this machine.

We have a very strong contract with the supplier, and this contract guarantees us a throughput or a input capacity of 1,650 kg thermo-tire black, our carbon black, per hour. The supplier has now conducted his third improvement on the mill and pelletizer.

The third improvement is still ongoing, the building is done, they are now in the ramp-up phase, we don't have the final numbers yet. Pyrum, we are the customer, the only thing we can do right now is support with manpower, which is, I can tell you, and I think everybody can understand that, is a very unpleasant situation for us because we are just, yeah, sitting on the sideline and observing, and we are trying to help where we can.

That will be on the next slide, we also had an idea how we can improve it on our side, and that I will explain you now. What we know for sure today is that the mill is able to produce stable at 2 tons per hour.

That is much more than it needs to produce, and don't calculate now that maybe in the future the plant could do more. No, the mill can do more, and that has the potential that in the future plants we can go one size smaller in the mill and save investment potentially.

We don't know that yet, but as said, it's the biggest mill and pelletizer for recovered carbon black worldwide, and we bought the biggest mill that existed on the market, and as we see now, the mill is not the issue and the mill is even doing more than it needs to do. The pelletizer is also running stable at up to 1,650 kg per hour, the ordered volume.

On these two sides, we are gathering more and more data, that is not the issue. The issue remains the dosing system between the mill and the pelletizer, but it has been improved.

That's why I took the time to make that table down here to explain to you the phases that we had. Phase Number 1 was from January till April this year, where a lot of changes were done on the software, and the supplier made minor modifications on the dosing unit by adding vacuum tubes that had the idea to suck out the air quicker so that the freshly milled material sets quicker.

That is the issue: once the freshly milled material had enough time, approximately 1 hour, to settle down in the bunker, the pelletizer is running perfectly well. The problem is that we don't have this hour in between the mill and the pelletizer, the perfect solution would be, and that we know since months, would be to have two dosing systems, one that is running, one that is resting, and after 2 hours we switch between the two systems.

That would be the easiest way to do it, but it's also the most expensive way to do it, and it takes the longest time to get the equipment. It's not our choice because we are just a customer; the supplier decides what he does next to reach the guaranteed throughput.

We can just push them to do it as quick as he can. That modification is accomplished, and that brought us to a stable operation with 750 kg per hour in April-May.

Then we had 2 months of production, May and June, with two-shift production from Monday to Friday with 750 kg per hours. That is accomplished, and that produced several hundred tons of rCB that we could also sell, but that is by far not what we planned.

In July, in August, we had the first big modification by changing the transport system between the mill and pelletizer. The idea here was to add less air to the transport chain so that the material sets down quicker.

That modification is accomplished. It took a little bit longer than expected, but all the works are done.

Now since 1st of September, we are in two-shift operation together with the supplier to increase the capacity steadily. We will end this on the 1st of October '26.

That is what we said to the supplier. Why?

Because we need to produce. We need to deliver to Schwalbe, Pirelli, and Continental.

We cannot waste anymore time doing test runs. For the moment, the best capacity that we were able to achieve were 1,250 kg per hour, which is far better than before, but not yet the guaranteed volume.

Now our plan is, and that's what I just told you before, that is what we have done on our side, is we are planning now to go from two-shift operation to three-shift operation because if you cannot do more per hour, you need to work for more hours, then you get also to the same result, but with higher costs. That would bring us 50% more production time by switching to a three-shift model, and then being under 1,600 kg per hour will compensate with longer production hours.

That everybody should know, the second dosing system was already ordered in May this year because we said to the supplier, you can do the modification over the summer, but what happens if that is not going to 1,600 kg per hour? We forced the supplier more or less to order, on his costs, a second dosing system, which he has done in May, and that will be delivered in November, end of November this year.

Therefore we have here half star because it's already delivered, and it would be delivered end of November, beginning of December this year. This would then double the dosing speed that we have today or what we will have now on the 1st of October.

The solutions are the following. We had our Plan A since the beginning was produce at 1,600 kg per hour input, which is 1,350 kg output in two shifts.

That is how the plant was permit, that is written on our permit. That would lead to a realistic production of 14 hours per day and a realistic daily production of thermo-tire black of 19 tons per day.

Our new Plan A, which will come hopefully next year, is we produce at the highest rate possible in a three-shift model. That would give us 20 production hours per day and up to 27 tons per day.

That is future, don't count with it, but that could be our new Plan A, and from a legal perspective and from the permitting perspective, we are trying to get that permit now. Our Plan B, it's the most realistic one that we have right now, is one at 1,250 kg, which gives approximately 1 ton or 1,000 kg of TTB per hour in a three-shift model, not in a two-shift model, 20 hours per day, which gives 20 ton.

You can see that our initial Plan A and the new Plan B is very close, it's the same volume. What we have done until now was the Plan C, which is 750 kg per hour gives an output of 600 kg per hour in a two-shift model, it's 12 hours production, that's what we were realistically able to do, is only 7 tons per day.

That was what we produced realistically in May, in June this year was roughly 6 to 7. We had also days with 8 to 9 tons per day, but that was the maximum.

The solution what we apply now is Solution 1: stop with Plan C, we stop producing at low volumes, and we stop modifications because as long as we constantly modify the mill and pelletizer, we cannot produce. We need to produce, so that's why we said clearly to our mill and pelletizer supplier: 1st of October is finished, 1st of October we start production with as much as possible.

Solution 2 is Plan B, and Plan B, and that is we are very lucky, and I want to thank at this moment our authorities here in Saarland, they were very helpful, they just gave us the permit in August to switch from two-shift operation to three-shift operation for a test period of 2 months. If we are nice now and if there are no complaints from the neighborhood, we hope that we can stay in 24 hours operation, which gives us, as said, 50% more production time per week.

Now we have the permit, but for test period, as said, of 2 months. That is the best way to catch up now as much revenues as possible in 2026.

Solution Number 3 is our new Plan A: if we reach the contractual 1,600 or 1,650 kg, and if we are able to keep the three-shift model, and if the authorities are granting us that permit forever, we could catch up a lot in 2027. The question which will certainly come from many of you is why did Pyrum correct the prognosis, even though Plan A and Plan B are very close?

The answer is easy: the chance to be under our prognosis are much too high, and that's because by law we have to say that. The permit to operate 24/6, 24 hours, three-shift model for 6 days per week, not on Sundays, is only for 2 months.

We aim to get the extension for return forever, but that is not sure. We are trying to get it, but I cannot confirm that as of today.

A three-shift model needs more staff, of course, building up the staff will take a little while, but we're confident to be able to do that until end of the month. Thanks to the closing of Ford here in Saarland, there's a lot of staff available on the market, we are confident to build up the three-shift model until end of the month.

Another thing that is clear, a three-shift model has more OPEX cost, as the plant runs 24 hours instead of 16 hours per day to produce the same quantity. Of course, we get the volumes, we will be able to deliver the requested volumes to our customers, but the cost to produce the carbon black will be higher as long as the hourly throughput is not higher.

I hope that this helps you a lot to understand better where we are with the mill and pelletizer. It took us quite a long time to get there, and as said, we as Pyrum, we cannot do more than now increase the number of hours that we operate.

From the plant side, we have our 20 plants in pipeline, 10 projects have started. We have potentially a new one starting very soon in Europe, but it is not signed yet, I can't tell you anything about it.

We have two joint ventures now in six countries, so that is a graph most of you know already, and we have now the three plants also that have all the permits that are required, which is Perl-Besch, Czech Republic, and Greece. From the news of the projects, that's where we are standing, and we have two very good news on that slide here.

SUEZ Revalter, that is the plant in Czech Republic, the development is done, the planning is done, and for this plant, the execution has started. For the first time, we have sold a plant, and for me it's very important to say this right now: since 18 years I am doing this, since 18 years I'm living my life for Pyrum, and finally we have sold our first plant.

Not to nobody, it's one of the biggest energy producers in Czech Republic, it's somebody who knows how to judge what they're doing. The sales contract is signed, and the foundation work have started.

Honestly speaking, we are very proud of that, and that is one of our key successes in the projects. Thermolysis in Greece, we had as Pyrum the job to give in our final offer for the thermolysis part until end of August 2026, which we have done.

We know that also the shredder manufacturer, the mill and pelletizer manufacturer, and all the other suppliers locally for the concrete, for the foundation, and all that, they had all to give in their offers until end of August 2026. We got now the feedback from the customer on our offer with a long question list, now the negotiation on the contract has started.

The same was with SUEZ Revalter in Czech Republic. That is now a phase that will take 2 months approximately, and hopefully at that end, we will have sold our second plant, and that would be two plants in 1 year having zero in the 18 years before.

If that is not a success, I don't know what it is. Unitank, our engineering contract has started with Unitank for the first plant in Emleben.

There the planning has now officially started. With Green Factory 2 in Perl-Besch, I can tell you officially the following: we have the permit, we could start there tomorrow.

We have a financing gap there. For that financing gap, we have asked the support of the Saarland, of our region.

Saarland has confirmed their support already last year in November, telling us that it will take not long time. It takes now a year already.

We put a lot of pressure on the region now that we finally need now to close the financing gap and that everything is waiting for them. I just got the confirmation this morning that it is very important for them, that they want to do it as quick as possible, and that I can tell to the shareholders that before end of the year they are done.

Let's hope for the best. It's politics, it's grants, it's so many people involved, but, yeah, I can just tell you I'm confident that we have closed that finally before end of the year and that then we can start with full power there because a lot of long-lead items have already been ordered, and they are almost there already, we can build quite quicker than anywhere else there.

GreenTech, and that's the next big news that we have today, is that they have received a grant of €24 million, like the Greek project who has received last year €29.4 million in grant, now the second big Pyrum building project has received a big European grant of €24.5 million it is even, I think. That shows now that Pyrum project have now received over €50 million of European support to be built.

Remondis, we restart the engineering there on a new site because there have been issues on the site that was been chosen before, but I'm not going now on every project. These are the major project with the newest information, otherwise we would take much too long to present you everything.

What happened on our oil side, we also have good news. The oil, as already explained before, we produce much more oil than before.

The oil is mainly used by BASF for clothing, for VAUDE, for door handles in Mercedes-Benz, for example. This example we had already 2 years ago with the door handles of Mercedes made of our oil.

That is exactly what is the end-of-life vehicle regulation that came out this year all about: use secondary raw materials made from waste to produce new cars with the best European quality that we know, and Mercedes was there long before time. What is new now is that our oil is also used by BASF and another company to create synthetic rubber, and that rubber is already used by Schwalbe and by Pirelli.

That is the new application for our oil, our oil is also going into tires. Schwalbe is already using it, it is already found in Schwalbe tires as we speak, Pirelli has announced it.

What happened on the thermo-tire black, on our carbon side? Schwalbe is taking it already for bike tires, the Green Marathon was the first one, but today 70% of all Schwalbe tires contain our recovered carbon black, and Continental is making forklift tires out of it.

What is brand new, and that was also thing that took a lot of negotiation for long time, is the tire-to-tire initiative with Pirelli. We have signed now several contracts with Pirelli, Pirelli is delivering to us used tires from their facilities, and we are delivering recovered carbon black from Pyrum to Pirelli, and we're delivering oil to BASF, that goes then to Synthos, and then Pirelli gets synthetic rubber for their tires.

That is brand new, it took more than a year to negotiate all that, and it was all signed in the last months, a very big success. Now we cannot only say that we work with Schwalbe and Continental, but also with Pirelli on a very close partnership, more and more big tire players are joining our Pyrum movement.

Now I hand over to Kai for the finances.

Thank you. Good morning.

Pascal, you will have to do the slides, I think.

Sure. Perfect.

We're starting with the revenues, and our revenues have grown by 37.6%. Parts of that, around €1.3 million was for the recycling plant operation, selling of steel, carbon black, and oil, that used to be almost €1 million the year before.

Consulting was gone up from €200,000 to €350,000, in total we had €1.7 million in revenues, but as explained, that's below that what we have expected to today. Next slide.

Total output depends always on the projects, that means that material that we purchase for projects are taken into account in the cost of material, but on the other side can be activated as own on-work capitalized. As the projects, let's say, in Czech has just started, the first effects will come in Q3 and Q4.

We received a prepayment already by SUEZ Revalter, we will receive another one before the end of the year. Parts have already been ordered, our goal is to secure, let's say, at least 80% of the prices for the whole plant for SUEZ Revalter as soon as possible that the transaction risk is dropping down.

By ordering the reactors and the plant control system this year, this will be recognized then in the total output as we have cost against that. We come to the expenses for material.

That corresponds to the slide before. Expenses for material went down because this is really the cost of the plant in Dillingen, as most of the projects just, let's say, started to have the possibility to order, this includes more or less all the materials, consumables that were needed in Dillingen.

Personnel expenses has risen by approximately 10.6%. We have hired, let's say, in medium three from 39 people to 100, we went up by seven people, so that's around 8%.

We have some, let's say, inflation, of course, also on the salaries, in total 10.6% increase. EBITDA, we are showing here adjusted figures that we compare, let's say, apples with apples.

That means that we adjusted the figures by investment grants that were in the figures in 2025. We have not received investment grants in 2026 that came into account, EBITDA adjusted was almost the same level than the year before.

We expect it now going up, let's say, when the mill and pelletizer output is achieved. EBIT declined by 5.8%.

It is expected now in a range between -10% and - -12.5% and 12.5 million, we had a big discussion yesterday with our auditor, we went through all the assumptions and all the figures and did the final math because we were expecting that regarding, let's say, EBIT and total output, there is a chance to meet the figures, but we decided yesterday that it seems to be just the best case. We had a discussion with our lawyers and then we decided, okay, we have to announce, we have to do an ad-hoc, even so that we have the financial figures announcement today.

That's just the law and we need to stay in that. On the next slide, you see our new forecast, and we had to reduce our revenue forecast to €4.2 to €5.3 million.

We took into account everything that we have achieved until yesterday. We have, let's say, taken into account the production planning and everything that we have in the books and came to the conclusion that €4.2 up to €5.3 million is a realistic scenario now.

That also influences the total output. The total output will be better, let's say, than in the first half year as we now can order parts for the plant in Czech, but slightly reduction to €11 to €14 million, hopefully in line with the expectation before, but there is a chance if, let's say, the production of the rCB is not running up that quick, yeah, that we miss it.

For the EBIT, then you can calculate down, that has also an effect. It's also that if we implement or when we implement the three-shift model, the night shifts, the cost will rise, we expect now -€10 to -€12.5 million for the EBIT.

We cannot say yet something on 2027. If, let's say, all the progress that we expect and all the plans for, let's say, getting better results in the plant of the mill and pelletizer till end of the year is, let's say, in place, then I would not expect that we need to change anything in the future indications.

I hand back to Pascal.

Yes. I just need to turn on my camera again.

Where are we? Highlights.

Where we stand now, and that's something I want to summarize at the at the end before we start with questions now. We are at TRL 9 out of 9 level.

That means that we have we have a bankable technology now that is proven by external authorities, and that's has been proven again now by getting the financing in Czech Republic. In Czech Republic, the plant is financed not 100%, but 70% financed by a very conservative Czech bank with an interest rate that is by far not venture, it's it's a real, realistic and very good interest rate.

We manufacture one of the most important raw materials for the industry, and that's why we as Pyrum are becoming more and more relevant for politics, for the industry. Raw materials are rare, closures of the Strait of Hormuz are getting more and more tricky and dangerous for our industry here in Europe.

I see that really on the European focus and how many medias are coming to Pyrum in the last weeks. There's a lot on the media side that will be published in the next months, we are entering more and more in the focus view of politics.

Our reactors run still on their own power. We have passed all the certificates that we need, REACH, ISO, VDA 6.3.

We just passed this year here, which is new, the ISCC EU certificate, which now gives us also the possibility to use our oil not only in the chemical industry, but also on the fuel industry in green jet fuels, green diesels, and all that stuff. It's not sold yet to that market, but we're getting more and more requests.

The problem is just that all our oil is already sold to BASF from the plant in Dillingen, but we see here opportunities for the plant in Greece, for example, where oil could be sold even for higher prices to the fuel industry. We have our Fraunhofer LCA audit proving that we save 965 kg of CO2 per metric ton.

We have long-term purchase agreements, it's really not the issue to get the rCB or the TTB, thermo-tire black, I always forget our new brand name, to sell the carbon black, it's not a problem to sell the oil. What we just need is volume, volume, volume, and we do our best every day to increase the volume.

On the oil side, we work quite good with the existing plant to increase now the oil volumes strongly, and now we need to prove the same for the recovered carbon black. Now we have received two fundings from the European Union from the IF and the EPA: €29.4 million in Greece and €24 million in Sweden.

Next step: financing banks meeting. We are with CBHH, that was published already some months ago, we are having a lot of discussion with banks and investors for the large view of Pyrum, to finance the 10 projects in the joint venture with Unitank, for example, to find partners here for the big picture and for the future plans.

Finalize, of course, the financing in Perl, that is really on the desk now of the Saarland, of Saarland, of our region here. The recently increased press interest on Pyrum and new laws on the European Union and the fact that we are also taking into consideration the end-of-life vehicle regulation, all that is pushing now hard on the local politics to move things here forward before end of the year.

Yeah. TTB volumes, I explained to you how to get the rCB volumes up: 1st of October, we stop with testing here and we go in production 24/7 and 24/6, and we do our best to keep that up as long as the authorities will let us.

Expansion: the construction in Czech Republic as planned. It was really for me a nice experience 2 weeks ago to walk over the building site in Czech Republic and see how concrete was made, how tubes were put in the ground.

We have even a live cam, we can see how the works are going on there. It's actually running.

Greece, we expect to be signed in '26, the offer's on the table, negotiations are done now on the Greek side for the final prices. Perl-Besch, as already explained.

On the political side, the the awareness has extremely risen. Circular Economy Act is coming this year, and the Circular Economy Act is taking now tires as a priority, which is really impressive that tires are suddenly in a priority in the Circular Economy Act.

The Waste Shipment Regulation, which contains the first ban already that has started in May this year, is also something that we continue working on. From the political side, I won't say that it won't it won't get any better, but really we are in the exactly in the trend of the time and getting more and more support every week.

Thank you very much for your attention, and I think now we have about 10 minutes left or we can make a little longer maybe, but for some questions. Thank you.

For the MAD in Perl-Besch, it will be two silos. That is, in fact, what we know for sure is when the silo is full with freshly milled material, you let it rest for an hour and then you can pelletize easily until the silo is empty.

During that time, a second silo can be filled and rest, and then you can switch between the silos. The solution is very easy.

The problem here in Dillingen is that the delivery time is 7 months. This second dosing system has a bunker and a doser cost roughly €600,000 to €700,000, and as in our case here in Dillingen, the supplier has to pay for it, they tried first everything else before investing that huge amount of money, but it looks like they have to invest it.

For the plant in Perl-Besch and also for the plant in Czech Republic, there is this version in the contract, meaning to have two dosing systems and two bunkers that work one after the other. The solution is quite easy.

Just in Dillingen, it is extremely hard to realize it quickly and for little money, and there's a conflict of interest: for us, it doesn't matter how much it costs to modify as quick as possible; for the supplier, it does matter because he has to pay for it. The solution for the future is clear.

That is required, that is on the permit, yeah. In Perl-Besch, everything will be on a three-shift model.

In Dillingen, as said, the planning initially was to operate the mill and pelletizer two-shift model because the mill and pelletizer is more or less designed for a three-reactor line on 24/7 operation. That's why it was not in the permit request.

We have really very good relationship to the Landesamt für Umwelt- und Arbeitsschutz, that's how it's called, LUA, here in Saarland, and they were so kind to give us now for a test period of 2 months the three-shift operation, and they already said, if nobody complains, we can prolong that, but as said, it's not a given.

Yes, and you need to remember that we are in a commercial area here and not in an industrial zone, for the future plants, it's always expected that we apply for 24/6 operation and 24/7, of course, for the reactors. This is basis for the next plants as well.

Okay. Let's say, we had a very long process with CBHH, creating a big business plan for investor potentials that they can have modularized that they can play with that.

We negotiated a lot of NDAs during the last weeks, and the process to talk to these financial investors, let's say, just started.

Oh, we are open. We are open, in fact.

Let's say, we are getting now the first offers in what could be made. In fact, the idea was not to come ourselves with one clear plan because that would put a lot of investors away.

By seeing what are the possibilities, we have more possibilities to choose from. That's why we took a consultant like CBHH, he's very experienced in that area because, at least from my perspective, I can build plants, I am not the specialist in building finances.

I'm learning a lot over the last years, but let specialists do what they are specialized in.

We can just, let's say, build plants where we have, let's say, the equity for. If you have in mind that we have a pipeline of roughly 20 project, that means €600 million investment, €200 million equity.

Now it really depends if we can build some of them our own, then we need a lot of capital, but of course we will not start a project that is not possible to finance. With the partners, it's always in a way that we get prepayments, as in the Czech project, and that the prepayments are always sufficient for ordering the plant parts and to build a plant.

Yeah. We don't have to pre-finance anything in projects like in Czech Republic.

Of course, we had to pre-finance our equity share that we brought in into the project, but once that was paid in, now we get our down payments so that we don't need to pre-finance anything. Of course, if we don't have the money for the second, third, or fourth plant with Unitank, for example, in the joint venture, we cannot make it or we cannot participate in the percentage that we could.

We are allowed to participate with up to 49%, it's not an obligation, it is an option that we have.

What is meant by GRP?

You mean carbon fiber reinforced plastics? CFRP, carbon maybe?

Maybe it's a misspelling, a C instead of a G. I don't know, but maybe it can be clarified.

If it's about the carbon fiber reinforced plastic, we have our test runs running. As said, we are there on the lab scale or on the semi-industrial scale.

As I know, we have applied for grants to plan a big plant, but honestly speaking, I would have to ask where we are standing there.

I need to say in that part, we're not in plan as we have expected more revenues, especially for Q3 now from rCB. We have relatively high burn rate still with not sufficient revenues, and that stresses, of course, also the liquidity.

As Pascal said, yeah, we have a plan against that that we put in is three-shift model to mill and pelletizer and find solutions also on that part.

1? Yeah.

The status there is that the reactor as they exist today, TAD 2 and 3, the new reactors, don't fit in the tower without creating giant costs, which we cannot afford right now. They try to rebuild the existing TAD 1 reactor with higher performance.

I'm waiting for the final offer for that. I have to say that a lot of our technicians are working on the mill and pelletizer to help as much as they can to ramp that up as quick as we can.

It's also another thing: my grandfather always told me that customer's king, and we're having more and more customers, meaning the guys from Greece, our customer from Czech Republic, they're really pulling hard on our team to get the projects running quickly and in line. Always the projects of the customers have, sadly, priority, if there is to save time on any project, it's always on our internal project like replacement on TAD 1.

We are working on it, we are close to concluding it, but it is also helping our liquidity if it's made, but first it needs more liquidity.

and

Bye.

Bye-bye.