Thank you very much, Lorenzo. Ladies and gentlemen, dear shareholders, thank you for joining us today for the half-year reporting of NORMA Group.

The first half of 2025 has presented us with a challenging market environment. Our revenues for the quarter two reached 125.5 million, reflecting a year-over-year decline of nearly 10%.

This downturn is pre— primarily driven by continuous market weakness, especially in the tooling segment, where project delays have significantly impacted on our results. In contrast, our serial production business has shown signs of stabilization.

Additionally, external disruptions have further strained our performance. The cyberattack at Jaguar Land Rover forced production halts, directly affecting our supply chain.

Similarly, BMW's partial production stoppage in China due to subdued demand contributed to reduced volumes and revenue. These factors have necessarily influenced our EBIT, which closed at 6.1% for the period.

However, our strict cost management, particularly focused on central function, is beginning to yield in a manifest result. One of the most encouraging development is our free cash flow, which improved significantly to 15.8 million compared to 3.6 million in the same period last year.

This demonstrates a resilience and opera— our resilience and operational discipline. Despite the difficult market conditions, we successfully secured new and attractive orders, including from new customers.

We welcome McLaren as a new client in our customer portfolio. Furthermore, our strategic expansion into a broader mobility market is bearing fruit, with our first pre-development order from Harley-Davidson.

With the serial business no longer declining, we believe we have reached the bottom of the cycle. Nevertheless, project postponements by various OEMs continue to weight in our outlook.

Through continued, rigorous cost control, we aim to stabilize performance at current level for the full year, even when we see a weak Q3 ahead of us. Our broad strategic posi— positioning across the mobility sector will support this stabilization, even if the impact is not immediately visible in our financials.

Saying this, I'd like to go ahead with the financial highlights of the quarter two and starting, as mentioned already, with revenue, which ended qu— in Q2 at 125.5 million, which is, as said, a decline of round about 10%. Adjusted EBIT ended up at 7.7 million, with a margin of 6.1% compared to last year's 8.6%.

Our free cash flow increased to 15.8 million, and net leverage ended up in slightly higher at 2.0 multiple adjusted EBITDA. Going ahead...

Going ahead with the financial highlights of the half-year... The...

technical issue or no... We...

with going ahead with the highlights of half-year, revenue came up to 254.5, which is a 9% decrease of last year's. Adjusted EBIT ended up at 15.4 million and in margin at 6.0% compared to last year's 9.4%.

Free cash flow, as already said, very good with 17.2 million, and net leverage in line with the Q2 at 2.0 multiple. Compared to last year's, we had 1.9.

Saying this to the highlights, I'd like to hand over to my colleague Benjamin to give you more financial details. Benjamin, please.

Thank you very much, Markus. Also good afternoon, good morning from my side, and thank you for joining our earnings call for the second quarter of our financial year 2025/2026.

I will walk you through our financial and operational performance, provide you insights into the regional developments, and share our outlook and strategic priorities moving forward. In the second quarter of our financial year 2025/2026, total revenue amounted to 125.5 million, representing a decline of -13.8 million or -9.9% compared to the same period last year.

At constant foreign exchange rates, revenue would have been higher by 4.2 million, reflecting a 3.5% increase year-over-year. Series revenue came in at 116.1 million, down 3.4 million or -2.9% versus prior year, and accounted for 92.4% of total revenue.

The decrease was mainly driven by ongoing weak customer call-offs, most notably in Asia, and additionally, as already mentioned, temporary production halts at JLR following a cyberattack and at BMW China led to revenue losses for the quarter under review. These disruptions underline the vulnerability of global automotive supply chains to external shocks, even as OEMs strive to stabilize operations.

Looking at the broader markets, the light vehicle production grew by 4.4% year-over-year during the quarter. However, the industry continues to face structural challenges: OEMs recalibrating production schedules amid supply chain volatility and geopolitical uncertainties; the premium and luxury segments under pressure due to uneven consumer demand and delayed program ramp-ups; and accelerating electrification and digitalization trends creating transitional inefficiencies and uneven regional growth.

Tooling revenue contributed 9.5 million, significantly below the previous year by -10.4 million or -52.3%, primarily due to the project delays and back-end loaded phasing, also a trend reflecting the OEM caution in committing to new tooling and project investments. On a last 12 months basis, total revenue stood at 516.5 million, showing a slight decline of 2.6% compared to the previous quarter.

While the market experienced growth, our performance in the top end and premium luxury segment was affected by customer-related factors, highlighting the importance of operational agility and strategic positioning. The adjusted EBIT in quarter two remained broadly in line with the preceding quarter, delivering a 6.1% margin compared to 8.6% in the prior year.

The year-over-year decline reflects persistent margin pressures across the automotive supply chain. Lower turnover continued to weigh on our profitability, resulting in a weak cost coverage and underutilized capacity, a challenge driven by OEM production adjustments amid volatile demand.

The tooling segment contributed less favorable this quarter due to project phasing differences versus the prior year, further diluting the bottom line. Importantly, the operating result was not materially impacted by one-off items, underscoring that the performance was rooted in core operations.

Notably, recently implemented cost control initiatives, particularly in central functions in Germany, are starting to take effect. These measures include, especially, tighter overhead management, process streamlining, and selective investment prioritization.

Looking ahead, maintaining profitability will require continued focus on operational excellence, disciplined cost management, and leveraging strategic partnerships to secure new business opportunities in growth segments and emerging mobility solutions. The free cash flow for quarter two reached 15.8 million, marking a substantial improvement compared to the prior year.

This strong performance underscores our ability to generate liquidity even in a challenging revenue environment, underlining NORMA's resilience, and reflects disciplined capital allocation combined with effective working capital management. The key drivers of operating cash flow in amount of 17.3 million are the reduction in other assets through tighter control over non-trade items and improved management of VAT and miscellaneous receivables.

The increase in provisions of 10.5 million is mainly attributable to a reduction in provisions in the prior period in the amount of -7.1 million and a return to a more normalized provisioning in the reporting period under review, as well as additional positive timing effects in the amount of 1.4 million from accrual movements. These gains were partially offset by lower profit for the period and other non-cash expenses.

The cash outflow for investing activities amounted to -1.5 million, well below last year's level, primarily due to the reduced capital expenditures. This selective investment approach aligns with our strategy to preserve liquidity while continuing to support growth projects, particularly in our plant in Pilsen in the Czech Republic.

On a last 12 months basis, free cash flow improved to 45.1 million, up 12.2 million or 37.2% compared to the preceding quarter. As already mentioned, this trajectory demonstrates resilience and positions us well to balance short-term challenges with long-term strategic priorities.

The capital expenditure totaled 2.4 million, which is 2.1 million lower than the same period last year. The underlying capex ratio stood at 1.9%, down from 3.3% in the prior year, again underscoring our disciplined approach.

Nearly half of the quarterly investments, approximately 1.2 million, were directed towards our Pilsen facility, as already mentioned, primarily growth-related to support the ramp-up of new customer programs. Beyond the investments in Pilsen, the majority of capex was linked to other strategic projects and infrastructure preparation for upcoming programs.

On a last 12 months basis, the capex ratio declined from 2.7% to 2.4%, reflecting our commitment to maintaining this agility and prioritizing investments that deliver long-term value while safeguarding liquidity. As of September 2025, the total working capital stood at 137.2 million, slightly lower than last year by -1.5%.

Last year in absolute numbers, we stood at 139.3 million. This modest improvement reflects our ongoing efforts to optimize liquidity and enhance operational efficiency.

The year-over-year deviation of 2.1 million was primarily attributable to lower inventories driven by a decline in raw material stock levels, reflecting tighter inventory discipline and alignment with reduced production volumes. However, across all regions, we implemented rigorous working capital management measures in response to that subdued customer demand and slower ramp-ups.

A further point to mention for that deviation is a decrease in contract assets linked to timing of project milestones and revenue recognition. These positive effects were partially offset by lower trade payables resulting from the before-mentioned reduced purchasing volumes and payment timing, higher trade receivables reflecting customer-side timing effects, and the tooling net position related to ongoing tooling activity and project transitions.

As a percentage of last 12 months revenue, total working capital recorded at 26.6% compared to 24.5% in the prior year. While this represents a slight increase, it remains within a manageable range and is largely attributable to the decline in revenue.

Trade working capital, excluding the tooling net and the contract assets position, showed a positive trend, improving to 47.8 million from 49.0 million last year. Then the days outstanding metrics: so the DIO improved to 39 days from 44 days last year, highlighting again our efforts to reduce excess stock and align inventory levels with actual demand; DSO stable at 31 days versus 30 days prior year; and the DPO declined to 39 days from 46 days, reflecting lower purchasing activity and payment cycles.

Overall, our working capital performance in quarter two demonstrates a strong commitment to liquidity management and financial resilience, especially in a market environment characterized by regional volatility and macroeconomic uncertainty. Coming to the capital structure: so the gross financial debt stood at 292.1 million, which is 9.8 million lower than the prior year's figure of 301.9 million, and again, this demonstrates the ongoing efforts to strengthen the balance sheet.

Lease liabilities included in gross financial debt amounted to 41.5 million, also down from 51.9 million in the prior year. Our liquidity position remains one of our strongest assets and key differentiator in the current market environment.

As of 30 September 2025, the cash and cash equivalents totaled 153.4 million and therefore up from 132.4 million last year. In addition, we maintained 37.4 million in non-recourse factoring, slightly below the prior year's level of 40.3 million, demonstrating stability in our receivables financing activities.

As a result, net financial debt was 138.7 million, showing a significant improvement compared to 169.5 million in the prior year. This reduction underscores our commitment to deleveraging and preserving financial flexibility.

The net leverage ratio stood at 2.0 multiple adjusted EBITDA, broadly in line with the prior year's 1.9. This slight movement reflects, as mentioned, a stable capital structure despite margin pressure.

While EBITDA declined over the last 12 months due to that lower revenue and cost coverage challenges, this was effectively counterbalanced by a strong cash generation and liquidity management. Looking ahead, continued profitability recovery combined with sustained cash discipline will remain key priorities to further strengthen our balance sheet.

Then coming to the operating segments: so the segmental revenue declined across all regions in the second quarter with a total decrease of -13.8 million year-over-year, driven primarily by the Americas region. This development reflects the impact of project phasing and temporary production disruptions across key markets.

The revenue in Europe decreased by -5.8 million compared to the prior year, predominantly due to differently phased tooling business. Series business remained stable at last year's level, supported by ongoing customer programs such as the series business with a major US EV manufacturer and pricing adjustments.

The Americas recorded a revenue decline of -6.9 million year-over-year, and similar to Europe, this shortfall was mainly attributable to project phasing effects in the tooling, while series sales remained flat. Despite these challenges, the region continues to represent the largest share of group revenue.

In Asia, the revenue fell by -1.2 million year-over-year, negatively impacted by series business. This was primarily driven by continued weak call-offs, for example, BMW X5, worsened by that before-mentioned temporary production halt, as well as lower volumes for the Mercedes-Benz E-Class.

These factors underline the volatility in the Chinese premium segment and the sensitivity of regional performance to OEM production schedules. Adjusted EBIT showed a similar development to revenue across all segments with a total decrease of -4.3 million versus the prior year, reflecting that volume-related inefficiencies and margin pressures.

Adjusted EBIT in Europe remained negative at -7.3 million compared to -6.9 million last year. The operating performance in Europe was again affected by the poor top-line development, while fixed costs at the central office in Germany in particular could not be scaled down in line with the decline in revenue.

However, also what we heard already today, continued cost management and restructuring measures helped to partially mitigate these negative impacts. The Americas region delivered a strong profitability with adjusted EBIT of 15.0 million, slightly below the prior year's 17.3 million.

The shortfall was primarily impacted by an adverse product mix, US tariffs, and a negative FX effect. Adjusted EBIT in Asia came in at more or less break-even, down from 1.6 million last year.

Decline reflects lower revenue caused by weak call-offs for our key models, and temporary production halts. On a group perspective and on a last 12 months basis, adjusted EBIT declined by -10.2% from 42.4 million to 38.1 million, reflecting these cumulative effects of revenue softness and cost absorption challenges.

In summary, our quarter two was marked by continued market softness, project phasing effects, and temporary production disruptions, which impacted both revenue and profitability. Despite these headwinds, we delivered strong progress in our key financial areas in terms of a robust free cash flow generation, improved liquidity and reduced net debt, and a stable capital structure, maintaining leverage within acceptable limits.

Looking ahead, our focus remains on driving operational execution and efficiency, preserving financial flexibility, and supporting profitability recovery through cost discipline, and leveraging strategic opportunities, including new business wins, as mentioned by Markus. We are confident in our ability to navigate the current environment and for sure continue to work closely with all our customers.

Thank you for your continued trust and support, and we'll now open the line for your questions.

Good afternoon. Thanks for taking the questions.

The first one relates to the outlook, because you mentioned a weak Q3 ahead, could you please elaborate on that, maybe giving more details between series and tooling revenues, and also an outlook by region and what to expect versus the 6% margin that you have reported year-to-date? The second question is on the new business wins.

First is McLaren, can you give us an idea on the start of production and the content per vehicle, I guess somewhere between '27 and '28, which would be in line with their new model launches, but just confirmation would be helpful. Secondly, on this development project with Harley-Davidson, two-wheelers I think were not really a vertical that you flagged in the past, could you please elaborate a bit more on the rationale, the components you would address, and also the content per vehicle opportunity?

Thank you.

Alexandre, thank you for for for your question. In in terms of your of your first questions to give you a a a kind of flavor in terms of of outlook: so you know that that we we we we are not giving a a a a forecast towards year-end closing, but nevertheless, as you as you see also in in in the past, the quarter three is for sure, which is calendar calendar year quarter four, is a bit under pressure in terms of revenue, especially as we have Thanksgiving in November and then only a a half of the month in in December due to the to the winter period and then the the closure of of the production plant.

I think that's more or less in line with what you have seen in prior times, but for sure, therefore, a kind of weak quarter three because we are also in that quarter one and quarter two what we are reported recently, we are a bit below the prior year's numbers, and therefore, that was that linkage to a weak quarter three. I think it's it's in line with the expectations of of also the the the prior years.

For sure, what we are also seeing and what we also stated out during the the presentation is the tooling business and the the the the postponements of of of projects and and project closures. We faced that already during the first half-year, and we will for sure will see that during quarter three.

As we mentioned, it's more back-end loaded, it will be more or less accumulated in our quarter four, which is then the quarter one calendar next calendar year. Tooling business will will in majority materialize in that in that in that fourth quarter and not not really supporting the the quarter three.

That's more or less in regards of that of that outlook. For sure, but what what we we mentioned and what we highlighted is the back-end loaded tooling segment.

This for sure will help us at the end of the day and for the full year perspective in terms of our bottom line to for sure improve improve that number a a bit. For sure, we we see already the effects starting with that cost management and cost control initiatives we rolled out, especially in the central offices here in in Germany.

That will also yield and and and support the bottom line towards a a a higher number towards year year-end based and and comparable to to to the consensus. I think that's more or less the the outlook what we can give in terms of quarter three, as well as then the full year perspective in terms of our bottom line.

The new business wins, we we stated, I will comment on the on the McLaren business. Yes, that's true.

We saw that messages all also today morning with the with the McLaren business, and that's in in line what we what we read in the in the news. Also that that SOP will then take place '27/'28.

We are quite confident and and happy to to be back in that business with McLaren. We we had already business with McLaren prior times and a couple of years ago, and now back in that in that business also with that, yeah, relaunch of their of their portfolio.

We are quite quite happy about that that win and that business with McLaren. Then I think Markus will comment on the Harley-Davidson.

Genau.

Thank you, Benjamin. Alexandre, I will talk about Harley-Davidson.

As you may know, we already last years broadened our portfolio when we went into the exterior parts, yeah? That was where we have already won a big business in place.

At this time, we already broadened our portfolio, and spoke to different mobility manufacturers. One of this is also two-wheelers, yes, and we have our PUR technology in place, which is able to be also in exterior.

For sure, everything is in exterior. With Harley-Davidson, we are developing now for a new model two parts in the front of this two-wheeler, yeah?

That's what we are doing. As said, it is a pre-development, but it's looking very promising that it will become serious production.

Hopefully, we could answer your questions.

Yes, you did. Thank you very much.

Thank you.

Hi, gentlemen. Thanks for taking my question.

Just wanted to inquire a little bit more about how you're thinking about the environment going forward. I know that obviously you don't provide sort of a great deal of visibility into that typically, but do you think that we may in the coming quarters begin to see a bit of a recovery?

The follow-up to that, I think the answer is yes, but do you think that sort of the efforts you've undertaken as far as things like working capital management could translate to some operating leverage when that recovery finally materializes? Thanks.

Zachary, thank you for for your question. For sure, you already guessed that the answer, for sure, yes.

We we see some some some positive prospects already then in in the next in the next calendar year, but nevertheless, we should not be too too positive here. I think a a a realistic view is is is is is is is the right the right perspective on on our on our sector and our segment with that automotive automotive supplier industry.

I think with all our efforts in terms of working capital management, in terms of cost control initiatives, for sure, we are we are reacting on the on the on the broader environment to to secure our numbers, our our our bottom line. Nevertheless, with all that, for sure, measurements, we we need to adjust to that to that lower lower volume, we see.

I think we we we we will see that volumes going further, there will be no sharp increase in the next in the next nine to 12 months, so that's not a a realistic view on it. Nevertheless, with all our measurements we did couple of months, couple of quarters ago, with the with the measurements still to come, at least in terms of margins, we we should see a a a a recovery here.

That that's for sure true. What we already mentioned, we are very actively and and active in in exploring new opportunities.

What we mentioned, we we we won new customers back into our portfolio. We are exploring into comprehensive mobility segments, so that that should also help and support our overall business, because our products, they are well-developed, positioned, and now we need to to find new ways to to place the products and to to have more volume in our business back with that new exploring options.

Then I think we are well-prepared also for for the future.

Certainly. Makes sense.

Thank you very much.

Thank you.

Thank you. I would like to thank you for your participation in today's meeting.

Furthermore, for your trust and continuous support. Together, we will navigate these challenges and shape, I'm pretty sure, a strong future for NORMA.

Again, thank you very much for participation.

All said so far. Thank you.

Thank you very much from my side. Take care.

Bye-bye.

Bye.