Dear investors, dear analysts, welcome to today's Q2 and H1 2026 earnings call. Let us dive straight into the numbers and details.

On the top line, revenues in the first half amounted to €1 billion and 37 million, compared to €980 million in the prior-year period. On an organic basis, growth accelerated from 0.5% to 2.7%, while on a reported basis, revenue grew by 6%.

Moving down the P&L, EBITDA adjusted reached €273 million, compared to €266 million last year. This represents a 3% year-on-year increase.

On EBIT adjusted, we reported €115 million, up from €109 million in H1 2025. This corresponds to an increase of 6%.

Net income adjusted amounted to €56 million, compared to €52 million in the prior-year period. This translates into a 7 year on -- 7% year-on-year increase.

Turning to cash flow, free cash flow adjusted remained broadly on the prior-year level. For the first 6 months, we reported -€1.9 million, compared with -€1.6 million in H1 2025.

Christoph will elaborate on this in detail later in the finance section. Finally, capex before M&A amounted to €51 million, up €12 million as of H1 2025.

On market dynamics, first let us have a look at the Nielsen numbers for Q2 of our local German peers in the middle of the chart. As always, please keep in mind that these show gross rate card developments and that net revenue growth is on average 6 to 7 percentage points lower.

On this gross basis, the German advertising market increased by 1.9% in Q2. OOH grew by 8.8%, clearly outperforming TV at -0.1% -- -0.1%, 1.1%, print at -4.5%, and radio at +2.9%, while desktop and mobile grew by 15.3%.

Against this market backdrop, our Out-of-Home Media segment delivered reported net revenue growth of 10.3% in the second quarter. Within the segment, DOOH increased by 24.3% and the DOOH subcategory programmatic digital out-of-home by 45%.

The half-year picture confirms the same structural trend. The German advertising market increased by 1.1% on a gross basis, with OOH up 5.6%, ahead of TV at -0.3%, print at -0.9%, and radio at -0.5%.

Desktop and mobile increased by 10.9%. Our OOH Media segment achieved reported net revenue growth of 8% in H1, while DOOH grew by 18.5% and programmatic was up by 29.3% in the same period.

Driven by the strong development of Ströer, the share of out-of-home advertising increased to 10.7% of the German advertising market, according to Nielsen. Far my remarks, and with that, I hand over to Christoph.

Thank you, Udo. A warm welcome also from my side, a very good morning to everybody.

Thanks for having me today. Let me immediately start the finance section with a quick look at the Q2 2026 P&L.

In total, we delivered a solid set of results for the second quarter. Group revenue increased by 7% to €542 million, compared with €505 million in Q2 2025.

If we exclude exchange rate and consolidation effects, the organic growth came in at 4.2%, which is an improvement of 6.5 percentage points year-over-year. The adjusted EBITDA amounted €154 million, €4.9 million or 3% higher than the same quarter in 2025.

Exceptional items for the quarter were -€9.5 million, compared with -€3.7 million in the prior-year period. The increase results mainly from our internal reorganizations.

Accordingly, the EBITDA was €144 million, stable compared to €145 million of last year. Depreciation and amortization are virtually unchanged at the level of €83 million.

EBIT came in at €61 million, compared to €62 million previous year. The overall financial result was -€19 million against -€16 million in the prior-year period due to a higher -- average debt level compared to the previous year.

Accordingly, earnings before tax came in at €42 million, compared to €46 million. The tax rate is unchanged at 29.9%, and the tax results amounted to -€13 million.

All in all, reported net income for the quarter came in at €29.7 million, compared with 32.3 in Q2 2025. The total adjustments amount to €8.6 million, mainly reflecting exceptional items and additional reconciliation factors shown on the slide.

The adjusted net income increased by 7% to €38.3 million from €36 million. Let's now switch over to a view on the cash flow.

In the first half of 2026, operating cash flow improved to €161 million, compared to €146 million in the previous year, primarily due to the better working capital development, which came in at -€13 million, compared to -31. The positive development overcompensated high tax outflows, which amounted €36 million, compared to 32 in the previous year.

Investment cash flows for the first 6 months amount to €51.2 million, compared to 39.6. There was exceptional investment in real estate.

As a result, for free cash flow before M&A, there was €110 million in the first half year of 2026, compared to the 106 of the previous year, after lease liability repayments, which slightly increased compared to the corresponding period of the past year. Free cash flow adjusted amounts to -€1.9 million, in line with the prior-year half-year figure of -€1.6 million.

Let's also have a look at the net debt development in the sequential view from end of Q1 2026 to the end of Q2 2026. The financial debt increased by 115 millions, including the adjusted free cash flow of +€7.8 million.

Cash-out for dividend payments amounted €107 million and the share buyback of €21 million, and the €2 million earn-out payments. The remaining difference in the reconciliation of around 7 millions relates to a reduction of accrued interest liabilities paid in Q2, representing a cash flow with no effect on net debt.

Net debt year-over-year was up €40 million to €996 million, including the accumulated free cash flow over the last 12 months of €106 million, cash-out for dividend payments of -115, and the share buyback volume of €23 million, and €4 million earn-out payment on minor M&A activities. With that, our bank leverage ratio increased to 2.6 times, compared to 2.47 times at the end of June 2025, reflecting a higher net debt and the slight decline in the earnings contribution used for the calculation.

Then let's have a look at the performance of the individual segment. As is customary, let's start with Out-of-Home Media.

During the first half of 2026, segment revenue increased by 8.1% on an organic and 8% on a reported basis to €492 million, and outperformed the German advertising market significantly, as Udo already pointed out. As in previous quarters, Digital Out-of-Home again was the key growth driver, increasing by 18.5% to a total of €207 million, supported by programmatic demand and also the FIFA World Cup, which took place in June, which accounts for approximately €12 million in this segment.

Classic Out-of-Home revenue was 1% lower at €253 million. Services increased by 26.7% to €32 million, driven by the newly won clients, as mentioned in our last call.

EBITDA adjusted for the segment increased by 10.3% to €224 million for the first half of the year, and EBITDA adjusted margin improved by 0.9 percentage points to 45.6 during this period. Looking onto the adjusted EBITDA before IFRS 16, this increased overproportionately by 23% to €115 million.

The corresponding margin improved 2.9 percentage points to 23.4. From a Q2 perspective, basically the same picture emerges.

Total revenues of the segment were up 10.3% to €270 million, with Digital Out-of-Home as the main growth driver. EBITDA adjusted came in €128 million, compared to €117 million in the prior-year period Q2.

Then let's have a look at Digital & Dialog Media segment. First 6 months, the segment revenue increased by 5.4% on an organic and by 14.4% on a reported basis to €476 million.

Digital revenue was up reported by 2.6%, while Dialog revenue increased organically by 8%. On a reported basis, considering the additional revenues coming from Amavita acquisition, you remember last year, Dialog was up by 25.5%.

The adjusted EBITDA declined by 4% or €2 million to €57 million for the first 6 months of the year. The corresponding margin decreased by 2.3 basis points to 11.9, mainly due to a shift in product mix and higher minimum wages in the very personal-intensive Dialog business.

From a Q2 perspective, Digital & Dialog revenue increased by 16.6% to €245 million. Digital revenue grew by 8.3% to €113 million, as the strong performance of the programmatic digital out-of-home category more than offset the challenging online media market.

Dialog revenue increased by 24.9% or 7.4% on an organic basis to a total of €131 million. The adjusted EBITDA of the quarter came in at €30 million, just a million euro lower compared to the previous year period.

The corresponding margin was 12.2%. Last but not least, let's also have a look on the performance of DaaS & E-Commerce.

As expected, the performance in our third segment remained below the prior-year level. Segment revenues declined by 11.2% to €156 million.

In E-Commerce, revenue was down by 10% to €83 million, and it still reflects low consumer spending in Germany in that specific field. Data as a Service revenue was 12.2% below prior-year revenue of €82 million, and came in with 72.

Adjusted for the disposal of Statista's strategy and consulting unit, which we reported, and also negative currency effects, the organic revenue decline amounts 4. 4.4% year-to-date.

The adjusted EBITDA was €11.4 million for the first 6 months, down 43%, and the corresponding margin logically is also down 7.3%. If we look at Q2, the picture is very similar.

Overall segment revenue fell by just under 9% from €85 million to 72 million -- €77 million. Data as a Service recorded revenues of €36 million, down 11.6%, and E-Commerce achieved revenues just under €42 million, a decline of 6%.

These downward trends logically also reflect in the performance of the adjusted EBITDA, and the adjusted EBITDA margin, which stood at €6 million and 7.5%, respectively, at the end of the quarter. Having given you an overview on the details of the financials, I'd like to hand back to Udo for his remarks.

Thank you, Christoph. Before ending the presentation, let me provide some comments on the outlook for Q3 and the current trading momentum.

For the third quarter, we expect the following developments. For OOH Media, sales should grow in a mid-single-digit percentage range.

For Digital & Dialog Media, we expect sales growth broadly in line with the development seen in Q2 2026. For DaaS & E-Commerce, we expect sales to continue to decline in a low double-digit percentage range.

Against this backdrop, we confirm our full-year guidance for 2026. Let me now close the presentation with a short look into our financial calendar for 2026.

Our next scheduled reporting date is November 12. On that date, we'll publish our Q3 2026 quarterly statement.

As always, updates, reports, and roadshow presentations can be found on our IR website. Thank you, everyone.

We are now happy to take your questions.

Good morning. I have three questions today.

The first one is on Statista. Can you give us an update on where we are in the business model change that you've been trying to push through in Statista?

Can you just tell us where we are, how this is developing? The second one is, you're mentioning at some point that the product mix in Digital & Dialog is impacting your margin.

Can you just elaborate a bit more, what was that specifically? Then I guess there's been again, some bid speculation around Ströer.

Would you be able to comment on it or not? Thank you.

Statista, we are completely in line to what we said three months ago, nothing much changed. We changed the business model from selling seats to volume, and this takes some time because obviously our clients need to implement CompanyGPT first, then they connect their own data pools, and then they decide which third-party data pools they connect as well to their own AI backbone.

Everything is actually unchanged. We are going through a year where we're going to see difficult developments on turnover, because what we already discussed last time, all the long-tail demand where people, whatever, private individuals had a question, this is actually declining, obviously.

On the corporate side, things are looking pretty much the same like three months ago. We are in the middle of the process.

Before Christoph answering the second question, about speculations, there's nothing new. I think we said everything about that.

There are rumors, but there's nothing what we have to add now.

Let me maybe add one more thing on the Statista thing. Udo described that this is changed.

We have first B2B customers which we changed from a pure subscription to tokenization models as a test, and it turned out that the total revenue with these customers remains about at the same level, which is a very positive signal at this stage. It's the first test with first customers, but I think looking it pure financially, this is a promising first proof of concept.

You've asked about the product mix in the Dialog business, as well. Let me split it, Dialog Ranger, as well as the call center.

Mix in the call center is that you are well aware that we have German activities and we have nearshore activities in southern regions of Europe. Part of the mix changes is that we relocate business there, that is not only on internal purposes, but also on demand, and these things have an effect on revenue, but also a little bit on absolute margin.

That's part of it. Second is that in Amavita, we've also seen that in the early stage, we just took over the clients.

Now we are rearranging the calls, et cetera, et cetera. I think that also has an effect.

It's basically driven by internationalization as well as some client changes. On Ranger, we are still the core business in Germany is on fiber.

In Italy, we are working with a lot of energy contracts, electricity, and this is a weak market at this stage, given the macroeconomic environment. These are two drivers of the changes that you were mentioning.

Thank you very much.

Hi, thank you. Good morning.

It's James Tate from Goldman. I've got two questions, please.

I guess, firstly, on Out-of-Home, please, could you comment in a bit more detail on current Q3 trends? How much of a benefit is there from the World Cup in July, and how does the order book look for September versus August?

Secondly, on DaaS and E-Commerce margins, I think they're down around 3 percentage points year-on-year in Q2. Could you provide some color between the individual performance between Statista and AsamBeauty margins, and then how should we think about margins and profitability in this segment into 2027?

Do you think you can return to 25 2025 margin levels if the division returns to growth? Thank you.

Thank you, James. Look, we are not focused on, as we talked about it many times, on quarters, for the full year.

If you look back at the end of the year, I think we'll see that some business from Q3 most likely will have moved to Q2, because of the World Cup. That's why we explicitly figured out here the €12 million, what from our expectation was money which normally would have been spent in the second half of the year, and was put forward to Q2 due to the World Cup.

I think Q3 looks definitely a bit softer than Q2, because people's budget are the budgets, and if you spend it in Q2, you cannot spend it in Q3 anymore. For the full year, our expectations are completely intact.

If you look to the order book now, then we see a positive development in Q4, a little bit softer Q3. That's what we are seeing right now.

Can you repeat your second question, because I didn't fully get it?

In terms of DaaS and E-Commerce margins, I think have been under pressure through H1. Could you help give some color between the individual margin performance in Statista and AsamBeauty, sort of what's driving that segment-level margins, and how to think about margins in the segment overall into next year into 2027?

I think as Udo pointed out, in Statista, we're changing the model. What's actually happening there is that The big and long-tail market here is the big B2B market.

It's not the subscription of small individuals. We are changing that into a tokenized version versus a kind of a flat-fee usage on a monthly basis.

As I pointed out, that is not only work in progress, but it's tested with some customers and gives us positive signals. Overall, the Statista business, as we all understand, is a software-as-a-service, it's highly driven by volume and scale.

We've brought down the staff even further, and we are stabilizing on the current level in terms of margin that we've shown in Q2, and I would expect for the next 3 to 4 quarters the similar level before we hook up again, changing the model and having fully established. If I would model it, I would say, let's stick to the current margin level for the next 3, 4 quarters and then ramp up again, but it's difficult to say how fast the ramp-up is going to be.

On AsamBeauty, giving a bit more color, the business originally, as you're all aware, comes from TV sales. That has come down.

The target group is a little bit aging, and they seem to have bought enough, if I may say it like that. The biggest proportion of sales is in e-commerce to a younger target group, and also in retail, which means that we ship to German retailers.

By definition, what are the major margin drivers? Cost of goods are always the same, independent from the channel.

On retail, we live with a lower margin, because high volume, but lower margin, and we have to invest into furniture, and we are, as you are familiar with, in like Drogeriemarkt and Rossmann, and these kind of big chains. We're doing well there, but this is a lower margin than typically the TV and the e-commerce sales.

On e-commerce, we see that the actual conversion for people coming into the website is fine, but bringing in new customers is more expensive. We talk to our agencies and we look at our own online performance activities in the online.

We see that it's just a fatigue of the consumers in Germany right now. They're a bit slow.

On top, we have 35 degrees, which is not really the time to buy beauty products and makeups, which is our key products in that range. Here again, I would expect a recovery from the current downtrend in 2027 first half year.

Once again, fixed costs will stay the same, margin improvement will start step by step in the next I would say starting Q1 and Q2, step by step getting better to a, maybe not to the level that we've had 2 years ago, but to a much better level than we have today.

That's very helpful. Thank you.

Yes. Good morning, all.

Three questions on my side. Hello?

Can you hear me?

Yes.

Can you hear me?

Yes.

Can you hear me now?

Yes.

Sorry. Yes, sorry.

Three questions on my side. Can you hear me?

Yes. Yeah.

Hello, hello? Loud and clear.

It seems to have a delay between my line and yours, let me go through. First question on the advertising trend to follow up on the last question.

On the last call, you said that the second half should be stronger. Now you guide for mid-single digit in Q3.

Just to understand if your view has changed, and H1 has been better, H2 will be lower, or should we expect a much stronger Q4? That's my first question.

Second one on the OOH margin. Revenue grew by 10% and cash EBITDA grew by 18%.

Should we expect this strong operating leverage to continue in H2? Maybe could you also comment a bit on the rent evolution since the beginning of the year?

Last question on the ad manager project. You said earlier that the first test of the platform was going live.

Could you give us an update and what do you see in terms of customer demand and average spend, any data would be useful? Thank you very much.

Thank you, Jérôme. The ad manager, we are testing, let's say right now, pre-models, self-service models, but this is not the ad manager.

The ad manager, that will not be ready before the end of next year. That was maybe misunderstanding.

We are testing a self-service tool for cultural advertising, for example, is a more or less a simple web shop. On the other hand, we have a self-service tool for digital out-of-home, which we rolled out 3, 4 weeks ago, and where our own sales staff, our customers now collect the first experience.

This actually are, let's say, re-test environments, has nothing to do with the ad manager. The ad manager, we are on track with our coders, they're working hard.

We have, maybe we discussed at one time, we have coding teams in Czech Republic and also New Zealand and in Spain. This is a very experienced team, which was working on the SSP for a long time.

You might remember we have our own SSP. Now this team is actually working on the ad manager.

It will take until the end of next year until we have it really up and running.

The other questions, you asked advertising trend, and that translated in you wanted kind of have a view on current trading again on Q3 and Q4. I think the current picture for Q3 and Q4 perfectly matches our guidance.

The order book for the third quarter and fourth quarter is up from previous year, and we said that we're going to be about 5% gross, and definitely we see the same trend. I would just extrapolate first half of the year, which is, I think, fair for the rest of the year.

We've just had reviews of July, and that proves perfectly fine. Second question, if I got that right, was your question on revenue to margin impact in Out-of-Home, whether this is a stable one, and the 10 to 18 is a fair assumption also for the upcoming quarters?

Yes, I would reconfirm that by definition. This business, the next extra euro that we take in on existing inventory basically costs only the revenue share or rent, and no additional cost either in technology, capex, or working capital.

Step-by-step, it improves with marginal revenues, but I think the current spread is a fair one, which we also internally use for our extrapolation. The third one, you've asked about the development of rent.

I think it's a bit of a hard question, because we're not reviewing rents on a daily basis. We are changing rents with new concessions.

We either invest into technology, and discuss that with our landlords or with our concession partners. Overall, our ambition is to bring rent down, and on a non-disclosable contract level, we are very successful there.

We see that city governments prefer a bit higher guarantees, but are then ready to let go on their revenue share. We have seen that in Hamburg, for example, which we recently won, and we have extended our reach there, and were very successful in the latest auction.

I think overall, the rent will come down, but given the total volume of 300,000 individual advertising locations, you will not see a big step down in a single year.

Thank you very much. Thank you.

Good morning, Udo, and good morning, Christoph. On the financials, we saw the leverage ratio increase to 2.6.

Of course, Q2 is seasonally the highest, given the dividend payout in that quarter, but I'd like to get an idea, basically, of ideally where you want to see that leverage ratio by year-end. Secondly, a little bit just more conceptually going forward, Ströer's now investing quite heavily in the rollout of these mega outdoor screens, like you have on slide 1 of your presentation, with the 3D dimensions.

You've got the Lighthouse in Hamburg and a new one in Cologne, I believe. I'm just curious if the overall capacity, intensity of Out-of-Home Media is structurally likely to rise, and if so, how might you consider managing this with regards to your capital structure?

My third question is just briefly, any update you could provide us on the more permanent long-term CFO search? Thank you.

Thank you, Craig. CFO search is in an advanced stadium, we should see, let's say, results in the next 4 weeks, I would say, most likely.

We had a long process now already, and we are quite happy with the candidates which we have. For the second question, there is no risk for the capital structure, because we were very happy now that we could launch 3, 4 super screens at the same time or in the same year.

For example, The Whale in Hamburg, it was a 10-year preparation work, Lighthouse also a couple of years, and the capacity of these type of screens are super limited. There will be no impact on capex, because if we would be able to install such spectacular screens, let's say, in a bigger number, we would do it, but it's not possible in Germany.

Because of zoning restrictions, you mean? Yeah.

Yeah. It's very conservative in planning the country.

It's not Korea or China or America. Europe is generally very defensive.

Look, in, for example, in France, you get almost nothing through. UK is the most developed market up to now.

We are ramping up screen by screen, but it's always a hard work, and the administration, they only change very step by step the view how they look on that. The Lighthouse, yes, what you see on the front page is a spectacular screen, and we have another screen at the same square here.

It's a very exciting launch product, what we call The Landmark, where you can rent out two screens plus the square plus space inside of the clubhouse here. Again, this is an exception.

We've worked for many years on that. If we have at the end 10, 12 iconic screens in Germany, that would be really good results.

If I may just follow up real quick on that, I'm sorry. Are you happy with the returns you're seeing on those boards or is it more a marketing campaign, if you will, for the digital out-of-home medium overall?

No, the return is spectacular. I don't go in the details now, but the return is very strong, higher, much higher than average return on the average digital location.

Thank you.

If we look at the bookings for the first months of The Whale, we also see that we attract new customers, and we also feel that this innovation is creating more demand. I think it has also, as you said, has good returns, but it also has a branding effect and a marketing effect for Out-of-Home as such.

Maybe also fair to add that we are not planning or including exceptional capex for any of those. They are in our basic planning included.

The other questions you had was on the debt ratio. I think that ratio by the end of the year will be around 2.35, a bit higher than previous year, but going down again.

I think we're working hard on working capital improvements, and the last digit will depend on how successful we are in the fourth quarter on that.

Thank you.

You're welcome.

Yes, good morning. On the article in Manager Magazine that had a lot of detail, this is the fourth M&A rumor on Ströer.

Last time, at the third rumor, I asked you, Udo, and you said, "Don't believe everything you read in the press," and you answered Annick's question as "nothing new." Are you saying don't believe what you read in the press or is the message different?

That's my first question. On the World Cup in Q2, just to make sure it is €12 million, because I thought €12 million was the raw.

That's my second question. Then the third one is, can we have a breakdown of Statista 2025 revenue between corporate and retail long-tail, and is that the right way to split the business?

Thank you, Julien. So €12 million is the right number for what we see as World Cup effect, but this is not, let's say, on top money.

This is money which comes most likely from Q3 to Q2. People have the budgets, and if there are certain events in the year, they allocate budgets to the events and move it from somewhere else.

That is what we expect, but let's see. For your first question, I'm sorry to say I can nothing add here.

That is I can just nothing add. There's nothing new.

There's a lot of speculations, but we're doing our job here, and that's all we can say right now. The third question was?

On Statista, well, we are not planning to disclose the details and the breakdown, because we would have to add lots of definitions on that. Please accept that we will not do that for the time being.

Okay. Then maybe a follow-up question is capex was up because you said there was some real estate investment.

We bought some land, which is close to our headquarters, basically in front of our headquarters here in Cologne. We are planning to bring more people back to the center.

We have a spread-out real estate or office infrastructure in Cologne, as well as Düsseldorf, and mid-term and long-term, we plan to bring them all together down here, and we've bought land across the street for €9.8 million.

Does that mean you're going to also have further capex to basically build a building?

Yeah. Building in Germany means you do a pre-question, then you do pre-planning, then you do ask for the changes.

We're talking nothing in the next 2 years. It's safe to have it, and if we run out the long lease contracts in other places, we will review that.

We're not going to invest in real estate or to keep it on the balance sheet for a long time, if that's the question.

Okay. All right.

Thank you.

Yes, hello. Thank you very much for all the questions answered so far.

Just a few questions from my side. If you can comment on the progress of the share buyback space, and if there are any plans to accelerate, to increase the share buyback?

That's the first question. The second question is on the capex.

I understand that the increased capex now is due to the real estate investment, but if you can comment on the capex trends across different divisions, if the capex is up or down in the E-Commerce and in the Statista, and how much the capex spend is now at Out-of-Home and what we should expect going forward, please? Then the comments on the Q3, you expect mid-single-digit increase in Out-of-Home, based on the bookings you have right now.

There might be still some kind of mixed trends with pulling forward some advertisements because of the World Cup, but still World Cup was ongoing in Q3, there should be also some support. What do you see as underlying trends in the Out-of-Home, and what would you expect as underlying, adjusted for all the World Cup events for the Out-of-Home?

Thank you.

Let me start with the buyback. We've spent so far €21 million, which was close to 690,000 stocks at this level, which is currently for sure also supported by the speculation.

We are not planning to continue, but we have an obligation to have a look at it, but we are not obliged to spend the money. Far, it was €21 million, as we reported on our website.

Next steps would only be done if the share price was drop significantly under the current level. For the total year capex, we expect a total number of 104, which is a remainder of 52 for the second half of the year, similar level as 2025.

For the underlying trends, I think everything said in our statement here. We see unchanged trends, and we're not big fans of analyzing single quarters, because if people are moving campaigns from one quarter to the other, you see directly an impact on the quarter, but have nothing to say.

The question is, at the end, you see underlying positive development for Out-of-Home, and I think this is around the world, everywhere the same situation, slightly up, slightly down in different markets, depending on specific development in this areas, but underlying demand is unchanged positive.

Thank you. No, that is fine.

Thank you very much.

Sorry,

and just to understand on the capex trends, what are the trends on the capex at the Out-of-Home, do you expect the increase in the capex, or pretty much stable as last years? Thank you.

Pretty much stable as in last years. As I said, also the bigger ones that Udo mentioned, they will be always covered by the existing plans.

We take opportunities, but the decision on an conversion into digital is not a decision that we can take ourselves and then move on on the next day, but we have to discuss, prepare, do technical planning, et cetera, et cetera. This is why we have a 6 to 12 months roadmap, which we can perfectly analyze, and that says that we will remain on the same level as we were on 2025 and will be on 2026.

Understood. Thank you very much.

Thank you very much. Happy that we could answer all your questions, and we're looking forward to hear you back in November.

All the best.