A wonderful good morning to everyone who is on this call. Welcome everyone, and thank you for joining our Q1 2026 results call.

We decided to hold the call today before noon to make it easier for as many of you as possible to participate, especially on a day where we are expecting several earning calls. My name is Manfred Stanek, and with me is our CFO, Helmut Sorger.

Helmut and I will guide you through the presentation, which is available on our website, and then, of course, also open the floor for your questions. I'm starting with slide 2 of our presentation, and let me start here with the strong momentum Semperit carried into 2026.

After building traction throughout last year and delivering a strong second half, we were able to carry this momentum also into Q1 2026 and achieve a very solid start to the year. March, in particular, was very strong with contributions from all business units.

Overall, we must say the first quarter confirms a clear operational recovery, especially giving the still challenging external environment, which is still marked by project delays and longer product life cycles in parts of our markets and moderate improvements in some other areas. Importantly, the improvement in Q1 was mainly volume driven, with pricing playing a positive, but secondary role.

At the same time, geopolitical and macroeconomic uncertainties increased again during the quarter, creating renewed volatility, and in particular, driving raw material costs. We responded with strict pricing and cost discipline, CapEx control, and focused cost measures, which supported then a solid free cash flow generation during the quarter.

Sales excellence initiatives, continued progress in innovation, and a disciplined multi-regional supply chain further strengthened our operational performance. As shown on the right hand of the slide, revenue increased year-on-year from €152 to €164 million, while EBITDA rose from €11 million to €27 million, lifting the margin from 7.3% to 16.4%.

While this recovery comes off a low base, it clearly shows that our measures are gaining traction, and we therefore also confirm our guidance and continue to expect operating EBITDA of around €95 million for the full year 2026. In summary, Q1 2026 marks a decisive step forward in our operational performance, even as the internal environment is becoming more and more demanding again.

On slide 3, you can see that our divisional earnings profile has become more balanced in 2026, following the imbalance we saw in the first quarter of 2025. On the revenue side, the split between Semperit Industrial Applications and Semperit Engineered Applications remains broadly stable compared with last year.

The more relevant message, however, is on the EBITDA side. In Q1 2026, SIA contributed around 37% to group EBITDA, compared with only 26% in Q1 2025.

This reflects a tangible operational improvement in this division. At the same time, it is also important to be clear: while SIA has made solid progress and is clearly moving in the right direction, it is not yet there where we want it to be in terms of profitability.

The division is still operating below its mid-cycle earnings potential, and further improvements therefore remain a key focus for us. Now moving into more detail into the two divisions.

On slide 4, you see the performance of our Semperit Industrial Applications division. In the first quarter of 2026, market conditions remained broadly stable compared with the fourth quarter of 2025, confirming a moderate improvement year-on-year.

Against this background, SIA delivered a solid performance with revenues increasing by 7.4% to €70.3 million, primarily driven by higher sales volumes. This volume recovery, combined with consistently implemented efficiency measures, disciplined cost management, and targeted share of wallet gains with our existing customers, translated then into a very strong earnings development.

EBITDA increased by almost 74% to €19.6 million, resulting in a substantial margin improvement to 27.8%. Looking at the market environment, the hydraulic and industrial hose market remained stable overall.

Several OEMs reported slight single-digit growth year-on-year, with construction and material handling showing relatively resilient demand, while the agricultural segment remained still cautious. The service and distribution business developed steadily across most regions, and in combination with continued pricing and cost discipline, this supported good profitability in the hoses business.

Following the moderate recovery at the beginning of the year, uncertainties have increased more recently, leading to a greater caution in customer investment decisions. As a result, we expect market developments to remain subdued in the coming months, with regional differences.

In the profiles business, in elastomer and sealing profiles, demand remains muted, particularly in the DACH region. However, our increased focus on less cyclical segments has already had a positive impact.

On the next slide, we are now moving to Semperit Engineered Applications on page 5. Following a weak, project-driven start to 2025, SEA delivered a clear recovery in the first quarter of 2026.

Revenues increased by 8.3% to €93.4 million, mainly driven by the Form business unit, and EBITDA tripled to €11.5 million with the margin recovering to 12.3%. Order intake and order backlog were both above the prior-year level, underlining the improving momentum in the division.

Let's look at the businesses. We are starting with the Form business.

Form delivered a strong increase in revenues and earnings. Handrails benefited from a solid demand in Europe and a growing aftermarket business, while the market in China is remaining challenging.

Mountain applications continued to perform very robustly, supported by high demand and a strong order backlog. In rail, Europe remains largely maintenance driven, although we were able to secure selected new projects in Austria and Germany.

In the United States, we are still seeing delays in high-speed rail projects, but visibility is gradually improving. In our Belting business, we see a clear year-on-year improvement in operating performance.

Order intake recovered in February and March from the seasonally weaker start of the year, and the order backlog at the end of the quarter exceeded the prior-year level. Regionally, the picture remains mixed, with improving demand in North America, selective progress in Europe, and continued competitive pressure in Asia, pointing to a gradual stabilization in a still challenging market environment.

Finally, the Liquid Silicone Rubber business unit also recovered from the project-related delays seen in the prior-year period. Revenues and operating profit improved, driven by solid demand trends and the successful ramp-up of key customer programs, particularly in the medical sector.

While the medical demand remains robust, other areas are experiencing more cautious investment behavior. Overall, the development in Q1 confirms a clearly improved operational foundation for Liquid Silicone Rubber, even as market uncertainties persist.

With this, I would like to hand over now to Helmut to take us through the financials.

Thank you, Manfred, and good morning, ladies and gentlemen, from my side as well. Permit me to start with financial highlights on slide 6.

In the latter part of 2025, we already saw positive demand and positive utilization effects, and this momentum has clearly continued into the first quarter of 2026, with revenues up 8% year-on-year, and EBITDA more than doubling. At the same time, we've continued to make solid progress on cost savings.

At the beginning of 2025, as you remember, we have defined additional overhead cost savings of €10 million. Of this, around €6 million were already realized during 2025.

Since January this year, we've delivered another €1.1 million, bringing the total savings achieved to €7.1 million out of the targeted €10 million run rate. Importantly, these savings build on a broader set of structural measures.

Since mid-2023, we've taken well over €30 million out of our overhead cost base, materially reducing our cost base, structurally strengthening our operating leverage, and becoming a more competitive company. At the same time, we remain firmly focused on free cash flow.

Strict cost discipline, CapEx control, and a strong focus on working capital management ensure that improved earnings translate into sustainable cash generation. This is also reflected in our strong balance sheet, with a net financial debt to EBITDA ratio further improving to around 0.9 times.

We continue to make good progress on our digital transformation as well. The first entities have already been onboarded to our one ERP new digital infrastructure, and with Odry and a large distribution site in Austria, more are scheduled to follow this year.

Let me briefly walk you through our key financials for the first quarter of 2026. We delivered solid top-line growth, with revenue increasing by almost 8% year-on-year to €164 million.

This growth was primarily volume driven, while pricing made a smaller contribution. The volume recovery clearly translated into earnings.

EBITDA more than doubled to €26.8 million, and the EBITDA margin improved significantly to 16.4%. On an operating basis, EBITDA amounted to €27.8 million, excluding €1 million of project costs related to our digitalization initiative.

With a stable depreciation, EBIT mimics the operational improvement, and earnings after tax came in at €8.9 million, and were also supported by an improved financial results. Importantly, improved profitability was accompanied by a good cash generation.

Free cash flow increased to €13.1 million, supported by disciplined CapEx, which was at €7.7 million. Turning the page to our long-term view and plotting last 12-month industrial revenues against the industrial EBITDA margin, the underlying trend becomes even clearer.

After a margin decline from 14.8% in Q4 2024 to a trough of 12.5% in Q2 2025, we now see a sustained upward trend. This improvement did not happen by chance.

Our continued focus on strict cost discipline, competitive overhead structure, and efficient production helped stabilize profitability during the softer quarters. As demand gradually recovered toward the end of last year and into 2026, this leaner cost base translated into a meaningful margin uplift.

The last 12-month view therefore clearly illustrates how operating leverage is re-emerging and how improved volumes are now feeding directly into higher profitability. The EBITDA bridge on page 9 tells a very clear story.

The sharp improvement year-on-year was first and foremost driven by higher volumes, illustrating the strong operating leverage in our business. Pricing and product mix effects supported the development, and in addition, overall cost developments was supportive, underlying the effectiveness of our ongoing efficiency and cost reduction initiatives.

Turning to page 10, you see a usual overview of working capital. Despite seasonal and volume-related movements, all components remain well controlled, and trade working capital ended at 16.5% of revenues, reflecting our continued discipline in cash management.

The next slide shows the development of our net financial debt, supported by free cash flow generation of €13 million. As communicated, we've not proposed a dividend for 2025, prioritizing financial strength and the ability to grow our business.

As of the end of March, our net financial debt to EBITDA ratio remains, with 0.6 times, at a very conservative level. The next slide highlights the robustness of our balance sheet.

Liquidity, our cash reserves remained high, with cash and cash equivalents of €101.8 million, while financial liabilities have remained broadly stable. In addition, our €100 million credit facility is fully undrawn.

Net financial debt declined 11% to €81.9 million, and the equity ratio remained largely unchanged at a solid 48.2%. Overall, this underscores a very strong financial position and provides ample flexibility going forward.

Finally, let me briefly summarize our capital allocation priorities. Our approach is clear and disciplined.

We first secure our industrial base through maintenance CapEx, then invest in growth and digitalization, while remaining open to strategic bolt-on M&A in 2027. At the same time, we've not proposed a dividend for 2025, prioritizing financial strength and future growth.

This disciplined use of cash ensures that Semperit is well positioned to execute its growth agenda from a solid financial base. With this, I conclude my part of the presentation and would like to hand back to Manfred.

Okay. Thank you very much, Helmut.

We are now moving on to slide 14, and let me close with a brief outlook for 2026. Building on the progress we have already made, we expect to continue the return to the growth path we have embarked on.

For the full year, our expectations therefore remain unchanged. We are targeting revenue growth in the high single-digit percentage range and operating EBITDA, before project costs of around €5 million, to be of approximately €95 million in 2026.

Looking at our two divisions, in SIA, the customer-side inventory reduction in the hose business is largely behind us, and at several OEMs we are beginning to see early signs of a modest recovery compared with last year. At the same time, demand for cyclical hydraulic hoses remains subdued in light of the ongoing geopolitical uncertainties.

The sealing business, supported by a stronger focus on less cyclical applications, is expected to stabilize at a low level. In SEA, the picture remains mixed.

We are seeing robust performance in areas such as mountain applications, engineered mining products, liquid silicone rubber tooling and healthcare components, as well as conveyor belts, in particular for the copper mining industry. At the same time, other parts of the portfolio continue to be affected by longer product life cycles and project delays, which could become more pronounced in the second half of the year if geopolitical tensions persist.

Uncertainty in the macroeconomic and geopolitical environment remains elevated, particularly with regards to raw material availability, pricing trends, and overall demand. We have seen notable price increases for certain raw materials, and we have responded swiftly with appropriate pricing actions.

Our procurement strategy is firmly based on multi-source and multi-region supply structures, ensuring security of supply and stable production. While further escalation in the Middle East could lead to additional disruptions, we believe we are well prepared.

Overall, despite those uncertainties, we are confident in our positioning. With strong operational discipline, a lean cost base, and continuous innovation, we are well placed to benefit disproportionately from an even moderate recovery in our end markets.

On slide 15, you see our growth strategy, and our mid-term growth strategy is clear: disciplined execution to execute a billion euros in revenue through profitable growth, built on strong market positions, technological leadership, and a resilient business model. This is giving us confidence in sustainable growth and margin stability also going forward.

With this, Helmut and I are now available for any questions that you might have, and I would like to ask the operator if you could please start with the Q&A procedures.

Good morning, gents. I would have a few questions.

The first one relates to the takeover offer and the response document that was issued. I read with interest that the decision of the management board members how to treat their shareholdings is quite diverse between selling and not selling and undecided.

Is there anything you can help us to understand why the picture on the management board is so diverse, whether this is an attractive offer or not?

Yes, it is diverse, and I think I will start answering this question, because my decision was a different one than from Helmut. I think we in our positioning paper, we showed the advantages and disadvantages that we see as a board.

We did not have a clear recommendation, and I think the different behavior of the different board members also confirms this. There is not a one unified action which goes then along with what we also have written in our statement.

I think I decided to take the offer. This is also a personal decision as an investor, which follows maybe a little bit a different logic than the logic of the CEO.

I look at this offer with my personal risk-profitability profile, also given my financial background. Taking this into consideration, I took the personal decision as a personal investor to accept this offer.

I'd like to hand over to Helmut to talk a little bit about his decision.

Markus, as an investor, now talking from the personal side, of course, I cannot offload my background as an accountant. Of course, as we outline in our response to the offer, our book value per share is above €20.

Of course, as an investor, I also look at these figures as a general investment strategy. Since the offer is below that, I've decided not to take it.

Thank you very much. Coming to the operational topics, and Q1 apparently was very much aided from declining material costs, and this you also outlined in the report.

Now, the question is how quickly and how pronounced you will feel the impact of what's currently going on on the raw material markets triggered by the Iran war? Can you help us understand kind of the dynamics, especially now looking already into the second quarter?

Related to that, how good is your pricing power? Q1 apparently very much volume driven.

Is it fair to say that the dynamics over the course of the year will be incrementally fueled by pricing? I think the base effect, looking at the full-year target of high single digit, now you are at 8% in the first quarter, the base is getting clearly more challenging, if I may say so, as we proceed over the course of the year.

What's kind of the picture that you can share with us?

Absolutely, Markus. We can clearly talk about a price shock.

We don't see gradual increases of raw material prices. The oil price has reacted, and spot rates and also oil delivered from oilfields have disconnected tremendously.

There's another layer to it, which is butadiene, which is basically a base chemical used for synthetic rubber, the manufacturing of synthetic rubber. We gave you in our management report the situation on the Korean market, which is prices more than doubling.

Situation unheard of. This is a price shock.

It's not about pricing power of all players in the industry. It's about how quickly you react, and the industry reacts to pass on these price increases through the value chain.

Yeah. We've taken these decisions not lightheartedly, but deliberately, because there's no way out.

We cannot sit on these price increases, we have to pass them on with the products we're making. Not only us, but all the other major players in the industry will and have to do the same thing, because no business will have the financial strength just to absorb that for a period of 6 months or longer.

This price shock is something that does not go away if we come to peace in Iran soon, that, of course, as human beings we all hope for. It will take a considerable amount of time until this price shock is out of the system and the supply chain.

The other part is we have of course raw materials on ship, on the ocean. Also just the dynamics of how quickly these price increases are going to hit us.

We saw no effect in Q1 because, as everyone, we use moving average prices in our valuation. Of course, in June we will have those effects.

We take shipments now of the goods purchased before the crisis, they're arriving, they're used in manufacturing. Of course, we will see in late Q2 these effects, and some of the effects are already apparent, yeah.

Q3 will be coined by these effects, because even, as I said, if we come to peace this week, Q3, Q4 will be impacted. Far, we've been lucky, and I use the word deliberately, that we have not run out of raw materials.

Our PhDs in the lab, our compounding, our procurement department are doing a tremendous job in approving compounds in sourcing from different parts of the world. In Asia, the situation is really, really dire for synthetic rubbers.

How is that going to impact our situation in Q2, Q3? Of course, uncertainty increases, but this inflationary process from this supply shock will certainly impact demand.

OEM demand is, as Manfred said before, slightly positive compared to the very, very subdued demand in the last 3 years, 4 years actually. It's a situation where you say, okay, you have some upside pricewise.

Of course, the raw material price increases catch up if you're not careful, yeah. It will impact us in Q3, yeah.

Okay. I appreciate there is a kind of a different time lag depending on the business area.

Do you think that by the end of the year you will be able to kind of compensate the cost pressure, so that price-cost spreads are more neutralized again? Is that a fair assumption or do you think margin pressure will prevail into the end of the year?

We feel confident as the entire industry will have to move into the direction of price increases, that will be able to safeguard our margins. Volume effects, as you've seen, if projects pushed, if OEM demand is just on a wait-and-see pattern, will certainly impact us.

We just don't have visibility, yeah. It's always good to hope.

It's not happening, but of course we run our forecasts, and the latest most probable forecast shows that we can confirm our guidance of €95 million EBITDA, operating EBITDA.

I would also add to that, our biggest concern is on the demand side, because we have shown and we have proven that we are able to pass prices on, also with how our contracts or our spot business is structured. With prices going up and with inflation starting to rise again, the demand is the unknown, and the concern that we have.

The third element to it is, of course, and here you are the experts, how's the interest rate environment reacting to it? We saw no increase now in April, we'll probably see interest rate increases in June.

Of course, this will have an impact on capital goods, yeah, that are certainly our customers,

yeah. Sure.

Raw material availability per se is not endangered? It's just a question

of

how much you pay.

Both, yeah. For certain raw materials, there is certainly a situation where there's a scarcity.

We mentioned the price effect of butadiene rubber in Korea. This is a price reaction which is crowding out certainly demand.

It's a supply-based shock. For certain it's not so much the polymers, but it's the things that you don't think of until you really need them.

It's like paraffinic oils, additives that are getting scarce because some refineries are acting I don't know if this is politically correct now, but are preferring, for some odd reason, to produce diesel and kerosene from the residual fractions that can also alternatively be used for paraffinic oils. Of course, if there's political pressure on the industry, then of course this is hurtful.

Then you have

to pay, how do we say, Markus, pharmacy prices, yeah. We're talking a couple of hundred thousand euros in cost, but if we run out of certain components, then of course the compounds we typically use need to be heavily modified, yeah.

Okay. If I then may take up one remark that you made during the presentation regarding the engineered applications, you were talking about the mid-cycle potential of that business, and that we are apparently still far away from it.

Can you shed some light on where you see the mid-cycle potential, and under which conditions or what's needed to fully unlock? Is it just a question of demand or is there more internally that you can do?

Yes.

No, I think overall when we talk about mid-cycle performance, in Q1 we had an EBITDA margin of 12.3%, yeah. We already have seen Q1s with between 14.5% and 17.1%.

While this Q1 is much better than the Q1 of 2025, there is still an upside potential when we look further back to other Q1s. The Engineered Applications division is very mixed, with very, very different end market segments.

I talk from copper mining to liquid silicone rubber in healthcare, etc. It is a diversified business, which also means there's lots of ups and downs, yeah.

I think in the balance between of the ups and downs, there are still 50% ups and 50% downs. Our target is definitely to have more upsides than downsides.

This is where we see a potential in some of the end customer segments to perform stronger. Does this answer your question?

It's more of a demand-cycle reference, and the product mix element

is

more internal kind of internal drivers. Point taken.

Exactly, exactly.

Overall, I would say that the Form business is overperforming. The Liquid Silicone Rubber business is where we expect it to be, and the Belting business is still underperforming.

If we bring the Belting business only to the average where we want it to be, we will already see a strong uplift in the margin, yeah, in SEA.

Okay. A final question in industrial applications, I have to say the margin was substantially better than I would have assumed.

Can you help me understand why Q1 was so strong, and almost 28% EBITDA margin? I understand there are no one-offs in there, but is it an extremely strong product mix, a combination of

I would say it was a sweet spot and a combination between volume, pricing, and cost. We really had a couple of months where everything came together: a good volume with a decent pricing and continued efficiency measures.

Everything kind of came together, which brought

us to almost

28% in margin, yeah.

Good utilization, if I may add,

because,

of course, we talked about the flooding in our Thailand factory in Hat Yai. Of course, we are catching up with demand, production is running well, and of course wide open.

Of course, this has contributed to this effect, yeah.

Okay. I guess Semperflex per se as a cash cow had a very strong quarter.

Also the Profiles. We're very satisfied.

Don't forget the Profiles business. We've taken considerably cost out of this business, and this is delivering at a subdued market, because the German construction economy has, to my knowledge, not kicked in yet.

Even at these levels, our EBITDA performance is very solid, yeah.

All right. Thank you.

Good morning. This is Sarah Hellemann from Nuways, actually.

We have few questions still on the working capital. The working capital increased, and this was roughly in line with expectations.

Do you expect to see more inventory over the next quarters due to the uncertainties and general changes in the market?

Yes.

Perfect.

Yes. Sorry to interrupt, because this is so clear for me.

We said I think it was in Q3 and Q4 calls already that we have this focus on working capital because we need to create the room for the upturn, yeah. Now, we've created the room in working capital for higher safety stocks, but also the inflationary effect that we now see with sometimes 20%, 30% higher raw material prices that we have, yeah.

I think done not of the wrong reasons, however you want to put it, yeah, but we'll see that increase. We have the room for it, and we've prepared for it.

Okay. You still cite in the outlook that you will profit from the German infrastructure program.

Now, according to some media reports, it seems that some of these funds have been diverted, otherwise used, or will at least not hit the way that originally they were expected to. Do you still expect to benefit from this?

Go ahead, Manfred. Now, yes, we see it mostly in our profiles business.

In our profiles business we make profiles, for example, for aluminum windows, which you see in high-rise buildings, and in business and in residential. As long as the infrastructure package in Germany doesn't kick in, we will not see this construction activity, and our products usually come towards the end of the building cycle.

To cut a long story short, it impacts us mostly in our profiles business. I'm also must say that even with a low utilization, which is now around 60%, we're still having a healthy margin in the profile business.

It could be and it would be much better when and if the German infrastructure program kicks in.

To add to this, of course, there's also a segment in the Form business where we do railway systems, silent pad systems for high-speed railway. If Germany invests into rebuilding the railroad infrastructure, this is certainly something where we want to participate, yeah, because we have products that are just designed to make high-speed railway safe and silent, yeah.

Okay. One question to the LSR.

You have stated that there has been a ramp-up in key customer programs. Do you care to elaborate on that a little bit?

We do two things in liquid silicone rubber. First, we produce the tools, yeah, for our customers, and then we use the tools over an average of 12 years to produce the parts.

We produce this for different segments, for washing machines and dishwasher in the household section, very strongly in the healthcare section for example, for insulin devices, but also, for example, for companies that make shower heads, where you have very delicate silicone parts in shower heads, yeah. In some of those segments, in particular in healthcare, we see a strong growth of silicone parts.

We had last year a record year in toolmaking, and of course we expect now in the coming 18 months that the part production is going to pick up because we are producing now a lot of tools based on the strong and record order intake in toolmaking in the last year. This is a little bit how the dynamic of this business works.

It is definitely, we see our Liquid Silicone Rubber business as a growth platform within the group.

Excellent. In SEA, you mentioned project postponements in some product groups.

Which exactly do you see the biggest problems still in, and what is the key reason behind this?

I would still say the biggest one is in our Belting business, because the Belting business supplies mostly the mining industry. In the mining industry, it's very CapEx-heavy industry where investors can have the flexibility to decide when they make big investments in mines all over the world.

We also see a volatile picture. Copper mining is still increasing.

Now we also see an increase again in equipment in coal mining with the global energy crisis. While coal mining from a strategic perspective is not a growth market, we see different ups and downs in the Belting business depending on our clients, which are playing in different mineral fields, yeah.

To cut a long story short, in the Belting business, we are stronger impacted by project delays than compared to other businesses.

Thank you so much.

Yes, hello. Thank you for taking the question.

I just have two left. One is actually on the inventories.

There would be two possibilities, and maybe you can give me a bit insight here. Have you increased the inventories more that you produce own finished product ahead of the possible price increases that are coming up, or is the increase in the inventories more caused by let's say, anticipated feedstock ramp-up, you simply try to get the input material already in?

Had there been pre-buys observable volume-wise with your customers? That would be one question I have.

It's very easy. In Q4 and Q1, we were running at capacity, we didn't have the chance to build up finished good inventories.

As soon as it's ready, it goes out of the door and is delivered to the customer. It's clearly feedstock.

Most interestingly, not only on the side of polymers, but also on the side of wire, because wire for many of our products is a key element. You're familiar with the European Union regulation on CBAM from imported wire, we optimized that situation in order not to have a competitive disadvantage producing in Europe.

The rest is basically an optimization. Pre-buying is not typical.

We do it very, very selectively, but it's not something that is typically in our very specialized polymers.

All right, thank you. Then the other one, looking a little bit possibly at chances, we see or you see what's happening on the supply chain now as the Iran conflict is a little bit in place.

If you screen also your competitors, do you see chances actually building up where you are possibly better positioned?

That's difficult to answer that question because our competitor profile is also very different. I think we have competitors in the Americas which might be better positioned than us because they do not feel the same cost increase in raw materials as we do.

The European competitors are all in the same positions as we are, yeah. I think, compared to some of the big competitors, I definitely think that we have more agility and also a better manufacturing footprint than some of those.

China right now is a little bit a black box for me when it comes to raw material prices, but I think you could make the assumption, the hypothesis that Chinese players are better positioned than Western European players when it comes to raw material costs. I think it is a mixed picture, and I would say the advantages and disadvantages are fairly balanced.

What we definitely saw is that all our competitors also went out with price increases as far as we know, at least, which makes us think that they are absolutely in the same position as we are. Why wouldn't they be?

I'm not sure if this answers your question, Stefan, but this is how I would evaluate the situation.

All that's fine. Thank you very much.

Thank you.

Ladies and gentlemen, thank you very much for your time and participation. Of course, we remain available for any additional questions that might come up.

Please do not hesitate to reach out to us, and then we will speak again in this circle at the latest when we present our Q2 results in mid-August. Thank you very much, and have a nice rest of the week.