Yes. A wonderful and very warm welcome and a very good morning to all of you.

Also from my side, very warm welcome.

Yes, it's a beautiful day in Oldenburg. The heat is not yet up, I am sure we will look into a very beautiful summer day today.

Summer is an important time for our clients to take a lot of pictures. I hope either you had your holidays already and took a lot of pictures and are in the phase of preparing your personal photo product, or you will be still going on holiday and do so.

We have a very good call this morning, we are proud to announce very good figures for the first half year. The Q2 was a really strong Q2.

Also, we would like obviously to reiterate our very beautiful story of the acquisition we did announce actually during my holidays. I know some of you have been on this call, but not all of you.

Of course, we will reflect on this acquisition, which we announced in July, where we had the signing. I would say a call with good news for today.

Let's start with the latest news, which are, of course, no news anymore, but it's important to reflect a little bit to give you again our view on why we did so, what is going to happen, what is the outlook for the Kodak Moments acquisition. We acquired the Kodak Alaris, and I will come to that one.

It sounds all a bit complicated, but in fact, it's very easy. Of the global instant photo business of Kodak Alaris, which is called Kodak Moments.

Which is important, it's a very strong brand, and it's something which will strengthen our brand portfolio here. Us.

We are not only the CEWE brand. We are a so-called house of brands.

We are managing a diverse portfolio of brands, may it be Pixum, may it be WhiteWall. We will add a really strong and international—we can say global, a really global brand to our brand portfolio, which of course is based on the iconic Kodak brand.

You all will know it. It's a brand which emerged in the film business, which is still very strong.

Of course, it had its challenges, but I will show you the Kodak Moments brand is a fresh brand. It's a strong brand, especially in the US.

It's a young brand, also. Kodak Moments, if you happen to look it up in a dictionary, it's something which found its way into dictionaries, and it's defined as something which is really a moment which is a cherishable moment, and this brand was loaded by social media in the past 10 years, especially in the US.

What is Kodak Moments doing? It's very similar to what we call our on-site finishing business.

If you happen to live in Germany and you walk into a dm drugstore, for example, you might find our red CEWE photo stations, or if you happen to live in the UK and you walk into a Boots store, you will find our CEWE photo stations, or if you happen to live in the Netherlands and you walk into a Kruidvat store, you will find them. If you happen to live in France and you walk into a Leclerc, you will find the CEWE photo stations there where you can print on-site, this is why we call it on-site finishing, where you can print on-site your pictures.

This is a very similar business, they provide the hardware. You can see this in the upper right corner into retail locations.

Obviously, they provide software for this hardware. Obviously, they are products which consumers actually can print on with different designs and forms and shapes and what not.

I will come to that in a little bit, Kodak Moments also produces the, as we call it, it's quite a technical term, the consumables. Though the media kits which go into this hardware, because, if you want to print something, there must be something inside.

I will come to this in a little bit. They have the strong advantage, and this is one of the strategic rationals, the strong advantage of having a production facility producing these consumables.

You see here for the first time, I would say for the first time in one of our analyst call, actually, we're showing the globe. We're not showing Europe.

I will come to that in a minute. We're showing really the globe because Kodak Moments is serving retailers around the globe, and not only some retailers, really strong retailers.

If you have been to the US, and I'm sure you have been to the US, you know CVS, you know Walmart. Latin America, Farmacias, one of the strongest drugstore chains in Mexico, Kmart in Australia.

Maybe your summer holidays took you to Disneyland Paris, could be, or will take you to Disneyland Paris. Kodak Moments is also very active in amusement parks.

Disneyland is a very good example for that one. If you're on the roller coasters, and this is really, I would say, top-notch technology which is built at Disneyland Paris, you can imagine at the right moment in a roller coaster, pictures have to be taken.

You can see them on screens. You can buy them as a digital product.

You can buy them as a printed product. They are also in locations like that.

Talking about technology, with this deal, we also bought about 400 patents in the sphere of on-site finishing here. Also very interesting.

Patents are important in today's world, we also acquired about 400 patents. No, well, if I say we did acquire, we have to be sure we will acquire, because yes, we signed the deal, but the closing is not yet done.

We will come to that in a minute, forgive me for this one. Kodak Moments in a more, let's say, fact-based sheet here, what is that company about?

It's about €200 million of turnover. We will have 500 new colleagues joining the CEWE Group, including some in the production.

I will come to that one in a minute. They are serving about 16,000 points of sale directly with 37,000 connected photo stations.

We have about 25,000. They serve also a lot more which are not connected, but that's a different business.

They do about 1.5 billion prints annually. We do in our on-site finishing about 400 million, just to give you a little bit of order of magnitude here.

As said, they have a production site in Windsor, Colorado. The main office of Kodak Moments where most people are being employed is in Rochester, which is upstate New York.

I would say closer to Toronto than to New York City. Yeah.

Again, this is the map. We would have focused a bit more and just showed you the European map, but that's the map you have been used to.

This is where the CEWE Group is being present. We are present in most European markets.

We are the European market leader, and now we will add the global scope of the network of Kodak Moments. CEWE, your company, well, if you're an investor, and if you are not yet, want to become one, your company will become a real global company with activities around the globe.

The main ones, the key markets there are the US, Mexico, Canada, and Australia. This is where most of the revenue outside of Europe, because they're active in Europe as well, outside of Europe is taking place.

We are adding really new key markets. I told you what they are doing, but it's a brand which connects with consumers at the point of sale.

This is something which always made CEWE very special. We talked a lot in these calls about omnichannel, I think it's omnichannel here, which we are driving.

This, of course, strengthen and will strengthen our omnichannel position around the world. It's something which made this company always special.

This is how we grew the business, and this is how we will be growing the business as well. Retail has been important and is still very important for CEWE, which is very different to some of the competitors, which limits them in their growth as well.

I told you, and this is nice, these are our photo finishing brands, and now we will add Kodak Moments to that one. We made it a bit bigger and put it more to the center because this is the news obviously here.

I talked to you about the production. What is production?

What does production mean if we talk about Kodak Moments? It's about, and this is the subline you see it here on the sign, the thermal media manufacturing.

This is a photo actually in Colorado. This is how it looks.

A bit dry. We know that now in Germany and in Europe it's a bit dry as well here.

It's a bit dry. There's not a lot around, it's in the close to Denver, Colorado, on the footsteps of the Rocky Mountains.

Rocky Mountains are quite nice, but down there pretty dry, and well, a lot of flat land where not a lot is happening, actually. Why thermal media?

That's the technique that most photo stations around the world use in order to print on paper. There is not an inkjet printer or a laser printer in there, it's a thermal media.

That means there's a so-called ribbon which connects with the paper, and the ribbon brings basically the picture onto the paper. This is a thermal process, and which takes place within the photo station.

Of course, this material must be produced. This is a photo from the manufacturing site in Windsor, in Colorado, on the so-called wet end.

This is gravure printing machine. It's a huge machine, a lot larger, a lot different to what we used to have here.

It's about, I don't know, about 50 meters long if I would guess, and about, I don't know, 8 meters high. It's a monster, I would say, with large cylinders.

There they print on these ribbons. It's a very thin, it's about a 10th of a millimeter, very thin foil which will then connect with the paper.

This is the process which takes place here in the so-called wet end. Then there's a dry end.

Dry means there's no printing, no chemicals involved, where those so-called media kits, which at the end go inside the photo stations, are being produced. We also at CEWE have these media kits.

We have them as well, but as of now, we buy them. We buy them from different suppliers.

They're all from Asia. We have had challenges also in securing our supply chain.

You might remember the crisis we had in the Suez Canal and so on and so on. We had quite huge dependencies, with this step actually, it's a vertical integration we're doing, and we make ourselves a bit more independent from these suppliers, which is an important part of the strategic rationale we do here.

What's happening, and this is what makes this deal a little bit more complicated than just a normal acquisition, it's a carve-out. There's a company called Kodak Alaris.

This Kodak Alaris company actually emerged when Eastman Kodak went bankrupt in 2012. Then this company was spun off.

In this company, there are basically two main business units and in the one, there are also two main business fields. Two main business units: one is Alaris, they call it mostly Alaris, not Kodak Alaris anymore.

It's a B2B field where they produce scanners. Actually, they produce the machine, the hardware, the scanners, for companies which have a huge demand of scanning documents, libraries and things like that.

Totally different business, nothing we are in, and we don't want to be in there to be quite honest. In the Kodak Moments business unit, they have the Kodak Moments brands, which is this retail photo solution.

I talked about this one the last couple of minutes. Then there is the film actually distribution, analog 35 film for cameras, which carries the Kodak Professional brand.

We will be carving out this retail photo solution business out of Kodak Alaris. We will take the Kodak Moments brand out of Kodak Alaris.

It's a perpetual recurring license from Eastman Kodak, we don't buy this brand, but it's irrevocable. It's forever.

Forever we are allowed to use and work with this brand. This is the transaction scope, and does make also for finance this transaction a little bit more complex than others, right?

Absolutely. A

couple of key facts again. I talked about the carve-out here.

It's part of Kodak Alaris. Of course, this closing is subject to regulatory approvals.

We expect completion, and there are a couple of more closing conditions, as you can imagine in this deal, but just regulatory things. The carve-out has to be managed, within 6 to 12 months, that's fair to say.

We have transaction pre-closing costs. You saw that in the announcement of our figures.

That's part of the deal, nothing special about. It's well-calculated in our ROI calculations, nothing to worry about.

You need to hire a couple of lawyers, you need to hire a couple of people which do due diligence. We didn't want to run and you don't want us to run blind into such an acquisition.

We need a good contract, we need a good due diligence, and obviously there are some costs associated with that one. The purchase price, we communicated that, the enterprise value is about €88 million, and then, of course, there's an equity because there's a bridge then, and we assume that there will be a cash-out of about a little bit more than €70 million depending on the final bridge there.

Profitability, yes, because it's something which was owned by private equity for a long time. They have not invested, they have not really been growing, they have not acquired new retail partners.

New retail partners uses a little bit of investment there. We will start with a single-digit profitability, it's a profitable business.

We did not acquire anything which is distressed or something like this, but is something which will get a lot more profitable under our hood. This is important to note here.

Strategic rationale, and I think I reflected a little bit already in my speech here, it's really the combining strength of two strong brands. CEWE is very strong in Europe, and to be quite honest, nonexistent outside Europe.

Kodak Moments is very strong outside Europe, we see the opportunity and our instant photo business growing. We will be having a stronger growth right here, and obviously also adding more geographies brings growth to us.

We will be growing the Kodak Moments business, it's not about acquiring a stable business, it's about acquiring a growth platform here. Oh, this is the second point here, yeah.

We want to scale the business geographically, adding more retailers. We have a huge chance for adding a real growth engine to the CEWE business.

It's a very high strategic fit. If we talk about strategic fit, we also have to talk about people.

I realized I didn't talk about people, but that's also very important. If we do an acquisition, we look really closely to the people.

Will those people fit our culture? Can we build a combined company here which is based on the same values?

We found very passionate people, very, very enthusiastic people about photo, very enthusiastic people about us acquiring that business, very enthusiastic about that, quality-driven people. This is really a great bunch of people which will be joining the CEWE Group.

We are very proud, and that was important for us as well. We can talk about revenue, we can talk about profitability, we can talk about strategy, but to have the right people on board is really important, and we have the feeling that this group of people fits perfectly to our group of people here.

Again, omnichannel is a very important point. We have been driving forward this omnichannel approach if you look at what we do with our retailers here.

We see a lot of chances to add exactly the same notion to Kodak Moments, again, part of the growth story here. We believe in retail.

We see it, we see every day what's happening here. It's the entry point for many, many people connecting with our brands.

I just invite you to go into these retailers, look into the retailers and see what especially young people are doing. The Gen Z, this is the target group of on-site printing.

If you go into any dm, around noon time, you see a lot of people after school, young girls especially, looking at beauty products and printing pictures. This is a really highly attractive target group which we will be, well, adding actually.

We are addressing the target group with CEWE, but adding geographically here with this acquisition. I talked about the international expansion, new core markets are being added to our portfolio: first the US, Canada, Mexico, and Australia, really strong markets.

We see a lot of potential for growth, especially in these markets. May there be even more growth options?

You have been seeing that there's India on the map, there's China on the map. Looking at the current revenues which Kodak Moments does in these markets, this is currently rather small.

There might be even more potential there, but this is not factored into our thoughts as of now. We might be looking in, I don't know, 1, 2, 3 years into that as well and see if there's more potential there.

I talked about the vertical integration. It's more control, it's value creation, it's securing the supply chain, very important step here for us to be more vertically integrated in this important business field.

What's going to happen? Signing, well, it's not today.

It was back about what, 3 3 weeks ago, something this. We did the signing.

Obviously, we are in the preparation now for closing. They are in the preparation for closing.

We are really on full throttle here. There are a lot of things which needs to be done.

Obviously, we have an interest to shorten this period of time as much as possible. They have an interest to shorten that one.

I can't tell you, there's so many dependency on there, but we expect about 6 to 12 months then to closing. Then it's about integration and growing the business.

Really, this is a growth case which we acquired. This is a growth case which adds profits already and will be adding profitability as well.

There's a lot of scaling options in there. We are very strong about this one.

This case changes the CEWE Group dramatically for the better, really for the better. Isn't that nice?

It's about Kodak Moments. The CEWE brand is about joy, and we thought, isn't that nice that we can create moments of joy together now, and this is what it's all about.

These two brands really and these two businesses fit very well together. Turning a little bit more into the strategic perspective here, we also completed our sale of the commercial online print.

To be quite frank, this is also only a couple of weeks ago. It's not half a year or a year or 2 years ago, this is just a couple of weeks ago.

We changed the scope, the strategy, well, not the strategy, because the two of us talked to you about a year now about what we are going to do with CEWE. We told you we're going to focus on photo finishing.

Obviously to focus on something means where you don't focus, where you maybe defocus in some way. It's always easier to say what you want to do, but if you say what you want to do, you also need to say what you don't want to do anymore.

This is what we did. We did a very nice transaction on the commercial online print division.

We have been seeing some costs in half-1 2026 here, and you will see that in Zerka's presentation, but it will be a strong benefit coming up in the second half of the year in Q3. The closing has been done beginning of July, and obviously we expect pretty nice effect.

You will come back to that one, which will be seen in our Q3 figures. This was strategically very well for the CEWE Group, but it was also operationally, as a deal, a very good deal for the CEWE Group.

This, for us it's almost forgotten, Sirka, a little bit, but it's the first time in our analyst call that we can actually talk about the closing being done here. This has a high impact, but it's something very consistent to the strategic rationale which we have been talking to you for the past 12 months.

We sold that. It's closed.

Oh, it says here, yeah, completed effective July 2nd. We are a photo finishing company.

We are a brand company. We are a house of brands focusing on photo finishing, and now we are global.

The sale, it says here, also improves CEWE's financial figures. You can say that we talk to you about that one.

Now combining all these things together, I think you will be looking at a very strong growth engine within the CEWE company. Now let's look a little bit to our results.

Okay. With this being said, you probably might remember all the strategic discussions also and information we gave to you.

Coming now back to our results here to the to the existing business, we completed first steps, but also you can see here that we showed the numbers with with numbers of our commercial online printing and excluding. Under accounting ruling, we are going ahead with reclassification under IFRS 5 and take certain effects already out.

On the other hand, the cash came only in on the 2nd of July, after finishing the year the first half year. That's why Thomas mentioned that the effect from a profitability point of view only be seen if we finish the consolidation by the third quarter.

What can we conclude of our business of Q2? We can see here a significant growth in our revenues, which is, I would say, especially under the circumstances that the German market is very difficult for a lot of e-commerce business, but we still see with this as a core market, we can also see here, compared to the previous year, a significant growth of 6%, excluding our commercial online business.

The EBIT is from an operational perspective comparable to what we have seen in the previous quarters, which is typical for our season. A good and and solid result on the one hand.

On the other hand, we, of course, due to our activities of the first half year, I would say, we spend some money for getting our strategic direction implemented, and this is not for free, of course. The transaction costs you can see here will be loaded on our P&L as well.

We have to show also these effects. Still, at a later stage, you will see that we stay with our with our predictions and plans, we don't take these things away, but we come later to that.

The group EBIT for Q2, solid operational-wise €3 million, and then corrected by transaction costs for the sale, and of course, also the transaction costs what we had to anticipate for getting the signing of our acquisition of start done. A proportion of that amount will be compensated by the seller at a later stage, and so but still we had to reflect it.

We that's why we have a reported EBIT after Q2 of -€7.4 million. Having a look on our first half year, in addition to all the activities we had, we can see a strong operational first half year.

The first quarter was a bit tougher than the second one. If you would ask our people, they would say no, it was the other way around, because we had really a lot of things here to prepare and get under control, I must say.

Operational-wise, we are really satisfied, and also from a result point of view, we are not unhappy with our profitability, which is, of course, under—and we shared it over the last months—also market-wise, cost-wise, it's something where we have to be very focused and concentrated on steering all our activities with higher logistics costs, higher material costs. All this is also falling into our field, we have really to manage these circumstances.

We promised, and I mentioned it in the beginning, as long as you talk at least also to me on these investors conferences, we were sharing that we are focusing on our photo finishing business, and I guess we not only to ourselves in the management, from a management perspective, a favor, also for the team at our commercial online printing business. They have now, I guess, a harbor where they can also develop and a flourishing business in a way that they have their, yeah, hometown found with Saxoprint.

That's why we can now focus on our photo finishing business, which will be strengthened by the addition of Kodak Moments. We will have furthermore insights of that in the future while we are preparing the closing and then later the integration and really implementing the growth.

I guess also for the people at Kodak Moments, it's maybe also a good move because we have a heart for pictures and photos. Operating performance, as I said, the turnover continued more than expected, and the result is on a typical seasonal level.

That's why we stay with the guidance for this quarter, especially also the expected turnover growth. We will, of course, have a closer look at the third quarter, but it is expected to stay at the line what we have communicated.

So €780 to €810 million, and the EBIT will stay in the range as what we have communicated. Let's talk a little bit more about photo finishing.

I'm happy to announce that again we have kicked off our international CEWE Photo Award, and which is the biggest on Earth. This year, we have decided to donate 10 cents to UNICEF.

We are happy and very curious to what will achieve our I would say our, how to say, the die Speicher our...

The amounts of pictures uploaded?

The amounts of pictures, and what we would see there. Pretty nice, and we are very curious.

Then also, we are proudly present our new product, which was the winner of our internal innovation days. It's developed together with Swarovski, and it shows here in the video you can see that a lot of Swarovski crystals are at the surface of a picture and creates a very sparkling moment if you look at the picture.

It was, as I said, the winner of our innovational process. The wall arts will be presented in 200 selected, especially bigger stores of Swarovski, and it also creates, of course, a higher visibility of our product.

Coming back from this sparkling moment, coming back to the business segment photo finishing itself, and here it's underlining what I had said before: 7.5% increase in turnover all alone in Q2. Usually that period is for taking pictures, and obviously our customers were already on the way of creating photo books.

You can see also here an increase of sold photo books by 1.5%, and also with a turnover increase of 3%, and also the turnover per photo, we will see it later, continued. We are very happy to see this.

We are always have in mind what is coming up with the season, and if we have a good and strong year, we are happy to, and looking forward for the season because usually this trend is not really changing. Looking at the EBIT, I explained a little bit, €1.7 million, €2.0 million the transaction costs for our acquisition, but overall the operational result stays comparable to last year.

The seasonality of our business is significant, and this is a very typical second quarter for us. Here it comes to a conclusion of the first half year.

As we have a weaker first quarter, you can see the turnover growth of 4.5%. All in all, it's not changing the overall picture, and it sums up what was said before.

Photo finishing turnover per quarter, here you can see also visualized to what I have said before: a good growth in the turnover following the trend, and we are happy to see that the growth is steadily going absolutely in the right direction, and is a little bit in the second quarter above the target range. EBIT-wise, also for us, from an operational perspective, no surprise, and completely within the range and our expectations.

The number of prints and the turnover created by the photo finishing, you can see here also that we were over what we had planned. The increase, you can see here what's driving the turnover in photo finishing is not only the number, but also the value of the photos, which is following to what we have seen especially in the second half of last year.

Very good. Summarizing here, underlining the number of total prints increasing, and also the value here you can also see a little bit the impact of the first quarter.

So 4.5%, which we are happy about. Number of photo books, which is our core product, and especially we are happy about that the higher value of the photo books continues to increase.

That is especially, you know from our discussions, that we are having a high focus in making our photo books more attractive to customers, creating new features within the photo book, increasing the premiumization of the products. This is now also it's good reflection here in the numbers.

Here summarized for the first half year, and last time in our presentation, we will talk... Right.

Yes,

the very last time, yeah.

We are going ahead and report a little bit about our commercial online print. We always communicated the challenges of that business unit and which is driven by the overall market decline, and also where our I would say manufacturing heart or technique and the qualification of our people obviously make a good success out of it.

This is still what we see in the first half year combined, so that the EBIT is on a level where not really a something is really earned, but it's also from a turnover-wise the loose of business is not significant. They stay with the amount of business, which is already, I would say, an outstanding performance of team and technique in these declining markets.

We wish and hope that for the second half year of that business so that they are keep going and also can take some positive effects out of the acquisition Saxoprint did. Retail.

You probably had a little bit a question mark because also Thomas mentioned, we are focusing also on a retail business. We are investing, we are developing our stores, and we also took the decision to have the product portfolio in these stores more focused on higher-margin photo products like frames or photo albums, which are closer to our core business, also because of the, we call it hardware, the expensive cameras, where we cannot compete with other suppliers like the Amazons and other specific suppliers for that.

We are reducing by that decision, focusing on a different product range, we are reducing a little bit the turnover. From an EBIT perspective, if you go on the next page for the first half year, you can see it's not so bad, and we are heading towards the break-even, and hope that this decision, and it's really the retail business, and so that we are developing it from a margin perspective in the right direction.

It's like our other segments. It's very small.

It's just we have also a segment where we can put what is not really directly connected to our business. You can see here is we had a little bit higher profitability because of the improvement in the earnings coming out of the property lettings.

Nothing more to be said on that. That leads me to the financial details, having a view on P&L here for the Q2.

It's showing or translating what we have said before into numbers. The increase of revenue, you can see, but also you can see, of course, here the group-wide view on our cost impacts.

You have seen €3 million more material costs, you have seen the transaction costs, and also we have hired a little bit more people for the photo finishing business, also the increase of personnel costs you can see here. We come later a little bit more to the effects on our cash flow, we have not only acquired something, we have not only sold something, we have also implemented S4, S/4HANA.

It was, as you maybe all know, the last month before you go live, and we had a big bang implementation. We went live with all our businesses in all the countries at the same day, and we've got prepared for that.

With the cutover planning and the migration, also from an operational point of view, we had a little bit to fill our storages and making sure that we are, from an operational point of view, are prepared for that. I can tell you we had a very smooth go-live, and so we were all the time very curious to see what's going to happen, but not really big things happened, all was fine.

All our plans went in the right direction. The operational expenses are mainly driven by the advisory costs here, and higher IT expenses.

Of course, also we took a bit more speed on getting the things done for the S4 implementation on the last mile. This is, of course, also be reflected in the cost bases.

If you have a look into our balance sheet, you can see that we have obviously something going on on our asset bases. You remember that in the first quarter, we bought properties in UK and in Germany.

On the other hand, we sold the business and also the facility at Saxo Park, our Saxo Park in Dresden. Then we did the reclassification under IFRS 5, because then you hold the assets for short-term basis, and that's why you can see here the jump in the current assets compared to previous year.

That is reflected here. All in all, the relations within the balance sheet are changing.

On the liability side, you can see that the retained earnings and the balance sheet results, plus also the dividend payouts, also the shares we bought back, the effects you can see. All in all, the balance sheet sum stays at the same level, whereas the equity ratio is increasing now to 71.2%.

As I said, the free cash flow is reduced towards -€18.3 million, and this is mainly driven due to the working capital effects we had, and payouts. Also to get prepared for paying earlier, and so the accounts payables were paid with a higher speed to not having a unfortunate situation with suppliers, of course.

Also for getting our things into storage to be prepared for any delays just in case we are not ready with our new accounting system here. That's why, all in all, the cash flow from the operating activities look a bit different.

Also we prepared you already in our last call that this is something what was planned, no surprise for us. Also the cash flow from investing activity decreased by nearly €2 million, and is mainly reflected by lower capital expenditures on property, plant, and equipment.

All in all, then the free cash flow is shrinking further. The return on capital employed, last time diluted, and so it still remains on a solid level at 16.5%.

These figures will be changed in the next upcoming times, I would say.

Yes. Thank you very much, Sirka, for the quick run-through our figures.

Let's sum it up a little bit. We did dispose our commercial online print activities.

We did acquire Kodak Moments, and we launched S4. All of that was happening in Q2.

As you said, it was a stressful Q2 for many of our people here, but we delivered good results operational as well, which is very important here. Yes, you did see some effects on the balance sheet, on the cash flow activities, also due to the S4 launch.

Nothing to worry about. We are very confident about what we have seen in Q2, and I will tell you we are confirming our outlook going forward as well.

To be honest, this story which we have here, and many of you have followed us through many of these years, this will look even stronger if we are able then to really add the Kodak Moments business to that one. Usually we don't believe in hockey sticks, but it will have the form of a hockey stick a little bit if we add this €200 million turnover here.

After closing, our story continues, and this very clearly our story will accelerate. With this acquisition, our story will accelerate.

I think here, and if we go on the next slide as well, you don't even notice the disposal of the commercial online print activities, but I can tell you, in a positive way, you will notice our acquisition of Kodak Moments on the revenue side as well as on the profit side. We are confirming our 2026 outlook as of now.

That was too quick, I thought. That was too quick.

This includes also our targets in photos, in CEWE photo books, in operational investments, and so on. We are strong about this business, we are strong about the acquisition, we're strong about CEWE, I think that's fair for to say here.

Just to remember, if some of you might have forgotten, and this was something we were hinting to, this is something we will post in Q3. Obviously, we will deconsolidate, I think that's the right technical term here, we will deconsolidate the commercial online print segment.

The cash is already here, but you didn't see that on the free cash flow because it did arrive in July. As we said, there was the closing in July, and you will see the effect of the deconsolidation.

It will be quite strong. We did communicate quite openly about this one, and this is something you can be looking forward to in Q3, I think that's fair to say.

This being said, happy customers. I think we can stay a little bit on this chart here, and you can say, well, this is just the chart, there's just the chart.

No. This is in a nutshell, in a picture, our strategy, because everything we do here now at CEWE in Oldenburg, in all of our countries, is geared towards end customers.

That was not the case with commercial online print. The whole company now is behind this picture.

Our commercial online printing colleagues said, well, our customers are, I don't know, buying centers at larger corporations, for example, and so on and so on. This is really what drive us.

If you had a look into our offices, you would see in some of the hallways already, we've put up Christmas trees. Yes, you can say we are nuts, and of course we are nuts, but with 35 degrees, tomorrow it's forecast to be 35 degrees here in Oldenburg, our people have to prepare Christmas campaigns.

Coming back from holidays, the school holidays, today is the first day without school holidays in Lower Saxony here, those people have to prepare the Christmas campaigns, and we have to get them somehow in the mood. One of these small little details, we are putting up Christmas trees so that these consumers and these customers will be happy and looking at their individualized photo products underneath the Christmas tree.

Thank you very much for your attention, and we are looking forward to your questions.