Good morning, ladies and gentlemen, and welcome to AMAG Austria Metall AG's conference call for the first half year of 2026. My name is Christoph Gabriel.

I'm joined today by our CEO Victor Breguncci as well as our CFO Claudia Trampitsch. Together they will guide you through the development and results for the first 6 months of this year.

As usual, the presentation, the press release, as well as the half year report have been published this morning on our website under the register Investor Relations. Following the presentation, we will open the call for questions.

Participants joining online via Airmeet will be able to raise their hand once the Q&A session begins. Participants dialing in by telephone are kindly asked to press *9 to register for their question as well.

Before we begin the presentation, I would like to briefly draw your attention to the disclaimer that is included in our presentation as likely. With that said, I would now like to hand over to our CEO Victor, and he will start with the presentation.

Thank you. Victor, please start the presentation.

Thank you.

Thank you very much, Christoph. Welcome, good morning to our call of the first half of '26.

When moving to the first page, page 3, I would like just to show, this is the official first talk to you that if our constellation have been working together for the last 100 days. We know each other for some time already, and this is working very well.

I have to say, Alex Moser started in his new job, Chief Sales and Innovation Officer, and Claudia and I have been working already together since I'm here at AMAG, but as board members for the last for sure 3 years. Good.

Let's go into our summary financial performance. I give you a highlight in page number 4.

Then, of course, Claudia will deep dive with you on these numbers. Important is we have important positive information to share.

Revenue 8.2% up versus first half of last year, €850 million, driven for sure for growth in the rolling division, but also on the LME prices as we all have seen. On the second level you look at the EBITDA, which is a very important level of how we're generating cash, we see that we are above €100 million at 25% growth versus last year, which has to do, as I said before, with a very strong operational performance in Ranshofen, as I said in the end of Q1, a very positive market environment for our Canadian smelter in Alouette, and also driven by the LME price performance.

We see an EBITDA margin of almost 12%, which is an impressive growth versus the 10% of last year. When we translate this into net income after taxes, it's a more impressive result, 74% growth, which shows how the strategy that we have developed so far is really paying off.

I'll talk about this coming down in the next slides. Important is, all three divisions have performed positively well in the first half of '26.

Free cash flow, this is where the challenge resides. -€76 million, it's a big impact, mostly for building the working capital to make sure that the ramp-up that we're doing in the first half takes place, but also the devaluation effect of our inventories in the working capital that is attached to LME takes its toll on us.

We have seen that, on one side, EBITDA has positively been impacted, but the free cash flow, for the moment, we're adjusting it to really reflect what we're doing in terms of growth. As a consequence, liquidity and debt, although our stability remains untouched, we are there, we're prepared for whatever impact we have on the need of liquidity, €186 million, a reduction of 30% versus last first last year in the first half, but indeed, stable, solid, 2.7 net debt over EBITDA versus the end of '25, which was 2.3.

This is not something that keeps us worried. We are where we should be.

To finalize my financial performance summary, we are adjusting our bandwidth from €170 to €190 million EBITDA versus the €150-€180 that we had announced in the beginning of this year based on the current performance in our rolling division, the situation of the aluminum market, the LME pricing, but at the same time taking into consideration risks in the whole geopolitical tariff inflation scenario and how this market will persist in the coming 6 months. Going a little bit on the operational performance in the first half of '26, on page 5, we brought here some key highlights that brings why are we having this extraordinary or this positive performance in the first half compared to '25.

The successful ramp-up in Ranshofen. We see that we are able to perform from where we were end of last year to where we are now.

Q2 was a record quarter in shipments. We achieved 62,000 tonnes in this quarter in the segment rolling, driven by strong performance in our mill, productivity, but still remaining quality and delivery performance at a strong level.

This is an important element that we would like to share with you. This ramp-up that took place from the end of last year, and I'll tell you where it's coming from, it's also important to say that we are achieving very good levels of safety.

This is something that I want to bring in every meeting we have. We're achieving a TRIFR, which is our KPI of safety, of 0.7 in the first year of '26 versus 1.3.

When you compare ourselves to the majority of the rolling mills in the world, this is indeed a very important indicator of how we're performing in terms of keeping our work safe. Our employees come and perform their work, the task, and go back home safe and satisfied with their performance.

We are going in the right direction. This is a daily work.

This is not something that changes when we achieve it. Keeping the high level of performance safety is a task of every leader in the company, but everybody in the organization.

When I move to the right, order situation in the rolling division, we see that our strategic positioning, it's paying off, as I said. We have two very important rolling mill sets, mill number 1 and mill number 2, in one one facility in Ranshofen.

We are being able to gain market share in specific areas where we play some premium products, which is the heat exchanger market, even driven by the data centers and the cooling material that is needed to keep this data centers cool. We're getting some very strong positioning there, but also strong bottleneck limitations in North America, which drove additional demand for us, and we were able to capture.

I'll talk about this later on. Not only this, we see versus first half of last year an improvement in the aerospace sector, which is a reflection on the build rates coming from our main OEMs, our main customers, but also we see a slight improvement in the sentiment of industrial side, specifically in Europe.

When I'm moving to page 7, I bring a little bit more information on numbers. Half first half of '25, we had a little bit above 200,000 tonnes of shipments, 220,000 tonnes of shipments, and in first half of '26, we are in around same level, a 0.5% growth.

Below the water, when we look at below this number, what changed? Then I explain.

In the metal shipments, we of course, we are reacting to the tariff discussions we're having between Canada and the US. Portion of our production that naturally would go into North America, into the US, is now coming to Europe.

Even to us here in Austria, we received shipments in a magnitude of 5,000 tonnes in Ranshofen coming directly from our Alouette participation. We see that in first half of '25, we shipped 9,000 tonnes more, but we're going to see this reflection back in the second half of this '26 because we're adjusting and optimizing logistics there.

In our casting business, we performed very well in this first half, additional 2,000 tonnes, very important margin increase in this segment as well, despite the intense market for scrap, when we say scrap availability, and also scrap pricing that has a direct impact in our P&L. When we see the numbers in the backup of this presentation, we see that we are 4% below in the usage of scrap in our site, which is a reflection of how tight this market is, but also regarding mix that we produce in Ranshofen.

All in all, a very important element of our strategy. In summary, 8,500 tonnes more in the rolling division.

We shipped 117,000 tonnes in the first 6 months, which is an 8% increase versus 2025. When I come to page 8, we do a deep dive here on the relevant markets.

This is something we wanted to share with you to give a little bit more information how we see the market today. When we go into the first box, we have automotive and transport.

Here I want to say is our long-term strategy is paying off. We have been always looking at qualifications, customers that we need to develop together, being patient in developing these new customers.

We see when the opportunity came, we grabbed it. We see an impressive growth into the automotive segment in our business, but also in the magnitude of 30% growth versus 2025, as you can see there.

We see that the market is driven CRU forecast transport growth of 4.3%, and as we see the PMI in June '26 is around 51. We see, despite the pressure that the OEMs are feeling, if you read in the newspapers all the difficulties that we see in the major OEMs, we, for those platforms that are intense in aluminum, we are well positioned.

On the second one, we have heat exchangers. Very positive demand, as I said, driven by data centers, battery systems, and we are capturing all the market share opportunities we can.

Our sales rose 23% in the first half versus last year. It's driven by a very strong not only Eurozone 51 in the PMI, but also US 54, where we are also shipping globally in this segment.

Aerospace, a key market for us, a positive outlook for the next 10 years. It's all a matter of supply chain and how this destocking, build rates, supply chain capabilities to ramp up together with our key OEMs takes place.

Raw material as we are, with plate and sheet, we are in the beginning of the supply chain. We have to cope with this volatility that they have in their challenging supply chain.

Even though this happened, we have shipments going in the magnitude of 9% versus '25, which is a very important element of our strategic commercial strategy. Industrial applications, this is where we have a big impact in terms of how can we ship overseas into North America.

We have been successful in getting our product inside North America, but we're also taking advantage of this shift in the geopolitical battle for where the markets, where the products are going to go. We're taking advantage of the semiconductors business in Southeast Asia, and also a more timid recovery in industrial and the machinery in Europe, specifically in Italy and Spain and Germany, not in the magnitude that we would be expecting, but we see signs of change being executed there.

Packaging, a very key market to us over the history of the company, we adjusted our shipments in the first half of '26 together with the customers by around 20%, which enabled us to bring this capacity in other markets where we needed the cold mill capability. This has been all adjusted and negotiated.

The market remains stable. We have capacity developed for this business, but this ability to play with the mix, it's an important part of our portfolio.

This is what happened in packaging. We see a stable demand, 3.3% per annum in the CRU, but also in the Eurozone, the main market for us, is 51 in the PMI index, it's a good number.

Last but not least, we have on the others, these are small tonnage markets, but with very important margin that we see stability. No significant change in architectural.

In the sports area, we see a little bit of volatility there, but in the end, shipments grew by a little, 3%, which is important for the overall positioning of our portfolio. Going to page 9, we show in our mix, in our pie chart, of how we shift and where we are, we saw the main growth that I mentioned before.

The pie grew, and also there is a little bit of change in the mix. Automotive and heat exchanger are positive.

Relevance in our mix, aerospace, other transport, and sport, there's no change. In our mix, industrial and packaging lost a little bit of representativeness, although in all of the markets but packaging, we grew versus 2025.

Finalizing, and then we can talk more in the Q&A, finalizing the view of where we are today. I ask to be more transparent here on the target range, we are very well booked until most likely the end of this year.

We saw the evolution in the order intake, mainly driven for the new orders and new contracts we had in automotive, as I said before, especially in the supply chain bottlenecks in North America, but also in the market share gains that we had in heat exchanger and the growth in aerospace and industrial, which is still very positive for us. In essence, we are finishing the first half presenting to you a positive result, but still a very positive result for what's coming in the second half of '26.

I come back in the end. I give now to Claudia, Claudia can go over the financial performance of the company.

Thank you, Victor. I will now give you some more details and information how that all end up in our financial performance.

I want to draw your attention on the market prices for raw materials and for aluminum that we were facing this first half. As you can see on the slide, when you look for the prices, let's say, for the first for the second quarter last year and this year, but also for the first half last year and this year, in in both comparisons, we saw attractive develop developments for our business.

The aluminum price is higher than in the in the respective quarters last year. Also the Midwest premium rose.

This is due to US tariffs, as but they are also fully reflected in there, so it's built in the premium premiums already. On the other side side, we we still saw the decreasing of the alumina price, which is a very important raw material for our Canadian smelter business, and therefore, we could gain attractive margins.

When we now take all this information we gave you into how our financials came out, we first of all, I want to give some information on the on our group revenues. Here, as we already saw it's in the tonnage here, you can see that we could raise our revenue up to €850.7 million for the first half of this year.

What does it influence? Mostly, of course, our revenues are always quite hugely impacted by the volatility or development of the aluminum price.

This also you can see in our revenues here. A big part compared to last year is due to to aluminum price.

As Victor already mentioned before, we're not just driven by by market price, but also our actions on the on the on the sales side. Here we saw, regarding mix and volume, increase as well.

On the other side, decrease due to mainly FX changes, euro US dollar in our calculation. Therefore, we end up at the revenue of 850.7 millions.

This now brings me up to the group EBITDA. When I give you an overall view on our group EBITDA, we can say that we had a very good EBITDA this first half of the year despite all the market circumstances we are facing.

Why are we having this? There there are many reasons.

Victor already mentioned, we had we could increase our sales. We could We have a operational performance that's extraordinary.

We could do a ramp-up. What we also did is not just taking this the market conditions and and operational performance, but additionally optimizing where it's possible.

One example for that is that we we saw before that we had a decrease in volumes out of the metal segment, and this is due to that we decided to logistically combine shipments, which are not now not happening every month when we go into Europe, but combining it in bigger ships so that we are able to have a higher margin, but it will not occur every month, but every second or third month at the end. On the other side, we're we are very hard working on being also on the financial side efficient on our plants, to look at every to look at our costs, to to to to make it a lean company.

This also already pays off in our results so that we see at the end that we could raise, compared to last half, our EBITDA by 25.4%. When you see on the on the negative side, we have some influence on the out of valuation and roll-over results, the metal leg.

This is compared to last year, and here we have faced this year a backwardation on the on the on the on the forward curve, on the aluminum price, because when the aluminum price is rises quite high immediately, it was quite seen on the market as a short-term effect, and therefore on the long side, or a few months ahead, it was lower, and therefore you have a backwardation that that kicks in. Also we had some last year some higher valuation effects regarding the at at the 30th of June, which are now lower, and this is also also resulting in here.

When I now go to to the divisions, first of all, metal division, I already told you that we decided to have a have lower shipment volumes this half, this the first half of the year, but this will come back in the second half of the year. That's just a temporarily a shift of of of these margins.

On the other hand, the production at our smelter is high, we're it the the lower volumes are not driven by lower production, but by decisions when to ship. On the But nevertheless, due to the high market prices and our availability possibility and usage of selling to the US or to Europe, we are or even to Ranshofen, as we did it, we are able to really optimize our our EBITDA in the metal division additionally to to having attractive prices.

On the casting division, even as it is a challenging business, as Victor said before, we could, with being very focused on scrap availability, scrap prices, cost efficiency in this place, we could raise our EBITDA in this division there, €2.7 million. On the rolling division, we had an extraordinary EBITDA this months this half year.

All the details regarding operations and and sales, Victor already mentioned. I also want to add that also here we are we're looking at at our our our costs.

We're looking at being being efficient even having a ramp-up, being efficient and rising our productivity at the at the at the rolling department, but also doing a good job at looking and evaluating energy prices and having hedging hedges in place when needed. If we just look at look at the second quarter, this which amounts to €44 million out of the half of the year, which were 101, we see that most of the the the points that are are raised out for the EBITDA of the first half of the year were the same same same points that here drove to a higher EBITDA.

For example, alone the aluminum price, 2/3 of the increase of the aluminum price compared to last year was realized in the second half a second quarter. As we we we we explained in the first quarter, after the first quarter, that although the price rises, a price was higher, it it will kick in later, and this is what we are now seeing, that we, also having here smart hedging strategies, could could participate on rising aluminum prices.

This is now the case, and you see it in the second quarter. Other than that, there is is nothing specific we see that's that's in the second quarter to be mentioned additionally.

In our net income after taxes, when we look further down our P&L, we have no unusual extraordinary topics to be reported, it's just influenced by the positive trend in the EBITDA, but we have no additional topics here to mention. We heard before and and and it's a it's a given that when we have high aluminum prices, that does not only affect our revenues and our EBITDA, it also affects our working capital because of, now, higher higher prices of raw material, but also higher valuation of inventories and for sure, as the the the the numbers are higher, higher receivables on our balance sheet.

When you have, as we have it in our case, you have, at the one hand, this attractive market prices, which also lead to higher valuation, and on the other side, a row a rising in in orders and production and tonnage to should be delivered, which means we have to to build up more stock to be able to produce this in the in in in time. We have two main topics that affect our cash flow this year temporarily, but you can see it.

This is something that we, or I, in in in in in our sensitivities and in our liquidity management, are preparing for. When we have both of it in 1 year, like we have it now, to have a ramp-up in the rolling mill and the higher prices, this affects our cash flow.

Even though we have now a a free cash flow that's not that that's negative, that's at an operating cash flow at -€57 million and a free cash flow of -€76 million, I can tell you that's nothing that worries me because I I exactly know where it's coming from. It's something that we we could could have calculated we we had calculated before.

We were prepared for that, on our liquidity management preparing for that, and know that this is, as it's driven by by by action in our group that will be will be paying off in in the future is in the near future, we really could deal with this and see us, even though it's for the first half of '26 a negative cash flow, as a positive the positive results will occur in the future. Also, as I said before, we are were able, due to be prepared for for for temporarily negative cash flows, also be able to take decisions like selling out of the metal division later on and making more revenue or margin out of that.

Having said that, when we look at our net financial debt, it's, as we already said before, our net debt EBITDA to net debt was rising a little bit to the 2.7, but it's still stable. We know where it's coming from.

It's under control. We have all our possible measures in place so that we can very much use all our all the opportunities the market and sales are now facing to to to to raise the EBITDA and the revenues we can make this half of the year and the next half of the year as well.

When we to to finalize it, when we look at our equity, equity is stable. We could raise the the equity by 3%, and equity ratio is a little bit lower than than at the end of the year, also given the the the increase in in total assets because of the, like I would say, the higher valuation I mentioned before, and still, yeah, as we said, high high level and very good results for us.

Finally, I give you a short in overview on the key ESG indicators, and, we we always want to talk about our scrap utilization rates, our energy consumption, and, most importantly, already mentioned, the the the safety KPIs. All of this sounds solid range, good level, energy consumption going down, we're also on the ESG side.

We have a very strong performance, and given all the effects of having having a ramp-up and and producing more than than last last year, we're really on a very good second half. Now I hand over for Victor to to tell you what out of what we have had in the first half we expect for the second half of 2026.

Thank you very much, Claudia, for running through with everybody the numbers for the first half. Let me give you how we see the year of 2026.

As I said in the beginning, we are adjusting our guidance to €170 to €190 million based on three main elements. All divisions are performing well.

We are seeing stable production in Alouette for the metal side, the attractive price levels of aluminum, and benefit of the alumina price, but still being impacted, as Claudia mentioned, from the metal leg and also the backwardation that we're living today. This is to be observed because this impacts the P&L in the end very very heavily, depending on how it changes on all the geopolitical topics we're having.

Casting, stable, performing very well, a challenging market, especially driven by the automotive industry in Europe, where we see challenges in all levels of platforms, but we are able to capture the needed level of scrap and absorbing the price fluctuations on the scrap at the same time. Most importantly is capturing the prices and driving the cost efficiency.

We see stability in what we deliver until the end of the year, also a positive trend. In rolling is very good teamwork in sense of delivering the orders that we need to have so that we can really ramp up the site the right way, but also the excellent operational performance, quality, delivery performance, and stability, having the right mix, and again, also important level of focus on cost.

All the three drivers, all the business are driving a positive trend, we adjusted to €170 to €190 million. When we go to the second page of the outlook, I need to bring what makes us be a little bit more cautious, which is market prices can change, especially for metal, from one day to the other, depending on how the whole geopolitical situation happens.

There could be stronger impact on our business when we're shipping into North America rolled products where the tariffs today has an important impact. How this communicating vases would happen, and especially if there is an escalation in the Middle East, what will be the availability of metal coming into Europe, which could be an opportunity for a company that has a very intense usage of scrap in the mix.

We're confident that the guidance is a realistic and positive one, addressing all the elements that were mentioned before. With no further ado, I think it's time now for the questions that you might have.

Thank you very much for your attention on this last minutes. Christoph?

I think we can hand over to Ingo. Ingo, please do the introduction how the Q&A session works.

Thank you. Yes,

hello, and good morning, everyone. Can you hear me?

Yes. Yes.

Good. Congrats on another strong quarter.

My first question is maybe starting with one of your latest comments on the risk factors. We see a strong increase especially in gas prices recently, especially in Germany, I don't know the situation in Austria, to be honest, but how do you see this going?

Because such a strong increase so far, and you are heavily relying on energy. Is this fully regarded in your guidance?

Thank you for the question. Yes, it is regarded in our guidance.

We are managing the gas reality very closely. I have to say, when you look compared electricity power with gas, gas is 2/3 of our demand of energy, right?

Again, we manage this very closely. I see an equivalence in the whole European market on the pricing of gas, this is not something that I would lose competitiveness because we're all in the same boat.

We have a very strong management on that, and this level of gas pricing that we see is reflected in our guidance. If I answer your question, this is our answer.

Very good. Secondly, you mentioned a strong development in the automotive or incoming demand from the automotive sector.

This is a very positive surprise to me because, yeah, we know that the sector is struggling. How is that coming?

You mentioned there are bottlenecks in the US. Are you gaining market shares from competitors?

Or yeah, could you elaborate a bit on that?

Of course. Yeah.

We have to look at the market when we look at overall, right? Automotive as a whole has been impacted, most of the OEMs.

We have to look at the platforms in those OEMs that are in aluminum intensity, which has a different dynamics. We are well positioned in the platforms that are growing.

This is one answer. We recognize the difficulties that our main customers in Europe are having, especially in Germany, and we work side by side with them to see how to compensate this volatility in this fluctuation.

There were supply chain bottlenecks driven by not a positive how can I say, positioning of one of our competitors. I don't like to address that way, but it is a reality that gave the market in the US a reality of they need material coming from outside the domestic market.

That's what I said that our strategy paid off, is that we've been working side by side with this key OEMs for a long time. When the opportunity came, we were ready to absorb that fluctuation and get the additional tonnage that we absorb in the first half of this year.

If you look in our guidance in Q2 in Q1, when we did the press conference in February, we already addressed that opportunities that coming from automotive already seen in the end of last year, and it materialized as we said. We're gaining market share.

We're sustaining, possibly, this is something we're developing right now, what could stay for '27. In the other side of the equation is the heat exchangers that is driven by automotive as well, but mostly by data centers, as I said before, that needs battery cooling.

This is where we're really gaining market share. This is a very strong sales execution process.

In the both sides, we were well positioned from a capability and a quality and a certification point of view.

Understood. Next one is on the valuation effect.

I was a bit surprised that this had such a negative impact in the second quarter. We now see a stabilizing aluminum price recently, how do you see this effect going in the third quarter so far?

It's it's it's not just that everything of this materializes in the second quarter, but it's the difference to the second quarter last year. It's even as we had positive effects last year, it it's it seems to be even even a bigger valuation effect than you than we would would show if we just have the quarterly results.

It's more out of the waterfall. Mainly, what's what's in there is that we have valuation effects that are affected by by by many many different things.

I I just point out a few so that it's not just the metal price, it's it's in I would say 1/3 is is out of the the let's say the metal leg, the backwardation, the rolling over of of metal hedges, but there is also included a part for valuation of FX, FX valuation, and we have there the valuation of risk so so risk valuation of onerous contracts, so that we the risk provision where we see we, for IFRS, we have to take provisions if we have forecast negative contracts, and this also always influences the position we have in the valuation effects. Yeah.

It's not just driven by by the market. Not now to your question for the second for the for the second half of the year, there I also want to split that.

For example, for the for the backwardation and and metal leg and this part, we now see, for example, in in April April, May, we saw a backwardation, just for a few just if you look a few months forward in in in '26, for -$40 at the peak, and now we are at -$5. We are putting this into our sensitivities, I would say, we have this in there.

At the moment, it's lower. For the year-end, we we took some sensitivities on that so because we saw this year it's been quite volatile.

This market is quite so the the price aluminum price is at the moment not only driven by the demand in the market and the shortage because of the Middle East, but also headline-driven by the Middle East conflict. It could be that that there is still a lot of volatility until the year-end.

Some near fourth quarter is also could be the the part where we do where we have long-term contracts that could also per perhaps affect our valuation effects. This is all implemented in the guidance and and and shows the the the the the chances and risks we are facing there.

Understood. Last question from my side.

You mentioned the free cash flow development, which is not so satisfying yet, but you said it's a temporary negative effect. When do you think we could expect a swing into the positive here?

We are managing it quite closely, and a swing, I cannot give a exact timeline because as it's so much driven also by valuation at the year-end, and we have, as we said before, we have our inventories and receivables. I would say it will come back, but I can't, at the moment, say at which point.

We are really able to manage it. We know exactly where every million here is coming from.

What we can say, what is perhaps helping for understanding, I think the biggest thing is not, for me, when it's coming back, but what I see is we're still very well at the operations. We're good at managing the tonnage in our inventories.

We do a very good credit risk management on our receivables. It will come back, and the risks are very well managed, I'm very confident on that side.

Great. Thanks a lot and all the best for the second half.

Thank you.

Thank you.

Hello, can you hear me?

Yes.

Yes. Finally.

Sorry for that, yeah. Most of my questions have been answered already.

Congratulations on the results. I have two, three questions remaining.

Firstly, on the automotive discussions, can you give us maybe some kind of information on which OEM groups were responsible for this kind of improvement you've seen during the quarter? This would be the first one.

The second one, I know it's a tough question, you just outlined all the moving parts going into that, but within what range would you see free cash flow for the full year 2026? Third and last question, on net debt EBITDA, what kind of range do you feel comfortable in the long term given the character of your business?

Thank you.

Let me get the first one, which is the simplest. I am bound by contracts with all of my key customers and OEM, and we have a very strong confidentiality clause that we're not able to disclose because it impacts the whole market.

I can tell you we're well positioned in the biggest platforms, the key OEMs globally, not only in Europe, but in Asia, but also in North America. Unfortunately, I am not able to share that level of information with you.

On the free cash flow and net debt, I let Claudia answer.

On the free cash flow, as in my answer before, I tried to point out how difficult it is now half a year before to give that guidance on the free cash flow and just showing you how we're working on it, what's the influence there, and how we seeing it to evaluate and where it's coming from. Most important, it's temporarily and out of a positive and strong performance in our group and not because of lack of markets.

I can't give you an exact number on that. For the net debt to EBITDA, you see we're always below let's say far below 3, and also knowing that it's temporarily effect at the moment and showing a strong EBITDA, we're very confident with these numbers.

All right, fair enough. Thank you very much.

Thank you. Thank you to both of you Patricks, Patrick Steiner and then Patrick Speck, for your questions.

If there are any questions left, please feel free to give me a call afterwards. I'm always there for you.

Thanks again for joining this call. Should you, yeah, have any further questions, as said, please feel free to reach out.

Otherwise, I wish you a very pleasant Thursday. Enjoy a very hot summer and stay cool.

Thank you. Goodbye.

Goodbye. Thanks for your attention.

Thank you.