Thank you very much. Ladies and gentlemen, good afternoon and good morning to the U.S.

This is Attila Doğudan. I am together with Johannes.

We are both Johannes in Istanbul, and Bettina and Attila Jr. are joining from Vienna.

This time, we are very happy to share our Q3 results, and will be then ready for the Q&As, as always, once Johannes has finished. We had, again, great nine months, the best ever results in the history of the company, as you have already seen, I guess.

Revenues have increased, which you see then on page 3 in the presentation, by 5% up to 1.236 million in total revenues. If you look at the revenue increase at constant currencies, it's 18%.

It's the first time we report this as well to have a good comparison for you without the FX up and down, to say. The EBITDA of 227.7 million means an increase of 15% of 16%, and the EBIT of 163 means 17% increase.

Net result, and is with 84, an increase of 16%. Even more important are the margins, but we're going to come back then in a minute to this.

You see in the three divisions: the Airline Catering with 1.4 billion is a 6% increase; International Event, 274, 1%; and Restaurants, Lounges, 8%. If you look on the results EBITDA and EBIT, it's far better, obviously, as you see.

We're always overperformed the increase in sales with the results of EBITDA and EBIT. You will see then in a minute or I will come back in a minute then in detail in all areas.

Let's go to the highlights, to say. Free cash flow of 182 in comparison to 91 last year, and net debt ratio of 0.2 makes us really really very happy.

Equity ratio of 41 is another part which really works well for us in comparison to 32% in the previous year. We have the three divisions, where I go back in a minute, but I think it shows that as a team, we, in majority, are doing the right things, and even more important, keeping our promises to you, showing that our strategy of being financially very healthy and then invest in education and growth is basically the base of what we will achieve for the future.

We are now at stage two, means education and strong growth is on the map, to say, and by keeping our innovation and quality level, we believe that we will be able to scale the business now in the right speed we always wanted. You might seen in our press release that we have announced today to commit to seven new Gourmet Kitchens, 12 Demel Coffee Houses, 12 Henry retail, and three DO & CO restaurants.

Furthermore, we expect growth in the segment of lounges, and we'll go to all major airports' tenders where we have a location anyway, wherever there is a chance to go, or airport gastronomy, as I think we're now in the situation and being able to scale this in many other locations as well. If we go first to the Airline Catering, after I think the key, which is always the driver of the success of this company, is innovation, quality, and I think the most important obviously, is always the people who are the real asset of DO & CO, and they make the culture and the differentiation in comparison to the rest of the market.

In Airline Catering, the 1.45 million means a 6% increase; in constant currency, even 22%. EBITDA increased by 16 and EBIT by 19%.

We can go through all areas. As we are in Türkiye now, this is a incredible, great market.

Turkish Airlines is doing very well. We had today the announcement or even a press flight of the 15th 500th aircraft of Turkish Airlines, an Airbus 350, where we had a three-hour flight with journalists, and what was announced again to double this fleet of more than 500 aircraft to close to 1,000 aircraft.

You see an incredible market, not only Turkish Airlines, all the other market participants, not in the scale like Turkish, but are increasing the capacities, which means for us on this market very good opportunities to grow with our partner Turkish Airlines, but as I said, even with third-party clients, will head up to an incredible kitchen here. As you might know, the foundation is done of the new building, which will be the biggest kitchen of the world with 150,000 square meters, and will be in operation in hopefully latest two years, and then go up to 500,000 meals.

This is a kind of doubling the capacity of today, and we're very proud to be part of this process. The second biggest market or the second biggest area, to say, is British Airways, Iberia with IAG Group.

Both of them are doing very well in both locations. We have very good relationships, and I think or I hope, and we see on the NPS scores that we deliver a product which is appreciated by our clients and at the same time the clients of the clients, of the passengers.

This is basically always the most important thing. Iberia has won again the ambassador of Spanish gastronomy, and British Airways is very much focusing on quality increases as well.

Delta Air Lines, we had trouble when we started, but it's all ready, stabilized now in all areas. At least we are in a regular business which does not burn any money.

We're starting to make money out of that, which means on the U.S. market, we step-by-step progress and we'll do better.

The other U.S. carrier we are very proud of is JetBlue.

JetBlue does an incredible job, especially with Mint class, where we have them on the main JFK airport, when you land in JFK, you see a lot of DO & CO trucks. I think we have a great market share there, which is one of the busiest airports of the world.

Furthermore, in Airline Catering, you have on page 13 a lot of new clients. We got a lot of new clients.

The ratio of winning contracts is more than 60% of all the tenders, and if we do not win, is the majority that we are not willing to deliver a product which is maybe not covering our costs only for the sake of market share. It doesn't make sense, we will not follow this kind of strategy as some of our competitors do.

We see that there is enough growth on organic side for us, and get enough opportunities to get all these clients. If you look at the list: Air Canada, All Nippon, Cathay, Etihad, EVA Air, and so on.

All of them are major airlines delivering a great product. Coming to the second division of International Events, 274 million is a small increase of only 1%, which is basically caused by the non-event of EURO in this year.

Last year, we had the EURO in comparison to now, and if this would be the same size, then the growth would be 13%. In real business, we grew, but as this event happens every four years, we have every four years the same problem the year after, to say, in terms of growth.

Nevertheless, the EBITDA with plus 9% to 35 million and 5% to 28 on the EBIT side shows that we do our homework. I would say we're proud of all the clients we have in this segment, not on this segment, in all the segments, but Formula 1 is the one where we have the tightest relationship, to say, where season number 34 is going to happen now.

We've started in Barcelona and this week with Bahrain, this week and next week with the test, and then we'll go to Australia and then to China, and this season will end just beginning of December again. As Formula 1 is now the benchmark of this industry, not only in demand.

We have incredible pre-bookings for all the season and, I would say, almost all the locations. It's very much appreciated what kind of level Formula 1 delivers in total experience, and you might have seen a lot of comments where money is shifting to hospitality and this kind of guest experiences, people really like to go to premium events, and I think we cover a few of them, as and Formula 1 is obviously one of the best.

Allianz Arena, Bayern Munich, a long story, which is a very close relationship, too, works super well in public and in the VIP areas. Olympiapark, which is under construction now for I think one year, is SAP Garden additionally, where we have basketball and ice hockey.

We have every week, I would say on average, two to three events. It's fully utilized stadium, which for us, regardless what's happening, is always additional business.

In tennis, we are proud of the Tennis Masters in Madrid, which is, I would say, after the Grand Slam, the most successful tournament, and especially in hospitality, I think half of the stadium is already hospitality, people go to these kind of events as a social event, and they really appreciate. The next on the line and on what you read is FIFA World Cup, which we did in Miami and New York is a pre-World Cup.

I guess one of your questions is what's happening with the World Cup. We thought it's done, but now we are sort of partially back in the game, I cannot give you a clear statement, but it's not over and we will know it in the next two to three weeks if we do something and which part we can do in this kind of business.

It's a little bit weird because it's only three months to go, exactly 121 days, I think it was yesterday, but when we did Qatar, it was 100 days before the first match where we have been awarded. We do not expect to get all of it, obviously, which does not make sense, but we might get a good portion of it with the important games and the important locations, but we'll come back to you as soon as we know something.

The rest is business as regular in this division. Coming to the restaurant business, plus 8%, EBITDA of 21 and EBIT of 30 shows that what we has promised you, I think two or three years ago, that we're going to focus in this division, and once we know the good recipe how we gonna run it, then we will expand.

This is the reason why we are now at the position to expand the retail, to expand restaurant business, and to expand all the lounge businesses. We believe we are now settled with the right setup, with the right people, which we ongoing will invest in the DO & CO Academy, which we shared with you last time.

We believe there's an incredible opportunity, and this is a B2C business which is driven by us, and if you look to the margins, then I think it's a very interesting part, which was always the small baby in the group, and we believe very much that it will grow strongly. Demel is a success story since COVID, to be honest, when we started with Kaiserschmarrn, which is the Austrian pancake.

Everyone was just a little bit kind of thought this is nice, but now we have really strong, not only demand, we have incredible frequencies through this product that all the other areas, from the coffee shop to anything which is retail, which is merchandising, is really really booming. The restaurants in Vienna and Munich, same, nothing special.

We'll go in some refurbishment, especially in Vienna, because it's 17 years old and we believe the benchmark we need to have a kind of flagship store and benchmark for the whole group, and there's what we have. Hotels doing well, very profitable.

We're very happy to got the Michelin star, and belonging to one of the best in Munich. Airport gastronomy, the same.

We just won a tender in Vienna with a big Demel location, two further Henrys, and a big bar. This business, I think, really makes sense now from now on to invest and to go to the next level.

Finally, in a nutshell, I would say that we're very happy with the steps we did, and we believe this is the best way to sustainably grow this company and develop this company. I can assure you that we are now on full gas, to say, in this game again, and we'll, as one team, put all of our power to realize all the targets we're sharing with you.

I can promise you, on the macro level, to say, that we are heading the double-digit EBIT in the next two, three years and targeting the 3 billion. If you see the organic growth combined with what we have announced today, we did still, I would say, the target of 3 billion is very reachable in a decent period.

FX rates always can some interrupt or influence for a period something, but not the business case at all, and that's the reason why we decided to report constant revenues as well from now on, you have a better comparison of real life, to say. I have to say a big big thank you to you for your patience in the last months, and maybe one, two years, when we said we don't want to go stupidly and burn money just for the sake of growth.

I hope you appreciate that the strategy of going step-by-step: first of all, becoming financially super solid and consolidate after COVID, and then invest in people, which we will do constantly, and then go in strong growth, I think really makes sense. Now we are at the step two of three, to say, together.

This is in a nutshell before I hand over to Johannes. Thank you very much for listening, and we're then ready for your Q&As.

Thank you.

Thank you. Good afternoon, good morning, also from my side.

Thank you for joining us today. Before we go into our financials in more detail, let me first summarize our key messages for the first three quarters of 25/26.

Our organic growth is double-digit across all divisions, as Mr. Dogudan mentioned, even when we exclude inflation effects in Turkey.

Second, we have once again improved our margins in all our divisions. I would particularly like to highlight here the net results grew over 15%.

Then our cash flow performance clearly shows that our earnings translate into cash. This underlines the high quality of our results.

In addition, we have further strengthened our balance sheet, and finally, I think we have built now a strong financial foundation for future growth, a message that we also clearly communicated in our press release. Let us start with our income statement on page number 27.

In the first nine months, revenue increased by 18.3% at constant currency, compared to 5.2% reported. I think this clearly reflects the underlying operational momentum across our business, while reported figures were impacted by FX movements.

More importantly, the quality of earnings has improved. EBITDA margin increased to 12.2%, EBIT margin from 7.9 to 8.7, and net result margin from 4.1 to 4.5.

This margin development is the result of disciplined pricing, operational efficiency measures, strict cost management, and a consistent focus on profitable growth rather than volume at any cost. On that slide, I would like to highlight as well the return on capital employed of 39.8%, which highlights the capital efficiency and scalability of our business model.

Looking at the third quarter specifically on page number 28, we continue the positive trend. Revenue reached 630 million.

While slightly below prior-year numbers on reported basis due to FX translation, our organic growth remains strong at 15.9%. This underlines that demand in our core markets remains strong and robust, and our growth remains clearly in the mid-teens.

As you can see in the chart, the prior-year Q3 benefited from positive currency effects, meaning reported growth was higher than organic growth. This year, the situation reversed.

Again, margins in Q3 improved further compared to Q1 and Q2. EBITDA at 12.4%, EBIT margin at 8.9% on a record level, net result margin improved to 4.9.

On the bottom of the slide, we want to show you our FX development for the first three quarters. As you can see, Turkish lira is down by 19%, British pound by 3%, and the U.S.

dollar by 7%, compared to -6, +2, and 0 last year. Turning to our divisions on slide number 29, we see margin expansion across all three segments, which is particularly again important from a structural and strategic perspective.

This is a clear sign that operating leverage is now fully visible on our P&L. Airline Catering improved from 7.4 to 8.3% on an EBIT level, International Event Catering from 9.9 to 10.2, and we made a big jump also in our last division, Restaurants, Lounges, Hotels, from 8.4 to 10.2%.

On page 30, I would like to start with our balance sheet. I think the most important message on our balance sheet is very clear.

We have strengthened again our balance sheet and further reduced leverage during the first nine months. Total assets increased slightly to 1.26 billion, mainly reflecting the strong increase in cash, which rose to 267 million, up by more than 50%.

This increase was partly offset by lower trade receivables, driven by payments received from Turkey, UK, and U.S. and a good working capital management, as well as fits related reductions in PPE with the right-of-use assets.

If we move on to the page number 31, I would like to draw your attention to the equity side first. Shareholders' equity increased significantly to over 500 million euros, reflecting strong earnings generation, and as a result of this, equity ratio is at 41.5%.

At the same time, we continued to actively reduce financial liabilities, our financial liabilities decreased, mainly driven by lease liability reductions and also loan repayments. As communicated previously, we will repay the remaining bank loans of approximately 65.8 million in the upcoming periods, of which 56 million will be paid in Q4 now.

Let me walk through our cash flow statement on page number 33. First, we increased our gross cash flow from operating activities to 199.6 million, representing a 47.7 increase year-over-year.

This strong performance was driven by a higher gross cash flow of 220 million and a significant improvement in working capital in that period. Last year, working capital had a negative impact of 27 million; this year, contributed positively with 17 million.

Again, clearly demonstrates that we're not only growing earnings, but also converting growth into cash at a very high rate. Second, our free cash flow increased to 182.9 million, almost doubling year-over-year.

I think this also clearly underlines the strong cash conversion of our business model. Free cash flow after IFRS 16 payments is up by 140% to 147 million euros.

In our last calls, we communicated that CapEx will be at around 3% to 4% of revenue this year. As you can see, year-to-date CapEx stands at 43 million.

Full-year CapEx will reach approximately 50 to 60 million, which is a bit lower than expected, and for next year, we forecast around 100 million of investments. Despite investments and repayments, we increased our cash position by 108 million.

I think again our cash flow statement also highlights as well the quality of our business model. Let's move on to the last page, number 34.

The net debt-to-EBITDA ratio has decreased to 0.2. This effectively brings us very close to a net debt-free position.

Importantly, this is not a temporary fluctuation, but the result of sustained earnings growth, combined with strong cash conversion and disciplined capital allocation. Finally, as confirmed in our KPIs, as return of capital employed or equity ratio, our results clearly show that our financial strategy is effective.

Organic growth remains strong, we're more profitable, and our margin expansion is structural and sustainable. I think this provides now a strong financial foundation for continuous growth and value creation.

Thank you for your attention. I will now hand over to Attila again, and then we look forward to answering your questions afterwards.

Thank you.

Thank you very much. Now happy to have your Q&As.

Yes, good afternoon, everyone. Three ones for me, if I may.

The first one, if we can have a little bit more details on what happened with the World Cup contract, what has changed for this new discussion with them, and if you think this might be the next step for maybe accelerating the penetration into the stadium market in the U.S. That's the first one.

Second one, in the event catering division, the growth excluding FX is double-digit. Do you think that this will continue into 2026, and if you can detail a bit where this growth is coming from, if it's volume, if it's prices?

More details will be appreciated. Last one on the EBIT margin, it has been up 20 basis points over the nine-month period.

It's well above what you initially expected for the full year. What is your view for EBIT margin for this year, and where is this improvement coming from, especially when you look to cost of materials in the nine-month period, it has been slightly down?

What's the reason for that, and how do you see EBIT margin evolving also for next year? Thank you.

Thank you, Julian. Maybe I start, and then Johannes will continue.

On the World Cup, as we have this reported a few times and it was a tender process which took one and a half years, and as FIFA is not doing it on its own, there is an agency doing it. They bought the right of the hospitality.

We never got an answer, but we never got a no and we never got a yes. Believe it or not, this is in this industry something which happens is not like a big surprise, but we thought now that we will say this time this is done and we're sorry and it did not happen, but just a week ago, we received a call saying, 'Are you interested, or can you still do some locations with a decent volume on a double-digit million, but on the lower end of it, obviously, but in prime locations?'

We gave, I think, two days ago, three days ago, we looked and then submitted an offer where we said if this and this and this happens, then we might jump in it. As we have, as existing equipment and everything on the U.S.

side and Mexico, these are the locations where we have some infrastructure, we have some people, to say, and we are used to have the Formula 1s. I guess in the next two, three weeks, it sounds weird, but this is, I would say, the time frame, we'll get an answer if this works or does not work.

I cannot promise you it's going to work. If you ask me today, it's more than 50%.

If you ask me what is the size of the business, is something 25, 30, 35, something like this for one month. Depending, this is the scope which is possible to happen.

On the event side growth, what we see is a high demand in regardless what kind of premium event we do. If you look to Formula 1, if you look to Champions League, prices and it's a volume issue.

For us, it's less price than volume, but for the organizers, it's price, they can increase the price now. We have been asked to go on a different level of experience, guest experience, to make the experience unique.

You can talk about Instagram or whatever you want. To have a clear answer, from our side, we expect higher volumes with some price adjustments, but it's not like doubling.

We see it everywhere that the demand is significantly increasing. I don't know if someone of you have seen there was an article in Economist, I think, saying from the luxury, it goes to this kind of hospitality, and I've been at the World Cup, I've been at the Champions League final, I've been in Wimbledon, I've been here and there.

People take care of this kind of business, and I think we will benefit out of that because there are not so many companies around the world being able to do this. We will have a double-digit growth in revenue next year.

That's what we think is realistic. On the EBIT side, maybe Johannes gives the right answers.

Yes. Regarding the EBIT margin for this year, Julian, you know that our guidance was 8.0 between 8.0 and 8.5.

To be honest, after 8.7 now for the first nine months, we're on the upper end. Hopefully, we can also surprise you at the end of this business year.

Regarding to the costs, you're right. Material costs are down.

I think last year, we had 42.3%, 40.1% this year. Please consider that also agency stuff is included in that line.

We had start-up costs in JFK last year. That's for sure also is one one impact on that.

The other thing is, of course, operational leverage, cost efficiency from material costs. The same for OpEx.

OpEx are down from 14.5% last year to 14.1 this year. That's purely driven by operational leverage.

Julian, maybe one one more sentence to add. Maybe you guys all underestimated the impact of COVID not only in terms of revenue, but in terms of hit in the organization.

It took a while until the engine comes back to the regular speed, which is now happening. We will definitely improve our efficiency in all areas.

We'll do a better procurement, we'll do better products with less cost. As we are on track again and we feel confident with the financial situation we have as a company, we have the power to improve on one end our cost management, and on the other side, we are happy to invest and can invest and will grow the business.

It's a dual effect.

Julian, sorry, one one answer which I forgot. Regarding the guidance for next year, the EBIT margin guidance was 8 to 8.5 this year and then for next year 8.5% plus, we are again confident with that number.

Although we are now opening a few units and stores, this is still not changing our guidance for the next years on the margin.

Okay. Thank you very much.

Yes, hello. Good afternoon.

Maybe I would like to a little bit elaborate on the latest issues with the guidance. If I understand correctly, for this year, EBIT margin guidance is above 3.5, maybe heading 8.5, maybe heading towards 8.7%, which we have seen in first nine months.

On the top line, I think we will have some forex headwinds. Maybe if you could elaborate on those forex headwinds anticipated for the fourth quarter, respectively for the full year 25/26 for your top line?

Then my next question would be related to this announcement about seven new Gourmet Kitchens, 12 new Demel, 12 Henry, three new restaurants. What is the time frame for this?

What is the investment volume? Which territories you plan to strengthen your presence or possibly enter maybe some new markets?

A little bit more on this plan. Thank you.

Thank you, Vladimira. Let me start with the guidance.

Top line, our guidance, yes, we have to adapt it slightly due to FX to 2.4 between 2.4 and 2.45. On the margin side, you're right, yeah, it's 8.5 plus.

Maybe please give us some room to surprise you at the end of this business year. That's now our current status.

I think in absolute numbers, we're still in line with our guidance for the EBIT and also for the net results. Then for next year, I think which is important for you, if you look back, for example, in the last 10 years, the difference between our reported currency growth rate and constant-currency growth rate was always between 5% and 12%.

Now it's 13 points, which is quite high. I think you have clearly seen now the devaluation in lira, dollar, and in pounds.

Normally, the difference should be at around 5% to 6%. If we grow organically by 15%, 15% to 20%, this should be 5% to 10% on a reported level.

I hope this helps again for your guidance and for your model as well for the next years.

Vladimira, maybe you asked the regions and locations. I would say it's 1/3 is U.S., 1/3 is Europe, or maybe U.S.

is a little bit more, and we'll go first time to Middle East, including kitchens for airlines. We plan to have three to four kitchens in U.S., three of them most likely in Europe, two for sure already, but not so sure that I can tell you where.

We have to sign it. Two in Middle East, which will come up, I would say, in the next three, four months as an announcement hopefully.

We are in a final stage there. We believe very much that in all the other areas of the retail, we have the same split, to say, as we can hedge the risk on the brackets, to say.

Restaurant-wise, we'll have the first restaurant next year in London. We are there ready to sign, too, and then the one is coming to New York.

All what we're talking is just a three- to four-years plan, and as we're always conservative. This is what we have a kind of for sure, to say.

Then see what additionally we can do or not. We feel confidence to scale these kind of things which we stopped for the last two years, as I've mentioned the reasons why.

This is the split of the regions. We will first time be in Middle East and grow our U.S.

business. There's no Asia as a big story.

Maybe with Demel, something we can do, but we combine always all the businesses, and for that, it makes sense like we do it now.

Thank you very much.

You're welcome.

Good afternoon, everyone. Thanks for taking my questions.

Thanks for the FX insights you already provided. They were helpful.

Still, one FX question from me. In Q3, the FX moves have impacted reported revenues more strongly than typically.

Now clearly, FX volatility played a role, with that also the comparable base and IAS 29, but was there anything in the commercial set-up that increased the sensitivity this quarter, for example, repricing cadence or a timing lag? Also as a more fundamental follow-up for me, also mostly targeting Turkey and the lira, how are your major airline contracts priced?

Is it inflation-based or lira-based with periodic repricing or something completely different? Thank you.

Thank you, Simon. If you look at Q3 numbers, you can see that last year, the reported currency growth rate was higher than the constant-currency growth rate.

That was purely driven by the effect that in last year Q3, the lira was appreciating by 3%. Please consider, due to IAS 29 hyperinflation accounting, we do not take the average FX rate of the lira, we always take FX at cut-off date, which means that, for example, after Q3, if the lira is going up, we have to do that exercise for Q1 and Q2 as well.

That's why you've seen a big impact last year, which was approximately nine eight basis points higher on a reported level than on a constant level. Normally, as I mentioned before, the difference between constant and reported growth rate is always around 5%.

That's what we saw also last year. For last year, again on page number 28, the difference between reported and constant currency rate was four percentage points.

Regarding Turkish lira, in Turkey, we have part of our business is there on a cost-plus model, we are in a position to move on any cost increases immediately. Then for the third-party clients, of course we have our CPI and price adjustments like in all other contracts.

I think the main message is, yes, FX impact our top line, but not our bottom liner. I think that's the most important one for you, and we've proved that now for a lot of quarters.

I think that's the main message here.

Maybe let me add on the Turkish side. With Turkish Airlines, we have obviously a budget which we have to fulfill, and which we monitor every month jointly, which really makes sense.

As we get Turkish lira paid, but the expenses in Turkish lira, too, is a natural hedge in the same currency. It's just the end of the year when you turn it in your consolidated balance sheet into euros, then whatever the FX effect is, the FX effect.

It doesn't affect the margin. With third-party clients, well, all the international clients, we have dollar and euro contracts, there is more safe, to say.

This is a business which grows significantly, too.

Thanks for the added insights.

Hello. Can you hear me?

Yes.

Good afternoon, gentlemen. Two questions from my side.

The first one on Turkey: You mentioned that with the new kitchen, you can go from 230,000 to roughly 500,000 meals per day. From the budget from Turkish Airlines, what's the time frame that you need to get there?

How many years? In how many years will the 500,000 meals be served?

It depends obviously on the number of aircrafts Turkish Airlines buys, but as far as we know, and I think this is a public information, Turkish Airlines will double the fleet within the next 10 years. It's a step-by-step, it's

Thank you. The second question relates to the announcement you've made with the additional kitchens that you're going to build.

Without any further kitchens, it's a hypothetical question, but without any further kitchens, what's the revenues that you could generate today, and with the new kitchens, how much capacity for future revenues are you building?

I think from our side, the utilization is in the 70s or something like this. We can have another third additional revenue within the same infrastructure, which does not mean that you don't have any CapEx, but reasonable local CapEx, to say.

This is where we are. It's not every location the same.

I'm saying it as an average. There are some which are 85, and some maybe 69.

Okay. If you build the seven kitchens, what's the revenue capacity of the entire group afterwards, roughly speaking?

4 billion?

Yes, maybe heading to 4 billion. I think our forecast is between 3.

3.6 billion plus, because what can you expect from a kitchen? I think Miami is a good example.

I would assume now, maybe in year number one 10 million, and then increasing a kitchen to 40, 50 million is reasonable. If you now consider that we're opening a kitchen or two kitchens every year, then I think you will come up with that number approximately,

yeah. To be honest, I think your 4 billion is a right estimation.

Is not that wrong. We are 1.8 now, right?

This is the number which will happen.

Thank you.

Gerne.

Hi, thanks for taking my questions. It's three from my side, please, and I would take them one by one, if that's okay.

I would, yeah, initially come back to the extension plan, and I was just wondering what time plan you have in mind for those, yeah, expansion projects? What's the phasing of the openings of the new locations?

Also, what is the CapEx ticket associated to them? I was also wondering if you already had pre-discussions with potential airline customers that gives you, let's say, a good sense of the demand that you would, yeah, meet then at these new locations.

Then also, if you anticipate any negative margin impact from the openings? We've seen that in some other large, new contracts that in the beginning there's some, yeah, ramp-up costs or start-up costs, and just wondering if we have to anticipate anything there in the coming years.

Let me just start and then Johannes, I think, will continue. The announcement what we did today, it's only for the next three, four years, more three than four, which we believe is super realistic.

You're asking customers and who's requesting what. We would not go to a location if we don't believe that we're going to get clients.

We have everywhere a potential which we believe we can get. We have a portfolio of 60 airlines, and the majority of this expansion is based on a multi-airline deals, to say, on locations where airlines asked us to go there, and if you open a kitchen, and we're going to come to you.

This is the one part. The other part is on, obviously, if you open a kitchen, you have some start-up costs, but believe me, we will never hopefully never can experience again what happened in New York.

We had a big learning out of that, and this was an extra-big animal, to be honest. If you do in JFK, Delta with 250 flights, is almost you take over, I don't know, LSG or something like that.

What we're having here is more a solid, how should I say, reasonable, manageable, and scalable business, which makes sense. If we go somewhere, if we have the chance to go in a home base, then definitely our contracts will be in a way that we will not burn the money which we did in New York.

Maybe Johannes, you add something?

Yes. From my side, Christoph, I think for a kitchen, you can expect, I would assume, an average of 15, maybe 15 to 20 million CapEx per kitchen.

On the Henry and Demel side, the CapEx is, to be honest, not a big number. For the restaurants, maybe slightly above.

I think, for example, if you open two kitchens, three Demels, or three Henrys a year, I would assume it's approximately 50 million. Maybe 50% of our CapEx guidance at the moment, which is 100 million.

Then from the revenue perspective, I think you can expect maybe 50 million for all these projects in year number one, then another 50 million adding up to 100 for the next year, and then maybe 200 in year number three. Yes, we have it clearly planned for that.

On the CapEx side, I would assume it's 50 million a year if we open that in the next three or four years. It's not a big number, to be honest, because we know that Miami was a bit more expensive, but I think we learned a lot and we have a system now in place to need lower CapEx for a kitchen.

Regarding the margin impact, I think it's now with the level that we have easier for us to absorb start-up costs, so that's why we do not change our guidance on the margins, to be honest. On one side, we want to improve them, and we are able to also absorb some start-up costs.

I hope this was helpful. All right.

Ladies and gentlemen, thank you very much. I hope the first nine months was okay for you and you like the way how we proceed.

Basically, what we did always is have an open communication with you, and I think if there is something, hopefully, you think which fits to us is that we always tell you what it is, and we went this step-by-step strategy in full perspective of growing the company without losing margins, without losing quality and reputation. This is one of the assets and culture.

We feel very confident now that we can give, as I mentioned, full gas now still in a proper way. As far as we see, no surprises for year-end, and the forecast looks from our side very good.

In all the pre-bookings and all indicators, as I mentioned, regarding hospitality, all the flights are full, we currently have to knock on wood, it looks very good, to be honest, as good as never before, but we're always humble and feet on ground, and are always well prepared if something happens in the world. I hope this is where we can continue.

Thank you very much for listening, and hope to see you soon. Thank you very much.

Thank you very much.

very much. Goodbye.

You did a great job. Thank you very much.

Thank you. Bye.

Bye.