Alzchem Group Ag

following the publication of the Q3 figures of 2025. I'm delighted to welcome the CEO Andreas Niedermeier, CFO Andreas Loesler, as well as CSO Dr. Georg Weichselbaumer, who will speak in a moment and guide us through the presentation and the results. After the presentation, we will move on to a Q&A session in which you will be allowed to place your questions directly to the management. And having said this, I hand over to Mr. Niedermeyer.

Yes, thank you for the warm welcome and good morning together. Thank you for joining us today and welcome to the Quarters Recall. As usual, we open with an executive summary, go forward with the figure analysis, and then move on to the new outlook. As always, we will go through the presentation first and then be available for the questions at the end. So let's skip the disclaimer and go directly to the page five. So I have to do that as well. Let's check page five. So now page five, you should see that. So in a summary, it can be said that we are on a real good growth course, especially in the specialty chemicals product segment. So from that point of view, it was an additional successful quarter three for us. For the third quarter, we recorded growth, which means that the group sales increased by additional 6% for the nine-month period by 2%. Once again, our specialties were the main driver of the growth with a 9% increase in sales here, which more than compensated or overcompensated for the decline in sales in the other businesses. We will then hear more details about the analysis later on, but that information is a teaser here. EBITDA also grew by 12% to 86 million, approximately mainly due to the positive volume development of specialty chemicals. The EBITDA margin across the group increased from 18.5% to 20.3% now. So based on the real good development on the figures for the first nine months, we can and we are able to confirm the outlook for the sales more at the lower threshold. But we will be able to increase earnings from the today's point of view. And the reported figure is more the lower end than we can see today. So our CAPEX activity is in full swing. The construction of the two new plants, including infrastructure, is on schedule and on budget here. The roofs are currently being built and will also be closed soon. The first installations inside the plant have already begun. In the US, we are in the process of talking about specific project situations with several locations. And teams are evaluating the individual locations so that the basis for a decision can be laid in the coming months here. And engineering has already started with the adaption and the translation of the layout to the US standard. The demand for creatine products remains really high. In order to be able to benefit from market growth, an incremental creatine expansion was successfully commissioned in quarter three. In addition to the urgently required capacity increases, this investment also leads to greater efficiencies through an automatic patch checking system. This shows the strength of Altscam as I see that when sales potential on the market opens up, we size the possibility of growth and efficiency investments that are implemented quickly and consistently. And we can report the cooperation with Airman and the high-protein creatine products with Creavitalis in stores since October. Let's discuss that in more detail on the next page. So Ehrmann in cooperation with Altschem launched in expansion of its high protein product line, which takes functional nutrition to the next level. The focus is on Crea Vitalis, the high quality creatine made in Germany from us. The new Ehrmann high protein creatine range makes the proven ingredient available for the first time in the form of delicious, everyday, Products for a broad target group, the new product line comprises three categories, puddings, drinks, and bars, and delivers per portion approximately one and a half gram of Crea Vitalis each. Since October, the Airman high-protein creatine puddings and drinks have become gradually available in German retailer stores worldwide. And in the Airman online shop, the bars will be added to the range starting now in November. Crea Vitalis stands for the highest purity and quality and therefore also has convinced the customer Airman to enrich its products with high purity creatine and to provide it with a broad range of products for the first time for a broader market here. The first creatine project in dairy products underlines the variety of applications of creatine also outside the fitness sector and confirms our strategy of investigating the further applications of creatine and thus opening up further market potential. And we believe in further growth here. However, let's now move on to more figure analysis of how the business performed in the quarter and for the first nine months. And for that, I hand over to George Weichselbaumer now.

Yeah, thank you, Andreas. As always, let's start with the development in our basics and intermediate segment, which managed to slightly reverse the downward trend observed in the first half of the year. The segment concluded the reporting period with sales amounting to approximately €122 million. This represents a decrease of €11 million or 8% compared to the previous year. Only looking at Q3 standalone, sales showed a positive development and were 6% above Q3 last year, as was EBITDA. Again, this development was not a surprise to us and part of our guidance. For the nine-month period and as outlined throughout the year already, the decline in sales driven by volumes effects. The European steel industry remains in a difficult economic situation and is continuously producing lower volumes than in the previous year. Accordingly, our customers do ask for less quantities. In contrast, and on a positive note, the development in the fertilizer segment, particularly with our Calcium Xanamide Fertilizer Pell Car, was encouraging. Q3 sales were further supported by a new product in our nitrous business, which was successfully placed with a customer for the first time. This product contributed positively to the sales and ABTA development within this segment. We are now in negotiations with the customer regarding an additional production campaign, which could contribute to a further positive development of our basics and intermediate segment. This sales development within the third quarter of 2025 led also to an increased EBITDA over the same period. Nevertheless, this development did not contribute to an increase in EBITDA in the nine month period compared with the previous year. Even if we managed to pass on some portion of high electricity costs, we could not compensate for the reduced quantities and had to accept a decline in EBITDA, which also led to a decline in the EBITDA margin compared to the previous year. On the production side, the facilities within our basics and intermediate segment could steadily and reliably produce all raw materials required for the growth of our specialty chemical segment. This brings me to the next page where we analyze the situation in our specialty chemical segment. Specialty chemicals is still on a very promising growth path supported by the recent development within our creative business, which Andreas described already. For the nine-month period, as well as for Q3 standalone, all major KPIs could be increased compared to the comparative periods. On a cumulative basis, we can report a sales increase of 22 million or 9%, an EBITDA increase of 11 million or even 16%, and an increased EBITDA margin of almost 28%. Only looking at Q3 standalone, we can report a sales increase of 7 million or 8%, an EBITDA increase of 2.4 million or 11%, and an increased EBITDA margin of almost 28%. Main support for this development clearly came from the increased quantities supported by slightly increased prices for the nine month period. It must be noted that this performance is very much in line with our guidance as set during the year. Let me outline the development within three business areas. human nutrition with our outstanding high-quality creatine products, CreaPure and CreaVitalis, custom manufacturing with very specialized products and production facilities, and defense with our propellant NitroGuanidine. While the latter can only grow this year to the extent that our customers are able to purchase before completing their own capacity expansions, The other two businesses made a significant contribution to growth. The demand for our creatine products made in Germany was much higher than last year, and we could especially grow in the US, but also in other regions. Andreas already mentioned the cooperation with Ehrmann brings creatine to the functional food market for the first time. The most current successful commissioning of our expanding creatine capacity will support our growth and the satisfaction of steady and increased market demand. As already mentioned during our information in Q1 and Q2 of this year, the comeback of our custom synthesis area continues. We have seen increased and steady demand, and this development supports our belief that the volume declines of recent years were only a temporary phase and that the traditional chemical segment, with its highly specialized products, continues to offer further growth opportunities with a corresponding contribution to earnings, even in Europe. EBITDA grew in line with sales. but our very good plant utilization led to an improved EBITDA margin. Again, we are mostly satisfied with this development within this group and confirm our growth perspective. Let us now move on to our third segment, other end holding. As seen throughout the year, sales of the other end holding segment were below the previous year's level. This decrease is primarily due to reduced electricity grid fees for the chemical part customers, which Aliskamp is allowed to charge the customers under electricity regulations. All other services provided to our chemical part customers are broadly stable. The segments ABTA followed the sales and the decline was mainly due to the reduction of grid fees. That was all for our detailed view on the segment development. Let's now hand over to Andreas Loesler and take a look at the overall group figures.

Yes. Also, good morning from my side. And thank you, George, for the insight in our segment development in the first nine months of 25. As always, I will start with a detailed look at our group P&L figures first. In terms of sales, we finished the first nine months of the year with total sales of almost €425 million, which represents an increase of 2% or almost €10 million compared to the previous year. A closer look shows that this increase was mainly supported by the development in the third quarter of 2025, in which we managed to grow by 6.5% or €8 million. Over the whole group and adding all segments together, the sales increase of over nine months was driven by volume and price increases almost at the same level. As my colleague George explained already, both operating segments contributed to this development completely differently, as the quantity sold in our specialty chemical segment could more than overcompensate the volume loss in our basic and intermediate segment. On a regional basis, the major sales increase could be achieved in the US and Europe. As already mentioned in previous calls, the ongoing discussions about US tariffs did not affect our business that much. Our sales split for this reporting period shows 66% sales coming from the specialty chemical segment, while this relationship was only 62% on the comparative period. This development underpins our strategy to grow within our specialty chemical products in niche markets and finally supports and explains our ongoing good ABTA development. EBITDA is a good point. Let's talk about its development within the first nine months of 25. Over the whole group, our EBITDA grew more than our sales did and ended up at 9 million euro or even 12% over the last year's reporting period. As seen over the last reporting period and in line with our strategy, this development was mainly driven by our specialty chemical segment supported by a steady and reliable raw material supply from the production plants in our basic and intermediate segment. Also, electricity prices are still higher than last year. A good utilization of our production facilities compared with stable sales prices led to an improvement in our extended material cost ratio, showing an improvement from 36% to 33% this period. Cost-wise, we have to report increased personal expenses based on increased union tariffs and slightly increased number of employees, which support our growth. Our operating costs increased, mainly resulting from much higher FX losses due to the weak US dollar developments. All put together, we managed to increase our EBITDA margin to impressive 20.3% after showing 18.5% last year after nine months. With stable depreciations and supported by an improved financial result, we ended up on a group net result of 45 million euro, which represents an increase of 20% compared to last year. Accordingly, earnings per share have increased by the same rate up to 4.62 euro per share. That was the big picture of our profit and loss. Now let's move on to the balance sheet and cash flow figures. Our balance sheet and cash flows are still very healthy, but further influenced by some special impact, which we have seen and reported throughout the year 25 already. The increase of 105 million Euro in our balance sheet total can simply be explained by two major impacts. Increased capex spending for our nitrogen and in expansion in Germany and customer grants received for this capex program. Non-current assets increased by 57 million euro, primarily due to the investments aimed at expanding production capacity for nitroguanidine, as well as customer grants capitalized in this context as non-current receivables. Approximately 67% of our investing cash flow within the first nine months of the year was dedicated to this capex program in Germany. In total, we received almost 56 million Euro of customer grants already related to our NitroGranidine expansion. These are based on milestones or monthly payments. As such payments increase our cash balance, they also do increase our contract liabilities on the other hand. As of September 30, 25, we showed contract liabilities amounting to 85 million euro. Those will be released beginning in 27 as revenue when the products are delivered out of the new plant. During our Q1 call in April this year, we gave a detailed explanation of the accounting treatment and we referred to this presentation. Apart from this, we saw an increase in our inventory level in preparation for a scheduled extended maintenance shutdown of one of our carbide furnaces at the beginning of 26. Equity total could be increased by 28 million euro. This development was supported by our positive group's net result and the recognition of increased interest rates for pension valuation and reduced by the dividend payments of 18 million euro in May 25. However, as the balance sheet total increased materially, our equity ratio decreased from 42 2% to 40% but could be increased since our half-year reporting date. This development was already outlined within our guidance and shows the expected ratio. Based on the increased interest rates mentioned, our pension liabilities were reduced by approximately 5 million euro, while real pension payments amount to only 2 million euro. As of our reporting date end of September 25, we can again report a positive net cash position of 37 million euro. And again, we were able to shortly invest our liquidity surplus in order to earn interest. also a reason for our improved financial result. Our operating cash flow is still significantly influenced by the customer grants received for our CapEx program. As mentioned already, we received €55 million in total. On the other hand, we slightly increased our working capital in preparation for the expanded maintenance of one carbide furnace with a corresponding impact in our operating cash flow. We have already mentioned our materially increased capex activities compared to last year. Apart from the Nitro-Guanidine expansion, we invested in expanding our creatine production capacities, the development of network operations and infrastructure matters. Anyhow, we can still report positive free cash flow, which almost equals the amount from last year. Our increased dividend payment in May 25 and approximately 4 million Euro cash out for the current share buyback program explains the increase in financing cash outflows. As you can see, Alskam is in a very healthy cash position and ready for future growth. At the end of this call, I will now give you some updates on our guidance for the remaining three months of the year. From today's perspective, we can confirm the outlook given in our last financial statements and the developments within the first half of 25 have confirmed our estimate. Sales are expected to grow to approximately 580 million, while we expect them to settle at the lower end of our range, as Andreas already mentioned. EBITDA is still expected to grow at least to approximately 130 million euro. Our outlook is still based on the same assumptions as given at the beginning of the year. The fundamental growth drivers will be volume effects within segment specialty chemicals, which will overcompensate the sales decline in segment basics and intermediates. Sales are supported by further increased demand in the area of human nutrition, custom manufacturing, and possible positive developments within the new child's product area. As mentioned already, we still do not expect a material negative impact from the volatile tariff politics of the US administration right now, but the further weakening of the US dollar could have a negative sales and cost impact on our result. So that's it from our side with the information for the first nine months of the year and the outlook for the remaining three months of 2025. At this point, we would like to thank you for your appreciated attention and are now at your disposal for possible questions.

Yes, thank you very much for the presentation and we now move on to the Q&A session. For a dynamic conversation, we kindly ask all participants to ask their question via the audio line. To do so, click on the raise your hand button. And if you have dialed in by phone, please use the key combination star nine followed by star six. However, if you're not able to speak freely, you can use our chat box for your question. And we already have some participants raising their hand. Mr. Feitz, you should be able to speak now and place your question.

Yes. Good morning, everyone. Thanks. Hope you can hear me. Congrats on the results. I have a couple of questions, please. So first, can you please talk a bit about the inventory development into the end of this year in preparation of the refurbishment of the calcium carbide furnace in Hart? Should we expect inventories in your basics and intermediates to approach, let's say, a 60 million euro level or even above? And on the shutdown for refurbishment, we are talking about the bigger furnace being out for how long and in which time frame? Thanks very much.

Maybe I can ask the first question about the inventory development. Right now, we do expect to be on the level where we expect it to be at the end of the year also. So we have seen an increase over the year, but at this point in time, we should have reached the top line and inventory should not change that much until the end of the year.

And for the maintenance shutdown, it will take approximately six months.

Okay, perfect. If I may, I have one more question for now. Can you please give us an update on the scouting for the location for nitrogonadine in the US? Is there any recent update? Maybe you can share some thoughts there.

I mean, as we said in the presentation, we have narrowed it down to a few locations. We have visited those locations. And we're currently also building a P&L for all of those locations to make a very good decision based on figures by the end of the year.

Okay, thank you. Well, thank you for your questions and we move on to the next participant. Mr. Schwarz, you should be able to speak now and place your question. Yes, Mr. Schwarz, you are able to speak and place your question.

Oliver, it seems to be that you are muted.

Yeah, I just realized. Sorry for that. The obvious mistake I'm making every time. Hopefully it works now. No problem. We can hear you. Wonderful. Thank you very much. So without further ado, I also got some questions for you. Firstly, regarding the Q3 development in the basic and intermediates segment, obviously what we saw in Q3 is a reversal of the trends we saw, especially in H1, but also in previous years. that we saw volume and price declines and you stated that this was mostly due to a new contract with a customer, I don't know whether it's an existing one or a new one, that enabled you to break that trend in Q3. which would imply to me that the contract size of that customer regarding that product might be in the vicinity of 5 to 10 million euros probably. Could you just confirm that the underlying trend of lower prices and volumes is still ongoing and is just offset or more than offset by this new product and the respective contract? And could you elaborate a bit how sustainable that is? What kind of market potential you see for that product and in general, how you see things going forward in that regard? That would be my first question. The second one is for specialty chemicals. It's basically the same thing. We saw a bit of a trend reversal also in specialty chemicals, given that at the half-year stage, there was flat pricing. In Q3, there was a price increase of 7%. But on the other hand, you had strong volume growth. in H1 and it declined a tad in Q3. Could you elaborate a bit, especially on the, let's say, less strong increase or the, let's say, the drop in momentum and volumes in Q3? I guess that might be a mix effect that we see strong creatine sales, which is a highly profitable product, but other products might have had a harder time. Could you especially talk about Criamino in this context, please? And last but not least, congratulations on your cooperation with Airman, which is quite a sizable diary operation in Europe. Could you give, let's say, your estimates or your feelings about what the market potential in the midterm of this cooperation and the resulting products could be, given that we are just at the very beginning of the rollout here in Germany and Europe will probably come, I don't know, next year or the year after. How's that timing planned in that regard? That will be my third and final question. Thank you very much.

So, George, will you take the opportunity to answer the basic and intermediate question first, I think?

Yeah, I'm not surprised about that question. To get some more information about the background of that, as we think turnaround, particularly in the nitrides portfolio, We are in cooperation with a blue chip customer. And the first campaign which we made was just a start to confirm. And we did that in a very positive way that the synthesis works. And there will be quite some significant ramp up. However, without you privy to the information to which level it will grow, but the numbers which you mentioned were not completely wrong. It does not indicate that this is a reversal for the basics and intermediate segment. It is a good starting point, as I said, for the nitrous portfolio, but the underlying economics, in particular for the steel industry, are still unchanged and will remain unchanged. We are positively surprised. I think we can say that for the Perlcutt development, because we could increase both volumes and prices.

Yeah, so thank you, George, for that analysis. Some words to specialties. So please don't overestimate the single quarters. So you have to look more in the... accumulated figures from my point of view because sometimes there is a little more quantity of that product in the last months of the let's say second quarter and then it's moved to the first months of the next quarter and from that point of view the underlying trend is really healthy for the already mentioned products like CreaPure, CreaVitalis and the specialty products here as George already reported. So NQ is stable and on stable growth underway and you will see next year a big increase when the new plant will be ramped up and will be started. So from that point of view, we will see really a healthy and a good underlying trend for our specialty chemicals here. So the last question from you, Oliver, was some words about Airman. So Airman is very important from my point of view because it's the first step into the dairy market. And that interesting is quite big from other dairy customers as well. And from that point of view, I think that's a trend-setting product, actually. And that will help the creatine growth a lot. But that's not the only and single underlying trend for the creatine growth. So we see a good growth trend in healthy aging, in fitness sector as well. And from that point of view, we really think about adding additional capacities. We think about that actually. And hopefully we can report in a few, let's say, months that we will increase the capacities again here. Yeah, so that's, in a nutshell, hopefully answered your question here.

Yeah, thank you very much for that. Just perhaps a clarification on the project that you died in. I was just wondering, I mean, at the very beginning when Airman rolls out a product in Germany, obviously, due to the landscape of the German supermarket chains, the uptake will be choppy. That's normal because the products have to be listed. And the respective supermarkets have then to display them in their shelves and so on. And that is very different how Revit does it compared to Edeka and so on and so forth. And then we have the rollout in other European markets because Airman is not only strong in Germany, it's also very strong in other parts of Europe when it comes to their sales composition. So I'm just wondering, is that this Airman Corporation, is that basically just the tip of the iceberg, what we are just, let's say, seeing, and how big might that become? Just that cooperation. I'm not negating other pockets of growth in other parts of your business. want a better understanding about what kind of lever on sales and earnings that might grow into when it's, let's say, fully fledged, rolled out over Europe. How much of that would basically be reflected in your future earnings and sales?

Oliver, as you know, we can't display and can't get at this detail talking about earnings and sales on a customer base, but let me turn it that way around. So from my point of view, you're right, that's only the case. The first small introduction into the dairy business of creatine will be, from my point of view, a standard product. But Ehrmann was very fast to introduce that. and from my point of view we will see many products out there in the future but it could take time let's say from my point of view one or two years to introduce other customers as well because you have to do your tests it's not so easy to stabilize creatine in puddings and in milk products or in dairy products at the end of the day and Erman did it in a very fast and in a very, let's say, positive way from my point of view. And at the end of the day, we will see here a good growth path and a good growth segment, which will support our growth for creatine much, let's say. But that's not only the one thing, as already said. So healthy aging, fitness trend, women health, that will support the creatine as well. And from that point of view, I have seen another question here written down. If the additional quantities are already sold out of the creatine plant, yes, we have already sold out all the quantities. And that's the reason why we are thinking about additional quantities here, as already mentioned.

Excellent, thank you very much.

Okay, thank you.

Yes, thank you very much. And we indeed have questions in our chat box. I will read one out so that you know how to answer it. Could you please elaborate on CSG's strategic rationale for acquiring such a significant stake in Alskam? Do you believe they intend to build a more substantial position over time?

Interesting question. We know CSG as an investor. We do have contacts, but to be honest, I do not know the latest strategy of them. They are an investor as all investors and we maintain the contact quite well and they support from the today's point of view the strategy and we will see what happens in the future. From that point of view, I can't disclose more because I don't know more about the strategy. Actually, from that point of view, I think you could go to them directly and ask them what's the strategy because we don't know more about that.

Well, thank you. And I'll read out one more question from the chat box. Could you comment on the latest competitive landscape for nitro guanidine? Rheinmetall has publicly stated in recent earnings calls that it aims to build a vertical integrated supply chain for propellant powders, including NQ. How might Alskam be impacted by such efforts?

That's a very simple answer to that question positively. I mean, just imagine Rheinmetall and in particular our contacts are approximately 20 kilometers away from here and we have a very, very good communication and we develop things jointly.

Yeah, and as you know, Rheinmetall has an own nitrogen plant in South Africa. Yes, that's the case. But if you want to be backward integrated, you need guanidine nitride, you need di-CD, you need the fertilizer business, and at least you need to have the carbide business integrated. there. If you don't want to be dependent on Chinese material, then you have to build up all that chain. So you can ask Rheinmetall if they will build up a carbide furnace or if they purchase a carbide furnace. I haven't heard about that.

Well, there was a follow-up concerning this from Mr. List separately. What is management views on synthetically produced guanidine and NQ? Since there are ongoing efforts in the United States, do you have a perspective on those developments?

So that brings question marks to our eyes and to our ears. So we haven't heard about that actually. So if you can give us that information and hand in that information, then you can do analysis on it and we can probably answer that question afterwards.

Okay, perfect. And we move on to, oh, well, there is a follow-up on this from Mr. List in the context of the US expansion. Are you engaged in discussions with particular states regarding potential subsidy packages, grants, or tax incentives to support site selection?

Yes, we are. That was pretty clear.

That's pretty clear. That is what we are used to receive from George. Yeah, that was pretty clear.

Okay, thank you. And we move on to one participant raising his hand. Mr. Hasler, you should be able to speak now and place your question.

Hi, everybody. Thanks for giving me the opportunity. Of course, I have also questions on Ehrman. You mentioned that Ehrman was very fast on the chart on page six. There's only the end of the timeline mentioned with October 25, the market launch. Could you tell us when the beginning was and what fast is in that industry? And the second question would be if you expect, so I expect that you will not expect that the mass market entry will lead to a dilution of your premium positioning. But do you expect that this will increase the pricing power? in your industry business? And the third question is, I haven't seen the yogurts and bars and so yet in the supermarket. Could you tell us something about the pricing of the Airman products? And if I may ask a fourth question on that, you said that you will not comment on an individual client. But if it were Christmas today, how would you do such a partnership, as you call it, in your dreams? Would it be a true sale or would you get a percentage of revenues of the products? Thank you.

Yeah, let's start with the last question. It's a true sale and it's not a percentage. From that point of view, we have been very quick in developing that. So developing times are sometimes more than five years, but here we have been much quicker. So let's say between 20 months and a little more. We are talking here about the time framing. So unfortunately, you haven't seen the product in the supermarket, but come over to Trostberg, then we can display you that. No doubt about that. And what a very positive thing is that you will see television spots in the near future. Here, I think it has been already started. and you see you see advertising in all multi-channels already about that product and so from that point of view that was only a setup of the logistic lines and they they filled all the logistics and now are promoting the product in all channels what you can see so i think the next quarter we can talk about that everybody should have seen the product in the supermarket and should have heard about the product, I think. Yeah, the pricing, I'm not really sure. I think it's approximately 250, but it differs from some offers and from some supermarkets. So from that point of view, we don't really have a clear view about that.

If I may add, it is very rare from Hermann that they actually display loads of other products on their products. And since there is such a good synergy between proteins and also creatine, which actually is symbiotic, not 1.1 is 2, but more than 2, because creatine can activate the metabolism of proteins. They actually agreed that the Crea Vitalis logo is also on their sales products. And it was a joint development because, as I said, creatine and airman really fits.

Seems so. Yes, thank you very much.

So let's grab the next question. What's the development of Eminex? So actually we are in the process of incorporating MNX into the climate calculators. That's very important that you are a piece of the climate calculator. We are not in there, but there are positive signs from our point of view. We have good contacts and hopefully we will make it next year. that we are a part of the calculator. And then from my point of view, it will be much supported to take MNX at the end of the day. But please be reminded the farmers don't have to pay actually for their methane emission. That will change in the future. And if that two things have been changed, then MNX will go like a rocket.

Well, thank you very much. That was the last question from the chat box. No, there is one final question from Mr. List. I'll read it out. Amid the positive sales developments within the NITRALS product line, have you given further thought to potential portfolio rationalization, given the NITRALS is not part of the integrated verbund model? Thank you.

It is not part of the integrated verbund model, but it strengthens our site. Also, Nitralz operates our air purification or our exhaust purification plant, so it would not be easy to shut it down. That's the more defensive answer, but the more offensive is, I think we can develop Nitralz into a business which looks completely different from what it used to be. but with products where not so much making nitriles but gas phase reactions can really make a difference. And the project which is currently implemented is the first one which we have and there are more to follow.

Thank you very much. And there is one participant raising his hands. Mr. Piontke, you should be able to speak now and place your question. Yes, Mr. Piontke, you unmuted yourself. You should be able to speak. Do you hear me now? Yes, we do.

Hello? Yes, we can hear you. Okay. One question regarding the bird view. We got a lot of information in the last couple of days. Do you fear that here this could bring problems for your product, which is going to the feeding of these animals? I remember 10 years ago, in the last birth few, Iwonek had lots of problems in sales and earnings. Do you have first impression what is happening to your clients and how big is this business in the CreaGene business?

Yeah, so it's a decent stack of our business, no doubt about that. So it's very important for us, the CreaMino business we are talking about. But actually, I haven't heard that any of our customer had a problem with the bird flu now. So at least in the US, I haven't heard about some problems of our customers with the bird flu. So it's, from my point of view, more a German thing, actually. And Germany is not that big for our CRIAMINO business here. So from that point of view, I don't see really a big danger. But you're right. That's always a topic. So if the birds are slaughtered down and brought away, then we have a heavy impact or it could have been seen a heavy impact on Crayamino business. But up from now, we don't see that.

Okay, thanks.

Yeah.

Well, thank you very much. And there are no more questions by now. I'll wait a few moments. but a no so ladies and gentlemen we now come to the end of today's earnings call you will find the presentation on the website of altscam group ag and also on the airtime platform by clicking into today's event dear participants thank you for joining and your shown interest in the altscam group Should further questions arise at a later time, please feel free to contact Investor Relations. A big thank you to Mr. Niedermayer, Dr. Weichselbaumer and Mr. Loesler for your presentation and the time you took to answer the questions. I wish you all a lovely remaining week. And with this, I hand over to Mr. Niedermayer for some final remarks.

Thank you very much for your question. Thank you for being here. Now a message on our own behalf. So because this was the last joint publication together with George Wexelbaumer here, as you already know, this is his last term as a board member and his successor is already in the starting blocks. I would like to thank you, George, very much for the excellent cooperation on behalf of the board and the employees. You were certainly a significant stable success factor with your know-how and your market knowledge here. Thank you for that. So our cooperation will not be completely over yet. You will still take care of the success of the USA project for a while. But in this format, it was certainly the last appearance and you can pass on your responsibilities now. Thank you very much, George. Thank you. So let's now come to an end. We can now offer you the opportunity to visit us again virtually or in person at the conferences as shown above. We will be available in Frankfurt. We will be available in London. Otherwise, we will be back with our full year reporting on February 27th. Stay safe and sound. Stay in our good graces and goodbye. Thank you.