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Good day and welcome to today's Fastnet Q3 2025 Trading Update conference call. My name is Sergei and I will be your coordinator for today's event. Throughout today's recorded presentation, all participants will be in a listen-only mode. Later, we will conduct a question and answer session. You may register for questions at any time by pressing star 1 on your telephone keypad. And now, I'd like to hand the call over to Vigil Lannisal, CEO. Please go ahead, sir.

Thank you, operator. I'd like to extend a warm welcome to everyone on this call, as well as to those joining via webcast. You can find a copy of the presentation used during this call on our investor relations website, found at ir.fastnetcharging.com. Moving to slide one, the title page. Hopefully everyone has that in front of them now. As always, I'd like to use the cover to show something I'm really proud of. This quarter, it is the opening of our two stations at Genbrugge, on the route from Amsterdam to Paris, roughly in the middle. Two large charging stations with 16 chargers for cars each, and a separate charging area for trucks. On top of this, you'll find there a fully branded large fastnet restaurant, The road next to it has some 50,000 cars passing by each day on either side to ensure great station economics. Already today, after just being open for a few weeks, we see more than 100 sessions and even more shop visitors per day and only growing from there on. But there's more to this flagship location. It is the first zero emissions service area that was standard out and built in Europe. An important development to ensure ample space is made available for charging along the motorway. This instead of just adding a charger or two to an existing petrol station, which unfortunately is still happening way too often. Logically, I'm very proud that Fastnet was able to win this important first tender and was among the parties that helped shaping it. This not only gives us a several decade long investment horizon on the strategic location, it also gives us tools to work with governments across Europe to accelerate the build out of our network. And there's more to come. Moving to slide two, with reference to the information provided in these slides and discussed during this call, please take note of the disclaimer. Moving to slide three, My name is Michel Langezaal. I'm the CEO and one of the founders of Fastnet. Normally, Victor van Dijk, our CFO, is with me on this call, presenting this webcast together. Unfortunately, Victor is on a temporary leave of absence and is unable to join us today. So it will be just me presenting this. For the Q&A, I'm accompanied by our Head of Investor Relations, Patricia Alam, who many of you already know. So warm welcome to Patricia. Today, I will take you through the highlights for Fastnet during the third quarter of 2025. And I can tell you there is a lot to talk about. Logically, we will discuss the latest top-line results. An update on network growth and electric vehicle sales is also on the agenda. And, as always, we will discuss station performance for the quarter. After the presentation, we will be happy to answer your questions. If possible, please limit them to two questions per analyst so we can give everybody the opportunity. We've scheduled this call to last for one hour, so let's get started. The following slide presents the highlights of the third quarter of 2025. Starting with growth, we are continuing to deliver strong, profitable growth. growth that tracks the rise in electric vehicle adoption, and revenues of €31.5 million set a new quarterly high for Fastnet, up 44% year-on-year. And this is no small feat, especially in a market that showed a temporary shift in the balance of supply and demand to the supply side over the last two years. Moreover, and something we discussed earlier, in our calls previously, a market with some new entrants significantly discounting prices in attempts to boost station utilization. Yet, Fastnet continues to win. Energy delivered was up 32% year-on-year to 46.8 gigawatt-hour, which compares to an increase in EV stock of 30%. so we roughly grow with our fair share of kWh sold. But revenue related to charging grew by 44% year-on-year, significantly outgrowing the market. This is an important and unique differentiator. We have great pricing, fair but with a decent margin. We have good sales volumes that grow fast, like the EV market, so we have both. We're not just putting down chargers. we're building a sustainable, profitable charging business. Our gross profit growth, up 40%, clearly demonstrates the fast growth of solar power. With solar prices dropping, sometimes even negatively, during midday hours on sunny summer days. Most people use their cars during daytime, when the sun is out. And fast charging, when needed, is happening in that same period of time. So the takeoff profile of our fast charging stations quite nicely follows the sun's radiation curve. This feed allows FastNet to benefit from fast growing solar generation capacity and low or even negatively negative energy prices. Our network at the end of the quarter encompassed a total of 380 stations, and we are extremely proud of our construction achievements. But we're not resting on our laurels. We're accurately aware of the ambitious goals we've set. Reaching 1,000 stations by 2030 means ramping up our build pace to 100, and eventually 150 stations per year. On top of this challenge comes the fact that we are constructing much larger, more complex stations, which demand more from our teams and our contractors. The average station size has grown from four charge positions on average to more than six nowadays, representing a 50% growth in capacity deployed. We're also accelerating the rollout of retail facilities, offering coffee, sandwiches and toilets at our sites. While these don't add to our station count, they are vital to our customer experience. But at the same time, they ask a lot extra from our construction teams. Just think about the build of the two shops we've seen on the title page. Those two shops alone are the work for several people for a full year. So yes, we are proud of our progress and our results this quarter, but we also recognize the road ahead. As we start 2026, we'll have less than 600 stations to go to reach our 1,000 station target by 2030. That requires a sustained build base. of 100 to 150 stations per year. Our teams are focused on this. And this fourth quarter, we will be delivering at an annualized build pace of above 100 stations. Our aim is to maintain and grow this momentum quarter after quarter. I'll share more details on this later on. Turning to site acquisition. End of the quarter, we had a total of 624 locations in our portfolio, of which 380 are operational today, and 244 under development. With our acquisition pace now consistently above 100 locations per year, we're firmly on track to meet our 2030 goal. a particularly point of price this quarter, the opening of our very first two stations in Spain. FOSET is now active in nine countries, with each in-country team having people for the scouting and developing of locations, people to design our stations, people to manage construction, and people to maintain our stations. This setup is to ready the company for the next scale phase in our development, further accelerating our build base, and allow our kilowatt hour delivery to scale with the massive PV growth ahead of us. Having scaled our organization from a leading Dutch charging network to a leading European charging company, while continuing to deliver the same reliable charging service, is one of those experiences that gives our team confidence. the confidence to deliver on our ambitions ahead, such as scaling our build base. Moving towards cash, at the end of Q3, our cash position was standing at 87 million euro. Fawcett is currently issuing its third bond round for 2025, which will close at the end of this month. Concluding, we're pushing hard to deliver on the ambitious targets we've set. and we're seeing very positive momentum and continued growth. The stations we've built are delivering strong results, even in a market with slightly fewer cars than previously expected at this point in time. In this context, the gap between Fastnet and the competition is widening. Yes, some other companies are deploying chargers quickly, like we do, or sometimes even faster for a period. But none of them have stations and a concept generating revenues anywhere near ours. Several are discounting prices in an attempt to attract traffic to less desirable locations, which negatively impacts their revenue. Moreover, after a wave of big oil companies entering the charging market, we're now seeing divestments and a slowdown in investment from that sector. Our status as a pure player charging company with a profitable station concept is placing us in a strong and unique position in that market. We're continuing to build our network and our competencies to thrive and lead this charging market. We're doing the hard work, the work that is needed to build charging stations on great locations to deliver a great charging experience and deliver on all these other items that make up a great charging concept. We're taking down bottlenecks. It is the hard work that leaves behind a very serious barrier to entry for others. That is part of the value we create. We remain ambitious on network growth, but we will not compromise on investment discipline. This combination is what makes FastNet unique. On that note, let's move on to the next slide to talk about EV sales. On the left, you can see that Q3 was another great quarter for EV sales, with year-on-year growth in practically all markets. the sales share in Belgium grew slightly from an already very high basis. The sales share in the Netherlands was stable at roughly one third of all cars sold being electric. The much larger markets, Germany, the UK and France, made significantly larger strides, moving towards or even beyond 20% of new cars sold being electric. The absolute registrations you can find at the bottom of the slide, show the impact of market size, with a country like Germany registering more than 300,000 new electric cars year to date. Also, when adding these up, it shows that the total number of EVs in Europe is growing strong. In terms of outlook, we expect to see even more. In H1, of this year, around 850,000 EVs were added to Europe's fleet. Schmid Automotive forecasts 1.2 million more arriving in H2. So the fourth quarter of this year will be ramped up even more. How does this fit the bigger picture? Well, earlier this year, Brussels gave OEMs some extra wiggle room on the fleet average CO2 targets. Instead of having to comply with the 95 grams fleet average per kilometer in each year over the period from 2025 onwards, they are now allowed to average for a period of three years. This gives them some flexibility to delay the scaling of their EV sales by some months. But make no mistake, those electric cars still need to be sold in order to deliver the same 95 gram average. And this is why more growth is expected in the months to come. Looking further ahead to 2030, there will be a significant step down in the target emissions with a maximum of 49 grams CO2 fleet average. To achieve this milestone, roughly half of all cars sold will need to be electric. So there's a lot more to be done, which brings me to the 2035 roadmap and discussion with the European Commission and OEMs on this topic. Moving to the next slide. As the President of Charge of Europe, I've had the privilege of sitting at the table in some of the highest level discussions shaping the transformation of one of Europe's largest industries. Our automotive sector, a sector worth hundreds of billions and with roughly 7% of GDP representing a significant share of our continent's economy. The fact that we as Fasnet are at this table and not other players in our industry is a testament to our commitment to shaping the future of mobility and to Fasnet's position as a true industry leader. The photo you see on the right of the slide is what they call the family picture, and was taken during my recent visit to the European Commission's automotive dialogue session. But this is just one of the many moments where Fasnet leadership has met with high-level officials, which happens in the member states and in Brussels. each time driving the change our industry needs to deliver on its mission. So when we talk about industry leadership, this is what it looks like. Now let's return to the topic of 2035 and share our perspective on the ongoing conversations in Brussels, in Germany, and how the media is covering these developments, along with what is expected to move forward. To put it simply, we recognize that the European automotive industry is uneasy about the growth path ahead. Achieving 1,000 fastnet charging stations by 2030 is an ambitious goal for us. Reaching electric vehicle sales, representing roughly half of the total, is an equally bold target for the car industry. Without a growth mindset and the right organizational culture it is a daunting challenge. When we look at these interactions they can largely be summarized like this. The European Commission is asking the industry for ideas on how to accelerate progress and increase certainty on delivering on the targets set. Because as they say The future is electric, no matter what. Meanwhile, the industry is often asking for concessions and a slower pace, seeking comfort and maneuvering space. So far, we've generally seen the European Commission insisting the 2035 goals will not change, while carmakers request that those goals will be watered down. Given the political situation, it is prudent for the Commission to show some flexibility, but the goals remain unchanged. We see an example of this in Germany, where Chancellor Merz has declared that the future is electric, and intends to open the tab of incentives to boost EV demand. while also negotiating for a wiggle room with the Commission. So the future is electric. That is the stance of the car industry. That is the stance of the Commission and the stance of the Member States. So we expect to see more incentive packages coming in order to scale BEV demand and deliver on the targets set. And yes, we most likely will see some small wiggle room provided to industry to deliver comfort. That is the summary. With our team and Startup Europe, we do much more on shaping our industry. Through European channels, we work on the progression of AFER, the Alternative Fuels Infrastructure Regulation, or simply put, the law that sets the direction for the development of Europe's charging infrastructure. Through this channel, we work on ensuring market access and competition. This is incredibly important for Fastnet, as without access to great sites, we cannot build charging infrastructure. And a great example during the third quarter was the visit of Commissioner Hoekstra just ahead of the opening of Genbrugge. the first zero-emission service area in the European Union. This is the station I proudly showed you on the title page. Commissioner Hoekstra is responsible for the climate policy of the European Union and ensuring that Europe reaches its climate commitments. Thus, it was a significant opportunity for Fasnet to convey the importance of what we do more, and what policy changes are needed to allow us to compete more freely across Europe and accelerate the mobility transformation. We informed Hoekstra about the importance of fair competition and gave examples of issues we face in some markets, such as bundled tenders, short-term concession contracts and non-transparent administrative processes. By walking around our Genbrugge station, we were able to show him what can be achieved when market rules are applied correctly and the best player wins. Moving to slide 7. And I think our Genbrugge station really shows what the best means. But it's worth looking at the timeline of development of a great location like this, which can stretch to several years. It all starts with initial discussions with policymakers in which we bring our experience and best practices formed over more than a decade in all our markets. This means we can bring innovative new ideas and best practices for tender processes and location design, which is exactly what we did here. This was a bare patch of concrete with no mandate beyond installing some chargers. And we turned it into this. Our concepts are the best in the market and give us a chance, a great chance to win key tenders like this one. The first tender for a zero emissions service area in Belgium, in Europe, with a concession for 25 years. And why is this zero emissions element so important? Well, we see that governments across Europe are obliged to update their policies for motorway locations and get ready for an electric future where fossil fuels are a thing of the past. This shift means there is overcapacity of petrol stations and an urgent need for more charging infrastructure, especially on highways. Zero-emission service areas like Genbrugge are important because they demonstrate the value of developing additional new electric-only service areas that deliver crucial charging capacity to the market and decouple such developments from locations where contracts with sitting petrol station owners can delay deployment Any roadmap to decarbonization must include a step-by-step phase-out of petrol stations, which can well be triggered by the regular concession renewals for motorway locations. Ken Brugge is a showcase on how to progress with such roadmaps, and should give policymakers guidance on developing their motorway service area policies in relation to this phase-out, But this takes time, as the timeline shows. If you're not in the market for such locations now, and you're not in touch with policymakers now, you will not be able to build something sizable in the period up until 2030. And speaking of Gent-Bruppen, with restaurants and toilets and playgrounds and fresh coffee, Does this mean we're becoming baristas? No, we're not. We are working with a range of partners and developing different commercial setups to cater to different situations. So sometimes we invest in the restaurant and work together on a revenue sharing basis, whereby our partner operates and Fastnet provides the concept. In other cases, we choose to rent out the building and have a more hands-off approach. This approach gives us a ballet of options, allowing us to be flexible in how we introduce our amenities to our great charging stations without falling into the trap of thinking we would also be great baristas ourselves. And this wasn't the only big opening for Fastnet during Q3. Moving to the next slide. In September, Our first two stations in Spain opened to electric drivers, with the official inauguration taking place just last week. This is our ninth national market and a crucial time for Spain. The market share for EVs is growing fast and reached 9.4% in June this year. So I'm extremely proud to see our iconic stations opening on a fantastic motorway location, just down the road from Barcelona. But it is not only a success for Fasnet. Spain's car industry is Europe's second largest. It is a crucial contributor to the country's economy and it brings with it many jobs. This means that embracing the transition to electric cars, the next evolution of technology, is vital for Spain. And we're delighted to be bringing our expertise to the country. What is key to rolling out charging infrastructure at speed are simple efficient tenders, long-term concessions, and the removal of bottlenecks related to grid connections and permitting. The latter is the bureaucracy that can add several years to a project's timeline in Spain. The official inauguration was attended by dozens of guests, including many distinguished politicians and high-placed officials, most notably the Spanish Minister of Industry, whose speech aligned with our views on what needs to change to roll out charging infrastructure faster in Spain. So the opening of these two stations and having the right people at this opening is a great step forward for Fastnet. And continuing with our market updates, moving to slide 9 to talk about Germany. In Q3, we also delivered our first charging station built under the contract with Autobahn GmbH, our very first charging station on the Autobahn. And yes, this station isn't as beautiful as you would expect from us. It's a lot more plain and basic. This wasn't our decision. The design was decided by the tendering authorities beforehand based on German highway regulations. That said, I'm incredibly proud of us for making this happen. The German motorways were, until recently, completely exempt from any competition, be it for fuel, for charging, or for food. All of this was in the hands of Tank & Rust, which has also held back investments in charging infrastructure. With the tender to realize charging stations and motorway service areas, this will now change, and Fastnet is happy to be part of that. This charging station has six charging positions, a great addition to the charging options EV drivers have on German motorways. I am very proud of this result, especially given the complexity of these works in Germany. The cultural barriers to break are significant. Just like how the car industry in Germany is struggling to adopt a growth mindset, One can imagine how difficult it is for a transport authority to do so and for Fasnet to gain pace. So lots of things to learn and improve for all actors. In the coming months and year, we're gearing up the deliveries of roughly 30 such motorway locations in Germany. And that brings me to a summary. Next slide, please. Before we move on, I wanted to show how FastNet is becoming a pan-European charging network. This delivers on the accelerated plan we embarked on in 2021. To see us hit the milestone of entering the ninth country in Q3 validates our decisions to put teams in place in each of these countries. The decision to invest in scaling our organization and invest in the acceleration of our rollout base. Scaling our company and organization while continuing to deliver that incredible quality of our charging service we are known for across nine countries has been a serious milestone and experience for the team and its leadership. It is in this context that we look with confidence at the challenge of further scaling our build base. It is amazing to think You can drive across these nine countries using only Fastnet's renewable energy to charge. And that's what we're seeing more and more during the summer period. Our network now spans many holiday routes that can cater for it. And with long range and very fast recharging cars on the market, the EV family road trip is becoming a reality for many. Logically, we're very happy to see drivers preferring our charging stations to take their breaks and charge their cars. We've seen this holiday, this seasonal holiday traffic playing a role in our great results for this quarter. So I thought it would be valuable to say a little more about this, including talking about other seasonality effects. Moving to slide 11. With the fourth quarter coming up, it is an interesting moment to talk about this. When you look at the graphs on the slide here, there are roughly four important factors influencing monthly sales of our business on top of the holiday traffic we just talked about. The first is the growth of our market. With such stellar growth of the number of EVs on the roads, The customer base in January is just very different to that of December. For 2025, the impact is significant. We started the year with some 6 million BEVs on European roads, adding 850,000 BEVs to this in the first six months, growing the fleet by 14%. And the expectation is that the fleet will grow by another 1.2 million in the second half of this year. This means that December will have some 30 plus percent more EVs to sell kilowatt hours to than in January. Two, in summer, many people take their cars on holiday trips, leading to a lot of charging sessions to power their journeys. The typical black Saturdays with waiting lines in front of petrol stations are a great moment for our business too. We analyze the impact of this and estimate it to be in the high single digit percentage of revenue. Three, cars and especially EVs need more energy to drive around in winter than in summer. Air density is higher when air is colder and thus it takes more effort to push a brick through the air. So cars need more energy to drive around. On top of this, people like to have the cabin heated and batteries also like room temperature, both adding energy consumption. In total, this adds up to easily more than 25% when colder. Last but not least, when it rains, people more often choose their cars instead of cycling or walking to the train station. It is these effects that accumulate sales growth towards year end. And that you can see on the graphs here for the years before. So we are readying ourselves for another record quarter. Whereby, as always, September is a slight slowdown after summer. And as soon as business starts moving and temperatures gets colder, growth hits our network. But There's more to mention on growth of our network. Moving on to slide 12 to talk about London. We've said it before, and it's worth repeating. If there was one tender to win in recent years, it was that to create London's charging network in a joint venture with Places for London. Securing this project was a major achievement and one we're incredibly proud of. Now, just a year after winning the tender with Places for London, we are very excited to share the very first construction pictures with you. Our inaugural site is at Hatton Cross, right next to Heathrow Airport, a prime location with some 80,000 cars passing by every single day. This station will feature 12 charging points, double the amount of our number one station in the UK, which is Rimac Way, and which by coincidence is also in the city of London. This station operates at very high utilization rates and sells a million euros plus in kilowatt hours annually. So you can imagine we have high expectations for Hatton Cross. If all goes according to plan, we'll be opening the site before the end of the year. Getting from tender wind to contract through permitting and all the way to the start of construction in such a short timeframe is a massive accomplishment by our team. Also, it is a testament to what is possible when governments implement best practices for tenders and create the right conditions to accelerate the rollout of critical infrastructure. On that note, I want to give you an update of our pace of construction. Moving to slide 13. Already earlier, I mentioned that construction pace is our current challenge. So where do we stand in tackling this? Well, let's start with our goal for the year. We began the year with 346 stations in our network. In the first nine months, we built a total of 34 new stations. Right now, we have 30 stations in the fences, with active construction underway as we speak. We expect the far majority of these sites to be completed before year-end. Additionally, we anticipate opening even more construction sites this quarter, although most of these will likely be commissioned next year. Altogether, I think this should give you a good ballpark of where our network will stand by the end of the year. Now let's talk about construction pace. In the first nine months, we built 34 new stations and expanded another 13. These expansion projects require nearly as much effort from our teams as building entirely new sites. From permitting to the on-the-ground work, On top of that, we delivered two large restaurants, a major achievement for our project delivery teams, and realized several unmanned shops and built three truck charging facilities at existing stations. All in all, this means we completed a total of roughly 54 construction projects in the first nine months. including some very sizable new developments. This figure demonstrates how we are ramping up our construction capabilities. Just to compare, over the full year 2024, we delivered a total of 58 construction projects. At the current rate, we're on track for an annualized build base of 72 construction projects. That is an increase of 24% compared to last year. So we are ramping up. And if you look at the number of sites currently in the fences, with contractors on the ground, that base is above 100 sites per year. So things are moving in the right direction, and we're moving forward with determination. To construct stations, we need locations, great locations to build. So let's look at how the site acquisition is delivering. Moving to slide 14. So let's start with the facts. In the last quarter, we added 20 sites to our pipeline, bringing the total for this year to 60 sites signed. By the end of the quarter, our portfolio had grown to 624 locations, 380 of which are operational and with another 244 under development. I mentioned these numbers earlier in the highlight section. So how are we tracking towards our goal of 1,000 stations? With 624 locations already secured, we have fewer than 400 to go to reach that milestone. On this slide, you can see our acquisition pace for last year and over the last 12 months, both consistently above 100 sites per year. With the ongoing onboarding of the already planned for growth of our development teams, we expect this to increase even further. So we are firmly on track to meet our 2030 goal. To give you a bit more context on these numbers, there has been a notable shift from public to private sites in our pipeline. Unlike last year, when the German highway tender added a large batch of sites all at once. This year's growth is closely completely driven by the ramp up in deal volume of single sites. It's also important to note that our tender win last year with places for London covering 25 large charging stations in the city is not yet included in this overview. That's because the contracting for the individual locations is still underway. However, most of these sites have already been identified, and their development is far more certain than a typical prospect, thanks to our signed joint venture agreement. And there's more of this, as the same more or less goes for German regional tender wind. That gives us access to 92 search areas in Germany, where Fastnet has been appointed as the concessionaire to realize charging infrastructure in the region. For us, the key aspects of securing new locations remain unchanged. We focus on high-traffic sites, long-lease tenors, and the ability to build according to Fastnet's quality and concept standards. This is what ensures a strong business case and our industry-leading customer satisfaction. In conclusion, we don't trade off quality for quantity. We'll continue to invest with discipline. This is where doing the hard thing really matters. We approach it with a growth mindset, always looking for ways to increase our pace while maintaining both quality and quantity. We're not cutting corners. Moving to slide 15 to start talking about station performance. This graph highlights the results of our unwavering commitment to building only high quality stations in prime locations. It's about getting every detail right. What we often refer to as delivering the best charging concept in the market. Over the past three years, we've nearly tripled the number of charging sessions per station, all while maintaining a significant lead over the market average. Throughout this period, there have been frequent predictions that the competition would quickly catch up. Yet, as the market enters its next phase of acceleration, our absolute lead remains just as strong as ever. In fact, with time now being much more precious than before, our relative advantage over the competition is actually widening. This higher level of sales per location translates directly into outperformance on a unit economic basis, which brings me to our usual update on station performance. Moving to slide 17, As said, our stations continue to outperform the market. We grew energy sold per average station by 13% since last year. So that is the combination of organic growth of selling more at existing stations, plus the sales at new stations. About organic sales growth, the sales growth at existing stations, this came in at 21% for the quarter. and tracks nicely with fleet growth, which was 22% for the quarter. The gross profit per kilowatt hour was at the same level as last quarter, at 54 cents. Operational EBITDA for the average station is at 38%, which puts it also in the guidance bracket given earlier this year. These results are really unique for our sector. They're a testament to our high traffic locations, our best concept, and customer experience. It is this proven concept and business case that gives confidence in continuing to expand our network and builds the capacity to cater for the massive growth in BEVs in the coming years. And that brings us to the final slide of the presentation to talk about guidance. Throughout today's presentation, slide 18, We've explored the context and details behind each of the guidance items you see on this slide, so I won't go into each one of them again. Instead, I want to leave you with a final thought about culture. When faced with big, audacious goals, there are three ways to respond. The first is to feel uncomfortable and, as we've seen with the German car industry, and how they try to deal with the goals now. The second approach is to cut corners, hitting the numbers perhaps, but losing sight of the basic business case and business sense. We've seen some in our market take this path. The third way is the hard way, to stay strong, to embrace a growth mindset, and to constantly ask, What more can be done to achieve the goal or to increase certainty in attaining it? This is about engaging teams and working together to remove bottlenecks. It is only the third path that creates real and long-term value. And this is the path Fastnet has chosen and continues to choose. It is this culture that explains why the gap between us and the competition keeps widening. And on that note, I'd like to conclude by saying it's been a great third quarter and an even better fourth quarter is ahead of us. Thank you all for listening. And on that note, I also hand the word back to the operator for questions.

Thank you, Michiel. As a reminder, to ask a question, please signal by pressing star 1. If you wish to cancel your request, please press star 2. And please make sure the mute function on your phone is switched off to allow you to signal to reach our equipment. Again, it is star 1 to ask a question. And our first question is from Timon Rundberg from ING. Please go ahead.