Jost Werke Se

Good morning from our headquarters in Norisenburg and a warm welcome to our earnings conference for the financial year 2025. So let's look at the highlights of last year. We had a year of growth in Joost with the consolidation of our Hiva business. We successfully integrated that business into the group starting February 1st, and we were able to capture the first synergies already in the year 2025. Another part of that integration was that we successfully sold and carved out the non-core cranes business that we've acquired with this transaction and were able to swiftly close that also in December of 2025. We also had support for market share gains through new customer projects as we successfully combined our local for local approach in regions with our global OEM contact and our global strength. The market environment was not supportive last year. US markets were shrinking by 25% to 30%. But despite this, we were able to manage and achieve an organic growth in the Yoast organic business. So we've achieved our outlook for 2025 with earnings at the upper end of the corridor supported by the fast implementation of the synergies of the Huber transaction. So let's look at the financial highlights, sales, Growth of 44% to about 1.5 billion in 2025, supported by the M&A effect, but also supported by an organic growth of about 2% in our continuous business. Our adjusted EBITs from continuous operations grew 29% to 145 million, and the adjusted EBIT margin reached 9.5%, a constant currency, 9.6%. The free cash flow grew by 6% to 126 million, reaching a new record, and that was driven by the Hiva contribution and the improvements in working capital. Our leverage came in at 2.27 times at the end of 2025, reaching the target of 2.5, below 2.5, based on the debt-financed Hiva acquisition. The growth accelerated significantly in the fourth quarter. All regions were supporting and all business lines were supporting. So in Q4, we had a sales growth of 71% to 387 million. And that was organically supported by a 15% growth in our organic business. So adjusted net income from continuous operations went up 12% to 84 million and adjusted EPS from continued organizations who 11% to five euros and 52 cents. Let's look at the market environment from last year. I already mentioned that the markets were not supportive. You can see in transport, we had slightly positive markets in Europe, Middle East and Africa. Americas was low based on the uncertainties due to the tariff situation and also due to the emission regulations for 2027. Asia Pacific was slightly supportive in traders and supportive in trucks based on a strong Indian market and also an export from the Chinese manufacturers to other regions. Tractor's environment was still low, but for us, the business developed quite well based on the market share gains that we achieved, especially in the agricultural segment. But you can see in Europe and North America, markets were contracting. Only in APEC, we had slightly positive market environment. On hydraulics, we saw a stable market and our hydraulics business was integrated last year and we could benefit from that stable market and get some of the synergies already on the sales side implemented. So if you look at the entire picture, the weak market environment, the strong growth in Yoast, that is based on a resilient business model and that has various elements, one of them being that we are selling in all regions of the world with EMEA, accounting for 47% of our sales, Americas, 27% of our sales, and APAC, 26% of our sales. We generate our EBIT also in all regions, so all regions contribute, Europe, 25%, 30% in Americas, and 42% in APAC. and we also serve different industries the transport industry with 51 the agricultural industry with 18 and growing and the hydraulics and infrastructure industry with 31 so based on this resilient model we were able to have a very successful year and we could complete our outlook and fully achieve our outlook next slide please I summarize the achievements. We had a very strong year 2025 with the Hiva integration obviously being the biggest highlight of the year. And with that and in a fairly weak market environment and not supportive market environment, especially in North America, we're able to achieve our outlook for 2025. Our sales was confirming at 1.534 million euros. That's up 43% versus the outlook where we said we would be up between 40 and 50%. Also an adjusted EBIT and adjusted EBITDA. Our growth is 28.6% on EBIT, 29% on EBITDA. And that is the upper end of the range that we had in the outlook where we said 23 to 28% versus prior year. Our capex ended up being 2.8% of sales, which meets the outlook of approximately 2.9% of sales. And our working capital ended up at 14.8%, which is below the target of 18.5 that we had given in the outlook. So overall for us, year with exceptional growth, mainly based on the acquisition of Hiva, but also with our organic performance and meeting the outlook of 2025. And Oliver will lead you through some more details.

Thank you very much, Joachim. Welcome from my side. And as usual, let's go a little bit deeper into the numbers, first starting with our EMEA region. You can see here in sales that driven obviously by the Hiva acquisition, we had a strong reported sales growth of 28%. Hiva was contributing there on a full year basis by 126 million. But important is for us, even on an organic basis, we achieved a growth in EMEA by 5%. That is predominantly driven by our agriculture business line, which achieved for the full year a 7% organic growth. And even transport, despite the challenging market, was more or less a black zero on organic growth choices. And what we see on the fourth quarter development is that organic increase even accelerated in the second half of the year, and especially also in the fourth quarter. by an organic increase of sales by 15% to 178 in the fourth quarter. Again, here also driven predominantly by the agricultural segment, but also transport kicked up. However, we assess also in Europe this recovery, so to speak, as fragile at the moment. The Iran conflict might have influence here as well, but I believe Joachim will come to that point once we are discussing the outlook. If we go down into the adjusted EBIT for the EMEA region, we see an expected dilution by consolidating of the EVA business. So we achieved a roughly 36 million adjusted EBIT in the EMEA region, which is close to 5% adjusted EBIT margin. And yeah, the big effect is here that the EVA business, hydraulics business in the EMEA region is dilutive. On the one hand, and on the other hand, is although EVA has a strong presence in Americas and in APAC and generating their operating results, a lot of central costs for R&D, as an example, or other headquarters are allocated into the EMEA region. And that, together with certain adjustments in the fourth quarter between regions in terms of cost sharing, led to a relatively weak EMEA adjusted EBIT in the fourth quarter. But all in all, fully as expected, going forward, we see an improvement step by step now with the synergies also in the EMEA region ramping up, especially in the SG&A segment in 2026. If we then go to the Americas region on the next slide, we also here see, first of all, a very strong reported growth by 24%. But also here, I think it's important to highlight that despite the strong markets decline in transport in the US, we achieved an organic decline of only minus 4% in the whole America's region. And basically here, the same development then compared to EMEA, that momentum growth recovery, so to speak, accelerated in the fourth quarter. We were strongly supported here by two effects. One is in South America. We have a strong business in South America consolidated in that regions where we gained new business with customers like Caterpillar and CNH and that business has been started to ramp up by let's say the second quarter of last year and it's going to continue also in 2026. So that supported organic growth in the region and also to a certain extent in the trailer segment in the Northern America market. we gained the one or the other customer partially driven by the tariff effects that in that sense here supported our market shares. So that's helped that the overall organic decline again in the Americas region is only minus 4% for the full year. And if we go down to the adjusted EBIT, we have also seen that from our point of view, it was a very successful year despite the challenging markets. We achieved for the full year the same adjusted EBIT margin was 10.9% compared to the previous year, despite the integration of the VIVA business, which indeed has a certain dilution. However, that dilution in the Americas region already disappeared fully in the second half of the year by a very strong business of VIVA in the second half of the year, resulting in an adjusted EBIT of 44 million for the full year. And also here we see in adjusted EBIT that the fourth quarter was quite successful, driven by all business lines, driven by the recovery of transport to a certain extent, and also driven by the hydraulics contribution into that fourth quarter. If we then go to the APEC region, definitely the region with the biggest change in 2025 in basically all numbers. For sure, driven by, again, the Viva acquisition, we more than doubled our sales volume for the full year up to a little bit shy of 400 million euros, starting from 167 in 2024. So that's one plus 136% growth, driven by 235 million euros incorporated from the Viva acquisition. Um, and also what we see here is the, um, the markets in APEC as Joachim described, we're a little bit up and down. Um, we were benefiting despite, um, FxHealth twins here from a strong export business out of China, basically across all business lines. So we are working here closely together with Chinese customers that are successful at the moment by exporting their products into Far East, into Africa and other emerging markets with Yoast products. And you also can see here in the fourth quarter that that grows even accelerated again in the fourth quarter, like within the other regions. Also here, a little bit like with EMEA, we need to be a little bit, let's say, monitoring the whole situation. The APEC region might also be impacted by the Iran conflict. Nevertheless, what we see at the moment is still a strong order book in the region that supports us both for our China business and our India business. which gained a little bit momentum beginning from September last year when tax adjustments were done in India supporting the economy overall there. So that from a sales perspective, a very successful year for the APEC region. If you go down into adjusted EBIT, driven by the strong growth, adjusted EBIT went up to almost 62 million euro. And also from a dilution point of view, we achieved a margin of almost 16% for the whole year in the region, which is better than we anticipated originally. We knew that we will have a little bit of a dilution through the acquisition of Viva in the APAC region as well because of product and product mixes and also set up of the supply chains within Viva a little different than in Yoast. Nevertheless, it was almost 16%, again, We are very proud, and for sure that helped massively the overall adjusted EBIT for the total group. And also here you see in the fourth quarter, with ramping up of the synergies, the huge potential of that region in the new combined group by having leverage effects from higher capacity utilization and so on and so forth. So that's the summary for the three regions. If we now combine everything together into the group, As Joachim said, we have seen a strong reported growth of 44%. Organically, that means for the total group, still a positive organic growth by 2%, despite all the challenges that we have. And that underpins definitely our resilience models being present all over the world, across all regions, and being diverse via our customer base and our industries. And that organic growth has been in the fourth quarter, even 15%, up from 226 down to 387 reported-wise and organically, as I said, 15%. If you go down to adjusted EBIT, also here I'm already mentioned, EBIT has grown from 113 to 145.2%, representing an unreported margin of 9.5%. Also here, better than we anticipated at the beginning of 2025. Several success factors were important here, as you all know. We have sold the Cranes business that we have acquired together with the Heva acquisition that has a little bit of an EBIT kick. But on the other side and going forward, then even more important is that we see that the synergies are ramping up, that the combined business is more successful than single ones right um and that resulted then in an adjusted growth of almost 29 percent uh and also likewise with with the regions we see a very strong fourth quarter um within it just even that almost doubled from 18 up to 35 million euro again um driven by a very successful um apec region and a certain recovery in india and in apec um So that's for sales and adjusted EBIT. Now let's have a look into adjusted net earnings or our adjusted net earnings bridge. We start with a net income of 9 million euro depressed as we have already announced with the prelims a little bit by extraordinary effects. A big one here is the purchase price allocation effect. that comes with the Hiva acquisition that has, in the initial year of the acquisition, an additional effect of almost 20 million of inventory step-up depreciation and order book depreciation. So that's why we see a total PPA in our P&L of 55 million euro. The run rate going forward might be roughly 20 million less, so just to let you know. And on the other side, we had roughly 15 million of exceptional items. As we announced before, we will have, with the integration costs and restructuring costs related to the Huber acquisition, roughly 20 to 24 million exceptional expenses. From the start of the acquisition, which was beginning of last year, we have consumed now 15 million, and this is predominantly by layoff costs, restructuring costs, consolidation costs of footprints, et cetera. And that, together with the reported tax result and with the reported finance results, sums then up to an adjusted EBIT of 145 million euro. We then have to deduct again an adjusted finance results. There are two special effects in the finance result to report which are combined account for 6 million extraordinary expenses. So that's then 30 million finance results. An actual tax expenditure of 32 million We are then ending up as an adjusted net income of €84 million, and that's an increase versus prior year of roughly 11%, resulting into an adjusted net earnings per share of €5.52, which will be then also the basis for our dividend proposal going forward. If we then go to the next page, some capital and cash flow efficiency numbers that we regularly report. First here is the ROSI. We had a ROSI of 16.9% last year in 2024. We ended up now with almost 16%. Also this in the first year of such a big acquisition, which dilutes a little bit the ROSI in the first year as you have a strong balance sheet extension. as we have a higher debt load to finance the acquisition, I think is a very decent result we are proud of. When we look into the equity ratio that has been now as expected decreased from end of 2024 to end of 2025, down to 21.2%. There are two, three main effects that we just have to disclose here. The biggest one of that is simply the balance sheet extension. So we financed the acquisition of Hyva that extends the balance sheets and that's a dilution of the equity ratio. But on the other side, as you probably all realized with other companies, we have net assets in regions all over the world, big net assets, especially in the USD regime. And with the weakening USD versus the Euro, we had a strong negative FX translation effect in equity, accounting for almost two percent points of equity decrease, or almost 40 million Euro. Going forward, and especially with the capital increase that we did end of February, that's going to significantly jump up already in the first quarter now. When we look into net debt leverage, as Joachim mentioned, that has, as expected, grown, driven by the financial debt load to finance the acquisition. We show a leverage of 2.27 times EBITDA, and that's indeed lower than our initial target that we have set for 2025. We wanted to make sure that we are at the end of 2025, below 2.5%. which is a little bit of a threshold for us in terms of credit ratings and so on and forth. So kind of an important threshold, proud to achieve that. And that also helps our finance expenses for this year. If we then go to the next page, we see a very strong free cash flow again, like with the last year, cash conversion rate of 1.5. and absolute free cash flow 126.4 million. A strong contribution from Yuva in the operating cash flow on the other side. And on the other side, for sure, we try to optimize our working capital in 2025. Also, you never know what happens in the next year. And people see this at the moment to be robust, to be ready for whatever is needed in terms of the future of the company. But yeah, I think we can be proud again for another very good free cash flow performance. CapEx spendings have been well under control. 43 million euros we have spent, reflecting 2.8% of sales. And that includes already here and there certain investments into our future. So by the way, we have just We have just opened last week in Brazil a new off-highway cylinder production facility. And we have also moved into a new modern facility in Melbourne in Australia. Both facilities will achieve further growth in the future. And that investment here, I think, is well spent, but still fully in range of our corridor and a little bit below the guidance that we initially pointed out for 2025. And working capital, I already mentioned, very successful working capital year. The ratio in percent of sales is 14.8. I think that's the all-time low. However, as I pointed out already in the one or the other meeting, this is partially driven by factoring line that we used and working capital optimization. So that's probably not a through-the-year run rate, but nevertheless, a big achievement in supporting or deleveraging at the end. Next page, please. Yeah, last quick snapshot on our ESG slash sustainability performance. As you all know, our most important KPI that we are tracking here is energy consumption and CO2 emission in production hours, so to speak. For sure, the energy consumption driven by the M&A effect has grown. However, less than the turnover, so to speak. So there is efficiency in both in energy and gas supply incorporated in the numbers. We are pushing in Yoast pretty much all over the world, our photovoltaic usage to get our own energy production ramping up. And that supports not only the P&L, that also supports our CO2 footprint. Very proud to present those numbers here. And when we look into the CO2 intensity, also here we can see, and probably focusing on the right part of the lower chart, a minus two organic decline in the CO2 intensity. And despite the fact that the number has already been decreased more than 50% compared to our initial targets that have been set in 2020, And that 2.76 CO2 intensity number will be now the new basis going forward. We have just discussed a couple of weeks ago with the supervisor what new targets for that number until 2035. And the goal is to use that number on top by another 50%, showcasing that Joost is willing to play its own part in CO2 emission in the world, so to speak. I think then it's up back for Joachim.

Yeah, thank you, Oliver. Very important year 2025, very important for Joost in the growth trend in our ambition 2030. So how do we look into 2026? So let me guide you through the current assumptions for the markets. If you look at the transport markets, the slight increase in Europe, Middle East and Africa for trucks and trailer expected from the analysts and prognosis institutes. In Americas for truck, also a slight increase for trailer around zero, slight decrease to around zero. And for APEC, also a slight decrease expected for this year. On the agricultural markets, it is a slight increase in Europe, a slight decrease in North America and also in APEC. and hydraulics more or less a stable market environment around zero. That's the expectation that we see from the institutes and from the analysts. There is a few upsides and a few risks, obviously, that we can discuss. You know, upside is on the one hand that in America, we do have um the terrorist situation and if that calms down and gives more stability or even a reduction in tariffs then that will lead to a market because i i assume there is already some pent-up demands due to the low volumes that we've seen in the last year so that's an upside potential if we see some stability there the other one would on the truck side be a potential pre-buy effect for the 2027 epa regulations that there is still some uncertainty around that. And if the White House and the administration clarifies that, then that is another upside potential Downside potential obviously is the high energy costs and the high transport costs that could come with the current Iran conflict, and we will have to monitor that. So based on this market assumptions, our outlook for the year 2026 is that we will continue to grow despite the more or less stable market environment. in a single digit level, our adjusted EBIT margin and our adjusted EBIT will grow higher than that. The adjusted EBIT will grow higher and therefore the margin will increase. So single digit growth in sales, mid to high single digit growth in adjusted EBIT and an increase in the adjusted EBIT margin comes out of that. For capex, same as last year, we assume that we will be around 2.8% of sales and the working capital between 17.5 to 18.5% of sales, which is our normal range throughout the year. So those are the outlook numbers. Summing it up, we are closing a very important year for 2025 with an exceptional growth for Yoast based on the Hiva acquisition, but also with a positive organic growth in a difficult market environment. So we're on a good way to reach our ambition 2030 goals. Sales being up 43%, EBIT being up 28%, record cash flow. So we consider that a very successful year 2025. And based on that, we're also well positioned to achieve further growth potential in 2026 and to continue to generate value for our shareholders Christian Lebiere, Based on that we propose a dividend of 1.5 euros per share, which is 30% of our adjusted net income so that's the upper range like last year of our dividend corridor. We expect the Hiva PMI to conclude in 2026 so that we can confirm our synergies by Q4 of 2026 that we have all synergies implemented by the last quarter of this year. And we continue to actively work our M&A pipeline to see what other opportunities there will be this year. And we believe that this year will be a year where there are opportunities that will come on the market at reasonable leverage and at reasonable prices. So our diversification across the end industries and across customers and our regional strength that provides the resilience and the profitability in what could be another difficult market environment this year based on the slide that we've just seen and the upside and the downside potential which requires the flexibility that we have been able to prove in the last years. We are seeing a very robust order intake in Q1 2026. So we see a visible recovery across all business lines and also across all regions. So the year has started quite well and we will see if we can continue that way. But we are also closely monitoring the potential impact of the Iran conflict. There is energy prices going up, there is freight costs going up and we will have to see how long that will be and how that will impact the overall global economy. We are prepared to swiftly and flexibly adjust to that. So that's the summary and we're open for your Q&A. Thank you very much.

We will now begin the question and answer session. Anyone who wishes to ask a question may click the Q&A button on the left side of the screen and then click the rise your hand button. For written questions, please click the Q&A button and then text button and type your question. If you are connected via phone, please press star and one or your telephone. If you wish to remove yourself from the question queue, you may press the lower your hand button from the webinar or press star and two in your telephone. Enno has a question, make you up now. The first question comes from Yasmine Stalen with Berberk. Please go ahead.

Hello, thanks very much for taking my question. I have three again, so I will take them one by one if I may. So the first on the guidance, could you provide more granularity what you have baked into your guidance or put it the other way around? Did I get it correctly that the upper end of the guidance implies some positive upside from the truck market while the lower end reflects some impact from the Iran conflict or would this come on top?

Yeah, I can take that directly. Thank you for the question. So currently the guidance is based on the market environment that I have been shown. If we see the the upside potential of especially on the US markets, that would come on top of that. So if indeed, we see the tariffs go down, or if we see a pull ahead effect for the purchases, because the the EPA 2027 regulations supports that pull ahead effect, then that would that would increase the guidance range of the given And on the down end, it does not assume any major and long-term impacts from the Iran crisis. We're currently already seeing some increases in fuel costs and also in transport costs. But if that does not continue a long time, then we don't think there will be a big impact. But of course, depending on how long the conflict will be and how much impact that will have on the global economy, then that would be... that is not included in the lower end of the guidance. So it assumes the global economy more or less as we've described in that slide about the markets.

Okay, perfect. And maybe just to follow up, do you expect any impact on your agribusiness from a potential shortage of fertilizers? Is there anything you've heard already from your direct clients or from a dealer side? So looking at the SEMA business barometer, it moved slightly to a negative territory again in March. Anything you can share from this side?

No, really, we don't expect a big impact on that. Based on the current situation as we see it, the SEMA has been moving around zero for the last months, but we do see with the dealer stocks going down, we do see a bigger demand at the dealer channel and also at the OEM channel. The numbers that you're seeing on that market slide is for the entire tractor market. Our segment is the mid-range tractors and they are actually a little more positive than what you see on the general slide because There we have seen the volumes go down earlier and on the high horsepower tractors it went down later. Now the mid-range tractors are coming back quicker than the high range tractors. So it's actually a bit more positive than what you see on that slide. And we have no indication that the fertilizer will impact that market at this point in time.

Perfect. And then maybe a final question just following the capital increase, could you provide share more color on kind of your timeline in terms of M&A, to what extent maybe the current macroeconomic uncertainties might impact this timeline. On the one hand, you may be becoming a bit more cautious, keeping your powder dry, and on the other hand, a potential impact on the pricing, if there's any.

Okay. We don't look at it that opportunistic. We look at it more strategic. We have a number of targets that we're looking at. And if we have an opportunity to close a deal with a target that fits into our strategy, then we will do that. At this point in time, I would not say that we're trying to keep our powder dry. We're continuing the same way as we would have done four or eight or 12 weeks ago. So no implication from that point. We have an industrial story that we've laid out in the ambition 2030. And that is the main driver for our M&A ambition. Not so much that if we have the capability or the firepower, it's more the strategic view. and i don't see a change um to what we've uh what we have communicated about six weeks ago um there is uh targets that that are on the market and it's mainly driven because of a change in the industry a change in ownership and um and and i think we are well positioned and we have the right financing structure to be able to act if we see the right targets uh and with the right kind industrial footprint and give the right strategic fit to us. I don't know if you want to add anything to M&A. No, totally agree.

Perfect. That's all very clear now. I'll step back into the line. Thanks very much.

Thanks, Emil.

So we have some questions that were submitted by text from Jorge Gonzalez from New Waste. I understand the cautious approach given the geopolitical events, but could you give us your view on the improvement momentum on truck and trailer ordering in the US? After a long recession, do you think there is more positive opportunity than further deterioration risk?

I think I've mentioned that a little bit. I believe that the replacement rates have been low the last year because of that uncertainty. So the vehicles have aged. There is some statistics that the aging in the last two years was one year of the vehicle age. and that means there is some pent-up demand. That's why I mentioned the upside potential really is if there's some more stability in the pricing, and the pricing depends a lot on the tariff situation, and if there's some more clarity on the EPA 2027 regulations, I think we will see that pent-up demand convert into numbers. So I'm personally, more positive than what you see in the official numbers for the North American market, all depending, as I said, a little bit on the environment and the stability that is given by the administration.

Okay, thank you. We have another question submitted by a text from Sindre Iversen from Salt Value regarding the organic growth in the second half of 2025. How should we think about that given the weak performance in the first half of 2025? Can you give us some color on the development during the year and how should we think about organic growth going forward?

Yeah, I think we have to take into account also, if you look at it that way, the previous year to 25, so 24. In 2024, we had a strong first half year and the weak second half year. So if you do that year to year comparison, it appears like 2025 has been weaker. in the first half and stronger in the second half. It's actually from the build rates, and that's not really the case. It's only if you compare it year over year that you see that picture. So our organic growth, we have been following the markets, but we have, in addition to that market, gained market share, especially in the agricultural sector and especially in the Americas region, as Oliver has pointed out in his details. And that has helped us to have the 2% growth in that market that was, especially in North America, down 20% to 30%, and also not very supportive in all the other regions. So I wouldn't say that we had a strong last half year and the weak first half year. I would say we had a strong overall year. organically, and of course, adding more potential with the Hiva integration. And as you probably have seen in previous presentations, in those synergies that we have with the Hiva integration, the 20 million that we want to achieve overall, there is some sales synergy. So some of that will come with additional sales opportunities. And this is what we will capture in 2026.

Okay, one last question submitted by Tex from Felix Overdorfer. DNF financial services. Does the rising working capital requirement forecast in 2026 imply a weaker free cash flow conversion more towards the one-time target?

That's correct, Felix. Right. And I mentioned that in the one or the other investor event already. We were exceptionally good in 2025, also in 2024. Always it's a little bit easier. to manage working capital in phases where the market and the business is stable was slightly decreasing, right, to release working capital. And with the topics that Joachim was mentioning for 2026, we see ramping up organic pipeline, especially in X slash off highway for us, that will consume a certain portion of working capital, affecting then the free cash flow. And the other point is also, and we have to mention that we are at the moment a little bit cautious when it comes to supply chains all over the world, right, to protect our market share. to be able to deliver, to protect our customers like we did in very successful, by the way, during the COVID crisis. And that's why we have incorporated a little bit of a cushion in that working capital number. However, nevertheless, now we will try to achieve the best result that we can and stick to our overall long-term target of 1.0 adjusted net earnings free cash flow conversion.

But yes, answer is yes.

Okay, that was the last question submitted by text.

As a reminder, for questions from the webinar, please click the Q&A button on the left side of the screen and then click the raise your hand button.

There's another one from Felix.

Oh, there's another one from Felix. Oh, yeah. Sorry. Yeah, this one. Yes, from Felix. Follow-up. Revenue grows forecast... LSD, low to single digit, low single digit to mid single digit growth, including one month of fuel, which was consolidated as per February, which would add some 3%, perhaps a little less due to the crane's carve out. So roughly speaking, it's an organically flat scenario, what you're currently belief is likely.

I don't think that this is 100% true Felix, not because, I mean, a little bit different to compare to other ones. We don't exclude any FX effect. We expect a certain FX, a negative FX effect in 2026, probably in the range of 2% to 4%. as the average, let's say, Euro rate versus main foreign exchange currencies that we have, Brazilian RIAI, USD, also Chinese renminbi, that is still increasing, and that will hit just the reported sales top nine. If you exclude that, we are coming back to that initial range that we said mid single digit somehow is a realistic number up towards the upper end with more of an improvement in North America and probably even to the very upper end in case we have that pull ahead effect from the EPA. So you need to take definitely for 2026 into account that there will be effects effects. Okay.

So we can say the guidance includes the negative effects if we haven't excluded.

Right. So we stick to that guidance even in case we will see that effects.

That's it.

Okay. Ladies and gentlemen, this was our last question. I hand back over to Joachim Thur for any closing remarks.

Yeah, thank you very much for your interest. I think for us, as I mentioned, an important step in our ambition 2030. We have one question.

OK, please go ahead. One from Fabio still on the line. Sorry, it just came in. If you can, please, moderator, put him back in. I'm sorry for that. We didn't see it.

Please go ahead.

Yeah, hi. Can you hear me?

Yes.

Yes. Okay, perfect. One question left on minority interests going forward. As far as I can see, what's left now is mostly, and I hope I'm pronouncing this correctly, UCMECA, the recycling business in Brazil, the 25%. You have earmarked 15.4 million for the put option. Do you plan to exercise this in 2026? And if yes, would that translate to basically zero minorities going forward?

Thank you. Yes, yes, and yes, Fabio. Let's hope that the minority shareholder is not listening this call at the moment. That's the provision slash liability we booked based on a fair value assessment that we did in the annual report that the final price depends on final negotiations. And probably it's not so much on that we decide to, we have a call, he has a pot. There is a high likelihood, right, that he will do the put option, call the put option, so to speak. And then you're right. The most likely outcome will be that this liability then goes away. And on the other side, you will then consolidate 200% that business. And the reason why that put option has increased in value, jeopardizing a little bit the finance result, is that this business has improved a lot over the last 12 months. It's a very successful business. And also going forward, the outlook for 2026 and 2027 for that business is a very good one.

I hope that answers your question.

It does, yes. Thank you.

So still not over. One more question from Felix. Are you willing to share some quantifications on synergies for an EBIT level currently anticipated for 2026?

I mean, that doesn't change to what we have initially said. So when we did the acquisition beginning of 2025, we said over the three years, it would be around 5 million in the first year. So 2025, then an incremental 7 or 8 in 2026. So something up then of a run rate of around 13 million in 2026. And then for 2027, the full 20 million synergy. So you should expect an increment or incorporated is an incremental 7 to 8 million EBITDA.

for 2026. Okay.

It looks like now there are no more questions. I will wait a bit. Yes. Okay. Thank you very much for your interest on this and Joachim, please go ahead.

Okay. Yeah. Thank you very much for your interest and for the questions you're posing. For us, a very important step in 2025 on our ambition 2030 plans to increase our sales and our margins and a successful integration of Hiva to this point in time. Good basis for 2026. We see slightly positive environments and we will be able to adjust upwards or downwards to use the opportunities or to manage the risks that we see currently and that we have discussed. So thanks again and see you at the next meeting. Bye bye. Bye bye.