Mutares SE & Co. KGaA

Dear ladies and gentlemen, a warm welcome to the preliminary financials of the fiscal year 2024 and the Q1 2025 earnings call of Mutaris SE. All participants have been placed on a listen-only mode. This conference also will be recorded. In case of any questions, please reach out to us via ir.mutaris.de. Let me now turn the floor over to your host, Mark Friedrich.

Thank you, everyone, and welcome to this call today, as we planned, but had to publish yesterday, that we only can publish preliminary financial statements. And that is mainly due to what you read here again on the page and what you read yesterday in the press release, that we have more documentation requirements and more auditing work to be done, especially for one complex special situation that we experienced here over the last couple of months. And let me give you here a bit of more color what happened over the last couple of months, especially since this is due to one topic that you are all aware of, which is called Seneca, where we experienced a situation where standard accounting frameworks meet a situation that is non-standard. Like we experienced here with Zernike what we had to discover after the acquisition in December and therefore had long discussions with our auditor and also long discussions internally how to reflect this properly in our financial statements and consolidated financial statements. And we demonstrated over the last couple of months that we had no control. over Zernike and therefore do not consolidate Zernike in our group financial statements. The auditor obviously has to really look into this in very detailed and also inside internally and finally also came to the conclusion that our assessment is right, that we had no control and therefore it's appropriate to not consolidate Zernike in our group financial statements. And what you saw, what we published here yesterday reflects the current picture that is from also the auditor's perspective as of today, the right one. And therefore we also felt comfortable in order to publish this with the current standards. And you saw that we also already yesterday announced that we want to pull forward the publication of Q1 and put this forward to this morning because we wanted to demonstrate here solid progress like we also explained on the 4th of October, where we highlighted pretty much the way forward. Back in October, we looked forward until the end of the year. Johannes will talk about this in more detail. I will talk about this when talking about Q1 in terms of holding figures. But we wanted to demonstrate here and clearly show that the figures are going in the right direction and that we move the group in the right direction as we outlined on the 4th of October. Looking again back, what are the next steps? So you hear us today talking about preliminary financials for 24 and the Q1 financials 25, which we consider final. And we have agreed with our auditor that we have a kind of a agreed time plan to publish our then audited financial statements and consolidated financial statements for 24 on the 20th of May. And we agreed this morning that the annual general shareholder meeting can be held on the 2nd of July and the calendar will be adjusted accordingly. And with this, we move on to the agenda and I hand over to Johannes.

Thanks so much, Marc. And also from my side, a warm welcome to this earnings poll here on the 29th of April. So I will guide you quickly, backflash, and then the company and business model reminder. Key highlights before I hand back to Mark for the preliminary financials 24 and the Q1 2015. So I said a little backflash. On October, that was the last time we heard each other in that kind of forum. And we're also considering for this year that maybe closer to the summer and closer to Christmas, maybe we will have another informal call where we give a business update. But in October, that was the last time we met in this forum. And what have we promised in October is, firstly, we continue to grow with larger acquisitions. also in the non-auto segment, which we did with Magirus, which we did with, for example, Budero's Edelstahl. Both acquisitions are running quite nicely. We just passed the 100 days roughly after acquisition, and they are developing as expected or even slightly above expectation, for example, for Budero's Edelstahl, where we also benefit significantly from the defense hype. Secondly, we continue to grow profitable, which you see as we have achieved our guidance on the holding level on 24. And as you see also, it continues in Q1 2025. Thirdly, stabilize and improve the strategic performance of the automotive and mobility segment. I'll come to that later and give you a little bit of insight on the war story as well, where I think in the current circumstance that it was one of our main exposures is in auto. And obviously the circumstances are not the brightest one at the moment, but we managed to stabilize it, even improve it. And we are in a good position, in a very good position to participate now differently also in the market. And last but not least, initiation of and deliver of sell side transactions. which we have done with Steyr and which we have also done in Q1 with Alcura. And there will be much more in Q2 where we are really, really on the final line at the moment with several transactions. Last but not least, Q1 confirms what we have promised Also in October 2024, we continue to parse, we continue the journey here as well. And maybe an insight from not the CFO of the business, but the guy sharing the office with them. I think what happened in the last weeks, also together with the auditors and with every stakeholder involved, we tried to build up the complexity. This was a great team spirit, team spirit of being world champion. And with no hierarchies, we just tried to deliver. And this was a great spirit. And I'm very happy that we could achieve the numbers of 24. And I'm very happy that we already closed the Q1 2025 with very successful results here as well. Reminding you quickly on the business model and our target. operating more globally every day, more and more. So we have opened Chicago, we have opened Shanghai, we have opened Mumbai, and we also see assets in our buy-side pipeline and also in the build-up of our portfolio where we really have a global footprint, where we really operate with the different offices, We run currently, for example, a project where almost every continent is involved. We talk about 35 sites, which the asset has. So our global footprint really pays off. We are in four. Segments where automotive is still the largest one. I'll come to that later on and give you a little bit more insight into that. But surely we have risks, but we also have every day a chance in that portfolio due to the great diversification. Target company size, we still speak about 100 to 750 million. Personally, I would believe our sweet spot is somewhere between two and four or 500 million now. And this is also what we currently look into the pipeline more and more. The best example is Buderus and Magirus, for example, who are exactly in that range. And last but not least, I think we have our turnaround specialists. We have our turnaround heroes. flying around from Monday to Friday, trying to make the companies better, and especially in critical situations, but also in up-current situations like we have in our portfolios where there is, for example, defense involved. We need them, and they are the greatest assets we have, and it's very nice to see also the development of this over the years. we aim for is still the same so we acquire companies we acquire loss making shitty businesses which needs operational improvement and we restructure them we optimize them at the end of the day we sell them and the main driver of success in my personal view is the first stage the realignment stage together with the acquisition stage we need to have a proper plan we need to make a good acquisition we need to save the money on the buy side part And then the first 100, 150 days are important to really change the culture, change the mentality, and pull the right strings in order to flip around the company as quick as possible, optimize it later on, and then prepare it properly for the exit, which we have done at the end of last year, also beginning of this year. We are currently out in the market with more than 10 processes. where in Q2 we will already see a good portion of that materializing into a signing, and then the second part in the second half of the year. So with a holding period of five years when we started a growth, this is exactly the year of harvesting, and I'm super optimistic. We had started with Steyr, we have continued with Alcura, and I'll give you further insight in a few seconds there as well. Looking at our portfolio, we have the four segments, as I said, automobility, and let me spare a few minutes here on this one. The challenge of automobility is the change, more or less the daily change. If it comes to tariffs, if it comes to availability of parts, if it comes to strategic changes of the OEMs, when it comes to electrical vehicles, EV or ICE vehicles. So we are constantly in a changing mode. The industry is not settled, it's not down. The industry is just simply changing day to day. And the strategy we started a couple of years back where we said we want to consolidate, we want to have the large groups, we want to have the plastic group and the metal group really, really, really paid off. Very simple example. I think the size of the business helped us to really have another word, really have the right ears and the right people we talk to at our customer base. So with Amaneos, I was personally involved. We had a company, order book is full. We received a lot of orders, but the call-off didn't count. The call-off was just 30, 40, 50% down compared to what we have planned, compared where the investments were made for. and compared to what we were awarded. Now, this is a discussion you have to hold with the OEMs. And if you are a 60, 70, 80, 90 million business, the power of negotiation is very little. With our large groups, with us being motorists, having close to a 3 billion exposure in the automotive, We get to listen. They have to listen to us and we listen to them. And at the end, we find a really good solution. So that the Amaneos group, where this company was in, is now in a very good shape. It's in a very good shape, a very good status to accommodate what is expected from Amaneos in the future. We are one of the leading plastic injection molding business, interior and exterior. And this is what we want to be. We always wanted to be, and we wanted to be one of the significant players in this industry, in this specific market. And I think we are there yet. We need to build it up. We need to harmonize it. We need to stabilize it. And then this is the right asset also for the years to come in a divestment situation. On the engineering technology side, as I said before, there's always a risk in a portfolio, but due to the diversification, there's also a chance, right? So we were very frightening looking yesterday to Spain and Portugal with the shutdown. We have EFASEC, the largest manufacturer in Spain and Portugal for transformers. So there is a chance. There is a chance every time. Steyr, I recall when we acquired Steyr, we had long and intense discussions internally in the board, but also with the supervisor board. Is it too small? Do we really want to go into defense? Is that the right thing? Boy, this was the right decision to do, and I'm very happy that we have it. So in general, the engineering technology segment is one which is – Going quite well on the project business side. We are very happy with the early developments of Buderus and Magirus. And obviously, everything around energy, everything around defense, everything around this is, at the moment, quite shiny and quite good. Goods and services. There we have a portfolio which is kind of mature over the other ones. So, for example, the top three, you see Palmyra, Connexus and Terranoa. We hold them since a certain period of time. We have done the turnaround. We have done the optimization, especially also for Terrano. We have buy and build. And those are all candidates for an exit. They are ready. We have done our bit. We have done the 80%. The operational team have done a great job there. And those companies are highly profitable. Order books are full. So there is a good chance that also those will be part of the exits in the next month to come. And then we have retail and food, where we carefully look on the development. We have divested Fasana and Tamarkinio in quarter one. We have acquired Natura, a very cosmetic and drug chain in Poland. The start looks very, very promising, even better than we thought at acquisition. Our team, I think, is doing a wonderful job there, and we are very optimistic when it comes to Natura. On the other side, we are carefully looking that retail and food segment. We have started that segment not long ago, and we will evaluate if this is the right industry for us to bring forward. Obviously, as you can imagine, retail is currently super, super challenging, and the customer on the B2C spend is quite careful to spend money. So we're carefully looking there. We have with Keeper a nice performing asset there. Klaessner Molkerei is doing okay. But the really retail part, such as Brennerthal and LaPair, is something we need to carefully watch. And we do carefully watch. So far, a little bit the insight on the portfolio to give you a first glance. Let me share with you the key highlights, key highlights of 2024 and the key highlights of quarter one. So in 2024, we have made 13 acquisitions. I want to stress out here that there were a lot of bold on acquisitions for candidates which we want to divest. So for example, we have there the bold on acquisitions also for Terranoff, for example, And we have strengthened the automotive groups with KMB, with Prince, with HPC. We have strengthened the automotive groups in order to finalize our build-up of these two large giants, Farrell United and Amaneos, to be a real, real partner for the OEMs. On the sell side, we have divested Frigos Cania, which was the largest exit last year, to Duxer, cooling logistic company, faster turnaround than expected. A great effort by the CEO, by Peter and his team at that point in time. And also on the sales side, we were quite successful. Geographically, I think an important to understand there, we want to be there in countries where others are leaving. And China and the US at the moment are those countries. So it was absolutely the right decision. In China, we have made the first deal, 24 with Pikachu. And there are more up. there in the pipeline, because companies are leaving China now due to fear, due to geopolitical situation, etc. Same happens for the US. So we are very optimistic that our newly formed office in Chicago, with Fabio leading that, is very successful. And we see also the first deal to come. We are an exclusivity for the first deal in the US to be made. So 2024 overall successful year on the buy side to strengthen the portfolio. First exits out of the growth case five years ago, and a lot more to come in 2025, which leads me to the quarter one in 2025. What have we done? Seven acquisitions, Magirus and Buderus Edelstrahl at the top, Nervion in Spain, very interesting industrial service business, logistic business two in the Nordics, After a super successful exit of Frigos Scania, before we have exited Bexity in Austria, I believe logistic is one of our rockstar industries. And with VR logistics in Finland and with GDL in Sweden, I think we have two good assets. We just have conducted the 50 days meeting for the Swedish business GDL, which looks very, very promising. Also on the sales side, we have divested the majority portion of Steyr very successfully. And we have divested a huge part of Alcura, which was always the strategy. When we acquired Alcura October last year and signed the deal, closed it out in November, we already wanted to split the service, the care business from the equipment business. And that is what we finally did. Revenue-wise, we kind of split away 30% of the revenue. But you can imagine multiples in medical care business are different than in, let's say, the automotive spot. So we received a very attractive multiple. The deal will be closed in May. And this is one of, to be fair, one of the larger exits in the last two to three years, despite the fact that the revenue is very low. And then the listing and the sell-down of Steyr Motors, where we listed it with 70 million of market cap. At the moment, the share price has tripled. There will be an annual meeting, I think, on the 7th or the 8th of May. Dividend of 55 cents per share is announced. So overall, from the thinking we had when we acquired it from Thales and the discussions we had to what is it now, I think, This is one of the most amazing stories of the last past years since we are here. And then last but not least, geographical extension, India, largest country in the world. We opened our Mumbai office. We are very, very close to make the first deal. I've physically been in India. Potentially, I need to go there next week as well to do the final shot there. And then we also have the first deal done in India, where I think there's also a great market for the future. And looking forward, I also believe that other countries in Asia, predominantly Japan and South Korea, are interesting markets for us. And with that, I will hand over to Mark, and then we will see each other for the outlook again.

Thanks, Johannes. So starting with the preliminary financial, it's 24. And when talking about the portfolio companies, I would combine it a bit with the development of Q1. Johannes anyway touched a lot of the developments that we have seen in the segments. When looking at the 24 financials, you see that we again have the increase in group revenues to 5.3 billion. And on the other hand, you heard that revenue is not at all a very good indicator for value. We heard about Steyr. Steyr is quite small. There are other examples in terms of revenue, quite small. And we have other examples in the group where the revenue is actually fairly low and small in terms of the size here of the whole group. But the value that we see in this company and the market sees in this company is fairly high. And therefore, group revenues, it's important for us because we need to talk about it and we have consolidated financial statements, but our perception and analysis of the attention of market participants towards the indicators that we present here is clearly towards net income of the holding. And therefore, this is the key KPI for us and that we focus on and also focus on in terms of the guidance. When looking again back to the group, we see 5.3 million. You see on the right side, we published it in the press release that we give a guidance for group revenues of 6.5 billion up to 7.5 billion. And we're talking about Q1. I will deep dive here how we have derived the number. When looking at the adjusted EBTA and you see the big setback compared to 23, it's important to understand that every one, every individual acquisition that we did that you saw on the pages before in 24 was contributing negatively to the adjusted EBTA due to our business model. In combination with the acquisitions that we did in second half of 23, especially big ones like FASEC, there was some kind of expectation that the adjusted EBITDA experienced a setback in comparison to 2023. We heard about the automotive segment. You will see what happened here in Q4. And when looking then at the Mutaris holding, we reached almost 110 million of revenues with our existing portfolio. Net result is in the range of Of our communication, we reached finally 108.3. And main contributors were clearly the exit of Rigoscagna with more than 50 million and the exit or revaluation of Steyr, which proved to be right, with also more than 50 million. Looking at the segments, and here it pops up immediately that Q4 in the automotive and mobility segment was really bad. And it was really bad. We had a lot of companies that had a reduction in call-offs. There were some kind of cautious in the OEMs towards the end where they wanted to reduce the number of call-offs that we had. had done from our portfolio companies and in combination with the add-on acquisitions and platform investments that we did in the segment, we saw that there's a material setback in Q4. Looking at the other segment, it was more or less normal when looking at engineering technology where we all the time said it's supposed to be a stable one and also goods and service is supposed to be a stable one, a good one, especially when looking at engineering and technology. This is clearly driven by the big acquisitions that we did here in the past. And we see here some good developments going forward. I will touch this when talking about the individual segments. And then looking at retail and food, we already heard it, kind of a reassessment on all unnecessary here. If we want to keep this separate and what do we want to do here, but clearly also here over the quarters, some stable loss making and then adjust the DBTA, but I will deep dive here once we reach the page for this. Looking at the automotive and mobility, strong headwinds on sales due to the global drop-off here in call-offs from OEMs. There is from our end a clear focus on adaptation of our footprint and capacity. And that is also what the OEMs and customers expect from us. that we are part of the solution to reduce overcapacity in the market and on the other hand like johannes said we we clearly consider m a as a solution in this segment we want to add to the existing platforms valuable assets valuable assets not necessarily we want to add kind of sides where production capacity, we rather want to add valuable assets. And this is clearly a task for the whole team here in the segment to fill the existing capacity to be a solution provider hand in hand with the OEMs and for the OEMs. Engineering technology, something where we saw quite a good development over the year in Guascore Energy, NEM Energy. It's already in the name. They are operating in the infrastructure, energy infrastructure business. And also at Steyr Motors, I've talked about it quite a lot now. But when looking again here at the segment where we talk about especially the companies that are operating in the energy infrastructure business, namely it's NEM, Guascore Energy, but also Sofenta, and we heard about FASEC. where we see clearly really good development, especially when looking at FASEC, when looking at Q1. We see that the path forward looks really good. And on the other hand, we have one bigger construction entity in the group here. It's Dongus, where we want to ramp up the revenue by almost 50%, and it looks really okay in Q1. We see that profitability picks up, that revenue picks up. It clearly goes in the right direction. On the other hand, the construction business at Builders is struggling. We have a lot to do here. We are in final phases when it comes to awards and pretty much already look forward into 26 to really fill capacity here and are confident that the market overall, construction market overall in Europe is picking up after the substantial decreases in interest rates that we have seen over the last couple of quarters. The goods and services segment is, over the last years, a positive adjusted EBITDA, a positive one. And let me start with one thing that really also pops into the eyes right away. It's a revenue figure, and it's right. It has been checked a couple of times, and the coincidence is that it's exactly the same as last year. And you see that there's not too much movement in the segment. We added Aikura at the end of the year and Aitera at the end of the year, divested Asteri, but besides the rest, Palmyra is still in there, Go Collective, Connexus, and they all make good troopers. They all make good progress. And we are here also quite confident that we will see some nice exits, especially out of this segment you received once we come to the lifecycle for Q1, also, which reflects exactly what Johannes was talking about. And here on the right side, we wanted to show that we have here also, besides engineering and technology, also in this segment, some nice organic growth in 2024, and that continued also in 2025 for a couple of these assets. On the opposite side, we have Stuart in here. And already during the acquisition phase, we knew that we would lose one major customer and therefore the company will experience setback in revenues and that we pretty much have to make sure by cost initiatives and also by business development initiatives to counteract here. And this is what is happening. It's not going fast because this is kind of a longer way, but pretty much according to plan as we acquired the company. Last segment, retail and food. We have heard about it from Johannes. And let me just highlight to you what we did at LaPierre. At Lapea, we focused a lot last year on adaptation of the organization to the cost structure. And the team has done a tremendous job by reducing the cost structure by more than 50 million. On the other hand, they also already focused on sales initiatives. But this is a mind changer that takes most of the time, unfortunately, a bit longer. But there's a lot of focus on in the team on sales initiatives and execution of sales initiatives in the market. And the CEO is on site in the shops showing to the teams how to sell. The team has derived quite transparently where we lose customer in the different steps. of interaction and addresses exactly the touch points that we have with our customer in order to increase, obviously, the turnover rate. And we are quite confident that throughout the year, this will pick up. We have not seen this in Q1 so far. They are according to budget currently, but we really look forward to the rest of the year and pretty much have budgeted here for a pickup in sales throughout the year. All right, this was the review of preliminary financials 24, looking at Q1 and starting here with the overview. And here I want to explain how we come up with the guidance on revenue in the group that you see of 6.5 to 7.5 before going back to what we have achieved. We sum up all the budgets that we have of our existing portfolio companies by the end of the year. We make some assumption for the exit timing of the processes that we have initiated and then pretty much eliminate what comes after the exit. We have made some assumptions on the buy side and then end up with the range that you see here. By nature, there are some influence factors that we do not have all under control, right? That's why we have come up here with such a range. And when looking at Q1, where we have not the full year already in, like Pobudero says one month's missing and so on, And still, we achieved already 1.5 billion in the first quarter times four, brings us slightly above 6 billion already. So we are close to our range. And we believe, based on what we have calculated, that we will reach the range that you see here. And that is what we published also in the press release yesterday. EBITDA in Q1 is highly positive, almost 400 million. And that is mainly due to the number of valuable transactions that Johannes mentioned in his presentation that we added to the group. And that is clearly what we also want to do going forward. And that's what we said on the 4th of October. We want to do the right transaction for the right price. And there's a lot of focus on this. And all the transactions that we did besides Zeneca in the last nine months, they're all okay. No bets or prices, and therefore, we are quite confident that we are on a good way here. Adjusted EBITDA, by nature, and these we see it in the cycle, by nature of the number of acquisitions that we did, this normally leads to clearly a setback in the adjusted EBITDA, and therefore, it's negative. I'm not too worried about it. Then looking at Mutata's holding figures. was the first time that I can remember decreases compared to last year. And I'm still, again, you're not worried at all, can happen on a quarter by quarter basis. And it's okay. So we still believe that we will be in the range in terms of revenue, 100 to 120 million. Let's see how this is going, going forward. And it's also, again, a combination with what kind of acquisitions do we do when throughout the year. So far, we are okay with this. Looking at the net income of the holding, we have reached almost 30 million and that number includes 23 million contribution of exits of shares in Steyr Motors. And when you read the press release, you might have noticed that we have divested part of it in Q1 and also part of it in Q2. And we can expect another contribution from this divestment that we have communicated and is executed of Steyr shares of about 30 million. Again, 3-0 in Q2. So we are on a very good way in terms of net income of the holding with already what we delivered until now. And Jörg from Johannes said we want to go for more exits in Q2. Looking at the guidance for net income 25 and how have we derived this? So we have made an assumption about the long list of exit processes that we have initiated and have made an assumption about what we can expect in terms of cash flow. So that's why you see here more than 200 million cash proceeds. And what we have on balance is acquisition costs. Therefore, we generate this in cash, but it's not an income. And what's the difference is what you see here, 130 to 160 million of net result of the holding based on a really decent number of exits that we expect. And that includes also the partial exit of Acura, which is actually in the end a dividend because we still have something. But overall, we say we want to reach 130 to 160 million net result. And we believe that we are already here on a very good way. And with this... Jumping to the next slide, to the different segments again. And also here you see that automotive and mobility in Q1 is quite positive. There's a positive effect from negotiations in one of the bigger groups where we agreed with a customer contribution, and that's why you see that it's substantially positive here. Most likely this will not continue like this in the rest of the quarters. We focus, like I said, a lot on adaptation of capacity. In engineering and technology, we have added here the two big new entities, Magueros and Poderos. By nature, they contribute then also due to their size, substantially negative here to the adjusted DBDA. On the other end, revenue jumps pretty much compared to Q1, 24, almost doubled. But it's sound what you see here. On the other end, EFASEC, like mentioned here on the right side, has shown based on Q1 that they were able to really ramp up capacity, really ramp up the output and have reached a positive EBITDA in Q1. Goods and services, you see the slight setback that is mainly due to what I explained in terms of Steward, where we have as planned the reduction in revenues and therefore profitability. On the other hand, the other entities, especially Connexus and Terrano, continue their positive way that we already saw in 24, also in the first quarter. It could not compensate what we have here as a setback. But like Johannes said, we pretty much focus on a divestment here. And on the other hand, we have a couple of things to do in the entities that we keep. Retail and food. It is still a challenging situation. You heard from Johannes, don't want to explain it a bit more than this. Market environment remains challenging and we need to kind of think about what we want to do here. In the end, it's minus 20, so more than W compared to last year. Overall, you see the 1.5 billion of group revenues and adjusted EBITDA of minus 30, which is okay, especially when looking at this picture. Here, the lifecycle that you saw on one of the pages from Johannes, you see it on the left acquisition first phase where we only have one entity in there that's supposed to be closed in Q2. And then after acquisition, our realignment starts. And currently we have 17 entities in there. You see it in the revenue. There's a big jump compared to Q1 in here. And there's a big drop in adjusted EBITDA on the other end, which is normal because that's our business model. And on the other end, you see that in the other two lifecycle stages, optimization and harvesting, we see a very sound development in terms of what we see in revenue. We have less entities here in optimization. And on the other end, we have pushed to harvesting a lot out of optimization. And this should give you a good indication what we have in mind when we talk about exits in the course of 2025. And with this, I hand over back to Johannes for the final words.

Thank you so much, Mark. I would like to give you a short outlook investment summary. So I think, and I would like to limit it to five points. Number one, I think with us, everybody has the chance to be an entrepreneur, be an entrepreneur owning more than 30 companies. and to optimize your chances and to mitigate your risks. This is what we have in the portfolio. This is what we see day by day on the buy side. This is what we see day by day on the sell side. When I speak to my investment bankers, when I speak to our operational people, but also when we speak among the board members and the supervisory board. So, Mutaris as an investment, we as an investment case, we have a chance and a risk every day. And this chances, increases, the risks will be mitigated. And this is a unique situation I think you have in the market. We focus on growth. We focus on growth towards the 10 billion, the 200 million you have heard a lot of times from us. We stick to that. We stick to that, we believe in it, and it will happen. Because I believe if you don't grow, you step back. You need to grow. You need to grow in business. You need to grow in your personal life. You need to grow in your personal development. Being a father, I need to see the child growing. It's one you need to grow. And we want to grow and we will grow. Successful track record. We delivered. We delivered Steyr. We delivered Alcura. We will deliver in Q2. We have on the buy side seven transactions already in Q1. So we will continue to deliver buy side and sell side. The DNA of this company will not change. We have announced an attractive dividend strategy. with a minimum dividend of two euros per share. Matter of fact, that we have not taken that back. Matter of fact, we have not adopted. Matter of fact, we have not communicated anything around this. The communication and the guidance of the minimum two euro per share remains. And consequently, we as Mutaris are a very attractive dividend strategy player. And at the end of the day, you get what you see. You get what you see since a long, long time. This is a family owner managed business. We win together, and we cheer together. We have colleagues who had much more trouble than we ever can imagine, fought through cancer, made a marathon recently, and we cheer for them. We stand together. This is a family, and we fight together, and I'm so proud of the guys who fought the fight of their lives rather than fought the fight of the numbers. And at the end of the day, we are successful. And the team spirit and this staying together brings us to the growth, brings us to that great track record, which will continue, brings us to the attractive dividend, and brings us every day an opportunity to win. And at the end, it's all about winning. And I'm very proud that I'm part of this. And I'm very proud that I could lead a main portion of this squad. And with that, I would like to conclude the call. We hear latest each other on our annual meeting on the 2nd of July. Thank you for joining. Thank you for listening. And we'll win together. Thanks a lot. Bye-bye.

Bye-bye.