Washtec Ag Augsburg

Ladies and gentlemen, on behalf of the WashTech Management Board and my colleague CFO Andreas Papst, I would like to welcome you to our annual press conference and presentation of the Annual Report 2025. Before my colleague Andreas Papst presents the figures for fiscal year 2025 and the outlook for 2026, I would like to give you an update on Washtec and present some of last year's results. Ladies and gentlemen, 2025 was another year for Washtec that impressively showed we deliver and we deliver reliably. Despite geopolitical uncertainties, high volatility in global markets and noticeable restraint in some industries, we are able to achieve and in some cases even exceed our strategic targets. With sales of 498.6 million Euro, we have set a new record in the company's history and are thus closer to the 500 million Euro mark than ever before. It is particularly pleasing that we have not only grown, but that our EBIT has increased disproportionately. The EBIT margin of 9.8% shows that our measures to increase efficiency, optimize processes and focus on high margin business areas are working. We were also able to continue the positive development in terms of free cash flow. The improved operating performance and our consistent working capital management show that WashTech is financially strong, strategically clearly aligned, and operationally well managed. These results are the result of hard work by our teams worldwide, our consistent focus on customer needs, and our ability to grow profitably despite turbulent conditions. Ladies and gentlemen, let me now take a look at the global market environment that shaped our 2025 financial year. 2025 was marked by exceptionally high levels of uncertainty in the economic and geopolitical environment. We saw a persistently tense geopolitical situation, high energy prices, rising interest rates, and an overall substitute willingness to invest, especially in Europe. At the same time, other regions, especially North America and parts of Asia, developed much more dynamically. For Washtec, this environment means two things. On the one hand, we operate in an industry that is undergoing structural change. Operators today prioritize energy efficient and sustainable technologies. They are looking for digital solutions and expect reliability in the supply and service chain. On the other hand, we see that investments are increasingly flowing to where cost certainty, automation and long-term profitability are guaranteed. This is exactly where Washtec plays to its strength. With a clear focus on efficiency, digital services and sustainable solutions, we are strategically positioned to grow in a heterogeneous market environment even if the overall economic situation remains challenging. As we delve deeper into the market development, we see significant shifts in customer priorities. Operators, whether oil companies, car dealerships, car wash chains or individual locations, are now increasingly investing in predictability and efficiency of their operating costs, speed of installation and service, digital control and transparency of our plants, as well as sustainable technologies that reduce water and energy consumption. At the same time, we are experiencing a professionalization of many operator structures, especially in Europe and North America. Demand is shifting towards premium technologies, remote service capabilities, and integrated system solutions that combine hardware, chemistry, and digital services. What does this mean for us? This opens up attractive growth opportunities for WashTech. We offer complete solutions with a strong digital platform, state-of-the-art chemistry and increasingly efficient machines. This integrated value creation, combined with our large installed base and an excellent service organization, gives us a sustainable competitive advantage. All in all, the market environment clearly shows innovative strengths, efficiency and customer benefits are increasingly becoming the decisive differentiating factor. And this is exactly where we deliver. One topic that is particularly preoccupying us at the moment is the conflict in the Middle East. Even though WashTech only generates small direct sales in this region, we see possible effects of indirect effects on our business model. On the one hand, we are affected by the development of energy prices, which has a direct impact on material, logistics and production costs. On the other hand, distortions can arise in global supply chains that can lead to delays or cost increases. These effects are currently difficult to plan and require very close and ongoing monitoring of the situation. In addition, we see potential impacts on consumption and investment behavior, especially in Europe. many operators are acting more cautiously projects are being examined more intensively and possibly postponed at the same time however there are also opportunities for providers who are who offer stability transparent processes and a high level of service reliability in uncertain times for wash tech this means in concrete terms We analyze the situation closely. We assess risks at an early stage and adapt our processes flexibly. Our robust value chain, the modernization of our sites and the professionalization of our logistics will support us in the event of a possible crisis. A key driver for our positive earnings development in 2025 were our efficiency programs. We have worked on our cost structures, processes and production workflows in a structured, consistent and measurable way and will continue to drive this forward in 2026. For some programs, we have already been able to achieve efficiency increases in 2025, While for others, the full synergies will come in 2026 and 2027. This includes the optimization of our production footprint, the reduction of installation costs, increasing manufacturing efficiency, the further development of our product platforms and modularization, as well as improvements in service and logistics processes. These programs have not only directly supported our EBIT, but they have also created the basis for further growth on the top line or cost reductions on the bottom line, both in the equipment business and in recurring revenues from service and consumer bills. We consistently invest in efficiency because it strengthens our competitiveness and enables us to serve customers faster, more reliably, and more cost-effectively. 2026 will be a year of high strategic investments, with a focus on our sites in Augsburg and Nuralny in the Czech Republic. We are investing more than ever before in modernization of production, the expansion of our logistics, the optimization of our assembly, the digitization and artificial intelligence of our workflows and processes, our training center for the education and training of our employees and customers, and last but not least, capacity expansion for future costs. A central element is the gradual relocation of pre-assembly volumes to the Czech Republic. In this way, we are creating the freedom in Augsburg to develop the site into a modern centre of excellence, with a clear focus on process stability, efficiency and quality. These investments are not just a cost or capacity issue, They are a fundamental course for the future viability of WashTech. Optimizing our production is one of the biggest levers we currently have in the company. A new state-of-the-art hall is being built in Uranee, which will not only make our pre-assembly and logistics processes much more efficient, but will also enable us to centralize the entire module production at one location. This creates a clearly structured, consistent material logic. The modules are prefabricated in Neurani and delivered reliably to Augsburg in stable cycles. At the same time, we are continuing to develop production in Augsburg in depth. The focus on poor finishing results in leaner material flows, significantly shorter throughput times and a noticeably more stable production environment. Teams can fully focus on quality, precision and assembly excellence. However, the logistical advantage that arises from this new structure is particularly important. We create clear transfer points between module production and final assembly. Secondly, we reduce internal transport and complexity. And third, we increase predictability and reliability across the entire value chain. The interplay of efficient module production in Uranee and focused final production in Augsburg is a decisive step towards production that is scalable, more digital, more stable and overall much faster. And that optimally prepares us for future growth. With SmartCare Connect, we set a milestone in our product strategy in May 2025. SmartCare Connect is much more than an upgrade. It's a completely new digital operating service and operator experience. Our customers benefit from higher machine availability, better maintainability, automated processes, remote access and diagnostic in real time, and a consistently improved total cost of ownership. The rollover development impressively shows that the market is accepting the product exemplary, both in terms of order intake and sales. SmartCare Connect is a prime example of how we create real added value with digitalization. 2025 was also a year of significant product innovations. We have expanded the portfolio in all three business lines. First, in equipment. New wheel washing technologies improved tunnel components and further developments of SmartCare Connect. Here, we have strengthened our portfolio in a target technological way. The new wheel washing systems ensure significantly better cleaning performance with gentler brush contact at the same time. Optimized tunnel components increase system reliability and reduce service costs. And with stable market launch and further development of Smart Hair Connect, we offer an even smarter connected operation and service experience with higher availability and more efficient maintenance. Second, consumables. Magic Hair high-end polishes with already over 1,000 customers. The introduction of our premium chemical series MagiCare was a complete success. The high-quality polishes deliver visible shine, sustainable surface protection and improve the overall experience for end customers. The fact that more than 1,000 customers are already using MagiCare shows the strong market acceptance and profitable growth potential in the consumables business. And third, our digital solutions. Easy Car Wash Pro and 4U, as well as Car Wash Assist in the digital area, we have consistently developed our solutions. Easy Car Wash Pro and 4U offer operators even more control options and end customers a more convenient, fully digital user experience. With Wash Assist, we are introducing another innovation that makes the washing process more intuitive, faster and more transparent and thus noticeably relieves both operators and end customers. This diversity shows that we are investing along the entire value chain from hardware to chemicals to digital services. and are thus creating an integrated system offering that further consolidates our position as an industry leader. A special highlight in 2026 will be the introduction of our new chatwash. With chatwash, we are launching a completely redesigned self-service system to the market. more modern, more digital and more convenient than anything that has existed before. The interplay of a new machine and intuitive operation and payment concept, as well as magic care chemistry, takes safe service washing to a completely new level. How does wash and pay work? With Wash and Pay, we are introducing a new fully digital operation and payment system that significantly simplifies the entire washing process. The customer identifies himself directly at the terminal via QR code, app or card. The system automatically activates the store means of payment. Billing is accurate to the minute according to the actual period of use. Completely transparent, without coins, without pre-selection and without remaining credit. Optionally, customers can use stored profiles so that preferred washing programs settings are immediately available. This way, we reduce complexity, increase convenience and create a modern self-service experience that meets today's expectations of digital self-service systems. Why is Magicare a real added value for the vehicle and the customer? With Magicare, we are bringing our high-end chemicals to the SP sector for the first time. The benefits are clear and correspond to our performance promise on the lectures to match the care with our rollover machines and are immediately visible to the customer. All in all, the result is a safe service laundry experience that is noticeably higher quality and in turn means higher customer satisfaction and return rates for operators. Conclusion, JetWash is an example of how we interconnect innovations across hardware, digital services, and chemistry. It is further proof that WashTech uses its innovative strengths to create real customer benefits intuitively, digitally, efficiently, and economically. That brings me to the end of my part. 2025 was a year of growth, innovation and steady progress. We made strategic investments, improved our operations and at the same time continued to drive our path toward creator digitalization, greater efficiency and greater customer value. My colleague Andreas Papst will now present the financial details of the fiscal year and provide a more detailed outlook for 2026. Andreas, the floor is yours. Thank you.

Yeah, thank you, Michael. Ladies and gentlemen, I would also like to extend a warm welcome to you all. I'm truly delighted that you have joined us for today's earnings call. Before we get to the 2025 figures and the guidance for 2026, let me, as always, begin with the topic of sustainability. For WashTech, sustainability is not just an abstract buzzword. but the central component of our corporate strategy, which we continue to sharpen year after year. Sustainability is firmly anchored in our strategy, ecologically, socially, and governmentally. Through transparency, comparability, and reliability, both for the public and for the capital markets, we position ourselves as reliable partner in matters of sustainability as well. Therefore, in the interest of transparency, we have presented the same charts and key figures on this slide as in the previous year. And we have once again prepared our group sustainability statement for 2025 financial year in accordance with ESRS standards. This statement was reviewed by our auditor as part of a so-called limited assurance. As part of the dual materiality analysis, we have clearly prioritized the sustainability topics relevant to Washington. On the environmental side, this includes, in particular, climate change, water and resource conservation, as well as, for the first time since 2025, the circular economy. On the social level, the focus is on occupational safety and, since 2025, workers in the value chain. On the government's level, the focus is on responsible corporate governance. The chart above shows the trend in our scope 1 and 2 CO2 emissions since 2019. The message is clear. We are continuously reducing our emissions. Our next milestone is to achieve 50% absolute reduction in CO2 emissions by 2030 compared to 2019. In social matters we remain committed to taking responsibility for our people and being a reliable and fair employer to our employees. Equal opportunity is important to us. This is reflected for example in the proportion of women in leadership position. We aim for the proportion of women in management to correspond to the proportion of women in the overall workforce. Currently, the proportion of women in management stands at 19%, up from 17% last year, which is slightly higher than the 18% figure of the overall workforce. We are also able to increase the water recovery rate, calculated as the proportion of Washtec water recovery systems installed worldwide, relatively to all Washtec car wash systems installed worldwide, by one percentage point to now 23%. That concludes our discussion on sustainable for now. You can find much more detailed information in our annual report. Let me now turn to the 2025 figures. Ladies and gentlemen, the year 2025 can be summarized briefly. WashTag delivered, guidance met, revenue growth in the mid single digit percentage range with above average EBIT growth. But first things first, the 2025 fiscal year marks another important milestone for WashTech. With revenue of 498.6 million, we have set a new record. Compared to the prior year, this represents an increase of 4.6%. Adjusted by currency effects, the increase is even 5.7%, which stands for breaking the 500 million euro mark for the first time. At the same time, we succeeded in further increasing our operating profitability. EBIT increased by 7.5% to 48.9 million and the EBIT margin improved again for the third time in a row to 9.8% up from 9.5% in the previous year. This development underscores the quality of our business model and is attributable in particular to the positive performance in the Europe and other segment. Our company's operational strength is also evident in our cash flow. Free cash flow amounted to 41.9 million, an increase of 6.1% compared to prior year. Overall, 2025 thus represents a clear continuation of our growth trajectory. Rising revenues, a further improved EBIT margin and robust cash flow generation. This creates a solid foundation for sustainable value creation and further profitable growth. Overall, the executive board is satisfied with the fourth quarter of 2025. Although the revenue in the fourth quarter at 140.4 million euros was slightly below prior year's level, it is important to note that prior year's quarter was exceptionally strong, namely the quarter with the second highest quarterly revenue in the company's history. Broken down by segment, Europe continued to grow moderately in the fourth quarter, while in North America, the trend was characterized by declining equipment demand and shifts into 2026. This is also reflected in the order backlog in North America, which is up from prior year, but more on that later. EBIT amounted to 16.5 million in the final quarter, also slightly below the previous year, but still with a very solid EBIT margin of 11.8%. We can be satisfied with this, but at the same time, we view the figures as an incentive for further improvements. Let's now take a look at the breakdown of revenue by product. First, it should be noted that we were able to increase revenue year over year across all business lines, namely equipment, service and consumables. This is a very positive picture. The increases in the service and consumable segments were particularly encouraging, each exceeding 7%. In 2025, equipment revenue stood at 268 million, up by 7 million from prior year. Sales in Europe region were particularly strong across all customer segments more than offsetting the somewhat weaker business in north america thanks to the expansion of our capacity in and improved digital connectivity revenue in the service segment increased significantly by 11 million to 155 million We have also invested in the consumable segment and expanded our sales activities. Favorable weather conditions in the first month of the fiscal year 2025 also supported the revenue growth here. Overall, we recorded a revenue increase of 5 million in this business line, bringing the total to 70 million euro. Due to a relatively strong increase in recurring revenues, e.g. service and consumables, the share of total revenue has risen from 43.9% in the previous year to 45.1%. This brings us another step closer to our long-term target of around 50%. Let's now turn to the segments. In 2025, Europe was the growth region for WashTech. Our core markets of Germany and France in particular performed exceptionally well. Despite continued intensive competition, which is limited to a few manufacturers, WashTech achieved a very respectable increase in revenue of approximately 8%. All three business lines contributed to this. As a result, EBIT increased by approximately 11%, despite burdens such as those from IT projects or expenses related to the implementation of our corporate strategy. It is clear that our very well-developed sales and service network is by far the largest installed base, and our investments are paying off more and more here. North America has developed in the opposite direction. Both revenue and earnings are significantly below the prior year's level. We recorded low sales figures, particularly in the equipment segment, The protracted contract negotiation with major customers, which dragged on especially in the first half of the year, could not yet be made up for in the second half of the year. Additionally, some installations were pushed back to 2026 toward the end of the year, meaning that the corresponding revenue could not longer be recognized in fiscal year 2025. Overall, we cannot and we will not be satisfied with our revenue and earnings in North America. That is why we are currently working very intensively on our future strategy. We will, of course, keep you informed as soon as we have reached the final decision on this matter. On this page, you will find the familiar EBIT bridge. The increase in revenue and the improved gross margin contributed nearly €7 million and nearly €2 million respectively to the rise of the group EBIT to €49 million. Gross profit increased at a faster rate than revenue, rising by 5.8%. The key drivers of this positive development were higher business volume in the Europe segment and efficiency enhancement programs that had already been launched earlier in the year. The cross-profit margin rose slightly from 31.0% to 31.3%. The increasing selling expense of 5.2 million resulted from higher outbound freight costs associated with the rise in revenue, as well as from the expansion of the sales organization in connection with the implementation of the corporate strategy and the launch of new products. Administrative expense in the fiscal year were impacted, among other things, by higher IT expenses for ongoing projects, such as IT course for the plant as for HANA implementation, and new software for service optimization. Expenses related to employee profit sharing also contributed here. Overall, earnings before interest and taxes rose by 7.5%. reaching 48.9 million. This corresponds to an EBIT margin of 9.8%, marking yet another increase compared to the prior year. On the following two pages, I would like to briefly discuss a few additional key figures and how they have changed compared to the prior year. despite a significant improvement in EBIT earnings per share of €2.29, are slightly below the prior year's level. This is due to a €4.5 million increase in tax expenses, primarily resulting from tax reversals related to deferred taxes. As a result, the tax rate now stands at 33.9%, up from 26.7% in previous year. The financial debt remains, in my view, in a very healthy state. At the end of the fiscal year, the EBITDA leverage ratio remained unchanged from prior year at 0.8. Net operating working capital is also roughly at a prior year's level. Wash tax equity ratio stood at a very solid 28.6% at the end of 2026, although this is below the prior year figure of 31.7%. in addition to the higher dividend payout. This is primarily due to negative effects from currency translation, as well as our share buyback program, which I will discuss briefly later. The number of employees increased by 91, reaching now 1,861 as of December 2025, up from 1,770 in the prior year. We have expanded our capacity, particularly in the service business. Just a quick note on our ROSI, we were able to significantly improve this metric over the course of the year. With an increase of 1.2 percentage points to 24.8%, we achieved the increase we had predicted. Here too, WashTech is on the right track. Let me now say a few words about our dividend proposal. WashTech has pursued an attractive dividend policy in the past and will continue to do so in the future. We want to let our investors share in the company's success through an attractive dividend and or share buyback programs. The Executive Board and Supervisory Board will therefore propose to the Annual General Meeting scheduled for May 12, 2026, that a dividend of €2.50 be paid per dividend entitled share. This represents an increase of 10 cents compared to prior year. In addition, on November 6, 2025, we launched a share buyback program for a maximum of 100,000 shares. We acquired these shares by March 13, 2026 for a total of 4.8 million. Details can be found on the next page. Overall, With the dividend and the share buyback program, we believe we are providing our investors with an appropriate share of the once again improved earnings before interest and tax situation. Now, regarding the order backlog. end of 2025, our order backlog was 9% higher than the previous year. The chart here shows the long-term relative trend compared to the base year 2021. As you can see, the order backlog relatively to this base level stands at 105% at the end of 2025, which is a strong level. Given the different performance of our segments in 2025, it is important to note that the order backlog at the end of the fiscal year was higher than previous years in both Europe and North America. In percentage terms, it was even higher in North America than in Europe. All in all, this gives us a solid foundation for the coming months. However, Given the current geopolitical situation, some of those certainties we once took for granted no longer seem to exist. Let's now turn to the guidance. The war in the Middle East certainly poses significant challenges for all of us. Michael has provided a detailed report on this. you can rest assured that we are keeping a close eye on current events and will respond as quickly and effectively as possible. Furthermore, potential impacts from the implementation of the strategy of North America, which is currently being developed, have not been factored in our guidance. In the guidance for 2026 presented here, we have taken into account all the significant factors known as of today. That said, the WashTech Group remains committed to its goal of profitable, largely organic growth for 2026 fiscal year as well. We see ourselves as a comprehensive solution provider in the vehicle wash business, delivering maximum value to our customers. With this focus, our central goal is to continuously improve operational performance and steadily increase customer value through sustainable technologies and digital innovations, among other measures. based on a largely stable price level and a solid order backlog as of the end of 2025, the company expects profitable growth for 2026 fiscal year. That is, we anticipate revenue growth in the mid single digit percentage range in an EBIT increasing that is disproportionately higher relatively to the revenue growth. We expect free cash flow to range between 35 and 45 million. In addition, we plan to increase our capital efficiency measured in ROSI by further 0.2 to 2.0 percentage points. As a non-financial performance indicator, we will again use the accident frequency rate for 2026 and aim to bring it back below the level of recorded in the fiscal year 2024. But please allow me to point out once again that all these figures reflect our expectations based on current knowledge and significant deviations in either direction are not factored in here. This concludes my remarks. On the following page, you will find our 2026 fiscal financial calendar. Thank you very much for your interest. Michael and I are now available to answer any questions you might have.

We will now begin the question and answer session. If you wish to ask a question, you may press the blue Q&A button in the webcast and follow the instructions. You will see a confirmation that you have entered the queue. If you wish to remove yourself from the question queue, you may press cancel. You may ask your question once we announce your name. And we have a question from Stefan Augustin. Yes, hello.

Hello, can you hear me actually? Yes, we can hear you. Great, thank you. I have one particular question in detail and that is pertaining to the Q4 business in Europe. I noted that it is a little bit down, and it is a bit difficult to square it up because we see the revenues in absolute terms being slightly up, the EBIT being slightly down. So can you walk me through here? And is that something that we should extrapolate a bit going into the first half of 26? Yeah, that to start.

Maybe I start with an answer, and if you like, you can add something. Thanks for raising that question, Mr. Augustin. So yes, it's true that the EBIT margin in Europe in the fourth quarter is a little bit down compared to prior year. One has to do with some of our efficiency programs where we are not at the stage where we want to be. Installation costs I can mention here was not was not where we want to be in the fourth quarter, but that will definitely be improved. And another thing is that we decided that all our employees should participate in the good result, and therefore we decided that they should have a small bonus. And this is booked in Q4 2025, whereas it was not booked in the corresponding year 2024.

Okay, so concluding from that one, Q1 should look more or less according to the expectations. Did you bake in the forecast some cautiousness as it is? Well, you have already elaborated a little bit that it will be a kind of a hockey stick going into 27. but I thought that 26 could be a bit higher. So is there, let's say, from all the current macro developments baked in some cautiousness with respect to that outlook, or is it a factor of when the measures will kick in and there will be an accelerated part towards the latter part of the year, and thus it is a run rate element?

I also take the question. So, Mr. Augustin, once again, thanks for this question as well. So that is exactly what we already mentioned, I guess, in our capital markets webcast too. If I have it right in mind, there are two main effects. One is paying in for the top line and the second effect is paying in for for the gross profit when we realize the efficiency gains which we expect from our efficiency programs and there are a lot of programs as you know some of them are really really well on track for example like Michael mentioned that we have shifted people from Augsburg to Czech we have the opening ceremony is that the right word for our check plant uh already in in march so that is really really well on track yeah some others today We are here, that's why we are not there. And some others are maybe slightly a little bit behind where we wanted to be right now. But we believe that we can accelerate throughout the year and then we can speed up. And if we are able to do this, then we are still believing in the figures for 2027. That is what you're referring to. that we can achieve it but yes in that way it is kind of a hockey stick okay thank you very much that has been my questions welcome

And we have another question from Richard Schramm. He wrote, can you please give us an idea what size the efficiency gains have in percentage or in value, which you expect from the production optimization in 2026?

That's easy to say. We have shifted already in 2025 20 people, 21. exactly from here to Czech Republic and we will shift additionally 62 people to come. Yeah, that's correct. And each person we have calculated by around 30,000 cost reduction. So if you multiply this and you get the efficiency gain only due to that program in 2026.

If you have further questions, you can either write your question down or press the blue Q&A button.

If there are no questions, probably I add something to the program question. What we have seen in the ramp up of the installation project that we have to refocus a little bit on on the new machine smart care connect which was ramping up in a very good way for us from a percentage price as i have presented some minutes ago and due to that new machine we had to train also all our subcontractors on a global basis and that was impacted us in the time schedule of the project, of the program. So we see that there was also a reason of the Q4 results where we thought we can achieve more savings and we're working heavily to get the savings in 2026 also with the hub concept and the installation trolley which we now have implemented from March on. We have now the hubs rented and can now start also to start this process in the best way.

We have one more question from Wolfgang Specht from Bernberg. He's asking, which components could drive free cash flow to upper or lower end?

Components? You know, what we are in general doing. I think we have a pretty good network in capital management. We will intensify this once again for this year. We believe that with the higher revenues which we plan for this year and the higher profitability that we will have the same range like last year between 35 and 45. Why is it in that range not even higher? Because as we said, as Michael showed, We have higher capex this year a little bit, so therefore the question is, therefore we will be in the same range. So what will it drive to the higher end or the lower end? If we do not need all the capex which we have planned, could be, then it will be on the higher end or end region or something. Currently I guess the middle is pretty well.

Another question again from Wolfgang Specht from Bernberg. How is the status of contract negotiations with US customers? How do you see the likelihood of striking deals in 2026? Which customers? US customers.

So with the key accounts we have negotiated and we see in the order intake already the rollover are coming in and we see also the first requests from our big key account customer in the tunnel area. So this is done. And also, the signature regards service and consumer base is also ready and finished.

So maybe I add here, because it was part of my speech that in the first half year of 2025 in North America, we really suffered that this major contract was in, let's call it permanent negotiation. We saw then in the second half year, really good order intake from this customer. And on top of that, we are now able to deliver also some tunnels to this customer, which we did not in the past. at the end of the year it's much more positive than at the beginning of the year. And sometimes it is for us a good number.

Another question from Richard Schrammen. You indicated the necessity for further measures in the US. Can you provide more color on this?

Only on a very high level because we are working out a strategy for the US and aligning with the supervisory board. Therefore, there is no final US strategy discussed and implemented. But we see five pillars where we want to focus in future. One is the regional aspect, so we have deeply investigated on which region we should attack. There is a service and consumables possibility to grow our business with specific measures where we see also business in the future, which we currently do mainly with subcontractors and externals. And we see in our equipment that sustainability and water could be a big differentiator between us and our competitors in the future.

Okay, so there's only one more message from Wolfgang Speck from Bernberg. He says, thank you and wishes you all the best for 2026. Thank you. Apart from that, I currently don't see any further questions. So then I would hand over the word to our CEO, Michael Drose-Sang again.

Ladies and gentlemen, on behalf of Andreas and Sebastian, the management board, we would like to thank you for your interest in our company and we wish you a pleasant day and thanks and goodbye.