Aumann Aktie

Welcome to the earnings call, ladies and gentlemen, of the Aumann AG regarding the first half year figures for 2026. I'm delighted to welcome the CEO, Sebastian Roll; and CFO, Jan-Henrik Pollitt, who will guide us through the presentation and the figures shortly, [Operator Instructions] And having said this, Sebastian, the stage is yours.

Thanks. So good afternoon, everyone, and thank you for joining us today. I'm very pleased to have you with us. And for those I haven't met yet, my name is Sebastian Roll, and I'm the CEO of Aumann. And together with me today is our CFO, Jan-Henrik Pollitt. So we really appreciate your time and your continued interest in Aumann. So in the next few minutes, we will guide you through a brief overview of Aumann and the mixed market picture in the first half of 2026, the latest developments in E-mobility and Next Automation, including the progress we are making, especially in Next Automation and of course, a look at our financial performance where Aumann delivered a solid first half of the year.

So with that, let me start with a brief overview of our business model. So at the core of our business, we develop and build highly automated production lines for leading international customers. So our solutions are designed around the specific production needs of each customer, combining many years of automation expertise. Historically, E-mobility has been Aumann's key strategic focus, where we provide automation solutions for applications such as electric powertrains, battery systems and other electrified components. But our automation expertise goes well beyond the automotive industry. And this is becoming more and more important for Aumann. So the global automation market is supported by strong long-term trends such demographic change, labor shortages and increasing cost pressure. With our Next Automation segment, we are using these opportunities to bring our technology and know-how into a broader range of industries. So this helps us to further diversify Aumann and take part in the long-term growth of the overall automation market.

So let's take a closer look at Aumann's solutions portfolio. So our portfolio ranges from modular solutions to complex process solution and fully integrated large-scale production solutions. This gives us the flexibility to support different customer needs and different levels of production complexity. So our modular solution offer a flexible and cost-efficient starting point and can be adapted to changing market and production requirements. For more advanced manufacturing processes, we combine our core technologies such as winding, coating and testing to deliver integrated solutions. The goal is always to implement special process steps in the most efficient way. At the highest level, we bring together these technologies into complete turnkey production lines designed for high output, efficiency and quality. This broad technology base is an important advantage for Aumann.

It allows us, on the one hand, to serve our established E-mobility customers, but also at the same time, to apply our automation expertise in new applications and industries. And this is exactly what we are doing with Next Automation. So this slide shows how Aumann became a technology leader in E-mobility. Starting from the traditional automotive business, E-mobility was identified as a growth market. Through targeted M&A, Aumann took the first step into e-motor technologies. Building on our know-how, we developed different solutions for the rotor, quickly followed by solutions for the stator and finally, the full e-motor assembly. After the e-motor, we leveraged our expertise to develop large-scale production solutions for battery modules and packs. In addition, we introduced our own modular systems, for example, in inverter assembly, but also right now very useful in the field of Next Automation.

So furthermore, we have expanded into converting technology, enabling us to offer, for example, also production solutions for electrode manufacturing. To sum up, Aumann is a leading provider of turnkey solutions in E-mobility. And on this illustration, we show you the drivetrain of a fully electric car. And as you know, most of these components can be produced on Aumann production lines. From the outset, we have focused strongly on the E-drive unit. Here, we provide production solutions for different technologies. But our portfolio goes well beyond the E-drive unit. We also provide flexible and scalable solution for electronic components such as sensors and inverters, perfectly tailored to the needs of our customers.

And the third major area is, as you know, the energy storage. Here, Aumann covers the full range from battery modules, battery packs to cell-to-X solutions and even recycling solutions, which are upcoming right now. So this expertise allows us to meet customer needs and develop new solutions for next-generation battery technologies. And importantly, once again, many of these technologies can be also applied to other industries. Having a look on the E-mobility market today and in the future. So after a strong year already in 2025, the global BEV, so battery electric vehicle sales continued to grow also, as you can see here, in the first half of 2026, which means a plus of 9% in comparison to 2025. China remains the largest BEV market with 3.6 million, but recent growth has slowed. So the U.S. market, which currently shows the lowest volume in comparison is still challenging. But importantly, for Aumann, Europe is showing a very strong momentum, reaching 1.6 million units, which means an increase of 35% in comparison to last year. Germany is close to 50%.

So going forward, by 2030, BEVs are expected to make up roughly 40% of sales by 2035, even 2/3. So this means overall, growing BEV sales are expected to drive new investments in the near future. In the meantime, this brings us to Next Automation. As mentioned, we are expanding beyond the automotive sector and focusing more industries that need greater efficiency, higher productivity and less manual work. So in this context, we have moved our Next Automation segment to a very strategic approach as well. So today, we are focusing on selected growth markets beyond automotive, such as aerospace, defense and life science. What these markets have in common is a growing need for automation.

Let me give you some examples that our strategy is gaining traction. So a good example here is our development in aerospace. So as you know, aerospace is gaining momentum. So demand in civil aviation is rising. Boeing and Airbus are forecasting more than 40,000 new aircraft over the next 20 years. So against this backdrop, Aumann secured first orders supporting civil aircraft production ramp. At the same time, defense budgets are boosting. So as you know, drones are our strategic focus in this area because drones combines exactly what we do best, electric motor, battery packs and the full system integration, including, which is also very important, the end-of-line testing just like in E-mobility, so means nearly same technology, but new applications.

So therefore, we easily developed integrated drone assembly lines and have already secured first orders for drone motor production and end-of-line testing. So besides aerospace and defense, clean tech is also a booming industry. And here, Aumann wins orders for automated solar module disassembly solutions and in the area of photovoltaic recycling and membrane manufacturing systems for fuel cell application, targeting, charging infrastructure and off-grid solution. And finally, life science. So this sector benefits from long-term trends such as an aging population, strong investment levels and an attractive margin. So starting in the end of last year, Aumann entered the pharma market with solutions for producing skin delivered patches and oral thin films. So there -- as you can see, there are ongoing developments all over these areas. Now I would like to hand over to Jan.

Yes. Thank you very much, Sebastian, and also a warm welcome from my side. I would now like to share with you the financial figures for the first half of 2026. Let me begin by putting the first half of 2026 into perspective. Coming into the year, we anticipated that the challenging market environment would continue to weigh on our top line. Against this backdrop, maintaining operational discipline and protecting profitability were key priorities for us. We have made significant progress in improving our cost structure and operational efficiency over the recent months. The current results demonstrate that these measures are taking effect and that our organization is capable of delivering solid earnings even at significantly lower volumes. The market environment, particularly in automotive, nevertheless remains demanding.

Investment decisions continue to take longer and both OEMs and suppliers remain cautious with their spending. We, therefore, do not see yet the broad-based recovery in automotive investment that we had initially hoped for. There are, however, clear signs of positive momentum in Next Automation. The segment is gaining traction with order intake and order backlog both developing favorably. Our expanded sales activities and are increasingly converting into concrete customer opportunities and orders supporting the continued diversification of our business. Against this backdrop, the first half developed as follows: Revenue came in at EUR 70.6 million, 35% below previous year, while Next Automation increased revenue by 23%. Despite the lower volumes, EBITDA margin remained in double digits at 10.5%, underlining the resilience of our business.

Order intake amounted to EUR 65.4 million, down 27% year-over-year. Order backlog stood at EUR 115.4 million at the end of June. At the same time, we continue to have a very strong financial position with a net cash of EUR 154.4 million. So while the market environment remains challenging, we are making tangible progress in the areas we can influence ourselves, operational efficiency, diversification and our financial strength. Let me now take you through the key developments. Turning to the revenue development. Group revenue amounted to EUR 70.6 million, down 35% compared with the prior year period. The decline was primarily attributed to the E-mobility segment, where revenue fell 47% to EUR 47.4 million, reflecting the ongoing weakness in the automotive investment environment.

Next Automation by contrast, continued to expand, increasing revenue by 23% to EUR 23.2 million. Let me now turn to profitability and earnings, which provides further context on the quality of our performance. Looking at the earnings side, the lower revenue level was fully reflected in our absolute EBITDA, while margins remained resilient. EBITDA amounted to EUR 7.4 million, down 35% year-over-year, broadly corresponding to the reduction in revenue.

Nevertheless, the EBITDA margin held at a high 10.5% level, demonstrating the resilience of our operating model. The results also benefited from the strong project execution with several projects performing better than initially anticipated. Consequently, a number of risk provisions recognized at year-end were no longer required during the first half, resulting in a positive impact of approximately EUR 2 million from the release of provisions within our other operating income. With that, let me move on to the order intake and order backlog. The overall investment environment remains demanding, with automotive, in particular, still characterized by cautious spending and extended decision cycles.

This continues to weigh on incoming orders. We are responding on 2 fronts, maintaining a disciplined cost and capacity structure while intensifying our diversification activities. In the first half, group order intake amounted to EUR 65.4 million, a decline of 27% year-over-year. This picture is, however, significantly different within Next Automation. Order intake increased by 72% to EUR 37.7 million, supported by the continued expansion of our sales activities. Our sales pipeline has also grown further, providing additional opportunities for future order intake and revenue growth. Group backlog stood at EUR 115.4 million at the end of June compared with EUR 162.4 million a year earlier. Again, Next Automation stands out positively. Its order backlog increased by 32% to EUR 61.9 million.

Let me now take a closer look at the performance of our individual segments, starting with E-mobility. In the E-mobility segment, order intake of EUR 27.7 million is 59% under the previous year due to the mentioned market conditions. As a result, order backlog decreased by 54% to EUR 53.4 million. At the same time, revenue decreased by 47% to EUR 47.4 million. EBITDA is declining due to volume to EUR 5.9 million after 6 months, which means a strong margin of 12.3% after 11.9% in the previous year. In the Next Automation segment, order intake increased year-over-year by 72% to EUR 37.7 million due to the new positioning. End of June 2026, order backlog amounted EUR 61.9 million, an increase of 32%. Revenue stands at EUR 23.2 million, 23% above previous year. And EBITDA slightly increased to EUR 2.7 million, corresponding an EBITDA margin of 11.7%.

Let me briefly turn to our financial position. At the end of June, Aumann continued to have a very strong balance sheet with an equity ratio of 62.2% and cash of EUR 158 million, including a net cash of EUR 154 million. It is worth noting that the equity ratio already reflects the EUR 23 million liability recognized in connection with our share buyback program, although the corresponding cash outflow took place in July. Our strong financial position gives us significant flexibility going forward. It allows to pursue attractive market opportunities, continue the expansion of Next Automation, both organically and through M&A and maintain our commitment to shareholder returns.

This is also reflected in our share buyback program and our proposal to the AGM to distribute a total dividend of EUR 1.11 per share. Let me close with our outlook for the full year. Based on the current order backlog and the continued expansion of the Next Automation sales pipeline, we confirm our 2026 guidance of approximately EUR 160 million in revenue and an EBITDA margin of 6% to 8%. While market conditions remain challenging, the increasing contribution from Next Automation and our diversified business model provides an important foundation for a solid and profitable year.

With that, I hand back to Sebastian again.

Sebastian, you’re still muted.

All right. Sorry. So yes, let me briefly summarize the key takeaways from the first half of 2026. So first, E-mobility. So BEV sales on the one hand, are growing, especially in Europe. However, our automotive customers are still a little bit cautious with new investments. So as a result, order intake, as you have seen, intake declined to EUR 65 million. So nevertheless, we expect this situation to change over time. As volume increases, investments have to come back in parallel.

Nevertheless, in the meantime, we are making progress in Next Automation. As you have seen, order intake increased by more than 70% with a book-to-bill ratio of 1.6. This clearly confirms that our diversification strategy is working. Despite the lower business volume, we maintained a solid profitability with a double-digit EBITDA margin of 10.5%, so same level like last year. So for the full year 2026, we continue to expect revenue of around EUR 160 million with a profitable EBITDA margin of 6% to 8%.

And finally, Aumann remains in a very strong financial position with a high net liquidity and a solid equity ratio of more than 60%, and that clearly set us apart from most of our competitors. So this means our priorities in the remaining year are totally clear to manage the current situation in E-mobility to accelerate the growth of -- Next Automation organically and through M&A and to use our strong financial position to create long-term value.

So thank you very much for your attention, and we are now happy to take your questions.

Thank you very much for your presentation. [Operator Instructions] and [ Amit Verma ], you have placed some questions in the chat box [Operator Instructions]. Sorry, your connection is not very good, Mr. [ Verma ]. Therefore, I will read out your questions in the chat box.

Please explain challenges faced in closing acquisitions. It has been 9 months since we are looking for some.

Yes. I mean we would also like to move faster, but acquisitions simply take time. We are seeing a good number of potential targets, roughly a handful, but each comes with their own specific topics that we also need to assess carefully. So in some cases, we have topic with financials. In others, we have topic with operations or also with order intake. So this is something where for us, and this was always our strategy that quality fit and strategic fit is more important than speed. And you know we have done acquisitions in the past. I'm quite sure we will do acquisitions in the future. But yes, we can totally understand your remark because also we would like to be fast on this topic.

Thank you. And, why are we not seeing large orders from aerospace and life sciences? Are we also looking at America? These are very large markets. And please explain our right to win against companies like ATS Corporation.

Yes. So maybe starting with aerospace. I mean, the aerospace market is dominated by mainly 2 players, as you know. This is a market where you, for sure, have to convince the customers, you have to fulfill a lot of different topics just to be on the supplier list. So we are very happy that at least one of these big players is already committed on Aumann, and we are quite sure that we really see here upcoming order intake, and we have already order intakes in the first half.

So Aerospace is gaining momentum step by step. And you are right, I mean, the other big player is in the United States. And even for this player, we have already offered something. Now we have to see step by step if this will also become, hopefully, orders step by step. But it takes time. Defense and aerospace is really hard to get in. But on the other side, if you are in such a market, it is, in our point of view, a very nice market.

One question that you already illuminated. Could you give some color what is the impact of traditional automotive on Next Automation segment? And please elaborate on M&A development. Is there any real project you're in advanced discussions? How many due diligence did the company in the last 2 years?

Yes. As I said, I mean, to give a flavor on this, I mean, we have always a handful of companies where we are in discussion, where we offering where we are doing due diligence from time to time and so on. But this is nothing new, honestly speaking. It's a little bit more focused right now in the way -- and I think we mentioned this also in our last earnings call in the way that we are focusing on companies within the Next Automation. So this is something which has changed a little bit on this topic.

Yes. And the question, okay, as I said, I mean, what we try to do is to take our processes, to take our technology know-how and to transfer this technology know-how into Next Automation. So that means if there is something with a battery, if there's something where you have to produce an e-motor or structure, light structure, yes, then this is something where, for sure, we can deliver a customized production solution. And yes, that's what we are doing within Next Automation.

Thank you very much. And ladies and gentlemen, due to your questions you do have, we will extend the call for a few more minutes to answer them all, and I will be fast. The next question is coming from one person.

First, based on H1 results, are you currently tracking towards the lower end, midpoint or upper end of the guided EBITDA margin range, 6% to 8%?

Second question. Next, Automation delivered a very strong 72% increase in order intake and now represents the majority of the group backlog. Could you provide more detail on the composition of the sales pipeline and specifically comment on the role of defense and drone-related application within further growth opportunities?

And the third, given Aumann’s net cash position of more than EUR 150 million and your continued focus on expanding Next Automation, could you provide an update on your M&A strategy? Are you currently evaluating acquisition opportunities in areas such as defense, aerospace, clean tech or life science?

Yes. Let's begin with the question concerning our guidance. So yes, you're right that we are currently in revenue a bit below guidance and margin, a bit above guidance. So as mentioned in the presentation, we have a good sales pipeline and promising sales pipeline, especially in the Next Automation sector. So it's a bit too early to have a clear estimation on where exactly we will be in -- with our guidance. So larger customer decisions will take place in the second half. And as soon as we have a clear visibility on these decisions, we will evaluate the guidance again.

For the M&A pipeline, I think we discussed the topics. So the Next Automation question was on details of the sales pipeline. So of course, we cannot directly say or give details on the exact pipeline. But I think we have a broad pipeline during the several branches we discussed. So there is life science in the pipeline. There is drone and defense aviation business in the pipeline and also yes, some general industry topics and especially the aviation, maybe also a bit the human robot topics are also relevant in our pipeline discussions.

You mentioned a strong volume uptick in Europe BEVs. When do you expect your customers to move and invest? Will you be able to keep your margins even if volumes drop further?

Yes. I mean what we see right now is that we see within our battery business currently seeing the first upcoming large requests on this topic. And this is on the one hand for modular and packs because it seems that the decision on individual platforms and vehicle models are becoming more concrete. So this is one topic -- and hopefully, it is clearly a sign of upcoming renewed momentum.

But another topic, which is a very new topic for us, but very interesting is that we see now RFQs upcoming in the market of battery recycling and refurbishment. And why is it interesting? It's interesting because we are now talking about a refurbishment of battery modules and battery packs. And we are not talking about, I don't know, 1,000, 2,000 packs a year. We are now talking of tens of thousands per year. And then it really becomes -- it's becoming interesting because then we are talking not only about manufacturing, we are talking about disassembly, reassembly of the line, and we are talking about end-of-line testing.

So the idea of some car makers right now is to bring to the market also refurbished battery modules and battery packs and yes, this is a very complex assembly line. And for sure, for such assembly lines and now I try to close the loop for such assembly lines, it might be also possible at least to maintain the margin level.

And what are the lead times in Next Automation, split by subsectors until when do you have to win projects to bring them into revenue still 2026?

Yes, it's not really a question of the subsectors. It's a bit more a question of what kind of project it is, which is acquired. So totally new technologies have a bit longer lead times than well-established technologies in our group. But in general, we will be able to -- when the project now is won to execute 10% to 30% of the new project. If it's a repeated project, maybe even a bit more in '26.

And the large buybacks of Aumann are executed at high prices, vastly above market prices. This may benefit the largest shareholder MBB in receiving a good price of their share sales, but it's not the interest of shareholder value for committed shareholders who do not tender. Are you planning further large buybacks at excessive prices? Or do you foresee to make future in a way that serves shareholders?

Yes. I think we positioned ourselves with an attractive dividend payment and an attractive share buyback program. So in general, all shareholders are equal in these decisions. And based on our 2025 earnings, especially in terms of profitability, we decided in this year where we are maybe a bit behind in order intake and the markets are a bit softer than initially expected. We wanted to keep the Aumann share attractive for our shareholders.

And therefore, we decided for both the share buyback program and the dividend payment and the decision in the end is at the shareholder, which way is more suitable for the shareholders. Of course, we still see our share price valuated at a bit over cash, which is extremely low. And therefore, we don't think that the share buyback price was too high, but fair and also attractive for our shareholders.

What is the percentage of revenue in automation next coming from automotive sector?

Best, I mean, within the Next Automation, there's really nothing coming from the automotive sector because it's Next Automation.

I have to translate a question because it came in, in German. Will the entire order backlog as of June 30 of this year be recognized as revenue? Or is revenue from that backlog already planned for 2027?

No, a large part of the order backlog will be executed in '26.

Thank you very much. We have one raised hand by [ Carlo Cattaneo Adorno ] here's your allowed to speak if you have some more questions.

I know you've sort of answered this before, but I guess this is a bit more of a specific way to put this question to you. So we've been following the ACEA data, which shows the EV and hybrid registrations are growing pretty significantly. And as you said, in Germany, I think it's 50%. In Europe, in general, it's about 30% year-over-year. And we can calculate that a lot of that growth is not going to foreign brands -- so I guess my question is, we're just a little bit confused as to why this hasn't yet translated into increased orders. Is it because the manufacturers still have a lot of spare capacity for EVs and hybrids? Or in your view, like are we close to the utilization levels that would trigger a new investment?

It's exactly in the way you mentioned. I mean, just having, as you know, one of our large customers is BMW. And the very attractive New Class of BMW is ramping up just since, I don't know, some months. But for sure, the investment was 1 year before, at least here for Aumann. So that means the investment they have right now is the capacity and investment they have right now, they are using right now for the new class and new class is very successful. And there might be -- for sure, there will be the time where they need additional capacity for this new class. But right now, they are more or less fine.

Okay. And if I can ask a follow-up that is kind of related. And I've sort of asked this before. We've talked about it before, but I'm seeing some more new stories about it. Like theoretically, the restrictions on China's rare earth materials could increase demand for Aumann’s winding technology by encouraging the OEMs to adopt rare-earth-free designs. And like are you seeing this translating into any specific projects? Or conversely, on the other side, is there any risk that the manufacturers are actually importing completed motors from China and not producing it locally?

No, it's exactly the topic you are mentioning. So what we see right now is a very interest in wound rotors instead of assembled rotors with rare materials. And this is exactly where we have won projects in the past and where we think that we will see upcoming projects right now, and we are in discussions with some customers concerning exactly this topic. And a wound rotor in the past was more or less more for e-vehicles like, I don't know, smaller classes. And now there's a discussion to put it also in the higher classes, in the higher car classes. So it's a very interesting topic. which we are following right now as well.

And ladies and gentlemen, I have time for one more question. Can you talk in more detail about the drone opportunity? Who are the customers? Are these smaller newer companies or established defense companies? And how do you see this developing for Aumann in the coming years?

Yes. Customers are both. So very potent, very big start-ups on the one hand side and also established defense companies on the other side. So I think important to know is that we try to get a step in and our first step into this new area was to have at least or to offer end-of-line testing because even if they're manufacturing in a more manual way, they need a very precise end-of-line testing. So this is something where we try to step in with a lot of different customers and then step-by-step, having a look on the e-motor.

So also here, for sure, it's exactly what we have discussed just before. So the question, okay, has the e-motor be produced in Europe. For sure, if it is defense, everybody wants to produce these kind of motors on the long time or in the midterm in Europe. So this is -- these are more or less then afterwards the discussions. And in the end of the day, we try to offer the full integrated drone assembly line. But therefore, for sure, you need a mass production or you need already orders, mass orders to get in the investment or to get in this CapEx.

Thank you very much, and thank you also, everyone, for your extra time, your talk. We have come to the end of today's earnings call. Thank you very much for your interest in the Aumann AG. A big thank you also to Sebastian and Jan-Henrik for your presentation and your time. Should you have any further questions at a later date, ladies and gentlemen, please feel free to reach out to Investor Relations. I wish you all a successful day around the world. And having said this, Sebastian, the stage is your for yours closing remarks.

Yes. Let me close with just a few words. So while the automotive market remains challenging, we also see, and I think this becomes more clear in this call, opportunities ahead. So internally, we continuously optimizing our cost structure and our capacities for sure. But externally, we are building new sales opportunities. Next Automation, and I think this is something you have seen in this call is gaining momentum, and we see significant potential in this segment, and we are confident that the results will follow, and we look forward to seeing you at our upcoming Annual General Meeting. Thank you very much for your interest.

Welcome to the earnings call of the Aumann AG regarding the Q1 figures of 2026. The company's CEO, Sebastian Roll and CFO, Jan-Henrik Pollitt, will guide you through the figures in a moment, followed by a Q&A session via audio line and chat.

And with that, I'm handing over to you, Sebastian.

Yes. Thank you. Good afternoon, everyone, and thank you for the kind introduction. I'm very pleased to have you with us today. For those I haven't met yet, let me quickly introduce myself. So my name is Sebastian Roll, and I'm the CEO of Aumann. And joining me on the call today is our CFO, Jan-Henrik Pollitt. So we really appreciate your time and your interest in Aumann.

And in the next few minutes, we will walk you through a brief overview of Aumann, the latest market trends in E-mobility and our progress in our segment, Next Automation and of course, a look at our financial performance in Q1 2026.

So let's start, as always, with a quick overview of our business model. At Aumann, we design and build high-end, fully automated production lines tailored precisely to the specific needs of our international customers. With decades of experience in automation technology, many global industry leaders around the world trust Aumann to deliver innovative and reliable solutions.

One of our competitive advantage is staying ahead of market trends, especially in fast-growing markets. This allows us to quickly develop customized automation solutions. That is why the automotive industry, especially the E-mobility sector remains so attractive for Aumann.

At the same time, the robotics and automation market is growing rapidly, driven by several long-term trends like demographic change, labor shortages and increasing cost pressure. These developments also support the growth of our Next Automation segment, where we use our automation experience.

So let's take a quick look at Aumann's solutions portfolio. So our portfolio ranges from modular solutions to complex process solutions and in the end, fully integrated large-scale production solutions. At the modular level, we provide standardized production sales and these systems allows our customers to react quickly and cost efficiently to changing market requirements.

Building on this, Aumann designs production lines for more advanced manufacturing processes, including technologies such as winding, coating and testing. The goal is always to implement special process steps in the most efficient way.

In addition, Aumann offers fully customized turnkey solutions designed for maximum output while maintaining the highest quality standards. Thanks to this broad range of solutions Aumann can support the different production strategies of our customers.

So this slide shows how Aumann became a technology leader in E-mobility. Starting from the traditional automotive business, e-mobility was identified as a growth market. Through targeted M&A, Aumann took the first step into E-motor technologies. Building on our know-how, we developed different solutions for the rotor, quickly followed by solutions for the stator and finally, for the full E-motor assembly.

After the E-motor, we leveraged our expertise to develop large-scale production solutions for battery modules and packs. In addition, we introduced our own modular system, for example, in inverter assembly, but also very useful now in the field of Next automation.

Furthermore, we have expanded into converting technology, enabling us to offer our production solutions for example, electrode manufacturing. Aumann is a leading provider of turnkey solutions in E-mobility. So this illustration shows the drivetrain of a fully electric car and most of these components can be produced on Aumann production line.

From the outset, we have focused strongly on the e-Drive unit. Even today, our customers still use different approaches to stator and rotor design. As a turnkey provider, we provide the latest production solutions for both.

Beyond that, we have expanded our portfolio with modular production systems, for example, for electronic components such as sensors and inverters. This enables us to offer flexible and scalable solutions perfectly tailored to each customer's needs.

Let me now turn to our battery portfolio. Here, Aumann benefits from its strong position in the area of energy storage. So we cover the full range from battery modules and packs to the cell-to-X solutions. This expertise allows us to meet customer needs and develop new solutions for next-generation battery technologies.

Let's take a look at the E-mobility market today and in the future. So BEV, battery electric vehicles sales continue to gain traction. Last year, in 2025, more than 13.7 million were sold worldwide. This means a plus of 30% in comparison to 2024. China stays in the lead with 9 million units, but Europe follows with strong growth, reaching more than 2.2 million units with 26% increase compared to 2024, including Germany with an impressive 43% growth.

The U.S. market, which currently shows the lowest volume in comparison remains at least stable at 1.2 million units. So by 2030, BEVs are expected to make up 40% of sales by 2035, even 2/3. So this means overall, rising BEV sales are expected to drive new investments in the near future.

So let us now turn to our key commercial focus also in 2026. As mentioned earlier, we are expanding beyond the automotive sector and focusing more on industries that need greater efficiency, higher productivity and less manual work. So at the same time, rising labor costs and the shortage of skilled workers are accelerating the shift towards automation.

So in this context, we are pushing our Next Automation segment. So this segment focuses on growth industries beyond automotive, such as defense, Aerospace, Clean Tech and Life Science. So let's take a closer look at this segment. So in our Next Automation segment, we have defined 3 strategic growth areas. Aerospace, as you know, is gaining momentum. Demand in civil aviation is rising and Boeing and Airbus are forecasting more than 40,000 new aircraft over the next 20 years. So against this backdrop, Aumann secured first orders in 2026, supporting civil aircraft production ramp-ups. At the same time, defense budgets are boosting. Drones, as you know, are our focus. Drones combines exactly what we do best, electric motors, battery packs and full system integration, including end-of-line testing just like in E-mobility. So this means same technology, new applications. Therefore, we easily developed integrated drone assembly lines and secured our first, unfortunately, still small orders.

So besides Aerospace and Defense, Clean Tech is also booming. Here, Aumann wins in 2026, orders for automated solar module recycling solutions and membrane manufacturing systems for fuel cell application targeting industrial charging infrastructure and off-grid markets.

Finally, Life Science. So this sector benefits from long-term trends such as an aging population, strong investment levels and attractive margins. So starting the end of last year, Aumann entered the pharma market with solutions producing for skin, delivered patches and oral thin films.

So now I would like to hand over to Jan.

Sorry, I have a technical problem. We need to switch the slides. Okay. Thank you, Sebastian, and also a warm welcome from my side. Sorry for the technical issue. I would now like to share with you the financial figures for the first quarter of 2026. Let me start with a brief overview. We entered the year aware that revenue would continue to face pressure as a result of the softer order intake in 2024 and 2025.

At the same time, we stayed firmly focused on driving efficiency across the organization to protect our margins and ensure continued profitability. And this focus continues to guide our actions today. It is important to note that the investment environment in the automotive industry continues to be characterized by a high degree of caution and delayed decision-making. This cautious spending behavior remains evident across both OEMs and suppliers.

At the same time, we are seeing encouraging momentum in our Next Automation segment with improvements in both order intake and order backlog. This indicates that our intensified sales and business development efforts are gradually translating into tangible market traction.

Against this backdrop, in Q1 2026, revenue reached EUR 37 million, which is 38% below the previous year. Profitability remains solid with a double-digit EBITDA margin of 10.8%. Order intake totaled EUR 34 million, down 33% year-over-year. Order backlog decreased from EUR 173 million to EUR 120 million at the end of March 2026. And in total, our balance sheet remains very robust with a net cash of EUR 144 million.

With this foundation, let us now dive into some details. Across segments, we achieved a revenue of EUR 37.3 million, representing a year-over-year decrease of 38%. Revenue in the first quarter is typically still seasonally weaker, but it is in line with our full year guidance. The main driver of this decline was the E-Mobility segment, where revenue decreased by 45%. Revenue in the Next Automation segment was with EUR 9.3 million on previous year's level.

Looking ahead, we will now focus on profitability and earnings to complete the financial picture. Despite the decline in revenue, our profitability remained robust. EBITDA came in at EUR 4 million, down 39% year-over-year, with an EBITDA margin of 10.8%, which is stable at a solid level. This performance was based on a good project execution in some projects even better than expected. And as a result, some conservative risk provisions of the year-end closing were not required in Q1, leading to a positive effect of approximately EUR 1.3 million in other operating income from the release of provisions.

Let us now turn to order intake and order backlog. As already mentioned, the overall investment climate continues to be challenging. Currently, especially in the automotive sector, long-term and forward-looking decisions are subdued, which impacts our figures. In response, we are optimizing costs and capacities while actively pursuing new sales opportunities and selected M&A leads. We see clear growth potential and remain confident in capturing it.

In Q1 2026, total order intake declined 33% year-over-year to EUR 34.4 million, but the Next Automation segment is showing progress. Order intake increased 128% year-over-year to EUR 19.4 million. Our sales pipeline is also growing, demonstrating the potential of the Next automation initiatives to drive future revenue.

As a result, total order backlog declined from EUR 173.4 million to EUR 119.5 million at the end of March. However, the Next Automation segment continues to gain momentum with its order backlog increasing 50% to EUR 57.6 million.

Let me now move to the next slide and walk you through the segment figures, starting with the E-Mobility segment. In the E-mobility segment, order intake of EUR 26 million is 65% under the previous year due to the mentioned market conditions. As a result, order backlog decreased by 45% to EUR 62 million, and at the same time, revenue decreased by 45% to EUR 28 million. EBITDA is declining due to volume to EUR 3.7 million after 3 months, which means a strong margin of 13.3% after 12.2% in the previous year.

In the Next Automation segment, order intake increased year-over-year, as said, by 128% to EUR 19.4 million due to the new positioning. End of March 2026, order backlog amounted EUR 57.6 million, an increase of 50%. Revenue stands at EUR 9.3 million on par with the previous year. EBITDA declined slightly to EUR 1.0 million, corresponding to an EBITDA margin of 10.4%. However, this is primarily attributable to the project mix in Q1. By the end of March 2026, our balance sheet continues to be very solid with an equity ratio of 68.3% and EUR 148 million cash, of which EUR 144 million are net cash.

Our solid financial foundation will continue to allow us to respond flexibly to market opportunities to drive the expansion of the Next Automation segment, both organically and through M&A activities and to ensure further shareholder participation.

To conclude, we would like to confirm our guidance for 2026. We expect a mixed but well-balanced development across all segments. In E-Mobility revenue is likely to decline due to a lower starting order backlog. In Next Automation, we see continued positive momentum. We expect total revenue of around EUR 160 million with an EBITDA margin of 6% to 8%. Our diversified business model provides stability and supports a resilient and profitable year.

Let me hand over to Sebastian again.

Yes. Thanks, Jan. So let me briefly summarize the key takeaways. So as expected, the market environment in the automotive industry remains challenging also in the first quarter. As a result, our order intake declined to EUR 34 million, mainly driven by weaker demand in E-mobility. But at the same time, our Next Automation segment developed very positively step-by-step with strong growth in areas such as Aerospace and Clean Tech. And this clearly confirms that our diversification strategy is working. So despite these headwinds, as Jan said, we started the year with a double-digit EBITDA margin of 10.8%, so almost on the level of last year.

For the full year 2026, we continue to expect revenues of around EUR 160 million with a profitable EBITDA margin of 6% to 8%. In addition, Aumann remains in a very strong financial position with net liquidity of more than EUR 140 million and a very solid equity ratio. And that clearly set us apart from most of our competitors and give us the freedom to shape 2026. So our clear focus is to accelerate our business in Next Automation, both organically and through targeted M&A opportunities. So thank you very much for your attention. We are now happy to take your questions.

[Operator Instructions] And so far there are no questions coming in. There's the first hand up. [indiscernible], you should be able to speak now.

So I have 2 questions, if I may. The first, you mentioned the sales pipeline in Next Automation is growing, but you didn't mention the E-mobility sales pipeline, especially I assume it's also shrinking like the order entry. Is it right? Or is there some stabilizing element?

I mean it's more of the problem, as Jan mentioned already that we still have, I would say, a significant E-mobility pipeline, but the decisions right now are postponed as we have also had the situation in the end of 2025.

So we hope for sure that the Iran crisis is leading as it is already to a higher oil and fuel prices. And what we see right now, for example, in the first quarter 2026 is that BEV sales are also going up, especially in Europe by 26%, in Germany even by 41%. And for sure, we think, in our opinion, the behavior of the customer is changing right now due to these facts. And we see a growing interest right now in electric vehicles. And for sure, then later on, we are quite sure that we can see investment cases again or that these decisions, which were postponed are now coming step by step.

Okay. And the second one, I think for a few quarters now, we talked about M&A opportunities. I assume one or the other, you missed it or it didn't realize at all. So yes, maybe you can comment a little bit on the past targets and future targets as far as they are the same or there's some difference in that.

I would say -- I mean, we didn't lost one. So we are still in some different -- we're still looking at different targets, to be honest. What we changed a little bit, but I think this is something also we have mentioned here in the last call is that for sure, we are now more focusing and targeting on M&A opportunities in the area of Next Automation.

So that's for us very important right now to find there, let's say, some special processes because if you have one special process in the area of, for example, Aviation, it's much easier than to automate the topics around. It's nearly the same what we did in the -- what we did in the past for E-mobility.

So we have these winding processes. So the core was the winding process, but then we developed everything around -- every automation around. So it's easy for us to automate something, but if you have a special process, then you are not just a turnkey provider or something like this, then you are really the one who can execute very complex processes and in the end of the day, customer needs.

And next line is Charles Michaels.

You're asking for the EUR 100 million.

No, no. I'd like to turn to just the progress you're making in Next Automation. So now as a percentage of your order book and order intake, the numbers are getting to be large. When do you think Next Automation might surpass your traditional -- well, not traditional, your electric vehicle business?

Okay. I hope not so soon, not because not pushing Next Automation, but also I think or I hope that still, as I said, E-mobility is also, again, an increasing business. But nevertheless, I mean, Charlie, you asked us, I think, 1 year ago, if it is possible to come to EUR 100 million in Next Automation.

And I think we are on the way. We have to see and we have to look carefully from quarter-to-quarter. But honestly, we are now in all these different areas, which we haven't expected 1 year before. And as we said in the last quarter or in Q4, we did already EUR 27 million order intake in Next Automation. Now we are at EUR 19 million for Q1. So important is that we are building up the sales pipeline. And as I said also before, it's not so easy because Next Automation is taking more time. So you're working with new industries, you're working with new customers. And at the end of the day, with new product solutions. But I think the topic is going and moving in the right direction right now with Next Automation.

Well, congratulations. Clearly, that was a good decision to focus on this new business, not completely new. But I mean, if you look at where you stand today without it, it would be really difficult from an overall growth perspective. In Next Automation, is there one particular segment that is most promising in the 1- to 3-year view?

Yes. I mean, infrastructure was --- infrastructure is very interesting for us, but also aviation. I mean I can just underline that this was really a big step for us now in 2026 to have, let's say, a reentry in the aviation area. Yes, so this was very important for us. So we worked on this the whole last year to get in this business again. And we are also there right now offering additional projects right now, but also infrastructure, yes. So infrastructure end of last year and I mean, also in Life Science, Pharma is promising. So we are -- right now, we are happy that there's not only the one. There are now different areas where we would like to expand our business.

Got it. The drone business, obviously, is getting a lot of visibility, and there's such a big push for more defense spending. I -- could it be that you could have some sort of upside, almost surprise coming from that business?

I mean we are working on this. We are very hard working on this. So what we have -- so I mean, as you know, we have now production solutions to manufacture, I don't know, 50,000, 100,000 units per month or whatever, yes. So we have now a very scalable production solution for each customer, even if there's still only a few hundreds or a few thousands a year.

For us, what we did in the end of last year was to say, okay, maybe let's try to get more even with end-of-line testing because even if someone is manufacturing not in a very automated way, end-of-line testing, and we knew it from the tests here with the German Armed Force end-of-line testing for quality is something everybody is searching for. And there, we developed in our point of view, a really competitive system, and we try to step in with this end-of-line testing and then afterwards to get the customer and to convince him to automate other topics in addition.

And we're moving on to our chat questions. Could you elaborate on potential orders for human reads.

Yes. I mean, I would say it's -- for sure, this is something where we try to step in also because what we see there are very specific E-motors in different areas. So -- and for sure, we have a focus on this, and this would be a great entry for us. And yes, we are working on this topic. But it's -- unfortunately, it's too early to say that we are already successful in this area. A little bit too early.

And the last question for now, how strong is the competition in Europe for E-mobility for your products?

I think also this question we had several times and from time to time, I have the feeling that the question is more if the Chinese are entering the European market or something like this. So I think it's important to say that we are dealing with Chinese competition, I don't know, for more than 10 years, 15 years, something around this. So in general, we don't see a change there. It's more the question that our customers now have to make the decisions. And this is more important for us that there's -- competition is there's always competition in automotive, but we are not frightened for this. So nothing changed on this topic.

When we are looking at the number of competitors, I would say there is more market consolidation because there are other competitors who are more under pressure than we are from a balance sheet perspective.

But of course, on the price level, there's always somebody fighting for their lives and that is getting a bit more hard, but that's normal in such a situation, and we keep concentrated on achieving at least okay margins. And we know that if the market rebounds, then it's always important to have enough capacities to execute good margin orders instead of hunting all these difficult margin orders in times where the market is softer.

Thank you very much. And there are 2 more questions coming in. The first is a hand up from [indiscernible] and we are back in line. We are moving on to the chat question. Why is your expected guidance for margin so much lower in 2026?

Yes. So I mean that's a mixed effect. Of course, when we see 2025 and also 2026, we lost a relevant part of our revenue. So we have more or less a bit more pressure coming from the operational cost of the company, administrative costs. So we didn't reduce the company to the current revenue level to keep capacity left for additional growth again. Therefore, one part of the margin pressure comes a little bit from our internal structures and the other part, of course, comes from the softer market.

So we saw during 2025 that we had higher price pressures in the few projects which had been in the market at that point in time. So the order backlog lost a bit margin quality, which is normal while business is running a bit slower. And that's the reason why we have the more conservative margin guidance in 2026. And for '27, we need to have an eye on order intake '26. So this will be very relevant when making our minds on the 2027 revenue and earnings perspective.

Thank you very much. And with that, ladies and gentlemen, we have come to the end of today's earnings call. Thank you very much for your interest in the Aumann AG. A big thank you also to you, Sebastian and Jan-Henrik for your presentation and your time.

Ladies and gentlemen, if you have any further questions later on, please feel free to contact Investor Relations. And with that, I wish you all a successful day and handing back over to Sebastian for some final remarks.

Yes. Thank you. So I hope we have shown that Aumann will also be stable in terms of profitability in 2026. Unfortunately, another challenging year in the automotive industry. So internally, we concentrate ourselves on optimizing cost structure. But even more important is that we are building up new sales opportunities, as you have seen in the area of Next Automation. And there, we see significant potential for the company, and we are confident that the results will follow.

So thank you very much for your interest, and we look forward to see you maybe at one of the next conferences.

Welcome to the earnings call of Aumann AG regarding the full year figures for 2025. The company's CEO, Sebastian Roll; and CFO, Jan-Henrik Pollitt, will guide you through the presentation and the figures shortly, followed by a Q&A session via audio line and chat box. Having said this, I'm handing over to you, Sebastian.

Good afternoon, everyone, and thank you for the kind introduction. I'm pleased to have you with us today. And for those I haven't met yet, my name is Sebastian Roll, and I'm the CEO of Aumann. So joining me in the call today is our CFO, Jan-Henrik Pollitt. So we really appreciate your time and your interest in Aumann. In the next few minutes, we will guide you through a brief overview of Aumann, the latest developments in our E-mobility and Next Automation business and of course, our financial performance in 2025, where we delivered strong results in a challenging market environment.

So let's start with a quick look at our business model. So we design and build high-end fully automated production lines tailored precisely to the needs of our international customers. With decades of experience in automation, industry leaders around the world trust Aumann to deliver innovative solutions. One of our competitive advantages is staying ahead, especially in fast-growing markets, enabling us to quickly provide customized solutions. This is why the automotive market, especially the E-mobility sector remains so attractive to Aumann. In addition, the robotics and automation market is growing rapidly, driven by demographic change, labor shortages and cost pressure. These trends also drive our Next Automation segment, allowing us to use our automation expertise in many industries beyond automotive.

So let's take a quick look at Aumann's solutions. So our portfolio ranges from modular solutions and complex process solutions to fully integrated large-scale production solutions. At the modular end, we provide standardized cell systems. They enable our customers to adapt quickly and cost efficiently to changing market demands. Building on this, Aumann designs production lines for more complex processes, including technologies such as winding, coating and testing. The aim is to implement special process steps in the most efficient way. Moreover, Aumann offers fully customized large-scale solutions built to maximum output while ensuring high quality. Thanks to Aumann's wide range of solutions, we can fully support different production strategies of our customers.

So this slide here shows how Aumann became a technology leader in E-mobility. Starting from the traditional automotive business, E-mobility was identified as a growth market. Through targeted M&A, Aumann took the first step into E-motor technologies. Building on our know-how, we developed different solutions for the rotor, quickly followed by solutions for the stator and finally, full E-motor assembly.

After the E-motor, we leveraged our expertise to develop large-scale production solutions for battery modules and packs. In addition, we introduced our own modular systems, for example, in inverter assembly, but also very useful in the field of Next Automation. Furthermore, we have expanded into converting technology, enabling us to offer, in addition, production solutions for electrode manufacturing. Aumann is a leading provider of turnkey solutions in E-mobility. This illustration here shows the drivetrain of a fully electric car and most of these components can be produced on Aumann production lines. From the outset, we have focused strongly on the E-drive unit. Even today, our customers still use different approaches to stator and rotor design. As a turnkey provider, we offer the latest production solutions for both. Beyond that, we have expanded our portfolio with modular production systems, for example, for electronic components such as sensors or, for example, such as inverters. This enables us to offer flexible and scalable solutions perfectly tailored to each customer's needs.

Let me now turn to our battery portfolio. Here, Aumann benefits from its strong position in energy storage. We cover the full range from battery modules and packs to cell-to-X solutions. This expertise allows us to meet customer needs and develop new solutions for next-generation battery technologies.

Let's look at the E-mobility market today and in the future. BEV, or battery electric vehicle sales continues to gain traction. In 2025, more than 13.7 million were sold worldwide. So this means a plus of 30% in comparison to 2024. China stays in the lead with 9 million units, but Europe follows with strong growth, reaching more than 2.2 million units with 26% increase compared to 2024, including Germany with an impressive 43% growth. The U.S. market, which currently shows the lowest volume in comparison, remains at least stable at 1.2 million units. By 2030, BEVs are expected to make up 40% of sales by 2035, even 2/3. So overall, rising BEV sales and a more stable geopolitical situation are expected to drive new investments in the near future.

So let us now turn to our key commercial focus in 2025. As mentioned earlier, we are expanding beyond the automotive sector and focusing more on industries that need greater efficiency, higher productivity and less manual work. At the same time, rising labor costs and the shortage of skilled workers are accelerating the shift towards automation. In this context, we have moved, as you know, our Next Automation segment from an opportunistic to a strategic approach. This segment focuses on growth industries beyond automotive, such as defense, aerospace and life science.

So let's take a closer look. In our Next Automation segment, we have defined 3 strategic growth areas. Aerospace, as you know, is gaining momentum. Demand in civil aviation is rising. Boeing and Airbus are forecasting more than 40,000 new aircraft over the next 20 years. Against this backdrop, Aumann is preparing its reentry into aviation, offering solutions to support production ramp-ups with initial orders already secured in early 2026. At the same time, defense budgets are boosting. Drones combines exactly what we do best: electric motor, battery packs and full system integration, including end-of-line testing just like in E-mobility, same technology, new applications. Therefore, we easily developed integrated drone assembly lines and secured our first orders in 2024 (sic) [ 2025 ].

Besides aerospace and defense, clean tech is also good. Here, Aumann has acquired a double-digit million order in energy infrastructure, delivering flexible assembly and test lines for medium voltage circuit breakers. Finally, life science. So this sector benefits from long-term trends such as an aging population, strong investment levels and attractive margins. In 2025, Aumann entered the pharma market with solutions for producing skin delivered patches and oral thin films.

Now I would like to hand over to Jan.

Yes. Thank you, Sebastian, and also a warm welcome from my side. I would now like to share with you the financial figures of the year 2025. Let me start with a brief overview. We entered the year aware that revenue would face a decline, primarily due to a softer order intake in 2024. At the same time, we remain fully committed to implementing every possible measure to protect our margins and sustain strong profitability. It is also important to highlight, particularly in the automotive sector, that investment behavior continues to be very cautious. This trend is visible across the full spectrum of OEMs and suppliers.

Against this backdrop, in 2025, revenue reached EUR 204 million, 35% below the previous year. Profitability remained strong with a double-digit EBITDA margin of 13.8%. Order intake totaled EUR 147 million, down 26% year-over-year. Order backlog decreased from EUR 184 million to EUR 122 million at year-end 2025. And our balance sheet remains robust with a net cash of EUR 148 million. With this foundation, let us now dive into the details.

Across segments, we achieved a revenue of EUR 204 million, representing a year-over-year decrease of 35%. The main driver of this decline was the E-mobility segment, where revenue decreased by 37%. Revenue in the Next Automation segment also declined from EUR 53.8 million to EUR 40.2 million, mainly because the prior year included a larger contribution from a major photovoltaic project. For 2025, we had initially expected revenue of approximately EUR 210 million to EUR 230 million. Based on early projections in January, this estimate was refined to EUR 205 million. With the audited figures now available, we ended the year 2025 at EUR 204 million, closely matching this guidance.

Looking ahead, we will now turn to the profitability and earnings performance to provide a complete picture of the financial results. Despite the decline in revenue, our profitability remained robust, demonstrating the resilience of our business model. EBITDA came in at EUR 28.2 million, down 21% year-over-year. EBITDA margin increased from 11.5% to 13.8%. This reflects the strong execution, especially in our E-mobility segment. Key drivers of this solid performance include a high-quality and well-diversified order backlog, strict cost discipline across all projects, capacity adjustments aligned with the subdued market environment, and an above-expectation Q4 with some larger E-mobility orders completed ahead of plan.

Based on these dynamics, we raised our initial EBITDA margin guidance of 8% to 10% in January to 14%. With the final margin at 13.8%, we outperformed last year by 2.3 percentage points, underlining the operational strength of our segments. With profitability well established, let's now turn to order intake. As already mentioned, the overall investment climate remains challenging. Our business relies on our customers' CapEx, and especially for large-scale projects, long-term forward-looking decisions are essential. Many industries, particularly automotive, are currently not making these kinds of commitments, which affect our markets. However, we are not standing still. Internally, we continue to optimize costs and adjust capacities. Externally, we are actively developing new sales opportunities and pursuing M&A leads. We see clear opportunities to grow, and we are confident these initiatives will deliver value.

In 2025, total order intake declined 26% year-over-year to EUR 147.5 million. The Next Automation segment is showing strong progress. Order intake increased 54% year-over-year to EUR 56.5 million. Our sales pipeline is also growing, demonstrating the potential of the Next Automation initiatives to drive future revenue. As a result, total order backlog declined from EUR 184 million at year-end 2024 to EUR 122.2 million at year-end 2025. However, the Next Automation segment continues to gain momentum with its order backlog increasing 39% to EUR 47.9 million. While the overall backlog is below our desired level, both volume and quality of the backlog are solid. And we have, of course, continued to account for this backlog conservatively in our financial statements.

Let me now move to the next slide and walk you through the segment figures, starting with the E-mobility segment. In the E-mobility segment, order intake of EUR 91 million is 44% and under the previous year due to the mentioned market conditions. As a result, order backlog decreased by 50% to EUR 74.3 million. At the same time, revenue decreased by 37% to EUR 163.8 million. EBITDA is declining at a slower rate than revenue by minus 21% to EUR 26.6 million, which means a strong margin of 16.2%.

In the Next Automation segment, order intake increased year-over-year to EUR 56.5 million as the new positioning is opening new markets. End of 2025, order backlog amounted EUR 47.9 million. Revenue decreased 25% year-over-year to EUR 40.2 million. And the EBITDA margin increased by 2 percentage points to 12.8%, which leads to a total EBITDA of EUR 5.1 million.

Before we take a closer look at the balance sheet, let me provide a brief overview of our group cash flow in 2025. Cash flow from operating activities reached EUR 38.4 million, reflecting the strong results for the year and the EUR 50 million reduction in working capital compared to 2024. Importantly, we returned EUR 23.3 million to our shareholders through dividends and the share buyback program, underlining our commitment to delivering value to investors. As a result, cash and cash equivalents, including securities, remain at a record high level of EUR 152.8 million. By the end of December 2025, our balance sheet continues to be in a good shape with an equity ratio of 66.7% and EUR 153 million cash, of which EUR 148 million are net cash. Our financial foundation will continue to allow us to respond flexibly to market opportunities, to drive the expansion of the Next Automation segment, both organically and through M&A activities, and to ensure further shareholder participation through share buybacks and dividends.

Following the successful year 2025, we will propose a dividend payment of EUR 0.25 at the AGM, which is a further modest dividend increase compared to the previous years. And of course, we currently have an existing authorization to acquire treasury shares up to 10% of share capital. This provides the company with flexibility to act opportunistically in the market, and at the same time, it ensures that we can continue to participate our shareholders in the company's success.

To conclude, we would like to provide our guidance for 2026. We expect a mixed, but well balanced development across our segments. E-mobility revenue is likely to decline due to a lower starting order backlog. In Next Automation, we see continued positive momentum. Overall, the group enters 2026 with an order backlog of EUR 122.2 million. We expect total revenue of around EUR 160 million with an EBITDA margin of 6% to 8%. Our diversified business model provides stability and supports a resilient and profitable year.

Let me now hand over to Sebastian again.

Yes. Thanks, Jan. So let me briefly summarize. 2025 was a challenging year for Aumann. Revenue dropped to EUR 204 million as investments across the European automotive sector remained weak. So despite these headwinds, we delivered a strong operating performance. We reduced capacity, further increased the flexibility of our cost structure and achieved additional cost savings in project execution. As a result, we reached EUR 28 million EBITDA, achieving an EBITDA margin of 13.8%, a strong indication of improved efficiency and profitability despite lower volumes. Thanks to these, we proposed a dividend of EUR 0.25 per share, continuing to provide an attractive return to our shareholders.

Looking ahead to 2026, we are facing a decline in revenues again. Nevertheless, we are targeting a profitable EBITDA margin of 6% to 8%. So also in 2026, as Jan mentioned, our financial position is strong with high liquidity. That clearly sets us apart from most of our competitors and gives us the freedom to shape 2026. Last year, Next Automation developed strongly. This confirms that our diversification is working. Our clear goal is to accelerate this growth, both organically and through M&A.

So thank you very much for your attention. We are happy now to take your questions.

[Operator Instructions] What will be recurring revenue after sales services next year and in year 2025?

Yes. The recurring revenue from after sales and services is approximately 10%. What we see in investment reluctance phases like 2025 and maybe also in '26 that some customers have higher volumes of retrofits of production lines, and this could, as long as the general CapEx is low, give maybe an additional increase on the aftersales side.

How do you view Aumann's competitive position in the European EV ecosystem? And to what extent our increasingly aggressive Chinese entrants reshaping pricing, technology and market share dynamics?

Maybe starting the question with the question of competition out of China. So I mean maybe in comparison to other sectors, so we are dealing with China competition, I would say, the last 10 years. So there's nothing new. I also would add that there are not any changes concerning the competition out of China. Our business model is to be the front runner for the first very important, let's say, 1 or 3 lines, especially start of production of new EV is very important, for example, like it was in the new class for BMW. And I mean, in this area, the customer still is buying, let's say, more or less confidence, and this is our business model. So for the fourth, fifth, sixth line, there might be competition out of China. But then normally in normal market conditions, we are already ahead in new projects.

And could you please give us more details on M&A environment and activities in Americas, which can give us inorganic growth?

Yes. So M&A, as you know, is an important pillar of our strategy, that's for sure. That's not new. So as we said also in other calls before, so we switched a little bit the direction. So we are now looking especially for targets in the area of Next Automation. That's where we would like to expand our portfolio, and that's clear our target for 2026 to acquire a company in this area.

And the next question is slightly similar. Could you please elaborate further on the target focus, the size, geography and technology?

Yes. So geographically, it is still, for sure, the United States. So that's something we would like to enter. Therefore, we need a hub which is close to our technology, maybe a little bit similar. Within the European area, we are more searching, as I said, for additional technology and for additional customer relationships within the Next Automation. So looking in, as we said before, aviation, defense or, for example, life science as well.

And with our large M&A, your capital structure looks rather inefficient and the share price level low. Any further buybacks to be expected?

So there is no current decision on further buybacks. But as we have shown in the presentation, we have authorization for another 10% buyback of our share capital and we will decide if necessary on that topic.

What is the potential revenue that can be achieved with the current personnel and corporate structure?

Yes. So we adjusted capacities during 2024 and 2025. We didn't adjust directly on the EUR 160 million revenue guidance, which we have for '26. We still have a bit more capacity in-house so that we can hope for the rebound in order intake and scale up fast again. So if we don't see a positive effect, then of course, we will also use 2026 to further adjust capacities. We will also have the one or other topic in '26 where we see a few adjustments necessary but not larger ones. And as soon as the market rebounds again, that we are able to do like EUR 160 million to maybe EUR 240 million, EUR 250 million revenues again.

You already answered one of the next questions. Have you continued to reduce the number of employees year-to-date?

Yes. As said, we had some smaller adjustments, not like bigger topics, but small adjustments here and there. So we continue to make some homework, but no big issues.

And there are 2 questions left. Any new strategic industries, markets, or processes that Aumann is looking on? And can you say something about order intake in Q1 and the sales pipeline?

Yes. I think what we tried to show in the presentation in a little bit more detail to give to give some ideas in Next Automation. So Next Automation for us is important. For us, it was important, especially that we had this growing market or that we had really acquired one big project, but also some minor projects in the fourth quarter of 2025. So I think you have seen that I think in the middle of the year, we are roughly 20% higher in order intake in Next Automation. After the third quarter, it was roughly 35% higher. And now after the last quarter, overall, we are 55% higher. So that means that the sales pipeline, especially in Next Automation is rising. This takes a little bit of time step by step. But as I said, for us, really important was to have, for example, this big project within the infrastructure area, yes? So in our point of view, a really nice project in the infrastructure, but also in clean tech and also in aviation. So in all these areas, now we have the first projects. In infrastructure, we even have this big project. So this is important for us.

And you have to have in mind that, unfortunately, this order intake in Next Automation takes more time than in E-mobility because, as I said, the industry is new. We have the customers that are new or the products are new. And this will take a little bit of time also in 2026. So we will not see the big recovery in the first quarter, but we will see step-by-step a very increasing Next Automation.

Thank you very much. And with an eye on the time, we have the last questions. There are 3 questions in a row, and I will take them one by one. The first is, Aumann reports EUR 12.2 million in securities apparently in the form of bonds. What specific type of bonds are these?

These are government bonds and corporate bonds, but each with good credit ratings.

And can you provide any information regarding order intake in the first quarter of 2026 broken down by segment?

Honestly speaking, not yet.

We expect significant working capital effects in cash flow in 2026?

Yes. We finished the last 2 or 3 years at relatively low working capital levels. So each year, we expected a little bit working capital increases, but managed to hold the working capital at that low level. For '26, from today's perspective, I would see some working capital increases maybe back to a level of 15% to 20% of revenue.

And the last question, can Next Automation reach similar EBITDA margin levels at the currently higher ones of 16% E-mobility?

Yes, in general, of course. So we had this high EBITDA margins, especially in E-mobility in 2026 (sic) [ 2025 ]. As said, we finished a project better than expected, which boosted the EBITDA margin end of the year, especially in Q4. For 2026, both segments will be a little bit lower in margins due to the decline in revenue. But in general, we are trying to maintain a good and profitable margin level in both segments. And as we said in the other segments like -- or the other industries like aviation or life sciences, there are also good margins to reach and achieve.

Thank you very much. Ladies and gentlemen, we have come to the end of today's earnings call. Thank you very much for your interest in the Aumann AG. A big thank you also to you Sebastian and Jan-Henrik for your presentation and your time. Should you have any further questions, ladies and gentlemen, you are always very welcome to place them to Investor Relations. I wish you all a successful day around the world, and handing back over to Sebastian for some final remarks.

Yes, I hope that we have shown that Aumann will stay strong also in 2026, in unfortunately another challenging year for our industry, but we are focusing on what we can control. So that means internally, we are continuously optimizing our cost structure, we are building our sales opportunities in Next Automation. And for sure, we have an eye on M&A activities. So thank you very much for your interest.

Good day, and a warm welcome to today's earnings call of the Aumann AG following the publication of the Q3 figures of 2025. I am delighted to welcome the CEO, Sebastian Roll; and the CFO, Jan-Henrik Pollitt, who will speak in a moment and guide us through the presentation and the results.

After the presentation, we will move over to our Q&A session in which you have the possibility to place your questions directly to the management. And having said this, we're looking forward to your presentation. Mr. Roll, the stage is yours.

Yes. Thank you. Good afternoon, everyone, and thank you for the kind introduction, and a warm welcome from both of us. For those I haven't met yet, my name is Sebastian Roll, and I'm the CEO of Aumann. And joining me today is Jan-Henrik Pollitt, our CFO.

So I really appreciate your interest in Aumann and this earnings call. Over the next few minutes, we will walk you through a brief snapshot of Aumann, the latest developments shaping our E-mobility and Next Automation segments and of course, our financial performance in the first 9 months of 2025.

So let's start with a quick look at our business model. We design, as you know, and build high-end fully automated production lines tailored precisely to the needs of our international customers. With decades of experience in automation, industry leaders around the world trust Aumann to deliver innovative solutions. One of our competitive advantages is staying ahead, especially in fast-growing markets, enabling us to quickly provide customized solutions.

This is why the automotive market, especially the E-mobility sector remains so attractive forum. In addition, the robotics and automation market is growing rapidly, driven by demographic change, labor shortages and cost pressure. These trends also drive our Next Automation segment, allowing us to use our automation expertise in many industries beyond automotive.

Let's take a quick look at Aumann's solutions. Our portfolio range from modular solution and complex process solutions to large-scale production solutions. In modular solutions, Aumann offers standardized cell systems. They enable our customers to react fully flexible and cost optimized on market demands.

In addition, Aumann develops production lines for complex processes such as winding, coating and testing. The aim is to implement special process steps in the most efficient way. Moreover, Aumann offers customized large-scale production solutions built for maximum output while ensuring high quality.

Thanks to Aumann's wide range of solutions, we can fully support different production goals of our customers. This slide shows how Aumann became a technology leader in E-mobility. Starting from the traditional automotive market, E-mobility was identified as a target market. Through strategic M&A, Aumann took the first step into the e-motor. Building on our know-how, we developed different solutions for the rotor, quickly followed by solutions for the stator and finally, the full e-motor assembly. After the e-motor, we continued our journey using our skills to sell large-scale production solutions for battery modules and packs.

In addition, we introduced our own modular systems, for example, for inverter assembly, but also very useful right now in the field of Next Automation. Furthermore, we entered into converting technology. This enabled us to provide production solutions for electrode manufacturing.

Aumann is the leading provider of turnkey E-mobility solutions. This illustration shows the drivetrain of a fully electric car and nearly all components can be produced on Aumann production lines. From the very beginning, Aumann has placed a strong focus on the e-Drive unit. Even today, our customers follow very different approaches in developing stators and rotors.

As a turnkey provider, we provide the latest production solutions for both, and we go further. With our modular production systems, we have expanded our portfolio to include production solutions for electronic components such as sensors and inverters.

This allows us to offer flexible and scalable solutions perfectly tailored to each customer's needs. Now let's shift our focus to our battery portfolio. Here, Aumann benefits from its strong position in the field of energy storage. We cover the full range from battery modules and packs to cell-to-X solutions. This expertise allows us to meet customer needs and develop new solutions for future battery technologies.

Let's take a look at the E-mobility market today and in the future. BEV, so battery electric vehicles sales continues to gain traction. In the first 9 months of 2025, more than 9.5 million were sold worldwide. This means a plus of 36% in comparison to the same period last year. China stays in the lead with over 6.1 million units, but Europe follows with strong growth, reaching more than 1.8 million units with 25% increase compared to last year, including Germany with an impressive 38% growth.

The U.S. market, which currently shows the lowest volume in comparison, is at least growing by 12%. So this means by 2030, BEVs are expected to make up 40% of sales by 2035, even 2/3. So despite this positive growth perspective, the industry has been slowing down since 2024. The main reasons are the challenging geopolitical conditions. Nevertheless, rising BEV sales and a more stable geopolitical situation are expected to drive new investments in the near future.

Let us return to the beginning of the presentation. As mentioned besides the automotive industry, we are shifting our focus on other industries that need more efficient operations, higher productivity and fewer manual steps and errors. At the same time, rising labor costs and the lack of skilled workers are driving companies to automate.

In this context, we have moved our Next Automation segment from an opportunistic to a strategic approach. This segment focuses on growth industries beyond automotive, such as defense, aerospace and life science.

Let's take a closer look. In our segment, Next Automation, we have defined 3 strategic growth areas. Aerospace is really picking up speed. Demand is growing in civil aviation. Boeing and Airbus expect over 40,000 new aircraft over the next 20 years. In addition, defense budget are boosting. Drones are our focus. The German Armed Force recently decided to procure systems for about EUR 1 billion.

Drones combines exactly what we do best. Electric motors, battery pack, full system integration and end-of-line testing, just like in E-mobility, same technology, new applications. Besides aerospace, cleantech is booming. German government are putting EUR 500 billion into infrastructure and climate. This is driving more investment into renewables, hydrogen and energy grids. Our third pillar is life science. An aging population, strong investment and healthy margins make it a very promising industry.

Now I would like to hand over to Jan.

Yes. Thank you, Sebastian, and also a warm welcome from my side. I would now like to share with you the financial figures of the first 9 months of 2025. Let me start with a quick overview. For 2025, it was clear that we will face a decline in revenue, particularly due to the already weaker order intake in 2024.

At the same time, we were committed to leveraging every possible measure to keep our margins at a high level. It is also important to note that especially with regard to the automotive industry, that investment behavior continues to be very cautious. This trend is evident across the entire spectrum of automotive OEMs and suppliers.

And unfortunately, we cannot escape its impact. The market environment is still challenging. Under these circumstances in the first 9 months of 2025, we reached a revenue of EUR 158 million, which is 32% below the previous year and in line with our full year guidance.

Our profitability remains strong with a double-digit EBITDA margin of 11.6%. Order intake after 9 months amounts to EUR 112 million, which is 29% lower compared to last year. Order backlog reduces from the year-end level of EUR 184 million to now EUR 136 million.

Furthermore, our balance sheet remains strong with EUR 160 million net cash. Let us now jump into a few details. Across segments, we achieved a revenue of EUR 157.7 million, which means a decrease of 32% year-over-year. The revenue of the E-Mobility segment decreased by 32% to EUR 129 million. And the Next Automation segment decreases from EUR 42 million to EUR 28.7 million as the previous year contains a larger revenue from a big order in the photovoltaics area.

On the earnings side, we only see the volume effect and fortunately, no quality effect. Our profitability shows a stable result despite decreased revenue. EBITDA declines in roughly the same proportion as revenue, minus 28% to EUR 18.3 million, and the EBITDA margin of 11.6% is even stronger than the previous year's level.

The solid profitability in the first 9 months is based on a good quality of the order backlog, the strict cost discipline in order execution and the adjustment of capacities to the subdued market situation. The EBITDA margin stands at 11.6%, above our guidance for the full year 2025.

So we are currently monitoring the performance of the final quarter and navigating cautiously due to the weak investment climate. Bottom line, 11.6% EBITDA margin mean an EBT margin of 9.5%, which underlines the company's operational performance and volume flexibility. Let us turn to order intake and order backlog.

I've already mentioned the weak investment climate. We are operating in CapEx-driven business. And for CapEx, especially large-scale projects, stable conditions and strong, sometimes even bold forward-looking and long-term decisions are required.

Currently, many industries and especially the automotive sector are lacking in many of these aspects. But we are far away from desperate. Internally, we are continuously working on optimizing our cost structure and capacities. Externally, we are building new sales and M&A leads.

We see significant opportunities and potential for the company, and we are confident that many of these initiatives will resonate well with you. Across segments, we see a decline in order intake of 29% year-over-year to EUR 112.4 million.

But on the other hand, the efforts in the Next Automation segment are gradually translated into order intake. Next Automation order intake is increased by 35% year-over-year to EUR 29.4 million, and the sales pipeline is rising. This results in a decreased total order backlog of EUR 135.8 million, which means a total reduction of 39% year-over-year. However, the current backlog is still solid in terms of profitability.

Let's take a look at our segments. In the E-mobility segment, order intake of EUR 82.9 million is 39% under the previous year due to the mentioned market conditions. As a result, order backlog decreased by 44% to EUR 105.6 million. At the same time, revenue decreased by 32% to EUR 129 million in the first 9 months of '25.

And EBITDA roughly develops in line with the volume effect by minus 27% to EUR 17.1 million, which means a margin of 13.3%. In the Next Automation segment, order intake increased year-over-year to EUR 29.4 million as the new positioning is opening new markets.

At end of September '25, order backlog amounted EUR 30.2 million. Revenue decreased due to the large-scale order in revenue last year by 32% year-over-year to EUR 28.7 million. And the EBITDA margin increased by 1 percentage point to 12.3%, which leads to a total EBITDA of EUR 3.5 million.

By the end of September 2025, our balance sheet continues to be in a good shape with an equity ratio of 63.5% and [ EUR 120 million ] cash, of which EUR 160 million are net cash. Against the backdrop of the company's solid earnings and net cash position, we have decided today to cancel the acquired shares under the 2025 share buyback program.

Around 6,000 shares were transferred in October 2025 to the participants under the 2020 stock option program and the remaining approximately 1.4 million shares were canceled today as a part of capital reduction. Our solid financial foundation will continue to allow us to respond both organically and through increased M&A activities and to ensure further shareholder participation through share buybacks and dividends.

To conclude, we confirm our guidance for 2025. In the last years, we increased our revenue by almost 50% and EBITDA by more than 300%. Unfortunately, this year, we cannot continue this trend. The market environment and the noticeable reluctance to invest will lead to a decline in revenue to between EUR 210 million and EUR 230 million.

However, on the profitability side, we can benefit from our order backlog and the flexible structure of our company. As said, our current profitability is above our guidance, but we are navigating cautiously and are monitoring the last quarter of 2025. Therefore, we confirm our guidance of an EBITDA margin of 8% to 10%.

Let me hand over to Sebastian again.

Yes. Thanks, Jan. So to sum up our presentation, unfortunately, our business in 2025 is also again strongly affected by market uncertainties and low investment activities in the automotive sector. As a result, our order intake declined to EUR 112 million with E-mobility down by around 40%.

We are not the only ones. Our automotive customers are facing a year that is at least as challenging as ours. So despite these headwinds, we delivered a strong operating performance in the first 9 months 2025. We achieved a double-digit EBITDA margin because we did our homework.

We reduced capacities, made our cost structure even more flexible, and we ensured cost savings in project execution. We also focus on maintaining a profitable order intake, ensuring that our order backlog remains profitable. In addition, our financial position is strong with high liquidity and a solid equity ratio.

That clearly set us apart from most of our competitors and give us the freedom to shape 2026. In addition, we are pushing ahead Next Automation, unlocking growth beyond the automotive industry. Due to our strategic shift, Next Automation order pipeline is growing and order intake currently up by around 35%. Our clear goal is to accelerate this growth both organically and through M&A.

Thank you very much for your attention, and we are happy to take your questions.

[Operator Instructions]

And I will read the question in our chat box first before I go over to our hand-up. Congratulations on the strong results in a challenging environment, especially regarding the EBITDA margin. Given Aumann's very favorable valuation, a further share buyback would generate a very good return on invested capital in the medium term. What are your thoughts on this? Aumann AG's 2026 estimates of EUR 255 million in revenue and EUR 26 million in EBITDA realistic? And where do you see these figures in the medium term?

Yes. So maybe starting with the question of the share buyback. So our solid financial foundation allows us to respond, let's say, flexible on market opportunities. So for example, this means, for sure, growth in Next Automation, as I said, organically or through M&A and for sure, also to ensure further shareholder participations through, for example, buybacks and dividends.

That's why we decided today to retire shares under the 2025 share buyback program to stay ready for sure also for these kind of opportunities. The other question, I think, was concerning 2026. And sure, looking on the current figures, revenue might be weaker again next year. That's something we have to see.

But Q4 is not completed yet. So that means relevant customer decisions being made till the end of the year. And then we will put all these information together and to give a picture of 2026. Fortunately, our order backlog is profitable and all the other things we have for sure to calculate and yes, to make our mind after the fourth quarter.

And I will go over to our hand up from Charlie Michaels. You should be able to speak now. Your microphone is unmuted, but we cannot hear you, Mr. Michaels. I will give you a moment to find the words and go back to the questions in our chat box. Can you reveal more details regarding M&A processes? Are you involved in some? If yes, how many? What about geography in terms of M&A targets?

Yes. I mean we are involved in a handful of these M&A activities. And I think one is the geographical target to have a bigger footprint in North America, as you know. So this might be very important for us also having in mind tariffs.

And the other topics for sure is within Next Automation. So we really try to push Next Automation also through M&A. And therefore, we see also some really nice targets right now with a little bit different technology and with an entry, especially in the growth areas we are right now trying to enter.

And we have the same question in the chat box. I hope all questions are answered by that. Charlie Michaels, would you like to try it again? I can see that you are unmute now, Mr. Michaels, but we still cannot hear you. So sorry. I will go over in the meantime.

So Charlie Michaels from Sierra, like the prior speakers and questioners, I congratulate your margins, tremendous work there, not easy in this difficult market environment. And I'm also thinking along the lines of the prior questioners on M&A. So that was an area. I think you've done some share buybacks, which we appreciated so far, too. But at this stage, I'd say it hasn't really changed things too much for the company as we've seen with the share price being relatively flattish.

So the idea that you mentioned about acquisitions yourself, right, potentially in the U.S. where you're looking, I would just say that on the acquisition front, I would work hard to accelerate it. And it's not easy, but it seems to be vital for the Next Automation group. And a question -- an angle on that acquisition question is, would it make sense maybe even to consider a merger of equals, looking around for a company that's not too highly valued because that would basically, given your valuation, be difficult.

But you're bringing a lot of German technical engineering expertise and a lot of cash -- and because one other issue besides making some bolt-on acquisitions to your company is just the scale of your company. So it seems to me that you can think bigger and even merge with someone in order to create scale. As you know from the past, we've been following you for a decade or so, invested for quite a long time. And I think that it's just hard to change the thing when you're small, right? That's just my thinking.

Yes. Okay, Charlie, I think, as you know, merge is not our first priority. But for sure, given our liquidity, it is possible even to acquire some bigger targets. And we also had to look on some bigger targets as well. I think it's a little bit depending. I mean if it is technical driven and we see some nice technology, some nice processes where we might to find that it is possible to get in a new market or to add something value-wise, then this would make sense.

I mean it's not so easy right now because you're right. I mean, most of our competitors, as I said, are not very strong in the position right now. Some of them has an order backlog, which is not really favorable. So -- but for sure, we are looking around. I mean, merge, as I said, is not our first priority. But if there might be a bigger target, for sure, we also would have a look on it.

And I will move on to Michail [indiscernible]

Yes, I have a question regarding your wording in your report. I assume it changed a little bit from the Q2 wording to the Q3. It turned, in my opinion, a little bit more positive on future orders you can get because yes, you're writing from a really a very bigger sales pipeline and significant investment impulses instead of positive investment impulses a right indication or I'm on the wrong track?

No, honestly speaking, we really hope that you are on the right track, yes. So I mean, maybe because you said having a look on the half year figures. So within the half year, we were roughly 20% above in Next Automation comparison to last year.

So we accelerate this a little bit. So right now, we are 35% above previous year, unfortunately, on a low volume, but we are increasing, as you know. And in addition to this, we submitted more Next Automation quotations to customers than ever before, including large projects.

So we really hope that in the upcoming quarters, we will see a really positive impact, maybe 1 or 2 large scale orders. So yes, we -- I mean, it's not so easy. I mean, Next Automation means to have new customers to see some other products and to confirm the new -- or to convince -- sorry, to convince these new customers, but it's developing step by step. And yes, it's starting to get fun. So we are really excited.

And then maybe one question on your guidance. I think -- yes, you mentioned yourself that the EBITDA is really -- was really good in the last 9 months or even also in the Q3 stand-alone. So was there any exceptional items we have to think about if you look for Q4 that maybe...

So until now, there has not been any exceptional items in the first 9 months. We stay a little bit cautious on the last quarter because we saw a lot of volatility this year. So yes, as you said, the current profitability is higher than guided. And the last quarter is a bit of a mixed pocket when we see also a larger order intake, which is being discussed and where we need to see where the margin is in these projects.

And of course, on the volume, which is to come in Q4, it is relevant for us how we behave on the capacity adjustments in the company. And therefore, we are driving a little bit cautious on Q4 right now unless we have a good profitability in the first 9 months.

In the meantime, we have received no further questions or one more in the chat box. Going back to M&A, could you shed some light on time line? When can we expect information about acquisition? Is it Q1 2026 or later?

I mean we are really working hard on this, but it's a digital process. So I mean, yes, let's see. We hope to be as soon as possible on this. And I think all other things I cannot really confirm right now.

And with this, we will end the earnings call for today. Thank you very much for joining, listening and all your questions. A big thank you also to you, Mr. Roll and Mr. Pollitt for your presentation and the time you took to answer the questions should further questions arise in the time between now and the Aumann Capital Forum in Frankfurt end of November. Please feel free to reach out to Investor Relations. And with this, I wish you all a healthy autumn week, greetings around the world. And with this, I hand back over to Mr. Roll for some final remarks.

Yes. Thank you. I hope we have shown that Aumann will stay strong in 2025 in another challenging year for our industries. We are focusing on what we can control. Internally, we are optimizing our cost structure and capacity. Externally, as you have seen, we are building new sales opportunities and M&A leads. So we see significant potential in our company, and we are confident that the results will follow, and we look forward to seeing you at the next conferences, and thank you very much for your interest.