Earnings call transcript: Pfisterer Holding SE Q4 2025 sees stock surge

Published 04/15/2026, 05:17 AM

Pfisterer Holding SE reported impressive financial results for the fourth quarter of fiscal year 2025, showcasing strong growth across key metrics. The company’s stock surged 6.55% following the earnings announcement, reflecting investor optimism. Despite temporary challenges affecting gross margins, the firm demonstrated robust revenue and profit growth, setting a positive tone for future performance.

Key Takeaways

Pfisterer Holding SE’s stock rose by 6.55% after earnings release.
Revenue increased by 26% year-over-year in Q4 2025.
Net profit for the fiscal year 2025 grew by 53%, reaching EUR 51.7 million.
The company’s order intake saw a 29.6% increase, indicating strong demand.
Temporary costs impacted gross margins, but recovery is expected in 2026.

Company Performance

Pfisterer Holding SE delivered a remarkable performance in fiscal year 2025, with significant improvements in revenue, net profit, and order intake. The company reported a 17.4% increase in annual revenue to EUR 449.9 million, driven by strong demand across its product lines. The net profit surged by 53% to EUR 51.7 million, underscoring the company’s operational efficiency and market strength.

Financial Highlights

Revenue: EUR 449.9 million, up 17.4% from 2024
Earnings per share: EUR 3.04, up 76% from 2023
Gross margin: Improved to 40.6% from 39.6% in 2024
EBITDA: EUR 76 million, a 26.8% increase year-over-year
Order intake: EUR 548.6 million, a 29.6% increase year-over-year

Market Reaction

Pfisterer Holding SE’s stock experienced a notable increase of 6.55% in response to the earnings report, closing at EUR 88.65. This movement brings the stock closer to its 52-week high of EUR 88.8, reflecting strong investor confidence in the company’s growth trajectory and strategic initiatives. The stock has delivered an exceptional 206% return over the past year, currently trading at $104.56 with a market capitalization of $650 million. According to InvestingPro analysis, the company holds more cash than debt on its balance sheet, demonstrating solid financial positioning. However, InvestingPro’s Fair Value analysis suggests the stock may be overvalued at current levels, with shares appearing on the platform’s Most Overvalued watchlist.

Outlook & Guidance

Looking ahead, Pfisterer Holding SE has set ambitious targets for fiscal years 2025 and 2026, with EPS forecasts of USD 2.95 and USD 3.47, respectively. The company also projects revenues of USD 528.67 million for 2025 and USD 605.92 million for 2026, indicating continued growth momentum. The company’s financial health earns a "GREAT" rating from InvestingPro, supported by a strong current ratio of 1.98 and return on equity of 25%. Want deeper insights? InvestingPro offers 11 additional exclusive tips for PFSE, plus comprehensive Pro Research Reports covering over 1,400 top US stocks with actionable intelligence for smarter investing decisions.

Executive Commentary

Company executives highlighted the successful execution of strategic initiatives and robust market demand as key drivers of the strong performance. They acknowledged the temporary impact of ramp-up costs on gross margins but expressed confidence in margin recovery as new facilities reach full productivity.

Risks and Challenges

Temporary ramp-up costs affecting gross margins.
Potential supply chain disruptions impacting production timelines.
Macroeconomic pressures that could influence market demand and pricing.
Competition from industry peers potentially affecting market share.

Pfisterer Holding SE’s Q4 2025 earnings call highlighted a year of significant achievement, with strong financial metrics and a positive market reaction. The company remains optimistic about its future growth prospects, supported by strategic investments and market expansion efforts.

Full transcript - Pfisterer Holding SE (PFSE) Q4 2025:

Unknown, Call Moderator, PFISTERER Holding SE: Good morning, ladies and gentlemen, and welcome to the PFISTERER Holding SE Q4 key figures and publication of annual report 2025 call. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to Johannes Linden, CEO.

Johannes Linden, CEO and Speaker of the Board, PFISTERER Holding SE: Good morning also on behalf of PFISTERER. Welcome, everybody, to today’s webcast covering the Q4 figures and the annual report of PFISTERER Holding SE. We would like to structure today’s webcast in three different chapters. First of all, we want to share some introductory information about PFISTERER for the ones who are not so familiar with the company and the team. We, in the second chapter, would like to talk about the financial performance of our quarter four, but also of the full year 2025. Finally, we will be moving to sharing our view on some important elements of 2026, possibly 2027, and also 2030. This is named here as the midterm outlook. With this being said, let’s move to the next page and the introductory slide of the Executive Board team. My name, I’m the person on the left.

I’m a studied mechanical engineer, and I have a business degree. I’m, meanwhile, since 22 years responsible in different companies as a Managing Director or Executive Board Member. Meanwhile, I’m in my fourth year here at PFISTERER, and I’m taking care of the functional areas of operations and finance. I’m the Speaker of the Board and would like to hand over to my colleague, Konstantin, who’s sitting next to me. Konstantin.

Konstantin, Co-CEO, responsible for Sales and Technology, PFISTERER Holding SE: Yes, good morning, everybody. Also from my side, a very warm welcome. I’m also more than 30 years with the industry experience. I have 16 years in PFISTERER already. I’ve been working there from 2005-2013, rejoined in 2020. I’m the Co-CEO, and I’m responsible for sales and technology within PFISTERER. Thank you.

Johannes Linden, CEO and Speaker of the Board, PFISTERER Holding SE: All right. With this, I would like to hand over and continue through the presentation. We have, here at PFISTERER, developed the mission for the team and for the management, that we are striving to be the preferred partner for innovative, reliable, and mission-critical electrical connections and insulation solutions. You see here on this picture and illustration what that means in practice. You see this fellow person who is connecting a high-voltage cable. You see on the left here on the picture, a high-voltage cable, and in the center of the picture, the colleague is fixing the mechanical connector with which this cable is being connected to another cable. PFISTERER is acting as a cable-agnostic connection supplier, provider. That means the cable that you see on the left could be provided by company A.

The cable to which this one is connected could be coming from supplier B. In our case, it doesn’t matter. Due to our agnosticity, we can design solutions with which we connect any cable to any other connecting part. We believe this is one of the strong key parts for our growth in the coming years, and this growth is going to take place in applications such as you see on the following slide, the one that we are looking at right now. PFISTERER, as being cable agnostic, is connecting areas where electricity is being generated. They are illustrated on this slide here with the dark blue boxes. Electricity generation, either via onshore wind farms or nuclear power plant, it could be a gas turbine, but it could also be an offshore wind farm, or it could be a solar field.

Wherever electricity is being generated, it needs to be hooked up. The generation needs to be hooked up to a transmission network, and this is where our solutions come into the game. The electricity, after being generated, it needs to be transmitted. Again, this is where PFISTERER solutions find their application, be it in the case of overhead lines or in the case of underground cable systems. After the transmission, the electricity simply needs to be distributed to the individual consumer of electricity. Again, this is where insulation and connection solutions of PFISTERER can be found. We are providing solutions to the grid, be it for connections in the air, be it for connections under the ground, or be it under the sea, in subsea. Be it for low voltage, medium voltage, or high voltage, PFISTERER has a customer-specific solution wherever needed.

The following slide, you see our global footprint where PFISTERER being active in 19 operational companies is present. If we start at the bottom left on the world map, we have facilities in Argentina and in Brazil. You see a red box in the United States, red relative to, I don’t know what it is, dark red or brown. The red boxes are illustrating that it’s a factory that we are running in the United States. We have our facilities in Europe, be it France, Spain, Italy or Poland, but also factories that we are running in Germany and also in the Czech Republic. In the Middle East, PFISTERER is present in the UAE and also in Saudi Arabia since last year. Last but certainly not least, also in the Asia-Pacific region, we have facilities in China, and we are also present in South Korea.

Together with our distributors network and through our operational companies, we serve customers in more than 90 countries. Yeah, the revenues we are generating in that respect, they are being split into sales regions that we report. You see the pie chart on the top left, where in the fiscal year 2025, PFISTERER was recognizing 55% of its revenues in Europe, 14% in the region of Americas. Americas is the continent of North and South America. We have had 23% in the Middle East and India, and 8% in Asia Pacific. On the bottom left pie chart, there is a breakdown into four product segments into which we are reporting. Actually, there are five. HVDC is, we don’t have any revenues yet, therefore, you don’t see this mentioned here on the revenue split for the fiscal year 2025.

The largest segment we are showing is HVA, High Voltage Accessories, so connection solutions for high voltage applications with 40% of the revenues. Opposite to that, there is the Overhead Line business segment with 23%. Overhead lines are typically also high voltage. From a voltage point of view, 63% of our revenues were recognized in the area of high voltage applications. We have a Medium Voltage Accessory business with 30% of the revenues. Last not least, the Components business with 20%. Components are typically seen in low voltage applications. If we move on to the overall market view, we would like to share with you very briefly, then the overall picture is characterized through an overall positive market environment and numerous trends that we believe are supporting PFISTERER’s growth path and that are describing our future opportunities for the coming years quite well.

First of all, we think it’s fair to say that we are living in the age of electricity, and this age of electricity simply is characterized through an overall global growth in the consumption of electricity. There are numerous reasons. I don’t want to go into too many details here. Be it for the reason of decarbonization of electricity generation, be it for the application of data centers and/or air conditioning inside data centers, but also in other areas, living areas or office areas, for instance. Last not least, also for the reason of energy independence, there is a global trend of an increase in the electricity share in the primary energy demand, and this is helping our business quite significantly. We are seeing that the electrical energy grid, as of today, that is meeting this growing demand is outdated.

It needs to be replenished and refurbished due to an overaged and, therefore, also partially critical functionality. This is different in different regions. Europe is characterized through a very high demand of refurbishment needs, so is the United States. We also see that due to the change in the electricity generation, the topology of the electrical net needs to be changed. If in the past there was a rather standardized way of producing electricity and then distributing it in a standardized and normal distance to be covered from the transmission network, now this is changing due to the new type of electricity generation. The average transportation distance is growing. At the same time, the direction of current flowing is more and more turning into a bidirectional direction, and that leads also to further investments into the electrical grid.

Overall, we believe there are a number of reasons to assume that the investments into the electrical grid are going to continue to grow even beyond $1 trillion per year in the coming decades. If we move on now to the business data of PFISTERER, the second chapter of today’s presentation, I would like to start with our quarterly view and the revenue development we have seen over the recent quarters, and at the same time, also the development of our order book as the residual in between order intake and revenues. On the columns in the center of this slide, we see the order book development starting with quarter four 2024, and then moving up to quarter four 2025.

Here we are seeing that there is a significant increase in our order book over these quarters, starting with EUR 235 million in the last quarter of calendar year 2024, growing up to EUR 335 million at the end of quarter four 2025. This development was already announced and shared with you in our preliminary financial data that we have shown early March. Yeah, here you see the precise data, how it has developed. Quarter four 2025 is a stable situation in the order book relative to the quarter three 2025. Keep in mind that the order book volume of EUR 330 million is a very comfortable order book for PFISTERER in order to accomplish also our yearly targets for the financial and calendar year 2026. On the right side, you see the revenue development of PFISTERER over the past quarters.

If we have seen a revenue of EUR 98 million at the end of 2024, we have also observed a consecutive increase of this revenue over the quarters of the calendar year 2025, from EUR 100 million in the first quarter over EUR 113 million revenue in quarter two and quarter three, leading to a final revenue in the last quarter of 2025 of EUR 123 million. In between the last quarter 2024 and the last quarter of 2025, we have managed to grow our revenues by almost 26%, and we believe this is an accomplishment we have managed through all of the functional areas of the company. If we compare the average quarterly revenues over the past years, in 2023, this was EUR 83 million. In 2024, we managed to bring it up to EUR 96 million. In 2025, we managed to have an average revenue each quarter of EUR 112.5 million.

The revenue growth we have seen here, relative to product segments and relative to regions, can be seen on first dimension level, from a product segment point of view, in particular, through a strong increase in HV and OH. Remember, both are high-voltage applications. From a regional point of view, we have seen an outstanding development in Europe and even more in the Middle East and India region. This being said, I would like to move on to the next slide, where we are continuing to illustrate the quarterly development on the group level. You see on the left, or let’s say the center graph, column-wise, the gross margin we have seen over the past five quarters, from quarter four 2024 to quarter four 2025. The columns on the right half of this slide are illustrating our adjusted EBITDA development over these same quarters.

We have seen that in the quarter four, our gross margin has declined relative to the previous quarters. This is, amongst other reasons, mostly caused by our temporary ramp-up costs we have seen in our factory in North America, and even more in the Czech factory, where we had to relocate our equipment from the fire incident in Wunsiedel at the end of 2024 into the existing facility in Czech in the course of 2025. At the end of 2025, we have meanwhile increased our staff in the facility in Czech by more than 50%. We are now, in this calendar year, finally seeing the revenue growth being caused by these people. In 2025, they were more or less a cost burden, which we see pushing our gross margin in the last quarter a little bit down.

Excluding these ramp-up costs, the gross margin would have been exceeding 40%. The good news is, and we’re going to be coming to this, ramping up in Kadaň is over, and now we are going to harvest. The margins in our order book, we’ve seen the order book development on the previous page. This we can share with you are quite positive. With this being said, we are also quite positive when it comes to our gross margin outlook for the coming quarters. On the right side on this slide, you see our adjusted EBITDA. Despite the gross margin in quarter four being 2% lower than in the previous margin, we have seen a very good volume development in quarter four with EUR 123 million of revenue.

The combination of gross margin and revenue then is a good indication on our EBITDA, that you see is also very satisfactory in quarter four with the EUR 19 million. There you see over the course of the year 2025, the EBITDA has been in the area of EUR 20 million each quarter. One quarter, EUR 1 million more, another quarter, EUR 1 million less. Again, we are very happy with this development, and this is leading to an overall, again, very satisfactory development on EBITDA for the course of the year, as you know, 17.8%. Now, if we look into the individual reporting regions, we see the breakdown on the slide in front of you. If we start with the Americas and the order intake, these are the columns in the center of this slide. On the right side of the slide, you see the order book.

The order intake we have seen in the Americas region, a nice development, +24%. This needs to be seen also in conjunction with the country split in the Americas. We have about 1/3 of the business in Argentina, about 2/3 of the business is in the United States. Other countries in the Americas at this point are only contributing to a lower extent. As you are aware of the situation in Argentina, this hasn’t been the most friendly business environment recently. What you see here as a positive development on the order intake as well as on the order book situation is coming from HVA demand in the United States, as well as from the positive Components business development in the United States. This is also an area where we are investing significant money in order to increase our production capabilities there.

U.S. Americas development, from a tendency point of view, satisfactory on our side. We continue to Europe and Africa, which is the largest sales region of PFISTERER. We have seen an order intake growth of 21%. Even more, we’ve seen an order book increase of 42%. From an absolute point of view, these are number one or number two of the regional development here in the PFISTERER Group. Europe and Africa has seen this positive development, in particular in the business segments, in the product segments of HVA and Components. The highest growth on a relative point of view, be it on order intake as well as in the order book, we have seen in the last year in the region of the Middle East and India. The order intake grew by 67% on a year-over-year basis.

Our order book, in conjunction with this, went up by 71%. On a product level point of view, this is mostly driven by OHL and HVA, meaning the high voltage business. As we have shared with you earlier, we are not against high voltages because in our experience, high voltages are also leading to higher margins, and this is also the case in the region of Middle East and India, amongst others also there. Finally, the region of Asia Pacific, as all the other regions, has also seen an increase in the order intake. However, Asia Pacific has seen a slight decrease in the order book.

We can say that all four of our sales regions have seen a positive development on the order intake, and three out of four have seen a growth in the order book. Now, moving on to cutting the slice in our product segments. A few indications I have already given when I was referring to the sales regions, but now the same view than before, but from a point of view of the product segment. In the center of this slide, you see the order intake in our product segments. On the right side, you see the development of the order book within the segments. If we start with the High Voltage Accessories, we have seen an order intake growth of 28%. This is strongly driven by the European sales regions, but also by the Middle East and the Americas.

This is carried by three out of four regions, which gives us quite some resilience, we believe, also for the future period. We have seen also that the order book went up by 42%, meaning our capacities in our production environment weren’t able to deal with all of this growth on the order intake. This is why we keep on investing in expanding our production facility, and we’re going to be touching that point also later in the presentation. On the medium voltage arena, we have seen an order intake growth of 26%. Again, also very good, and we have seen a similar development on the order book. On the Components business, which in particular is characterized by our contact technology, the voltage contact technology.

You have seen an example of a high voltage application earlier on the picture in the beginning of the presentation, where we touched our mission very briefly. The same principle applies also for low voltage situations, and there we have seen a good development on the order intake going up by 16%, and the order book respectively going up by 17%. We come to the final product segment here on the slide, which is our overhead line business. There we have seen an intake increase of 48%. From a relative point of view, the highest increase is in overhead lines. We have seen that the order book grew even higher, 56%, and this is primarily characterized by a tremendous development in the Middle Eastern and Indian region, and we will be talking about that in a second.

Let’s move on to the financial data, where all of this is ending into or moving, leading to. Here we would like to start with the quarter four development. Sorry, the fiscal year. This is the fiscal year. We have seen in the fiscal year a significant growth across all key metrics. If we start with the order intake, the order intake in the fiscal year 2025 being EUR 548.6 billion, we’re showing an increase of 29.6% relative to the previous year. If we continue to the order book, we were touching, also before in the breakdown, the order book at the end of the year was showing EUR 334.4 million, which in itself was an increase of 42% relative to the order book that we brought with us into the calendar year. PFISTERER managed to turn the order intake into revenues at an increased level of another +17.4%.

The revenue showing EUR 449.9 million. We are proud to report that the increase in the revenues, 17%, turns into an increase of our gross result of +20.2%, so over-proportional growth. We see the gross margin went up by 1% from 39.6%-40.6%. We see that the EBITDA went up by 26.8%, meaning EUR 76 million. The adjusted EBITDA went up even to EUR 80 million, 24%. Our EBIT grew to EUR 62 million, being almost 30% increase. We have maintained a stable R&D ratio in the area of 5.7%. Previous year was 5.6%. The key figure that has shown the most impressive development, I believe, is to be recognized as the result of the period. We have managed to achieve EUR 51.7 million of net profit as a result for the period, which is an increase of 53%.

Our operating cash flow with EUR 47.5 went up, and the adjusted operating cash flow, this is adjusted by the Virtual Stock Option Program. We are, as you know, adjusting elements that are strictly linked to our successful Initial Public Offering in the course of 2025. The adjusted operating cash flow went up by an impressive 36%, leading to EUR 58 million. All of this was accomplished with an, I believe, quite underproportional increase of our staff. We grew our teams by 11% in the course of the year. Now, if you take a look at Quarter Four, I was a little bit too quick earlier. We see that we, again, on a year-over-year comparison, we managed to grow our order intake by 17% to EUR 117 million. Order book we covered already.

The revenue with EUR 123 million in quarter four 2025 was up by 26% relative to the year-over-year comparison of quarter four 2024. We see that the gross results went up as well by approximately 15%. Our EBITDA went up by 17%. The result of the period went up by 30% to a strong EUR 16.5 million. Our operating cash flow has also seen an impressive development in quarter four as we have managed to work with our suppliers and also we have seen some relevant improvements on our inventory situation until the end of the year. Looking at the net debt situation in the course of the year, we have improved this by far amongst other reasons, also due to the IPO, obviously.

We managed to turn a net debt of EUR 63 into a net liquidity of plus EUR 19 million, being an improvement of more than EUR 80 million. We touched the net profit development earlier, and we would like to translate our net profit development on this slide here, also in the earnings per share, and illustrating also the yearly development starting with the year 2023. In the course of 2025, obviously, the number of shares due to the capital increase in conjunction with the IPO of May 2025 increased. Despite the fact that the number of shares increased in the course of 2025, we still managed to bring the earnings per share up significantly. In 2023, we had an earnings per share of EUR 1.73. In 2024, at the same number of shares, this was EUR 2.21. In 2025, calculating with the number of shares of 16.8 million.

We have meanwhile stocks of 18.0 shares, but the calculation method over the course of the year leads us to 16.8 million, not euro, shares. With the 16.8 million shares, we are having an earnings per share as per IFRS accounting standards of EUR 3.04. We managed, despite the fact that the number of shares went up in the course of two years, to improve our earnings per share by almost 76%. With this, I would like to close for the time being at least, talking about the past 2025, and would like to share a few information on the future, starting with one slide covering 2026. We have been informing you in recent quarterly reports, also in this web view here, that due to this unfortunate fire incident, we have seen additional burdens and efforts, in particular on the gross margin.

Some of this were being compensated in the course of the year by insurance payments, but they are to be found in the other incomes and not in the gross profit and gross margin. We are proud to share with you that this phase finally is over. The transition and the moving of the production, the hiring of staff, the training, the qualification of the equipment, the training of our employees is meanwhile successfully finished, and the transition of the production is successfully completed. We have reached the production levels of the pre-fire situation, and we believe there is a lot of things in place that lets us assume that we will be exceeding former levels of production in the insulator production in Kadaň in the near future.

Furthermore, on the facility in Kadaň, in the course of last year, we have acquired another real estate premises, which puts us in the position to continue to expand our production footprint in Kadaň. We are in continued and quite positive discussions with another real estate, which is again in the same industrial park, which will let us grow even beyond the expansion possibilities we have secured already last year. Maybe one further detail here, as I touched the insurance element earlier. As I said, we have meanwhile passed the ramping up, so we are not seeing any additional cost burden in Kadaň. The opposite is the case. We are seeing cost benefits relative to the previous situation where we used to be producing these products in Germany.

Nevertheless, as the insurance compensation is always running a little bit behind the field, we can share with you that we will be seeing additional insurance compensations in quarter two and in quarter three of this year. This would be, of course, seen then also in the EBITDA development. Moving our view into the year 2027, we want to come back to our qualification center we are building here in Winterbach in Germany, in which we are going to test, well, first of all, to qualify and also to test in end-of-line production tests our upcoming production of accessories for the HVDC business. On the top right, you see the illustration, what the laboratory is going to be looking like. On the bottom, you see a picture from early March where the skeleton of this impressive 32 meter high building can be envisaged.

You need to look also at the other buildings on this picture to realize the magnitude of the laboratory we are building there. On March 23, we celebrated the topping out ceremony. The laboratory, the qualification center is going to be operational in the course of 2027. This is also the time when we are expecting to see orders, and we are expecting to see, in the course of 2027, the first revenues in HVDC. Now if we look even beyond 2027 and look to the midterm period, which is reaching meanwhile up to the year 2030, we have put in the columns here our view on the revenue development of PFISTERER up to the midterm guidance period, which is 2030.

This is the columns in the center of the slide, and on the right, we see the columns illustrating our adjusted EBITDA development until the end of the decade, 2030, as per our midterm view on things. PFISTERER is convinced that we will continue to see revenue growth if we manage to grow from EUR 288 in 2023 to EUR 449.9 in 2025. We are estimating that we will see a continued growth above 12%, possibly up to 17%, in the course of 2026, leading to revenues in the area of EUR 500-EUR 525. We have previously shared with you that we believe that the market growth is characterized by a CAGR of 11.6%.

PFISTERER has shown and demonstrated that it’s capable of outgrowing these 11.6%, and we also believe that we will continue to do so until the end of the decade, reaching revenues at PFISTERER in between EUR 800 million and EUR 900 million. The midpoint, 850, would be represented by a CAGR of 13.6%. In the right illustration, you see the EBITDA development, adjusted EBITDA development of PFISTERER. If in 2024, the column is starting with 2024, there is a mistake. You see two fiscal years, 2024. The left one should be 2023. Sorry for that. If we had an EBITDA margin of 15.6% in 2023, we have grown this by 1% roughly in 2024. We grew another % roughly in 2025. We believe there are a lot of reasons to assume that we will continue to see a positive EBITDA development until the end of the decade, 2030.

We have estimated, we have given the outlook that we will see an EBITDA development. Adjusted EBITDA and EBITDA by then will be the same, as the adjustment is only due to IPO-related elements, which will not be with us any longer by 2030. We assume the EBITDA margin at the end of the decade to be in the highest teen%. This is what we said earlier. Meanwhile, we dare to say it will be in between the highest teen% and low 20% margin corridor. In order to get there, PFISTERER needs to continue to invest into business development and to invest into expansion of facilities, production facilities, qualification centers, also office areas in order to offer attractive work environment for our highly sophisticated team members.

For this reason, we have concluded that we are going to invest around EUR 270 million in the time span from 2026-2030, which is a slight increase relative to the previously announced investment program in between 2025 and 2029. If you have further questions, we have another 20 minutes in this call. I’m at the end with my presentation. If your questions go beyond this call, there will be further possibilities in reaching us. We are at the Metzler Small Cap Days tomorrow in Frankfurt, next week in Munich at the Munich Capital Market Conference. We are available for the next web call on May 19, and we will be with Berenberg in the United States on May 20th.

We have our Annual General Meeting on the 11th of June, and Q2, Q3 Equity Forum in Frankfurt in November will be further possibilities to exchange our opinions on Vistara. Thank you very much at this moment. I would like to move on to any possible questions that either I or any of my colleagues are going to answer.

Unknown, Analyst/Q&A Participant, Various: The recording has been stopped.

Unknown, Call Moderator, PFISTERER Holding SE: Thank you very much. Ladies and gentlemen, asking questions is only possible via telephone. If you would like to ask a question, please press nine and star on your telephone. If you would like to withdraw your question, please press three and star.

You can now press nine and star to register your question. The first question comes from Adrian Pehl from ODDO BHF. Mr. Pehl, are you ready for your question? Okay, we take the next question, and this comes from Yasmin Steilen from Berenberg.

Unknown, Analyst/Q&A Participant, Various: Hello. Thanks very much for taking my question. I have three, if I may. The first one, could you just give a little bit more color what volume price assumption you have baked into your 2026 sales guidance and also your midterm targets? That’s my first question. The second question, again, on your midterm target, and it’s highly appreciated that you have updated these. Looking at the midpoint of the revenue range of EUR 850 million, what expectations or what other contributions from high-voltage DC reflected there? The last one, given the stronger than anticipated growth, you mentioned that you have increased your CapEx guidance as well. How should we think about the timeline of the CapEx spend, and what proportion of the increase is related to high-voltage DC? Many thanks.

Johannes Linden, CEO and Speaker of the Board, PFISTERER Holding SE: Hello, Frau Steilen. Good morning, Ms. Steilen. Johannes Linden. I will give my best to answer your questions. First, you were asking about the volume price assumption for 2026, but also in the midterm guidance. Talking about the price assumption, as in the past, we have conducted or concluded in our budgets with a zero price increase.