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LAPP has established a new local subsidiary: From Riyadh, LAPP Saudi Arabia will further strengthen market presence in Saudi Arabia and provide a country-specific offering for local customers. LAPP has been active in Saudi Arabia for more than a decade. One major current project, for example, is Qiddiya, a large amusement park with an attached Formula 1 racetrack. Until now, these activities have been managed from the headquarters of LAPP Middle East in Dubai, with freelancers active on site. The establishment of the local subsidiary enables us to handle public tenders on a larger scale, as a local presence is increasingly required for this. This move follows the Strategy 2027, with Saudi Arabia and growth in the Middle East forming part of our key initiative outside Europe. The new entity has an office in Riyadh as well as a training center that offers, among other things, technical training on automation protocols and cable applications. Saudi Arabia is currently undergoing a phase of intensive economic development, with major infrastructure projects such as Expo Riyadh 2030 and the FIFA World Cup 2034. In addition to stadiums, airports, hotels, and transport networks, numerous mega-projects are being implemented. The industrial sector continues to play an important role, as does the energy sector: in this sun-rich country, renewable energies are gaining increasing importance alongside the usual oil and gas projects. To meet local market requirements, the product portfolio is being adapted to regional standards and needs, partly due to the coexistence of standards such as UL, IEC, and VDE. An important product focus is the expansion of the offering in the BMS (Building Management System) area. BMS cables are used, among other things, to control access control, CCTV, audio/video, and speaker systems in hotels and stadiums.