Adahna Ekoku

Adahna Ekoku from Morgan Stanley inquired about the Q2 shipment outlook across the U.S. and Europe, the performance of different end markets, and expectations for working capital in Q2 and the remainder of the year.

Answer

CFO Marc-Simon Schaar confirmed the 0% to 10% delivery growth guidance applies to both Europe and the Americas, but noted that underlying end-user demand remains subdued in both regions. CEO Kati ter Horst added that while future investments in European infrastructure and defense could provide a boost, the timing is uncertain. Regarding working capital, Schaar guided for a stable or somewhat reducing level in Q2 but did not provide guidance for the rest of the year.

Inquired about the geographical split of the Q2 shipment growth guidance, the performance of various end markets in the US and Europe, and the outlook for working capital for Q2 and the remainder of the year.

Answer

The 0-10% shipment growth guidance for Q2 applies to both Europe and the Americas. End-user demand is viewed as subdued in both regions with no clear signs of improvement. For working capital, the expectation for Q2 is for it to be stable or somewhat reducing, with no guidance provided for the rest of the year.

Adahna Ekoku from Morgan Stanley asked for clarification on the Q2 shipment outlook, specifically whether the expected increase would be similar across the U.S. and Europe. She also inquired about the performance of different end markets in those regions and the company's expectations for working capital in Q2 and for the remainder of the year.

Answer

CFO Marc-Simon Schaar confirmed the 0% to 10% Q2 delivery growth guidance applies to both Europe and the Americas, noting that underlying demand remains subdued in both regions. CEO Kati ter Horst added that while there is discussion of future infrastructure and defense investments in Europe, the timing is uncertain, and a significant market pickup has not yet materialized in the Americas. Regarding working capital, Schaar guided for a stable or somewhat reducing level in Q2 but declined to provide guidance for the rest of the year.

Adahna Ekoku asked for a breakdown of the Q2 shipment growth outlook between the U.S. and Europe, commentary on end-market performance in both regions, and the company's expectations for working capital in Q2 and for the remainder of the year.

Answer

CFO Marc-Simon Schaar clarified that the 0% to 10% Q2 shipment growth guidance applies to both Europe and the Americas, noting that underlying demand remains subdued in both regions. CEO Kati ter Horst added that while there is discussion of future infrastructure and defense investments in Europe, the timing remains uncertain. Regarding financials, Schaar guided for stable or somewhat reducing net working capital in Q2 but declined to provide guidance for the rest of the year.