Free cash flow (excluding M&A) amounted to EUR 569 million (Q2 2025: EUR 329 million) in the second quarter. While strong business growth resulted in an additional working capital outflow, cash flow in June benefited from refunds related to U.S. tariff measures (IEEPA). For the first half of the year, free cash flow (excluding M&A) increased to EUR 1.8 billion (H1 2025: EUR 1.1 billion). The guidance for Post & Parcel Germany (more than EUR 900 million EBIT) and Group Functions (around minus EUR 400 million) remains unchanged. The Group also confirmed its expectation of around EUR 3.0 billion in free cash flow (excluding M&A).