Roland Busch

These are basically softer defined trains because they tell you whatever.

Even before they come to the depot, they tell the depot what they need, which part, what's wrong, and how to replace it.

So it's technology at its best.

However...

Which company can say that we are transforming the whole economy of 110 million people country, which is Egypt, where we built 2,000 kilometer of railway lines from the north to the south, west to the east, connecting 90 million people and transforming the whole system with high-speed commuter and locomotives.

I mean, this makes people proud.

And I didn't mention any AI technology, even though it's in our trains, but this is something where we could say,

Which company in the world can do that?

Obviously, we believe rather in free trade than in trade barriers because it brought the world to where we are and leveraging technology as fast as possible means bringing it to different countries as fast as possible.

The good news about it is since, and I mentioned our footprint before, since we are global from the very first beginning, by the way, when Werner von Siemens founded this company 175 years or more ago, even at the beginning, he sent one brother to London

and one to Russia because he knew Germany is too small for his technology to scale.

So ever since, Siemens is a global company.

And now our local for local content in the United States or in China is 85%, 87%.

So that means we are so local and we have still goods traveling from different places.

The impact on tariffs currently, and we said it last year, it's a public figure, in 2025, last fiscal year, was a low mid-single-digit bottom-line impact.

So, okay, that's good for us.

It's maybe not good for others.

Our customers are suffering, and with our customers, we are suffering, obviously.

We know that from machine builders.

They have reduced volume because their machines are tariffed when they go to the United States.