We understand that Wacker’s management had a difficult task after the strong start to the year. On one hand, we might have expected an upwards revision to the guidance and, on the other, the risks and uncertainties have increased in recent weeks and it would be negligent to ignore them. But investors have their own view, looking at the sharp share price drop. However, reported sales growth was +4.6% and EBITDA was +8.0% ahead of consensus.