Bilfinger SE has continued its profitable growth trajectory. This is by no means a given, which is why we put this message front and center. At the start of 2022, there were great expectations for the global economy. Notably, the anticipated waning of the COVID-19 pandemic raised hopes for supply chain normalization and improved consumer sentiment. Yet these hopes were quickly dashed by Russia’s invasion of Ukraine. In addition to the human suffering wrought by the war, it has also created major challenges for businesses across the globe. One of the furthest-reaching effects was inflation, which in 2022 reached levels many countries had not experienced for decades. This was primarily due to rising energy and raw materials prices, putting considerable pressure not only on consumers but also on the manufacturing industry. In order to position ourselves for the future in these challenging times, Bilfinger has already set an important course in 2022.