It just needs good work. So nevertheless, to your concentrator question, no, I would not like to speculate around the consolidation that we could actually drive in the market or whatever. But I think there is an even more interesting game to look at. Is there a consolidation of processes and systems because we know the complexity of the future energy world is such that many players will actually struggle to do that internally. And what I would find actually more attractive than anything else is if many companies — smaller players would come to us and say, “Couldn’t you run a number of processes for us, could you take complexity of our back and handle it together with everything you’re handling already.” That would be for us actually more interesting because it will provide obviously a boost — a profitability boost without a further CapEx deployment.
So I think there are different consolidation gains possible than just a straightforward M&A, A, B, whatever asset swap speculation. And that is the even more interesting one, and that is probably one that is really going to come our way. We are already seeing smaller players being overwhelmed by the investment requirements, the complexity of the system, et cetera. So that’s one. And then the €7.5 billion, no, it’s not a max. The 5-year CapEx plans that we have shown over the last year and also the one that we are showing now is a slope, it’s not a continuous, it’s kind of like same number in every year. It’s actually growing year-over-year. So if we roll it forward, it’s actually growing to a certain extent also automatically. And yes, we are going to be clearly above €7.5 billion.
We are clearly going to be above the average in the ’28 planning. So if you look at it year-over-year, you would see it’s an increasing slope.
Iris Eveleigh: So we move on to the next question from James Brand from Deutsche Bank.
James Brand: Sorry. We made it today. So I had a couple of questions. One was actually on delivery, so it feeds in quite nicely from the previous answer. And the question is, what are your biggest challenges and particularly around supply chain because we’ve heard a lot of things around, obviously, supply chain issues and more of the renewable industry than your industry. But is the supply chain where it needs to be for you to deliver what you’re targeting over the next 5 years? And then secondly, on retail I see that your kind of targeting a 3% to 5% energy sales margin. I think that’s increased because I think you used to talk about 2% to 4%, I know there is a little star and a disclosure around how it’s defined, so maybe it’s a definitional issue.
But has that increased? And what are you seeing in terms of competition on Energy Retail because you’ve always been signaling at the 9-month results that the competitive backdrop there had improved? And also for me, sorry, I should say well done on the good results, and congratulations to Marc.
Marc Spieker: Thank you, James. And why don’t I start with the Retail, and you take the delivery. We changed all this time you need to deliver. So Retail, the 3% to 5%, it’s an average portfolio target. And our strategy is clear. We will focus on high-value, high-quality customers, and that is what you’ve seen we’ve been doing already during the last 3, 4 years. So this is not something which we are inventing with this midterm plan. And this is why we will be gradually also increasing the margin level on a portfolio level. And keep in mind that we are driven down significantly our B2B retail exposure, which is strategic noncore and many more measures which we do in order to back this up and where we are comfortable that we will manage this in the current market environment.
Leonhard Birnbaum: Yes. And maybe on the delivery challenges, I think the first challenge is you need to stay focused. So kind of like it never become complacent, whenever you have achieved something think about the next challenge, which is coming. So it’s more — first of all, it’s a mindset issue. You need to be on the ball all the time. I think we are pushing our organization in that direction. I tried to answer the point on the supply chain in my speech. It’s an issue, obviously, if you ramp it up, for example, some suppliers now need to expand their capacity. And for that, they need longer-term visibility on the volumes which we are ordering. So we need to change the approach which we are taking, saying, we will take for the next 5 years, year-over-year this amount, yes, which we have not done in the past, which was not necessary.
So yes, we are changing approach. But overall, we have it under control. Our size is an asset here. And I might repeat what I said, €1.7 billion up, no supply chain shortage. We have good visibility for the critical — I mean, procurement groups, also going forward, so we don’t foresee that. The only supply chain shortage, which we’re right now having is desks in our 4 offices. So actually, it’s a problem we’ll be having. So some people have to wait longer for new desks than they actually anticipated before. But so far, no, we really have it under control. It feels the fact that we have been really focused on all these topics, demographics, supply chain, digitization, process excellence. Year-over-year already now for several years is really paying off.
Iris Eveleigh: With that, we move on to Bartek from SocGen.
