That same question about stage comes up elsewhere in Europe, but with a very different answer. In Italy, a €155m public contract has been published for the Susa TAV station. That is much cleaner as a market signal. Published contract, named project, clear rail and civil works relevance. And in Poland, the signal is later in the cycle again: Apator's offer was selected as the most advantageous in a tender for remote-read electricity meters for PGE Dystrybucja, worth PLN169m net. If you are in metering, components or adjacent utility systems, that is no longer about whether demand exists. It is about who won, what specification prevailed and what follow-on work may emerge.