Frequentis AG (XTRA:FQT) is looking for acquisitions. During the Frequentis AG 2025 earnings call, Norbert Haslacher, CEO, said, "Our decision to acquire companies and interests in businesses that enhance our product portfolio has proven right. So take the emergency services program in the U.K., the contribution made by our colleagues at Nemergent, where we acquired a stake in 2020 has been vital in enabling us to partner with IBM.

So the proactive search for interesting M&A opportunities remains part of our strategy. When making acquisitions, we focus on parameters such as expansion of the product portfolio, a profitable business model, culture fit and the acquisition price, of course. So we will continue to look at which technologies and products we develop ourselves and which we buy in." "We are in some larger acquisition areas still working on that post-merger integration, which is, of course, a good learning for us.

So yes, we are hungry to and keen to do further acquisitions. Are there targets out we are interested in? Yes, there are.

So we have around 30 to 35 pieces a year where we -- not in all of them, we go into details, but in some of them, we are interested to learn more about their business model, about their profitability level, about their pricing level, about their culture and so on. So yes, M&A stays a major cornerstone of our strategy. Will we acquire something in '26?

I cannot tell you now. But M&A is one of our prime activities when it comes to growth of the Frequentis Group".