The higher order intake at Portfolio Companies is primarily attributable to Large Drives Applications, which, like Siemens Energy Assets, was able to record larger orders. In contrast, Siemens Logistics reported a decline in the volume of major orders. Despite bottlenecks in the supply chains, the division was able to increase its sales. All fully consolidated units were able to improve their earnings compared to the same quarter of the previous year, which had included considerable personnel restructuring expenses. In addition, Portfolio Companies recorded a positive turnaround in income from investments due to a revaluation gain of €292 million in connection with the announced sale of Siemens' stake in Valeo Siemens eAutomotive GmbH, which is expected to close in Q4 2022, as well as the completion of the announced sale of Siemens Logistics' mail and parcel handling business.