Welcome, everybody, to this Q&A podcast on the Mayr-Melnhof Group interim results for the first three quarters of 2025. I'm delighted to have the company's CEO, Peter Oswald, with me for some first-hand information. Peter, could you please share with us your initial reflections on the Q3 results? Yes, I'm pleased that our results for the first three quarters were significantly up against last year, which is quite rare in our industry in these days. The adjusted operating profit rose by 20% and pro forma excluding TANN, even by 32%. And since there was no support from the markets, this success is driven by our profit improvement program, Fit for Future, at two major mills. And given its success, we've launched Fit for Future in Q1, as we've already reported, on a group-wide scale, and have intensified the program now in Q3. The ramp-up of the program has proven highly successful and shows strong potential beyond our original estimate of EUR 150 million if we compare the 2027 with the 2024 results. We will report earnings effects and progress alongside the 2025 annual results in mid-March 2026. The divestment of Tann, completed in the second quarter, significantly boosted this year's group reported profit through a one-off gain of preliminarily around EUR 127 million. Having exited the tipping paper business at a time of record profitability, this strategic move allows us to concentrate on our core business of consumer packaging. Could you briefly describe the Q3 earnings situation across the divisions? Yeah, with pleasure. Overall, our adjusted operating profit in Q3 was flat compared to Q3 last year, but significantly up on a like-for-like basis, excluding the divested Tann Group. If we look now specifically to our divisions, Food and Premium Packaging profit was down due to the Tann divestment, but flat on a like-for-like basis. And in our two other divisions, Pharma and Healthcare Packaging and Board and Paper, adjusted operating profit was well up compared to Q3 of last year. Board and Paper was obviously impacted by maintenance shutdowns. Since overcapacities in the European board industry are currently a major topic, how do you assess the situation from today's perspective? Let's start with the good news. The good news is that closures in cartonboard announced earlier this year have really happened. However, the disappointing news is that companies with high exposure to the U.S. market hesitate to make the necessary capacity adjustment and instead try to shift some of their volumes to Europe, adding further pressure alongside additional capacity within Europe and rising import competition from Asia and South America. Obviously, I believe they will not succeed in getting more volume, but will just incur more losses. That's why we believe that the market environment will remain challenging until decision-makers recognize the need for more substantial capacity reductions. But based on industry experience or my own personal experience, this process tends to be slow. But operating at just 70%-90% capacity utilization in a low-price environment, as some mills in the industry currently do, is simply not sustainable in the long run. So I expect further announcement of closures in the first half of 2026. How would you describe the current market environment regarding demand and input costs, and what improvements are underway at MM? Yeah, on the demand side, we continue to see no signs of recovery. This affects both large end markets like food and specialties such as beauty. Due to the weak demand situation, many input prices are also showing a rather flat or even declining development. So at the end of the day, it's really about self-help and investing into the future. So if we go division by division in food and premium, we are investing in our packaging site in Romania to enable flexible and highly efficient onboarding of new business. In pharma, we will add capacity in the U.S. to meet the growing demand of our customers, while our targeted packaging site optimizations in France and Spain will lower our cost base. In board and paper, our big CapEx project for a new digester in Kwidzyn is well underway and is planned to be completed end of 2026. It will significantly reduce our energy costs and CO2 emissions and this will boost Kwidzyn's cost leadership in virgin cartonboard even further and materially improve our cost competitiveness in uncoated fine paper, packaging kraft paper, and market pulp. Do you anticipate any restructuring that could still impact this year or next? Now, for this year, no further restructurings are planned. As for next year, we will do whatever it takes to improve our long-term profitability, but no decisions have yet been taken. Finally, how do you plan to position going forward? Yeah, my clear priority and the clear priority of the board is to sustainably strengthen MM's competitiveness and earnings power as a market leader pursuing cost, technology, and innovation leadership. The Fit for Future program will help us to get through another difficult year 2026 and be the foundation for future profitable growth from 2027 on. Overall, we have an attractive product portfolio in consumer packaging. This is combined with a value-invested low-cost asset base. We enjoy a solid balance sheet, and all this will serve as a solid foundation for an attractive long-term growth. Thank you, Peter, very much for this interview.