Ladies and gentlemen, welcome to the earnings call of Zumtobel Group on the Q4 and full year 2025 and 2026 numbers. I would like to welcome the company's CEO, Alfred Felder, CFO, Thomas Erath, and Head of Investor Relations, Dr. Eric Schmiedchen. The gentlemen will guide you through the figures in a moment, followed by a Q&A session for institutional investors and analysts via the audio line only. There will be time for questions from journalists and retail investors during today's Zumtobel Group Roundtable, approximately at 3:00 this afternoon. With that, I hand over to you, Mr. Schmiedchen. Thank you. Good morning, ladies and gentlemen, and a warm welcome from my side as well to our figures for the Q4 and full year 2025/2026 results. As said, with me on the call is Alfred Felder, our CEO, and Thomas Erath, our CFO. Alfred will walk you through the highlights of the quarter and the year, while Thomas will discuss the financial performance. After the presentation, both gentlemen will be available to answer your questions. In case you have not a copy of the report and the presentation, you may find both documents for download on our webpage. After the call, a playback of this conference call will be available on our webpage as well. With this, I hand over to Alfred. Good morning, welcome, ladies and gentlemen, and thank you for joining us today for this call. The financial year 2025/2026 was again a challenging one for our business. The market conditions and the broader economic environment remains difficult, and we are further impacted by, as we all know, the geopolitical tensions around the globe. In Europe, however, we began to see early signs of the demand in the new construction, especially during the fourth quarter, and however, the recovery remains modest. With the ad hoc announcement on July 1st, we already provided some preliminary information on our full-year figures. Before we move into the strategy update and the financials, I would like to do as usual, share with you a couple of highlights, what were driving us over the last quarters, including also here the first one, the Light + Building, where we, in the biggest light fair every three years, we have been showcasing with all the three brands an impressive program, also according to the feedback of the Zumtobel's capabilities. We were able to meet numerous customers, especially a lot of new customers, in important conversations and develop new partnerships, and one of this is the collaboration with Legrand. That's our third partner in the building infrastructure next to ABB and Signify, which we announced. What you see here in the middle is the apoBank, a typical refurbishment project where we really gained momentum, where it was a renovation package versus the existing products with a lot of control knowhow, what made us this as a success. Bene on the right side is a test pilot. Typically, it's in Austria, where we have been doing a combination of high system efficiency, optimal glare control. Where here the entire lighting solutions is designed to permanently minimize the energy consumption. A very iconic project I reported also won and it's now completed, is this fish market in Sydney, where again, the commitment on sustainability. The project minimizes the environmental impact through responsible construction practices and innovative energy solutions. The roof here is an architectural feature that includes built-in luminaires to provide the special illumination after the sunset. We are very proud that we have been able to contribute here. Last but not least, a project, the American University in Cairo, Egypt, which was founded in 1919, one of the leading educational institutions in the Middle East. Here, 136 smart classrooms and 200 laboratories on a seven-kilometer campus in 12 building zones have been equipped. Here, Tridonic with a partner was establishing the network with 20 controllers, which precisely control and monitor 1,100 LED escape signs. For this project, Tridonic received the International DALI Lighting Award in 2026 in the Best Emergency Lighting Integration category. Let me now give you an overview on our financial performance in the last fiscal year. Thomas, of course, will go and then into the details. We published the group figures in our ad hoc announcement on July 1st. Compared with the same period of the previous year, the revenue declined by 5.2%, from EUR 1,097,000,000 to EUR 1,040,000,000. If you look at the segment level, the picture is as follows. Lighting segment at EUR 832 million, while the revenues of component segment amounted to EUR 266 million. The adjusted group EBIT at EUR 42.4 million, which corresponds an adjusted EBIT margin of 4.1%. Our lighting segment remains stable in a difficult market environment and further improved its profitability. The component segment, however, was confronted with the ongoing weakness in construction, as well as the increasing pressure, especially from the Far East competition. As explained in our ad hoc announcement, the net profit was significantly affected by considerably higher income taxes compared with the previous year. Here again, Thomas will explain this in more detail later on. In view of the slightly positive net profit of only EUR 1 million for the entire financial year, compared to EUR 15.5 million last year, we in the management board recommended to the supervisory board. Subsequently, we also make this recommendation to the annual general meeting, not to pay a dividend. It was not an easy decision, taking all relevant factors into account, we believe it was the right one for us. Looking forward, our priorities are clear. Our operational excellence, a strategic focus, and the profitable growth. One of our central growth drivers is in the digital transformation of the buildings into energy-efficient, integrated, and intelligent infrastructure. This is also, as I explained in one of the last calls, the main reason why we are having these cooperations with the building infrastructure providers such as Legrand, such as ABB, and such as Siemens. In addition, legal regulations, stricter energy efficiency standards, and the demand for database solutions are sustainably changing our customer requirements. We are continuously strengthening our position in this market with our intelligent lighting solutions. On this slide, you see how we in the Zumtobel Group are responding to the structural changes in our market and how this strategy is already reflected in tangible customer solutions. The bigger picture, you know, these five trends are reshaping our industry, from moving from product to solutions, including the sustainability, including the connected and the data. We are witnessing this fundamental shift also from our customers who are more and more not asking products anymore, but complete solutions. The key message is here, we are moving from products to integrated solutions, and this is not merely an observation, it's a direction which we are evolving our entire portfolio and the complete organization. How does it look like in practice? Let me give you some examples. One is the value shift here in the Data center sector. Data center, we started to be engaged five years ago, and now we are seeing and earning the fruits. Here, we have to deliver more than just the illumination, the lighting solution. We support our customers from the earliest planning stages with specialized lighting design, including solutions that are tailored to the thermally demanding environment of data halls. As you know, these data halls still, with all the energy they use to cool this down, are still having temperatures up to 40 degrees Celsius in there. Our portfolio covers here the entire family from the external areas and the data hall itself to the technical rooms, the emergency lighting, and the office spaces. For us, this is a high margin, very fast-growing segment in which we are positioning ourself as a system provider rather than a simple component supplier. In smart and connected, this transformation is evident in the way buildings are optimized. Using sensor data, we help manage visitor flows, prevent overcrowding, and create the data foundation for company-wide standards in the building environment, air quality, and lighting. Our light monitor platform enables facility manager to monitor and control entire lighting installation centrally. The next page. When it comes to sustainability and well-being, we let our actions speaks for themselves. Our continued inclusion of FTSE4Good Index as well as this year, the EcoVadis Platinum rating, which places us among the top 1% of the companies assessed worldwide, provide independent recognition of our progress. Product-wise, here you see an example of the Avenue luminaire, 68% recycled material, completely disassembly for repair and recycling, and 80% recyclability, and a guaranteed maintenance and repair upgrade availability through the entire life cycle. This is circular economy in action, not just as a commitment on paper. With these products, we are advancing sustainability in helping our customers meet their sustainability goal while creating new business model, especially a refurbishment after the first lifetime into a second lifetime. Automatically, moving from a pure product business into a solution business and potentially with a business model also in a light leasing model. Considering these key trends reflect the strategic logic underpinning our business. We are systematically evolving our business model here from really selling one time the products towards a recurring higher margin revenue stream generated through services, software, and also data monetization. At the same time, our focus on sustainable, long-lasting products and partnership strengthen the customer loyalty and reinforces our competitive differentiation. On slide eight, I would like to provide you an update where we stand with the achievements that we have announced a couple of quarters ago of our efficiency program. As we reported in recent quarters, we have already delivered substantial cost savings, and in total, we realized cost savings of around EUR 16 million for the entire 2025/2026 financial year, with roughly EUR 6 million in associated restructuring costs. This then translates into a net impact of around EUR 10 million in the first year. Let me briefly explain once more the 3 levels. One is the lean organization, where especially in the big departments, being in sales, we have optimized the footprint, reducing hierarchical layers, and this will continue also in the other departments. Second one, streamlining the processes. This is a continuous effort. One example is in procurement, where we are reducing complexity and increasing automation. This will allow us now to lower spending, improve our transparency, and manage our purchasing process more efficiently, and that is now going on in all aspects of our business. Thirdly, the establishment of the shared service centers, too. In Serbia, we have two locations, one close to our factory, or in our factory in Niš, and one in Belgrade for more the international jobs who need international airport nearby and Portugal. As previously communicated, here our objective is to structurally improve our cost position over the next four years. By the year four, and that's here in the case, 2028/2029, we are targeting annual cost savings of EUR 40 million-EUR 50 million and plan to match this level in the following years. Importantly, around 80% of these savings are expected to realize by year three. Because currently, as you know, we are building this up, we are training the people, and once this is ready, we are transferring this knowledge from high-cost countries to our global business centers. Obviously, we are fully aware that these steps and measures are not always easy and that they also affect our employees. We take this responsibility very seriously and are supporting the transformation process as carefully as and responsible as possible. As just said, the further development of our business model also required a consistent adjustment of our organization. My colleague, Bernard Motzko, who has served as a Chief Operating Officer at Zumtobel Group since 2018, will resign from the management board and retire by the end of September 2026. Going forward, we will reduce the management board to three members and anchor operational responsibility within the existing business areas. My colleagues and I are convinced that the measures we have introduced and executed will strengthen our company in the future. In this way, we are addressing the current challenges in the market. Let me give you, before I hand over to Thomas, an update on our components segment. As I mentioned earlier, this segment has now been under pressure for the third consecutive years. The revenue declined by 11% year-over-year basis, and the adjusted EBIT fell to EUR 4.6 million. We take this development very seriously and we have acted here on that. As reported over the past few quarters, we carefully evaluated potentially three options, selling of the segment, a joint venture with a partner, or a fundamental repositioning under our own steam. We came to the conclusion that the market is currently not prepared to offer a price reflecting the true value of our business. We have also not found yet a joint venture partner so far with whom we think we can run the combined business and create additional value. We have therefore chosen the third one in our most value-creating path. We are actively rebuilding the component segment by itself. Our strategy follows here a clear three-part approach. Keep and stabilizing our core business, the OEM business consisting of LED drivers, sensors, and LED modules, extend it in new markets, in the new applications, remaining into the lighting. Develop also new business opportunities beyond the light, that means the following. If we keep and stabilize the core, we are securing our existing core business by rigorously driving cost efficiency. Extending the core, we are pursuing new applications closely related to our existing business. One concrete example is our rail signal project, where together with a partner, we aim to refurbish existing signal system from halogen lamp to LED for rail networks with our solutions. In parallel, we are strengthening our capabilities in and leveraging the control business. Developing new business opportunities beyond light. We are here identifying new business areas. As you know, one of the core competencies of Tridonic is power electronics. We are perfect in converting AC to DC in thermal management, and especially when it comes to miniaturization for high-end applications. You see here a couple of examples. Renewable energy, the general high-power semiconductors, obviously with data center, with artificial intelligence. Energy and energy consumption is exploding, and everything that helps to make this transfer of energy more efficient is saving cost. Here, Tridonic, with its competence, plays a key role, where we engage with data centers, with power conversion here, and that is making interesting applications what go beyond the lighting. We are also addressing this transformation on the leadership level. The previous CEO of the component segment has left the company, the successor will drive this strategy forward, as I just have outlined. We will keep you updated as this project has started a couple of weeks back, and latest with the result presented in December. I'm very confident that this clear roadmap will put the component segment on sound and future-proof footing with an increased volume and margins. With that, I would now like to hand over to Thomas, who will take you through the quarter four and also the all four quarter results in detail. Thank you, Alfred. Good morning, ladies and gentlemen. Let me start with the lighting segment. Q4 revenues in the lighting segment amounted to EUR 213.7 million and were 0.8% above the previous. Positive volume contributions were recorded in the Americas and the MEA region, along with positive growth in the Netherlands and Switzerland. France, Germany, Italy, and the U.K. recorded lower volumes, as well as a couple of other countries having price pressure in the market. Adjusted EBIT in the lighting segment increased from EUR 11.4 million to EUR 13.7 million. Our adjusted EBIT margin increased to 6.4%. Lower material costs and a decline in personal expenses also contributed to the higher result. Slide 11 shows the component segment. Revenues in the component segment declined 8.8% to EUR 66.4 million in the fourth quarter. The difficult economical and geopolitical environment led to declining sales and also still some price pressure. Adjusted EBIT in the component segment totaled negative EUR 0.4 million in the fourth quarter. The adjusted EBIT margin stood at minus 0.7%. Lower material costs and lower personal expenses were unable to offset the decline in revenues. Slide 12 shows Q4 results for the group. Revenues in the fourth quarter declined by 1.4% to EUR 265.4 million as a result of the decline in the component segment. Adjusted EBIT increased to EUR 10.2 million, compared with EUR 6 million in the fourth quarter of last year. Adjusted EBIT margin amounted to 3.9%. Overall, lower material costs and lower personal expenses more than offset the negative impact from declining volumes. Slide 13. Looking at the adjusted EBIT bridge, we start with prior year's result of EUR 46.9 million. The negative revenue impact totaled EUR 44 million, with the decline primarily caused by price pressure, volume reductions, and to a lesser extent, FX. Looking at our COGS, lower material costs and lower personal expenses had a positive impact of EUR 32.4 million. SG&A made a positive contribution to results, mainly due to lower personal expenses. As a result, adjusted EBIT decreased to EUR 42.4 million. Slide 14 provides you with information on our income statement. As I mentioned, our adjusted EBIT stood at EUR 42.4 million. Special effects were negative at EUR 90.3 million. They include restructuring costs, mainly in connection with our efficiency program and the closure of U.S. production site in Highland. For individual claims, minus EUR 1.4 million were recorded in the component segment and - EUR 0.6 million in the lighting segment. In addition, the special effects recognized in the component segments reported in the second quarter include impairment of goodwill, which was EUR 2 million, impairment losses to capitalized development projects, EUR 3.2 million, and on the positive side, an investment premium received from the Portuguese government of EUR 1.4 million. After the deduction of these special effects, our EBIT totaled EUR 23.1 million. Our financial results amounted to minus EUR 12.4 million and net financing costs amounted to minus EUR 9.8 million. Other financial income and expenses totaled - EUR 2.5 million and include the interest expense for pensions obligations, FX, and hedging valuation. Profit before tax totaled EUR 10.7 million, versus EUR 16.9 million last year. Income taxes amounted to - EUR 9.7 million, compared to - EUR 0.6 million. The year-on-year increases in income taxes resulted primarily from value adjustment to deferred tax assets in the U.S., U.K. and Austria, as well as some non-recurring effects. As a consequence, net profit fell to - EUR 1 million. Earnings per share equaled EUR 0.03 per share. Let's move to the next slide, the cash flow statement. Cash flow from operating results fell year-on-year from EUR 86.4 million- EUR 82.6 million, mainly due to the decline in sales. The change in other operating items amounted to minus EUR 26.7 million and resulted mainly from the reduction of provisions for pensions and termination benefits, and the reduction of restructuring and bonus provision. Cash flow from operating activities stood at EUR 61.8 million, versus EUR 72.3 million in the last year. Cash flow from investing activities amounted to minus EUR 45.7 million in the reporting period. As a result, free cash flow equaled EUR 16.2 million, versus EUR 90.6 million the year before. Cash flow from financing activities amounted to minus EUR 6.9 million, versus minus EUR 37.9 million the year before. The change compared to prior year is primarily related to the increased utilization of the loan from the European Investment Bank and the reduced dividend distribution. Let me finish with slide 16 and some comments on our balance sheet. The balance sheet structure remains stable. The equity ratio increased to 43%. Net debt growth in comparison with the last year end closed to EUR 128.5 million. Debt coverage ratio is at 1.56. With this, I hand back to Alf. Thank you, Thomas. Before turning into our outlook, let me briefly reflect on the latest sector development based on the Euroconstruct data, what we received in June. On 2026, the focus downgrade from Euroconstruct was expected, so the data confirms what we already anticipated. In that sense, no surprises to us. For 2027, however, the picture looks much more encouraging. The forecast is stable compared to the last November, so they are always publishing this data in November then in June. It stably reflects growing confidence that, obviously the conflicts, especially this one in Middle East, is moving towards an end. Once that optimization sets in, we expect it will support construction activities across our market. The key headline for today is that the sector is coming out of the recession and the numbers confirm it. The cycle has turned finally. With the recovery, we expect new build growth will take the lead from 2027 onwards, outpacing the renovation for the first time in several years. However, the renovation remains a structural pillar, particularly in non-residential construction. Why is this the case? Because environmental requirements have made it non-optimal. Building owners are not renovating because conditions are favorable. They are renovating because regulations requires it. That makes this segment resilient, and it will stay that way. To sum up, 2026 is as anticipated and communicated, 2027 will bring stabilization of recovery. New build will lead the growth and renovation will remain anchored by energy transition, meaning the direction is gradually improving, even if the pace of the recovery remains moderate. With this, our strategic priorities remain unchanged. We are focusing on capturing renovation opportunities on one side and positioning the Zumtobel Group to benefit from the anticipated return in non-residential construction. As the lighting industry typically lags behind the construction side, we are expecting that any sustained market recovery will translate into an increased demand for our solution within a certain time delay. This brings me now to the outlook for this fiscal year. The overall market environment remains challenged. However, as mentioned in the previous slide, construction activity is expected to pick up. With the measures what we have taken on the efficiency program, and we continue to take, we have set a clear course to position our company for sustained growth and continued innovation. With a focused strategy and decisive execution, we are now responding to the ongoing shifts in our market and creating the foundation for a resilient performance in the years ahead. On margins, we expect an adjusted EBIT margin of 3%-5% for the year. Let me here be transparent about what's pulling in each direction. On a positive side, our efficiency program continues to deliver. The contributions are real, they are measurable, and they will support the margin improvement going forward. But on the other side, we are facing headwinds we cannot ignore. We see already higher raw material prices, also partly higher prices for semiconductors, a sustained price pressure in the market and rising wage costs. This is not short-term, nor is it requires active management. As we outlined earlier, 2026 remains a transition year. The recovery is confirmed, but it's still early. We expect the margin tailwinds from our efficiency work will strengthen as we move into 2027, when new build momentum picks up. Planned CapEx for the year amounts to approximately EUR 50 million. With that, we are closing our presentation, and Thomas and myself are now ready to take your questions. Thank you for listening. Yes. Thank you very much, Mr. Felder and Mr. Erath. Ladies and gentlemen, we are now opening the audio Q&A session for analysts and institutional investors. If you like to ask a question via the audio line, please click on the Raise Your Hand button. If you are dialed in by phone, please press star nine and wait for the instructions. I will wait for the people raising their hands. We start with Mr. Steiner. Mr. Steiner, you should be able to unmute yourself and place your question, please. You should be able to place your question, Mr. Steiner. All right. Good morning, Patrick Steiner, ODDO BHF. Thank you very much for your presentation. I would have two questions from my side. First of all, could you maybe share your thoughts with us on your data center business revenue share in terms of group revenue, expected growth rate for next few years, and maybe give us some margin corridors? As you've mentioned, this is a profitable high-margin business. That was the first one. The second one is, could you also give us some more information on potential restructuring one-offs baked into your 3%-5% adjusted EBIT margin guidance for this year? Thank you. All right. Thank you for the question. I will take the first one. With the data center, we are basically having, meanwhile, a very broad customer base. Microsoft, Amazon, and all these big guys are our customers. We have a double-digit million EUR revenue here with the data centers and participating in the exponential growth. We are expecting, especially across Europe but also into the Middle East, India, more momentum. The products what are going in are the high-end products, especially the tracking systems. For example, our TECTON II, the flagship product what we just launched a year ago, is one of this in here. We are in the margin range between 45%-55%. The second one on the restructuring, Thomas will answer. With regard to the restructuring cost, we are not in a position to disclose how many restructuring costs we have factored in, as this is subject to discussions with the workers' council and different plans. That's why we want to show our operative performance and not only EBIT numbers. During the year, this will be clearer what we can do and what we can't do. All right. Understood. Thank you very much. Thank you, Mr. Steiner, for your question, and I am waiting for participants raising their hands. Mr. Marschallinger, you should be able to speak now and place your question if you unmute yourself. Good morning. Can you hear me? Yes, we can hear you. Yes, perfectly. Yeah, good morning, everybody. Just one question left on the top-line guidance. Would you say this statement holds true for both divisions? Could you maybe walk us through your volume and price assumption for Lighting and Tridonic for 2026, 2027, please? Yeah. As you have seen from the numbers what Thomas Erath shared, when it comes to the Lighting segment, over the last four quarters, we have been able to improve when it comes to the top line. With the fact that we have run the efficiency program and streamlining the processes, we do see that in the last, let me say, quarter and now moving forward, price pressure coming, especially for the big projects, which is always the case. On the other hand, a relatively stable price environment on the Lighting segment. Honestly, we are now monitoring very carefully how the material cost will go, and obviously also consider the option that in autumn we will need to increase our prices here to keep our margins. In that sense, the Lighting segment is more stable in terms of pricing. On the components level, however, we are seeing with the oversupply here the usual price erosions in the range of 3%-4%. Also here we see, especially from Chinese competition, who are currently in quite difficult environment when it comes to the bottom line that they have started to increase the prices. Also here, this is already ongoing. Tridonic is increasing the prices to mitigate this price erosion. Carefully optimistic, it might be that over the next six to eight months, our prices on the components level will become more stable. Maybe I can add one comment. For PCBs, we have experienced price increases of 25%. One of our biggest revenue drivers in the Component segment of about EUR 70 million are LED modules. Material cost consists primarily of PCBs in this segment. We will need to increase the prices as well in this segment, and this will lead to higher revenues. Okay. That's very helpful. Thank you. Maybe just to say the whole market, of course, is reacting to this. It is at the beginning. Most likely, everything will be happening after the summer break, September, early October. Well, thank you very much. We move on to the next participant, Mr. Sartori. You should be able to speak now and unmute yourself. I do. Good morning. Thank you for the presentation and taking my questions. I just have two questions, please. The first one, touching again on your guidance and the broadly flat revenue and the 3%-5% adjusted EBIT margin. I appreciate your mention about the efficiency and the higher raw material prices, but I was just wondering if there is a level of revenue growth or of organic and volume growth that could lead potentially to that 5% adjusted EBIT margin. The top end of the guidance there. My second question is that, apologies, I have missed the first part. I have some technical issues. I wanted to ask on the end markets and geographic exposure beyond data center maybe. Just understanding the most resilient, if you would like, within lighting, education, healthcare, retail, infrastructure, outdoor, and if there are any main regions to call out here. Thank you. Yeah. Thank you for your question. Let's see if we can cover this all, but if I understand your questions right. Obviously, we do have a couple of very promising businesses, what deliver high margins. What potentially could lead to the upper level of our guidance. One, I said already, we are benefiting on the data centers. Here I also have to say, in combination with our partners like ABB and Legrand, who are heavily engaged in data centers, we are expecting that we have access to larger volume. The second one, we have a fantastic competitive product portfolio when it comes to sports illumination. This is really, we are FIFA-qualified. This is really gaining momentum in building stadiums and sports infrastructure. This is the second one. The third one is our new TECTON flagship, where first time we do have a product portfolio what is not only addressing the high-end, but also addressing, let me say, performance applications when it comes to warehouses, industrial halls, what do not require 100,000 hours lifetime and 15 poles, but a good nine with a little bit lower efficiency and with 50,000 hours. We have the product here, and we are seeing a clear momentum what will help us to grow. It will be a little bit more difficult on the components level, as obviously the OEM customers are also struggling in the market. When it comes to territories, we are seeing nice momentum across several countries in Europe. Obviously, the DACH region, but also Italy, also the Eastern Europe. Middle East, we need to monitor very carefully because we had quite some challenges when the war started in delivering. Currently, more or less stable, but obviously we need to monitor whether the investment, let me say, appetite, is coming back to the levels before the war. I think that are the key drivers what we have in the different markets. One topic what we are currently suffering is the wholesale business across Europe. The wholesale business of lighting. Fortunately for us, not the big portion is very weak, especially in the two big countries, Germany and France, where the big distributors like Rexel and Sonepar have more or less shrunk by between 15%-20% in the 2025/2026 fiscal year. Got it. Thank you so much. Yes. Thank you very much for the questions. I'm waiting for participants raising their hand, using the opportunity to ask a question to the management. If this is not the case, the brief information that there will be a round table today at 3:00 P.M. Ladies and gentlemen, you can use this opportunity as well, especially for journalists and retail investors during this call to place their questions there. By now, there are no more questions, and due to that fact, we come to the end of today's earnings call. Thank you very much for your interest in Zumtobel Group. A big thank you to Mr. Felder and Mr. Erath for the presentation and the time you took to answer the questions. For some closing remarks, I hand back over to you, Mr. Felder. Ladies and gentlemen, thank you very much for listening, for joining us today, and for the questions. In a nutshell, obviously, we are slightly a little more optimistic for this fiscal year, despite all the geopolitical turbulences what we have. Stay tuned. We hear each other again in September with our Q1 results. Thank you very much. Have a nice day. Thank you.