Good morning, and welcome to the 2026 Audi Annual Media Conference here in Ingolstadt. Welcome to the participants following us via the live stream. My name is Carolin Strunz, and I'm Vice President of Global Communications and Corporate Affairs at Audi. I'm very pleased to guide you through this morning. In fact, we have a great deal planned for today. We will be looking back on a year that challenged Audi while also driving us forward in a decisive way. We are going to show you how Audi is holding its own in the global landscape and the strategic direction we've set. Of course, we are going to look ahead to what lies ahead of us, our products, our technologies, and our goals for 2026. Our CEO, Gernot Döllner, will speak about this shortly, followed by our CFO, Jürgen Rittersberger. Afterward, Gernot Döllner and Jürgen Rittersberger will answer your questions. You can submit your questions throughout the entire event via the Q&A box in the live stream or here in the room by raising your hand. Gernot, I look forward to speaking with you, and I'd like to invite you to the stage now. Thank you, Carolin. Gernot, let's start with a quick question. If you had to describe the year 2025 in one word, what would be this word? I think the word for 2025 would definitely be a new beginning. 2025 was, in fact, a year of intense pressure, geopolitically, in terms of trade policy, and technologically. I think we can say that the entire industry was under a lot of pressure, and it was precisely in this environment that we said, now more than ever, we use this pressure as fuel, we realign ourselves, and we Audi actively shape the change. We turn pressure into energy, and that's exactly what we did. Audi realigned itself in 2025, strategically, technologically, and culturally. With over 20 new models in two years, we launched the youngest portfolio in the competitive market. With the Audi Concept C, we have introduced a new design philosophy in China with our exclusive sister brand, Audi. We have successfully launched our two-brand strategy. The first model, the Audi E5 Sportback, won the China Car of the Year award in its very first year. Just a few days ago, we competed in our first Formula One race in Melbourne, thereby bringing Audi into the top-tier class, the premier class of motorsports. This was an impressive start. By finishing ninth, Gabriel Bortoleto secured the first two points in Audi's Formula One history, and that was definitely a great debut for the entire team. Sorry. Things are really moving forward. Yeah. Yes, definitely. Things are moving forward, and I hope that you stay healthy. Okay, what happened, what changed behind the scenes at Audi to make all of this possible, to make sure that you can move forward, make progress? I think all these great moments did not happen by chance. They are the result of our organization, our way of working, and of our very special Audi culture. I'm deeply convinced that products are inextricably linked to the processes through which they are created. The technologies of tomorrow are definitely not created within the structures of yesterday, and that is why we have really undergone a lot of internal restructuring. We have a new strategy, we have a leaner organization, we have clear priorities, and we have fast-track teams that quickly test and implement innovations. To this end, we have deliberately reduced complexity in our entire organization. For instance, 85% fewer committees. We have streamlined management levels, we have shorter decision-making path, and overall, we have greater clarity and impact in our team's day-to-day work. At the same time, through the future agreement that we entered in March of last year, we are securing employment through 2033, and we are investing through 2029 around EUR 8 billion in our German locations. We are managing the reduction of up to 7,500 jobs in a socially responsible manner with the help of attractive retirement arrangements. By the end of 2027, we aim to reduce up to 6,000 of these positions, and this is a very important step toward efficiency, speed, and robust domestic locations. In short, Audi is reinventing itself for our customers, for our employees, and for a strong industrial base in Germany. This is definitely a new beginning, despite all the challenges. We certainly have more than enough challenges, as we all know, in the world right now. Now, do you think that the automotive industry has truly grasped the gravity, the seriousness of the situation? What do we at Audi now have to do in order to successfully overcome all of these hurdles in the world? Now, what we need above all is innovation and speed, and we also need the honesty to say clinging to the status quo will not lead us into the future. As the Canadian Prime Minister Mark Carney put it at the World Economic Forum, and I quote him, "Nostalgia is not a strategy." The entire automotive industry, and indeed all of Germany, must definitely reinvent themselves because right now, the U.S. and China are driving the worldwide mega trends. Germany and Europe have fallen behind. Innovations for our customers must therefore once again become the top priority. For Audi, this means above all, consistently driving the paradigm shift toward the software-defined vehicle and also placing digital capabilities of the entire organization at the center. In doing so, we are consciously and intentionally focusing on strong partnerships, and we are leveraging the power of the Volkswagen Group. There is one key example of this, the group's joint venture, RV Tech, the joint venture with Rivian. We are already seeing today how much we benefit from collaborating with the development teams in Silicon Valley and from a high-performance electronics platform. Now, we are currently conducting our winter tests to validate the SDV functions we developed together under cold conditions. This is an important milestone for us, and we are really very happy with the results and with what the two teams are working on together. In two years already, the first Audi featuring the new E/E architecture from RV Tech is expected to launch in just two years. The RV Tech, or the joint venture, provides the basic architecture, while our Audi teams deliver the typical Audi character. This is definitely a good example of innovation. All in all, the innovation across our entire company is gaining momentum. In 2025, Audi filed 80% more patents for inventions compared to the previous year. That's a strong sign of the pace of progress in our future-oriented fields, and this has not gone unnoticed. The German Patent and Trade Mark Office has released its latest figures. We've moved up from ninth to fourth place in the patent rankings, with 1,912 patent applications filed last year alone. That's a strong sign that Audi is back in the game when it comes to progress. This is exactly the level of passion for innovation that we need to pass this test and to regain strength as an industry. We notice that Germany has to reinvent itself. Maybe the whole of Europe has to reinvent itself, but above all, Audi needs to reinvent itself. What does that require from policymakers? Now, first and foremost, I believe we need reliability. Germany is under enormous pressure in the global marketplace from China, from the U.S., from the rapid pace of technological change, and also from increasing decoupling. If we want to reinvent ourselves as a country, as a nation, economic growth in Germany must pick up again. To achieve this, policymakers must create more attractive conditions, competitive energy prices, significantly less bureaucracy, and above all, speed, clarity, and consistency in implementation. Now, what matters now is a vision, a target picture for Germany, a joint agenda for politics and business. Companies develop products and solutions. Politics need to provide a reliable framework for this. This will give us planning reliability, encourage investment, and gives our country technological momentum. This is particularly evident when it comes to energy. Costs vary significantly from country to country. Even the prices for a full charge of an electric vehicle fluctuate considerably depending on the market, and this too highlights the importance of a reliable, competitive framework that strengthens our industry and accelerates innovation. At an international level, we need predictable, fair, and stable trade conditions, less isolationism, more European coordination, and international cooperation, because this is the only way to ensure fair competition. Only by working together can all European countries become a true superpower. Fair competition is one thing, and economic policy another thing, but right now we are also seeing an overwhelming number of geopolitical crises around the world. How can we best deal with them? Now, we can certainly say that the world has become more complex and volatile, both politically and economically. Against this backdrop, we must reexamine and reinvent the business models of the past, and we must invent new ones. We at the same time must stay grounded, we must build resilience, and we have to act responsibly. A key component is the resilience of our value chain. We have diversified our supply chains quite clearly, and we reduce dependencies. Now, during the Nexperia crisis, for example, we did not lose a single vehicle. We are also monitoring the crisis in the Middle East very closely. Despite the tense situation, our supply chains remain stable, also thanks to a strong crisis management. Nevertheless, the environment remains volatile, and we remain vigilant accordingly. You're right, the global economy is volatile. It's becoming increasingly difficult to plan ahead. Now, for us, our core markets, in particular Europe, China, and, well, North America, are very important. How can we continue to grow profitably? In this environment, we are focusing on a clear vision. We need greater balance and resilience in our global presence. To this end, we have set ambitious yet realistic growth targets through 2030, and we are consistently aligning our positioning in the core regions accordingly. In Europe, we are defending our position with a streamlined portfolio in the next generation of products. In China, we are securing our relevance, in one of the world's most dynamic markets through our two-brand strategy, a high degree of localization and strong partners. In North America, we are expanding strategically with models tailored to the U.S. market and the rollout of our SUV models Q7 and Q9. We are also actively exploring ways to further strengthen our localization in the U.S., even though the current conditions present significant challenges. 2025 was a year of strong economic headwinds, and the global uncertainties are also reflected in our figures. In the long term, we are on the path to sustainably profitable performance with a younger portfolio, less structural complexity and disciplined capital allocation. This allows us to remain agile, even in a world that is changing faster than ever before. Thank you, Gernot Döllner, so far. Now, our CFO, Jürgen Rittersberger, will provide a detailed overview of the full year 2025. Good morning, and most cordial welcome to all of you. I'm very happy to see that you've all come here today. Well, 2025 presented us with quite a few challenges. Political uncertainties increased. Trade barriers and US tariffs had a direct impact on our business. Competition became fiercer in the global passenger car markets, and price pressure also rose noticeably. This was particularly evident in China, but also many European passenger car markets remained challenging. In addition, the development of electro-mobility in many regions was slower than originally anticipated. At the same time, stricter CO2 regulations in Europe led to financial burdens. In such an environment, clear decisions are what is needed, and that is exactly what we've done. We have established a new corporate strategy with a clear-cut focus on implementation. We have further advanced restructuring, rendering Audi leaner and more competitive. We have further developed our performance program and strengthened our cost discipline. We have implemented our model initiative, thereby sustainably improving our position in the market. The overall situation I just described is reflected in our 2025 key figures. The Progressive brand group delivered approximately 1.6 million cars worldwide, a 3% decline in comparison to 2024. The framework conditions were difficult. On top of that, there was a large number of model changes and new launches. This included key volume models, such as the Audi Q5, the Audi A5, the Audi A6, and the Audi Q3. At the same time, our BEV business developed very dynamically. In 2025, we delivered 223,000 fully electric vehicles, which means we recorded a growth of around 36%. The BEV share of the brand group's deliveries thus rose significantly from 9.7% to 13.6%. The Audi Group's revenue increased by 2% in 2025, i.e., they increased to EUR 65.5 billion. Key drivers were the new fully electric Audi Q6 e-tron and Audi A6 e-tron models. In addition, there was revenue from the contract manufacturing of CUPRA models at Audi in Győr. A large number of model changes and the discontinuation of the Audi Q8 e-tron had a counteracting effect. Furthermore, revenue from parts deliveries for local production in China declined noticeably. Operating profit in 2025 was EUR 3.4 billion, i.e., 14% lower than the previous year's figure. Operating return on sales reached 5.1%. Our 2025 results reflect intense competition. In addition, there were also one-off effects. The largest negative impact on earnings came from the US tariffs, which amounted to a burden of a total of EUR 1.2 billion. This has cost us almost 2% of return on sales. Measures from our future agreement resulted in a total charge of around EUR 0.4 billion. In addition, the automotive brands Audi, Bentley, and Lamborghini were impacted by one-off effects due to the realignment in the D-segment. These non-recurring charges added up to approximately EUR 1.9 billion. At EUR 3.4 billion, net cash flow was well within our target range and exceeded the previous year's level. The increase by around 11% is due to tailwinds from working capital, i.e., a lower capital tied up in our operating business. The increase is also the result of good cost management and strict investment discipline. In summary, we steered Audi through a challenging geopolitical and industrial environment and closed the year on a strong note. At the same time, the figures clearly show that we need to further improve our efficiency and competitiveness. That is why we're accelerating our transformation. We're streamlining structures, simplifying processes, and reducing complexity. We remain committed to strict cost and investment discipline. Our performance program is a key lever for this. It opens up financial leeway and stabilizes our profitability in the long term. Now, let's take a look at the brands of our brand group, i.e., how have the brands Lamborghini, Bentley, and Ducati performed? First, let's take a look at Lamborghini. In 2025, the Italian luxury brand delivered 10,747 cars. This means Lamborghini, once again, surpassed the 10,000 unit mark and set a new record. Revenues rose by 3% to EUR 3.2 billion. Operating profit was slightly below the previous year's figure at EUR 768 million, which corresponds to a return on sales of around 24%. Lamborghini too was impacted by the aforementioned adjusted portfolio planning in the D-segment, U.S. tariffs, and negative currency effects. Without these effects, operating profit would have exceeded the previous year's figure. Overall, the numbers speak for themselves. Lamborghini is in excellent shape. Now let's turn to Bentley. In 2025, the traditional British brand delivered 10,131 vehicles, a 5% decline over the previous year. The main reasons for this were a generally more difficult market environment, particularly in China, as well as the advanced age of the product portfolio. Revenues remained virtually unchanged from the previous year at EUR 2.6 billion. Higher revenue per vehicle had a particularly positive impact. Operating profit, however, declined significantly, reaching EUR 216 million. The operating margin stood at 8.3%. Now, what is important for the overall picture also with Bentley, the effects already mentioned from the portfolio adjustment in the D-segment and U.S. tariffs have an impact. Without these effects, earnings and margin would have slightly exceeded the previous year's level. Now let's move on to the two-wheelers, Ducati. The motorcycle market has declined significantly compared to the previous year, which is reflected in Ducati's key figures. Deliveries fell to 51,000 units, which is a decline of around 7%. Nevertheless, Ducati remains in a stable and strong competitive position as the overall market volume declined even more strongly. Revenues amounted to EUR 925 million. Operating profit reached EUR 52 million, which corresponds to a margin of around 5.6%. The motorcycle business, too, was noticeably impacted by U.S. tariffs. That much by way of casting a glance back on 2025. Now, what can we expect for 2026? One thing is for sure, the operating conditions will not get any easier in 2026. The geopolitical and macroeconomic environment remains challenging, as does the situation in the passenger car markets. Even in this environment, we are pursuing clear goals and are aiming for robust performance. Our model lineup has been completely revamped. This provides us with a solid foundation, even in a highly intensive market environment. The challenges are substantial, as I've already shown to you. Nevertheless, we are defining ambitious goals for ourselves. The plan is to increase deliveries of the Progressive brand group over the figures of the pre-previous year. Revenues are expected to range between EUR 63 billion and EUR 68 billion. We anticipate an operating return on sales of 6%-8%. The capital expenditure ratio is expected to range between 11% and 13%. For net cash flow, we're aiming for a robust level of EUR 3 billion-EUR 4 billion. In summary, these are ambitious goals, so it is all the more important for us to continue to consistently drive forward all operational and financial initiatives. This includes a clear-cut focus on earnings quality, strict cost discipline, and the stringent implementation of our restructuring measures. In this way, we can ensure robust and sustainable performance in this environment. As part of our strategy planning work, we have thoroughly examined the question of what returns we can sustainably achieve, even under complex conditions. In the short and medium term, our primary focus is on strengthening our competitive positioning and driving the transformation forward. In doing so, we aim to increase our profitability step by step. In the long term, we aim at returning to a double-digit margin level. We are aware of the fact that this goal appears very ambitious in the current environment, but we believe it is achievable under the following conditions. First, the rigorous implementation of our strategy. Second, the clear and consistent rollout of our new design philosophy. Third, the reduction of unnecessary complexity in the portfolio, the product configuration offering, as well as in our processes and organization. Fourth, maintaining strict cost and investment discipline. The road ahead is challenging, but if we act as a united team, we have everything we need to put Audi firmly back on the path to success. Thank you very much. Thank you, Jürgen, for the overview of the past year. Now let's look ahead. Gernot, I'd like to invite you back on stage for that. What can we expect from Audi in this year, 2026? Now, 2025 was the year of new beginnings, and 2026 is the year of implementation. Now, these new beginnings are becoming visible in our products, technologies, in the brand, and in the customer experience. We are continuing our model initiative globally across all relevant segments. In February, we unveiled the new Audi RS5, our first high-performance plug-in hybrid. Just a few days later, during the first drive event in Morocco with international trade media, it impressively demonstrated what it can do. Uncompromising performance, precision, electrified sportiness, and the media was thrilled. Riccardo Piergentili wrote, "You're not just driving fast, you're sitting in a hybrid rocket that has learned to master its own power." Or, as Thomas Geiger memorably put it, "This thing turns like hell." Later this year, the Audi Q9 will follow, the new flagship of the Audi portfolio, and the first Audi in this segment. This is a particularly important model for the U.S.. Long awaited, I can finally reveal the name to you here in Ingolstadt, then to our online participants. This year, with the A2 e-tron, we are introducing a highly efficient and attractive entry-level model for electric mobility, a model that stands for sustainable urban mobility and promotes electric driving to new target groups. With the new A2 e-tron and the Q9, we are deliberately defining the boundaries of our portfolio. This allows us to present our customers with a clear range of options, from the entry-level model to the prestigious full-size SUV. Now we finally know what it's called, A2 e-tron. Is there anything else you can tell us about it? I cannot reveal too many details just yet, but I brought you a picture that will give you a first impression of what the new A2 e-tron will look like. We will be unveiling this model in the autumn of 2026. It stands for efficiency, and it stands for our home base, Ingolstadt, where it will also be produced. Looking a bit further into the future, what technological developments or innovations or market developments will customers particularly notice in the coming years? What can they look forward to? Three major technologies will shape the customer experience in the coming years. First of all, the software-defined vehicle, and then automated driving, and also an interior made even more personal and empathetic by an AI companion. In addition, the classic traditional Audi values remain just as important, design, quality, and premium materials. The future will be more digital, and it will still be unmistakably Audi. With our electric sports car, which will be produced at the Böllinger Höfe starting in 2027, we are bringing our design of radical clarity to our model portfolio. The Audi Concept C offers a very concrete glimpse of what Vorsprung durch Technik will mean in the future, both inside and out. The concept car is our visualized target. It shows our customers, stakeholders, and all employees where we are headed, we as Audi. Now, let's talk about a really important topic, close to our hearts, Formula One. Jürgen and Gernot, both of you went to Melbourne. Why is Formula One so important to Audi? Now, Melbourne, that was definitely a historic moment that I, well, experienced together with Jürgen on site in Melbourne. For the very first time, an Audi was on the starting grid. What impressed both of us most was the great team spirit, both on site and back home in Ingolstadt, Neckarsulm, and Neuburg. Now, we actually looked at the screen together there in those places. Everybody was on the edge of their seats. Bortoleto secured ninth place, earning the first two points in Audi Formula One history. A strong signal, and more than we had actually hoped for. At the same time, the telemetry issues with Nico Hülkenberg showed that we still have a lot to learn, and that's exactly what we are doing, quickly, with focus, and together. All in all, we could hardly have started this season any better. The key point and decisive point here is what we have experienced here shows what's possible when teams collaborate across functions and countries with focus, with passion, and innovative drive. That's exactly what we can do at Audi. This start marks the beginning of a new era, and I look forward to driving this team spirit forward, not just in Formula One, and to working together to bring important initiatives and powerful vehicles for Audi to the road. Thank you. Thank you, Gernot. Thank you, Jürgen. Now, here in the room and in the live stream for the journalists, we will continue with a Q&A session. To everybody who is watching the public broadcast, I would like to thank you for the time and the interest you have shown us, and I'd like to say goodbye to you. The public live stream ends now.