Ladies and gentlemen, good morning and welcome to the telephone conference of the BMW Group for the second quarter. Today we have here, as always, Oliver Zipse [Chairman of the Board of Management] (BMW Group), and our CFO, Walter Mertl [CFO] (BMW Group). First, Walter will take you through our financial results. Oliver will then give you a general business update for the BMW Group. After a short break, we will then have time for our Q&A session. Walter, please go ahead. Good morning, ladies and gentlemen. After the first six months of the year, the BMW Group remains on track to meet its full-year targets for 2025. As expected, tariffs weighed significantly on financials in the second quarter. Nevertheless, the BMW Group achieved group earnings before tax of over EUR 5.7 billion and a group EBT margin of 8.5% in the first six months. In the second quarter, deliveries to customers at group level increased by 0.4% year-over-year. As of June, BMW Group global sales remained on par with last year. All-electric vehicles made an important contribution with a share of total sales of 18.3%. The share of electrified vehicles, meaning full electric vehicles or plug-in hybrid vehicles, amounted to 26.4%. Group earnings before tax totaled over EUR 2.6 billion in the second quarter and over EUR 5.7 billion after six months. This resulted in a group EBT margin of 7.7% in Q2 and 8.5% in the first half-year. The operating profit in the automotive segment reached EUR 1.6 billion in Q2 and over EUR 3.6 billion after six months. This led to an automotive EBIT margin of 5.4% for the second quarter and 6.2% for the year to the end of June, both within our full-year guidance of 5% to 7%. Excluding the depreciation resulting from the purchase price allocation of BVA, the margin came in at 6.5% for the second quarter and 7.3% through six months. Let's take a look at how the automotive segment performed across key metrics. Between April and June, deliveries of BMW, Mini, and Rolls-Royce vehicles to customers were on previous year's level with over 621,000 units. We saw sales growth in all regions except China. The BMW brand declined slightly by 2.6% compared to the second quarter of 2024. Outside of China, the brand grew by 4.7%. Mini benefited from the full availability of the entire model range and reported significant year-over-year growth of 33.2% in the second quarter across all regions. Retail sales in Q2 were especially strong in Europe, with double-digit growth of 10.2% year-over-year. The European order intake for BMW remained strong, with an order bank reaching well into the fourth quarter. The U.S. reported a growth of 1.4% in Q2. In China, retail sales levels in the first six months of 2025 were down 15.5% compared to the previous year. However, during the second quarter, we saw a slight sequential improvement month by month. Sales of our all-electric vehicles continued to grow. In the second quarter, we delivered more than 111,000 all-electric vehicles to customers. Automotive segment revenues increased moderately by 8.4% to EUR 29.4 billion in the second quarter. Adjusted for currency translation effects, the decrease was 5.3%, mainly due to lower sales volume in China. Segment EBIT for the period from April to June totaled EUR 1.6 billion. The EBIT margin came in at 5.4% for the quarter and 6.2% for the half-year. These margins include the negative effects from extra tariffs, which amounted to around 2 percentage points in the second quarter and around 1.5 percentage points in the first six months. We mustn't forget the effect from the BVA purchase price allocation I just mentioned. That brings me to my next slide to take a detailed look at the year-over-year changes in the operational result. Automotive EBIT declined by around EUR 1.1 billion compared to the second quarter of 2024. More than half of this difference is due to the impact of tariffs, which is included in the position “Other.” Changes in currency and raw material positions were neutral in the second quarter. In the second half-year, we expect a headwind year-over-year, especially because of Renminbi. The net balance of volume, model mix, and pricing effects negatively impacted EBIT by EUR 300 million in the second quarter compared to the previous year. Volume and model mix combined were neutral. Pricing continues to be a headwind year-over-year, however, to a much lesser extent than in the first quarter. Competitive pressure remained strong, especially in the Chinese market. Here, price levels of the second half of 2024 continued into the first half-year of 2025 as expected. Research and development expenses decreased by about EUR 200 million compared to the prior-year quarter. Group R&D expenditure as of June totaled EUR 4 billion, slightly below previous year. The R&D ratio, according to the German Commercial Code, came in at 6% after six months. For the full year, R&D expenditure will be below last year's level, and it will steadily decrease over the next years. Selling and administrative expenses also decreased by around EUR 100 million compared to the previous year. The year-over-year headwind of EUR 1.1 billion from other cost changes can mainly be attributed to two factors. First, the higher tariffs in the U.S. and anti-subsidy tariffs imposed by the EU Commission on electrified vehicles from China. Second, the sales of leased vehicles. Here, resale income was lower than in the second quarter of 2024, yet remains positive on a portfolio basis. Free cash flow in the automotive segment totaled about EUR 1.9 billion in the second quarter. Segment earnings before tax amounted to EUR 1.6 billion, which is EUR 1 billion lower than in the previous year’s quarter. The net change in working capital reduced free cash flow by around EUR 300 million. The net effect from capital expenditure and depreciation had an impact of EUR 200 million in the second quarter. Capital expenditure for the first half-year amounted to around EUR 2.7 billion, a significant year-over-year reduction of around EUR 700 million. The CapEx ratio was 4.5% for the second quarter and 4% for the first six months. After the peak in 2024, CapEx will decrease for the full year 2025, and we expect a CapEx ratio below 6% for 2025. Changes to provisions negatively impacted free cash flow in the second quarter by around EUR 200 million. This was mainly due to the consumption of R&D provisions. The change in the position “Other” of around EUR 1 billion reflects the development of a set of various topics, including accrued expenses, interest and advance payments received, income taxes, and liabilities for tariff expenses not yet paid. After the first six months, automotive segment free cash flow is on previous year’s level, which is just over EUR 2.3 billion. For the full year, we are targeting a free cash flow of over EUR 5 billion. Our strong free cash flow generation enables us to further execute our consistent shareholder return strategy. In May of this year, the Annual General Meeting authorized the Board of Management to buy back up to 10% of BMW Group’s share capital over the next five years. Based on this authorization, a third share repurchase program with a volume of up to EUR 2 billion was approved. It should be completed by April 30, 2027 at the latest. The first tranche of EUR 750 million began in May, and it will be completed no later than December 8 of this year. Let’s move on to the Financial Services segment. The number of new contracts concluded with retail customers in the first half-year reached almost 825,000 contracts, a slight decrease of 3% year-over-year. This is due to the challenging situation in the Chinese market, which led to a moderate decrease in new credit financing business. The new leasing business continued its dynamic growth in the first six months of the year. The penetration rate for lease and loan offerings increased by 2.5 percentage points to 43.7%. Driven by a higher average financing amount per contract, new business volume was on previous year’s level despite the slight decrease in new contracts. Segment earnings amounted to just under EUR 1.2 billion, a year-over-year decrease of 19.5%. This results mainly from two topics. In addition to provisions following the receipt of a revised operational tax assessment for prior years, the resale income of end-of-lease vehicles was lower than in the second quarter of 2024, yet remains positive on a portfolio basis. The credit loss ratio across the entire loan portfolio remained at a low rate of 0.27%. In the motorcycle segment, deliveries decreased moderately by 8% year-over-year. Segment revenues decreased by 2.8%. Adjusted for currency translation effects, they were on par with the second quarter of 2024. Segment EBIT in the second quarter totaled EUR 136 million with an EBIT margin of 14.2%. Ladies and gentlemen, our outlook for the full year is based on assumptions, which are described in detail in our half-year report. Let me briefly mention some key factors for our business development in 2025. In China, we have been observing increased monitoring of the automotive market by local regulatory authorities since the last two weeks of June. This also affects commissions payments from local banks to dealerships in connection with brokering retail financial and insurance products, payment terms to the supplier base, as well as increased scrutiny of price competition. Dealer commissions were significantly reduced by local banks in June. We are closely following these developments and their potential impact on the Chinese automotive market. Ladies and gentlemen, as you recall, our guidance given in March included all tariffs in force as of March 12. In our quarterly statement for the first quarter, we had assessed and included all tariff increases announced as of May 7 and confirmed our original guidance based on certain assumptions. In today’s half-year report, we maintain our consistent approach and have also incorporated the effects of all latest announcements. According to the announcement on July 27, an agreement between the U.S. and the EU regarding the tariff situation is emerging. Based on published information by the respective authorities, we expect partial reductions of the currently applicable tariffs between the U.S. and the EU from August 1. Additionally, tariff negotiations across the globe are ongoing and may result in further changes. Therefore, the expected impact from tariffs on our full-year results can still only be estimated based on our certain assumptions. For the full year 2025, we currently expect a burden from tariffs of around 1.25% on the EBIT margin in the automotive segment, including mitigations. Based on our assumptions, the full-year outlook remains unchanged. That means on a group level, we are targeting earnings before tax at previous year’s level. In the automotive segment, we expect a slight increase in deliveries and an EBIT margin in a corridor between 5% and 7%. The EBIT margin in the motorcycle segment should come in at between 5.5% and 7.5%. In the Financial Services segment, we expect a return on equity in the range of 13% to 16%. Ladies and gentlemen, the BMW Group is a truly differentiated global player. This strong strategic positioning enables us to mitigate the impact of tariffs and allows us to adapt swiftly to changing market conditions. The BMW Group has a focused strategy and a clear plan on how to effectively navigate our operating business. As a result, we were able to provide comprehensive guidance for the year 2025 in March, including the impact of tariffs. We We delivered an EBIT margin within the full-year target corridor of 5% to 7%, both in the second quarter and for the half-year. At the BMW Group, we are steering our business carefully and in a consistent manner. During the last years, we significantly invested in the future of our company, in line with our long-term planning. In 2024, both CapEx and R&D reached peak levels. Starting in 2025, we are reducing CapEx and R&D spending as planned. Our operating costs are also decreasing compared to the prior year, just as in the first quarter. This is again evident in our second-quarter figures. Based on the results of the first six months, we once again confirm our full-year targets for 2025. We remain committed to our long-term goals of premium profitability and capital return to create value for all of our stakeholders. Thank you very much, Walter. Now over to our CEO, Oliver Zipse, please. Ladies and gentlemen, good morning. Thanks to the strength and foresight of our strategy, our attractive product portfolio, and our global team and operations, the BMW Group is built to weather various conditions. It underscores that there is not one automotive industry; there are players with different strategic approaches. Through the first half-year, our sales performance demonstrates the appeal of our global brands and the ongoing success of our broad technological approach. After confirming our original guidance from our annual conference after the first-quarter results, we remain on track with our financial targets for the year, despite ongoing tariff uncertainty and fluctuations in the Chinese market. Unpredictability is a longstanding feature of the auto industry and is the norm in today’s business environment. What is decisive is how you deal with it. Global success is rather predicated on your ability to anticipate developments and to respond rationally and efficiently. That is fundamental to the BMW Group. The overall global automotive market is growing. We are always ready to profitably gain market share wherever individual market conditions allow. As dynamics in the industry shift, we know exactly where we are placed with our premium brands and where we can pursue opportunities, maintaining a healthy balance of value creation and market share. Over many decades, we have built up a comprehensive and balanced network of sales, production, and supply chain operations spanning the major regions. This makes us one of the few truly global players in the industry, and our deep roots in global markets offer us many advantages. First, they allow us to tap into leading-edge developments in the individual markets and understand specific customer needs. Our ties to research universities, our R&D network, and IT hubs, and our network of local tech partners enable us to leverage key competencies from individual markets for our global products and strategy. Second, through our extensive footprint in key markets, we remain resilient in the face of geopolitical instability and ever-increasing regulation. Finally, our strong ties also allow us to engage in direct discussions with key political decision-makers who value our perspective. Here, it is not just about our individual interests, but rather finding solutions for customers worldwide and driving shared economic prosperity. The BMW Group welcomes fundamental agreement between the European Union and the United States to reduce tariffs on both sides of the Atlantic. It is now important to quickly finalize and implement the agreed measures. We will continue to advocate for trade between the EU and the U.S. not to be hindered by import tariffs. The currently agreed U.S. tariffs also burden European exports, affecting consumers and globally This combination of leveraging the competitive advantage of the U.S. market in SUVs with BMW's brand In the first half of the year, the BMW 5 Series saw growth of more than 40% worldwide compared to 2023. Other notable models saw success, including the BMW X2 models, which more than doubled sales through June. With the full availability of the new Mini Family, the brand grew in all regions worldwide, including in China. In the first half of the year, more than one in three Minis sold was a fully electric vehicle. Rolls-Royce increased deliveries by nearly 10% in the second quarter, driven by strong sales from the Cullinan Series 2. Drivetrains and model variants across the portfolio continued to see success in the second quarter. BMW M sold nearly 106,000 vehicles through June, the best-ever first half-year of the brand. Sales of plug-in hybrid models from the BMW brand grew by almost 30% in the first six months. Our BEV models continue to be a fundamental pillar of our strategy. In the second quarter, we achieved an important milestone with the delivery of our 1.5 millionth all-electric vehicle. Across the portfolio, we now offer more than 15 all-electric models. In Europe, the Group’s BEV share reached 25%. With the PHEVs included, the electrified share reached nearly 40%. Across all brands, BMW is the third best-selling BEV brand in Europe. While we are proud of our position as a leading BEV player, we know that the world is multidimensional. To meet consumer needs, especially in a product as complex and personal as a car, there is no single answer. Our second-quarter results show that we can serve multiple preferences simultaneously. BEVs, PHEVs, and our M models all achieve growth. The most effective strategic approach is to use all technology to reduce CO₂ emissions overall. We remain committed to the goals of the Paris Climate Agreement while advocating for a review of the 2030 and 2035 targets in the European Union. To achieve these goals and create effective CO₂ regulations, we must take a comprehensive view across the entire value chain. This would consider all emissions across the entire life cycle and not just tailpipe emissions — from the supply chain to the raw materials used in the car, the production process, the vehicle drive, energy used to power the vehicle, and finally, all the way up to recycling. Dependency on a single technology can be damaging to an industry. Putting all your eggs in one basket is just poor asset allocation. Hydrogen, for example, offers Europe an opportunity to use our expertise and take the lead on an emerging technology that will contribute to our climate goals — unlike BEVs — without the need for large amounts of raw materials or battery technology, which are not localizable at large scale in Europe. Beyond drivetrains, there is great potential with alternative fuels. There are more than 250 million vehicles in the EU, which could now immediately contribute to climate protection. This requires a clear regulatory pathway and targeted investments in the ramp-up of all renewable fuels. The Hafa O100, as an example, while it is already available in markets across Europe, tech schemes and the CO₂ fleet targets need to recognize this renewable fueling option to incentivize customer adoption. This would also help in scaling an alternative fuel that has a 90% CO₂ saving compared to normal fuels and can already be accessed today. For OEMs and customers, this is also a cost-effective way to reduce emissions in the use phase. For Europe to maintain competitiveness and finance its future, we need to invest not only in new technologies but also leverage our existing technologies, which can meet customer preferences and still contribute to climate targets. Construction also continues at our battery assembly facility in Wulbach, Schwarzheide. With the Neue Klasse, we are making great strides in all relevant technology fields, whether in electrification, digital user experience, driving dynamics, or sustainability. The new BMW iX3 will be a benchmark in our industry. The all-electric sixth-generation powertrain will set standards in performance and efficiency, powered by our battery cells developed in-house with 20% more energy density, an electric range of up to 800 kilometers according to WLTP, with 400-kilowatt maximum charging. Customers will be able to add over 350 kilometers to their vehicle’s range in just 10 minutes according to WLTP, and with an energy consumption of 50 kilowatt-hours per 100 kilometers. In addition, our revolutionary new iDrive will change the way the driver interacts with the car. With the BMW iDrive, we set an industry standard more than 20 years ago. After the reveal of the all-new panoramic iDrive at CES in January, we are already seeing the industry follow our lead. With the technology clusters we have developed for the Neue Klasse, we will scale our advanced technologies across the portfolio. We will start in the core segment to build momentum quickly. This is simply smart economics. By 2027, we will bring 40 new models and model updates with the Neue Klasse technology and design language on the road worldwide. Our technology cluster approach allows us to integrate market-specific features and content. In our major sales regions, we have a variety of local solutions with leading partners. This allows us, for example, to further enhance the digital user experience as well as automated driving functions in our upcoming Neue Klasse models. In China, for example, we are collaborating with Alibaba Banma to develop the next level of intuitive and conversational in-car voice interaction. We will also enhance our BMW Intelligent Personal Assistant with functionality from DeepSeek in our vehicles in China. In most other countries, the next-gen BMW Intelligent Personal Assistant will be powered by large language model technology from Amazon Alexa. In other markets, we continue to build on our already very successful partnership with Qualcomm. These The The BMW brand is a promise, and we deliver on our promises. We continue to build upon the strong position we are in today, and with the rollout of Neue Klasse technologies and products over the next two years, we will bring the company to a whole new level. Thank you very much, Oliver. Ladies and gentlemen, we now have a short break before we move on to the Q&A sessions. See you in five minutes.