Ladies and gentlemen, good morning and welcome to the telephone conference of the BMW Group. Today, we have here Milan Nedeljković, Chairman of the Board of Management, and our CFO, Walter Mertl. First, Walter will take you through our financial results. Milan will give you a general business update for the BMW Group. After a short break, we will have time for our Q&A sessions. Now, Walter, please go ahead. Thank you, Max. Ladies and gentlemen, good morning. Our second quarter results reflect the challenging market conditions the BMW Group is currently facing, as outlined in our ad hoc communication on June 16th. During the quarter, both the Chinese automotive market and BMW Group retail sales in China continued to decline. At the same time, higher export volumes from China increased competitive intensity in other markets, with a particular impact on our business in the Asia-Pacific region. Together with the effects of the ongoing conflict in the Middle East, these developments weighed on both our sales and financial performance. While BMW Group deliveries increased by 7.6% in Europe and 11.9% in the U.S., this was not sufficient to offset the decline in China and Asia-Pacific. The group revenues amounted to EUR 31.3 billion in the second quarter and EUR 62.3 billion in the first six months. Group earnings before tax totaled EUR 1.7 billion, a decline of 35% compared to the second quarter of last year. Year- to- date through June, group earnings before tax declined by 29.4% year-on-year to around EUR 4 billion. This resulted in a group EBT margin of 5.4% in the second quarter and 6.5% for the first half of the year. In the automotive segment, EBIT amounted to EUR 629 million in the second quarter, corresponding to a reported EBIT margin of 2.3%. This reported margin includes a burden from elevated tariffs of 1.25 percentage points in the second quarter. It also includes the depreciation from the BBA purchase price allocation, which reduced the EBIT margin by 1.2 percentage points. After six months, automotive EBIT amounted to around EUR 2 billion with an EBIT margin of 3.6%. Let me now provide more detail on the performance of the automotive segment. In the second quarter, the BMW Group delivered around 591,000 BMW, MINI, and Rolls-Royce vehicles to customers, 4.9% less than in the same quarter last year. Looking at the development by brand, BMW delivered around 509,000 vehicles in the second quarter, down 7.7% year-on-year. The MINI brand continued to perform well. Deliveries were up 17.1% compared to the prior year quarter, supported by strong demand for our all-electric MINI models. This brings me to our BEV retail sales. Between April and June, the BMW Group delivered around 117,000 all-electric vehicles to customers worldwide, including plug-in hybrids. Sales of electrified vehicles amounted to around 163,000 units. This corresponds to a BEV share of 19.8% and an electrified vehicle share of 27.6% of total group deliveries in the second quarter. Europe remains the main growth driver for our all-electric vehicle sales. Supported by the start of customer deliveries of the all-new BMW iX3, BEV sales in Europe increased by 38% year-on-year to more than 81,000 units. Almost one in three vehicles sold in Europe was all electric. This BEV performance in Europe supports our expectation that we will once again meet our CO2 emission targets in the EU in 2026. Automotive segment revenues declined by 7.7% to EUR 27.2 billion in the second quarter. The decrease was primarily driven by lower sales volumes and a highly competitive market environment. Let's now take a closer look at our sales performance across the major regions. In Europe, our largest sales region, retail sales increased by 7.6% year-on-year. In the Americas, retail sales increased by 9.4% year-on-year, driven primarily by the U.S., where deliveries grew significantly by 11.9%. In the U.S., the BMW brand once again outperformed the overall market in the second quarter. Higher deliveries of vehicles with internal combustion engines more than offset lower BEV sales. In China, the downturn in the automotive market accelerated further during the second quarter, predominantly in the non-electrified vehicle segment. In this highly competitive environment, BMW Group retail sales declined by 30.2% between April and June. For the first six months, retail sales in China were down 20.4%, in line with the overall market decline of 20.2%. Against this backdrop, our focus remains on achieving the right balance between sales volumes, transaction prices, and profitability for both the BMW Group and our dealer partners. In our sales region, Asia Pacific, Eastern Europe, Middle East, and Africa, deliveries declined by around 9,000 vehicles or 10.9% year-on-year. Several markets in the region were affected by spillover effects from China, as well as weaker consumer sentiment resulting from the ongoing conflict in the Middle East. Let's now take a closer look at the year-on-year development of automotive EBIT on the following slide. Changes in currencies had a negative impact of around EUR 400 million on EBIT, while raw material positions were broadly neutral compared to the prior year quarter. The adverse FX development seen in the first quarter continued into Q2 as expected. We expect FX headwinds also in the second half of the year, although at a lower level than in the first six months. The net effect of volume, model mix, and pricing resulted in a negative impact of around EUR 1.8 billion compared to Q2 2025. A large share of this impact was related to China, which was also the main driver behind our guidance update in June. Besides lower sales volumes, the decline in this position mainly reflects the highly competitive market environment across a number of regions, as well as weaker consumer sentiment in selected markets. Since we fully consolidate BBA, the current headwinds from our business in China are fully reflected in automotive EBIT. Research and development expenses recognized in the P&L increased by around EUR 100 million year-on-year. This was mainly due to an increase in depreciation of around EUR 150 million related to capitalized development costs from previous years. As in the first quarter, group R&D expenditure remained below the prior year level in Q2. Total R&D expenditure amounted to less than EUR 2 billion, a decrease of 3.8% year-on-year. This is in line with the trend of R&D and capital expenditure reduction that will continue for the remainder of the year. The R&D ratio, according to the German Commercial Code, came in at 6.3% for the second quarter and 6.0% for the first half of the year. Reducing our operating cost base remains an important priority. Accordingly, selling and administrative expenses decreased by around EUR 200 million year-over-year in Q2. Other cost changes provided a positive effect of around EUR 1.2 billion compared to the second quarter of 2025. This reflects a number of factors, including lower warranty and manufacturing costs, as well as tariff-related effects. Overall, we reduced expenditure by EUR 400 million in the second quarter and EUR 900 million year-to-date through June. Automotive EBIT for the second quarter amounted to around EUR 629 million, and after six months it totaled EUR 2 billion. The free cash flow in the automotive segment amounted to around EUR 500 million in the second quarter of 2026. The net change in working capital reduced free cash flow by around EUR 1.3 billion. This was due to an inventory buildup during the quarter as production exceeded sales volumes. We have already made the necessary adjustments to our production planning with the objective of bringing inventories back towards the prior year level by year end. The net effect of capital expenditure and depreciation contributed around EUR 600 million to free cash flow. As in the first quarter, depreciation exceeded declining capital expenditure in Q2, providing a positive contribution to free cash flow. Throughout the year 2026, depreciation will remain above capital expenditure. The CapEx ratio was 4.1% for the second quarter and 3.1% for the first six months. In the first half of the year, we have reduced CapEx by more than 30%. The change in provisions reduced free cash flow by EUR 500 million in Q2. This includes the consumption of warranty provisions. Other items increased free cash flow by EUR 1.1 billion. This position covers multiple topics, including accrued expenses and interest received. In the first six months, free cash flow amounted to EUR 1.3 billion. For the full year, the BMW Group is targeting an automotive free cash flow above EUR 2.5 billion. Ladies and gentlemen, the BMW Group remains committed to its shareholder return strategy, which includes both dividend payments and share buybacks. We completed the second tranche of our third share buyback program on June 26th, two months ahead of the original schedule. The third and final tranche started on July 1st and is expected to be completed no later than November 30th, five months earlier than originally scheduled. Once completed, the third share buyback will have reached its full volume of EUR 2 billion. For 2026, this represents a capital return of EUR 1.25 billion to our shareholders under the current share buyback program. This acceleration of the third tranche underlines our focused approach to capital allocation. At the BMW Group, we take a long-term perspective to create sustained value for all our stakeholders. For us, financial performance and responsible business management go hand in hand. Alongside our environmental commitments, this also means maintaining high social and ethical standards across our operations and supply chains worldwide. In an evolving competitive landscape, we believe that customers worldwide will increasingly value these standards as an important differentiating factor. Let's now turn to our financial services segment. In the first half of the year, the number of new contracts concluded with retail customers increased by 5% to 866,000 contracts, as the penetration rate for lease and loan products increased to 52.9% in the first six months. This development was supported by changes in the competitive environment in China. Since mid-2025, local banks have significantly reduced commissions related to the brokering of financing and insurance products for end customers. Adjusted for FX effects, total new business volume grew by 6.1% to about EUR 33 billion. Segment earnings for the first half of the year amounted to around EUR 1 billion, down 15.4% year-on-year. This decline was mainly driven by an addition to an existing provision for a consumer compensation program in the U.K. in the first quarter. In the second quarter, financial services earnings increased by 15.7% year-on-year, supported by this larger portfolio volume. In the first half of the year, the credit loss ratio across the entire credit portfolio remained low at 0.27%. In the motorcycle segment, deliveries declined slightly by 1.9% year-on-year, and segment EBIT increased to EUR 141 million, resulting in an EBIT margin of 15.2%. Ladies and gentlemen, based on the results for the first half of the year, we confirm our updated full year guidance communicated in June. Group earnings before tax are expected to decrease significantly. In the automotive segment, we expect deliveries to decrease slightly and the EBIT margin to come in within a range of 1%-3%. This includes a burden of up to 1.25 percentage points for the workforce restructuring program agreed with the Works Council. The EBIT margin in the motorcycle segment is expected to be between 4% and 6%, and in the financial services segment, we expect a return on equity in the range of 13%-16%. Ladies and gentlemen, our second quarter results reflect the challenging market environment we outlined in our guidance update in June. We continue to address the short-term challenges with targeted operational measures and disciplined management of costs, R&D spending, and capital expenditure. At the same time, we are intensifying our structural efforts to make the BMW Group faster, leaner, and more efficient in the years ahead. With our strong product pipeline coming to market and with the expertise and commitment of our employees, the BMW Group has a solid foundation for the years ahead. This is especially important as our competitive landscape is changing at a rapid pace. In this environment, our focus is clear: to manage the current headwinds with discipline, to strengthen the resilience of our business, and to lay the foundation for sustained long-term value for all our stakeholders. Thank you. Thank you very much, Walter. Now over to our CEO, Milan Nedeljković. Good morning, ladies and gentlemen. Over the past several weeks, we have seen how quickly our business environment can change. As Walter outlined, the Q2 results reflect our adjusted guidance. The figures in the first and second quarter are not satisfactory. The rapid deterioration of the market in China was the main trigger that forced us to adjust our guidance in June. New competitors are also expanding into several markets across Asia-Pacific, Latin America, and Europe. These market dynamics, however, are just one aspect of the fundamental changes in our industry. In a little over a year, several other factors have converged and have had a significant impact on our business environment, including headwinds from tariffs, trade barriers and currency exchange rates, increasing requirements in regulations, especially in Europe, and the impact of the ongoing conflict in the Middle East. To address these challenges, we are taking immediate, decisive action to drive the necessary change. This will ensure that we remain competitive and will return us to better results for the short, medium, and longer term. In the short term, we are taking steps to accelerate ongoing cost reduction initiatives, focusing on structural and efficiency measures. These will deliver a sustained reduction of our overall fixed cost. The impact will be visible from 2027 onwards and will provide a new baseline for our strategic and operational measures going forward. One important aspect is the dimension of the organization, which we will make leaner to increase speed and efficiency. We have made very quick progress with the General Works Council to reach an agreement on a workforce restructuring program. This includes a voluntary severance program in indirect functions in Germany. We will move forward with the implementation of the agreed measures in order to realize the benefits in the near term. As our industry continues to transform, we need to be prepared for the road ahead by tackling both our structures and our processes. To ensure that we are fit to deliver the necessary changes in the midterm, we are closely examining the entire value chain and have begun to take action on four key areas internally: customer journey, our organizational structures, delivery and purchasing, and engineering. To give you an idea of what we are looking at, on the customer side, our focus is on the continued implementation of a new sales model in Europe, which requires a shift in mindset from wholesalers to retailers. We are optimizing every touch point in our customer's ecosystem and leveraging the data we have to generate additional business opportunities. On the organizational side, this means making greater use of AI to further automate processing and increase speed, as well as accelerating decision-making throughout the organization. On delivery and purchasing, we are looking at how value creation is distributed globally and identifying opportunities to expand our local for local approach. On engineering, our focus is on increasing the speed of development through further standardization and commonality in engineering solution and components. Across all these areas, we will fundamentally transform the company. On the long-term perspective, we are consistently looking at the broader strategic picture, covering technologies, products, markets, and brands. In all of these areas, we are taking significant steps and picking up the pace. For example, we are reevaluating which technologies, model variants, and drivetrains we will need in the future. We are also further tailoring our approach to individual markets and their specific product and drivetrain requirements. We are evaluating where we can pursue new partnerships where it makes economic and technological sense. While we face a lot of headwinds at the moment, we also have a solid foundation to leverage. In Q2, we saw a strong performance in Europe and the U.S., which could partly counterbalance the development in China and Asia Pacific. Our performance in China to date in 2026 was at least in line with the overall market development. We will also build on key changes that we have made in the last years, in particular, the significant investment in Neue Klasse. This also includes the consolidation of the dealer network in China and at least the cost savings of EUR 2.5 billion that we made in 2025. As we look ahead, our strong portfolio of premium products and technologies, our drivetrain approach, and our global footprint provide us with the strategic direction as we navigate the current market environment. First, our products and technologies. The rollout of the Neue Klasse is now well underway. The BMW iX3 continues to see strong momentum. We are on track to reach the next major milestone of 100,000 orders. To support this incredible amount, we introduced a second shift at Plant Debrecen ahead of schedule. Since the start of series production, the plant has already produced 50,000 BMW iX3, the fastest ramp-up of a new BMW Group plant. We have also seen strong demand for the BMW i3 Launch Edition with initial orders, which we started earlier than planned in June. Regular ordering will open at the end of September. Just a few weeks ago, we also celebrated the world premiere of the new fifth-generation BMW X5. The new X5 shows the full potential of our technology-open approach, the second pillar of our strategic foundation. Customer needs and expectations vary widely from market to market and even within individual markets. Our Q2 sales also reflect this reality and the strength of our technology-open approach. In Europe, sales were supported by BEV growth, which jumped by over a third in Q2. In the U.S., sales of ICE vehicles drove growth to double digits in the second quarter as BEV demand in the overall market fell. The positive response to the BMW iX3, i3, new BMW 7 Series, and X5 shows that we have made the right investments to bring the right product momentum to the markets, and there is much more to come as our product ramp-up remains firmly on track. By the end of next year, we will have launched 40 new and updated models. This includes the first Neue Klasse models in China, the BMW iX3 and i3 Long-Wheelbase. Produced at our manufacturing base in Shenyang, they have been developed specifically for Chinese customer preferences and incorporate technologies from local tech players. This illustrates the third key pillar of our strategy, our global footprint with a local-for-local approach. In major markets, it allows us to better address individual market needs while serving demand through local production and supply chains. Particularly in challenging times, this offers a significant resilience and flexibility as developments vary from market to market. Ladies and gentlemen, we are operating in a dynamic and challenging environment. We are taking a critical look at how we work, including revisiting core processes and structures that previously were considered untouchable. We know we have hard work to do on the road ahead. My responsibility is to ensure that we pick up the pace and increase the impact. We know we can put the company back on a solid, enduring path to the premium profitability that the company is capable of generating. We remain ambitious and intent to return to our strategic EBIT margin corridor, 8%-10%, by the beginning of the next decade. In the interim, we will look our way back to this target step by step. Ultimately, it's about ensuring the long-term success in the company and creating value for our customers, our partners, and our investors. Thank you. Thank you very much