Thank you very much, and welcome everyone to our Investor and Analyst Call and the ad hoc Release that we issued today around the planned independence of ContiTech. Thank you very much for being available on such short notice. Today's call is hosted by our CEO, Nikolai Setzer, our CFO, Olaf Schick, as well as Christian Kötz and Philip Nelles, our board members responsible for Tires and ContiTech. A small reminder that both the press release and the presentation of today's calls are available for download on our IR website. Before starting, we'd like to remind everyone that this conference is for investors and analysts only. If you do not belong to either of these groups, please kindly disconnect now. Following the presentation, we will conduct a question-and-answer session for sell- side analysts. To provide a chance for all to ask questions, we would like to ask you to limit yourself to no more than three questions. This will help us to conclude on time, which is especially important today since we have to conclude after 45 minutes. With this being said, let me now hand over to our CEO, Nikolai Setzer. Thank you, Max. Not that long ago, our Capital Markets Days in December 2023, I guess you might remember, we said or promised that we are entering into the era of execution. We are very proud to say that we are executing. We are executing on what we said. With those executions and the decision of this morning to prepare and go into the independence of ContiTech, we are undergoing the most profound transformation in Continental history. You might say even already before with the decisions which we took, spin-off of Automotive Group, transfer of group functions to the group sectors, and as well the OESL, the sales process which we started within the ContiTech perimeter. You see, those are many, many transformative actions which we are undertaking, all with the same aim to increase value and crystallize the full value which we see in this company, in the three sectors which we see clearly in an independent and much more pure play approach than we had it before. Just two weeks ago, it was the first presentation on the IR side of the early look on the Automotive standalone. As we have informed as well on the transfer of the group functions, you see not just Automotive was addressed, as well as we mentioned, we are getting the three sectors into the most independent structure to act already as independent, having group functions transfer, being close to the market, close to customers. It's not just the group functions into Automotive, which you see on the right side on that chart, whereas the new Conti Tires and ContiTech basically half of our business, so close to EUR 20 billion sales both sides, 96,000 employees on the other side. Very, very basically the half of the company, not just transferring those group functions to Automotive and making Automotive capital market ready, which we are pursuing, but as well setting the base for the decision which we took this morning, having as well group functions. First of April, 85% of the employees working on the group side, they have been already transferred into the sectors and they have now sector functions in order to fully leverage the potential being called to that and being able to do this for the company itself. Looking at what we have achieved on the spin-off side so far in Automotive, we have started with the kickoff with the detailed analysis in August 2024, so not even one year ago. We have achieved in the meantime a lot. We have announced the deep dive analysis, which we finished then in December with the board decision to pursue the spin-off and where we have laid out the new Continental structure, so to say, going forward. The March 12th Supervisory Board has decided to pursue further the spin-off. It was approved. As next, as you know, our AGM, April 25th, is coming. Not just this. We have as well, in the meantime, on our way from March 12th until today, pursued and realized the publication of the spin-off documentation. This is done for the AGM, April 12th, April 25th. We have invited already. Invite is sent out to the shareholder. This is on its way. Automotive consistently becomes more and more capital market ready. This is an ongoing task which we are continuing for the time being, but we made great progress here. We have announced governance, the main governance functions. The CEO, CFO, as well as Chairman of the Supervisory Board, they have been announced, which are now in a position to shape further the governance functions and drive the structure of the board forward. We have given more security on the balance sheet, as well as on the net cash position, which we have determined for Automotive. A lot has happened in the last four-six weeks and a lot will happen. Next steps, as said, is the shareholder meeting on April 25th, the AGM. From that, we are going to the capital market space, which are two days. June 24th is Automotive, focus on the Automotive business. On the 25th, we will use for Tires and ContiTech. Based on the announcement of today, we will give, and Olaf will come to this later on, give a little bit more details of the concept phase, which we deem to have finished until that point of time where we are and where we are going forward. From there, there will be many roadshows and in particular specific roadshows for the Automotive, for Automotive business as the listing is targeted for September 2025. You see, a lot of things are ongoing, not just within Automotive. I have mentioned, of course, the decision today for ContiTech's independence, as well for OESL, the group functions which will be transferred, 85% already done, more to come. To make this clear, the absolute priority for us is the spin-off, which we are working right now with all hands on deck. We will make absolutely sure that nothing is stopping it. However, we deem, and that's why we announced it today, we want to make best use right now what we can start preparing parallel, what we can already assess, analyze, what we can take already today and decision knowing what the future outcome is we should take, we are obliged to. That's what we deem as well as a preparation of portfolio management, giving as well transparencies to our teams. As of today, all teams know what's our targeted structure, where to go into, and everybody can pay in in order to make this structure really successful going forward. The company will change as well on the new Continental, so to say, and we are actively shaping it. We are actively shaping the future. As I said, step one was already with establishment of the legal entity, which I prefer gets into its first glance and its strong warm start, let's put it that way. We have worked on the OESL carve-out and the legal and physical independence of OESL. We are on our way to finish this in order to be then able to complete the OESL transaction within this year. At the same time, while OESL is carved out and we are working on the sale of the OESL business, we have created and we are shaping further two strong and independent group structures, two champions, as we are saying, clearly are able focusing on their business, which we were doing in parallel to the spin, as said before, and just by the OESL carve-out or putting this aside. The target which we communicated coming back to Capital Markets Days 2023, Philip Nelles announced that we have a short-term target to get to 80% industry business. As we clearly see that in this market, we have very strong assets, our technologies, we are close to the market. We deem this as the area where we can create the highest value. We have achieved then after the OESL sale, this one and industry business together with the SSL Surface Solution business is then the perimeter going forward. We are focusing then on the independence of ContiTech. What you can see, and this is one part of the drive, the other part, as I said, we have created two champions where we clearly believe they have in independence greater potential to leverage their value creation. We see as well with the OESL transaction, this removes another commonality between Tires and ContiTech, which has been always strong, which was the Automotive market together with our Automotive business. With OESL out, with 80% industry, we have very, very different market and customer focus on those two sectors. In addition, we see over time more and more limited non-business critical synergies. They're non-business critical because they are limited and they are further going down on the R&D on the technology side. With ContiTech moving as well into a material solutions industry business, it gets more and more away from a pure rubber player and being a multi-material part where even synergies on the purchasing side are very, very limited. That's why we are starting now the evaluation of the transaction form. This is the concept phase which we are starting, sales as the most probable option. We want to provide as well transparency from the start. Of course, in this transaction form analysis, we don't exclude anything. We are doing this very thoroughly until the Capital Markets Days. From today's point of view, looking in what is the best for the company itself, talking proceeds and talking structure, and what's the likelihood to execute such a transaction form as sell is the most probable one. Overall, to sum it up, the group with those two going forward sectors, there is nothing to justify this group structure. This is clear not coming from the synergy. Very consequently is the next move which we started. To explain this a bit as well from the history side. This is not a sudden situation which we realize today. We see that it's a clear logical step over time how Philip and the team have developed ContiTech. From a synergetic rubber solutions player, as I mentioned, ContiTech is focusing more and more on very creative new innovative material solutions with reduced rubber exposure. Both parties with relevant auto customer overlaps. I mentioned this already on the chart before. Now almost pure industry focus with ContiTech. This is diminished to a much more level. There are no commonalities on the market and customer side anymore. From an integrated product groups with shared central functions, it gets to a very slim and ContiTech is getting a specialized and customer-centric business. It was started two years ago with the realignment of ContiTech by Philip. Now more we follow suit and we are going to get even closer to customers and to the markets and giving ContiTech the opportunity to take its own decisions. Looking for scale in the past and looking as well 10, 20, 30 years ago, ContiTech hasn't had the scale to be successful on a global scale and being strong enough versus global competitors. If you look right now with its organic and M&A growth, which we realized the largest one was the Vayance acquisition, but there have been several smaller ones which have been constantly integrated and moved upwards, organically grown. We are now ready. We have a strong scale. Philip will come to this in a second. We have strong top player in this market. We are ready to go for it internally. Looking externally, we clearly see a subdued industry. Not on Automotive. We see it as well on the industry side. The last decisions for global trade, let's put it that way, or the last environment is giving us more and more, and we see it within the group, the conviction that pure play right now, being focused, being agile, having speed is a clear competitive advantage. That's why we want to focus on that. It requires for ContiTech now really having industry focus and being able to take its own decisions. As we said, we clearly believe that the standalone value creation potential outweighs limited non-business critical synergies. To sum the part up, with the targeted transactions, we are creating not two Automotive and rubber. We are creating three champions. That is how we see it. That is what we promise, and that is what we are engaged into it. Honestly, we are convinced as well in OESL. We see the business further, which we turned around, further improving. We will give our very best in order to make as well out of OESL a champion for the new destinies which will come. Now looking into the two sectors and Christian, how do you envision going forward the situation for tires? Thank you, Nico, and a very warm welcome also from my side, and thanks for joining in. Obviously, the tire sector is the least impacted sector by the initiated transformation. Our strategy clearly remains unchanged. Nevertheless, we are also as a tire organization and team truly excited about the changes we have initiated because we are deeply convinced that as a pure tire company, we are even better prepared to, number one, master the challenges, but also number two, utilize the opportunities given by the global tire industry or by the global tire markets. You know, since many years, it's a very competitive and resilient player in the global industry, and we do really remain extremely confident that we have all ingredients in place, so all basics in place to maintain this resilience and to continue to defend, let me say, our leading position in the industry when it comes to value creation performance. Talking about the ingredients, as said, we are deeply convinced that we have all basics in place. We have the necessary customer-centric organizational setup and mindset. Number two, we have a very attractive global brand, which is continuously improving, mainly and even more so outside of Europe. We since many years, as you all know, have a very strong brand reputation and awareness in Europe and constantly extending this leading brand awareness and recognition also outside of Europe. Last but not least, obviously, the technology and the quality in place to defend and maintain our leading position, which is amongst others, again and again, proven by press tests and other neutral sources. Second, since decades, I would say, we have done the necessary measures and have also continuously invested into our global manufacturing and supply chain footprint, which we do believe is really industry leading or amongst the industry leading footprints, which does provide the basis to deliver the results and the resilient value creation performance you have, we have appreciated over so many years. Being highly capital efficient, a high cash-generating business, which we have proven over many, many years, which do provide the basis for an attractive shareholder return business model. Nevertheless, looking forward, we do believe we not only have the basics in place, but we also do believe we have short and mid-term margin upside potential compared to where we are today, where mainly in two areas. Number one, we need to and are more than convinced and committed to utilize the price mix opportunities given by the market. Second, by consequently reviewing and executing a portfolio management process, making very conscious decisions in which business field segments markets we want to be active in, but also making very conscious decisions where we do not want to be active in to make sure that we really maintain our industry leading value creation performance. In a nutshell, we have proven over many, many years that we are a very resilient and reliable player within a very resilient overall industry. We are more than committed to maintain our industry leading value creation performance, and we do and we are deeply convinced and ensured that we have all ingredients in place to maintain this industry leading value creation performance. As an independent pure play tire company, even more so, I have mentioned this on many occasions because we are deeply convinced that will give us even more flexibility, independence, and speed and agility to react to an ever faster changing business environment we are all facing, not just in the tire industry, but definitely also within the tire industry. Philip, a word about ContiTech. Yeah, thank you, Christian, and hello from my side. Happy to join the call today. It is very clear ContiTech will be and is already today actually a material solutions powerhouse. And why is that? Because over time, organically and by acquisitions, ContiTech has been growing and adding volume and businesses not only in the rubber space, but also increasingly in the thermoplastic space, combining materials, creating solutions for customers with materials and based on solutions. This we do since our realignment two years ago with a much more customer-centric business model to be close with our customers with a high degree of dedicated experts and material expertise in the market, really providing tailor-made solutions for a very diverse customer base in very attractive margin business spaces where we are in, especially on the industrial side. With the recent, let's say, development also progressing on the sale of the OESL, our Automotive ContiTech business, which is nicely progressing, we really intend to sharpen the profile to become an industrial player and surface Solutions provider, which is definitely fueled by this approach becoming an 80% industrial market-oriented company. That is for us important as we address with this move markets which are seeing global trends for further upside potential being active in these markets. Just to give you a flavor on size and performance, you see it with the numbers. Taking out OESL for a second with the progress of the sale, ContiTech remains with industrial solutions and Surface Solutions with sales and revenue of EUR 4.5 billion sales and a strong margin of 8.1% for a 2024 number here, which is in very dynamic and difficult industrial markets, a very strong figure. With employees of around 23,000, we generate this business and we intend to even grow, especially while we look at our go-to-market strategy to further increase and grow, especially on the aftermarket share, a very attractive market for us overall. That helps us and will be us ContiTech a material solution powerhouse not only in the industrial OE space, but for sure generating strong growth potential and value creation potential on the aftermarket side. Overall, with a number of activities that not only on the top line for growth and value creation is us with a very attractive upside potential in our core industries. It also is around a lot of self-help measures where we have initiated a lot of activities that will drive down variable costs as we move forward, harmonizing, standardizing with our new focus on key products and key markets where we intend to scale up and make sure efficiency is the name of the game for us, increasing even and seeing a clear attractive margin upside for us at ContiTech. With that, you see ContiTech has a great story to tell and talk about with an upside potential, growing and value creating with strong margins and attractive markets. With that, over to you, Olaf. Thank you, Philip. I think if you listen to the colleagues, this is very exciting. This is a good day because we have a clear plan for the future setup, exciting businesses. Let's look at the roadmap ahead. We are in the execution mode, transfer group functions to ensure capital market readiness of Automotive. This is on track. Auto spin-off, you heard it from Nico, Supervisory Board approval achieved, capital allocation decided. Next is the AGM. We are on track for the spin and the listing in September. As Nico said, this is in real estate absolute priority for us. We have the OESL M&A transaction. We are in the midst of the transaction. We plan to execute in 2025. More to talk later, probably at the Capital Markets Day. Now the transaction of ContiTech. We took today the decision to make ContiTech independent. We are entering the preparation phase, and we will look at the details of how to execute such a transaction, how it will look like, legal tax transaction structures, and so on. Currently, we do not see red flags to execute a transaction in 2026. All the three different phases fit well together. If you go to the next page, to summarize, with the transaction plan we announced today, we are targeting the full independence of ContiTech. In the upcoming weeks, as I said, we will evaluate the transaction concepts and the timing in detail. Right now, we see a sale, and Nico also mentioned that already as the most probable option. It is important that we are doing all these in parallel, with speed and dedication, but also diligently to ensure that everything will be executed according to highest professional standards. Now more will be shown, and we inform you at the Capital Markets Day. I can tell you it will be exciting, and hope to see you there. Back to Nico. Yeah, I hope you could see to sum this all up that we are clearly actively working on crystallizing value. As Olaf said, the team is thrilled to go this way. It's a lot of work, but we clearly are determined because we see that this is the best way to crystallize and realize the value potential which we clearly see in our businesses. We have strong technologies, we are close to markets, and we see that this will unleash the potential and give us more opportunities, in particular in such very bumpy times which we see right now, where fast players are clearly having advantages. We are following execution, you heard. We are not just following, but we are executing on our target picture, which we clearly said, with a pure play strategy and creating individual champions, a set three plus one. If we do not forget OESL, we will do the best in order once this business is getting into freedom, that they are well equipped in order to be successful as well. However, it offers great opportunities for the ContiTech industry side to develop even faster. Olaf made that clear. We have a priority-based execution. We have clearly set those priorities, and step by step, we are executing. We have so far ensured that we are staying on track and we are determined. Keeping the way, be ensured we prioritize, we make sure that this all happens within the timing and that we are ensuring our goal achievement. That's why clearly we have set up as well. I hope you could see this on the chart before, a step-by-step approach. We are parallelizing what we can prepare in parallel. However, we make sure that we are executing and we are focusing as well in order to do this step by step. With that, Max, I hand over back to you for the Q&A. Should give us with 20 minutes sufficient time. Yeah, let's open up the line. The first question is from Horst Schneider, Bank of America. Over to you. Yeah, thank you for taking my questions. It's Horst here from Bank of America. Good morning. I've got the first question that I have relates to the planned disposal of OESL because I was thinking only these days with the tariffs, I could imagine it's not anymore as easy as it was to sell the business, and there's some debate on tariff impact, etc. As far as I got you in this call, can you confirm that basically the disposal, it's on its way? You sound confident, to be honest, on that. If there were basically then discussions coming up on the price again with the party who wants to buy, you would rather like to get that executed and executed if the price is not that important, or is there basically a price where you would say, "Okay, we rather wait now because uncertainties are too high"? That also refers then to the rest of ContiTech when the independency is coming in 2026, and you say a disposal is a preferred option. If that was proving difficult, the preferred option could be also just the spin-off again. Maybe you can elaborate on that. The last question that I have is ContiTech is for me always kind of a bunch of activities, which I have got problems to understand, especially regarding what is now making the margin, where's the cash flow. Can you maybe give again some color on OESL versus rest of the group? If OESL goes out, then to what extent ContiTech basically sees an uplift in the margin that it generates? Thank you. Okay, thank you, Horst. Happy to answer your questions. First of all, on the OESL side, then I give over to Olaf, and then Philip comes. I am sure that he will tell you we will refer for the Capital Markets Days to get more information and get more insight into ContiTech, and we will highly prepare for this part. For OESL, yes, the disposal is on its way. We are full steam ahead. Information memos are out. We have interested parties, so we are following suit on this one. You referred to the tariffs as well on the OESL side. We have a consistent footprint. We have a strong US manufacturing side. We are as well located in Mexico, so nothing else than anybody else in this function. We see this as being neutral for any disposal part, as neutral as you can be in the current climate, but there is no disadvantage on that side, and there is nothing which should hinder us to pursue further. Our target is to create value for the group. The last answer, how important is price, as you mentioned? We deem this asset as a strong asset going forward, so we believe there is strong value in it. However, we obviously will take in the whole constellation of the group, the decision in order to create value for the total group. This is how we go. We will inform farther how this goes, and our target for OESL is to complete this transaction within 2025. Once we get feedback from the buyer front and so on, we inform farther how that goes. As I said on the Capital Markets Days, we might have more information for that. On the second question, Horst, sale versus spin-off ContiTech. First of all, ContiTech is a very attractive industry asset, no doubt, highly attractive. We know that. We are looking at sale versus spin-off versus IPO or maybe dual track, but our first analysis shows we clearly see sale as the preferred option. At this stage, we will further look into it and then in the next phase, in the next weeks. Why sale? Because of transaction proceeds, because of complexity of the transaction. We see sale possible to a strategic, but also to a PE. That is why we say independent setup of ContiTech to ensure that we could also execute a sale to a financial investor. Philip? Yes, Horst, thanks for the questions. To give some flavor on ContiTech, with the process of selling OESL, we also managed a strong turnaround program, improving the business on the P&L, but also on the cash position. Really strong improvements over the last 12 months. Looking into the numbers of the rest of ContiTech, if you take my chart that I shared just a few minutes ago, EUR 4.5 billion revenue size of the industrials, organized regional organizations, and the surface solutions in total with just above 8% EBIT. Here, clearly, to give some flavor, the SSL, which has Automotive surface interior volumes inside, is a bit dilutive. The industrial part is significantly stronger than the Surface Solutions business. Stay tuned for the Capital Markets Day. We will have some more details showcasing the attractiveness of ContiTech there. OESL is still below the ContiTech average margin, right? That's for sure. Yes, absolutely. We mentioned this low single-digit EBIT margin, which we have. If you compare the chart there, then it implies roughly EUR 1.9 billion of sales at around 1.5% margin. If you do the pure math. Thanks, Max. All right. Thank you for that. The cash flow of ContiTech, it's for sure positive, right? For sure. They are both positive. ContiTech in total is positive, as well as OESL providing standalone positive cash flow as well. Okay. Thank you so much. Thanks a lot. The next question is from Christoph Laskawi of Deutsche Bank. Over to you. Good afternoon. Thank you for taking my questions as well. The first one would be on the integration between the plants and Tires in ContiTech. Is there shared plants? Could you comment on how easy it is to separate those, if there are any shared facilities at all? Following up a bit on what Horst asked, I mean, ContiTech seems to be pretty cash-generative when just looking at the numbers that you state. It might be too early to ask for that, but in the case of the disposal, I would see no reason not to sort of include that, right? With the cash profile, it could carry that quite well. Any comment on that would be much appreciated. Thank you. Maybe you refer to it again. It's pretty easy. Thanks also for the question. I mean, we're pretty much separated, so we don't see significant effort to separate our operations, and various streams are pretty much independent from each other. There are very few locations where we have commonalities, very few. This is a relatively non-complex separation going forward on the plan side. There are certain other IT infrastructure and such things which we have used the synergies, but this is what we work then in our operations. Your question with regards to cash generation and potential debt, which might get over, yes, ContiTech has been strongly cash contribution with a high cash conversion rate. Once it comes to what Olaf said, proceeds are coming, then we would evaluate in a way which we always do, how much is the leverage between ContiTech and then the tire business. We will make sure that the tire business will have leverage, which is in line with going forward in the business. We are moving further with the proceeds of what we can do. Yes, either ContiTech would get a certain debt, which is then in line with the business going forward, or it would be without debt, and this could be then used for deleveraging. If deleveraging goes further, it could mean then dividends, share buybacks, whatever, if there's something left from the proceeds standpoint. Fully agree, but it's also a bit too early right now to tell more. Exactly. We will work on the details. This is the standard answer, so to say. We would follow the logic. Understood. Thank you. Thank you very much. The next question is from Harry Martin of Bernstein. Over to you. Thanks very much, everyone. A couple of quick questions. The first one, just looking at the timeline, are there any ContiTech separation-related costs that will happen before 2026 from the transfer of group functions or anything else? The second question is for Nikolai. How do you see your position as the CEO of the holding company evolving after it is split into three? Thanks very much. I'll start maybe with the second part. As I've mentioned it before as well, my task is to direct the future of the company into the future alignment and to its structure. Once my task is completed and I'm not able to create more value within the group, then my job is done. When this time will be remains to be seen. For the time being, we are starting now this journey on the ContiTech side as we see that most likely such a transaction could happen in 2026. I'm making sure that this realignment takes place. Once it is done and we declare it as done, then my job is done. Thank you, Olaf. Maybe I start and then you can add. I mean, ContiTech is today already quite independent in setup. Also regarding battery function, I'm maybe transferring right now group functions also to ContiTech. As we also said earlier, the synergies between Tires and ContiTech are very limited, right? That also means that the synergies are limited. All set. I would have given the same answer. Okay. Fine. Thank you very much. Thank you also from my side. Dear ladies and gentlemen, just a quick reminder, if you would like to state your question in the conference call, please press nine and then the star key. All right. The next question is from Ross Alexander MacDonald of Citigroup. Please, the floor is yours. Thank you. Hopefully, you can hear me. Three quick questions from my side. Firstly, on the RemainCo, you recently adjusted the dividend payout ratio up to between 40% and 60%. Is that a fair estimate for the dividend payout policy of the business following any sale of ContiTech? A second question just for Christian, given this will increasingly become a pure play tire business over time, can you maybe help us understand how you see the tariff impact for tires over the medium term? I assume this will drive significant US tire inflation, and I'd just be curious how Conti can participate in that through net pricing, and also what these tariffs could mean for the budget share of tires in Europe. A final one just on the ContiTech transaction. I'm just be interested if you've had any notes of interest from financial sponsors in the ContiTech assets, and maybe just to help us out with some key competitors that we can look at in the equity market for ContiTech. Thank you. On the first one, dividend payout ratio for Remainco is correct. This is the plan, 40%-60%. This will stay regarding to the transaction. As Nico explained earlier, if we then later look at proceeds from a ContiTech transaction, then we will look at deleveraging, we look at shareholder return where there is special dividend or share buyback. Second question. Yeah. I mean, before I go into the tariffs, just to add here, Ross, thanks for the question. We are aware that the tire industry is not necessarily a growth industry. That's why the shareholder attractivity is rather healthy and strong dividend policy. That's why, yes, the dividend ratio of 40-60% is then also the target for a potential standalone tire company. Pure play tire and what does tariffs mean? The tariffs are extremely complex. You are not having only tariffs now on tires, but you also have tariffs on raw materials, steel, natural rubber, dependent on where they come from. What this all means in terms of potential impact on production locations is very, very complex and needs to be analyzed in significant further detail. It's not just, okay, you apply a tariff now on a tire, which is produced somewhere, but it's also a lot of tariffs on raw materials being shipped all over the world. It also affects, it will affect significantly costs of tires being produced even in the US. Number one. Number two, there is not sufficient capacity to produce the demand in the US locally, by far not sufficient capacity. We have a good feeling for what the ratio is. This will also not change short term because, as you all know, tire industry is a capital-intense industry. If you want to share or change this picture, you have to invest a lot of money. Number two, it takes a lot of lead time. To be honest, it is too early to tell what this all means because it is very, very complex. Overall, we do believe, are convinced that the steps we have taken over so many years to follow our strategy in the market for the market is not just for the US, but for all regions, the best policy, because it's not only tariffs existing, as you know, potentially on tires being imported to the US. Many, many countries do have import duties on tires. The overall strategy, therefore, to be in the market for the market should be definitely mid to long-term a competitive advantage. This is why we have done what we have done. The fact that Europe is as well too early to judge where tires might end. This was the core of your question, I guess. If it's not ending, then due to tariffs in one market, might it come to the other market? We are not that strongly exposed to the budget side and how the market will come remains to be seen. The trade down is probably maybe another basic behind the question. We see with higher inflation, then the risk of customers buying less premium tires and more budget tires. I mean, that's a question which we are having since many, many years. What we do rather see is strong stability in the premium segment. On the other side, also rather growth on the budget side. The area which is the most under pressure is then what we call the quality segment, the in-between. You either qualify for a premium or you hit a market with very, very cost-conscious buyers. We are not really concerned about significant impact on the premium share. The last question was whether we have got also a very ask for ContiTech, whether there was interest. I can say since longer here in the board, there has been consistently interest in ContiTech from several players in the market. It is a very attractive asset. We see this as well confirmed where we're going in particular once we are focusing it clearly on the industry side, which is a much less cyclical part, which provides more stable margins where we have, due to our market presence and customer presence, a strong footprint where there's potential to further grow this business. We have unorganically as well grown strongly. There are great other assets which might fit to ContiTech. There is a lot of music in this asset which we see and how much we will see then in the process once we have taken then as well our decision on the transaction concept and more to come then on the capital market side. Thank you very much. Very detailed. Thank you very much also from my side. Dear ladies and gentlemen, due to time limitations of today's call, I am with that closing the Q&A session for today and handing the floor back over to the hosts. Yeah, thank you very much. And thanks everyone for joining today's call, especially given the short lead time that we gave you. As always, the Conti IR team is available if you have any remaining questions on today's announcements. Other than that, let me remind you that we are currently in quiet period ahead of Q1 results. I am looking forward to welcoming you all back on May 6th for that event. With that, I would like to conclude today's call. Thank you very much and goodbye.