Good afternoon, ladies and gentlemen. Welcome to the Elmos Capital Markets Day 2026. Welcome back to all of you who followed our earnings call this morning. My name is Ralf Hoppe, and I'm responsible at Elmos for corporate investor relations and corporate communications. Today is all about Elmos. Following the presentation of our financial results and our optimistic outlook for 2026 this morning, we have prepared an exciting program for this afternoon. Over the next couple of hours, we'll give you a clear view of the cornerstones of our strategy, our great market opportunities and growth potential, our chances in China, leadership in innovation, our operational excellence, and of course, our financial ambitions. Let me briefly walk you through today's agenda. Our CEO, Dr. Arne Schneider will kick off the Capital Markets Day with the big picture, outlining our strategic priorities and how we see Elmos evolving in a rapidly changing global environment. Dr. Jan Dienstuhl, our Chief Sales Officer, will then discuss market opportunities and our right to win new business, explaining why we are confident in our competitive positioning and in our ability to capture structural growth towards our 2030 sales target. Dr. Burkhard von Spreckelsen, Chief Development Officer, will provide a detailed update on our China strategy, as you know, a key pillar of our growth plans and strategic agenda. After a short break, Jochen Vaihinger, CTO, will take you deep into innovation and technology, the core engine behind our long-term success. Dr. Patrick Schmitt, COO, will present our supply chain strategy and operational excellence, ensuring scalability, resilience, and performance as a fabless company. Finally, our CFO, Margarita Mamberger, will walk you through our financial performance and our targets, outlining how growth translates into profitability, into cash, and of course, into shareholder value. We will conclude with an open Q&A session. We encourage you to ask questions and interact with our executive committee. Ladies and gentlemen, we are convinced that today's presentation will reinforce your understanding why Elmos is uniquely positioned in an evolving automotive semiconductor landscape, and why we are so confident about our next phase of growth and value creation. Before we begin, of course, a short legal disclaimer as usual. Please note that today's presentation include forward-looking statements. These statements reflect current expectations and of course, are subject to risk and uncertainties that could cause actual results to differ from these expectations. Thank you very much for being with us today. I would say, let's get started. Please join me in welcoming our CEO, Dr. Arne Schneider. Ladies and gentlemen, good afternoon. It is a great pleasure to welcome you to our Capital Markets Day 2026. When we met at our last CMD in November 2024, we made clear commitments to all of you. Today, I can say with full confidence, we have delivered. We executed our strategy exactly as planned. We outperformed our peers. We gained market share and strengthened our competitive position. We started successfully on our new cash journey, and we created substantial shareholder value. I think the best news to all of us, to you, we are only just getting started. The best is yet to come. Let's see where we are. Elmos is a real global high-tech leader, enabling intelligent mobility around the globe. On average, there are 10 Elmos ICs installed in every new car globally. Our innovative solutions are used by virtually every major OEM worldwide, from Europe to the US to China, Japan, or Korea. From premium models with a lot of Elmos chips to entry-level vehicles with some fewer Elmos content, from combustion engine to fully electric platforms, our chips are not just components, they are the intelligent layer of a modern vehicle. Our ICs measure, control, and enable electronic intelligence at the edge of the vehicle architecture, where real-time data is generated, processed, and translated into safe, reliable, high-performance functionality. If you drive a car or if you plan to buy a new one, we are part of your daily life. You will most probably not see the Elmos logo anywhere in your car, of course, unless you grab a screwdriver and take things apart. I can recommend that just for knowing what's inside. We are working behind the scenes, under the hood, in the dashboard, in the airbag, in the HVAC system, or at the edge of the vehicle. We're everywhere to make your journey safer, more efficient, and more comfortable. Since 1984, for more than 40 years, we have transformed from a visionary startup into a real global leader. When we look back at the early days of our company, we see the courage, vision, and determination it took to turn a bold idea into a global leader in analog mixed-signal semiconductors. Our passion for innovation, our deep understanding of customer needs, our strong execution discipline, and above all, our tireless commitment, have shaped Elmos into what it is today. These qualities are firmly embedded in the DNA of our people, and we continue to drive our success every single day. Today, we are stronger and better positioned than ever before to lead the structural growth of intelligent vehicle electronics. Let me give you some examples. Our success is the direct result of the innovative and visionary spirit of our 500 engineers worldwide. Their passion, creativity, and technical excellence form the foundation of our competitive strength. Based on our best-in-class IP performance, Elmos has been recognized as the most innovative German mid-sized tech company in 2025. Elmos is part of the TecDAX, as you know, and one of Germany's largest listed technology companies. At the same time, we are among the fastest-growing members of the index, with only three out of 30 TecDAX companies achieving a comparable sales CAGR between 2021 and 2025. We are the global number one or number two in our key application segments. You see, leadership is not optional. It is a key element of our strategy and essential for our ongoing successful development. From our early beginnings to our position today and the significant potential that lies ahead, our journey has always been driven by relentless innovation, disciplined execution, and a highly committed team. I have already mentioned our strong performance in the last years. Between 2021 and 2025, Elmos delivered 16% sales CAGR, a very strong EBIT margin improvement, improving free cash flow margins, and solid EPS growth. We have clearly outperformed our direct peers, all global high-tech companies, most of them really bigger, a lot bigger than Elmos. In this five-year period of chip allocation and destocking, we have grown faster, improved profitability more, and generated substantial free cash flows. At the same time, the Elmos share still has a valuation upside. Despite our strong share price performance, our current valuation may not fully reflect the strength of our positioning we feel. There may be potential. We believe the market still underestimates the structural opportunity ahead of us. We see upside potential, we see that the trends are going in the right way, and we will see them materialize as we continue to execute our strategic agenda, grow profitably, and generate more cash. Looking at what happened to the share price, since January 2021, the Elmos share price has increased by 350%. Our performance actually crushed the average of our peers and the German TecDAX, where Elmos is a member since June 2024. Our performance was also significantly better than the SOXX, comprising of the 30 largest US-listed semi companies, including the very big ones like NVIDIA, Intel, Qualcomm, TSMC, or ASML, and of course, many of our direct peers as well. Including dividends, we have delivered nine times higher shareholder returns than the average of our peer group. We delivered structural outperformance based on disciplined execution, technological leadership, and a clear strategic roadmap. We think we are a great company, and we don't deserve any sort of discount. Ladies and gentlemen, we have delivered on our commitments. Let us turn our focus to the opportunities ahead. The automotive semiconductor market is expected to grow at around 13% CAGR until 2030, with a moderate annual growth of the underlying car volumes by around 2%. Correspondingly, the semiconductor content per vehicle is expected to increase by around 11% per year until 2030. This is structural growth. It's based on an acceleration of EVs, higher ADAS and autonomous driving functions in all vehicle segments, and the shift to new zonal architectures and software-defined vehicles. These megatrends play directly to our strength. Elmos is uniquely positioned to serve them with innovative, high-value IC solutions. Our midterm growth target is market aligned. We have chosen a conservative approach. The annual growth rate of around 12% is largely secured by existing serial business and design wins. We still see upside potential in our key segments as well as in adjacencies. Let me give you a few examples why exceeding our growth target is not unrealistic. More and more U.S. and European OEMs are going to follow the Chinese pace in rolling out Level 2++ ADAS across their full model range. e-mobility penetration in Europe is accelerating again, supported by stronger government incentives and an ever-increasing charging infrastructure. An increasing number of car platforms will be shifted to zonal architectures, enabling true software-defined vehicles and structurally increasing semiconductor content per car. Importantly, our current plan does not include any meaningful contribution from robotics. Already today, we supply sensor and motor control ICs to robotics manufacturers in China and the U.S. Honestly, given the early stage of this market, we have deliberately not built any assumption into our forecast. Even if we take conservative market expectations and we say they materialize, robotics could become an additional structural growth driver for Elmos. If that happens, we may have to revise and, of course, potentially upgrade our growth targets. Maybe at the next Capital Markets Day, when we can start counting robots. Today, we just love the robots. They are technically super exciting. We love them, but today we do not count them. My colleague, Jan Dienstuhl, will provide much more detail on how we plan to deliver our growth ambitions in our core business and where additional upsides from new technologies could emerge. All I can say, we feel very confident about our 2030 sales target of around EUR 1 billion. A substantial part of it is already underpinned by the design wins we have secured in recent years. Let me briefly remind you of the six priorities we defined at the Capital Markets Day in November 2024. These strategic and operational pillars form the foundation of our successful development and underpin our ambitious 2030 financial targets. Today, I can say this very clearly, we have delivered on all six priorities, and we have proven that execution excellence across the entire Elmos organization is one of our most powerful competitive advantages. In the following presentations by my AEC colleagues, you will hear much more about the progress we have made, the achievements to date, and our future ambitions in all of these strategic pillars. Over the past decade, we have doubled our annual patent filings, a truly outstanding achievement. Our disciplined IP portfolio management and proactive filing strategy exceeds industry-leading standards by a substantial multiple. A highly experienced and talented R&D team generate more than EUR 1.2 million revenue per engineer. I think a very impressive level, even exceeding players with multitudes of our size. Our passion for innovation and our drive to create the next generation of intelligent microelectronics translates directly into new business and strengthens our market leadership in our core applications. Since 2021, we have acquired more than 1,200 design wins, representing more than EUR 3.3 billion in lifetime value. These design wins secure our future growth in all major regions and in all of our key applications. All major megatrends are working in our favor, and all of our key applications will benefit from structural IC content growth in modern cars. A modern premium battery electric vehicle, based on a zonal architecture, can contain up to 200 Elmos ICs. Also in premium combustion engine or hybrid vehicles, the number of Elmos chips is growing significantly because safety, autonomous driving, efficiency, and comfort are becoming more important in all engine types. Our EUR 1 billion sales target for 2030 is largely backed by already secured design wins. Our sales growth is not based on speculative forecasts, but on booked business already in hand. Between 2021 and 2025, Elmos delivered a strong 16% sales CAGR, clearly outperforming our direct peers, which grew by only 2% on average in the same period. Our track record, I think, speaks for itself. We know how to grow, and we are fully committed to continuing this trajectory. China is the largest automotive market in the world, setting new innovation standards in the industry constantly. It's also a very dynamic market, which requires a very flexible, very local team and organization. Because of these market dynamics and the geopolitical environment, China is often perceived as a risk. We do not agree. We see big opportunities in China, and of course, nothing is guaranteed or secured forever. Based on our China strategy, we see a lot more opportunities than risks in this region. We've been very successful in China, dominating the market in some of our product segments. We are present at almost every car OEM in China with our products. Between 2021 and 2025, we achieved more than 30% annual revenue growth in China. Of course, we are not leaning back or taking this success for granted. We're actively improving our position and executing our China strategy, which will be presented to you by our Chief Development Officer later today in more detail. We are deeply embedded in the local ecosystem in China. We doubled our headcount in the last year and hired many highly talented people to manage our business in China. Our local senior management team combines over 100 years of semiconductor ex-experience. Let me highlight another interesting fact: stock-listed Chinese analog mixed-signal peers trade at a seven times premium valuation compared to Elmos. Our priority is to build strategic optionality and ensure resilience under any future political or geopolitical scenario. Our carved-out and fully functioned Chinese entity provides the structural basis to achieve this strategic flexibility. Maybe engage in new partnerships and align business success with geopolitics. I think our future paths might be a very exciting one. Innovation is not only about creativity, it is also about speed and efficiency. It is important to find the right balance between R&D funding and profitability. We made significant progress in our R&D efficiency program over the past 12 months, and we improved R&D runtimes between 15%-30% year-over-year. Time to market is a critical success factor these days, and it will become even more important as innovation cycles continue to shorten, particularly driven by the rapid pace of development in China. Our global R&D teams are a core competitive advantage of Elmos. We operate in seven R&D centers, with almost 500 highly skilled and experienced engineers. More than 40% of our total workforce is dedicated to research and development, mostly development, of course, and this is a clear reflection of how deeply innovation is embedded in our organization. Innovation is in our DNA, and it is our passion. We file roughly one patent for every three engineers each year. This is a benchmark level that exceeds industry benchmarks and is way above many peers, even those several times our size. Our research and development activities are fully aligned with our strategy to deliver the next generation of IC solutions that add value to our customers and strengthen our leadership in our key application areas. Over the last years, we have transformed Elmos into an agile and highly scalable fabless semiconductor company. Our new operational focus and the benefits of being fabless are already starting to materialize, and the results, I think, speak for themselves. Our CapEx ratio is around 70% lower compared to our five-year average. Our supply chain is resilient as we have entered into more than 10 strong partnerships with leading foundries and OSATs across six countries. Our investment in the latest generation of testing machines, combined with our efforts to optimize the uptime of our testing machines and our test program, to reduce test times, were extremely successful. We could more than triple the testing capacity per machine. This is, of course, a key achievement to permanently lowering the capital intensity going forward and to burn significantly less cash for our growth. All of our activities are geared towards generating significantly more cash than in the past. Historically, cash generation was not one of Elmos' key strength, we have fundamentally changed that. We have transitioned from cash consumption to substantial cash generation. Last year, we improved the adjusted free cash flow by more than EUR 100 million versus the operating adjusted free cash flow in 2024. The adjusted free cash flow to sales ratio was 11.4% in 2025. We expect another strong improvement in the free cash flow margin to more than 17% for the fiscal year 2026. Our new cash journey is a major milestone and gives us more room to allocate excess cash to our shareholders. Of course, you may have already read that we will double the total payout for the financial year 2025 compared to 2024 and return EUR 36 million via the dividend and a share buyback program. Speaking of returns, since January 2021, we have delivered nine times the shareholder return of our average peer group. I think a direct reflection of our outstanding performance. Ladies and gentlemen, our cash generation is accelerating, providing additional momentum for sustained and attractive shareholder returns. The targets we have published in our Capital Markets Day 2024 are fully in line, we can confirm today around EUR 1 billion sales in 2030, with an EBIT margin of around 25%. In addition, we have upgraded our CapEx ratio target from below 10% to now around 6%. We have defined a clear and ambitious free cash flow margin target at around 17% of sales. To further enhance the attractiveness of our capital allocation, we have refined our dividend policy. We do not want to build large cash piles, we plan to distribute excess cash via a combination of dividends and share buybacks. Going forward, share buybacks will become a structural element of our capital allocation framework, rather than the opportunistic element you've seen before. Of course, capital allocation decisions will continue to reflect our current and future business development, as well as the prevailing market environment. The objective of the new Elmos dividend policy is clear: to ensure that our shareholders participate appropriately in the company's success. Ladies and gentlemen, behind all of these achievement stands a highly committed workforce and a very strong leadership team. Our senior leadership team represents a powerful combination of experience, diversity, and execution strength. It brings together proven Elmos expertise with fresh external leadership, creating a forward-looking, a performance-driven management culture. This combination enables us to think boldly, act decisively, and drive continuous improvement across the whole organization. With the new EEC structure, so the Elmos executive committee structure, in place for one year now, we are strengthening accountability, accelerating decision-making, and sharpening our strategic focus. I'm very confident that this leadership setup will play a pivotal role in shaping the next phase of our Elmos growth and long-term success. Ladies and gentlemen, this concludes my presentation. I hope I've sparked your interest here and there, and excitement for what comes next. In the following presentations, we will outline our strategic agenda, our growth roadmap, and our financial ambitions in much greater detail. For now, thank you very much for your attention. I now hand over to Jan, who will take a deeper dive into our market opportunities and our right to win. Jan, the stage is yours. Ladies and gentlemen, thank you for joining us today. It is a pleasure to speak to investors who truly understand technology, growth, and long-term value creation. My name is Jan Dienstuhl. I am the Chief Sales Officer and member of the Management Board of Elmos Semiconductor SE. Today, I would like to focus on three key topics. First, the strong market opportunity ahead of us, driven by the structural growth of the automotive semiconductor sector. Second, where Elmos plays in this market and why we win in these segments. Third, why everyone at Elmos is confident that we will achieve and potentially exceed our EUR 1 billion sales target by 2030. Let me start with a top-down view of the market. Automotive is our core business, and it is entering a new phase of structural semiconductor growth. This growth is now largely decoupled from global vehicle production. It is driven by the steadily rising IC content in modern cars. The long-term development of the automotive semiconductor market is not cyclical. It is a structural and a sustainable growth story. Global light vehicle production will grow only slightly in the coming years from about 90 million vehicles today to around 97 million by 2030. That equals roughly 1% CAGR. At the same time, semiconductor content per vehicle will almost double from around $720 per car in 2024 to nearly $1,400 by 2030. This represents roughly 11% CAGR per vehicle. The total automotive semiconductor market is set to grow by around 12%-13% annually through 2030. This gives us long-term visibility and strong confidence in our growth trajectory for the years ahead. The growth drivers behind higher IC content are clear. Five powerful megatrends are shaping the modern car, and they are fueling the Elmos growth engine. First, advanced driver-assistance systems and autonomous driving, enabled by high-performance sensing at the edge. Second, electric and hybrid vehicles. They significantly increase the need for control, power management, and thermal management, boosting the range and reducing CO₂ emissions. Third, comfort and premium features that enhance the well-being of drivers and passengers. Fourth, higher safety standards, driven by consumer expectations and by stricter regulations. Fifth, software-defined vehicles and also new boardnet architectures with more intelligent and capable edge devices. This shift increases demand for intelligent edge components, system basis chips, communication interfaces, and power management. All these trends are firmly embedded in the production plans of every major OEM. They define modern mobility across all vehicle segments. Let me briefly walk you through them and show why Elmos is ideally positioned to benefit from these megatrends. First, advanced driver-assistance systems and autonomous driving. In 2020, only about 20% of global vehicles had Level two or higher ADAS functions. By 2025, this number has increased to 46%, and it will reach nearly 65% by 2030 across almost all vehicle segments. Level 2+ ADAS is already being rolled out today, led by Chinese OEMs, which are equipping every vehicle from entry-level to premium with intelligence driver-assistance features. Ultrasonic ranging sensors built with Elmos chips capture the 360-degree environment around the car precisely and reliably. They provide essential input for assisted and autonomous driving in city environments and also at low speed. Elmos ultrasonic ICs enable blind spot detection, emergency braking, collision avoidance, and of course, assisted or fully autonomous parking. Our next generation ultrasonic ICs set new benchmarks: much faster data rates, higher sensor performance, lower system costs, and lower power consumption. With our latest solutions, the distance to obstacles can be measured as close as 3 cms. Supported by smart AI algorithms, our sensors classify object height, and they reliably separate real hazards from non-critical interference, such as echoes from cobblestones, for example. The winning formula here is simple: rising autonomy levels drive rising sensing content at the edge. The higher the ADAS level, the more sensor ICs each vehicle requires. The long-term trend is clear. By 2030, around 68% of all new cars worldwide will be electric or hybrid, with more than half of them produced in China. Electrification is far more than replacing just the combustion engine with a battery. Electrification multiplies control, power, and thermal complexity across the entire vehicle. Modern electric and hybrid vehicles, they rely on intelligent thermal management, precise battery monitoring, advanced boardnet, and power management systems. All of these functions depend on sensors and compact electric motors to monitor, control, and power key operations. At the same time, today's combustion engine vehicles also require increasingly sophisticated electronics to meet efficiency and emission standards. In short, electrification increases semiconductor content across all drivetrain types, combustion engine, hybrid, and battery electric platforms all alike. In the past, premium features were limited to high-end vehicles. Today, the share of premium cars is steadily increasing, and at the same time, premium content is moving into the volume segments. Let me give you a few examples. Lighting is an important factor for the passenger well-being. Modern vehicles offer a wide range of new lighting applications, both inside and outside the car, efficiently and comfortably illuminated by LEDs. Elmos lighting control ICs enable illuminated front grills with multi-pixel LED surfaces, as well as glass roofs with colored, mood adaptive, dynamic ambient lighting. Air vents are another good example. In the past, they were purely mechanical and required manual adjustment. Today, our motor control ICs for air conditioning flaps support narrow, almost hidden air outlets in the dashboard. Airflow is no longer controlled mechanically, it is managed electronically and automatically. This ensures maximum comfort for occupants and also optimal energy use for heating or cooling the cabin. Each of these upgrades in user experience and in premium comfort increases IC content per vehicle by a significant factor. Multi-zone, ambient, and light sky systems require five to ten times more ICs than basic interior lighting. A similar factor of three to six applies to multi-pixel dynamic lighting systems. These enable animated exterior light signatures, and they also support car-to-X communication elements. For modern, electronically controlled, and highly efficient airflows, the number of ICs increases typically by a factor of two. This enables automatic, draught-free ventilation and comfortable climate zones inside the car. Last but not least, sensor-based, touchless control functions add an additional set of sensor, lighting, and motor control ICs to every vehicle. In most of these applications, we are the leading player, securing our position with a continuous pipeline of innovative IC solutions that deliver real value for our customers and for the end user. The board net architecture of modern vehicles is also undergoing a fundamental shift. We are moving from distributed ECUs to domain-based and zonal architecture. By 2030, nearly 70% of all vehicles will follow this approach. A few powerful central computers will replace more than 100 traditional ECUs. This makes the edge increasingly important, where Elmos ICs must deliver higher performance, safety, and security. Whenever there is no compelling reason to shift a function to a centralized, updatable, high-performance controller, it will remain at the edge to keep system complexity and the integrity of the system under control. In these cases, Elmos edge ICs and dedicated application gateways are becoming more feature-rich, better connected, and more intelligent, replacing today's ECU-based components. Zonal designs also accelerate the transition from mechanical fuses to smart electronic fuses. These so-called eFuses operate faster, can be switched on and off, reduce wiring weight, minimize interference, and allow advanced power monitoring. As vehicles further adopt Ethernet-based networking, we will introduce our first smart Ethernet-enabled application gateways. These gateways will support functions such as mastering the ultrasonic sensor network or enabling zonal light controllers. They deliver intelligent, high-speed connectivity for the new vehicle architecture. Elmos bridges the physical and the digital layers of the car. We engineer the intelligent nervous system at the edge, exactly there where semiconductor content is growing fastest. When we combine all of these mega trends, the outlook for Elmos becomes very positive. The modern car is autonomous and safe, it is electrified and highly efficient, it's comfortable, and it's intuitive. It is connected and increasingly software-defined. Electrification of vehicle platforms remains a strong and a continuous growth driver for our products. Many of tomorrow's premium battery, electric, and hybrid vehicles will integrate significantly more mixed-signal ICs from Elmos. At the same time, many of our applications are completely independent of the drivetrain itself, whether it is an internal combustion engine, a plug-in hybrid, or a fully battery electric vehicle. In a premium ICE vehicle today, we already see up to 70 Elmos ICs installed. In a premium electric vehicle or a hybrid vehicle of tomorrow, this number could rise to as many as 200 Elmos ICs per car, nearly tripling potential content. This is not theoretical. These applications are already designed into OEM platforms, and we are successfully winning the corresponding design wins to capture this growth across the short, the medium, and the long term. The automotive semiconductor market is expected to grow by around 12%-13% annually through 2030. This is mainly fueled by high-performance SoC chips, high-power semiconductors, ADAS content, and various intelligent edge IC solutions. Our own growth target of roughly 12% CAGR is deliberately conservative. It is fully aligned with structural growth drivers, it still offers upside. Faster than expected EV penetration, broader adoption of ADAS level 2++, more platforms moving to software-defined architectures, or a stronger underlying automotive market, especially in Europe and North America. All these things could accelerate the growth. All these trends increase IC content per vehicle, each of them is supported by our innovative portfolio. Battery, electric, and hybrid vehicle penetration will rise from 42%-68% by 2030. ADAS adoption increases from roughly 46%-65%, zonal architecture adoption grows from around 35%-68%. With our core automotive applications, we sit at the center of this structural market growth. We do not need to invent new markets to achieve our goal. Our EUR 1 billion target does not include any contribution from new fields such as robotics or cybersecurity. Any success there is pure upside. It's additional growth on top of our core trajectory. Make no mistake, these adjacent areas are highly attractive for us, as you will see shortly. Today, our revenue of roughly EUR 580 million is well-balanced across five segments, ranging at around one-third, motor control and lighting, each at roughly 20%, and sensing and safety together at about 25%. In 2025, our ranging segment outperformed other applications, driven by the strong demand for our ultrasonic ICs, especially in China. By 2030, we target approximately EUR 1 billion in sales, and our portfolio will remain well-balanced. You clearly see the rising importance of sensor ICs and the growing momentum of software-defined vehicle applications. Our portfolio and our design wins ensure a diversified, profitable growth across all of our core product segments. Let me please summarize the first part of my presentation. The automotive semiconductor market is on a structural, not a cyclical, growth path. IC content per vehicle remains the dominant long-term driver of this expansion. Multiple mega trends, such as electrification, safety, ADAS, autonomous driving, comfort, and software, they reinforce each other. These developments are not isolated, they accumulate, and each of them increases semiconductor content per car. Functionality, complexity, and electronics content are rising across all vehicle segments. Automotive semiconductor growth is no longer driven by premium models only. We are positioned at the center of this IC content expansion. Elmos focuses exactly on those application areas where IC density is increasing fastest, at the intelligent edge of the vehicle. Our 12% annual growth target is based on conservative assumptions, leaving some room for upside potential. Let me explain why we have a clear right to win in our markets and what truly differentiates Elmos from other IC suppliers. Elmos is not a generic semiconductor company. We are the leading specialist for analog mixed-signal ICs, with more than 40 years of experience in that field. We understand our technologies and applications in depth, and we combine this with outstanding product and system-level expertise. This holistic understanding of the full system context gives us strong and defensible market positions in our core segments. Our decades-long relationship with Tier One suppliers and OEMs are built on trust and on consistent performance. As a global market and innovation leader in our core application fields, we engage with our customers at eye level, helping them to make their electronic systems smarter, safer, and more efficient. Innovation has always been a part of our DNA. Since our foundation in 1984, we have continuously driven performance and technology improvements across multiple generations of vehicle platforms, further strengthening our position as a true automotive IC specialist. During the semiconductor crisis of 2021 to 23, no direct customer or OEM had to stop production because of Elmos. To my knowledge, we were the only automotive IC supplier that achieved this. It significantly reinforced our reputation as an agile, flexible, and highly reliable partner. Finally, our global footprint with regional R&D, sales, and application engineering teams ensures proximity to our customers. With R&D centers across Europe and Asia, we can provide fast response times, strong local support, and cultural alignment, always close to where our customers innovate. To be a successful and highly relevant supplier of automotive chips, we must be among the market leaders in all of our high-volume focus applications. Only then we can truly understand market trends early enough and invest in the innovations that will shape tomorrow's platforms. That is why it is our explicit ambition to achieve segment leadership in all of our focus applications. Today, we are number one in ultrasonic parking and 360-degree ranging, in motor control ICs for smart HVAC actuators, in LED rear lighting ICs, and in pressure sensing ICs for brake systems. In other segments, such as RGB interior lighting and airbag ICs, we are runner-up or rapidly catching up to become the number one or number two player. These strong positions result from deep focus and from a long-standing track record of adding tangible value with every new generation of Elmos ICs. We also invest in new product families, such as our eFuse ICs or the smart Ethernet gateways. As a specialized niche player, we do not chase every opportunity. We focus on high-value, mixed-signal domains where we can scale across multiple platforms. This is our core DNA: delivering outstanding products to customers worldwide and unlocking significant growth potential through highly differentiated automotive mixed-signal leadership. We are a trusted partner for both our tier customers and for the OEMs. They value Elmos as a flexible, reliable, and highly committed IC development partner, one that consistently supports their needs with a strong focus on innovation, on quality, and on dependable execution. This trust is a major achievement, it is only possible because of the outstanding commitment, the passion, and the close collaboration of the entire Elmos team around the world. Every single colleague contributes to the reputation we have built. As a partner, our customers can rely on today and also in the future. Our outstanding performance is not only recognized by our customers. Thanks to our great products and the exceptional work of our employees day after day, Elmos is regularly honored by leading industry organizations. In 2025, we were recognized as the most innovative German mid-sized company in electrical engineering, and we were ranked number two across 31 industries and 500 companies. In 2024, we received the prestigious DiVern Award for best lighting technology, and in the same year, the Innovation Enterprise Award in China. These awards, they really make us proud, and they motivate us to raise the bar even higher as we continue our successful journey. Innovation and great products, they are essential, but without high quality and reliability, you cannot succeed in the automotive semiconductor industry. I am proud that Elmos stands for excellence in three of crucial dimensions: quality, reliability, and supply security. We maintain consistently low field return rates, measured in parts per billion. These very low failure levels, they show how robust our products are across the entire automotive portfolio. For our customers, this is more than just a KPI, it is a key trust factor. Our secure and adaptable edge solutions, they support both internal combustion engine vehicles and battery electric platforms. We design for long-term system stability so that our ICs perform reliably, even under the toughest operating conditions. Finally, supply security has become even more important since the chip crisis from 2021 to 2023. In today's environment, shaped by global disruptions and geopolitical uncertainty, dependable supply is a decisive competitive advantage. The local proximity of our engineering experts to our customers allows us to engage early in new projects. In Europe, Japan, Korea, and the United States, we are already deeply embedded. In China, we have also been present now for many years, but now we are expanding our footprint and building a fully functional local entity, including our new China Product Center. In India, we established a new application engineering site in Pune last year. As you can see, our global footprint helps us to engage with virtually every major automotive player in the world, with the well-known established brands and also with the many new players in Europe, the United States, and especially in China. Our end customer footprint is, in many ways, a true reflection of the global automotive market. Ladies and gentlemen, this slide, it captures the essence of our growth story. In 2025, we have achieved around EUR 583 million in sales. By 2030, our goal is EUR 1 billion. That is more than 70% growth or about 12% per year. This target is built on strength. We are not changing who we are. We are building on what already works. First, we have a strong system-level understanding. We do not design chips in isolation. We understand the full application, and this is a major advantage. Second, we provide dedicated engineering assistance. We work closely with our tier one customers and with OEM engineering teams. This creates deep platform integration and also long-term visibility. Third, we are highly focused on analog mixed-signal innovation. This is our core DNA, and in a digital world, the intelligent interface between the physical and digital domain, it becomes even more important. Fourth, we offer a compelling value proposition: performance, easy integration, reliability, and cost efficiency all in one. That is the reason why customers repeatedly award us new design wins. Fifth, we operate with a worldwide regional setup. We are close to our customers in Europe, Asia, and the United States. This leads to faster development, more successful products, and stronger relationships. Together, these strengths form the foundation for our EUR 1 billion target. This target is driven by the execution of our automotive business pipeline. It is mainly based on design wins that we have already secured, and on programs that are now ramping up. We also see additional upside from adjacent markets, such as robotics. These opportunities are not included in the EUR 1 billion target, which makes our plan even more robust. When we speak about EUR 1 billion by 2030, we speak about disciplined execution of the business already in our hands, strengthened by structural market growth and rising semiconductor content per vehicle. This is why we are confident, this is why the target is achievable, and this is why we are excited about the road ahead. Design wins are the foundation of our growth ambition. Between 2021 and 2025, we have secured more than 1,200 design wins across all major automotive applications. This shows a strong customer traction and broad relevance across our entire portfolio, from ADAS to electrification, comfort, and safety systems. These wins represent more than EUR 3.3 billion in lifetime revenue. This number shows very clearly that our solutions meet real market needs, and they generate long-term demand, and that is the key point. This business is already awarded and provides good revenue visibility. Among these design wins, we achieved seven major platform programs, each worth more than EUR 100 million in lifetime revenue. These large wins prove that we can compete at the highest level and win global platforms. Our pipeline is also fully aligned with structural growth trends: 33% in ADAS, 32% in electrification, and 28% in comfort and premium. In other words, our awarded business matches the mega trends of the automotive industry. Our design win performance is exactly on track. What follows now is execution, supply ramps and product ramps that turn these wins into profitable serial business. If you look at our annual development of design wins since 2020, you see consistently strong and improving performance. We grew from around EUR 300 million in lifetime revenue in 2020 to a peak of nearly EUR 1 billion in 2022. Between 2023 and 2025, we continued to increase our annual new business acquisition every year. The peak in 2022 was partly driven by short-term opportunities during the chip crisis, when some of our competitors could not deliver. We could, and we were glad to support our customers. After 2022, we increased our new design win volume every single year. As a result, we achieved a compound annual growth rate of 19% between 2020 and 2025. This development shows three things clearly. First, our technology and innovation roadmap is highly relevant to our customers. Second, our sales and engineering teams, they execute with great discipline and consistency. Third, we are aligned with the structural growth drivers of the automotive industry. Compared to five years ago, we have more than doubled our annual design win achievement. These more than EUR 3.3 billion in new lifetime revenue gives us strong visibility for our growth trajectory towards 2030. Ladies and gentlemen, this slide delivers one of the most important messages of today. The majority of our top-line growth towards 2030 is already awarded. If you look at the composition of our revenue bridge, around 50% comes from running business and follow-up wins that we have secured before and since 2021. Another roughly 25% comes from design wins in new business and platforms we have achieved since 2021. These programs are now starting to ramp into serial production. Around 10% relate to the remaining design win target for this year, for 2026, and we have already achieved more than 20% of the target year to date. Only about 15% still need to be won through new business from 2027 onwards. Based on our strong design win performance in recent years, we are very confident that we can exceed this target. This breakdown is important. It shows that we are not building our future on uncertainty. We are converting awarded business into revenue with disciplined execution. We will continue our strong design win performance. Let me make our growth story a little bit more tangible by sharing a few recent design win highlights. These are strategic platform wins with leading global OEMs across regions, applications, and also technologies. Example one, high-end front lighting. We have secured a next-generation front grill lighting win for a top-selling premium SUV of a leading German OEM. This program represents more than EUR 15 million in lifetime revenue, with SOP in 2026. This platform integrates dozens of our ICs per vehicle, driving hundreds of LEDs for dynamic light animations. It enables synchronized software-controlled lighting architectures that create a distinctive brand signature. Example two, air vent motor control. Here, we won a next-generation air vent control solution for premium platforms of a leading German luxury OEM. more than EUR 25 million lifetime revenue, SOP in 2027. This solution enables full years within the OEM's global architecture. It delivers robust, cost-efficient, and very precise proximity sensing, enabling parking and safety functions across all vehicle segments. Example four, an EV system basis chip in Asia. We were selected as the system basis chip, so-called SBC supplier, for next generation luxury SUV platform of a leading Korean OEM group. More than EUR 15 million lifetime revenue, SOP 2026, this year. This SBC enables the transition toward software-defined vehicles with better integration, enhanced safety, and optimized power management. It becomes a core building block for upcoming EV and extended range EV platforms. These examples illustrate what our product pipeline looks like. It is diversified, it is global, and it is technology-driven. India. India is not just another emerging market. India is becoming the world's next major automotive growth hub. We are very well positioned to participate in that growth. If you look at vehicles per 1,000 inhabitants, the gap becomes clear. Europe and China already have a high penetration rate. India, in contrast, still has very low vehicle density. While mature markets grow only at low single digits, India's vehicle penetration and automotive demand are expected to rise sharply over the coming decades. This translates directly into the semiconductor growth. The Indian automotive semiconductor market is expected to grow from about $2.3 billion in 2025 to roughly $4.8 billion in 2030, a compound annual growth rate of more than 15%. Where does Elmos stand in India? First, we have direct access to top OEM decision makers. We are not only supplying for tier one and tier two customers, we are directly influencing architecture decisions on platform level. Second, we are recognized as a strategic semiconductor partner. Several of our flagship products are already in serial production. Third, we bring deep system integration capabilities across lighting, motor control, and also others. OEMs engage with us directly because we understand not only the chip, but the full application. Fourth, we have a local presence in Pune, one of India's major high-tech centers. This proximity allows us to support customers effectively and to leverage the rapid growth of domestic OEMs. Let's now look beyond automotive. Robots are one of the hottest topics in the tech industry right now, very similar to the current AI wave. The real question is, how can Elmos benefit from this trend? This slide shows why robotics is a logical extension of what we already do. Cars and robots share fundamental architectural principles. Modern vehicles increasingly rely on 48 volt boardnets. Humanoid and industrial robots operate in a very similar voltage range, typically 40 to 60 volts. Many semiconductor solutions can therefore be transferred almost directly. In vehicles, we are moving towards centralized high-performance computers with zonal ECUs. In robots, we see central compute units that control distributed body zones. It is the same architectural logic, a central brain combined with distributed intelligence at the edge. Vehicles are transitioning to automotive Ethernet backbones. Robots also rely on Ethernet-based internal networks. They need reliable communication between many distributed nodes, and this is exactly the environment our mixed-signal and interface ICs are designed for. Consider sensors and actuators. In a vehicle, we control motors, fans, valves, lighting systems, and safety sensors at the edge. In robots, motor control and sensing are present at every joint and the extremities. This is exactly our home turf, and then there is autonomy and safety. Both autonomous vehicles and autonomous robots require functional safety, redundancy, and fail-safe concepts. The safety philosophy and robustness requirements are very similar. The technological DNA of modern vehicles and of advanced robots is converging. Elmos has spent decades mastering automotive-grade mixed signal solutions at the intelligence edge. That is why we are naturally positioned to serve robotic applications as well. Importantly, this is not about entering a completely new industry with massive R&D investment. It is about leveraging our proven core strengths and products in a structurally adjacent market. I want to repeat this clearly, robotics is a pure upside for us. Our EUR 1 billion target is based entirely on automotive business. Robotics represents additional potential beyond that. If cars are becoming software-defined machines on wheels, humanoid robots are becoming intelligent machines on legs. This slide shows how Elmos ICs can enable what you might call the nervous system of humanoid robots. Robots, like modern vehicles, they rely on centralized compute with a high-speed Ethernet backbone. Around the central brain, you have distributed edge gateways in the head, the hands, the legs. You need CAN and Ethernet connectivity across subzones. Humanoid robots require a high number of BLDC motor drivers across joints, shoulders, elbows, hips, knees, and fingers. Every movement depends on motor and sensor control, including precise positioning and force sensing. Robots require high-density capacitive touch sensing across hands, fingers, body. They need proximity, optical, passive infrared, and ultrasonic sensing to interact safely with humans and their environment. Robots run on batteries and power distribution in the 48 volt range, electronic protection, wake up and sleep modes, thermal monitoring, safety-critical control, everything very similar. When you add it all together, a single humanoid robot can easily integrate more than 120 potential Elmos ICs across power, motion, sensing, and control. It is a significant semiconductor opportunity, it is well connected to our core. It is a natural extension of our strengths in mixed-signal, edge intelligent, sensing, safety, motor control, and power management. While the shipment volumes of humanoid robots are still small today, all major research houses expect exponential growth beyond 2030. Depending on the scenario, estimates for 2035, they range up from roughly one million up to 10 million units per year. Even the conservative scenarios show a massive step up from today's levels. On average, the market is expected to grow from about 0.6 million units in 2030 to around 4.5 million units in 2035, a CAGR of almost 50%. We are not entering robotics as newcomers. We are already engaged with multiple robot manufacturers. We are aligning the product requirements, and we are in active design and discussions. Four of our products are already designed into delivery robots and humanoid robot platforms. These include application such as extremity motor control, force sensing, and also ultrasonic sensor ICs that allow robotic hands to detect distances to objects. This is still the early stage of a potential new large market. Our serial revenue today is small, but it is real, and if even a fraction of the bullish scenarios becomes reality, robotics could evolve into a meaningful additional growth driver in the next decade. Let me close with the key takeaways of my presentation. Our growth is built on true global market leadership in our focus applications. We have secured number one or number two positions in core automotive IC markets. Innovation is in our DNA. We are not simply following platforms; we are shaping future mobility. Our technology leadership is recognized not only by industry awards, but even more importantly, through repeated design wins from our customers. Our global customer relationships are a major competitive advantage. Strong partnerships with automotive tier customers and close engagements with OEM engineering teams, they allow us to be involved early and to secure long-term platform integration. Our 2030 target of EUR 1 billion is well anchored. More than EUR 3.3 billion in lifetime revenue from design wins over the past five years already secure most of our future growth. This gives us visibility, and it gives us confidence, and we are not stopping at 2030. Long-term growth fields such as robotics and emerging intelligent applications, they build directly on our core strength. They offer additional potential beyond our current target. Ladies and gentlemen, we have delivered in the past, we are executing today, and we are clearly positioned to continue growing profitably in the years ahead. Thank you very much for your participation. Let's continue with Burkhard, our CDO. Thank you, Jan, for providing this overview of our market, our right to win, and our plan to achieve further profitable growth. Hello and welcome, ladies and gentlemen. As Chief Development Officer, my responsibilities include strategy, M&A, IT, and AI. China is very relevant for all those topics. I'm looking forward to providing you with an update on our China strategy and the status of its implementation. I will split my presentation into three parts. At first, I will share with you our perspective on the Chinese automotive market. Secondly, I will review our China strategy as presented in 2024 and show selected highlights we could achieve since the last Capital Markets Day. Thirdly, and this will be the main part of my presentation, I will share with you our strategy moving forward. In essence, we at Elmos see much more opportunities than risks in China. Let me walk you through our way of thinking about China. I would like to start with an update on our assessment of the attractiveness of the Chinese automotive market. Our assessment is very similar to what we showed 15 months ago. We are very positive about the potential of the Chinese automotive market. As is very well known, China is by far the largest automotive market globally, and that is true for both production as well as for sales. Around a third of all cars being built globally are being built in China. Since a few years, China is also the largest exporter of cars globally, and the country exported around eight million vehicles in 2025, an increase of around 30% as compared to 2024. This impressive figure highlights that export markets, and hence meeting standards of export markets, are becoming increasingly important for the Chinese automotive industry. We continue to believe that domestic demand will remain very strong, since the number of cars per 1,000 inhabitants is still comparatively low in China at around 250. If you compare that to the EU, at around 600, or to the US, at around 800. As more and more people globally have an opportunity to experience Chinese cars, it is becoming more and more visible that Chinese cars are highly innovative, as we have already spoken about 15 months ago. International experts acknowledge the technology of Chinese OEMs in areas like ADAS, E/E architecture, software-defined vehicles, new energy vehicles, or user interface. Furthermore, we experience very fast innovation cycles. Last but not least, we see a strong price competitiveness of the Chinese automotive industry due to economies of scale, efficient manufacturing, and other factors. This comparatively low-cost basis will support further growth of the automotive industry in China. Based on this assessment of the Chinese automotive market, let me move on to the second chapter with a review of our China strategy from 2024, highlighting also selected achievements. During the Capital Markets Day 2024, we shared with you our China strategy. Reviewing this from today's perspective, the developments since 2024 confirm our expectations and our positioning. At first, we continue to experience significant geopolitical dynamics, as well as intensifying and unpredictable trade tensions. Secondly, the trend, evolving customer expectations towards more local Chinese products and more local Chinese integrated circuits, is intact as well. Statistics show that Chinese customers buy more and more cars from China-based OEMs, which is adversely impacting non-Chinese OEMs. Due to our strong presence, innovative products, and customer proximity, we were able to strengthen our position in China and achieve very strong growth. From 2021 until 2025, we were able to expand our revenues at a CAGR of more than 30%. All in all, our China strategy from 2024 has been validated. Let me show you selected key achievements since the last Capital Markets Day. We told you that we had introduced the second brand, JiWeiCheng, in China. I'm happy to report that we have already shipped millions of ICs to customers in China, customers which are both China-based and Western-based. Just a few weeks ago, we inaugurated our new office in Shanghai, Pudong, and we co-located all colleagues in Shanghai into one place. This new office includes our R&D activity, which is being called China Product Center, or in short, CPC. Our CTO, Jochen, will share more insights about this in a few moments. I'm very happy about the next highlight. Elmos received its first 12-inch wafer. The fab out took place at the Chinese foundry, Hua Hong Grace. We also opened a new warehouse in Pudong to serve our customers with more local stock. Last but not least, we see Elmos chips, as just explained by Jan, being used in the evolving market of humanoid robots, a market segment which promises high growth in the medium to long term. Based on our market assessment and our achievements, I would like to move on and present to you our strategy moving forward. It is an evolution of our existing China strategy, and we call it All-Weather Setup. The All-Weather Setup consists of two aspects: operational performance across all functions, and secondly, generating strategic optionalities. Let me start to walk you through the nine elements of operational performance across all functions, which you can see on the left side of the slide. For selected elements, there will be a backup slide with more details. In the top row, you see the three elements, six offices strategically located across China, scaling towards 100 employees with deep local expertise and senior local leaders with proven track record in the semiconductor industry. In the middle row, there are the elements top OEMs use almost ICs, local and joint ventures, strong relationships with tier ones and key distributors, and the dual brand strategy, as mentioned, Elmos and JiWeiCheng, for market reach and optionality. At the bottom, you can see the remaining three elements: local for local approach across the value chain, localization of core functions, and fully localized support functions. These nine elements of operational performance across all functions are being complemented by the creation of strategic optionalities, and I will provide you with more details on this in a second. Before going there, let us look at our geographic positioning in China. As you know, our China headquarters is located in Shanghai and is also the place where we have set up our China Product Center. In addition to our presence in Shanghai, we have offices in five regions: Hangzhou, Chongqing, Shenzhen, Tianjin, and Taiwan. Our offices cover the most important automotive hubs in China. Obviously, our locations serve as sales and application engineering hubs in order to serve our customers. How do we manage those locations, our sales, application engineering, R&D, and support functions? We have established a strong Chinese senior leadership team with the eight functions: general manager, sales, operations, CPC, quality, finance, HR, and IT. Taken together, the senior leadership team has a background of around 100 years of semiconductor experience. Our headcount in China is growing strongly, and we roughly tripled our team in 2025. We expand the team in all functions with a special focus on R&D, sales, operations, and support functions. On the right side of the slide, you can see a few impressions from the recent office opening in Shanghai, Pudong, and at the bottom, a meeting with public officials. Moving on to the next element, strong customer access. On the right part of the slide, you can see examples of companies which use our products. As you will notice, the examples cover all market segments, from China-based OEMs to joint venture OEMs, established companies, and newcomers. Besides OEMs, we have also very strong inroads into tier ones and tier twos, and again, China-based as well as international companies. In order to strengthen our customer coverage, we collaborate with China-based and international distributors. For our market success, it is of crucial importance to be close to our customers, understand their needs, and in particularly, to notice emerging trends instantly. We are not resting on our laurels, but as mentioned before, we are expanding our sales and application engineering teams to continue the success with our customers. That brings me to the topic of stringent localization. In the past, Western companies could be very successful by exporting to China or by setting up subsidiaries to build products for the Chinese market, which were designed in the West. These days seem to come to an end, at least in the automotive industry. We are in the middle of converting our business from a German headquarter-centric approach to a fully localized setup in China. On this slide, you can see the implications for the five functional areas: R&D, operations supply chain, sales, logistics and delivery, and support functions. Historically, Elmos has been very successful in designing integrated circuits and developing software at its main sites in Germany and Europe. As mentioned before, we have started to set up a dedicated R&D team in China to serve the Chinese customers. We were able to hire an industry veteran for this important role. In the past, we built very successful operations by managing our supply chain from Germany. Due to more operation partners in China, and our COO, Patrick, will tell you more about this in a few moments, customer expectations and other factors, we are in the process of starting to manage operations and the supply chain from China. This is a highly complex task since business processes, IT system, legal contracts, and many other things are affected by this transition, which is, by the way, well underway. Our sales and application engineering teams have been operating very successfully in the past, and we intend to increase the team size furthermore. Shipments to our customers have historically taken place from our warehouse in Germany. Meanwhile, we have started operations at our new warehouse in Shanghai, Pudong, and ship to our customers, our Chinese customers, directly from that local warehouse. Last but not least, and this is frequently not being talked about, we are also in the middle of the transition to localize our processes and IT systems for support functions. All of the above mentioned will support our objective of being closer to the customer and serving them even better. I'm confident I was able to provide you with an overview of our activities on strengthening our setup in China and creating an entity which is enabled, and that is important, to act independently from the headquarters. However, there is an important aspect missing when talking about our All-Weather Setup: strategic optionalities. What do we mean by this term? For us, it is of utmost importance that we are prepared for different external developments. Strategic optionalities shall help us in those situations. Let me share with you some data about Chinese semiconductor companies. On this slide on the left, you can see examples of stock-listed analog mixed-signal and RF companies in China. Some of the companies' names shown will be known to you. In total, we identified around 14 of these stock-listed companies in China, each with a market cap of more than EUR 1 billion. A few things are noteworthy. First, all of these companies had lower revenues than Elmos Semiconductor in total in 2025. Second, their sales multiple, defined as enterprise value over sales expected for 2026, is on average at 23. Comparing this figure to the ratio of Elmos Semiconductor, so Elmos Semiconductor in total, which is at around 3.3, this highlights the significantly higher multiples for stock-listed companies in China. A simple calculation would show that our China business alone could be worth more than Elmos Semiconductor in its entirety. On the right side of the slide, you can see a few examples of Western companies which have or are in the process of reshaping their China operating model. I think we are all aware of indie Semiconductor having agreed to sell their remaining share in its Chinese operations, Indie Micro, and we have probably all heard of Starbucks being in the process of transferring 60% of their China business to a Chinese private equity company. The message is clear: there are Western companies who are looking for Chinese co-ownership of their China activities as part of their strategy. This can support the development of the local business, as well as generate significant amounts of cash. I do not want to walk you through all the figures on the next slide, I will leave this data as backup in the presentation. The table consists of public information about financials of analog mixed-signal and RF companies, which are stock-listed in China. Allow me to conclude my chapter, and let me reiterate the key takeaways of our China strategy and execution. First, we strongly believe in the attractiveness of the Chinese automotive market, and due to its high level of innovativeness, we expect continued demand for integrated circuits for cars. Secondly, we have built a very strong local eight-person senior leadership team to lead our China activities. This team has around 100 years of combined semiconductor experience. Thirdly, we are serving the Chinese automotive industry across all segments. We have strong relationships to China-based and international OEMs, suppliers, and distributors. We maintain a network of offices across China in the most important hubs of the Chinese automotive industry. At fourth, we execute a clear plan to enable our China business to be run independently from the headquarters, and we are constantly tracking the market for emerging strategic opportunities. In a sense, we at Elmos see much more opportunities than risks in China, and that's how I started my presentation. I hope I was able to inspire you about our plans for this very interesting market. Thank you very much for your attention, and with that, let me hand over back to Ralf. Thank you, Burkhard, and thanks to Anna and Jan for the fantastic presentations. Great stuff. Super exciting. This concludes the first part of our CMD. We will now take a short 5-minute break, and then come back with the second half of our program. By the way, our Q&A system is already open, so if you want to ask a question, please enter your question in your text field on your screen. We will answer the questions in the Q&A session after the end of all presentations. Please stay with us. We have a lot more prepared for you. The second half holds many more exciting highlights. Thank you very much so far. See you in a couple of minutes. Bye-bye. In the world of automotive excellence, the journey never stops. At Elmos Semiconductor, we're on a never-ending quest to power the future of mobility. Our cutting-edge products enable advanced driver assistance technologies, all designed to control essential functions and keep drivers and passengers safe on the road. Whether it's high-performance controller ICs or customizable LED driver ICs, reliability and quality define our products. Trusted by some of the industry's leading car manufacturers, we're enabling next-generation light solutions for innovative interior design. Elmos develops, produces, and markets semiconductors and sensors, primarily for use in the automotive industry. Our components communicate, measure, regulate, and control safety, comfort, powertrain, and network functions. For 40 years, Elmos innovations have been bringing new functions to life and making mobility worldwide safer, more comfortable, and more energy efficient. The road to progress never ends, and at Elmos Semiconductor, we're constantly pushing the envelope, driving technological advancements that empower cleaner, safer, and smarter vehicles for years to come. Join us on the road to the future. Elmos Semiconductor, powering the world's most advanced automotive technologies, one journey at a time. Welcome to the mobility of tomorrow. Zonal architecture forms the backbone of the software-defined vehicle. Automotive functions are divided into zones. Zonal and edge nodes perform clearly defined tasks close to the sensors, close to the actuators. High-performance computers enable intensive data exchange from the cloud, but as connectivity needs grow, so do cybersecurity requirements. Classic true random number generators reach their limits, becoming predictable and thus vulnerable. Elmos QRNG uses quantum mechanics, generating true randomness for maximum protection. A software-defined vehicle benefits from more flexible power distribution, protecting safety-critical functions in the event of a malfunction. Temporarily shutting off sections, electronic fuses ensure a safer driving experience. At the same time, the vehicle boardnet is changing. More and more applications require 48-volt compatibility for the future vehicle architecture in the software-defined vehicle. 12-volt systems remain important for applications for energy-efficient actuators, such as HVAC flaps. Powerful 48 volt applications allow, for example, active cooling of the vehicle battery. All systems must communicate reliably with each other. Edge gateway controllers ensure efficient data exchange between zone components, such as sensors, actuators, and drivers. Elmos' edge gateway controllers form the bridge between classic vehicle architecture and the software-defined vehicle. With central fast Ethernet, communication becomes even more powerful in the zones. Elmos Semiconductor, enabling the software-defined vehicle. In the world of automotive excellence, the journey never stops. At Elmos Semiconductor, we're on a never-ending quest to power the future of mobility. Our cutting-edge products enable advanced driver assistance technologies, all designed to control essential functions and keep drivers and passengers safe on the road. Whether it's high-performance controller ICs or customizable LED driver ICs, reliability and quality define our products. Trusted by some of the industry's leading car manufacturers, we're enabling next-generation light solutions for innovative interior design. Elmos develops, produces, and markets semiconductors and sensors primarily for use in the automotive industry. Our components communicate, measure, regulate, and control safety, comfort, powertrain, and network functions. For 40 years, Elmos innovations have been bringing new functions to life and making mobility worldwide safer, more comfortable, and more energy efficient. The road to progress never ends, and at Elmos Semiconductor, we're constantly pushing the envelope, driving technological advancements that empower cleaner, safer, and smarter vehicles for years to come. Join us on the road to the future. Elmos Semiconductor, powering the world's most advanced automotive technologies, one journey at a time. Welcome back, everyone. Very short break. We don't want to waste your time. We have a lot of exciting stuff ahead of us. Let's continue with this Capital Markets Day and with Jochen Vaihinger, our CTO. Jochen, the stage is yours. Thank you, Ralf. Good afternoon, ladies and gentlemen, and a very warm welcome from my side as well. I'm Jochen Vaihinger. I'm the Chief Technology Officer of Elmos. Today, I would like to give you an in-depth view on technology and R&D at Elmos. More specifically, I will explain how our technology strategy, our innovation capability, and our scalable R&D platform translate automotive megatrends into customer value, profitable growth, and long-term differentiation. At Elmos, R&D is not an isolated function. It's a core value driver. It connects market trends, customer requirements, and manufacturing realities into robust and scalable system solutions that perform over the full automotive product life cycle. Let me start with a high-level view. Our R&D and technology organization is built around one clear objective: to enable sustained and profitable growth through technology leadership and execution excellence. On the value creation, we focus on compelling product value for our customers, enabled by a focused product roadmap, a proven innovation track record. Execution is supported by a great and extraordinary engineering team, a state-of-the-art technology roadmap, a robust global R&D setup, and a strong emphasis on continuously improving R&D efficiency. We improved our R&D execution times by around 30% last year. Finally, on acceleration and differentiation, we leverage a strong partner ecosystem and increasingly AI-enabled development and product differentiation, and an industry-leading patent portfolio with about one patent per working day. Together, these elements form an excellent and scalable R&D platform that allows Elmos to grow faster than the market while maintaining quality, predictability, and margin discipline. Now, let us look at where value is shifting in the vehicle. This defines where technology leadership matters most. The automotive industry is undergoing a profound architectural transformation towards software-defined vehicles and zonal EV architectures. This shift is driven by three structural changes. First, computing is being centralized into powerful central computers. Second, networks are being simplified and standardized, moving towards high-speed Ethernet. Third, power distribution is becoming decentralized, with a clear transition from a traditional 12-volt architecture to smart 48-volt board nets. Together, these changes move complexity and value creation to the edge of the vehicle. Distributed ECUs are replaced by zonal controllers. Complexity, weight, and cost of the wiring harness in a car are reduced, and at the same time, edge nodes become more intelligent, more connected, and more software-driven. This has important consequences. Edge systems must be safe because they directly control actuators and power. They must be adaptable because functionality evolves over the vehicle lifetime. They must be secure because connectivity and OTA updates increase risk of attacks. This is exactly the sweet spot for Elmos. This is our home turf. We deliver safe, adaptable, and secure edge system solutions, especially designed for zonal and software-defined vehicle architectures. We enable this architectural shift with eFuse-protected 48V board nets, Ethernet-based edge communication, and system-level solutions that combine high-voltage mixed-signal ICs, associated software, and seamless software integration. At the same time, we increase our IC content per vehicle, as shown before by Jan. This strategic positioning is directly reflected in our R&D pipeline. Across all Elmos application segments, sensing, software-defined vehicle, lightning, and motor control, our pipeline is well filled for the years to come. In sensing, we continuously expand our sensor and master IC families, firmware, and system architectures. In braking system and pressure sensing, we extend our portfolio with additional interfaces and integrated solutions. In lighting, we move from discrete solutions towards scalable, multi-channel, and high-performance systems. In motor control, we address both low current actuators and high power 48 V applications. In SDV, smart eFuse controllers and edge gateway solutions are becoming central building blocks. This pipeline ensures that Elmos remains technologically relevant, cost competitive, and highly attractive for OEMs and tier ones, not just today, but over multiple vehicle generations. Innovation at Elmos does not happen in isolation at circuit level. It happens holistically at system level, architecture level, and circuit level. Our edge-focused innovation in SDV and zonal architecture underpins our path towards EUR 1 billion revenue in sales by 2030. Let me illustrate this with four concrete examples. The first example is ultrasonic system innovation, an area where Elmos holds a global leadership position. We are the number one supplier of ultrasonic ICs worldwide, serving applications from entry-level parking assistance to near-field ADAS. Our leadership requires continuous innovation. Our latest ultrasonic system solutions deliver a step change in efficiency with up to 75% lower power consumption. This directly supports EV range and sustainability targets. At the same time, advanced interfaces and scalable architectures allow a seamless migration from entry to premium vehicles, protecting customer investments. We also extend ultrasonic relevance beyond classical parking functions. With the AI-enabled perception, such as object classification and heat detection, ultrasonic sensing becomes relevant for additional safety and automation use cases. Importantly, our USPA system solution has been selected for the NVIDIA Thor platform with a start of production in 2026. We also integrate our ranging solution into other platforms, for instance, from TI, Horizon Robotics, and Qualcomm. This validates our SDV readiness and system competence at the highest level. Security is fully embedded across our ranging systems, from sensing authentication to encrypted communication and secure firmware updates. We have already deployed more than two billion ultrasonic ICs in the field. The second example addresses a topic that is becoming increasingly critical: security. With our quantum random number generator, we establish a hardware root of trust for future vehicles suited to withstand quantum computer-based attacks. True randomness at silicon level is fundamentally different from pseudo-random or software-based approaches used today. It strengthens cryptography, authentication, secure communication, and OTA updates. Why is this important now? Cybersecurity regulation is tightening globally. Software-defined vehicles are permanently connected. Hardware trust anchors are not longer optional, they are becoming mandatory. Our QRNG solution is compact and highly reusable across platforms and technologies. Our lab measurements exceed our expectations already. For instance, with respect to power consumption, the total count rate of the entropy source of 2.5 megahertz, and passing of NIST random tests. This enables scalable value creation with low incremental cost and increasing relevance as vehicle connectivity and autonomy grow. The third example is our smart eFuse controller innovation. Smart eFuses are a key enabler of zonal architectures. They replace mechanical fuses with intelligent, software-controlled protection. A modern SDV architecture requires more than 20 eFuse controller per vehicle. Smart eFuse controller enable faster and more precise fault detection and isolation. This allows partially boardnet operation instead of full system shutdown, what we call failed operational behavior. Electronic protection also allows smaller cable cross-sections, reducing wire and wiring harness weight, and improving EV range. By integrating protection, sensing, and communication into a scalable mixed signal platform, we create high value per node and strong content growth per vehicle. Our eFuse controller solutions support flexible designs from three to 500 ampere with external MOSFETs. The fourth example builds on our system-level expertise in ranging and goes one step further, our next-generation ultrasonic architecture. Here, we fundamentally rearchitecture the system. By repartitioning analog and digital functions between master and sensors, we unlock a new cost performance curve. Proprietary ultrasonic data compression minimize data loss while enabling advanced signal processing at the highest effective resolution. A unified power and data concept simplifies wiring and interfaces, reducing system complexity and cost. At the same time, we enable multi-sensor setups with simultaneous measurements without crosstalk. This architecture also improves short-range performance, smaller than 10 centimeters, up to 3 cms even, simplifies sensor and handling and configuration, and is fully cybersecurity-ready. We've already demonstrated stable operation in our lab with six parallel sensors using a fully functional two-wire interface for data over power. This is system-level innovation, not an incremental improvement, and it clearly differentiates Elmos in the market. All these innovations are supported by a broad and competitive BCD technology portfolio. Elmos operates as a true fabless semiconductor company, providing full strategic and operational flexibility across leading global silicon foundry technologies. By collaborating closely with best-in-class silicon foundry partners, Elmos secures access to highly competitive and automotive quality, qualified BCD processes that combine performance excellence with cost efficiency. We actively manage our technology portfolio to ensure an optimal match between product requirements, technical performance, scalability, and long-term economics. As part of this approach, we also enable 12-inch wafer capabilities across wafer test and assembly, strengthening supply chain resilience and cost competitiveness. Today, 130-nanometer BCD technology forms the proven backbone of Elmos' product development. It is optimized for analog mixed-signal performance, offers robust automotive reliability, and delivers the right balance between performance, cost, and scalability for high-volume application. This node supports a wide range of current product platform and remains a key enabler of profitable growth. Looking ahead, we are systematically extending our technology roadmap to next-generation BCD nodes, with 90-nanometer and 55-nanometer BCD identified as the next strategic step. These advanced nodes enable higher functional integration, improve power efficiency, and enhance scalability, supporting evolving automotive architectures and software-defined vehicles. Our clear technology requirements are driven by automotive use cases, such as high voltage capability, up to 150 volt, competitive RDS(on), compact non-volatile memory footprints, and solid digital performance ensure Elmos is well positioned for future platforms and sustainable long-term growth. Let me now turn to our R&D setup. Elmos R&D has evolved into a global network, enabling innovation without borders. We moved from regional expertise to global excellence. Our German core remains the center of system expertise, architectural leadership, and quality culture. At the same time, we have significantly strengthened our global footprint. We have the full acquisition of our legal entity, DMOS GmbH, in Dresden. We opened a new R&D site in Brno, Czechia, and we rent the China Product Center in Shanghai. This setup combines deep expertise with scalability, increasing efficiency, resilience, and speed. Our global R&D excellence is a core competitive advantage of Elmos. With highly skilled experts across all disciplines, strong partnerships with key suppliers to scale capacity, in close cooperation with leading universities, we continuously translate innovation into safe, secure, and competitive automotive products. Very important, we also invest in the next generation of engineering talents. R&D efficiency is a strategic priority. Our R&D platform is built to scale, supporting up to 1.5 times revenue growth every two years with a disciplined and flexible cost base. Speed is a competitive advantage. We must consistently move faster without compromising automotive quality. Predictable execution is non-negotiable. Our R&D projects are delivered on time, within budget, and with tightly controlled deviations. Over the past 12 months, we have made significant progress in our R&D efficiency program. The time from an idea to product start has been reduced by 30%. 25% improvement of the duration to deliver samples to our customers supports fast time to market. Industrialization cycles are shorter and more predictable. I'm extremely delighted about the performance our engineers bring to the table every day. We continuously improve and enhance the way we work. Methodology and process optimizations are key to cope with the increasing complexity of our products and fast innovation cycles in the industry. We do not innovate alone. Our partner-led R&D ecosystem spans the entire semiconductor value chain. Long-standing partnerships gives us access to best-in-class tools, methodologies, and scalable capacity. Last but not least, close and early engagement with our customers foster definition of superior products and reduce risks. Very important, innovation must be protected. Intellectual property is at the core of Elmos' strategy, and it's key to ensure freedom to operate. We file roughly four patents every week and almost doubled the number of annual filed patents over the last decade. Our industry-leading patent filing rate of one filing per three engineers underlines our strong creation of intellectual property. We adapt our focus for patent application based on Elmos' strategy and towards the new application segments, such as eFuse and security. Consequently, we file percentage-wise more patents on system and application level compared to 10 years ago. This IP base protects differentiation, ensures freedom to operate, and supports long-term value creation. Artificial intelligence, in the meantime, is an integral part of how we work. We see AI as a strategic enabler, deployed with full transparency, traceability, and control to earn lasting trust. By embedding AI copilots across our development domains, like software and coding, software coding and testing, verification, and debugging, we are redefining speed, shortening cycles, while preserving uncompromising quality and safety. AI-powered design automation is transforming today how we innovate, for instance, enabling much faster analog migration or accelerating our path from idea to silicon. With AI-driven test optimization, we simultaneously unlock higher performance and structurally lower cost. Integrating AI into our products, for instance, giving access to unfiltered ultrasonic data, allows us to move beyond traditional limits and creates a new level of real-time perception. Our AI perception kit turns innovation into experience, lower barriers, accelerating customer relation, and speeding time to decisions. Let me conclude. Technology and R&D are not just a function at Elmos, they are the engine of our future. With our global innovation network, deep systems expertise, strong partnerships, and AI-driven productivity, we are transforming complexity into competitive advantage. We innovate faster, execute with discipline, and protect what makes us unique. This is how we create sustainable value for our customers, shape the future of mobility, and build long-term growth for our shareholders. At Elmos, we are not just keeping pace with change, we are engineering what comes next. Thank you very much for your attention. Let me now hand over to our CEO, Patrick. Good afternoon, ladies and gentlemen, and a very warm welcome from my side. My name is Dr. Patrick Schmitt, and I'm the Chief Operating Officer responsible for Elmos' global operations and supply chain. Today, I will update you on how our fabless transformation is translating into measurable operational progress and how operations are positioned to support the next growth phase of Elmos. Operations at Elmos are not just about execution, they are a structural enabler of value creation. They ensure that innovation becomes reliable delivery, that growth remains scalable, and that quality is maintained even as volume increase materially. One year after completing the fabless transition, we are now seeing the operational and financial benefits clearly materialize. The wafer fab transaction was successfully closed in December 2024 for a net purchase price of approximately EUR 93 million. This marked the completion of our structural transition. Importantly, we retained our testing and other critical facilities. We redirected our focus toward managing the global supply chain and strengthening our partner ecosystem. Operationally, we onboarded and ramped a new OSAT for final test in Taiwan and qualified a new OSAT in China, covering assembly, final test, and tape-and-reel. From a technology perspective, newer volume products are now mainly based on 130-nanometer technology, improving scalability and cost efficiency. Our 12-inch wafer prober is under evaluation and is moving towards serial release, enabling further efficiency and technology readiness. This was a year of disciplined execution. The foundation is firmly in place. The benefits of a fabless model are now clearly visible, both operationally and financially. Our setup enables approximately 15% annual volume growth until 2030. We have built more than 10 strategic partnerships with leading foundries and OSATs across the global semiconductor value chain. Our CapEx ratio has structurally declined by roughly 70% compared to the IDM model. For 2026, we are targeting a CapEx intensity of below 5% of sales. Operational efficiencies are delivering measurable improvements across our organization. We have reduced test time by around 25%, increasing throughput while simultaneously expanding available capacity, without the need for additional capital investment in equipment. At the same time, we have shortened time to market for new product developments by approximately 25%. This significantly enhances our competitiveness and strengthens our ability to capture growth opportunities in an increasing dynamic market environment. We have also realized roughly 50% efficiency gains in tape and reel output, significantly increasing productivity in our back-end processes. At the same time, we reduced inventory intensity by around 20%, enhancing capital efficiency and supporting stronger cash generation. By driving these operational improvements, we remain fully focused on our core competencies: design excellence, innovation leadership, and close customer intimacy. Taken together, this is a structurally stronger operating model. Looking ahead, strong demand is expected to drive a material increase in volumes. From 2026 to 2030, we expect volume growth of approximately 15% CAGR. Delivering this requires three operational pillars: scalability, resilience, and uncompromising quality. Scalability is ensured through our fabless capacity model, standardization, reuse, and back-end-driven scaling. Resilience is embedded by design, multi-sourcing, built-in capacity buffers, regional execution capabilities in our newly set up regional operations hub in Singapore and our organization in China, and end-to-end risk management. Quality remains non-negotiable. Automotive-grade standard, scalable quality systems, and disciplined ramp-up processes ensure growth without compromise. This is how we support a step change in volume while maintaining operational stability. Our fabless model is powered by partnerships across wafer processing, wafer test, assembly, final test, and tape-and-reel. At the same time, Elmos retains strong in-house focus on chip design, innovation, and customer focus, the core value-driving capabilities. We are in advanced discussions with additional external partners to further strengthen scalability, especially regarding our external tape-and-reel capabilities. This capital-light structure allows us to expand capacity without proportional CapEx, while maintaining full control over quality, delivery performance, and customer outcomes. Our partner network is both global and diversified. We work with leading global foundries and OSATs, complemented by strong local players, including long-standing relationships of more than 30 years and more than 15 years in some cases. This diversified setup enhances supply resilience and reduces geopolitical exposure. At the same time, it strengthens our position in China and worldwide, acting as a differentiator in customer discussions. Resilience is not only defensive, it is commercially relevant. As we grow, the outsourced value add share will continue to increase, but in a structured and controlled manner. Historically, a significant portion of value creation has been already driven by our external partners across Asia. Our Dortmund site has primarily focused on serial production, while also playing a key role in engineering, ramp-up activities, and tape-and-reel processes. Today, Singapore has been established as our new regional operations hub. The external manufacturing function has been relocated from Dortmund to Singapore. Additionally, short-term planning responsibilities from the supply chain team in Dortmund have also been transferred to Singapore. We have established a dedicated China operations function and further expanded our partner network across Asia. For our customers in China, the supply chain will be managed entirely within the country, ensuring that all processes and operations are locally administered. Warehousing and logistics will be handled from our facility in the Shanghai Free Trade Zone. We have implemented our first turnkey solution for the Chinese market under our JiWeiCheng brand, integrating, assembly, testing, and tape and reel services. Looking ahead, we are building full operational capabilities in Asia and expanding regional tape and reel capacity. This approach provides several distinct advantages for our organization. First, it allows us to scale our operational capacity efficiently without the need for significant capital expenditures on our own facilities. As a result, we can respond more quickly to shift in demand while maintaining financial flexibility. Second, by leveraging external partners and a structured outsourcing model, we can reduce customer lead times. This means our clients receive their products faster, strengthening our competitiveness in the market. Third, this model enables us to lower our working capital requirements. By minimizing the need to invest heavily in inventory and infrastructure, we can allocate resources more strategically and efficiently. Finally, we will establish a robust end-to-end supply chain within China that is managed entirely in-country. This China for China setup ensures that all processes, from assembly to logistics, are locally administered, further enhancing our responsiveness and resilience in one of the world's most important markets. This structure brings us closer to partners and customers, operationally and geographically. Execution excellence and capital discipline go hand in hand. We expanded test capacity ahead of demand to enable future growth. Importantly, capacity expansion has been largely upgrade-led, with limited new tester purchases. Efficiency gains are delivering around 25% test time reduction and stronger OEE performance. Our hybrid test footprint across Asia allows flexible scaling. OSATs provide scale, while internal operations focus on engineering, yield, and ramp agility. Proximity to fabs and customers improves responsiveness and resilience, higher capacity, faster cycles, better outcomes. Our long-term test strategy combines internal efficiency with OSAT scale. In wafer test, the mix gradually shifts toward external partners from a balanced split in 2024 to approximately 80% OSAT share by 2030. In final test, we see a similar trend moving toward around 85% external share by 2030. This transition allows us to leverage scale effects externally while maintaining engineering and ramp-up competence internally. It is deliberate and economically sound allocation model. 2025 was deliberately used to accelerate inventory normalization. We consciously operated at demand levels that allowed us to reduce buffers and structurally lower working capital. Inventories, as a percentage of revenue, declined to approximately 32%, a clear step toward a leaner capital structure. This improvement is operationally driven and sustainable. First, OSAT cycle and throughput have been optimized, supported by measurable improvements in overall equipment effectiveness. This increases velocity across the supply chain and reduces capital tied up in work in progress. Second, we tightened our SIOP discipline. More rigorous demand planning and cross-functional alignment reduce inventory coverage and safety stock structurally. Third, SAP S/4HANA, combined with AI-supported forecasting, now enables real-time inventory steering. This significantly enhances transparency and allows proactive adjustments instead of reactive corrections. Finally, our regional Asia operations hub further streamlines material flows, shortens lead times, and lowers structural buffers. Looking ahead to 2030, we see additional optimization potential, particularly when benchmarked against peers. This is not a temporary corrections. It is a structural shift towards stronger cash conversion and a sustainably higher free cash flow profile. Together, these measures make our supply chain faster, more disciplined, and more resilient, and they directly support our financial ambition... What you see here is not just a hardware upgrade story, it is fundamentally a test effort reduction story. If you look at the numbers, old systems delivered around 3.5 million units per system. Current systems already increased that to 11.5 million units, and the new generation will reach roughly 23 million units per system. That is a more than a 6-fold productivity improvement across generations. The key driver behind this step change is reduced test time per device. Every second we remove from the test time directly increases throughput, and in high volume automotive applications, even small reductions translate into massive structural capacity gains. Of course, next generation platforms contribute with higher base performance, and we have delivered sustainable OEE improvements across internal and external sites. The real structural lever is this: we test faster with the same or even better quality standards, and that changes the economics. During the allocation phase, we invested heavily in expanding capacity. Now, with significantly reduced test time and higher system productivity, we can grow output without proportionally increasing equipment. That is why future output growth is achievable with limited incremental CapEx. In practical terms, lower test effort per unit, higher throughput per asset, better asset utilization, and structurally lower capital intensity. This is a key enabler for margin stability, stronger cost, cash conversion, and our disciplined CapEx ratio to around 6% on the path towards EUR 1 billion revenue. Let me be very clear, quality remains non-negotiable. Quality delivers the zero defect performance automotive customers demand. It builds long-term trust and repeat design wins. It protects premium positioning and creates pricing power. It reduces operational and supply chain risks. It accelerates time to market and is essential for fabless scalability. Most importantly, it is embedded in our DNA, built into processes, governance, and daily discipline. The customer feedback shown on this slide speaks for itself. Quality is not only compliance, it is a competitive advantage. Let me close with five key messages. First, the fabless transformation has unlocked agility, scalability, and structural capital efficiency. Second, strategic partnerships provide technology access and scale while strengthening resilience. Third, significant efficiency gains, lower working capital, lower CapEx intensity, and operational improvements enhance profitability and cash generation. Fourth, our testing strategy combines internal engineering excellence with OSAT scale and strong operating leverage. Finally, relentless focus on quality and operational excellence remains the foundation of long-term customer trust and sustainable growth. Operations at Elmos are ready to support the next step change in volumes. Thank you very much for your attention. Let me now hand over to Rita, our CFO. Good afternoon, everyone, and also a very warm welcome from my side. My name is Rita Mamberger. I have been with Elmos since 2015 and have been CFO since 2022. My clear focus as the CFO of the company is to secure financial stability, discipline growth, and sustainable cash generation. Today, I will walk you through our strong financial performance and outline how we will achieve our ambitious financial targets for 2030. The key message of my presentation is straightforward: Elmos delivers profitable growth and strong cash flows, even in volatile market environments, creating very attractive shareholder returns. This chart shows the financial development of Elmos from 2021 to 2025, and deliberately covers two very different cycles of the automotive semiconductor market. The first phase was characterized by the global semiconductor shortage, while the second phase was dominated by slower momentum due to customer inventory de-stocking. These conditions required very different management actions, especially with respect to capacities, working capital, and cost control. The key is to be flexible and agile, we can react quickly to demand changes and use short-term opportunities. Despite these very different market phases, Elmos increased sales from EUR 322 million in 2021 to around EUR 583 million in 2025. This corresponds to a compounded annual growth rate of 16% and clearly demonstrates the structural growth of our business based on our innovative IC solutions. EBIT grew even faster than sales, with a CAGR of 21%. This reflects strong operating leverage, stable growth margins, and disciplined management of operating expenses. Importantly, this profitability improvement was not driven by aggressive pricing, but by volume growth, scale effects, and efficiency gains in all of our processes. Capital expenditures were elevated during the expansion phase, mainly due to investments in backend and test capacity to support our strong growth, new product ramps, and secure delivery capability. During the chip allocation, we focused all of our activities purely on growth, and we wanted to be able to deliver as many ICs as possible. With the completion of our capacity expansion plan, capital expenditures declined again in 2024 and 2025. Free cash flow margin improved significantly in 2025. This improvement was mainly driven by lower CapEx, the normalization of working capital, and lower taxes. As you all know, cash generation is a core focus of our new strategy, and Elmos will be much more cash attractive in the future. The key takeaway from this slide is straightforward: Elmos can grow profitably and improve cash generation across the cycle. Our financial performance also compares favorably with a selected peer group of global automotive semiconductor companies, our core competitors in the different application fields. During the chip shortage, all automotive semiconductor companies were able to grow significantly. With an annual growth rate of 33.6%, Elmos grew twice as fast as its core competitors. Our great products and excellent delivery performance turned Elmos into a real growth engine. Between 2023 and 2025, despite two years of inventory destocking, we also achieved slight growth, while competitors declined by nearly 20% on average, with some down by more than 30%. Our EBIT margin is more resilient. Even in the stagnation phase of 2024 and 2025, we managed to maintain a higher EBIT margin than most of our core competitors. This underlines the stability of our operating model and strength of our execution capabilities. Finally, we were able to improve our free cash flow performance despite economic headwinds and temporary working capital effects. Our focus on cash generation creates further upsides as Elmos moves into a cash harvesting phase. This very clear outperformance reflects our excellent position, consistent financial discipline, and the great commitment of the entire Elmos team. Our strong financial performance resulted also in a superior share price development and total shareholder return. Our share price increased 350% since 2021, well above peers and the TecDAX index, which Elmos is a member of since June 2024. The total shareholder return is 384%, also well above peers. Despite this outstanding performance, Elmos' relative valuation is still well below most peers, offering further upside potential. Let me now turn to our midterm financial targets for 2030. As you can see, we confirm our ambitious growth and profitability targets published at the CMD in November 2024, and we even have upgraded our targets for CapEx and free cash flow margin. As explained by our CSO, Jan Dienstuhl earlier, we target sales of around EUR 1 billion by 2030, supported by many design wins in our core application fields and an innovative product roadmap for automotive and non-automotive technologies. At the same time, we expect a solid growth margin of around 45%, reflecting our transition to a fabless business model and a continued shift in the product portfolio towards higher value applications. It is essential to find the right balance between growth and profitability. As we have demonstrated in the past, an OpEx level of around 20% below gross profit, covering R&D as well as G&A, provides us with sufficient resources to drive growth while still maintaining a high level of profitability. Our EBIT margin target of around 25% of sales is supported by broadly stable growth margins and strict cost discipline. As a fabless company, we benefit from the flexible cost structure and good scalability. We now target the CapEx ratio of around 6% based on our average annual growth rate. This improvement by four percentage points compared to our former target of less than 10%, is a result of better than anticipated improvements in operational efficiency and the backend, as highlighted by Patrick Schmitt. Following our transition to a fabless model on the front and side, and a substantially improved utilization of our testing equipment, we anticipate lower investment requirements to support our future growth. Finally, we target a free cash flow ratio of around 17% of sales. This positive development will be driven by a combination of higher profitability, lower CapEx, optimized working capital, and a lower tax burden, as we target a tax rate of around 21% in the coming years. Ladies and gentlemen, while some of our peers have recently lowered their financial ambitions, we remain committed to our midterm targets. Once again, a clear testament to the resilience of our business model, the attractiveness of our product portfolio, and the dedication and commitment of the Elmos team. As just mentioned, we plan to increase our EBIT margin to around 25% by 2030. The main driver is volume growth across all product segments, supported by higher margins from new product generations and scale effects as volumes ramp up. We expect typical annual price declines in the low to mid-single digit range, which we plan to offset through ongoing compensation measures. Cost inflation, particularly for materials and labor, is actively managed through cost discipline, supplier negotiations, and efficiency programs. The higher gold price impacted costs in 2025, but mitigation measures such as copper wire transitions and customer EDA should largely offset this from 2027 onwards. In addition to the higher gold price, consulting costs for the SAP transition and the implementation of our China strategy impacted profitability by around three percentage points in fiscal year 2025. We are confident in achieving sustainable margin expansion through operational excellence, continuous process improvements, and scalable structures, supported by SAP S/4HANA and AI-based tools. Historically, Elmos had a tax rate of 33%-34%, a clear disadvantage to our competitors, who had a tax rate below 20% in the past. We must be competitive across all cost positions, and in this context, the tax environment is a key building block. We have defined a clear path to significantly lower our tax rate. As you all know, we have realigned Elmos Semiconductor SE into a holding company and relocated to registered office from Dortmund to Leverkusen, which has allowed us to cut our local business tax, the so-called Gewerbesteuer, in half and lowered our combined tax rate by around seven percentage points, effective January 1st, 2025. Looking ahead, we expect the effective tax rate to normalize at an even lower level at around 21%. This is driven by a more balanced geographic profit distribution with the establishment of an Asia sales hub in Singapore and the full functional entity in China with optimized transfer pricing structures. In addition, the gradual reduction of the German corporate income tax rate, as enacted by the German government in July last year, will support this development in the next years. A lower and more stable tax rate directly supports net income growth and free cash flow generation. It is therefore an important pillar in achieving our 2030 free cash flow targets. The increase in working capital in 2022 and 2023 was mainly driven by a deliberate inventory build-up during the global chip shortage. At that time, securing wafer supply and backend capacity was critical to ensure delivery capability for our customers. This decision supported growth and customer trust, but it also led to temporary higher cash absorption. With the normalization of supply and demand, inventory levels have started to come down gradually. It is important to be able to react quickly to customer demand, especially when you have limited visibility and most customers order well below the normal lead times. This is the reason why we have started optimizing our inventory levels at the end of 2025. Not aggressively, but rather in a prudent and targeted manner. Looking forward, we target a structurally lower working capital ratio by 2030. Our goal is a net working capital level of around 25% of sales. That means we are targeting a reduction in absolute net working capital, even as the business grows by around 70% until 2030. This will be achieved through tighter inventory management, improved demand forecasting, and real-time tracking of inventory across the supply chain, also with the help of SAP S/4HANA and AI support. In addition, faster and more automated invoicing processes support quicker cash collection. We also will be even stricter on monitoring the payment behavior of our customers, especially on the distribution side in China. Working capital discipline is a key lever for improving cash conversion and free cash flow generation at Elmos. Our COO, Dr. Patrick Schmitt, has previously presented all of our important projects to lower CapEx needs, so I will be very brief here. After elevated CapEx levels during the peak growth phase to expand backend and test capacities, CapEx has declined significantly since 2023. This reflects completed capacity expansions, higher test efficiency, the transition to a fabless model, and lower IT investments after the SAP S/4HANA rollout. Our new cutting-edge testing equipment combined with the operational efficiency optimization, as well as test time reduction programs, resulted in a significant capacity expansion. This increases the output for each testing cell by a factor of more than three times. Based on these great results, we expect CapEx to remain at around 6% of sales in the future, supporting growth while improving cash flow and capital efficiency. A core element of our new strategy is to improve free cash flow. In 2025, we already achieved a significant step up of the free cash flow to sales ratio of 11.4%. However, we see further upside potential and are targeting a free cash flow margin of around 17% in 2030. Let me first give you a high-level overview of the key elements of how we plan to achieve this target. The first step is our higher operating profitability, which will translate directly into stronger operating cash flows. One important lever is to further optimize our effective tax rate, resulting in structurally lower cash taxes. The tax savings due to the transfer to our registered office to Leverkusen were significant. Only the first step in our roadmap. We also plan to further improve working capital efficiency. After the exceptional buildup during the global chip shortage and the subsequent destocking phase, we expect more normalized inventory levels. We will continue to work together with our customers and suppliers to further improve working capital. CapEx will structurally decline due to fabless operating model, higher operational efficiency, and shorter test times. All these measures combined give us the confidence in reaching a free cash flow margin of around 17% of sales. Ladies and gentlemen, Elmos has structurally closed the gap between profitability and cash generation. We are going to harvest a lot of cash in the future. In light of our higher free cash flow generation, we have also updated our capital allocation framework to ensure attractive returns for our shareholders. Our first priority for capital allocation remains organic growth. We invest consistently in R&D, product development, and operational capabilities to support our long-term growth strategy. These investments are fully embedded and well-balanced in our financial targets and planning assumptions. Beyond organic growth, we will place a stronger focus on returning capital to shareholders. We do not want to build large cash piles, so we plan to distribute excess cash via a combination of dividends and share buybacks. For fiscal year 2025, we propose a dividend increase by 50% to EUR 1.50 per share, to be paid out after annual general meeting in May 2026, and return additional EUR 10 million to the capital markets via a safe harbor share buyback program. The total payout in 2026 will be around EUR 36 million, more than doubling the payout of the previous year. This total payout translates into EUR 2.08 per share. This is a payout ratio of 35% of consolidated net income, or 54% of free cash flow in 2025. Stable or increasing dividends remain a key priority for us. Our new capital return policy is sustainable and flexible across the cycle, balancing capital returns with investments in future growth. At the same time, it allows shareholders to participate appropriately in the company's success and provides for attractive returns. This slide illustrates two important messages: strong cash generation and a clear commitment to increasing shareholder returns. Starting on the left-hand side, we expect to end 2026 with an estimated net cash position of around EUR 95 million, even after dividend payments and share buybacks. This reflects the strength of our free cash flow generation, with a projected contribution of around EUR 110 million in 2026, at the midpoint of our guidance. In the center chart, you see the development of our total payout from EUR 17 million in 2024, with a strong increase to EUR 36 million in 2025. For 2026, we are outlining an illustrative payout of EUR 95 million, which would represent a year-over-year increase of more than 160%. Based on this potential payout amount, we have different options to distribute the excess cash to our shareholders via a mix of dividends and share buybacks. On the right-hand side, we present different payout scenarios. The key message is clear: based on our strong cash generation, shareholders can expect a significant step up in shareholder returns. Ladies and gentlemen, let me summarize. Elmos has demonstrated a strong track record of profitable growth and outperformance versus industry benchmarks, even in challenging market cycles. Our ambitious 2030 financial targets are confirmed and partially upgraded, supported by a resilient operating model, strong product positioning, and disciplined cost management. We see further potential for margin upside, driven by operating leverage, product mix improvements, and continued operational excellence. Efficient capital management, lower recurring CapEx, and optimized working capital will further strengthen free cash flow generation. Finally, bringing all these elements together, our capital allocation strategy is clearly focused on sustainable shareholder value creation through a progressive dividend and share buybacks. Thank you for your attention, and back to Arne for his final remarks before the Q&A session. Ladies and gentlemen, thank you for spending this day with us. Today, we have shared a comprehensive view of Elmos. We discussed our markets and our structural growth drivers, our innovative product and technology roadmap, our strategic initiatives in China, and the operational optimization of our supply chain. Finally, we outlined our financial ambitions and introduced our refined capital allocation principles. 2026 marks a turning point for Elmos. The headwinds from this stocking are fading. We expect to return to normal structural growth rates in 2026. Growth that is driven by one powerful trend, the continuous increase of semiconductor content per vehicle. Electrification, ADAS, zonal architecture, and software-defined vehicles are not short-term effects. They are very structural transformations, and Elmos is positioned right at the core of these developments. Our ambition of around EUR 1 billion in sales by 2030 is anchored in awarded design wins. These design wins provide long-term visibility and confidence that our growth path towards 2030 is firmly established. Of course, with some additional upside beyond what is already secured. China remains a complex environment. Complexity for us creates opportunity. With our localized structure and expanding development capabilities, we are well-positioned to capture structural growth in China while maintaining strategic flexibility and prudent risk management. At the same time, growth alone, of course, is not enough. What differentiates Elmos today is the quality of that growth. We operate a scalable fabless model. We prioritize high margin, strategically attractive projects. We are targeting an EBIT margin of around 25% in the midterm, with further optimization potential as volume, scale, and efficiencies increase. Most importantly, cash generation has fundamentally improved. Free cash flow is no longer a weak point. Today, cash flow is a management priority. Through disciplined capital expenditure, strict working capital management, and ongoing tax optimization, we are building a business model that converts innovation into cash and cash into shareholder value. Capital allocation has therefore entered also a new phase. The increase in 2026 will just be the start of an attractive journey. If you step back and look at the overall picture, you see a company that is market-leading in attractive niches, structurally exposed to rising semiconductor content per vehicle, increasingly cash generative, and guided by disciplined and highly attractive capital allocation principles. Yet, we believe this powerful combination may not be fully reflected in our valuation. As execution continues, as design wins convert into visible revenue, and as cash generation becomes consistently strong, we are confident that the valuation will, of course, follow the fundamentals. Ladies and gentlemen, Elmos has transformed in the last years. We are stronger, more agile, and financially more resilient than ever before, and we have a great executive leadership team that you have seen here today. We're entering a structural growth phase with significant opportunities ahead based on our strong position and based on an outstanding global Elmos team. We are totally convinced the best is still ahead of us. Thank you for your trust. Thank you for your continued support. Now, Ralf, please open the Q&A session. Thank you, Arne, thanks to all EEC members for the excellent presentations. We are now starting with the Q&A session. If you'd like to ask a question, please type it into your text field on your screen. All questions will be collected in our Q&A system. I will read the question, one of the EEC member then will answer your question. Okay. All set? We okay? Let's get started. Good. First question, let me see. It comes from Belgium, not from our beloved friends, but from Fédérale Assurance. The first question is: how do you see the competitive environment? Some European peers are underperforming in terms of top-line growth. Elmos is strongly outperforming. Could that be seen as market share gains in some of your segments? Yes, of course, it's partly market share gains, partly it's exposure to sub-segments that grow quicker. Particularly if you look at the last five years, this is also share gains. That is correctly noted. Okay, thank you. Next questions. A couple of questions. They come from Martin, from Oddo BHF. Sorry, Martin, good to have you with us. First question: compared to the last couple Markets Day, the average semiconductor content per vehicle, the total market by 2030, was downgraded roughly 9%. When you look at the 2024 numbers we've shown, I think it was $1,500 per vehicle. Now it's a little bit more than $1,300. Yet our sales target has been confirmed. Also, does it mean we are, yeah, expect market share gains here? The numbers, the content growth numbers from the last CMD, they also contain, like also in this CMD, they contain HPCs or SoC, these high-performance computers, they contain power semis, and they also contain memory chips. All these categories, they develop differently in this year's figures. If we look on what we do, the edge ICs, the analog mixed-signal ICs, interface management, and so on, control ICs, they still develop similarly, like we have seen in the last CMD. Yeah, it's true, the numbers are different, but our outlook, the forecast of our volume growth and value growth is very similar. Thank you, Jan. Next question from Martin. Can you give us more details on what type of chips will drive the growth in our SDV and safety business? Yes, sure. Actually, these are the APIC ICs. These are the eFuse controller ICs, where we will see many of them in the new vehicles. We will see first gateway ICs starting on the Ethernet based controllers that do lighting and ultrasonic applications. We also see a lot of SSPs, so-called sensor signal processors, here for pressure, strain, force, and torque measurement everywhere in the car. Okay, thank you. Another question from Martin. I think this one is a question for our CTO, Jochen. How much Elmos design capabilities are moving to China as part of your China for China strategy? Yeah. Thanks, Ralf. To be clear, we are not moving design capabilities, but build up newly in China, and this will be approximately 10% of our total capacity. Very important, it's not a move, it's an build-up. Excellent. Thank you. Now we have some question from Johannes Rees, from Apus Capital. Hello, Mr. Rees, good to have you with us. We missed you today. We missed your input this morning in our earnings call. Let's start with your question. The first question is about India. Two questions, actually. How many revenue have been achieved in India in 2025, the last year? How many revenue are we expecting in 2030? Actually, the revenue achieved in 2025 was less than EUR 10 million. In the growth plan for 2030, it's actually less than 3% that are planned for revenue in India. Okay, thank you. Another question from Johannes Rees: Is AI a challenge or a chance for Elmos? Meaning a robot, but also physical AI agents. Yeah, let me take this. It's clearly a chance, not a challenge. I mean, as outlined in the way we work and how we work, AI is part of our daily work already, and it's really supportive to be more efficient, to be faster, to handle better, in a better way, complex tasks. Nevertheless, of course, the engineering brain is always very important in parallel to that. The other topic, of course, and this goes to robots as well as to others, AI and AI features in our products getting more relevant as more data has to be calculated in these applications. Using AI algorithms or hardware accelerators associated with is a very important topic. Thank you, Jochen. Are hardware-based cybersecurity for SDVs, so software-defined vehicle cybersecurity, is included in our EUR 1 billion revenue target? No, it is absolutely not. We did not include any product revenues from this kind of categories. It's an upside similar to robotics? Exactly, yes. Next one from Mr. Rees. Are smart home or other IoT, Internet of Things, areas are future opportunities for Elmos as well? We still have, and I think you saw it in the presentation today, around 6% of our revenue is coming out of non-automotive application. This includes the two named here. Smart home is specifically one of our product areas here. For the growth plan, looking forward, they are still included. We will still have a low single-digit% revenue coming out of such kind of applications, but it will not over proportionally add to our growth. It will be on similar level or a little bit less. Okay, next one also from Mr. Rees, about our China, competitors. How much our local Chinese competitors are a midterm risk for the Elmos China business? Yeah, thank you very much. Let me take this question. Number one, we are highly competitive in the Chinese market, and we already see the competitors. Some would say they imitate or they copy us, so we see this. The pressure is there, but based on our extreme specialization, our niches, our system understanding, our innovativeness, and more and more our speed, I'm quite confident. Another aspect is, and you have seen it in our numbers, China is exporting more and more cars, and of course, these cars which are being exported, they have to comply with global standards or the standards of the global market. I think quality and working according to standards and established standards is very important. We are watching them, but I'm quite confident for us. Okay. Thank you, Burkhard. Another question, from Johannes Rees: How important is advanced packaging, to improve efficiency of our products in the future? Yeah, maybe let's take this question. There are two aspects. One, of course, is yes, it's getting important in the terms that we have, of course, dual die solutions, where we have a wire-by-wire interface in the advanced package. For instance, a high-performance digital part, which we keep very stable because we have a certain standard architecture for computation, but on the other hand, of course, having an analog mixed-signal, high-voltage part, which is more flexible, which is more dedicated to the specific application here. Keep in mind, it's not the advanced packaging we are talking on high-performance computing, for instance. It's not 3D stack integration or chiplet. It's really, I would call it's more simple dual die solutions, where you either put the dies on top with a substrate ball or you have a wire-by-wire interface. Okay, thank you. Business in the coming years. If we look at the growth plan, our average growth rate is around 12%. The growth that will be actually coming from revenue sourced in the U.S., will be lower than this 12%. It will be a few percentage lower. Also, maybe as a side information, if we look at the business that is fulfilled today to the U.S., partially it's also being sent to Asia, but that is fulfilled through the U.S., our exposure is only 2% in revenue, it's quite a low exposure. Okay. Is the sound quality okay? Yeah. Okay, good. Let's continue. Another question by Johannes Rees: If we achieve at least the same volume, in EUR of design wins, what we did in the past, when we continue to do that in the five coming years, will you exceed or can we exceed our 2030 target? Actually, assuming that the design wins will come in a similar annually distribution, because it's always business spread over some years, then in the last five years, the clear answer is yes. This would give us the opportunity to grow beyond that. Okay. Thank you. Of course, a margin question as well. If we achieve or beat our 2030 sales target, why is there no real margin leverage? There may be margin leverage, but keep in mind, these capital markets, they come along every year. What should we tell you next year? In 2024, we haven't told you the a full set of KPIs on cash flow. We're telling you today. I wonder what we have to tell you next year. Okay. Thank you. Next question comes from Peter, from London. Hey, Peter, how are you? It's a question, I guess, for Patrick, our COO: What is the value of keeping part of the testing in-house, and why don't we outsource it completely? Yeah, our in-house testing gives us great flexibility. We have the chance to basically prepare our RAMs flawlessly in-house first. We have short proximity to do engineering tests and as well to support us while developing new test programs. However, shown in my presentation as well, if there are capacity increases needed because of volume growth, these will be definitely happening at our partners in Asia and not in-house. Okay. Thank you. Now we have some questions by Malte Schaumann. Hi, Malte. Good to have you with us. Let's start with the Chinese one. Will the Chinese organization also be responsible for business with Chinese robot, customers? Yeah. Yes. That is a short answer, right? It's a clear yes. Okay, another robot one by Malte: What is approximately the Elmos revenue potential or opportunity for each robot so? If we look at the maximum equipment, we see a potential for around 120 ICs, similar like the analogy in the car. That means, you would have a revenue potential between EUR 50 and EUR 80, something like that. But we think we can achieve a per robot take rate, like in the cars today, is 10 ICs per car today. We think we can achieve a similar rate in the robot market, but again, it's not in our current growth plan until 2030, we see it, more a little bit in the 2030+ years as per today's knowledge. Okay, thank you, Jan. A question regarding capitalized development expenses by Malte Schaumann. What is the net effect of capitalized R&D, so meaning capitalization less the depreciation in 25, 26, and what is this figure to be expected by 2030? What the net impact in terms of EBIT margin? The net e-effect for 2025 is EUR 14 million or 2.5% of EBIT margin. We expect for 2026, going forward, more or less, same level. Okay, thank you, Rita. Another financial question by Malte. What are the expected growth rates for R&D and SG&A expenses, in relative to top-line growth? Okay. We maintain OpEx level at 20% of revenue. It means 11%-12% for R&D and 8%-9% for SG&A. We expect the same level also going forward. Okay, thank you. The next question, I think, Arne already answered this question. What are your thoughts potentially exceeding the 25% EBIT margin? I guess we have already answered that. There's definitely potential there. Let's wait and see. Yes. Okay, next one, also by Malte. Could you please provide some color on the emerging competitors as a potential local headwind? Who are our, yeah, main competitors currently in China? Burkhard? Let me start, Jan, maybe you can chime in. Number one, when you look at the Chinese semiconductor industry, it's important to understand there was a very strong focus on semiconductors for the consumer and industrial markets, mostly consumer, but also industrial markets. Step by step, we also see more and more companies expanding into automotive. We see that. That's number one. Number two, as you have seen on my charts, the companies we are observing, which are potential competitors for us, are relatively small as we speak right now. Number three, that's also what I mentioned before, it's very important meeting global standards, global quality standards, because once you export the cars to the world, you need to have those chip in the cars. We watch them, we look out for them. We are always happy when we see somebody's imitating us. I'm not too concerned. Okay, thank you. next question or last question by Malte: are there any non-automotive technology which could open up new applications, which might be realized by M&A? Non-organic, non-automotive opportunities. Thank you for that question. As was pointed out, we have a very strong, focused niche strategy, and our M&A strategy is how can we get stronger in our niches or in very adjacent fields. We are also no venture capitalist. We are also no gambler, let's say. If there's a target which fits extremely well to our core competencies or our core markets, that's fine, but we don't intend to expand with M&A outside. Okay, thank you. Next question now from Lucas Sprung. In which markets or segments do we see potential upside until 2030 in terms of revenue, which are not included in the business, but if we see a real chance to realize this upside? Where we are currently conservative in our growth plan is, as we have explained on robotics. Some competitors of us see the robotic market picking up earlier. If that holds true, we are in position, and we can utilize today's products for that. That is one thing. The other thing is, we are also a little bit careful on home automation application and also on industrial sensors. Our sensor signal processes, processors are also used in industrial applications, and if that market is developing a little bit better, that also gives us some upside potential. Okay, thank you. Another one by Lucas Sprung. Where could potential upside on the EBIT margin side could come from? What are specific potential effects? Of course, you would expect as you scale to a billion, that there is more to come in terms of OpEx scale, and this may well be possible. If you look at the gross margin, we will get our hands around gold. We will get our hands around a number of operational improvements, so maybe 45 is not the right number for 2030. We do have quite some ideas how to improve profitability and, of course, we keep you posted how we would commit to a higher profitability number. For today, we leave it at the targets, but as I mentioned, we will have a capital market stay, I think, almost every year. There are some more to come until 2030. Okay. Thank you, Arne. Another question by Malte Schaumann. What is the share of U.S. competitors in our target applications at Chinese customer? How do we judge the opportunity to gain shares from our U.S. friends, yeah, due to geopolitical environment? Yeah, exactly in the last, let's say, 12 months, we had a lot of discussions with our customers in China, in this geopolitically dynamic times, about the supply chains. Indeed, especially in our strongest application segments in China, which are ultrasonic and lighting, there are direct U.S. competitors. What exactly the share is, I could not tell now. There is quite some share, and it gives maybe additional opportunities because some of these Chinese customers may rethink utilizing this U.S.-based supply. That is true. We see it in the market every day, but at least until today, no major platform has been moved over. That remains an opportunity. Okay. Thank you, Jan. Next question comes from Edwin de Young. Hi, Edwin. Is there an expected effect for Elmos in case of consolidation of Chinese car brands? Do we have a concentrated exposure on special brands, or do we have a broad exposure in terms of customer penetration in China? No, we have a super broad exposure. You can argue that if we had a super concentrated Chinese market, which may take some time in terms of OEMs, they may gain more buying power. On the other hand, you would take out a pretty kind of diversified supply chain. We would have a lot more direct customers, which would be a great benefit to us. So we do not fear consolidation of the Chinese OEMs. We would probably like it, but there's nothing we can do about it. On balance, it's a plus for us if that were to happen. Okay, thank you. Next question, by Edwin. What would be the most likely driver of free margin or free cash flow margin above 17%? Working capital, EBIT expansion, or something else? I think this question is valid for 2026 and maybe also, beyond that. Yeah. I mean, we plan to reduce our tax rate from 25% to 21%. These are four percentage points, which is quite material for our numbers. Operational results, so the increase of EBIT margin, and also the efficient working capital management will help to increase free cash flow margin above 17%. All the three effects will help us here. Now we have a question or a couple of questions from Veysel Taze, from Metzler. Hey, how are you? Yeah, you have a bunch of questions. I'll try to start with the first one. Design win, conversion, and timing. What is the typical timeframe from securing a design win, going into the first initial volume ramp? That very much depends. There are some design wins that are very short term, and they only live for one or two years, especially for some Chinese design wins, that could be the case, because we all know the platforms change rapidly in China. Other big design platform wins, they go over many, many years. We typically only count them over seven years. If you look on the total distribution of all design wins in a year, that we typically win, it looks a little bit like a normal distribution that is a little bit front-loaded. That is how you can think about how typically they distribute over the years to come. They also start quite early, we do not have too many design wins that start only in many years. There are some, but very few. That's typically the case for ASICs, where you have a 3-year development or something like that. There, that is the case. For other thing, it's winning business with existing products. They are very short term. They generate business already in the ongoing year or in the year after. Okay, next question regarding design win. Historically, what has been your conversion ratio, basically your success ratio from design win to realized sales? Typically, it's significantly on top of 90%. In some years, it's 92, in some years, it's 96. Some major platforms, sometimes they change their volume, they push it out by one or two year, and then you need to adapt the revenues a little bit. We do very detailed bookkeeping on that. Short answer, significantly on top of 90%. Okay, thanks. Another question regarding volume and revenue. Patrick showed in his presentation a volume growth of 15% CAGR per year. Our sales CAGR is 12%, so the difference, three percentage points or 300 basis points, is this price erosion, so lower sales price? Yes, that is the assumption between the volume and the revenue. Of course, in any given year, there can also be a mix effect. Chips being bigger, being smaller, being thus more expensive or less expensive. In the most part, this projection, this three points is pricing. Another question, Veysel, regarding risk and downside protection. Looking at the 2030 targets, what are the main execution risks, specifically in the event of severe cyclical downturn in the automotive business before 2030? What would be your stress test scenario look like for revenue and margin, obviously? I think we've just been through a stress test scenario. In the last two years, 2024 and 2025, we've just seen a kind of market-wide, a -20% in revenue, and you've seen how we've fared. This would be pretty much two stress test years, which are current and I think interesting to look at how we've fared. Thank you, Arne. Last question, strategic capital allocation question. Regarding our footprint in China, if presented with a highly attractive exit multiple for our Chinese operation, would management consider divesting to unlock, yeah, that immediate kind of opportunity? Yes. We would look at all strategic options. That continues to take on a Chinese capital, which then, on the other side, would mean that we would reduce our equity participation. Let's see where we go. This is a little bit the cliffhanger question, right? because we do not have a clear answer. A lot depends on where the market goes, where geopolitics go, where valuations go. Since you framed it as there's a super attractive or financially super attractive offer on the table, would we consider it? Yes, we would. Okay. Thank you. A question from Martin Gent. How are your competitors in China, Taiwan, Korea, and the US? How would you assess their market position? Basically, our most important competitors in these regions. Well, I mean, China are pretty young companies. They are trying to break into the market to start with. Taiwan, there's not so many notable competitors, to be honest. Taiwan, for us, is a country of fabs, is a country of testing. A little bit different position in the value chain. South Korea is a little bit emerging, also no kind of a big mixed signal competitors that we would face head-on in our segments. The U.S., obviously, there are some big companies that have been competitors for years and years. I think we gained some share over the recent years, which encourages us to believe that we have a very strong product portfolio, and a strong attractiveness. However, there are very good U.S. companies and very formidable competitors. Thanks, Arne. Next question from Edwin de Jong. Are there any effects from the Nexperia situation for Elmos? Well, what do we learn from Nexperia? I mean, we see government intervention on all continents, this is nothing new. What we learned, I believe, on the supply chains, was that a lot of people have really little stock. When things are approaching a crash scenario after such a short amount of time, I think this is an unhealthily low stock level. Nexperia kind of put that to a test, and this is what we for sure learned out of that. No, let's say, no immediate chances for us to grab some Nexperia business? Oh, no. This is, these are different products. It's not that we could gobble up the Nexperia business, because they may have certain challenges. This is not the case. Okay, thanks. Another question by Veysel. How do we make sure that we have enough R&D and the right product that we can scale across platforms? Meaning not missing out what customers expect in terms of innovation. Yeah. I mean, the key topic here is, as Jan also showed in his presentation, the close interaction and customer intimacy we have with our tier ones and OEMs. We have continuously discussions and alignments with our customers, is it tier ones, is it OEMs, to understand what they need, but what can we benefit for a better system solution on their side that will solve really the problems the customer have. For example, also looking on China, by intention, we didn't call it an R&D center, we called it CPC, China Product Center. That means we also have to understand locally the market in China. We have to, on the local language, on the talk with the customers, understand what is their needs, what are their requirements, and with that one, turning this into competitive products. Customer intimacy is key here. Okay. Thanks, Jochen. Next question from Lukas Spang. Concerning cash payout, how do you weigh up dividends versus share buybacks? Is there a minimum share worth dividends worth the share buybacks, or are we flexible or want to be flexible? Well, there's not a lot of rules there, right? First, we don't want to build cash pots, obviously. Then, if we look at the dividend, we think that somehow organic behavior of a dividend is good, stable or increasing. This holds still true. So we don't think of it as a share of the one or the other, but we think of it as kind of a good development that is sustainable, such that the dividends can be stable or increasing and that we do the rest, which may be a very substantial rest, by share buybacks. There's no rule like this must be 50/50, or it must be 70/30. It should be most of what we have in cash, such that there is no pile building. This is important. Okay, thank you. Last question, for the time being, at least, again, from Lukas Sprung. In the presentation, it was mentioned that our revenue target, EUR 1 billion, is largely covered by existing business or secured design wins. How do you see the chance to increase your market share further by 2030? Part of the growth is coming actually from market share gains. It's the smaller part, but there is a part, and it's especially for lighting, for motor control, applications, and for sensing applications, and also for the whole STV part. Because, for example, the eFuse control ICs today, they have started already on low level, low volumes, but in 2027 they will ramp significantly. That is quite a high volume application. There's one part where we will gain a significant market share in that niche. Yeah, in our niches, our market share is growing. Okay. Thank you, Jan. Ladies and gentlemen, currently, we have no more question pending. Just to remind you, if you want to ask a question, please type your question into your text box on your screen. We're happy to answer as many questions you have. Maybe let's wait one minute. Is there one more question by... Oh, yeah, here's one more question. Thank you. Another one by Wiesel: Are distributors still part of your sales strategy? Yes, they are. For distributors, there are two types of distribution business. One is fulfillment business. A lot of the business that we have today, especially in Asia, is going in fulfillment via distributors. The other part of it is, creation of the business, demand creation. That is the smaller part, and today for us, that is still growth potential. We are working closely with two of the biggest distributors in the world to make our products especially even more visible in very fragmented markets. Our whole sales team is not set up to address very fragmented markets, but with strong distribution partners, we think we can sell our products even in that part of the market more successfully. Yes, we are working on that. Today, the share is very low of that revenue, but, we think we can improve it. We will update you on that. There's no big shift, big change in the future? No, no, absolutely not. It's... That is currently not planned. Thank you, Jan. Again, no more questions are pending in our Q&A system. Any more questions, please type quickly. No? Okay. I think we had a lot of question. We answered and covered a lot of turf, thank you very much. First of all, of course, to you out there for sharing your questions, interact with us, and, yeah, being part of our Capital Markets Day. Thanks to, of course, all of our EEC members for presenting a really a powerful message about our next phase of growth and value generation. Of course, thanks to all personnel, all of my team members, corporate development teams, marcom teams, IR teams, and all persons behind the stage making that capital market event possible. It's a team event as usual. Thank you very much. We're looking forward to seeing many of you in the next investor meetings or investment conferences. As our CEO, Arne Schneider, likes to say, "The best is yet to come." Thank you very much. Goodbye from Leverkusen. Take care. Bye-bye.