Ladies and gentlemen, dear and esteemed shareholders, I hereby open the 2026 Annual General Meeting of Infineon Technologies AG, and extend a heartfelt welcome to you, our company's owners. Furthermore, I would like to welcome the shareholder representatives, media outlet representatives, and our guests in the ICM, as well as everyone else following the AGM Internet simulcast. All of the members of the Management Board and the Supervisory Board are in attendance at today's AGM. Pursuant to our articles of association, in my capacity as chairman of the Supervisory Board, I shall chair today's Annual General Meeting of Infineon Technologies AG. Now, for some unavoidable formalities and organizational pointers. This Annual General Meeting was convened by duly publishing a notice in the German Federal Gazette on January eighth, 2026. We did not receive any motions for supplements to the agenda or any counter motions and election proposals that would have had to be made accessible. In the run-up to today's Annual General Meeting, one written statement was submitted via the investor portal, where it was made accessible to the shareholders and their proxies. As in recent years, the Notary Public, Sebastian Herler, has been entrusted with the notarized minutes. We kindly ask that anyone who wishes to get in touch with the notary public during the AGM, please let someone at the speaker's desk know. It is located to the right of the stage from where you're sitting. I declare the areas of the International Congress Center, Messe München, this side of the entrance control that are accessible to shareholders, the attendance area of this AGM. The participants' register can be viewed at the terminals in front of this assembly hall. With the exception of the intermediaries, in particular, banks and shareholder associations, every shareholder or shareholder representative received an admission and voting ticket, either printed on paper or as a digital admission and voting ticket on their cellphone or tablet. Please keep this ticket safe until the end of the AGM. You will need the admission and voting ticket, for instance, if you wish to take the floor during the AGM. To do so, please let the speaker's desk know. I will explain the voting procedure for the items on the agenda after the general debate. The entire Annual General Meeting will be streamed in German and English via the investor portal for all shareholders and their representatives, and via the internet for interested members of the public. A video recording will be made by the speeches of the chairman of the supervisory board, the chairman of the management board, and the chief financial officer, the key points of which were published on the internet on February 10, 2026. This recording will be available on the internet after the Annual General Meeting. There will be no verbatim record, but your submissions will be recorded so that your questions and motions can be processed properly. In addition, please be aware that it is forbidden to record our general meeting. You may exercise your voting right personally or via a proxy. Authorizations and instructions to the voting proxies may be issued, changed, and revoked via the investor portal until just before the end of the general debate. This also applies to changes and revocations of postal votes. You may issue, modify, and revoke authorizations and instructions to voting proxies, for instance, if you wish to leave the AGM early, also until just after the general debate here on site, as well as at the entry and exit control. There, you can also issue, modify, and revoke authorizations to other individuals. The exercise of voting rights via the investor portal will stop working once you have registered to attend in person. I would also like to point out that if you have more than one admission and voting ticket, be it in paper or digital form, for instance, because you have several stock portfolios with various banks, you should please make sure that all associated shares have been recorded at the entrance. If they haven't, you can do this now at the speaker's desk or at the entry control. You must also log in using all shareholder numbers you have in the investor portal in order to be able to exercise your voting rights for all shares there. I would like to take this opportunity to inform you that I intend to exercise the option of a shortened announcement of the results provided for by the German Stock Corporation Act in relation to the announcement of the results of votes, endorsing the results proposed by management. In such cases, I shall thus limit myself to announcing the results of the votes and declaring the passage of the resolutions, unless a shareholder requests a comprehensive declaration beforehand. The detailed results will be displayed here on site and in the investor portal, as well as on our website. Ladies and gentlemen, this concludes my formal and organizational remarks regarding the conduct of this Annual General Meeting. I thus call all nine items on today's agenda. The complete wording of the agenda and the draft resolutions were published together with a notice in the German Federal Gazette, and are also available on our website. In this context, please note that as announced in the notice, the proposal for the utilization of unappropriated profit under item two on the agenda, which has since been adjusted, was published on our website on February tenth, 2026. As before, it envisages an unchanged dividend of EUR 0.35 per dividend-bearing share. I will provide further details on this before the voting procedure begins. In addition, Dr. Schneider will comment on the adjustment in his report. This brings us to item one on the agenda: submission of the approved separate financial statements of Infineon Technologies AG, and the approved consolidated financial statements, both as of the 30th of September, 2025, and of the combined management report of Infineon Technologies AG, and the Infineon Group, and the report of the Supervisory Board for the 2025 fiscal year. These, and all other documents that must be made available, have been published on our website no later than since the notice of the Annual General Meeting. You can also view these documents at the speaker's desk in the front of the assembly hall. Supervisory Board approved the separate financial statements and the consolidated financial statements, including the combined management report and the further explanatory reports prepared by the management board. I shall revisit this point briefly later on. The separate financial statements have therefore been adopted in accordance with Section 172, Sentence one of the German Stock Corporation Act. A resolution of the Annual General Meeting pertaining to this particular item on the agenda is thus not required. This brings us to the report of the Supervisory Board on the past fiscal year. I shall focus on the main points. You will find more extensive commentary in the written Supervisory Board report, which has been available on our AGM website since the convocation of the AGM and is also available there today. Ladies and gentlemen, esteemed shareholders, we live in a time in which change is ubiquitous. An adage that holds true more than ever before is: if you're bold, if you recognize opportunities, and if you act decisively, you can shape the future. Infineon is an icon of this type of courage, of the will to chart new courses, spur innovation, and take responsibility. Today, we again look back on a year characterized by a challenging and highly contested global competitive environment. Building on our innovative prowess, passion, and team spirit, we further strengthened our position as Europe's leading semiconductor manufacturer. This holds true for the electrification of technical systems, from solar installations and wind turbines, via high-voltage DC power transmission through to storage management and the energy-efficient supply of power to AI data centers. And Infineon continues to command a premier position worldwide in automotive semiconductors as well. On the strength of in-house innovations and strategic acquisitions, we have given ourselves a wonderful basis for tackling forward-looking areas such as quantum computing and humanoid robots. What is of noteworthy mention here, in particular, is the successful acquisition of the automotive Ethernet business of Marvell. With the acquisition, Infineon is strengthening its system competence for software-defined vehicles and is extending its leading position in microcontrollers for automotive applications. Furthermore, the acquisition opens the door to new opportunities in the area of physical AI, for instance, in the development of complex robots. Our two guiding topics are unchanged: decarbonization and digitization. These remain our structural growth drivers, also in 2026 and beyond. We, as innovation leader, bear special responsibility in this respect. Looking to China, it is apparent that in a short span of time, you can electrify an economy extensively, and this applies not just to China, but also far beyond its borders. We at Infineon think and act globally. We are convinced that technologies from Germany and Europe can and must make a decisive contribution. Ladies and gentlemen, over 25 years ago, in March 2000, the IPO of Infineon took place. Infineon thus looks back on a wonderful anniversary and a remarkable growth history. Today, we are a leading global technology company, innovation prowess, ambition to produce high quality, and the will to continuously refine the company are what set us apart and constitute our success. Such a course can only be charted with people who are willing to move outside their comfort zone, with dedicated engineering and manufacturing teams, with employees who assume responsibility and demonstrate innovative spirit day in and day out. I would like to thank all of our employees at Infineon for this from the depth of my heart.... Ladies and gentlemen, a clear course for success requires courageous and far-sighted leadership, and this is what the Management Board of our company has stood for, for many years. Therefore, it is in the interest of the company that we place our chips on continuity on the Management Board. As you know, last year, the office of Mrs. Reichart was extended. In the Supervisory Board meeting yesterday, it was decided to extend the offices of our Chairman of the Management Board, Mr. Hanebeck, and our Chief Financial Officer, Dr. Schneider, who would expire next year. Mrs. Reichart, Mr. Hanebeck, Mr. Schneider, I am very happy that Infineon can continue to count on you. Last year, the Supervisory Board nominated Mr. Gorski, the new Chief Operations Officer, as successor of Dr. Wijburg, who has retired. Mr. Gorski, in recent years, in various managerial positions, did outstanding work for Infineon. He is thus the ideal successor from within our own ranks in order to make further progress in the operations area, which is so important. His office on the management board, as usual, after a first-time appointment, will extend for three years. I wish you, Mr. Gorski, once again, all the best and the best of success in your new role. My sincere gratitude also goes out to Dr. Wijburg for his years-long and successful dedication to Infineon. One of the supervisory board's personnel-related tasks is ensuring that the management board is remunerated appropriately. A year ago, in February 2025, the Annual General Meeting approved a revised remuneration system for the management board by a majority vote. Some shareholders and a major voting right advisor, leveled criticism at this, however. It related to governance elements such as the STI modifier, which is the possibility to retrospectively adjust target achievement in the short-term variable remuneration. In addition, concerns were voiced with respect to the adjustments in the long-term variable remuneration, the LTI. Against this backdrop, last year, the Supervisory Board took a very close look at Management Board remuneration once again and reflected on the criticism received. We enlisted the services of a renowned remuneration advisor to do this, and we also engaged in intense dialogue with investors and voting right advisors in this regard. With respect to the adjustments to the LTI and the entire concept, the Supervisory Board remains convinced of Infineon's approach. The LTI maps both non-financial ESG targets as well as financial targets. With regards to financial targets, the criteria of the Target Operating Model, TOM, and the TSR ensure that there's a strong link between performance and compensation. The guiding principle here is pay for performance. Last year, we optimized the relevant peer groups for the TSR. The semiconductor peer group was made much more precise, and the DAX was introduced as a second comparison group. The TSR target achievement curves were designed in line with the market and ambitiously to create a stronger link between the LTI and the long-term strategy, of Infineon. Last year, three TOM performance criteria were added to the TSR: revenue growth, Segment Result Margin, and adjusted free cash flow relative to revenue. The Supervisory Board, after its renewed review, continues to be of the opinion that the concept of the LTI implemented last year has a strong pay-for-performance orientation and a balanced opportunity and risk profile. Therefore, the Supervisory Board reached this decision, and this decision is to maintain the concept. Irrespective of this, the Supervisory Board, however, reached the conclusion that it makes sense to do justice to the further points of criticism leveled at the governance elements. Therefore, in November 2025, the Supervisory Board decided to make the following changes. The modifier in the STI, as a discretionary element, is abolished. The clawback regulation is expanded. The change of control regulations will be abolished completely. To strengthen the long-term orientation, the LTI in the future will have a term of five years. Furthermore, the supervisory board decided to increase remuneration to a level that is in line with the market. The previous maximum remuneration remains unchanged. It is still the cap. Positive feedback from investors in the run-up to the Annual General Meeting and the fact that the big voting right advisors recommend the approval, demonstrate that we're presenting to you a management board remuneration system that is both ambitious and in line with the market and does justice to the government's requirement to a substantial degree. Therefore, I kindly request that you, too, give this your approval today. Subject to the approval of today's Annual General Meeting, the adjusted remuneration system is envisaged to take effect across all active management board employment contracts as of October 1, 2025. Additional details regarding the remuneration of the management board can be found in the management board remuneration system and the remuneration report. As last year, the management board and the supervisory board decided to go above and beyond the formal review as part of the audit of the financial statements and commission an audit of the contents of this report. The independent auditor, Deloitte, issued an unqualified auditor's opinion. Ladies and gentlemen, after the management board remuneration, let us come to the supervisory board remuneration. The management board and the supervisory board have reached the conclusion that the base pay and the bonuses for certain functions should be increased moderately in order to ensure remuneration that is in line with the market and an optimal composition of the supervisory board in the future. Further details and the specific amounts can be found in the relevant draft resolution. The amendments are to take effect retrospectively from the first of October 2025. Ladies and gentlemen, this brings me to the separate and consolidated financial statements for fiscal 2025. The Investment, Finance, and Audit Committee, as well as the entire Supervisory Board, concerned themselves extensively with the financial statements of Infineon Technologies AG and the Infineon Group, as well as with the reports of our new independent auditor, Deloitte. The independent auditor issued the separate and consolidated financial statements an unqualified audit opinion. The Supervisory Board endorsed the findings of the audit conducted by Deloitte at its meeting on November 27, 2025. There were no objections to the financial statements or the audit performed by the independent auditor. The Supervisory Board thus approved the separate financial statements and the consolidated financial statements for fiscal 2025. The separate financial statements for fiscal 2025 are thus adopted. The Supervisory Board also endorses the adjusted proposal for the utilization of unappropriated profit made by the Management Board. The Management Board and the Supervisory Board proposed to today's Annual General Meeting an unchanged dividend of EUR 0.35 per share. The Investment, Finance, and Audit Committee, as well as the entire Supervisory Board, also concerned themselves with the combined separate non-financial report for the period ended September 30, 2025, and reviewed it. Deloitte issued yet another unqualified auditor's opinion. The Supervisory Board took due cognizance of the separate non-financial report and the group report of the Management Board. Ladies and gentlemen, this brings me to the end of my report. Once again, I would like to thank our employees around the globe for their dedication in fiscal 2025, which was definitely another challenging financial year. The members of the management board and the supervisory board for their professional and yet personally pleasant, and at all times, trustworthy cooperation. And last but not least, you, my dear and esteemed shareholders, for your loyalty to our company. We hope we continue to deserve your trust. This brings us to the speeches by the management board. For this, I would like to hand the floor to the Chairman of the Management Board, Mr. Hanebeck, for his report on the company's situation. For the first time since 2020, here we are again at the Munich Trade Fair Center, a hall instead of a studio, a big stage. That's fitting, because what I want to show you today is not a standard routine program. We're witnessing a technological leap that is changing the world. Artificial intelligence is unleashing tremendous momentum, and Infineon is right in the middle of it. Our semiconductors play a key role. Shareholders, guests here in the hall, and viewers on the live stream, a warm welcome. It's great to have so many of you here. We live in challenging times. The economy, geopolitics, society, much is in a state of flux at the same time. Markets are changing, supply chains are under pressure, familiar certainties are dissolving. The world is becoming more complex. Decisions are becoming more difficult, and predictability is declining. Yet, you see me standing here today with great confidence, because change, alongside major challenges, also brings great opportunities. Today, transformation is often described as a problem, a problem to get over as quickly as possible. I believe that's the wrong perspective. Transformation is not a disturbance, not background noise that will eventually fade away. Transformation is the rhythm of our time. We can pick up the beat, we can shape it, but the decisive question is: Do we wait and see what comes next, or do we actively harness the transformation? At Infineon, we've made a clear decision: We shape it. We create solutions that have an impact. We use transformation as an opportunity, and innovation is our lever. That is our approach, that is what drives us on, and that is what I want to talk to you about today. First of all, our company's current environment. Of course, Infineon cannot escape the forces of markets, the global economy, and geopolitics. The current period of weakness in semiconductor markets is persisting longer than in earlier cycles. In application areas particularly affected. That has been for more than two years now. But the last boom before the downturn also lasted for an unusually long time. 2025 was a very challenging fiscal year for Infineon. Weak demand in most of our target markets, tariff uncertainties, and other trade barriers. Many of our customers were directly affected. The result, heightened caution and a short-term approach. Customers ordering on short notice. On top of that, there were headwinds from a weaker U.S. dollar. In short, the broader political and economic backdrop was unfavorable. Nevertheless, Infineon stayed on course. Our business model is resilient, and our results are sound. You'll hear more about this and about our outlook for 2026 later in the speech by my colleague, Sven Schneider. Let's look beyond the current semiconductor cycle. Every storm front eventually passes. Every downturn is followed by an upturn. More important than the changing weather is therefore the enduring climate, and that remains favorable for Infineon. Two major trends underpin our company over the long term: decarbonization and digitalization. They increase the structural demand for semiconductors. Decarbonization and digitalization form the basis of our profitable growth path, and they are opening up new opportunities for us right now amid transformation in exciting future markets. Today, we're making that visible, quite literally, here on stage, where we can show you, using practical examples, how we are shaping the future. In my presentation, I want to show you how we are tapping into the future markets together with strong partners. Artificial intelligence is the decisive driver in these markets. I also want to explain the strategic course we are setting today to ensure that Infineon remains successful in the years ahead. Last but not least, on behalf of Infineon's roughly 56,000 colleagues, I want to share some of our team's great enthusiasm and passion. Every day, we work on pioneering solutions and the future of our company. Viewers, we are standing on the threshold of the next industrial revolution, a revolution driven by artificial intelligence. AI is already everywhere, in the office, in the factory, in your smartphone, in your car. We are using it more and more. Soon, AI will be taken just as much for granted as the Internet, as normal as electricity. AI is transforming industries at a breathtaking pace. It is developing entirely new capabilities and taking entirely new forms in the process. I call these forms incarnations, and let me explain that briefly. For several years now, we have been using generative AI, ChatGPT, and the like. Generative AI creates content. It produces texts, images, audio, and software codes from learned patterns and builds meaningful responses from them. Alongside generative AI, now comes agentic AI. It goes a step further. It plans and acts. It breaks down problems into parts, checks answers, tests alternatives, selects the best, and turns that into actions. AI agents can, for example, respond to customer inquiries, book appointments, or order products. A third form of artificial intelligence is physical AI. This is the next major stage of development. Physical AI enables autonomous systems to perceive the real world and to understand it and execute complex actions. AI is shaping. Cars and humanoid robots are perfect example, and we shall show you right here on stage what that looks like in practice. All three forms of AI have one thing in common, however. They require enormous amounts of computing power, and that requires electricity. They need reliable energy, or to put it differently, no energy, no AI. High-performance data centers are the control centers of artificial intelligence. Here, electricity is turned into computing power. Computing power turns into intelligent solutions, and semiconductors play the decisive role here. I'll show you a short video on this. Artificial intelligence is transforming our world. Virtual assistants at home, image analysis in medicine, or self-learning systems in industry, AI is already being used in all of these areas. In just a few years, AI will influence virtually every aspect of our daily lives. Behind all this lies a massive infrastructure, data centers. This is where energy is transformed into intelligence. Thousands of server racks, connected by high-speed networks, form the backbone of modern AI systems. The pacesetters of data centers are semiconductors. Processors execute computations for AI models. Millions of chips work simultaneously to process huge amounts of data at lightning speed. The power demand of AI applications is enormous. Training a single AI model, for example, a large language model, can take several weeks and consume as much energy as thousands of households use in an entire year. Semiconductors from Infineon ensure that electricity is converted and distributed efficiently, from the high-voltage grid all the way to the individual AI processor. Without them, the computing power and energy efficiency of modern data centers would not be possible. Each new generation of semiconductors opens up new possibilities. Without innovation in power supply semiconductors, no progress in AI. The major U.S. tech companies, in particular, are driving the global buildup of AI data centers. They're investing heavily in the AI factories of the future, fueled by strong demand for new AI-based applications, and Infineon is benefiting from this. Our semiconductors are essential to AI infrastructure. We supply AI data centers along the entire energy chain, from clean power generation through the grid, all the way to the AI processor, with the best mix of three semiconductor technologies: silicon, silicon carbide, and gallium nitride. We also stand out with our analog semiconductors, for example, smart power switches, integrated controllers, and drivers. Together, these elements form a DC conversion stage. We also shine with the most advanced assembly technology. Infineon is paving the way for a more powerful, efficient, and sustainable AI ecosystem. It does this by striking the right balance between performance, efficiency, and cost, and by maximizing the value of every single watt of electrical power used. Ladies and gentlemen, I've been with Infineon for more than 30 years now. I have never experienced growth dynamics like these now emerging with the AI boom. It truly is an exciting time, not only for me as an engineer, but also as a business leader. You can also see this momentum in our business figures. In fiscal 2025, we nearly tripled revenue from power supply solutions for AI data centers, from around EUR 250 million to more than EUR 700 million. In the current fiscal year, we expect more than a doubling compared to the previous year to around EUR 1.5 billion. In the coming fiscal year, we expect around EUR 2.5 billion. That would mean increasing our revenues tenfold in this area within just 3 fiscal years. In the years ahead, demand momentum in this area will continue. The addressable market for Infineon is growing strongly. We're talking about EUR 8 billion-EUR 12 billion by the end of the decade. That is a huge opportunity for our company, and Infineon is excellently positioned to seize it. We are a trusted partner for all key players in the AI market, both the leading manufacturers of AI chips and the major operators of high-performance data centers. In January, I met some of them at the Consumer Electronics Show in Las Vegas. The CEO of one important customer said to me, "We need Infineon to achieve our goals. You are our strong partner when it comes to power supply." I think that sums up very well why Infineon plays a key role in AI development. We are a technological leader. We offer the broadest product portfolio, and our systems expertise sets us apart. I'd like to demonstrate that here on stage with a few examples. As in an AI data center, there are more than 100... well, several hundred to 1,000 server racks. Each of these racks, in turn, has around 20 compute trays stacked tightly. This is for Dell, we can see AI processors and CPUs and any number of power semiconductors. Power semiconductors to supply power to the processors, and we know that these processors are getting hungrier and hungrier for power. That means that more and more current has to be fed to the processors, and for that, they need new solutions. And I can demonstrate that for you quite well here with two accelerator cards. Here we can see the conventional architecture. In this area, you'd find the processor, and you can see here the power supply comes from the side... We therefore call it lateral, lateral to the processor. And there are limits to that. And therefore, there is a very promising new development that you can see here, and I'll turn it around first, where the processor is on this side, and the power supply is on this side. Here you can see the modules. Now, what benefit does that give us? Well, we get the power modules, that's the power supply, to the processor, closer to the processor. And that means less losses, less loss, more efficiency, and that is a big step. Here on the card, you might say, "Well, okay, is that so decisive?" But it has a big effect. Technically, it's very challenging, it's very sophisticated, and it offers great customer benefit, and that is exactly what we offer. So you can see, AI is becoming more and more powerful, and at the same time, more demanding. Training ever larger AI models requires ever more computing power. Requirements will therefore increase rapidly in the coming years. I'd like to illustrate that with a few figures. By 2030, a single AI chip will require more than 4 kW of electrical power. That's about twice as much as a household iron. For each server rack, up to 1,000 kW are expected. That's over 10 times what the state-of-the-art has made possible today. In AI data centers, with hundreds of thousands of AI chips, we find total power requirements in the GW range. To put that in context, 1 gigawatt or 1 million kilowatts corresponds roughly to the full load of a nuclear power plant reactor unit, and that is per data center. We are dealing with extremely high power requirements. Meeting them is a huge technical challenge. Existing power conversion architectures in data centers are hitting physical limits. We therefore need completely new concepts. We are up to the challenge. How do we master it? Well, great things are often achieved together. Infineon relies on partnerships with companies that are shaping the AI playing field. Our work with NVIDIA is a prominent example. As we are collaborating on a revolutionary industry standard, a power delivery architecture with 800 volt, high voltage DC current for AI data centers. This architecture enables a complete new form of power distribution throughout the entire data center. The AI infrastructure is no longer supplied decentrally by a large number of power suppliers. The compute racks will receive the 800-volt DC power centrally, if you like. Power is converted to 12 volts and less directly adjacent to the GPU. This has several advantages, an even more powerful and reliable power supply, higher energy efficiency, and even more AI computing power. You can think of it as an electricity motorway. We essentially run the motorway through the entire data center. Power flows along wide lanes, no details, fewer conversion stages, that means fewer stops. This way, we deliver a great deal of energy very efficiently to its destination, to the AI processor. Our new architecture will set a new standard for powering high-performance data centers. I want this example to show you how innovation comes about when capabilities, ideas, and perspectives come together. That's why we at Infineon deliberately focus on co-innovation. It makes our solutions even better and gets them to our customers even faster. Speed is decisive, and I'd like to stress that. Our markets are dynamic, and speed is a critical determinant of success. Our customers want to minimize time to market for new products. The market for AI data center power supplies is the best example. Innovation cycles here are extremely short, 6-12 months, from product design to installation in the data center. We are keeping up with this fast pace, moving faster from concept to application, faster to solutions, solutions that deliver tangible added value. To do this, we are mainly using three levers. Firstly, we make decisions on new products significantly faster within the company. Secondly, we shorten development times. Thirdly, we develop solutions in tandem with our lead customers. A close exchange, direct feedback, fast learning, rapid product improvements.... An example from automotive development makes this progress tangible. Our intelligent digital software approach significantly shortens the development of certain power semiconductors. We capture new product ideas from customer conversations even faster and can make decisions within a matter of weeks. If the necessary technological elements are already available at Infineon, product development then proceeds largely automatically. The result is that we can develop and qualify such products in less than 12 months instead of 24 months as previously. So much faster and at lower cost. I worked for many years in Infineon's automotive business, and I therefore know how demanding new product development in this field is. We've come a long way. The progress is impressive. We call our approach Accelerate Innovation to Customer Value. We have embedded this approach as a central leadership initiative in the company, not only in development, but across the entire organization, across all functions globally. We are stepping up the pace. We are staying ahead in the innovation race. Ladies and gentlemen, AI doesn't just compute. It sees, decides, and acts. That lifts a variety of applications to a new level. Take the car, for example. AI-enabled software is becoming the heart of the vehicle, comparable to smartphones. Hardware is the foundation, software makes the difference. The automotive industry is undergoing the biggest transformation in its history. First, there's electro mobility, which we at Infineon have been instrumental in advancing worldwide for years. Our major contribution to decarbonization, and secondly, software-defined vehicles driven by digitalization. This is the path to a new era of mobility. With software-defined vehicles, manufacturers can expand or unlock functions and features in the car later via updates. This allows vehicles to be continuously improved throughout their life cycle. All is done remotely. No trips to the workshop, no hydraulic lifting platforms. Much more convenient, simply over the air. Cars are thus becoming learning machines on wheels in a large number of senses, with cameras, radar, microphones, and other sensors. Unlike in the past, these sensors don't just deliver a yes or no signal, for example, whether there's rain on the windshield or not at the moment, they deliver millions of data points per second. A digital image of the surroundings is created from this plethora of data. The AI on board the vehicle understands the image, evaluates it, and derives actions from it. Intelligence goes digital. The car becomes physical AI. That's artificial intelligence you can touch. But this requires a new vehicle architecture. The classic electron, electronic architectures are reaching their limits. Many control units, ever more wiring, too much complexity. So what's changing the vehicle? Well, let's take a look inside. The electrical and electronic system of a car resembles a nervous system. Sensors capture signals, computing units process them, and actuators convert them into movement. In order to maintain, update, and expand functions reliably, quickly, and throughout the entire lifetime of the vehicle, this nervous system is being reorganized in software-defined vehicles. The vehicle is divided into zones, each equipped with a zone controller. It collects and consolidates signals from nearby sensors, controls local tasks, and passes the process data on to central computers. These systems merge information from all zones, build a picture of the vehicle's environment, and coordinate its overall behavior. Everything is connected through a fast, robust data network, Ethernet. It enables in-vehicle communication with high bandwidth and low latency. Automotive semiconductors form the building blocks of this architecture: sensors, microcontrollers, power semiconductors, switches, fuses, memory, safety components, and connectivity. The result is a clear, less complex vehicle architecture that simplifies updates, diagnostics, and maintenance, while paving the way for advanced assistance and automation functions. Semiconductors are the key technology of software-defined vehicles. Software-defined vehicles are therefore transforming architectures and systems. As a result, development process and value chains in the automotive industry are changing, too. Infineon plays a key role in this shift. We work closely together with numerous customers and partners to drive the development of software-defined vehicles. That's good for our business because these vehicles require a multitude of semiconductors... our semiconductors. We are exceptionally well-positioned. Infineon is the global number 1 in automotive semiconductors. Our business in specialized automotive microcontrollers has grown strongly in recent years. Microcontrollers control critical functions in software-defined vehicles. Core vehicle operations, such as power-assisted braking and steering, battery and energy management, processing data in the vehicle zones. These are all functions that are indispensable for safety and stability. Where's the journey heading? Specialized microcontrollers and software-defined vehicles are becoming ever more important in the automotive industry. We therefore intend to expand our leading position. We have taken a strategically very important step in that direction, the acquisition of the automotive Ethernet business of the US company, Marvell Technology. We completed it in record time in the summer of 2025. Ethernet is a key technology for software-defined vehicles. It enables very large volumes of data to be transmitted quickly, reliably, and securely. Ethernet technology perfectly complements our existing product portfolio. Combined with our AURIX microcontroller family, we can offer customers a cohesive one-stop solution. An excellent example is BMW's Neue Klasse. A great showcase of innovative engineering, as I see it, and here you can see the first model on this platform, the new Neue Klasse. It's the iX3. It has a range of more than 500 miles. It won the Golden Steering Wheel award in 2025, in the Best Innovation category, and it's available as of March. What's technically fascinating here is that for the first time, we have a software-defined architecture implemented in practice. It is based on four super brains we call those high-performance computers in the vehicle. One of them is called Heart of Joy. In this Heart of Joy, all the relevant driving processes are orchestrated in a millisecond, accelerating, braking, steering, and more. And of course, this means there has to be a balance between the powertrain and driving dynamics. The advantages are obvious: better handling, better braking, and therefore improved energy recuperation and security. I've got a Heart of Joy with me here for you. It is manufactured by our customer, Bosch, and if the camera can show it, you can see our products very clearly. Firstly, the AURIX microcontrollers, which controls all the functions and calculates them in this control unit. In addition, at the bottom, you can see the Ethernet from Marvell, where all the data are shoveled between the different super brains and beyond. What you can't see is the power supply. Here, too, it's super critical, because these control units mustn't fail. These control units are supplied with power, obviously, but no longer secured by, fast fuses or relays, but with semiconductors. Semiconductors and switches and electronic fuses, which can be switched on and off flexibly. That is another innovation from Infineon. All in all, in this vehicle, there are about 200 Infineon products fitted: microcontrollers, power semiconductors, and sensors. So, ladies and gentlemen, it's a perfect example of our leading role in automotive semiconductors. That can also be seen from the market shares as well. We are very well positioned in all the key regions of the world. Number 1 in Europe, China and Korea, number 2 in the United States and Japan. We not only supply all the critical components for software-defined vehicles, we combine them into comprehensive system solutions. That is how we secure our leading position in the market. Now, we come to another subject that shows just how much progress depends on our semiconductors. We've already talked about the 3 stages of artificial intelligence, from generative to agentic, to physical AI. In future, we should be surrounded in our daily lives by things that can act autonomously using AI. Cars, for example, but also novel types of robots. Humanoid robots are particularly exciting for Infineon, because they're packed full with semiconductors that we, by and large, already offer for other areas of application. But see for yourselves. ... Humanoid robots are complex systems designed to replicate human movements and interactions. They need to perceive their surroundings, move in a stable way, and act purposefully, all while being connected, reliable, and safe. The interaction begins with sensors. The robot senses. Cameras, radar sensors, or microphones capture the environment and the robot's position. Microcontrollers, together with power semiconductors, control the actuators, usually electric motors, in the arms, legs, hands, and fingers precisely and efficiently, much like muscles in the human body. The robot's brain is formed by powerful processors and AI algorithms. They process data in real time and are responsible for overall system control. For all components to work together seamlessly, fast and reliable communication is required, comparable to the function of the human nervous system. In humanoid robots, Ethernet connects the individual components with high bandwidth and low latency. Another critical domain is the battery management system. It monitors state of charge, temperature, and energy flow, similar to our cardiovascular system. Only modern, high-performance semiconductors can deliver the required reaction speed, precision, and safety. Humanoid robots are an interplay of mechanics, electronics, and networking technology. In an increasing number of areas in industry, healthcare, and services, they will support us in the coming years. The future of robotics is built on semiconductors. Infineon makes humanoid robots possible. We enable their key functions, giving them the ability to perceive environments safely, think independently, and act with precision. Whether the robots look like humans is not the decisive point. Not all robots will need 10 fingers, two legs, and two eyes to perform highly specialized tasks. One thing, however, is certain: intelligent and efficient semiconductors are critical to robots' capabilities in a complex, real-world environment. Humanoids are currently moving from the lab into initial pilot applications. They're being deployed in logistics, industry, and looking at also in service roles. A multi-billion market will emerge here in the coming years. AI-enabled robots open up another attractive opportunity for profitable growth for our company. The addressable semiconductor value for Infineon per humanoid robot will be around $500. With semiconductor technologies, the possibilities in robotics are vast. Together, our customers and partners, we are laying the foundations for a new era of smart, autonomous solutions. One of our partners is NEURA Robotics from Metzingen, near Stuttgart. Founded in 2019, the company develops and manufactures intelligent robots. NEURA today employs more than 1,200 people. Here on stage, you can already see the next generation of their humanoid robots. But I'd now like to extend a warm welcome to David Reger, the founder and CEO of NEURA. David, please join us. Hi. Thank you for coming. Hello. I'm glad to be here. Great. Now, tell us a bit about your company. What does it stand for? What does NEURA stand for? What is your vision, and where are we? Well, first of all, thank you for giving me this time, and allowing me to talk about my company. What we have with robots and technology to support people and make people's lives easier is... You can see one technology on the screen here and behind me. These are the humanoid robots, which are similar to human beings in their appearance, but also, of course, they contain senses: hearing, seeing, feeling. And what's more important is that the senses have been fed into the computers behind us, and the senses perceived on the computers lead to reactions, and that's what we work on, technologies which make life easier for human beings and which enables to live better lives in future. We've got one here. The second one, I'll ask to come in. It is the 4NE-1. It's the little brother of the For Anyone, and it was built so that you can see you don't always have to practice with a big one. And also, you've got a little form factor. It's easy to handle. And what's great about these technologies is that these, this robot, of course—4NE-1. Nice to meet you, 4NE-1. It's... What a lovely solution!... You know, this is the 4NE-1 Mini So this is the 4NE-1 Mini. And what's great about robotics is that everything this little one learns can then be transferred to the big robot. And of course, the question is: Where can we help? Where are the semiconductors? Where are the challenges that you need help over? Well, yes, of course, that's what I'm here for. Well, in the past, we spoke about it a great deal, about how AI solves things for everyday life, so the same is done by robots, and it's this synergy therefore. It's a question of power electronics, which of course are becoming smaller and smaller. You've got far less space than in a car, as you can see. So we've got these different technologies we need to keep the power electronics as small as possible and also to dissipate the heat. To make them more efficient, at the same time, we need to provide sensors. A robot, a system like this, can see, hear, and feel the human senses, but also it's got superhuman senses, such as radar technologies, which are fitted so that the robot gets its abilities. Looking to the medium term, 3-5 years, what are our biggest challenges there? What are the biggest opportunities altogether? The basic challenge in this technology, we're talking not just about the hardware technology, but also the brains behind it. We talk here about physical AI. Physical AI means that you have to handle getting a lot of data out of the system and at the same time also transmitting them. We spoke of the Ethernet just now, so here the system is based on Ethernet, the Ethernet technology. And of course, we need to train the brain, which means we need real-time data, we need to timestamp them, and of course, we need the data. That's one key word you said there was one thing is the hardware, and the other is: How do I train? How do I get the robot to learn in real life and not just in a digital world? Because we know the real world has a lot of surprises. How do you handle that? Well, first of all, to finish what I was saying about Physical AI, we process all the data, and we learn from different situations. So the complexity contained, what we haven't managed is to map a human brain. There are still certain limitations, and that we need to handle that. And we therefore say we've got a two-stage computer architecture in the architecture in the robot. So we've got the nervous system that we've spoken about, and then it's broken down into a deciding brain. And in addition, what is also limited is that you have a third part of the brain, which is cloud-based. Now, there's an extended brain, if you like, in the cloud. How do you teach the robot something? Well, the world has got a lot of imagination. It can be done by straightforward simulation, and other people say, well, in the meantime, you just present it with a text, and it will learn it, and others say we done it with videos. But I would say that's not the case. One good example here is learning to swim. If someone tells me that you can watch swimming in a video and learn to swim that way, I'll say, "You're not a swimmer." You need to have performed these actions in the physical world. That's why we provide these physical locations where everyone can answer the question for himself, what the robot can do and what does it have to be able to do? You can't just say, "It can do everything." In marketing technology, if we said that, people will be disappointed. And here we say, "We've got things here, sometimes it works, sometimes it doesn't. But the good news is, you can teach the robot anything." And there's a platform for that, which we call Omniverse, and that is the only way, as far as I can see it, to teach the brain with everything. Everyone can make a contribution, can upload its know-how into the platform. And so I'm, I'm talking too much. We could go on for half an hour on this. The listeners would enjoy it, I'm sure. But for today, yes, that is enough, I think. So thank you very much for coming along with your robot, and I think we shall continue our partnership, and we'll develop a lot of synergies between our two companies. Thank you for the partnership. Thank you to Infineon, and also thank you for giving me the floor here, and also all the best for the future as well. That is NEURA Robotics. So that is NEURA Robotics. Made in Germany, ladies and gentlemen. Well, viewers, that is exactly how innovation produces effects. And David does that very well, and it's really impressive how this presents a new opportunity for Infineon. When I joined the company as a young development engineer, that was exactly my motivation, to keep pushing the boundaries of what's technologically possible further. It still fascinates me today. I share this fascination with many colleagues at Infineon. We are working on solutions that make a difference. Whether in data centers, intelligent vehicles, or humanoid robots, we harness transformation as opportunities. Innovation is our lever. Shareholders, our goal is clear: We want to expand our leading position in the semiconductor industry. We shall achieve that with a clear focus on the major trends of our time, with discipline and with wise decisions. We want to position Infineon optimally for sustained success, and to do that, we are consistently creating the conditions. I'd like to highlight three points. My first point: We are continuously advancing our broad technology and product portfolio with a focus on power systems and the IoT. What does the portfolio look like? Well, here's a review. Our semiconductor solutions fall into three categories. First, our power semiconductors. Over decades, Infineon has built unique expertise in this area. Power semiconductors today account for about 35% of our revenues. Another roughly 30% are analog semiconductors and sensors. For example, smart power technologies for data centers, and also driver ICs for cars, and motor control for industrial applications. Our sensor technologies connect the real world to the digital world. Semiconductors in the control and connectivity category account for about 35% of our revenues. That includes our automotive microcontrollers and microcontrollers for edge AI applications. That is artificial intelligence directly in the end device, or at least very close to it. Add to this are our solutions for wireless and wired data transmission. These building blocks are becoming increasingly important as important in the Internet of Things. We combine the different types of semiconductors into complete system solutions. For example, we deliver power semiconductors together with driver ICs, microcontrollers, including software and sensors for our customers. It's precisely these system solutions that differentiate us from purely product-focused providers. We are strengthening our technology leadership in power semiconductors. We have a major advantage on our side, namely, our unmatched materials expertise. We are leaders in all three key semiconductor materials: silicon, Silicon Carbide, and Gallium Nitride. We are transitioning our Silicon carbide chip manufacturing to 200-millimeter wafers, and our Gallium nitride production even to 300-millimeter wafers. That is a technological feat that no one has achieved before us. You may be wondering why this matters. By grading to larger wafers, we are scaling our manufacturing. This allows us to offer customers higher performance products at competitive costs. We are setting new benchmarks in power electronics, and we are strengthening our position as the global number one in power semiconductors. Silicon carbide and Gallium nitride are essential for applications such as electric vehicles, grid infrastructure, and AI data centers. Our manufacturing strategy follows a clear logic derived from our product portfolio. We manufacture semiconductors ourselves when our customers clearly benefit from that, through lower costs, better products, or a more reliable supply. That is the case for power semiconductors and also for analog mixed-signal technologies and sensors. For microcontrollers, connectivity and security ICs, we primarily differentiate ourselves through chip design and the software. In-house manufacturing adds no further benefit. Therefore, we have these semiconductors produced by foundries. We are consistently expanding our own manufacturing capacities for the semiconductor types I've mentioned. We are making excellent progress with our smart power fab in Dresden. The team is moving fast. Construction is ahead of schedule. We shall open the factory at the beginning of July, exactly at the right time, because in that way, we can best meet the rapidly growing demand for our AI chips. We shall manage to ramp up the factory flexibly as needed, so capacity when our customers need it. In addition, we are further expanding our leading position in sensors. Two weeks ago, we announced our intention to acquire the non-optical analog mixed signal sensor portfolio from ams OSRAM. Our planned investment will first strengthen our leading position in sensors for automotive and industrial applications, and secondly, we should expand our product range in sensors for medical applications. In short, we are significantly advancing our sensor expertise and will be able to offer our customers even more comprehensive system solutions in future. We are convinced that, business and team with ams OSRAM fit together as a perfect strategic fit for Infineon, and not just technologically and also financially and culturally. The acquisition opens up new opportunities for profitable growth in established and emerging markets, which includes the market for humanoid robotics, for example. My second point is that we are making Infineon even more resilient. Ladies and gentlemen, even if you don't like it, geopolitical uncertainties are the new normal. As a company, we are preparing for that. In our industry and for our customers, security of supply is crucial. The recent experiences of the automotive sector, Nexperia comes to mind, have underscored this once again. Our advantage at Infineon is that we have a manufacturing network distributed across the globe. We are also diversified with a base of manufacturing partners and suppliers. That gives us a certain flexibility. We can respond to disruptions in the supply chain. We also localize our supply chains and manufacturing processes where that makes strategic sense. In this way, we further enhance our supply security and remain resilient over the long term, globally balanced and locally robust. My third point: we are committed in the company to sustainability out of conviction. Sustainability is not a fad for us, not an add-on. It's the core of our strategy. In the last fiscal year, we completed the transition of all our sites worldwide to green electricity. We have exceeded our target of reducing carbon dioxide emissions by 70% by 2025. Our target, I said, 70% reduction by 2025, was exceeded. We are 84% done compared to 2019, the base year. Our goal of carbon neutrality by 2030 is within reach. The Science-based Targets Initiative has validated our climate target. A science-based target is a widely recognized global standard for companies in the fight against climate change. We want to set an example, and we're implementing our sustainability strategy consistently in a measurable and transparent way. Ladies and gentlemen, three points, one course: a broad technology and product portfolio that delivers resilience, that protects, sustainability that drives progress. That is how we are making Infineon ready for the future. Shareholders, guests in the hall, and everyone who's joined us on the live stream, today, we've demonstrated how Infineon is shaping the transformation, a transformation that, alongside major challenges for the economy and society, also brings unprecedented opportunities, opportunities that open up vast possibilities for our company, driven above all by artificial intelligence. I've explained why Infineon is excellently positioned. We shall turn these opportunities into profitable growth. To sum up, I have three key messages. Firstly, innovation is our lever. At Infineon, we are bringing technological progress to our customers more quickly. We are shaping important future markets, AI data centers, software-defined vehicles, humanoid robots. Secondly, partnerships for us are an accelerator. Together with strong partners such as NVIDIA, BMW, and Neura, we are creating tangible value. Through co-innovation, we are turning good ideas and semiconductor technologies into powerful impact. Thirdly, setting a straight strategic course lays the foundations for our economic success. Today, we are making decisions that will make the difference tomorrow. A broad technology and product portfolio, resilience, sustainability.... What does that mean for you, our shareholders? Infineon combines innovation leadership with foresight and discipline. We are advancing decarbonization, digitalization. We are creating value for our customers, for society, and thus for you. Your investment in Infineon is an investment in added value. Sven Schneider will tell you more about that in a few moments. I'd like to thank you, ladies and gentlemen, for your trust and your support on our company's journey. I'd like to thank the supervisory board for its renewed vote of confidence. I look forward to continuing Infineon's profitable path in the years ahead, together with my colleagues on the management board and a strong team. I should especially like to thank our roughly 56,000 colleagues for their mindset, their daily commitment, and their great achievements. I'd also like to thank our partners and customers, of course, for working together with us as equals. Together, we are harnessing transformation as an opportunity, and innovation is our lever. Opportunity, lever, impact, that is our course. Thank you very much. Thank you, Mr. Hanebeck. And now our CFO, Mr. Schneider, will talk about the financial situation and important financial issues of the company. Mr. Schneider? Dear shareholders, I would also like to welcome you to Infineon's Annual General Meeting. It's a pleasure to have you all with us here today. In my remarks, I would like to explore three key topics. First, how we held our ground in a challenging environment, as you've just heard, during the 2025 fiscal year. Second, what we have done to safeguard our profitability and to position ourselves optimally for the next upswing. And third, how we view the current 2026 fiscal year. My core message upfront is Infineon remains profitable and cost-conscious. It is investing selectively in future-oriented fields and is continuing to strengthen its position in the fastest-growing applications, particularly in the areas of software-defined vehicles and power supplies for AI data centers. Ladies and gentlemen, the 2025 fiscal year was not a year with tailwinds. Many of our target markets are going through a prolonged period of weakness, and customers and distribution partners significantly reduced their inventory levels in order to meet their own financial targets. In response to geopolitical tensions and tariffs, many of our customers acted cautiously. This was compounded by the weakening of the U.S. dollar relative to the euro. Infineon held up well in this environment. We successfully completed the year in line with the externally communicated expectations. Revenue declined only slightly, as expected. We were able to maintain profitability at a solid level. This is in part due to the fact that our structural improvement program, StepUp, took effect faster than anticipated. This development confirms the success of our strategy and underscores the resilience of our business model. We benefit from a diversified product portfolio and strong positions in key regions and target markets around the world. Here are three examples that illustrate this. We remained the global number one in automotive semiconductors for the fifth straight year. For the first time in our history, we rank among the two top automotive semiconductor suppliers in every major region. In the global microcontroller market, we have risen to the number one position. According to Omdia, Infineon increased its market share to 21.4%, with a gain of about 3.5 percentage points, the largest annual increase among all competitors. In automotive microcontrollers, we are clearly the world leader with a 32% share. And in power supply solutions for AI data centers, we not only have a strong starting position, we are growing very dynamically and are fully on track to achieve our ambitious revenue target of EUR 1.5 billion in the current fiscal year. Let us now take a look at the key financial figures for the 2025 fiscal year. Infineon generated revenue of EUR 14,662 million. This is 2% less than the EUR 14,955 million recorded in the previous year. The main drivers were negative currency effects and price reductions. At the same time, we saw higher sales volumes. At constant exchange rates, our revenue would have remained almost stable year-over-year. The gross profit amounted to, partly due to slightly increased costs of goods sold, EUR 5,753 million, 8% lower than the previous year. The gross margin came in at 39.2%, compared to 41.8% in the 2024 fiscal year. Our operating expenses totaled EUR 3,809 million. The largest share of this was research and development expenses of EUR 2,227 million. This clearly reflects our priorities. We continue to invest consistently in the future and further strengthening our technological leadership through customer-focused innovation. The segment result declined by 18% from EUR 3,105 million to EUR 2,560 million. The segment result margin reached 17.5%, compared to 20.8% in the previous year. What were the main reasons for this? Well, the price reductions mentioned earlier, higher idle costs in manufacturing, and negative currency effects. Nevertheless, we remained within the high teens percentage range we had forecast, and thus within the lower end of our target operating model. Overall, Infineon achieved a profit of EUR 1,015 million in the 2025 fiscal year. Basic earnings per share amounted to EUR 0.77, compared to EUR 0.98 in the previous year. The adjusted earnings per share declined from EUR 1.87 to EUR 1.39. In an environment marked by many uncertainties, we are focusing on the areas we can influence ourselves. This means closely examining all controllable costs and processes and systematically leveraging potential. This also positions us well for an upswing in our end markets. The structural improvement program, StepUp, is a decisive lever in this regard. It strengthens our cost competitiveness and our target operating model. Our measures focus on four areas: manufacturing productivity, portfolio management, pricing quality, and operating cost optimization. StepUp will take full effect in the first half of the 2027 fiscal year. This translates into an annual improvement of the segment result amounting to a high three-digit million EUR amount. By the end of the 2025 fiscal year, we had already realized around half of this sum, and we are progressing faster than originally planned. Economies of scale in manufacturing play a central role in our profitability. That's why we continuously review our manufacturing network and have sold two sites in recent months. In June 2025, we sold our 200-mm fab in Austin, Texas, to the U.S. company SkyWater, while simultaneously signing a long-term supply agreement. This secures a manufacturing base for Infineon in the U.S., while allowing us to be more cost-competitive and flexible. In addition, we completed the sale of the former Cypress site in Bangkok to Malaysian Pacific Industries Berhad about two weeks ago. Long-term supply agreements will ensure continued reliable capacity from this site as well. After looking at the group as a whole, I would now like to discuss the development of our four business areas. Automotive continues to be our largest segment in terms of revenue. In the 2025 fiscal year, roughly half of the group revenue was attributable to this area, EUR 7.402 billion, 4% less than in the previous year. The segment result margin was 20.7%, compared to 26.2% a year earlier. The main burdens were higher underutilization costs and price adjustments. Nevertheless, we managed to grow in selected product groups, in particular outside of North America. I would like to highlight our intelligent power switches of the PROFET family and our microcontroller families here. These are precisely the products, ladies and gentlemen, that are in high demand for software-defined vehicles, an area on which, as we mentioned before, we continue to place a clear strategic focus. An important milestone in strengthening our market position was the acquisition of Marvell Technology's automotive Ethernet business for a purchase price of $2.5 billion in the summer of last year. A strategically significant step, since Ethernet technology is highly complementary to our portfolio and will become the central backbone for data communications in the vehicle of the future. In the Green Industrial Power segment, we achieved revenue of EUR 1,631 million, 16% less than in the previous year. The segment result margin was 12.3% compared to 21.6%. Many of these developments can be traced back to the end markets. Many of our customers in the renewable energy sector had built up high inventory levels in prior years, particularly in the photovoltaic industry. They reduced these inventories only slowly in the 2025 fiscal year, and therefore placed fewer orders with us. Demand for our wind turbine solutions also remained subdued, and investment activity in industrial applications was likewise restrained overall, for example, in factory equipment and automation. At the same time, the long-term prospects remain strong. The global expansion of renewable energy is essential to enable affordable and environmentally friendly energy, and electrification in the transport sector continues to advance. Infineon has a powerful portfolio that is precisely aligned with these trends. A recent example are our solid-state transformers, semiconductor-based transformers that will play a key role in the future, in future highly efficient 800-volt direct current architectures for AI data centers. The technology offers many advantages, including a significant reduction in weight and size. We are seeing tremendous market momentum in this area, and for Infineon, this opens up a new sub-market with strong potential for growth. Our power and sensor systems segment was the strongest growth driver in the 2025 fiscal year. Revenue increased to EUR 4,208 million, up 11% year-on-year. The segment result margin improved to 16.2%, compared to 12.7% in the previous year. Overall, we observed a slight general market recovery in this segment, and markets for traditional data centers and smartphones displayed positive development compared with the previous year. I would particularly like to highlight our business with silicon microphones, which our customers value for their excellent audio quality, low power consumption, and long service life. Consumer-oriented business areas developed steadily, while industrial applications declined. The key growth driver, however, was power supply for AI data centers. In this application area, we nearly tripled our revenue to more than EUR 700 million. This is around EUR 100 million more than forecast, despite negative currency effects. In the Connected Secure Systems segment, we generated revenue of EUR 1.418 billion, 6% less than in the previous year. The segment result margin was 10.9%, compared to 12.1% previously. High inventory levels at our customers and a weaker consumer environment in many regions dampened demand in 2025, above all in Internet of Things applications and traditional security solutions. At the same time, there are clear growth areas. Demand for security solutions for data centers has increased significantly, driven by the expanding use of artificial intelligence in companies and public institutions, which raises requirements for data security and integrity. Our business with embedded SIM solutions also grew noticeably, especially in the automotive and industrial sectors. Our revenues from newly secured projects for passports and ID documents developed steadily. Ladies and gentlemen, let us now turn to the financial condition and liquidity. Our investments amounted to EUR 2.094 billion in the 2025 fiscal year. In the previous year, they totaled EUR 2.719 billion. Our investments are creating the foundation to capture current and future growth opportunities in a targeted manner and with a long-term perspective. At the same time, we're taking into account existing overcapacities in certain areas. In 2025, we placed particular focus, as you saw before, on the construction of our smart power fab in Dresden. This state-of-the-art 300 mm facility will also help meet the enormous demand for AI data center power supply solutions. Additional investment priorities included the expansion of silicon carbide, high-volume manufacturing in Kulim, and further investment in the Villach front-end facility. Free cash flow amounted to -EUR 1,051 million, primarily due to the acquisition of Marvell's Automotive Ethernet business, which I mentioned earlier. Adjusted free cash flow, that is excluding investments in front-end buildings and excluding major acquisitions, was a positive EUR 1,803 million. This corresponds to around 12.3% of revenue and is in line with our target operating model. The return on capital employed, or ROCE for short, declined from 8.5% to 4.9%. This reflects the lower profitability in the 2025 fiscal year and, at the same time, the significant increase in invested capital resulting from the expansion of manufacturing capacities and recent acquisitions. Maintaining our investment-grade rating continues to be at the core of our financing strategy. This ensures that we always have access to relevant capital markets and financing sources, and it enables us to finance profitable growth under good conditions. S&P Global Ratings reaffirmed our rating just a few weeks ago at BBB+ with a stable outlook, reflecting the strength of our business profile and our conservative financial policy. In the 2025 fiscal year, we issued a bond with a volume of EUR 750 million under our European medium-term note program. We also repaid a maturing bond of EUR 500 million as scheduled. To finance the acquisition of Marvell's Automotive Ethernet business, we concluded acquisition financing in April, comprising two tranches of EUR 1 billion and $1 billion. Both facilities were utilized in full at the time of completion of the acquisition in August and have had a term of up to two years since then. In addition, Infineon signed a committed revolving credit facility of EUR 2 billion in the 2025 fiscal year. The undrawn syndicated credit line has a maturity of five years, with the option to extend it twice by one year at a time, subject to a lender approval. Although this technically relates to the current 2026 fiscal year, I would like to note that just a few days ago, we successfully placed additional bonds with a total volume of EUR 2 billion at attractive conditions. This transaction primarily supports the financing and refinancing of upcoming maturities and of our recent acquisitions. It extends our maturity profile and further strengthens our financial resilience. Let us now turn our attention to the Infineon share, your share, ladies and gentlemen. First, let us take a look at the share price performance. We started the 2025 fiscal year at around EUR 31. The announcement of new tariffs in the United States led to significant declines in stock markets worldwide during the spring. At the beginning of April, the Infineon share therefore reached its lowest level of the fiscal year at around EUR 24. Afterwards, the share price recovered. Particularly in the second half of 2025, we were able to expand our lead over competitors in the field of artificial intelligence. This was clearly reflected in the share performance. Yesterday evening, the Infineon share closed at EUR 46.09, marking the all-time high of our market capitalization. In other words, ladies, gentle- and gentlemen, your company has never been as valuable as it is today. Between the first of October, 2024, and the eighteenth of February, 2026, this corresponds to an increase of nearly 51%. While we did not quite match the performance of the US benchmark index SOX, the Infineon share performed significantly better than those of our competitors, a strong development that we can all be proud of. The number of Infineon shares issued as of the thirtieth of September, 2025, remained, and pay attention, unchanged at exactly 1,305,921,137. Now, I'm reading this off 'cause I wouldn't know that by heart either. Of these, currently 2,421,478 shares are owned by the company and therefore are not entitled to dividends. The number of the company's treasury shares initially increased between September and November 2025 as a result of share buybacks. From the fifteenth of September to the fourteenth of November, 2025, we acquired 750,000 treasury shares under a limited share buyback program, of which 304,800 were purchased by the end of the fiscal year on-... The thirtieth of September, 2025, the total purchase price amounted to EUR 25 million, EUR 10 million of which were paid by the end of September. After completion of the program on the fourteenth of November, 2025, the number of treasury shares stood at 4,226,590. Since the proposal for the appropriation of unappropriated profit put forward by the management board in November 2025, the number of treasury shares has changed as follows: In December 2025, 1,494,387 treasury shares were transferred under the bonus to share plan. In addition, following the convocation of today's Annual General Meeting, a scheduled settlement of our restricted stock unit plan, RSUP for short, took place in January 2026, and a further 310,725 treasury shares were transferred. As a result, the number of treasury shares has fallen to the approximately 2.4 million already mentioned before. For this reason, the original proposal, as Mr. Diess mentioned, for the appropriation of unappropriated profit of November 2025, was adjusted. Due to the slightly higher number of shares entitled to dividends, the total dividend payment increased only marginally. The proposed dividend per share naturally remains unchanged, and I'll tell you a little bit more about this in a couple of minutes. The shares acquired under the aforementioned share buyback program are used exclusively for transfer to employees, managers, and members of the management board under existing employee participation programs. At Infineon, we have for some time relied on share-based remuneration for managers and selected employees. For this purpose, we use the performance share plan and the already mentioned RSUP. Since the 2025 fiscal year, the bonus to share plan has been added to involve even more employees in the company. Under this plan, a defined percentage of the annual short-term incentive is converted into Infineon shares. Expenses for these programs amounted to EUR 188 million in the 2025 fiscal year. This brings me to the dividend proposal. Our intention with our dividend policy is to ensure that you, our shareholders, adequately participate in Infineon's economic success. Even in the event of stagnating or declining earnings, our aim is to pay out at least a dividend that is unchanged from the previous year. In connection with agenda item two, the management board and the supervisory board are therefore proposing, as in the past two years, a dividend of EUR 0.35 per share for the 2025 fiscal year. This proposal takes into account the decline in business performance and, at the same time, secures our financial flexibility for further profitable growth in the years to come. The expected total dividend payment amounts to some EUR 456 million. Esteemed shareholders, the trust of the capital market is of utmost importance, especially in times of geopolitical uncertainty and dynamic market developments. We strengthen this trust through continuous, transparent, and professional dialogue with investors and analysts alike. Of course, our relationship with the capital market is not a one-way street. We value this exchange and take feedback very seriously. Our investor relations team, therefore, once again, in fiscal 2025, held numerous meetings with investors and analysts, often together with members of the management board. We participated in capital market conferences, met with institutional investors, financial analysts, and capital market participants from around the globe, conducted roadshows, and organized information events to provide deeper insights into technological developments, operational progress, and strategic priorities. Our IR team received significant recognition for this work last year, including three European prizes at the IR Impact Awards. These were the following: Best Overall Investor Relations, Best Investor Relations Officer, and the Best in Sector Award in the technology category. In addition, the German Investor Relations Association, DIRK, ranks Infineon second among DAX companies in capital market communication. In ESG communication, we rank first. I am very pleased about this recognition, and I would like to thank the team for the outstanding performance behind it. Thank you. To conclude, let us look ahead. The economic environment will continue to be characterized by a high degree of uncertainty in the 2026 fiscal year. In the global semiconductor market, we see AI data centers as clear revenue drivers. At the same time, we expect only weak development in automotive and industrial applications. However, the long-term trends remain intact. Decarbonization and digitization continue to drive structural demand for semiconductors.... Against this backdrop, we expect a moderate rise in revenue for Infineon in the current fiscal year, despite currency headwinds. This outlook is based on an assumed euro to U.S. dollar exchange rate of 1.15. Compared with the group average, we expect weaker growth in the Automotive segment In the Power & Sensor Systems segment, by contrast, we anticipate significantly stronger growth, driven by the very dynamic demand for AI data center power supply solutions. In green industrial power, revenue is expected to increase slightly, while revenue in connected secure systems should stay roughly flat. Given this revenue forecast, the segment result margin is expected to be in the high teens% range. We had initially planned investments in property, plant and equipment, and other intangible assets of around EUR 2.2 billion. However, we decided to accelerate the expansion of our AI-related manufacturing capacities even further, and to provide the best possible support for the strong growth expected in this area during the year to come. Therefore, as communicated in early February, we will bring forward an additional EUR 500 million of AI-related investments. We are now planning to invest a total of EUR 2.7 billion during the current fiscal year. A large portion of these investments will flow into a faster ramp-up of our new smart power fab in Dresden. Reported free cash flow is expected to amount to EUR 1 billion, which is slightly below than the previously expected EUR 1.1 billion, reflecting the fact that a share of the accelerated investments will be paid in the current fiscal year. Adjusted free cash flow, excluding major investments in front-end buildings and acquisitions, is expected to reach around EUR 1.4 billion, compared with the prior expectation of EUR 1.6 billion. My dear shareholders, this brings me to the end of my remarks. 2025 was challenging, and at the same time, it was a year in which we stayed course and did our homework. First, we invested selectively in our future. Secondly, we further developed our technological foundation. Thirdly, we improved our structural competitiveness. In so doing, we strengthened our ability to actively shape the key transformations of our time. I would like to join Jochen Hanebeck in expressing my sincere gratitude to all of our employees. Your strong commitment and your huge expertise make Infineon's success possible. I would also like to thank you, our shareholders, for your trust and long-term support. You provide us with the backing we need to pursue ambitious goals and invest in future technologies. I look forward to creating sustainable value for Infineon and its shareholders in the years to come, together with a strong team. I would also like to thank the supervisory board for the renewed confidence it has placed in me. I look forward to continuing our dialogue and to your questions. Thank you very much for your attention. Thank you, Mr. Schneider. Ladies and gentlemen, that concludes the presentation of Management Board regarding the past fiscal year. Now I'll announce the attendance. At today's AGM, of the total registered 1,305,921,137 no-par shares, 814,458,838 shares with as many share votes are represented. That corresponds to EUR 1,628,916,676 represented. Of the original capital, 2,421,478 treasury shares do not have voting rights. That means we have 62.36% of the registered capital present. In addition, we have written votes for another 2.07% of the share capital has been submitted. Taking these together, we have a total of 63.13% of the registered capital represented today. The registry can be inspected electronically on the screens by shareholders and their representatives on the sides of the room. Before ladies and gentlemen you now take the floor, I would like briefly to go through some of the necessary formalities. We shall discuss all the items on today's agenda in the form of a general debate. The wording of the motions for resolutions regarding each of the items of the agenda proposed by the Management Board and Supervisory Board part of the notice of today's annual meeting. Copies of the notice are available at the speaker's desk at the information counter. The adjusted proposal for the utilization of unappropriated profit has just been commented on by Dr. Schneider, and can also be accessed on our website. For the following general debate, I would ask you to bear in mind the following aspects: For shareholders and their representatives who wish to take part in the discussion, the speaker's desk is in front of the stage on your right. Correction, it was my right. It's your left. As I said at the beginning, you can announce you wish to take the floor at the speaker's desk at the front right. Virtual contributions are not possible at this AGM in presence. In your speaking time, please consider that other shareholders would also like to take the floor. I therefore urge all speakers not to speak longer than a maximum of 12 minutes, and in that time, to include both questions and motions during that time. It's not a formal limitation of your right to speak and to ask questions, but I reserve the right to impose such a limitation. To assist you, there is a green lamp on the speaker's desk. Two minutes before your speaking time expires, the light will begin to flash, and after 12 minutes, it will stop flashing, so it would then be fair for you to stop then and make room for the next speaker in order to be fair. At the same time as I call one speaker, I shall also announce the name of the next speaker, and I'd ask the speakers announced to take a seat near the speaker's desk. So much for the formalities. I now open the formal debate, and I now call, first of all, Ms. Bergdolt of DSW to take the floor. Please come to the speaker's desk. She'll be followed by Mr. Petzelberger of SDK. Mrs. Bergdolt. Ladies and gentlemen, Mr. Chairman, members of the board, you were introduced. My name is Daniela Bergdolt. I'm the vice president of the German Association for the Protection of Shareholders, DSW. I'm speaking on behalf of those shareholders who've given us their votes as proxies. Let's come to the most important thing. We are meeting for an AGM in presence. Very positive. Excellent. We come to the presentation of the company. You have shown us where your products can be found. We can't really see them or touch them, and they might be a bit mysterious for sometimes. You show us where we find them and what you do with them. Very positive. But now comes the but. Why, please, is the supervisory board of management board hidden in the right-hand corner of this room? From where I'm sitting, I can't see you. The screen is good, but it's still a bit small. So there is no reason why you should be stuck in the corner there at the back. So next year, please try and improve the setting. Infineon, Infineon, a company full of contrasts, a lot of light, but also quite a lot of shade as well. In the forecast, you're a little cautious, Mr. Hanebeck, and that is a caution that I share. I'll begin with the shade and the negative points, then we come to the positive. So falling revenue, falling margins, falling profits. That is something which no shareholder can be happy with. The share price at present appears to include the principle of hope, all-time high yesterday, and it means that you have a lot of advance praise. But we shareholders expect not just hope, but a strategy that will take into account the global headwinds and specific headwind blowing in the face of the company. Let's come, first of all, to the field of green industrial power with a 16% loss. That is almost the Achilles heel of the company. Is the trend downward over, or is this not the beginning of a structural weakness of demand? I'd like to hear more about that, please, Mr. Chairman. You have given us lots of explanations, taking over TM Systems and now Marvell. The interest rate of indebtedness has gone from 1.2 to 2.0 now, which is not exciting, and I'd like a precise answer regarding this. What specific target core of indebtedness are you aiming at, and by when do you hope to reach it? You are trying to finance growth from free cash flow if the weakness continues. What happens? Is there a conflict of targets? What is more important, a stable dividend or repayment in order of, of debts to recover strategic flexibility? And will the bonds that you've issued help you if you acquire as much as you have done over the last two years? And then I move from the shade to the light, and at the moment it is great. Power and sensor systems fitting out the AI revolution, also the brightest sunshine, is something I have to ask about. How lasting is this golden age in the field of AI? How are you defending your high margins against emerging competitors? How are we going to reduce the dependence on a few large chip designers? In this field, you are making a good investment, EUR 2.7 billion in this fiscal year alone. That is about EUR 500 million more than planned. Is it really going to be worth it? Are you going to get it back? Is it a business that will remain profitable in the long term, as revenue and earnings have been so far? After 2027, some more of an outlook there. Then let's come to the US dollar. The changes and weakness of the dollar has, of course, had a considerable impact on you as well. But I don't think that in the near future, we can expect a stronger US dollar. It could be that in political terms and on the basis of political tensions, could potentially drop. What does that mean? If the U.S. dollar continues to drop and the euro becomes stronger, let's say quite clearly, what does one euro cent less on the U.S. dollar for our earnings and profits? Let's come to the traditional core of Infineon automotive business. We see positive things in the stable development, but here, too, we must look to the future. The change to the software-defined vehicle and the consolidation of controllers to central computers is changing the rules of the entire industry. How can you ensure that Infineon will not just be a supplier of parts in this, but will be a major system partner for the OEMs? Have you got the right high performance, right controls, the suitable software in your portfolio so that in the new architectures you can gain ground? In the strategic importance of silicon carbide chips, SiC, how are you defending your leading position against the increasing competition, at the same time, guarantee the necessary capacities for your customers? What will happen if the demand for electric vehicles, which require far more electronics, doesn't pick up, but stagnate or even drop? How can they be reconciled with the costs for underutilization in the present fiscal year? What costs are you planning, and what costs are you confronted with at present? You give us hope with your outlook on humanoid robots, and that little humanoid was really impressive when it came in, but I'd like to know more. So where, what do you use it for? How many units are going to be produced? If you say EUR 500 of your semiconductors are in one of these humanoids, how many will be produced per year? Is this something of future, or is it already reality? And can this new field compensate for the drop in revenue in other sectors? You're cooperating with NVIDIA here, too, as with chips and the possibilities for data centers. Can you give us a few more details regarding your cooperation there? You are very silent there. It is a very effective cooperation, but are you just the small junior partner, dependent on everything from the senior partner, NVIDIA, or are you playing a more important role? And the acquisition of ams OSRAM, where you're buying a profitable business from them, but you're paying a high price, EUR 570 million. Was it worth it? And exactly where can you use the components? With that, ladies and gentlemen, I come to the agenda. We measure everything is not just in key figures, but also in corporate governance, but we will also vote no on item nine on the agenda. We criticized the old system in the past regarding the remuneration, but we agree to item eight, which is the new remuneration system. It's not perfect, but it is a lot better. Much of the criticism we raised, for example, by deleting the change of control clause, that's a strong signal. Golden parachutes have been mothballed, thank goodness, and you're sitting in the same boat as the shareholders, and therefore, I'd say yes, even if we're not completely satisfied, but you can still work on it. Finally, I'd like to express my thanks to you, the Management Board, the members of the Supervisory Board, but also please pass on these thanks to each individual employee in this company, because without them, nothing is possible. We shall continue to monitor your direction critically. It just shows that you can handle not just the increasing AI boom, but also cover some of the shadowy parts and turn that into something positive as well. Thank you for your attention. Thank you, Ms. Bergdolt. I thought you're also too far away today. I would ask Mr. Petzelberger to take the floor and ask Mr. Schmidt from DWS to be ready as well. Ladies and gentlemen, my name is, Petzelberger, and I'm listing the votes of some shareholders who have given their votes by proxy to, SdK. First of all, thanks to our Chairman, Daniel Bauer, who came to the AGM in most years in the past, but he's unfortunately been prevented a short notice, and so I'm here for him. It was an excellent speech by the Chairman of the Management Board. It was fascinating to see what, a time it is for the AGM, record share price. The company's never been as valuable as it is. It's perhaps a bit less due to, what you said, Mr. Schneider. A little more was what we heard from Mr. Hanebeck. The shareholders, I think we can express thanks to the whole management board and for the supervisory board for the right strategic decisions over the last few years. Of course, I would say that applause was a little meager. I've said that for some years, we've been hiding behind the screen, so highlights like that, the 4NE-1, no one would say. I've never seen—I may have seen a 4NE-1 on the screen, but see it live, walking on the stage. I am grateful you're not just hiding behind a screen, but have invited us to a real AGM. Thank you. Of course, there are less emotional subjects for 2025. Qimonda is something you were able to close the file at last, and SDK is still interested. Did you specifically choose whether you could file any claims for liability against former members of the board as a result of the examination? It would appear to be possible, and a theoretical possibility exist or still exist, that you might be able to claim compensation from former members of the board. You filed suit in the USA, and you won one case, but nevertheless, the question arises: What practical protection do these judgments offer us? How can you ensure that there'll be no patent-infringing products in cars, in the EU and in the USA? And how do you ensure intellectual property and know-how in China? In 2025, as we've seen, it wasn't quite clear that we were heading for a record share price. In 2025, the AGM and the months after that saw a decline in the share of automotive in the revenue. You responded strategically to this decline. What further shifts do you expect up to 2030, and what might the mixture up to 2030 look then? And how can you reduce the dependence on the automotive business cycle? How much share of the revenue is accounted for by Chinese customers, by big Japanese customers, and the 5 biggest automotive customers altogether? A big takeover, Marvell, the Ethernet business, you explained it technologically. Of course, it all makes sense to be able to offer everything as one-stop shop world, but the purchase price, that was quite a bit, and it's difficult to break it down. That was 10x the annual revenue for 2025. Perhaps you could make a little more tangible. What plans have you got to show that this fit. It fits in strategically? Yes, of course. But assuming the development of the economic cycle, how can you show us that this purchase price will repay itself? If you could explain it in more detail, and of course, there's the takeover of ams OSRAM. It looks very much like an opportunistic purchase, and perhaps we could have a little more detail on strategic fit there as well. Perhaps you could break that down for us as well. And it appears to be quite complex with a structured business. How do you want to integrate that? On what time horizon, what indications do you have that you can tell us now? I've got to read this question. Why are you selling the back and front in Thailand, also the same time when a few miles further away in Samut Sakhon? If you look on a map, it's very close geographically. Why are you starting a new manufacturing site there? Surprising. Can you explain why couldn't you modernize the existing site? But here we see you sell one site and then build a new one a few miles away. How is that investment worthwhile? And I want to come to the more exciting subjects that we find thrilling. Good questions have been answered. One suggestion, let us have two further chairs for the supervisors, one for Mr. Degen and one for 4NE -1 Mini. That would have been nicer to have the two of them onto the supervisor, then they can remain seated, and next year they can watch everything from the front row and also see the specific questions. In the supervisor, do you use AI? Well, of course, I'm just docking into the data centers. What? You've got the market share. What is the competition like? Who are the biggest competitors in this field, and how do you differentiate yourself from them? And there's an enormously dynamic development of revenue. You said you never experienced anything like it. Can you get even more out of it? You've got this huge investment program. We'd like to look at that, or you see the SOXX index. How these are luxury questions. You can benefit even more from this investment, perhaps. Are you not being too conservative? Perhaps you can do a little more in AI data center in the future. And I said, robotics, of course, is something we do find, it is really tangible, and we'd like to hear more about how this partnership in robotics looks. Are there more orders, design wins, queries, so that we— Can you give us a rough timeline, say 20-30, where can we stand in terms of revenue with AI data centers? It's— It remains exciting, very exciting, and I'd like to conclude with a great vote of thanks for you and I hope that in only a few years, we'll see Infineon not just as a classic semiconductor company, but as a motor, a driver of the AI revolution worldwide. Thank you. Thank you, Mr. Petzelberger, also for being so brief. I now ask Mr. Schmidt to take the floor, and Mr. Linus Vogel from Deka Investment, I'd ask you to prepare. Thank you, Dr. Diess. Thank you, Mr. Hanebeck. Thank you, members of this management board and the supervisory board. Shareholders, you've introduced me, Henry Schmidt. I'm standing here for DWS, one of the biggest European fund societies. For our customers, we have Infineon shares in our portfolio. Dr. Schneider, in your report, you went into great detail on the individual developments of the results. I don't want to repeat everything, but we've heard that the individual segments in terms of revenue have developed differently. We've got -16%, but the company as a whole, -2%. Of course, the reason for that, because of the continuing weak market environment, in particular, the fields, automotive industry and consumer, artificial intelligence was carrying growth. And I have noted that for the upswing, which will come soon, we are in a good position. Now, we ask, against the backdrop of this market weakness, how heavy is the burden of the weak economy on the figures, and when can we expect everything to go upwards again? Regarding inventories, how long do you think it will take until in the field of automotive, in particular, and industry, things get back to a normal level? Because this development of revenue that we're having, that you've described, puts a burden on margins. What role does the underutilization capacity in development on—what burdens have on segment margins? I've heard from what you said that it seems a major driver, but not the only factor. Perhaps you can say more about that. You mentioned step up. We'd be interested in what contributions for segment margins can be expected from these cost savings programs and how, what consequence that will have for the workforce, because that is not insignificant. What timeline do you think is realistic for us to get to the target operating model with a revenue growth of more than 10%, segment margin of more than 25%, and free cash flow margin between 10% and 15%? I think it would be good to have a more unambiguous perspective there. The earnings per share, you mentioned, EUR 1.39. That was 26% less than last year. The significant proposed dividend of EUR 0.35, but the ratio is increasing from almost 36% to more than 44%, relatively speaking. In view of the results you're expecting, there were to be unchanging perspectives, but we've not reached the limit for the dividend. So what are the figures you're basing today's dividend proposal on? What expectations do you have for medium-term dividend policy? Then also, are you planning further capital measures and CapEx? And why, despite the weakness of the end markets, have you still got EUR 2.2 billion as the planned amount? And what consequence will the takeovers have on your assessment in your markets? Are you now stronger in the automotive markets, or have you become more dependent? Or have you now got a unique selling point? In what field could subject of mergers and acquisitions play a role in future? The geopolitical and macroeconomic situation has become even worse since last year's AGM. Still, there's a greater independence in semi production. What could be the consequence of tariffs for European manufacturers in the country, and how Chinese manufacturers developed in the last fiscal year? And where is the particular risk for the short and medium-term business development? In what fields does Infineon have a technological lead over the Chinese competitors, and with what product groups can you gain market shares here? Mr. Hanebeck, you explained and demonstrated very clearly how the market for AI will be growing by the end of the decade. Perhaps you could be a little more specific as well. What product groups and customer segments are you focusing on? What potential do you see here by the end of the decade? EUR 8 billion-EUR 12 billion was the figure I heard, but that could be a little more specific. Before coming to corporate governance, I would also like to take this opportunity to thank all the employees at Infineon, so— and also the management board and the supervisory board for their dedication in the last fiscal year, and I wish you all the best for your fut ure commitment. I congratulate you, Mr. Hanebeck, Dr. Schneider, for your renewed contract. Now, our role as long-term investors and trustees also includes a critical, constructive discussion, also with the supervisory boards in our portfolio companies. In the course of last year's AGM, we expressed this wish very clearly, and I'm very glad that Dr. Diess has engaged in this discussion since then. It was a good discussion that we had, I think, and I remind you that we had clear expectations for a more continuous dialogue here, and I think both of us can benefit from that. We acknowledge that in the course of last year's, Infineon has picked up some of the governance subjects that we've raised. Overboarding is no longer so virulent. Also, transparency, visibility, capital market has been improved, and we hope that this will continue. Infineon, as you have explained, is a globally active technological company. Its strategic focus is in the direction of software services, complex architectures, and in smart solutions. Therefore, as we see it, a clear, balanced, and viable competence role for the supervisors is important. And here we see room for improvement, especially when it comes to qualifications in the supervisory board. The binary competencies that we had on page 18 of the explanation is only meaningful to a certain extent, as we see it. A clearer, more differentiated explanation would be desirable. It would make a considerable contribution to making the technical expertise visible. So we would like to see a gradual scale with Harvey balls. And in China, you've mentioned categories. Fields of competence have been mentioned, which require a technical understanding or a software understanding or digitalization. Infineon's positioning at the interface between hardware, software, and AI makes it difficult to differentiate here between these fields and all opportunities and perspectives that I've just outlined. There's also a difference in the expertise in the field of power electronics, which is quite different from the field of automotive software or electric, electronic architecture, increasing ones for AI software and so on. Here, we expect greater clarity in the qualification matrix under more positive successor planning, which will be important in this field. Also, it appears to us to be necessary in the field of the qualification matrix to look at capabilities, not just on the basis of an assessment, also to have methods established to examine these at regular intervals in order to avoid clashes of interest. For Infineon, we think this is very important because it is a decisive techno field is working, and then successor planning in the supervisory board is an important component for us securing the competence in the long term. As we see it, it is appropriate if it is done at an early stage and systematically, with a good timeline, with clearly defined selection criteria and a stringent system for finding people with the right expertise. I've got some questions for here: What technical points do you see where you could improve, and what steps are you planning to tackle these in the future, such as new profiles or new nominations or further training? How does the supervisory board see the timeline for successor planning, particularly with the mandates that expire next year? We'd like communication on that to us as shareholders. It's important to look at the qualification matrix, which would be clearly structured in the future, with more role for a more differentiated description for us to understand. And how do you assume that the competencies are reviewed on regular intervals? One subject that I think I heard, Qimonda, on the report's pages 12-17 of the report, it says that you, Professor Eul, had a conflict of interest in the context of this case and did not take part in one meeting of the Supervisory Board. We'd like to know whether this conflict has been settled or what the situation is. Now, I come to something which Ms. Bergdolt mentioned, namely board remuneration. You are presenting to us a largely revised remuneration system for improvement, and I don't want to go into the details because we've already criticized things in the past, but we welcome the amendments have been made. Nevertheless, we would note that some of our major expectations as investors have not been taken up sufficiently. So the differentiating parameters are not based on the responsibilities of the members of the board for earnings. There is also we see no sustainability components included there, and you've shown that sustainability for you is not just some, something in passing, but it's a part of the core model. At present, we see some overlapping between the performance indicators in the short term and in the long-term remuneration components, especially regarding the segment result margin and some elements of the target operating model. These overlaps could have undesirable correlations and have negative consequences for the function of the system. Looking at your claim, pay for performance, we say the target level of the capital market-orientated element, namely the development of the share price, is not sufficient. Last year, we criticized that full target achievement of this component is oriented towards the median of the comparative, whereas in the previous system, it was a higher reference threshold of 60%. Our expectation remains that the full target achievement should only be above the median, in other words, when you do actually achieve outperformance. In view of the global competition in the sector, it also been appropriate for the semiconductor peer group to be taken into account more than the broad market index to reflect the real position of Infineon. I mentioned most of these weak points at the last AGM and at our discussion in July, and in view of that, we'd ask you for specific explanations of when the supervisory board intends to lay down individual targets for the management board. Also, we'd ask you introduce sustainability targets, and how do you want to ensure that earnings and profitability have, are reflected in the long-term commitments and not taken into account twice? As you said, what are the arguments against the, against the target operating return? It needs to be above the median. The last question here: How does the supervisory board evaluate a stronger evaluation of the semiconductor compared to the entire market? Then regarding the provision of 6%-12% of the board's remuneration compared to the fixed level, this accounts for more than 30% to up to 40%, 30%-40%. This is very generous, to put it mildly, and it's at the upper end of the European market. This is the reason the supervisory board ought to look at this, these promises critically. I'll come to a conclusion, and in summer last year, we had a meeting with you, and I thanked you, Dr. Diess, for your statements there. But at the same time, I would say that of our suggestions, which we presented at that meeting, only some have been taken into account, and some haven't been taken into account at all. We got 56.3% approval last year. That ought to, in view of the vote last year, it should take, make you stop and think, and we think it is time, because what you've said so far doesn't persuade us. Regarding the remuneration report, I can also say we'll not vote in favor of it. It's based on the, what we've already turned down, and therefore, apart from that, with apart from items 8 and 9, we'll vote in favor of all the items. I'd like to thank the members of the board and supervisor for answering our questions, and you, ladies and gentlemen, for listening to me. I repeat the wishes of the board that we can find the right levers from which we will all benefit. Thank you. Thank you, Mr. Schmidt. I would now like to ask Mr. Vogel to approach the lectern and to begin his submissions, and I'd like to ask Ulf Dahlmann to be on the ready. Yeah. Ladies and gentlemen, I'm Linus Vogel. I represent Deka Investment today, one of the biggest fund companies in Germany and a subsidiary of Deka Bank, the securities arm of Sparkasse. Esteemed shareholders, today, we've heard this a couple of times already, Infineon is in a difficult environment. Management, from where we stand, is doing a lot of things right. However, over a longer term, it fails to convince the stock markets. We have just seen that, okay, we have a record high in the share price. This is perfect timing because it's the AGM today. But from the perspective of a 3- or 5-year horizon, the DAX, the STOXX 50, and above all, the semiconductor indices are clearly outperforming Infineon's share, and this despite the increase in share price over the last couple of weeks. It is disappointing for us shareholders who are long-term investors. Ladies and gentlemen, let us take a look at the risks to which the Infineon shareholders are exposed and are worried about therefore. Looking at the distribution of revenue, Infineon is an automotive supplier with a tech division. Half of the revenue is accounted for by automotive. In the last 2 years, revenue and margins in this segment, however, have been dwindling. This begs the question of whether we are seeing a temporary dip here or whether long-term damage is looming. With a share of 13.5%, Infineon remains the clear number one in the automotive semiconductor market. The crown jewel is the microcontroller business. In this segment, market share was increased to 32%. Remarkable! You are strong where errors cannot be tolerated. The chips are deeply embedded in the security architectures of modern vehicles, such as airbags and braking systems. This is quality that is recognized by customers, but market share today is not profit tomorrow. The automotive market is in the middle of fundamental change. The electrification is stuttering and is jeopardizing the EUR billions invested in Malaysia. Chinese competitors are exerting huge price pressure. At the same time, the cars are transforming into computers on wheels. They need less, but more powerful chips. Here, Infineon has to succeed in augmenting added value. Infineon operates in a field of geopolitical tension. The measures taken in the United States are jeopardizing the cost advantages in countries like Malaysia. Profits will dwindle over the long term if we don't shift production accordingly, not to speak of innovative prowess. We would like to know the tariffs at which Infineon's products will no longer be profitable in the future. What is the limit? When will you have to... Or, or what would it cost if you shifted production to a more expensive U.S. sites? Should there be retaliation measures, then sources for gallium and germanium would have to be diversified so much that we can overcome a production halt in China. Are you doing that? Let us look at the China business in general against this backdrop. For Infineon, it's the biggest market, but it's also the biggest risk. State-subsidized champions are making targeted attacks from that country. The balance between geopolitical caution and entrepreneurial courage is something that has been mastered well, given Infineon's strategy so far. Mr. Hanebeck, you have realized that the first electromobility market of the world cannot be served only from Dresden or Villach, and we cannot engage in competition that you cannot win, given German cost structures. Looking at production in Malaysia, how can that help with respect to cost structures? From what point on will the Chinese market become unprofitable for Infineon? Do you have an internal guideline in the margin below which you would have to withdraw from Chinese mass markets in order to protect yourselves in the premium segment? Or will you go along with the price war in order to maintain market share? How high is the risk that Infineon may lose market share in China, but also in Europe, because imported cars would wind on the market with Chinese chips instead of Infineon chips? Do you have a strategy for entering into the platform of the Chinese export champions? Ladies and gentlemen, in addition to all of these risks, however, there is a silver lining, which has been demonstrated to us emphatically today, and that is the business with AI and computing centers or data centers. Here, this is a relatively small part of the overall portfolio we're talking about, but the prognosticated growth expectations are huge. By 2030, AI could account for 20%-30% of revenue, and therefore, behind automotive, it would become the most important business of Infineon. This is a strong signal against the cyclical weakness in the core business. Mr. Hanebeck, your revenue target for AI server power is EUR 1.5 billion in 2026, and in the following year, it's at EUR 2.5 billion. How much visibility do you have in respect above and beyond these targets? Or in other words, how many generations in advance do you work with the leading AI chip companies? Your Grid-to-Core approach promises a one-stop solution, but sometimes people, like hyperscalers, place their chips on several suppliers in order to diversify risk. How many customers buy the entire power chain from you, as opposed to individual components? In other words, do you sell systems or just parts of systems? Now, finally, let us talk about what, at the end of the day, is decisive to shareholders, and that's the money that they have on their bank accounts. We realize that from the margins in the recent years, too little has gone into cash flow and therefore has trickled down to the shareholders. Whereas, competitors like TI and NXP are veritable cash cows, Infineon looks like an investment machine. This year alone, you plan to spend EUR 2.1 billion on investments. With revenues of EUR 15 billion, we have a CapEx ratio of 15%. The competitors I just mentioned have much lower ratios. Investments are necessary, there's no question about that, especially because Infineon derives its strength from technological differentiation through in-house engineering. But do all technical formats have to be served up or delivered directly? Silicon, silicon carbide, gallium nitride, different wafer sizes, that may be impressive from a technological point of view, but of course, it ties down a lot of capital as well. Mr. Hanebeck, aren't you therefore running the risk of maneuvering yourself into a difficult spot, which is too capital-intensive? More strategic focus from where we stand would be good. This is because your investments are competing with the money that you pay to us as investors and shareholders. Your competitors, especially those in the United States, are much more generous in terms of the dividends they pay. We at Deka attach great importance to creating value over the long term. We don't mind a smaller dividend, as long as profitable growth is secured in the future. In your speech, you mentioned this. You said possibilities through AI and perhaps robotics, and that you could perhaps transform that into profitable growth. Mr. Hanebeck, you, you still have furnished proof of this. We'll take your word for it, but we will measure your management performance against this yardstick over the year. Ladies and gentlemen, let's move on to sustainability. As we've heard, since 2019, CO2 emissions have been reduced by 80%, while revenue has doubled. The switch from normal electricity to 100% green electricity is an absolute milestone. With respect to Scope 3 emissions, these are emissions in the supply chain, you have committed to ensuring that three-quarters of the suppliers by 2029 have their own science-based targets. This sounds very good on paper, but what is reality right now? And what is happening to the rest, to the 27.5%? Do you intend, by the next AGM, to put your climate strategy up for a vote? Looking at the agenda, we welcome the proposals for the adjustment of Management Board remuneration. You have reacted to the criticism that we have leveled over the last couple of months, but you have renounced integrating these into the individual remunerations of the members. Nevertheless, the new system is an improvement over the old one, and that's why we'll vote in favor of it. With respect to the remuneration report, however, as some of my predecessor speakers have stated, we will not approve management's proposal. Otherwise, we will approve all of management's proposals in the items on the agenda. So we do have a lot of challenges, but a lot of opportunities as well. We at Deka wish the management board, the supervisory board, and all of the employees the best of success in making this a positive story. Thank you. Thank you, Mr. Vogel. Now I would like to ask Mr. Dahlmann to approach the lectern, and I would like to hand the floor to him, after which we will start by answering the questions. Hello, ladies and gentlemen, I'm Wolf Dahlmann. I'm an independent investment advisor, and I represent the shares that my parents hold today. I'm very happy to be here today. I think it's wonderful to be in person, because gestures, et cetera, are also very important, especially when coming into contact with the management board. That gives you a better opportunity to gauge their reactions. Therefore, I believe it is important to have in-person AGMs. I think that the hybrid format is also good because there are some people who can't make their way to the venue, but I think it's very important to have the remainder in person. Mr. Bergdolt... Mrs. Bergdolt, Mr. Schmidt, and Mr. Vogel have already raised a number of questions, but I do have some open issues, one being the supply chain. The supply chains, as you said before, are something you're trying to become less dependent on, so that if individual supply chains break down, you are hedged. But are there still some dependencies where if a supplier who delivers more than 75% of the volume of a product we need, we would then be in danger? I don't need details. A yes/no answer would be good, because if you gave us more details, then the competition would have information that wouldn't be good for them to have from our perspective. So it'd be important for me to know that. You spend a lot on innovation in new products. I think that's really good, and it's important. We have to maintain this innovation cycle, because if we don't create new innovations, very quickly we'll be copied by the Chinese. I know some companies in Switzerland or one company in Switzerland that wasn't fast enough to innovate. The Chinese beat them on cost, and therefore they entered into a very difficult situation. What are you doing in terms of chips and rare earths? How are you trying to keep up the pace? At the same time, our dependency on China has risen from 27% to 29% if you look at mainland China and Hong Kong alone. Now, of course, in the automotive sector, China is a big sales market, especially given the new electric vehicles within China. India also is a big sales market of the future. What is the situation there? What are we doing in order to make sure that we don't enter into a quagmire there? Because if China at some point says, "Well, we only want Chinese companies, we will only support Chinese companies," then things will get worse for us very quickly. The semiconductor market is a very cyclical one. We mustn't forget that. Mrs. Bergdolt already mentioned this. What about underutilization? The new fab in Dresden that is being built and other measures that are being taken, how quickly will we enter into difficulties if the cycle for semiconductors then turns in the other direction? Infineon has amassed experience in this in the last 30-40 years. So what are we doing in this area in order to be able to come up with countermeasures? That's it from me. Thank you very much. Those were all my questions. Thank you, Mr. Dahlmann. What we would like to do now is to begin answering the questions that we've received so far. Cutting to the chase, in agreement with the management board, I will answer the questions directed to the supervisory board myself. The management board has said that it will endorse my submissions. I propose that we hand the floor first to the management board to answer the questions that have been asked so far. Mr. Hanebeck, please. Yes, thank you. Mrs. Bergdolt, I would like to answer your questions first. You asked how sustainable the golden era of the AI boom is. Well, as a user, I can tell you that we use AI. We use AI for chip design, we use AI to manufacture test programs, in software, when interacting internally with employees and externally with our customers. So we see that real productivity is increasing through AI. Of course, there is speculation time and again in the market. At the same time, however, I would like to remind you that in addition to the argument, and that is different from the internet boom back in the day, a lot is happening on the basis of equity and not debt financing. But what is more important to me is that right now, we are investing in AI, or we're seeing investments in AI by the hyperscalers. Sovereign or independent AI is a topic that hasn't been broached yet. China, Europe, and the Middle East want to invest heavily in this because they have all realized that AI infrastructure in the future will be just as important as water infrastructure and power infrastructure. So I think that there are very good reasons why this growth will persist for quite a while longer…. You also asked how we're defending our big margins against emerging competitors. Well, this market is growing rapidly right now, and this absolutely results in materializing supply bottlenecks, and this is why the construction of our fab in Dresden is coming at the right time. Having said that, right now, I apologize. We don't see any pressure on margins. Quite to the contrary, actually. You asked how we're reducing dependency on a handful of major chip designers. We don't just work with the two big ones, with the U.S. ones. We worked directly with the hyperscalers as well, and we're also working together with Chinese customers, who, however, account for the smaller portion. So we're widely diversified, and it's almost impossible to be even more broadly diversified than we are. You asked about our automotive business. You asked how you ensure that Infineon, in the new world of mobility, will not just become a or just remain a supplier, but will become an integral part of, the OEM supply system. Now, this applies to a lot of the markets. Now, at the product level, in the, somewhere in the product portfolio, we might have one competitor ahead of us. So we have a broad product portfolio focused on power systems and IoT, and this broad product portfolio with the system approach, including software, enables us to position ourselves well. With respect to automotive, what I can say is, look at the example with BMW. It's not the only such example where, at an early stage, we have gotten together, sat around the same table with the big OEMs, with the big tier ones to discuss design. In this connection, we see the strategic value of the Marvell acquisition. So in doing that, we have cornered a big part of the computing network for automotive, but also a big part of the communication network. So I think that we are well-equipped in this area, and this is nothing new. This is something that for a number of years we have done. It's from product to approach. That's the approach, and that's the system that we continue to build on. Then you asked whether we have the right high-performance microcontrollers, again, in relation to the automotive business, and whether we have the right software expertise in the portfolio. Well, there is one category in the computers, in the cars. These are the high-performance computing computers like NVIDIA's and Qualcomm's. To mention just two, there are a number more. We don't want to compete directly with them. This has something to do with the fact that, quite simply put, first of all, we don't have the expertise to do that, but also that this business case is not very attractive to us, and this is because, this market is quite fragmented. In China, we have different solutions which are desired. The same goes for Japan and the rest of the world. Anything that has to do with MCU and highly performing MCUs, however, is quite clearly in our remit and in our focus. And here again, look at the Marvell acquisition. The 90 employees that have joined us here in Germany are all software experts, I might add. So software in this environment is becoming an increasingly important approach. In addition, this might be a little bit more technical. We're also forerunners. Our next microcontroller generation is based on the RISC-V core set. This makes us the first on the market, and so we continue to be trendsetters that safeguard our leading role in microcontrollers, especially for automotive applications. Thank you. You asked what would happen if demand for EVs that need much more electrical components than combustion engines stagnates and ceases to grow. Well, this is already happening. This is because the political and regulatory environment has changed massively in the United States, and in China as well, growth isn't as strong as it has been in recent years. We see a very strong price on price competition, and we are feeling this in terms of the inverter modules and the traction modules, and this is why here, unfortunately, we have had to introduce restructuring measures in our plant in Warstein. We have tried to figure out how to react to situations where a market is no longer a good structural fit to our target operating model. This doesn't mean that we will do away with electro-mobility, but it does mean that we need other approaches. For instance, iteration modules, so that we can gain market share in the future again. So here, on the one hand, we are driven by innovation, and on the other hand, quite clearly, we are driven by the course for profitable growth because we feel that we have made a commitment to it. You asked about the small humanoid that you use for your semicondu- that, in which your semiconductors are used, was impressive, but what are you using it for? Well, this is a very young market, and as I mentioned in my speech, it is used in logistics, in industry. As I mentioned earlier, you shouldn't imagine that all humanoids look like the robot that we saw on stage today. You could broaden the definition and call them AI-enabled robots. There are a plethora of applications, including industrial applications, where the robots don't look humanoid, but the fundamental principles of humanoid robots, namely being AI-enabled, is the key to success. So having said that, questions such as: How many will you produce this year? Well, it's too early to answer that. We have bombastic forecasts. Some people speak of 11 million humanoid robots by 2035. Let's wait and see how things unfold. But what is very important right now is that a new market is developing, which we can serve to a certain degree with existing products and derivatives. Therefore, we are very active in this sector. You also asked about the acquisition of ams OSRAM. You said that we're buying the sensor division, but EUR 75 million is expensive. Is it worthwhile? Where can you use the systems? Well, is it expensive? Well, that's a very subjective question. If you look at the multiples on the capital market, we're playing 2.5x revenue, and that is a very, very low multiple for sensor companies. Our own multiple is at about 3.5+, and in the sensor environment, we are talking about multiples that go up to 5-7. So I think, quite to the contrary, financially, this was a very financially attractive acquisition. Now, where can we use these components exactly, you asked? Well, we're talking about automotive applications here, and, fortunately, they're complementary to what we have at Infineon already. We're also talking about industrial applications, and what's also interesting for us is that the medical market is an area where we can strengthen our position through the acquisition. So I believe that not only financially but also strategically, this is a very good fit, and culturally, it is an equally good fit. You asked about how we hedge ourselves in the field of silicon carbide chips. You have a leading position, and how do you secure the required capacities for your customers? Well, when it comes to silicon carbide chips, they follow generations. Innovations occur one generation after the other. For example, many competitors, including the Chinese ones, build on planar structures, but at some point, you cannot miniaturize any further. We are already at a point where everything is stretched. There are further concepts, superjunction. Insiders will know what we're talking about here. We have a clear technological roadmap as we have for silicon carbide, or in order to stay ahead with silicon carbide chips. Manufacturing infrastructure is another key point, and here we have a very good basis in Kulim. This is a site that is extremely competitive, and on that basis, where needed, we can achieve a very good cost position. Moreover, what I can tell you is that contrary to a number of competitors this year, we will continue to grow in silicon carbide. On top of that, going beyond the chip, we have the construction and connection technology in semiconductor production, which is also very important. And we have very good, not just approaches, but productive concepts, which are implemented in manufacturing in Warstein, and industrially, that really sets us apart. Now, coming back to the humanoid robots, can the dropping margin be offset by a rising margin in the new market? Well, this is still in its nascent stages, so this is a question that I would defer to the future. But right now, we have partnerships that have been forged, and positioning is being jostled for on the market right now, and it remains to be seen how this impacts on the top line. It'll take a couple of years to figure that out. Now, AI started small as well, and now it's in a phase where it is determining the top line decisively. Now, you said we cooperate with NVIDIA, again, in connection with humanoid robots, but you are quite reticent about this topic. Could you give us more detailed information about this cooperation? Are you the junior partner in this cooperation, or you play a stronger role? Well, we collaborate in the area of engine management solutions, energy efficient and safe motion, microcontrollers, power electronics, NVIDIA are involved here, and NVIDIA contributes the Jetson Thor concept with the Omniverse. That's one partnership that we have in this area. However, we have other partnerships that we cannot list exhaustively here. Of course, we cannot remain dependent on just one, but within this environment, NVIDIA, of course, is one of the top names. Is NVIDIA a superhuman partner, well, in terms of market capitalization? Perhaps, yes, but as I said before, we don't just have one partner in our portfolio. Instead, we want to have a geographically diversified portfolio of partners, and NEURA definitely is a strong European player. Now, how sustainable are growth and profitability in AI at Infineon? Well, as I said before, time and again, some concerns are voiced as regards the sustainability of the growth that we're seeing. I've already told you why we believe that in the foreseeable future, this growth can be maintained. Profitability is one thing. In the market, well, we're going into what you can call a supplier market. That plays into our hands. I can also tell you that our customers really appreciate our system approach and application expertise. All the major AI chip manufacturers and hyperscaler manufacturers love working together with us. For a lot of them, we're the preferred partner because we have established a lot of expertise over years, by the way. The first mini acquisition made in this environment closed 15 years ago, and this demonstrates that Infineon invests in areas for the long term. So having said that, I think that we have a very good position, although we realize that we have to battle with technology every single day, and we have to deliver not just in terms of manufacturing, but also in terms of quality and technical progress. To the green industrial segment. The green industrial power segment, we've got -60%. Is the trend of green industrial power really over, or it's just the beginning of a structural weakness? First of all, we must note that over the next few years, things are going to slow down as the forecasts. In the medium to long term, I think we see further growth. There's the International Energy Agency, which expects strong growth. What is particularly interesting for us is the grid infrastructure. One is power generation. There are some areas in that business where we're a commodity, but what's just developing with major investments in the grid infrastructure and battery storage units, these are solid-state transformers, which Mr. Schneider mentioned. In other words, you replace big transformers. They've got a delivery lead of 3 years, and there are a lot of semiconductors, well, preferably from Infineon, of course, and that is something which is growing considerably over the next few years. Also, electronic protection switches, and this is something where you have to be very careful, because 800 volts of DC is a challenge, just to be able to handle it, and you need protective switches there. So I'd say that the focus will be a little less on generation and more in the course of years on grid infrastructure, and that, of course, has a lot to do with AI, but not only because we need to invest as well, because of renewable energies, and the distribution grid, and all the other aspects. And with that, I'd hand over to Mr. Schneider. Yeah, thank you. Thank you, Mrs. Bergdolt. Your question about the specific target corridor for indebtedness we have, and by when we want to be back in it. One of our most important aims in financial policy is indebtedness. I would say the gross indebtedness; we want to be at the maximum of 2x EBITDA. On the 31st of December, that's exactly where we landed. But I must say, to be fair, when you get ams OSRAM in addition, with another EUR 500 million, we shall temporarily, slightly exceed that goal that we'd set ourselves. And when you ask when we're back in the target corridor, I'd say we're talking about a time corridor of 12-18 months. Then you asked about the indebtedness and the financial strategy. The other, after the takeover of GaN Systems, how are you planning to finance indebtedness from the free cash flow if things become weaker? We had the record year in 2023, and since then, everything's been very challenging. But we've always managed to have a positive operating cash flow, and that's the decisive point which contributes to reducing the debt burden. And to say free cash flow is one of the three major parameters in target operating model that stresses its importance, and we changed it three years ago. It was CapEx vis-à-vis revenue, and now it is indebtedness vis-à-vis revenue. And you said, in principles, indebtedness and financial strategy and dividends, strategic flex, flexibility, what takes precedence? And do my statements help if we continue with acquisitions the same way as in the past years? I mentioned in my speech that the targets have to be balanced, as you raised. It's a balance between financial and dividend policy. We want to have attractive organic and inner growth possibility. We want to remain within our financial corridors, and we want to bear in mind the interests of shareholders in the form of the dividend and the share price. And so we're combining our targets with a minimum constant dividend in times when revenue is declining by reducing indebtedness, and which is very important for maintaining our investment rating. The specific balance, which target is particularly important in any particular year? That varies. If you go back to the Cypress acquisition, one of the key priorities then was to get the indebtedness down very quickly, quickly, and we managed that. But it varies from year to year, and as you correctly said, it depends very much on the earning situation, because that's what drives EBITDA. The question about the bonds issued, they serve to finance existing financial liabilities and do not influence the dividend policy or the strategy for reducing indebtedness. But they mean we have a smooth profile for a much longer term, way into the thirties. Then you asked an important subject, is the cost of capacity underutilization of past fiscal year, how high are those costs, and are you planning to handle that? The costs of underutilization of manufacturing results from the fact that we do not have full use made of the facilities, will be estimated to be EUR 700 million in 2026. That is a direct profit and loss account. So it is a major negative headwind, and if put it down to margins, it's a negative effect on the segment result margin, and therefore, the general margin of 300-400 basis points. Then you asked, what it means if the dollar drops even further and the euro becomes stronger. Have I got a rule of thumb? Well, yes, I have. First of all, where do we get it from, the dollar sensitivity? First of all, a great deal of our revenue and costs of manufacturing are not just in euros, but also in dollars. All in all, for the group, there is a material dollar surplus. So the revenue for our AI data centers are almost 100% in dollars wherever they're incurred, and therefore, the change in the exchange rate and the dollar exchange rate has a major influence. As a rule of thumb, if the dollar becomes stronger vis-à-vis the euro it is positive. The rule of thumb is 1 cent per euro to dollar leads to EUR 100 million more or less revenue and EUR 40 million more or less EBIT each year. That is the lever we have. The last question I have here on the investments of EUR 2.7 billion, will we get it back again? Well, of course, I hope we'll get a lot back. The investments go through a very strong, very extensive approval process. We examine the business case, what is the capital value and what are the earnings, and then analyses what are sensitivities if it doesn't turn out the way we expect it to. If you look at the EUR 2.7 billion investment, if you break it down to the current fiscal year, then about half that is capacity investments. There's AI investments included there. The rest is strategic investments, for example, manufacturing buildings in Dresden and Asia, and also the capitalization of development costs. What we do is we don't just plan it, but we also carry out post calculations for investments on a regular basis to see whether we have gone wrong or whether our plans are right. And if we budget properly, and if there's a deviation, we learn from it. And therefore, I'm firmly convinced that the EUR 2.7 billion will give us a lot back, because a lot of it will go into AI investment, where the margin is at the upper end of our revenue. So much for those questions. Good. Then we come to Mr. Pötzlberger's questions. I'll begin answering one concerning. You asked that the share of revenue of automotive has dropped sharply. How do you evaluate this strategically, and where do you expect to be in 2030? The relative share of revenue is dropping because the AI business is growing strongly. And quite honestly, 2030, to say what the mixture of revenue will be there, I wouldn't risk forecasting that. In some regions of the world, the mobility rates are changing, and we take this into account when it comes to powering AI. What the consequences will be for 2030, I really can't prophesy as things stand today. The independence of customer, can you differentiate further? There's a word Infineon. No customer should account for more than 10% of total revenue. Now, specifically, in the case of automotive, here, I would give you a broader answer to this question. For competitive reasons, the top 10 customers in automotive sector account for slightly less than 50% of the revenue in automotive. In addition, that there's 40% of the revenue in automotive is in the field distributors, so it is very widespread. You asked about the share of business in China and Japan. Greater China, China and Taiwan account for about 30% of our revenue, and Japan, about 10%. How do we control the automotive business? Well, we control it for many years by saying we have, have aimed the same sort of market share in all regions, so we don't become dependent on one region and do not become excessively dependent on individual OEMs. Then, Mr. Pötzlberger, you asked about the purchase of the automotive business from Marvell was high. What are the assumptions that you budgeted for here? And how does this stand strategically? Well, I think strategically, I've already explained. High performance zonal controllers, Heart of Joy is the best example. They're essential for the architecture of the future, and the case of high performance microcontrollers and communications engineering, and that can lead to products with integration in the components. So it is very strategic. Regarding the long-term values of business that we bought, what persuaded us there? Well, first of all, it was the technical competence that convinced us, and in figures, too. At that time, at the time of the takeover, it was cooperating with 50 automotive manufacturers worldwide, and there's a design pipeline of about $4 billion. And as far as the subject of revenue is concerned, we are full on plan, in line with the business case at the time of the takeover. And therefore, as I see it, it is good. Yes, it is a high price, but for very good assets, the market expects high prices, and we're not the only ones. Then you asked about Innoscience. We've got a patent dispute with Innoscience, so you ask what protection we have, even in view of the successful judgments in Germany and the U.S. against Innoscience, and how you can ensure they don't have patent-infringing products in vehicles, and how to protect your know-how and IPO in the Chinese market. We have sued a number of different Chinese companies. When we're successful, and it is, standard practice that the strongest tool is an import prohibition by the U.S., which means those products mustn't be sold or advertised in the U.S.A. In the case of infringement in Germany, you can get a cease and desist order issued against the provider, but these are patent disputes which are still ongoing. On IP protection in general, it is a key issue in the company regarding—it's the substance of our business model, and therefore, we protect our intellectual property. And I can assure you that whenever intellectual property, in whatever form, goes to countries which may be critical in this respect, then it is a question to be approved by the board. And you asked explicitly about China. There, we work specifically according to the need to know principle. What do our employees and what need to know so that they can interact with the customers? Then you asked about the takeover of ams OSRAM. What is the strategic fit? Well, I think I spoke about that answering Mrs. Bergdolt's question. Integration, you said, appears to be quite complex regarding the, fabless structured business. And that is perhaps one of the reasons I can only speculate why Infineon got the cake. The important competence, R&D competence, is distributed among, different sites, and many of these sites are already Infineon sites, and therefore, perhaps we are in a better position than others to absorb the employees' know-how. Manufacturing is still at its existing site, but we shall shift it to Kulim, which will enable us to increase the margin. Then you asked about the humanoids. What does the partnership with NEURA Robotics look like? Are there other partnerships? Yes, there are other partnerships. We can't tell you about all of them. We're also testing the new robots in our own manufacturing, but you'll note from the discussion between David Reger and myself, that we There are a number of subjects we're working on, putting on the computer architecture in the robot. Where can Infineon products be used? Motor control, we're doing well there. The sensors, we've got a number of offers that fit in there. And then there's the Ethernet, and then also, connecting with your question, the Marvell acquisition. The entire potential of Ethernet in humanoid robots is on top. It's the same technologies at the end of the day, that we already have in cars, and in future, we'll sell them in humanoid robots as well. And that means that that business case, I think, is on a secure footing. With that, I'll hand over to Mr. Gorski and Mr. Urschitz. Thank you. Well, Mr. Pötzlbergerer, you asked about how this fits in in Thailand, in the region of Bangkok. We, we sell one site and probably build up another site. The two do fit together in that the older site is very old, and it isn't scalable. We've looked at it, of course, but it's more or less in a residential area where there's no further land available, so it's not scalable. And there are standard housing that we can buy in the market, and therefore, it's the right decision for us to move this site, to sell it to an arm's-length manufacturer. And in Bangkok, there are differentiated housings which are important for our growth strategy in the next few years. At the end of the day, through economies of scale, we'll get to be able to manufacture packages at very competitive prices. So both decisions make sense. Then there's the question on the market shares, competitors, and artificial intelligence. The market shares first. Well, Infineon, in the last 10 years, has been involved in the hyperscaler manufacturers business, 30%-40% market share, which it has maintained, especially since it's the same manufacturers, together with TPU manufacturers. We plan to maintain at least 34% market share also in the field of AI. That is totally feasible. Competitors, well, these are things like Monolithic Power Systems, Texas Instruments, and in microelectronics that we're competing with, not the only ones, but we are in a very good position. The last point, the barriers to use. There are three different ones. First of all, highly differentiated technologies that Infineon offers. We're the only manufacturer that can provide a one-stop shop offer for the entire power flow. The electricity motorway that Jochen Hanebeck talked about in data centers with silicon-based solutions, Gallium Nitride, Silicon Carbide, and we've got institutions with novel chips and components that can be integrated so that the vertical power flow is possible. And we have a, we have vast application know-how in the power flow and data centers. There's at least 10 years history we can look back on there, and therefore, with the architects of our AI data center, we can discuss with them on the level of equals, and we can provide the critical components that make everything possible. Then the second point, the entry barriers, capital and CapEx and that kind of thing. Our customers expect this in this rapid, rapidly growing market. Infineon has very efficient factories and are very reliable. Both are important for our customers. There's entry barrier to competitors having the efficiency, and it's also a question of satisfying customers and working with existing customers, not something which competitors can pick up quickly. Then, Mr. Pötzlbergerer, you asked about why the 800-volt DC architecture and NVIDIA. Jochen Hanebeck has answered part of that question, but basically it is a question of the overall architecture in the data center, the transformation from the AC voltage, which can be up to 1,800 volts, down to DC to supply GPU. Eight hundred volts specifically is concerned with the question of providing DC current from a side cut. This is a big power supply unit next to the server itself, so a server cabinet. That, in turn, requires all the competence that Infineon has. You've got silicon carbide, gallium nitride, and silicon connection technologies and packaging technology. This is why we were chosen. Then a question, to what extent and can we be sure that we make the maximum benefit from our investments in AI? These are gigantic gigawatts of power that are being installed, and the data center operators require, can we provide it? And the answer is yes. We are doing everything we can to offer the most efficient data supply solutions for the data center operators. Most efficient is to get the greatest compute power for each watt of current that is consumed. Ultimately, in the data center operators, what they want is that the costs should be reduced. If you think that about 40% of the cost of, per, token are kept as low as possible. So we expect about 30%-40% market share along the entire chain, and we intend to keep that. With that, I'll hand back to Jochen Hanebeck. Perhaps I can actually continue. Mr. Bissellberger, you said that the supervisory board filed for damages or discussed filing damages against Qimonda, and you asked whether we have evaluated to what extent management board members of Infineon can claim these damages. Well, you can do that if it is extremely probable that an enforceable claim for damages exists. In August 2024, the supervisory board therefore commissioned two renowned law firms to determine whether the board members at the time could be sued for damages. This issue has been clarified extensively. Talks were conducted with former and active employees who were involved in the spinout. In addition, there were hearings of the former management board members. On top of that, a huge amount of documents were evaluated. After a comprehensive evaluation, both law firms reached the conclusion that claims for damages were highly improbable to be successful. On the basis of these two expert opinions, in February 2025, the supervisory board of Infineon decided not to assert any claims for damages against former members of the management board. Then, with respect to Qimonda, Qimonda, you asked about the theoretical approaches to claims for damages from former management board members. All, breaches of duty were evaluated, which could have resulted in damage to the storage business, in particular, planning and budgeting errors and other breaches of duty. Now, where we were talking about entrepreneurial decisions, according to established case law, these are subject only to a limited review. As we said before, both of the law firms that were commissioned reached the conclusion that it was highly improbable for either of the claims for damages to be successful. You then asked how we at the supervisory board made use of AI. Well, AI is an important topic here at Infineon. We debate AI within our products on a constant basis, together with the management board in the Technology and Digitization Committee, and we also discuss the use of AI to make internal services better and more efficient. This is also constantly on the agenda. I also have learned that some of the supervisory board members use AI when preparing meetings, especially when preparing questions and issues. This also applies to yours truly. Having said that, I would like to hand the floor back to you, Mr. Hanebeck. Thank you, Mr. Diess. This brings us to the questions asked by Mr. Hendrik Schmidt, and here again, I will go through them one by one. You asked how long it would take until the high inventory levels, especially in the automotive industry, dropped back to normal levels. Well, here it has to be said that in the automotive sector, probably the inventories in general have already normalized. However, in the automotive sector, there are various players who, against the backdrop of economic difficulties, pay great attention, in particular to cash management. So here we see the danger that we may have subcritical inventories, which will cause some people to run into supply problems. But because we don't know the inventory levels exactly, this is all quite speculative. In the industrial sector, we believe that largely these inventory levels have normalized. You also asked about the effects of tariffs on European products, individual segments in the current fiscal year. Well, this is a very speculative question. I understand why you're asking it, but it's very difficult to deliver a precise response, and this is because we don't know the level of the value-added chain at which the tariffs were raised. We don't know what countries will be affected. Of course, we have factories in various countries, and not least, we don't know what the tariff rates would be. So this makes it extremely difficult for us to answer this question accurately. So I ask of your understanding. But of course, this is something that's on our radar. We have a global project team which is constantly active, and we are always trying to figure out what measures we could potentially take. But of course, this is all very, very, non-transparent. You also asked in what areas bolt-on acquisitions and acquisitions could play a role. Well, we're very resolute about this. For three or four years ago, I already mentioned that in an interview. Power ICs, analog mixed signals, ICs for power systems could be an interesting area. Sensors could be another interesting area, as could issues such as application expertise and software competence. These could all be fields in which we may become active in terms of acquisitions. We constantly screen the market for potential candidates, and if they prove to be financially attractive and a good strategic and cultural fit, and if we have the funds to go through with it, we may become active in this area in the future. You asked how the Chinese competition developed in the past fiscal year and what the risk is to the short, medium, and long-term business performance of Infineon. Well, especially with support of the Chinese government, the semiconductor industry in China has been supported substantially, and we have seen a rise in output because of that. Now, imagine this, in the classical silicon IGBT sector, Chinese competitors already operate on the market, and in the areas you mentioned before, photovoltaics and EVs, are currently taking away shares of the market from us. But a couple of years ago, we decided that it would pay off more to spend on R&D in silicon carbide and to gain a leading edge and keep it in that area. But not every application is suitable to silicon carbide. Some are more amenable to silicon IGBTs. But I would like to emphasize one thing: we don't solely rely on the fact that we can manufacture one product better from a technological point of view than a Chinese manufacturer can. Instead, we look at the broad product portfolio coupled to our system, know-how, and software, because this leads us to a new value proposition, which differentiates us from the masses quite clearly in the eyes of our customers, also over the Chinese competition. And then you asked the other way around, in what area we have a technological lead over the Chinese competition? Well, as I said before, our silicon carbide technology generation is definitely more advanced, and this also applies to other areas as well. But once again, what is decisive here, what is key, is the P2S approach. In other words, that we have proposals for system solutions that we can offer our customers, but that also means that nevertheless, we have to invest in the cost component so that we are innovative in that area. Above and beyond that, of course, however, there are other aspects that customers pay attention to. The manufacturing landscape plays an increasingly important role, especially, among U.S. customers, and as my colleague, Mr. Urschitz, already said, having a very broad access to customers, is another key to our success. You asked, with what product groups, we can win the battle this, right now? Well, AI, power, the battle we say here, we have very differentiated products in this area, where we have a winning proposition, and in the vehicle segment with our microcontrollers, including the communication components and our broad portfolio of power semiconductors and sensors. By the way, also when it comes to Chinese automotive suppliers, as I said before in my speech, here we're also the number one in China. So we are a supplier that is held in high esteem. You asked about the synergies that we expect from the acquisition of Marvell Technology, and how this takeover will change the evaluation of the competitive situation, and whether we have a stronger position in the automotive sector, or whether we have become more dependent on the market, whether we have purchased a USP, a unique selling point. Well, to use your words, we do believe this is a unique selling point, especially in combination with our strong microcontroller franchise. I believe that this makes us unique. There are other Ethernet manufacturers, of course, but they don't have the other piece of the puzzle. As I said before, this gives us an entry into AI-enabled robots. Therefore, we believe or we feel very comfortable with the acquisition of the Marvell portfolio. So now I would like to hand over to Mr. Schneider. Mr. Schmidt, you asked about the dividend. It was more or less stable. The dividend payout rose. You asked what deliberations were behind the dividend proposal. I'm happy to repeat what I said before. This is a central issue at every AGM. Now, we walk the tightrope between various interests. We have the fundamental principle where if earnings are stable or stagnate, we keep the dividend at least flat. It's also important to us that the dividend trend follows a continuous long-term curve without having any erratic movements. Here, at the time of the determination of the dividend, which in our case was in November last year, we take a look at the macroeconomic environment, weigh it against the financial headroom that we have for normal developments, but also for inorganic growth, and then net profit comes into play here. This is not a hard, fast benchmark that we use to determine the dividend, but this is how we arrived at the dividend proposal. You asked about the expectations that we have for the medium-term dividend policy of Infineon. Well, I think that's already been answered to a certain degree. What we're doing right now is to continue our dividend policy in the future. There is no intention at Infineon to change the dividend policy. You asked about the role played by the sustained underutilization of production capacity, given the development of the segment margin. Well, I answered Mrs. Berktold's question about this, about 350 basis points in terms of the margin effect. We are all working against this. What is possible is that in addition to manufacturing, productivity, and efficiency, which my colleague is responsible for, we also look at other topics, and that is reallocation of capacities, maybe from IGBT to AI, for example, so that we can meet demand. Then you asked about the contributions made by the efficiency and cost-saving program, StepUp, and how this impacts the workforce. Well, once again, StepUp, it goes a level deeper. It's a structural cost-cutting program. It has nothing to do with the cyclical development. What we want to do is to become more competitive from a structural point of view in 4 areas. The biggest contribution coming from manufacturing optimization, then portfolio management, price quality, and operating cost minimization. We want to have a high triple-digit million EUR amount in structural results by 2027. We achieved two-thirds of this target by the end of this year, so that we will have a 100% run rate by 2027. If you look at savings, broken down into personnel and non-personnel related, that was the second part of your question, then about three-fourths of the savings are non-personnel related, one-fourth is personnel related. This translates into about 3,000 jobs worldwide. Roughly the half of these jobs will be made redundant, and the other half will be shifted into best-cost countries. When implementing redundancies to the extent possible, we will use tools such as old-age part-time employment. We are going to rule out layoffs. Then you asked a question about the timeline over which we want to implement our target operating model with 10% revenue growth, 25% segment result margin. What I must say here is that I remain absolutely convinced that we're the only company that communicated a target operating model across all cycles. The past years have demonstrated this quite well. A goal in a future fiscal year in our industry is always connected to big imponderables, and this is why we believe that the basic model is the right model across all cycles. Coming back to the target parameters, it depends on the market development. It depends essentially on capacity utilization. Now, if you add the 400 basis points to the high teens, then you get closer to the goal. And of course, the implementation of our growth and efficiency initiatives and the development of the dollar play a role as well. Our ambition is, of course, that we achieve these target parameters sustainably again over the medium-term horizon as soon as these conditions are met. Having said that, now I would like to hand back to you. Thank you. Yes, Mr. Schmidt, you asked why investments remain high despite the weak markets. I'll be brief, and this is because Mr. Schneider already touched on this extensively when answering Mrs. Bechtle's question. But I would just have two add-on remarks. The run-up times for the provision of additional capacity in the semiconductor industry is quite high. Provision of clean room space, 10-2 years. New asset acquisitions, up to 12 months. So our investments always follow the anticipated need on the market and the market's development, so we have to look into the crystal ball 2 years ahead. In the AI business, as we've said repeatedly today, we see a very strong demand on the market, and Infineon has a very strong position here. We want to make use of this position to fuel our growth, and this is why this fiscal year, EUR 500 million have been brought forward. This is to build AI capacity, but also to maybe reduce capital employed in weaker markets, for instance, taking it away from IGBT and shifting it to AI. Now, I'd like to hand over to Mr. Urschitz. Mr. Schmidt, you asked to what extent the market environment weighs on sales prices per segment right now. Well, I have a disparate answer for you here. First of all, if you look at the consumer and automotive markets here, as before, you see a certain price pressure. In the current year, we believe that we will see a decline in prices in the low to medium range, single-% range. It's different in the very dynamic growth segment of AI. Here, because of the substantial rise in demand, we are accelerating investments. We're talking about EUR 500 million and Kulim, and we are also faced with rising costs of materials in this overall context. In a nutshell, for the product families affected right now, the prices we ask for on the market should be increased. Mr. Schmidt, you also asked, also with respect to AI, what product groups and customer segments are being focused on, and what potential has been identified through to the end of this decade? A lot of this question has already been answered, so I can be very brief in this respect. With respect to the product groups, well, silicon-based solutions, silicon carbide, gallium nitride, and the modules that we offer our customers all take center stage. And in order to provide power from the grid, we're talking about EUR 8 billion-EUR 12 billion in terms of the overall market. And as I said before, our objective here is to have a 30%-40% share of the market in this segment, which is so important. And having said that, I'd like to hand over to Mr. Diess. Thank you, Mr. Urschitz. Before I answer Mr. Schmidt's questions, I would like to announce the second round of questions. Two people have asked to request the floor. Marcus Oehlschläger and Steffen Reiners should please be ready to take the floor after I've answered the last couple of questions. Mr. Schmidt, you asked what expert focal points you believe should be improved on in respect of the staffing of the supervisory board, and how we intend to strengthen expertise, maybe by coming up with new skills matrices. Well, on principle, in its current composition, the supervisory board completely covers the entire skills matrix. This doesn't rule out that certain expertise areas, such as some semiconductor expertise and internationality, may be expanded in the future. Such deliberations, of course, are factored into the ongoing nomination process and into the work of the committees. Now, how is the Supervisory Board shaping the timeline and the criteria for succession planning on the Supervisory Board, given that some offices will expire in the coming year? You want to know when we will communicate anything to the capital market. Well, the Nomination Committee of the Supervisory Board constantly deals with succession planning for the offices held by shareholder representatives. The basis for this is the skills matrix with respect to the composition of the Supervisory Board and the implementation thereof. So, when offices of shareholder representatives expire on the Supervisory Board, the Nomination Committee makes concrete proposals. We have a running list that continuously is managed, and it's always considered before the convocation to an Annual General Meeting, and these lists are also then communicated in the run-up to an Annual General Meeting. Mr. Schmidt, you also asked whether we intend to make the skills matrix more clear in the future in terms of its structure. For example, by making a clearer separation between technology, software, and digitization in order for it to be more transparent to shareholders. Well, the skills matrix that we publish, we believe is a good compromise between clear and sufficient and differentiated expertise on the one hand, and an unclear presentation that is too detailed on the other. You suggested that technology and software digitization should be separated from each other. That's already been done. Technology know-how and digitization know-how on the other are presented separately in the current skills matrix. You then asked how we ensure that the individual skills assignments are reviewed on a regular basis through peer reviews in a committee or through external validations, so that we avoid double assignments, while the nomination committee regularly concerns itself with the skills matrix. We also discuss this very internally amongst ourselves on the committee. In this context, the individual competency assignments are reflected upon, and this is also done against the backdrop of not only self-assessments, but also the self-assessments that are conducted by the supervisory board with the support of external advisers. With respect to management board remuneration, you asked whether the supervisor-- when the supervisory board intends to introduce individual targets so that responsibilities are mapped clearly. Well, the management board bears the entrepreneurial responsibility as a collective, and that means as we're company centric, the company can only be successful if all of the board members are successful. Therefore, the management board is viewed and incentivized as a team. That's why we won't have any individual management board member targets at that level. With respect to management board remuneration, you want to know why the supervisory board continues to renounce the mapping of sustainability targets in short-term compensation. Right now, there are no plans to introduce sustainability figures in the ESG objectives, and this is because the ESG objectives are oriented towards long-term changes: carbon neutrality by 2030, diversity goal by 2030. We believe that these long-term and sustainable goals within... are not adequate or cannot be mapped adequately within short-term variable compensation. With respect to management board remuneration, you asked how we ensure that the earnings are not incentivized twice in the STI and the LTI. Well, the objective is the segment result margin in both. In the STI, the target curve is depending on a cycle and is determined for a year, and in the LTI, the target curve for the segment result is determined over 4 years, and it's measured against the cycle-independent TOM. The independent target curves, therefore, avoid double incentivization. The segment result margin, however, I believe, is a very important target because it reflects both indicators, both long term and short term. Then, in the report of the supervisory board on page 12 of the annual report, 2024, 2025, Professor Dr. Hermann Eul, due to a conflict of interest, apparently didn't attend a meeting of the supervisory board. You wanted to know whether the reason for this conflict of interest has been eliminated, and you wanted to know the details. Well, when Qimonda was spun out, he was a member of the Qimonda board. To avoid a conflict of interest, Professor Eul was therefore excluded from the consultations and resolutions passed on the settlement and the assertion of claims for damages. He also did not have any access to the documents in preparation of the meetings or to the minutes regarding this topic. You asked how the supervisory board sees a stronger weighting of the core semiconductor peer group over the broad market index of the DAX and the TSR. Well, the market index, we believe, is appropriate in the TSR. We have the sector-specific performance and also the embedding in the relative German capital market. That's why we have the DAX 30 and the technology index represented as well. You asked, Mr. Schmidt, with respect to management board representation, what speaks in favor of reaching the TSR target curve, where the complete achievement would be above the median in order to set the right incentives? Well, the decision to pay out below the median is based on an analysis of the market. This encompasses in blue-chip companies in the DAX and international competitors. The results demonstrate that almost all of the companies pay out below 50%. Therefore, the maintenance of this parameter is in line with remuneration according to the market. I believe that we have answered all of your questions, Mr. Schmidt. I would now like to ask Linus Vogel. Oehlschläger, okay. Oh, sorry. I think maybe Mr. Oehlschläger? Okay. Okay. Then Mr. O ehlschläger. Sorry. Sorry, I got it wrong. Mr. Oehlschläger. Ah, yeah. The information that was given to me was erroneous. I apologize. So Marcus Oehlschläger, could you please approach the lectern? You now have the floor. Thank you, ladies and gentlemen. First of all, I'd like to thank the management board and the supervisory board, and all the employees in particular, for the work they've done, and above all, for the fact that at last, we have an AGM in person. Thank you for that. The subject of AGM, this is what my questions relate to: What does this AGM cost and specifically regarding catering? The reason I'm asking is that I was talking to other shareholders over the lunch or the non-existing lunch. What does catering cost today? I don't know if everybody here got something to eat. As you can hear, there is room for improvement there. Also, regarding vegetarian options, they were very quickly sold out. How are you organizing catering, and couldn't you spend a few thousand EUR more, then everyone would have been filled and would be happy? So much for that, and one request: the speaker's desk appears to be 100 yards from the people in the hall. It would be desirable if either we were directly opposite, but this distance is. I think it's a bit of a pity, because I would like to see you directly, and you need binoculars to see me. That is something which could perhaps be optimized for the next AGM. So much for my questions there. Thank you. That's all. I've also got an example. The catering costs are EUR 180,000, and I think we expected rather fewer participants, so we can improve there. Then I would ask Mr. Reiners to take the floor. Reiners. Mr. Reiners. Ladies and gentlemen from the Supervisory Board and Management Board, shareholders, I am representing my own shares. I'm speaking to you, it's a special situation, as a former employee of Infineon back in 2005. So it's 20 years ago, and for all of us, it was a terrible time, particularly from the view that the Infineon share at the time was worth less than EUR 1. Considering the catering at the time, I won't say anything about that. It's not my decision anyway. What is decisive when we look at our company today, is that I am delighted when I see today's AGM. I'm proud. The presentation of such a number of very attractive business opportunities, profitable growth, that persuades me in particular, and it is really worth a round of applause. The fact that the gentleman from the board, Mr. Hanebeck and Dr. Schneider, have extended their contracts also indicates there's a certain continuity on the board. My questions relate to the question of resilience of the supply chains. I'm thinking in particular of our business partner, TSMC, in Taiwan. China and Taiwan, that's a hot potato geopolitically. So my question is, what happens in the event of any disturbances of the supply chain for customers and Infineon? If there is a problem there, is the supply chain unbroken? It remains an incalculable risk for us. The second question relates to the subject of AI for Infineon products... the use in data centers on the great market of the USA. I saw information on German television recently that in the USA, at present, every year, they build so many new data centers as exist at present in Germany. So it's a huge market that's opening up there. My question, some time ago, in Houston, Texas, in 2025, you sold a chip card manufacturer. And when it comes to production of products, in the long term, are these products that might be used in data centers in future? My third question concerns risk spreading. China is an important and very attractive market for us, no doubt. But I'd be interested to know, what is the future business outlook with respect to India, which is a very interesting company, also in view of the new EU agreement? Is there a possibility, can you show some prospects about how the market in China will grow compared to India? And finally, one last question. I see the lovely BMW here. It's a great car. As a possibility for selling new Infineon products, I was a bit inquisitive. I see that this car is to be launched on the market this year. What I'd be interested to know is, how much does this cost? Can we afford such a car? We know it's a huge advantage of Chinese cars compared to European manufacturers on the German market. I hope that isn't the case with this one. But I had a recent discussion with a taxi driver. He has 15 cars, and he told me that a new car made in China costs EUR 50,000 today. And my question: Why didn't you ask a German manufacturer? He said, "Couldn't afford the price." He said, "A comparative German product costs EUR 80,000." So it shows the way the wind is blowing. And finally, I wish you and all of us that the power and sensor business, which is the standard bearer for our company, will develop positively. In view of the developments in the USA, I hope it isn't a short-term development, considering what's happening in the USA. And I would say good luck for all of us. Thank you, Mr. Reiners. I'd give Mr. Hanebeck the floor for answering the rest of the questions. Mr. Vogel. Thank you, Dr. Diess. Mr. Vogel, your question was based on the distribution of revenue. Infineon is a car supplier with other businesses attached, which have all declined. Is it just a dip or long-term problem? I would stress that we think in Infineon terms of competence, think there's a power semiconductors, connectivity, and sensors, and we sell these to different markets. So I wouldn't break things down the same way as you do into automotive and others. But regarding your specific question, in automotive sales at Infineon, what we see is a certain weakness in the market for electro mobility, and on the other hand, good, strong growth in software-defined vehicles. In addition, there are other growth drivers. Just think of assistance systems, comfort equipment, and things like the 48-volt architecture. So we are confident that the automotive sector will exhibit more growth. Then you asked if there should be retaliation measures from China. No, sorry, that was the wrong one. Now, I've lost my place. As of what customs rate in the USA are you no longer competitive? How many basis points of gross margin would lead to a shift to more expensive American manufacturers? I'd say American tariffs are very difficult to assess. I can tell you how we think. We think in terms of big factories, economies of scale, they're a help. In the semiconductor industry, they're a great benefit. That's why in the last few years, we have consistently expanded Dresden, Villach, and Kulim, and the economies of scale clearly reduce the costs from those sites. What we do in countries where we have to produce locally, such as China, we work with contract manufacturers, foundries, and these are the kind of models that we would aim for if it really did come to tariffs between the U.S. and the countries where we manufacture. Then you asked, as of when will the Chinese market become unprofitable for Infineon? The next question was quite similar. Well, you can't compare it with a market. There are products, as I said, for example, a silicon IGBT produced in Warstein for the automotive sector. There we feel the competition in China. Our microcontrollers at present have hardly any competition. We need to be able to react to a very dynamic environment. Chinese competitors are not asleep. They can produce certain products, and our differentiation is not just the individual component, but the system approach. Then you asked specifically, have you got an internal rule of thumb for margin, and, whereas you when you would withdraw from the Chinese market to protect the pricing in the premium segment? Normally, we have product families, and of course, there is a certain performance distribution, but you can't think of that like a car. Whether we withdraw from a certain market requires an individual approach, and it's also clear for the fact that we might have idle capacity and, and it would make economic sense to accept a smaller margin temporarily. Therefore, in this form, it can't really be seen as a figure, as a rule of thumb. But you can believe that we are very disciplined here, and we are always... You can see we're shifting production capacity from commodity areas to power semiconductors for AI. Whenever in contract manufacturing is important, it's always a full cost account. You also asked, what is the risk to Infineon losing market share, not just in China, but also in Europe, because Chinese cars are found on German roads with other chip, not just those from Infineon, have not got a chance to get into the export champions. In the Chinese OEMs, we are very well represented, and the subject of X is playing into our hands because the Chinese OEMs know that as soon as they want to go to established markets, then quality has very great importance. Therefore, it's really the other way around. There's a trend that for export purposes, reliable global players are preferred. That alone isn't enough for us, of course. We want also to participate in the Chinese core market. Then you said, revenue for AI servers is EUR 1.5 billion this year, EUR 2.5 billion next year. What visibility have beyond this, and what are you preparing for? Do you work together with leading AI manufacturers? Well, two aspects. This is a very dynamic market. We've tried to explain that. From one computer generation, it can change in twelve months, and that may have consequences and specifications for our revenue. On the other hand, we also have a status with these customers, and they really do see us as strategic partners, and therefore, they give us an insight into the tendencies where they want to go, and therefore, we've got a good position. But is the EUR 2.5 billion 100% certain? No. We still need to do things to achieve that figure. Then you asked about investments being necessary because Infineon gets its strength from enhanced manufacturing. But does Infineon really have to serve all the markets at the same time? There are different wafer sizes. It may make technological sense, but ties up a lot of capital. Are you not at the risk of getting into a model that is too capital-intensive in structural terms? Now, there are a number of different ideas there. First of all, wafer diameters. That is an example of productivity progress, moving from six to eight-inch. It means that capital be used more efficiently. The other thing is, we cannot meaningfully outsource these technologies, because the IP, the know-how is in the technology. In power semiconductor, there is hardly design IP. I mentioned that in my speech. At this point, we need to be the leading edge in our factory to protect our IPs, otherwise we would have to outsource our business model. Why do we serve all three technologies? Well, I can explain that with reference to a very clear example. Take a power supply unit, a unit that is used in the AI servers and in the grid. It transforms it from the grid to 50 volts, and then the composition between silicon, Silicon Carbide, and Gallium Nitride changes over the generations. The higher the performance of a power supply unit, the more Gallium Nitride would be used in one direction, more Silicon Carbide in the other. It's extremely important that we should discuss all the paths with the customer so that we can find the ideal route. It's not just that we have one product or one technology that we propose to our client. It is a key asset for us, and with that, I hand on to Mr. Wijburg. Thank you, Mr. Vogel. Two questions to answer. You first asked very specifically, if China were to retaliate by banning export of gallium, for example, would it lead to, discontinued productions in Infineon? I'd say, we have robust processes in our company where we regularly examine critical dependencies and risks, and we develop a strategy with our different partners in order to work together with them, weighing up the costs and benefits. It's a multi-sourcing strategy we have, so with a number of different supply agreements from different countries, from germanium, germanium, gallium. At present, we only use small amounts, and in addition, we have a qualified supply chain outside China, so that if there were a blockade there, we would not have any major consequences for our manufacturing. The second question against the Chinese business and the intensity Mr. Hanebeck has explained, explained things there. And the question was, to what extent our manufacturing in Malaysia helps us with regard to the cost structure? I'd say Malaysia is-has two major manufacturing sites, one for, the packaging and the other wafers. They're both very efficient. It depends on the size of the sites. The labor costs in Malaysia are very attractive and competitive internationally, and therefore, we definitely benefit from the two big sites in Malaysia in international competition and also in competition vis-a-vis China. On that, I can hand over to Mrs. Reichart. Thank you. Thank you, Mr. Vogel, to you, too, for questions on sustainability, and thank you to everybody here in the room for the applause during Mr. Hanebeck's presentation on the progress we've made with regard to sustainability. I was very happy about that. The first question was, by the next AGM, do you intend to have a vote on the climate strategy? I'd say our target of regarding our carbon dioxide footprint by 2030 was presented in 2020, and we've had great progress, and we are well on the way to achieving the ambitious target of carbon dioxide neutrality. And you can see from the fact that an intermediate target for 2025 of a 70% reduction has been exceeded with over 80%. In terms of sustainability, we see great dynamism and momentum. There are a lot of subjects that come up here, and we can see that we need to monitor what is happening in the different fields. The second question related to our Scope 3 emissions, as emissions in the supply chain. Here, we have undertaken, as you rightly said, to ensure three-quarters, specifically 72.5% of our suppliers should have their own science-based targets by 2029. Where do we stand today, and what's happened to the remaining 27.5%? There, I can say that at the end of the last fiscal year, 54% of our Scope 3 emissions came from suppliers who already have an SBTi-validated system. For another 14% of our emissions, we have undertakings from our suppliers that in the next two years, and by the end of 2027, they will set themselves a target on those lines, that we're very confident that we can achieve our target of 72.5% by 2029. And the second half of the question, what will happen to the rest, the remaining 27.5%? Well, I can assure you, the 72.5% target is not to be seen as a maximum target, but we will continue to work with all our suppliers to motivate them as much as possible to set themselves a science-based target. And with that, I can hand back to Mr. Urschitz. There was a question on the subject of artificial intelligence: Do you sell systems or just individual components? I'll put it like this. Infineon, as we said several times, is a leading provider in the field of AC, from the AC grid to power supplies to GPU. In this context, we supply a wide range of customers with complete system solutions along the electricity conversion chain. The equipment, like solid-state transformers, AC/DC converters, and the pulse converters, and medium voltage to power supplies at the CPU, as directly 0.6 volts at the CPU. We can supply all of that, and we have solutions for each of the individual stages along the chain of electricity conversion. And then do you sell systems or parts? I would say both. There are customers who buy complete system solutions along the whole path, and there are other customers who get one or two individual components from us. There may be questions from the customers, risk management, second sourcing, that plays a role there. With that, I'll hand back to- Jochen Hanebeck. Mr. Hanebeck. Thank you. Next, I would counter Mr. Dahlmann's questions. You asked, how dependent on China's growth? What are we doing in order to try and avoid the risk? [Non-English content] Are we going to support any Chinese companies? Well, I'd say that in certain fields, such as electromobility, but also renewable energies, China is a lead market, which means, for example, that we can get innovations on the market more quickly there than in other markets, and therefore, for us, China is important. We also think, we're convinced, that we are also important for our Chinese customers, because these innovations are not available everywhere in China, and also the system approach with a broad product portfolio, combined with quality standards, which are becoming more important in China as well, speak in favor of us. We are also adjusting to the market that we'll have to manufacture locally, as I indicated, connection with the United States. So that in China, we can set up certain manufacturing chains in order to serve Chinese customers as well as we can. Basically, I think the Chinese customers, of course, in some cases, have a certain preference for local providers, but we still have a lead here, and the Chinese customers are interested above all in selling the systems, and only after that, they ask whether it has to be a Chinese source. We are adjusting to the Chinese value-added chain at Infineon, where contract manufacturers can play a role. In a similar context, you asked, we're putting a lot into innovation, new products, and we need to maintain this innovative strength in order to not be copied by the Chinese, who can then offer things more cheaply. What does this look like for Infineon? It can't be ruled out completely, unfortunately, that other companies will copy our products. There is a certain time lag, of course, but it happens. We take defensive measures, either by filing patents or having systems approaches with complete systems, so a customer can't replace individual components. And you ask, what do we do with chips and rare earths? Rare earths play a relatively minor role for us. We are not, virtually not affected. With that, I can hand over to Mr. Gorski for answering the last two questions from Mr. Dahlmann. Thank you. The first question in the supply chain, is there a dependence from one supplier who supplies more than 50% or are in any country where you depend on a single product more than 50%? As I said before, in principle, Infineon focuses on resilience in the supply chain. There are certain dependencies and processes, and we are monitoring them all the time. So when there is a potential risk, we look for different suppliers, and there could be cases where for a specific product, there is only one supplier or one factory that produce the product. So we have to weigh up the pros and cons. And we have to ask, is it necessary to set up our own qualifications at a high cost, or there are other ways of getting the benefits? The second question related to semiconductor market and its cyclical nature. This going with utilization. If we're building a new factory in Dresden, how quickly we'll get a difficulty if the amount of semiconductors drops? What can we do against that? Well, there I'd say that, of course, because of the long lead times in our industry, we have to anticipate how the market and demand will develop in the next couple of years. In addition, if we know in our industry, when the business looks good, can we accelerate quickly? Well, we've got the accelerated ramp up at the factory in Dresden, and we can see if the market is becoming weaker, where can we stamp on the brake most quickly to stabilize costs and keep idle costs down to a minimum level? In addition, there's also an external share of manufacturing. We don't make everything ourselves. With a large amount of external manufacturing, of course, the flexibility can be used. That I'll hand over to Mr. Schneider. Thank you. Then I answer the remaining questions from Mr. Oehlschläger regarding the total cost of the AGM. Today's AGM will cost a total of about EUR 1.8 million. And there I'd add, the figure which Mr. Diess was given from the back office regarding catering of EUR 180 thousand was too high. That still included EUR 50 thousand for security. So the cost for catering alone are EUR 130 thousand, not EUR 180 thousand. But it remains the case, we're going to have to look at that again, so we don't send any shareholders home hungry. With that, I'll hand back to Mr. Hanebeck. Thank you. This brings us to the questions asked by Mr. Steffen Reiners Yeah, you asked about the costs of the BMW on the stage that is supposed to be launched on the market in March. Unfortunately, I can't tell you because I don't have any insider knowledge about the pricing of BMW. All I can do is to Google it on the internet. So I can't answer your question. I apologize. You asked about risk diversification and what the future business prospects are of Infineon in India, and given the new EU agreement, whether this opens up new doors. Well, I agree with you. I think India will become an interesting market. Over the last 20-25 years, we have been disappointed, but I myself was in India with the government's delegation. This market is changing indeed, and this will bring opportunities for us. The country is extremely interested in renewable energy investments in order to become less dependent on imports. This goes hand in hand with investments in the network, and today, this is definitely a market that would be amenable to our automotive products already, and we're not just talking about four-wheelers, we're also talking about two-wheelers. So I think that we will see some development. India now accounts for 1%-2% of revenue right now, but, this will definitely increase, but it will take quite a long time for our market share there to make a sizable contribution to our bottom line. But not just as Infineon, also as the EU, we have to develop markets, and given the geopolitical situation overall, I believe that that plays into the hands of the Indian market. Having said that, I would like to now hand the floor to Alexander Gorski. To continue answering Mr. Reiners' questions, I would like to provide you with two answers. The resilience of the supply chain, in particular, in relation to TSMC, who is our partner. Now, there may have been some disruptions with respect to supply security on the customer side, and you don't want this to result in a disruption of the entire supply chain. Well, if you look at Taiwan and China, of course, there's always potential for influence, and disruptions. We at Infineon pay very close attention to this. What we do is to have security stocks on hand. We have stockpiles that protect us for a certain period of time, in the event of sea blockades, for example. Now, Infineon is set up quite broadly geographically with respect to its manufacturing network. We have production sites in Europe, in Asia. We have manufacturing partnerships in the United States as well. All of this helps us to be more resilient along our supply chain. Now, when it comes to TSMC, to be more specific, our joint venture with TSMC in Dresden, ESMC, plays a very substantial role. We were able to win in TSMC, a possibility to build a very modern factory, not just in Europe, but also in Germany. And Infineon is a shareholder there, which is very important when it comes to have, having a resilient European supply chain, but also to have a smart power fab in Dresden, increases our resiliency as well. The next question I believe we need to answer is more specific. You're talking about data centers in the United States? You're asking whether the factory in Austin may play a role. We sold that factory last year to SkyWater. Well, of course, it can play a role. Definitely not for discrete power semiconductors. They don't make that much sense in that factory. But when it comes to power management ICs, this could definitely play a role, if in the United States, corresponding demand for this products continues to increase. So the possibilities are there, less on the side of power discretes, but more on the side of power management ICs. That is definitely conceivable. And having said that, I would like to hand back to Mr. Diess. Thank you, Mr. Gorski. Ladies and gentlemen, I don't have any further requests to take the floor. Now, I ask you whether anyone else would like to take the floor for any of the items on the agenda, or whether we may have overlooked a question? That doesn't seem to be the case. Therefore, I trust that all shareholders and their representatives had enough time to make their submissions and ask their questions, and make electoral proposals. I also assume that with the exception of any minuted questions that have allegedly not been answered, all the questions have been answered completely and sufficiently. Should we have overlooked a question, we kindly ask the speaker to let us know now. I don't see any objections, or is there one? Okay, I don't see any objections. Ladies and gentlemen, I would like to thank all speakers for their submissions and the management board for answering the questions asked of them. I find that there are no further requests for the floor. I also find that all of the questions have been answered completely and sufficiently. This excludes all questions that allegedly have not been answered and have been minuted as such. I kindly ask the notary public to expressly put this in the minutes. Therefore, this is the end of the general debate. Ladies and gentlemen, having ended the general debate, item one on the agenda has been dealt with, and as I said before, no resolution will be passed on that item. This brings us to the votes on the remaining points on the agenda. Please note that authorizations and instructions to the company-appointed voting proxies may be issued, changed, and revoked in the investor portal and here on site until 2:55 P.M. This also applies to the issuance, changes, and revocations of postal votes via the investor portal. I kindly ask the notary public, Mr. Herler, to take these pointers to the minutes. We will conduct the votes on items two to nine in a collective voting procedure using tablets. The voting assistants will come around to where you're sitting with the tablets, and I'll give you details about this in a minute. To participate in the votes, you have to have all of your paper or digital admission and voting tickets on the ready to legitimize yourself. The results of the votes will be determined applying the addition method. This means that only yes and no votes shall be counted and considered. Those who have not cast a vote shall not participate in the voting procedure or shall be deemed to abstain. Abstentions, as the determination of attendance-... are without import within the scope of the addition method to determine a majority. So anyone who would like to cast a yes or no vote has to come into Assembly Hall 14 now and cast their votes using a tablet. This is different for authorized intermediaries like banks and shareholder associations and voting proxies. You don't have to cast any votes as long as the instructions issued to you have already been stored in the computer center. Only if you want to change a vote because you may have received a change in instruction, must you announce a corresponding change in your authorizations to the special counter. The results of the votes will be calculated using a computerized system. The Notary Public verified the orderliness and the reliability of the voting system ahead of time and will monitor the entire voting procedure. Duly received postal votes have been stored electronically and shall be considered by the computerized system when the votes are counted. I kindly ask the voting proxies to release the votes during the voting process following the instructions they have received. Ladies and gentlemen, once again, I would like to repeat my pointer: You can only cast votes for shares for which you have registered your admission and voting tickets. Should you still have unrecorded admission or voting tickets, be that in paper or digital form, please have them registered now at the entrance counter or at the speaker's desk. Only then can you cast votes for these shares as well. I would like to remind you that votes can be cast on-site only using the tablets in this Assembly Hall 14. Therefore, I ask all shareholders and voting proxies here on site who want to cast a yes or no vote to come into Assembly Hall 14 now to do so. Now, a couple of words with respect to the voting procedure using the tablets. Our voting assistants will come to where you're sitting, using your paper or digital admission and voting ticket. The tablets will first record your shareholding. On the screen of the tablet, you will then get an overview of the items on the agenda on which we will pass resolutions today. As announced earlier, I find and establish that the voting on the approval of the acts of the management board and the supervisory board will be carried out individually for each member of the management board and supervisory board, so that you can decide on whether to approve the acts of each member of these boards. As soon as all of the voting points appear on your tablet, you will be able to let the voting assistant know how you want to cast your vote, or you can do that yourself using the tablet. After this is recorded, the voting assistant will show you what votes have been recorded, so you can confirm that. Review the votes that you have cast carefully, and then please confirm your votes using the tablet. Of course, the voting assistants will help you to do that as well, if necessary. Afterwards, you will receive a message on the tablet that your votes have been recorded correctly and successfully. Please remember that you have to go through this process for every admission and voting ticket if you have more than one admission ticket. Please remember that a vote that has been cast once cannot be changed retroactively. Before we come to the votes, I would like to revisit the items on the agenda and the corresponding draft resolutions. With respect to the votes on items 3 and 4, I would like to point out that members of the Management Board and the Supervisory Board are legally banned from casting votes. The members of the Management Board and Supervisory Board have been informed of this voting ban, and technical measures have been taken to implement this voting ban. Up for a vote are the resolutions proposed by management, as published in the German Federal Gazette on January eighth, 2026, whereby the resolution proposed for the utilization of unappropriated profit under item two on the agenda now reads as follows, following the adjustment I commented on earlier: The management board and the supervisory board propose to utilize the unappropriated profit of Infineon Technologies AG, EUR 457,072,397.95, EUR 454,224,880.65 to pay a dividend of EUR 0.35 per dividend-bearing share, and to transfer the remaining sum of EUR 847,517.30 to revenue reserves. I trust that you had ample time to familiarize yourselves with the proposed resolutions. The proposed resolutions can also be viewed on the company's website. All draft resolutions are also available at the speaker's desk and the information counter. I shall refrain from reading each of the resolutions proposed for items three to nine out loud. As I mentioned earlier, no resolution needs to be passed regarding item one on the agenda. Resolutions shall only be passed on items two to nine on the agenda. All votes will be carried out in one collective voting procedure. A simple majority of the votes cast is required to pass the resolutions on items two to nine on the agenda. Furthermore, a simple majority of the capital stock represented during the passage of the resolution is required to pass the resolution on item seven on the agenda. Ladies and gentlemen, I hereby open the voting procedure for the resolutions proposed by management on items two to nine of the agenda. I would now like to ask our voting assistants to go through the rows and to record the yes and no votes using the tablets. Anyone who abstains from voting on all items on the agenda or who doesn't want to participate in the vote, doesn't have to do anything... Ladies and gentlemen, I now have the results of the vote. The detailed results will be shown behind me and in the live stream, and right after the AGM, they will also be published on our website. I shall now announce the updated attendance figures and the results of the figures of the votes... The terminals. The update to the attendance list can be viewed at the terminals in front of the entrance to this assembly hall. This is the current attendance. Of the 1,305,921,137 shares, 814,178,161 shares are represented with just as many share v otes. This corresponds to EUR 1,628,356,322. Of the registered capital stock, 2,421,478 treasury shares do not have voting rights. Therefore, today we have a participation rate of 63% or 62.34% of the capital stock. In addition, we have postal votes for 10,031,562 shares, representing 0.77% of the registered capital stock. Through in-person votes, 63.11% of the capital stock are represented, including postal votes. The participants registry can still be viewed electronically on any of the big screens that you can see in the rooms in front of the assembly hall. So the results of the votes in brief, I find for every resolution as follows: Up for a vote were the draft resolutions of the management board and the supervisory board communicated in the German Federal Gazette on items three to nine and on item two. The draft resolution by the management board and the supervisory board that I read out to you earlier, which is also published on the company's website in February earlier. With respect to item two, utilization of unappropriated profit, the AGM approved the proposed resolution by management with a 99.97% vote with the required majority. With respect to item three, approval of the acts of the members of the management board, Jochen Hanebeck was approved by a vote of 99.4% with the required majority. Elke Reichart, 99.7% with the required majority as well. Her acts are approved. Dr. Sven Schneider's acts were approved with a 99.47% majority vote, which is the required majority. Andreas Urschitz's acts were approved by 99.447% majority vote, and Dr. Rutger Wijburg's act s were approved by a 99.74% vote with the required majority. With respect to the approval of the acts of the supervisory board, Dr. Herbert Diess received the 99.33%. Jacqueline Oliver-Stec got a vote of 99.46%. Johann Dechant got a majority vote of 99.47%. Dr. Friedrich Eichiner got a required majority vote of 99.44%. Annette Engelfried received a 99.47% required majority vote. Professor Dr. Hermann Eul received a required majority vote of 99.47%. Peter Gruber received a 99.47% required majority vote. Klaus Helmrich received a 99.47% required majority vote. Rico Irmischer received a 99.47% required majority vote. Dr. Susanne Lachenmann received a 99.47% required majority vote. Melanie Riedel received a 99.47% required majority vote. Jürgen Scholz received a 99.47% required majority vote. Dr. Ulrich Spiesshofer received a 99.47% required majority vote. Margret Suckale received a 99.43% required majority vote. Mirco Synde received a 99.47% required majority vote. Diana Vitale received a 99.47% required majority vote. Ute Wolf received a 99.47% required majority vote. I would like to thank you on behalf of my colleagues on the management board and the supervisory board for the trust that you have just placed in us. With respect to item five, appointment of the company and group auditor for the 2026 fiscal year, and of the auditor for the review of the half-year financial report, as well as for the possible review of other quarterly financial reports for the 2026 fiscal year, the AGM accepted the proposal of the Supervisory Board with a 99.97% required majority vote. With respect to item six on the agenda, appointment of the auditor of the sustainability report for the 2026 fiscal year, the AGM approved the proposal of the Supervisory Board with a 99.9% majority vote. With respect to item 7, remuneration of the members of the supervisory board and the corresponding amendment to Article 11, paragraphs 1 and 5 of the Articles of Association, the AGM approved the approval of the management board and supervisory board with a 99% required majority vote. With respect to item 8, management board remuneration system, the AGM approved the proposal with an 87.69% required majority vote. With respect to item 9 on the agenda, remuneration report, the AGM approved the proposal of the supervisory board and management board with an 88.3% required majority vote. Ladies and gentlemen, we have reached the end of the agenda. I hereby close this year's Annual General Meeting. I thank you for attending today's Annual General Meeting of Infineon Technologies AG. I would also like to express my gratitude to everyone who has helped to prepare and conduct this Annual General Meeting. The management board and the supervisory board look forward to welcoming you to the 2027 Annual General Meeting. Thank you so much, and get home safely.