Ladies and gentlemen, shareholders, AG & Co. KGaA. I'm Volkmar Dinstuhl. I'm the Head of the Supervisory Board of thyssenkrupp nucera, and the management and the board. Welcome is a very important sign for-- I would like of the board. Here we have them. The CEO is there, Dr. Werner Ponikwar, our CFO, Dr. Stefan Hahn, and our CTO, Klaus Ohlig, is here as well. I'd like to point out that Dr. Hahn and Dr. Ohlig are here now for the first time. 2025, CFO Klaus Ohlig, the officer and people who left the board, I'd like to thank them for their substantial contribution towards the-- Everything went fine, and the transition for that, too. In the Supervisory Board, we had some changes. Dr. Robert Scannell the board, effective today, he has now-- Again, at this point of time, I'd like to thank Dr. Scannell for his commitment and his contributions towards the strategic development of our company. All the very best for his future. We elect a new member for the Supervisory Board. More of that later. The members of the Supervisory Board are here, too. Most of them in person are participating virtually. Mrs. Kappes, today, to welcome the colleagues who joined the supervisory board last year. Welcome to our new Mr. Kuhlmann and Our new representatives for the shareholders, Ms. Håkansson and Ms. Nadilo. On my left here, we have Dr. [Eringer] as notary public. He will draft the mem. We also have present here for the company, as well as the ones that did the final audit, KPMG, are present, and are here today with their technical expertise, helping this event to be successful and smooth. Decided AGM, we looked at the pros and cons as to which format would be suited best and the situation. Our good experiential format participate in a very important for our decision, and all rights of the shareholders are granted in this fashion. In a very efficient and transparent way, you can interchange with the board and management. How to execute your technical aspect. Section 131, I have said that the right to information and the right for follow-up questions exclusively via That way, all questions you may have can be asked as a video call, and if you have any follow-up. To give you the best preparation possible, back in February 20th, we have sent out the manuscripts on advance. If you want to take the floor, ask for the floor yet, participation. There is the item taken since 9:30 this morning, German time. Please ask since we'll be there in summary. You can also do it throughout the cour-- Please give us a phone number where we could possibly call you if there's any technical issues. If you have asked for the floor in the investor portal, you will be asked to stay in our virtual waiting room. It is possible to have the live connection to our AGM here. A short while, once you are in the virtual waiting room, to actually get onto the floor. For that, you need a functioning video communication device. If you don't have it, or if it is not perfect, then we will join the meeting in that fashion. Let me tell you what exactly is going to happen today. The overall meeting is in live on the investors portal, can be read. On the basis of Today's meeting is also open to the public, in addition to that, we have a simultaneous translation into English available for you. Meeting that you will find them on our homepage. The list of participants can be seen on the investors' portal immediately as of now. There you have those who are investors with the right to vote list, and exact figures as to how many participants we have, I will share with you later. Those shareholders who used the mail vote or want to use it, will only be seen in the participants lists if through the investors portal. Apart from that, number of mail votes that have been cast. Please keep in mind that only that is the list that is valid, and it is not to use any of the data. The invitation and the proposals and motions have all been published in the Federal Gazette and have been distributed throughout Europe. At the same time, all relevant documents have been made available on our homepage and can be of this meeting. In accordance with 315, have been forwarded in time. You or anybody different ways fashions, either, give the right to vote to one of the proxies. In the invest be used closure. Do that can always happen, that there is a delay. The proxies of the company are, of course, only to vote. Any other. They can also not table any motions during the meeting. If you have received all of that for each. In the voting, we will use the method of. In total, read it out, I will only Shareholders who have cast out can claim against any of the resolutions during the meeting, and for that, we use our electronic. Prior to the end of the meeting, I will point this out. I would like to ask you to not wait until the very last moments, because technical delays can always occur. Will supervise the supervisors, the functionality of our technical devices. If, for example, a question has not been answered to your satisfaction. Up until 19th February, you were able to put in your statements according to any of the points. Two of those, of which we received on the 20th of February, and we published them. Much for the organizational aspects. Before Supervisory Board, I should like to pass the floor to Mr. Ponikwar to give us a report on the current year. Members of the Supervisory Board, welcome to this AGM thyssenkrupp. I'm very happy that you're here today. Your trust and your support are very important to us. Of transition at the same time. We're not talking about long-term future scenario, but it's something that we're dealing with every day. It's no longer a niche technology, either today or in the future. It is indispensable for decarbonizing energy independence. There is no substitute for this technology when it comes to the sustainable transformation of industries and energy systems. Geopolitical developments in recent years of resilience and energy independence. Hydrogen is a key factor in this. This environment, we at thyssenkrupp nucera, have consistently focused on our strength. We have strong innovative capabilities, have made decisive progress in international financial resilience and a reliable partner to. Regulatory uncertainties and volatile conditions have also posed challenges for us. It is this environment that sharpens our focus on what truly matters. These development of our technologies for the industrial future with a climate-friendly energy mix. They have created new opportunities. This is precisely where we, every year, we have continued to advance our most important. This demonstrates to industry and our customers, not just out of conviction, but because even greater team. I would like to express my sincere thanks to all of my colleagues of installed electrolysis capacity and over 3 GW of capacity in projects under construction. Marks a milestone for our company. Let me be clear, we have no intention of resting. Following a period of very dynamic growth, we are now focusing specifically on optimization, on efficiency, and on sustain- with which we are in of thyssenkrupp transformation of the industry. Business areas, they form the foundation of our- First, how our business segments, our two business segments, green hydrogen and Chlor-Alkali. What advances have we achieved? Thirdly, how we will continue to sustainably create value based on financial resilience and forward-looking management, even in a challenging market. What we can say with certainty and conviction is that thyssenkrupp nucera has a very strong market position in the green hydrogen business. Development in this area is rapid. Hydrogen Compass, published by the Hydrogen Council, represents growth of over 50% year on-. Only achieve this kind of market entry speed. Around 1 million tons of clean hydrogen are already being produced every year. From a global perspective, the P30, between 9 million-14 million tons of clean hydrogen could actually be produced every year. Know that hydrogen is not a short-term trend. It is also indispensable for industrial transformation. This is also confirmed by the Hydrogen Council. Investments will continue to rise. Hydrogen will play an essential role in the future energy system. Also your motivation for investing in thyssenkrupp. There are still fluctuations in the market. Recently, Europe has set the ball rolling with the implementation of the Renewable Energy Directive, RED III. The full implementation of the quotas for renewable hydrogen from the E.U., specified in the directive alone, will lead to enormous demand. In Europe Association, the demand for hydrogen resulting from RED III will be 2.4 million tons in 2030 for industrial sectors. You can see the opportunities we are talking about here, but there's also uncertainty. Many countries have not yet implemented the E.U. rules in national legislation. To realize the full potential, we need to do just the national law will create reliable offtake and investment security, and thus predictability. The market needs all of that. Scale up in our home. National legislation is making Europe an attractive market for sustainable investments, and economic dynamics are moving in Neom Project in Saudi Arabia. With more than 2 GW of installed capacity, the plant will be by far the world's into operation. Fed by a specially built wind farms and solar fields, large quantities of renewable electricity will rise from thyssenkrupp nucera. Up to 600 tons of green hydrogen per day on an area roughly equivalent to the size of five Sweden. Europe's largest hydrogen plant is also progressing according to plan. Our standardized 20 MW electrolysis, much scale green steel mill. In the Port of Rotterdam, the Shell project, Hydrogen Holland One, is creating another reference plant that underscores our main projects, capacity of around 1.7 GW. We are observing that the focus of the new projects is increasingly shifting from the U.S. to Europe. This demonstrates the growing importance of the European market and our flexibility in regional development. The sex factor in this environment, we consciously respond quickly to changes in our organization and in our project work. This applies both to the prioritization of projects and to the adaptation of our technology portfolio to new requirements in this only dynamic market environment. Green hydrogen remains the most important growth area for thyssenkrupp nucera. Our broad technological base, our experience in large-scale international projects. Chlor-Alkali. This segment was our anchor of stability in the past fiscal year. In a challenging market environment, Chlor-Alkali contributed Particularly encouraging compared to the previous year. Services. This means that we generate stable, recurring, and attractive earnings. At the same time, we throughout the entire life cycle of their Chlor-Alkali plants. The strong demand for our services shows that our customers' reliability. Technological leadership are under peer. We gained new orders in the chlor-alkali business in the Middle East, in India, and in the U.S. of A. An important order from TGV in India to expand their caustic soda production capacity. The company is increasing its capacity by 50% with our technology. In Saudi Arabia, we have taken on the next expansion stage of a Chlor-Alkali plant for the chemical marketing and distribution company. We have example, was in South Korea. Today, the Chlor-Alkali business is much more than a solid foundation for strengthens our position as an international technology leader. Market dynamics are driven by trends such as rising demand for PVC, water treatment. We are present in all of these fields with our solutions. We will continue to develop this segment consistently, with a clear focus on expanding and opening up new markets. We see great opportunities, particularly in dynamic growth regions such as India, the Middle East, and North America. In this driver of sustainable and profitable corporate success, this will enable us to lay the foundation for future challenges and opportunities. We will tackle these from a position of strength. Ladies and gentlemen, if you want to shape the future, you cannot be satisfied with the status quo. That is why we are resolutely driving innovation forward. Our innovative strength remains the most important driver. Second key aspect of my speech. In fiscal year 2024, 2025, we once again increased our investments in research and development. R&D ratio was well over 4%. A total of 88 employees now work in R&D. We place on this area in the past fiscal year, was the expansion of our technology portfolio. With the acquisition of Green Hydrogen Systems, modular high-pressure electrolysis technology, we have added pressure-based solutions. We also opened the SOEC serves to industrialize high-temperature electrolysis, enabling the efficient production of green hydrogen, ranges from the automation of cell production and the scaling of serious assembly processes such as install AWE and carbon to chem. We're also setting standards in the Chlor-Alkali business. With the introduction of new cell generations, we have been able to further reduce the energy consumption of our plants and increase operational safety. Our new solutions can also be used by customers for earlier BM and BiTech versions. This allows them to upgrade existing plants to the latest state of the art in a resource-efficient manner. Our offering is it covers the expertise, offers maximum availability. We are sustainably increasing our corporate value through synergies between our segments. We're also introducing the service systems from the Chlor-Alkali business into the hydrogen industry, Chlor-Alkali business. It will be the same in the hydrogen sector. We are convinced that in 10 years time, our business model will be significantly shaped by service and lifecycle management for this today. For us, they are the basis for flexibility. This is how we support our customers in their transformation. Innovation and development further expand others with a strong team. Development path, we will. Dear shareholders, our progress in implementing our development path forms the basis for our corporate success. It also has a direct impact on our financial performance, and leeway for new opportunities. I would like. If we finish the 2024, 2025 fiscal year with a solid outcome, this is not something that. In fiscal year 2024, 2025, we generated over EUR 845 million. EBIT are positive again after the previous year. The development of free cash flow is particularly encouraging. After a significantly negative figure in the previous year, we were able to achieve a biz proof, our consistent liquidity management. The performance of our share price reflects the fluctuations in the market and in autumn. The share price has stabilized again. This shows that the entire industry remains volatile. We are not satisfied, it's robust. We are sticking to our course. We will seize opportunities when the market allows. Balance of our business model, it delivers reliable results. We continue to see attractive long-term fluctuations across our business area. Last year, we implemented targeted optimization measures and strength include strict cost discipline, an improved project mix, and continuous investment in R&D. Strengthened our balance sheet structure with an equity ratio of 65%. Net financial assets of the available liquidity of EUR 680 million, 2025. This means we are largely, and we can respond flexibly to new market opportunities, so re-resources to do so. We use our financial means, specifically examining potential acquisitions, entering into strategic partnerships, and will be significantly influenced by the execution of projects that have already been contractually agreed. It is expected to be below previous years' level. Especially in such an environment, our focus remains clear. We continue to focus on optimization, efficiency, and flexibility without stability and keep our strategic options open. Our management is based on technologies. We will seize opportunities in the hydrogen market as soon as they arise. We are prepared to act decisively, even in a volatile environment and new era. For responsibility and environmental impact, not just a duty, but out of conviction. High standards, not only through our volunteer, our EcoVadis gold rating person. By aligning our activity of our suppliers in our supplier code of value change, we also take responsibility here. We apply outstanding standards for occupational safety, and we enter target organization well. Fair for access to clean water. We live and breathe social commitment. I'd like to deliberately repeat this at this point. Looking ahead, flexibility and innovative strength remain our most important guiding principles. We will continue the Chlor-Alkali business as a value driver and well, our international team and our technological expertise, we will create sustainable value and growth for our customers, our employees, our partners, and for you, our shareholders. Let us shape the future together and move forward with courage. I look forward to continuing this journey with all of you. Thank you very much for your trust and support. Let's work together to create a successful future for thyssenkrupp nucera. [Foreign language] Dear shareholders, dear shareholders and representatives, ladies and gents, economy and trillion economy has lost its momentum after a phase of rapid growth. The reasons are clear: high-developed regulatory frameworks and the slow expansion of infrastructure. These factors make long-term investment decisions extremely. So far, for around a quarter of the hydrogen projects planned in Europe by 2030, this economy represents a key challenge also for thyssenkrupp nucera. thyssenkrupp nucera has once again closed the 2024, 2025 fiscal year with solid. Temporary delays, green hydrogen remains the future. It continues to be a cornerstone of new, sustainable energy system. We fund for energy-intensive industries such as steel, chemicals, and cement. Green hydrogen is the only technologically realistic alternative to fossil fuels. An ecological obligation, but also a basic prerequisite for securing industrial value creation and our prosperity. The scale of the obtaining of fossil hydrogen are produced worldwide every year. 3,000 gigawatts of electrolysis capacity and include future additional demand for new sectors. On top of that, you have the correspondingly substantial. Current analysis estimate the global market for green transformation technology by 2030. Those who secure technological leadership now will position themselves in one of the most important growth markets of the coming decades. thyssenkrupp nucera is very well positioned for this. In the past, fiscal intensive process, strategic flexibility, technology, and service portfolio and further measures are reflecting in the Chlor-Alkali segment, thyssenkrupp strong market position and these successes provide a solid financial basis for steering the economy safely through the current market, will continue to be a driver of innovation in both of these segments, thereby creating sustainable value and the supervisory board to close. Now turn to the report of the supervisor. I mean, the management board and the supervisory board was trusting, open, and respectful. The management board fulfilled its information with us regularly, promptly, and strategy development and annual operational planning to business development. We were always able to examine the management board's reports and draft resolutions in detail, both in the committees and in the plenary session. Own ideas. We discussed all business transactions of significance to the company and even outs this communication between the chairperson of the supervisory board and its committees, and the management board about important developments within the company on an ongoing basis. Findings from these discussions with meetings of the supervisory, involving members of the management board or the supervisory board in the past fiscal year. Supervisory Board also met regularly in the board, closely monitored, focusing on the company's strategic development, operational efficiency, and international competitiveness. With the requirements of a dynamic, the supervisory board's In September, we also conduct further development, our work and methods, and strengthen our governance structures. Another focus of our governance and adapt our structure and the regulatory environment. The personnel changes at the beginning of this Annual General Meeting, nearly one third of the Supervisory Board was made up of employee representatives. This change was made on the basis of Section 1 of the Act on one-third participation of employees in the supervisory board or the One-Third Participation Act, for short. Therefore, the last Annual General Meeting resolved to amend the company's articles of association, according to which the Supervisory Board now consists of eight shareholder accordance with the 1/3 Participation Act. In April 2025, we welcomed Markus Fuhrmann as employee representatives. They have extensive international experience in industrial Chlor-Alkali applications and related sectors. In February 2025, Nadja Håkansson and Dr. Arnd Köfler add further expertise to the Supervisory Board in international management, IT, innovation and digital transformation, accounting and auditing, change management, sustainability. During the reporting year, in addition, 17, 24, and a constituent meeting on February 5, 2025. Following the five were held via video conference. One meeting was held entirely virtually. Supervisory Board regularly discussed the current business situation, earnings development intensively with the annual financial statements for the 2023 and 2024 fiscal year. Board on the company situation and the implementation of the growth strategy focused primarily on the current medium-term earnings targets. Details on the focus of these meetings are provided in the Supervisory Board report. In the annual report, which, ladies and gentlemen, this brings me to the end of my presentation. For your support as well as you, thyssenkrupp nucera, well, put the opportunities of this growth market. The board will continue helping management to make sure that the long-term success of thyssenkrupp. Thank you very much for your attention. Now, move to our next item on the agenda, and I will now call for all items of the agenda. In total, there are six points. Item number one on the general resolution on the adoption of the annual financial 425 of the entire group. We have the report of the general partner. Point three, resolution on the discharge of the members of the Supervisory Board. Auditor, 2026, information. Number five is the resolution on the new election of the supervisory board. I'd like to give you the following additional: Dr. Robert Scannell will, as I said, did step down, as with effect from today. A new voted for. Based on the recommendation of the committee, is recommended for Ms. Willie Bettini is. For the company since then, she's the thyssenkrupp nucera and the Italian gigafactory. Her contribution was also substantial for the further event of corporate governments. This expertise is particularly important in legal and compliance and in governance as well. For the offer of the agenda and all other aspects, please check the investor file, investor details. For other details, these are being published in accordance with the law of the HGB. For all other details which have been made available, please check out our Internet page. They are available there during the course of today's AGM. Ladies and gentlemen, I'd now like to provide you with details of presence. As based on the emission of capital, EUR 126,315,000 are fully paid up. Three hundred and fifteen thousand shares are represented. EUR 98 million are represented by the proxies. This represents 77.74% electronic votes and over the registered capital. Therefore, a total of 98,165,737 shares are represented, and this represents 77.72% of the registered capital. Dear shareholders, we now move on to the discussion of the agenda, with the, in the form of general debate. The first speak and they've passed all of our requirements. If you wish to speak, please, shareholders, and in order to ensure that we have to speak. Please do so via the registration. Will only be available for making comments. We have six points on our agenda today. Persons we will be taking Do not are not too extensive in their, in the time of their get all of us, giving us all of us the chance to listen to what is being said and to be made aware, available of the results of the votes cast. Therefore, please, I would ask all people who wish to speak to keep to a normal restriction on the task concerned. How long the speech time be made? I will also appropriate steps to limit the overall time and reasonable time limits after the points on the agenda and on the I would also point out that You are entitled to request speeches and make changes, because all questions raised during the course of the debate and the executive. If any questions are not answered. If that is the case, please do so as soon as you are aware of this. We have a number of people who wish to speak. The first are planned as follows: A German organization for shareholders, and Mr. Delforce and Mr. Marcus Dufner from the Critical Shareholders Organization. During the course of today's meeting, who are lined up to speak, in order that we have a efficient meeting today. Let us now move on to our first spokesperson who wishes to speak again today at the thyssenkrupp nucera. Thank you very much for that and for your comments so far, and also for the current year and the previous years. Dear shareholders, my name is Marc Tüngler. I am the manager of the German. We have shareholders represented at more than 600 AGMs during the course of the year. One of our representatives is at many of these AGMs, and it's a pleasure for me to be here today. This, that which has been spoken so far, there have been a couple of keywords made: flexibility, resilience, innovation. They're great words. We like hearing those words. It's a just pressure. How much are you being supported by the political side of things? We are very patient. We are convinced that this is the company offers the right systems, the right solutions which the world requires. I have a number of questions in order to get some more detail, to flesh out the bare bones that we know so far. Therefore, let me start with how things will be. Coming orders, how does it? I think you've talked about a broad range, but we need some details of that, please. That would be great if you could give us that. For the world, the EU further on the hydrogen, the hydrogen field. Technology speaking, are we gonna miss out here, state-of-the-art? I mean, who might be taking the lead away from us? You know, is that a possibility? That wouldn't be very nice, would it, after all? It's the political side of things, you know, Brussels, Berlin, maybe they don't appreciate fully what we are doing. The discussion, that positive, in terms of hydrogen, how come is that happening, and which, what is being undertaken in order to change that situation? We'd like to have some buzzwords or keywords on that. You think the political players should be doing for you? It would be. Obviously, the regulatory side of Nucera is obviously important. What would you like to see happen to drive our business forward? As we, I'm sure, look at all that. We have very exciting initiatives on the political side of things. You know, what would you like to see happen? You know, which concrete measures would you like to be taken, which would be good for? Something not nice. Some projects have been canceled during the last fiscal and maybe during this course of this year. What cancellations are we talking about? What kind of volumes are we talking about? You said that the projects which are still in the pipeline, they're from last year, so making it more important. How could you explain how that, and that the USA has taken a? It's almost more developments happening in the USA. An important sector for the world. Is there a light at the end of tunnel, or is it still very dark and there? Yeah, are we still only seeing shadow? What about Europe? Are things looking better here? As you mentioned, it's, we are very happy about the Chlor-Alkali business. That's great. Good, we've got that. It's, the service part of that is, working well. You gave some great figures there, and may be some potential for the Chlor-Alkali. Is it just a river that will keep on running? Let's say, progressively, what is happening so far, and you talked about resilience, maybe you should give us a bit of detail on the potential we see there? As I say, it would be good to see what the future potential is in that sector. Optimization of costs, being flexible on the cost side, so you know, resilience is great. Which measures have been planned? What have you-- Which, you know, what about the break-even point? How will, so, you know, so you can have good earnings with lower turnover. You earn all the better when the turnover returns. The questions within us, as shareholders, we want to have the feeling that you are preparing for when things really kick off in the market for the hydrogen sector, and you need to prepare for these. We think you're going to achieve that. Otherwise, we wouldn't be with you. I'd like to thank all employee investor relations, but the investor relations management. All the best in success. The political players are your shareholders in the company. Thank you very much for that contribution. We are now gonna move straight on with the next speaker for today. Mr. Vorst of the SdK, we saw each other recently at the thyssenkrupp AGM, it's very pleasure to have you here today again. The floor is. Mr. Dinstuhl. Ladies and gentlemen, there are different worlds. thyssenkrupp is a common part of the names, thyssenkrupp nucera, you know, lots of, it doesn't say much of me, I've got a lot to learn how everything fits together. I understand the following: when the result, lots of potential here, I think, the substances have been moving ahead. How can we start earning money in the future and today? This is pure technology, looking at technology, I have already told you, given you some comments on that, how we might be moving forward. Let me give you some details. On the market side of things, alkaline electrolysis, a general question. We are on the cards in the near future. Results, actual successes, and on the technology roadmap, there are a number of technologies involved. What is your approach here? Electrolysis, we have different temperatures and pressures, and so how do you Regional, global are available, which opportunities are available over the next 12-month period, for example. Operative, you've EBIT has improved. That's those are good positive figures. Oh, we have got EUR 32 million in working capital. We invest our money in the areas which actually deserve that money. The question is, are they correct for hydrogen projects, where you say, you know, which point did you say, "No, the risk is too high. We're going to stop?" My question, my worry, is that we need to focus on quality and also not only on where has that been priced in already? Okay, share price at the capital market, we don't even need to-- We understand the situation, even though we could wish for something else. If I look at the remuneration report, you are above 30% than what we want to. My question, when can you actually cap it at 30%? Why don't you follow our suggestions that, you know, in dire times like this, that you shouldn't pay out any- Oh, if you could give me the remuneration report. Talk about the-- That I would like to have it in more concrete kilowatt hours. How can you define that? How about patent rights? Are we okay on that? Mr. Tüngler mentioned it already. There are certain technologies available. We have anything? Are there any barriers, or can somebody steal our ideas from us? Our liquidity is fine. It looks pretty robust, equity in our situation. Advance payments, but I'm sure you can- All of the business model is always based. I can understand why you're doing that. Of course, everybody likes to get subsidies, but can you cannot only base anything, everything just on the possibility of getting government subsidies. Please tell me, what are your-- Business is solid. I think we're pretty good at what we're doing, so now we just need to turn it into cash. Commitment of all of the employees. We are in agreement with all the proposals. That's fine. Eight, only serves is Mr. Markus Dufner. Mr. Dufner, you are somebody who comes to us on a regular basis. We'd like to welcome you. Yeah. Thank you. Thank you very much. AGM and the parent company. 50% of Nucera. Any decisions made by the parent. I said that I was a bit worried about the strategy of thyssenkrupp in general. The steel company, thyssenkrupp, with this important... what does that act- 50%. Yeah. Is the largest shareholder, I should say. As to the situation, thyssenkrupp, follower of, not only in the share price, but also electrolysis. What you mentioned in your presentation, EUR 350 million-EUR 900 million for order intake. I mean, that is quite o ver the next year, as a family man, I would be very worried if I had such weights you have of 6. Give me some details on that and give me a couple of milestones so that we understand why and how you came to this amount. I know that there are some projects are lagging behind the hydrogen technology. You have explained that in detail, the complications related to hydrogen. Well, let me talk about the Neom project. I mean, your project in Saudi Arabia, and maybe on that involved. We all know centerpiece for the conversion until 2030. There we have Crown Prince Salman involved. Of course, you can read up on this, you can imagine that of course, all of that is, you know, surpassing the budget difficulties in planning. Also, of course, you have the human right. That's because of the project, people have been forced to move away from. Acting against this project. Destroying ecosystems, functioning ecosystems, using up resources. Wow! There will be technical logistic risks in that project. There are reputational risks involved. My question is, how do you estimate the risks for thyssenkrupp nucera? What do you do to create examples? In total, yes, what can I say? I would like to give you more of a positive conclusion of everything. We think that thyssenkrupp nucera is the bearer of hope. We think you have, in fact. Perspective. It's would be nice to have some kind of perspective when you think the turnaround is possible and... When we will all be full of. Thank you very much for questions. I will now ask the board members to answer some of the questions that have been asked. Mr. Dinstuhl, thank you, and thank you very much to those three persons who asked questions. I'd like to start with the Mr. Tüngler's questions. In ability, you asked to what extent that may be harmful to us. Of course, there are very intense discussions on sustainability. It's about the speed, the way of doing it, and how difficult it is for a society at-- Long-term targets have to have acceptance, and that is something that we do not question. Hydrogen out of electrolysis is the concrete, of course, has an impact on that. Please take into account 3 points. Even if the discussion on sustainability is very It is still part of the long-term debate on the future of hydrogen. There is a huge bandwidth in terms of target values. The team is an important driver for electrolysis, but it's not the only driver. European, leading the world economy. In Germany and Europe, we therefore secure jobs and create new jobs, and we have a new technology that is actually working. How important that is dependable, less dependent on providers of other fuels. Even though we discuss all of this in critical and plan, and therefore the Ask about policy for our business and means, what is particularly relevant of the RED III quota. After many years of speed, Germany has acted. Management Europe thinks that 11 GW of other, to turn hydrogen into energy and quotas for the use of green hydrogen in also have to be turned. When it comes to subsidies, there are some positive signals. Germany, right now, in the service mechanism, auction service mechanism, in the Hydrogen Bank, puts a ramp up. The innovation fund, the IN commission has, on top of that, given us a long-term perspective for subsidies. The bank is supposed to obtain EUR 100 billion, sorry. We don't have the details yet, most of it will be focused on hydrogen, is key in this. Decarbonization in the energy-intensive industries will be accelerated and will be mostly having made in Europe clauses, meaning that it is European technology, which of course, will strengthen our economy. There are many positive developments here, yet, are there. Very clear guidelines for the use of electrolysis and hydrogen. Mr. Tüngler, you asked if we had a wish list. Let me put it like this, time for acting, action is now important to kick-start the hydrogen development and have them globally competitive. For that, we need an ambition of those 3 aid guidelines in, also for the industrial sector, we need. That will determine the demand for hydrogen strategically. Unfortunately, any use to be made in Germany. Acceleration Act is supposed to change that, it will be work to provide incentives for investment. Any uncertainty from the legal framework of the EU, just like I said earlier, electrolysis can do more than that. Electrolysis is to create jobs and secure them. At the same, to reduce our dependency on-- Politics have to show that on the basis of previous years, we have learned, as for example, actively support. If in the past any business has been canceled or annulled, first of all, wait a second. I mean, no project, I mean, projects that have already been started, all projects will be completed as stipulated in the contract. In our projects that secure, give us, secure us against any political risks. The 25 MW pilot project in the U.S. with CF Industries, you may have referred to that, complete the project, and CF Industries themselves said that they want to invest in blue hydrogen, not in green hydrogen. On the market in the U.S., towards blue technology are there. Let me talk about the pipeline. In the past business year as well as this one, there have been shifts in our projects, delayed final investment decisions and consolidation of the pipeline. Any projects that do not have a secure financing, though taken out of our type pipeline. This consolidation doesn't mean that any current projects are canceled or up-and-running projects are canceled, but it's on project by Mr. Tüngler to the Chlor-Alkali business. Yes, that is our profitable and stable pillar of our business, especially for the service business. We will have further potential of growth, but also modernization of current plants is attractive. With reference to future potentials, it is also pointed out, and we refer to the contract for a new contract in the Middle East, which relates to. It is basically one of the largest Chlor-Alkali project. It also projects some be booked during 2025, 2026. Last autumn, we had our new three hundred and sixty service portfolio. We've represent growth potentials. Your last question that of Mr. Tüngler was the, and especially in the USA, in terms of developing for the green hydrogen market, there is a political demand for higher capacities, political, especially example, in the USA, where the political boundary conditions are not advantageous for green tech or for our green hydrogen activities, and there's a growing energy demand in the States is also a driving force here. Nonetheless, the U.S. is definitely a strong market in the future for hydrogen long term, and there is a lot of potential there. We think this applies to the building of new plants as well as modernization of existing plants, as also as well as for service business and service activities. The last question for this block was a question of Mr. Fortnum. You asked which projects we, which investment decisions of customer, in particular, for major projects in hydrogen. New projects with a total capacity of 1.7 GW, for example, front-end engineering and design, major projects, FEED studies, and before the final amendments estimate, costs is a good indicator for future projects. We, during the next 12 months, we reckon to gain projects which are currently in the FEED phase. These projects generally have the 3-digit megawatt rates. For example, financing of hydrogen demand, local permitting, further data provided. Our colleagues can't confirm the data you've given us. Now, Mr. Hahn, for more answers. A question by Mr. Tüngler, you asked about the dynamism in our next 12 months should delayed, which will influence contracts. In 2024, 2025, we moved forward in many orders. Our orders in the books have reduced, during the next for green hydrogen, these new projects will not provide major earnings. As a result, we think during the current year. We have introduced incoming orders, there will be an uptick in incoming orders. Another question by Mr. Tüngler, you asked about our cost management and how far we have made progress in this regard. During 2024, 2025, we had a positive result in this regard, a break even for us with existing business possible. Low. We have introduced a number of cost-cutting measures, which have been able to compensate in part for personnel costs, lower third-party headcount, reduced orders, cutting down on overtime hours, and we've also reduced our use of third-party expertise, based on savings through IT changes, and we've also intensified our use of office space. These measures are showing first effects. The actual change in savings potential will increase during the course of this year. Another question from Mr. Foss about working capital and measures to-- Is an important key indicator for us, and we want to be self-financing. As Chlor-Alkali was about six, distribution is around about the same. Licks are important here. For example, we don't produce our plants ourselves, we work with partners. That keeps our capital costs down. We have an asset light interim payment, it's on a milestone basis. We try and avoid pre-financing and to have interim payments agreed. Mr. Hahn, thank you for that. If you do wish to speak here during the general debate, this is a good time to do so. Klaus Ohlig. That also is demonstrated by our figures. That strengthens our competitive edge. We also assist through work on the improvements and improving our existing technologies. Last autumn, our competitors here. We see no structural changes which represent a technical risk for us. We years of experience in electrolysis, more than 600 Chlor-Alkali plants worldwide. Mr. Foss also asked about our technologies. Let me give you some details on that. The alkaline water electrolysis is a contracts and customer pipeline. We have a good atmospheric AWE product, which is a good solution also in the future. In the future, there are other product aspects which the current and changing market situations and offer our customers appropriate choices. Some customers, there is the demand for data, very, have a demand in the market, and that also depends on the competitiveness of the system. Each of these two technologies, the development side, great progress made in terms of pilot plants. We apply cost savings to our plants. We always have the target of ensuring the competitiveness of our markets, of our products in the market, and are very transparent in achieving our targets. The main driving for cost savings in efficiency, successful. In that sense, we have standardized products and supply chains with standardized, partial automation and also. Technology is also faster planning and permitting. Direct, synchronized ramping up of the hydrogen supply chain is also important for competitiveness. High centers will need to be established in addition to production. Any delays in the chain. Thank you, Klaus Ohlig, for that. I'll also answer a question sub-aimed at the supervisory board. Let me say that the current remuneration system was approved on the during 2024, with a majority of 94% of the shares present. The remuneration system corresponds with during 2024, 20 25, during, for that valid during that period. The remuneration system is, has to be approved every four years by the AGM, and after that means the next scheduled date would be 2028, the next dateline for considering the current system and for possible edit. Let's move on with other answers. With Werner Ponikwar. Thank you. This is just to ask, technologically logic. The human rights is important for us, is a major priority for our work. Recognize explicitly the principles of the United Nations Human Rights Council and their implementation in addition, act accordingly. As part of the financing of the project and the German government Hermes system, potential risks will impact on environmental, society. Kookminus area also has a suitable and appropriate risk management system for implementing human rights aspects. The objective is that human rights issues and risks are identified at an early date and are minimized. An important aspect is our work with our suppliers. We work with the international standard, our contracts in the supply chain, including fair work environments and safe back to possible contraventions. We review it on a local basis and ensure that compliance with human rights aspects take place on the supply chain. Obviously, we want to be economically successful whilst being compliant. Mr. Foss, you also asked about our intent in the U.S. of A. Our entry is always thoroughly prepared and select the time point based on the market conditions, for example, regulatory progress. The reasons you mentioned, we are already active in those areas in the Chlor-Alkali for many years, and stable, and we also serve the core markets. In terms of green hydrogen, our focus market continues to be Europe. In addition, we see Australia as offering higher market potential, as do India and North and South America. The USA, because of political and regulatory uncertainties, we continue to observe that market. Other, some regions are losing dynamism, and that means it is important for us to reset our regional approaches. Criteria for our project pipeline, all projects are subject to be made or not. The reasons for not giving an offer are we compete with all competitors in the marketplace, and we do have certain demands for all robust. I would ask Mr. Dufner, he asked whether our products are compliant with a NEOM, NEOM project. The financial investment decisions. These projects, during the years, for example, and also have been delayed by customer pipeline. I don't see any influence of our priority six when everything is running as planned. Of course, Mr. Dufner, you asked about what the change from thyssenkrupp AG to thyssenkrupp means. Well, we are a listed company, have direct repercussions. He is continuous. We want continuity, and we will work further in the interest of our clients and our share-- You also asked about a perspective as to when we will have a turnaround. Let me stress that our Chlor-Alkali business is a profitable- We're looking for business and raise further potentials. As to the future, green hydrogen prod soon. I mean, on our sales figures, but the final decision on projects also always depends on school, regulations, customers. Mr. Voss, you asked- Only feel guided subsidies from the government. Look at, subsidies, steering tool. Pass back to you. Mr. Ding, your turn now. The rated average of capital. Currently, We look at all of these as a o rder intake is a very volatile factor. I will try to be more concrete i n Chlor-Alkali segment In Chlor-Alkali, the project Chlor-Alkali business to cure, but it's not changed. We hope that the first major projects in green hydrogen will be. Which, of course, will then have another positive, Mr. Voss. As to the equity, well, to build up capital, it's mostly on the basis of our IPO, financial savior, the financial stability of the company. Because of its conservative structure, it helps to stable. The finances are done in such a way that we use up opportunities that arise and our solid capital structure is a central, just as our on trust. Thank you very much, Mr. Hahn. To answer the question, the question about the patent strategy, products and technologies. We have, we use our patent strategy. The present and future projects is our own key technology and a definitive positioning in the market and the patent portfolio, patents that have been granted and 11 that have been submitted. Other submissions are being prepared. We could not get a connection to Mr. Rosinsky, and therefore, the way we see it now, we have asked. Now for a final opportunity to ask further questions, I will interrupt this meeting for a few minutes. We will continue at 12:15. We will interrupt now for seven minutes, and afterwards close this debate. Thank you. [Foreign language] We may continue. No further, all questions have been answered. Those who ask questions and those who answered the questions. [Foreign language] close the discussion. We now move on to the head of this AGM. We will take the vote for, a vote for. To do that, you can still go, or if you want to change your mind on any of that. The same if you want to give further advice, proxy, and we'll simply count the negative votes and abstentions will be counted, but they do not have any impact on the outcome. All votes will be opened together with the electronic mail votes. For the Points 1 to 6, I would like to point out the following: for items 2 and 3, that nobody can vote for themselves if it is his own approval of actions. The reasons for that vote, a right to vote to a proxy. No shares can be, 2 and 4 on the agenda. Mr. Riediger, our exclusions from the Items 1 to 6. During have been tabled. Prior to the meeting, we did not receive any of those proposals, and it have been published in the Federal Gazette and are now taken to the vote. We will not have new date for this, but we'll discontinue our meeting for another five minutes so that you have a final chance of casting your vote, and after that, the investor portal will be closed. This is your final opportunity, vote in the investors portal user. Like I said, we have about five. We will be back, after that, we will not be able to cast any further votes, and I will not give another explanation as to that and pronounce it. At 12:25 P.M., we will close. [audio distortion] [audio distortion] As I said, prior to the interruption, now this has been concluded. No, it's not possible anymore to cast further votes, and this has been implemented now. In the investor portal items on the other. Be evaluated together with all proxies and will be determined under notarial supervision. Despite all advantages of IT, the results do take. As soon as I have the results, I will then provide you with those details. Now adjourn again for that period. That will be about 15 minutes. At 12:41 P.M. [Foreign language] Thanks. We'll now continue with the results and also the presence. 315 billion in the so many shares, 98 million, 16,000 set today. In addition, 93 million shares, there are electronic votes cast. That represents 0.14. Accordingly, overall, 98 million, 198,508 of the registered capital of 77.73%. Let me tell you that the live streaming had 303. Very much for your expression, for the interest expressed in our way in our company. The results of the votes cast for will also be displayed in the stream, and will be available after the event, though shortly after the results have been broadcast. That will also then also end your chance to object on the investor portal for simplification purposes. We will provide the percentage of the votes cast and determined at the same time. I refer to the refer decisions made by the shareholder and by the boards as advertised of the annual finance and the consolidated financial statements. This was accepted by 99.93% of the votes. The resolution has been accepted and passed accordingly. Point 2 on the agenda: the resolution on the discharge of the general partner. The general partner supervisor proposal for those actions was approved by 99.97% of the votes cast, has the required majority and has been passed by the press expressed in this way. For on our behalf and on behalf of the supervisory persons involved on the boards for their work, also like to express the same thanks to all members of our staff for their success. I wish that the discharge report was accepted by 98.57% of the votes cast. The trust you have expressed in this way, let me thank you and also on behalf of my colleagues. I would also use this opportunity to also thank my colleagues for their work in this regard. Let me move on to Point 4 on our agenda, the election of the auditor also the group auditor for the financial year, the interim financial information was cast, I will save, which is the by yes votes by 99%. We move on to Point 6 on the agenda, resolution on new election of the supervisory board. The votes cast, Ms. Sylvia Bettini, who was then vote. Yes, votes on votes cast. Let me Point 1 on our agenda. Let me confirm. Now, can we close? I'd like to thank all participants and the expression, the interest expressed, all members of the boards for their contributions. At the next AGM of thyssenkrupp nucera will be during February of 2027. I herewith declare this today--