Hello, and good morning, everyone, and a warm welcome to our next presentation with RENK Group as part of our German Select Conference today. The speakers are Maximilian König and Christian Weiss, both Senior Managers of Investor Relations at RENK, and they will walk us through the company's presentation, touching on key milestones and current market trends. Before we dive in, a quick housekeeping note that the conference is being recorded and all participants are in a listen-only mode. If you have questions, please submit them using the chat box and we'll address them to the company in the Q&A session after the presentation. With this, I'll hand it over to you, gentlemen. The floor is yours. Yes. Thank you very much for the kind introduction and also a very warm welcome from my side. It's a great pleasure to speak to you. It is good to see so many familiar faces as well. I'm joined today by my colleague, Christian Weiss, and we would try to do it twofold, basically. First, I would like to give you a brief overview of RENK Group for those who are not so familiar with the company maybe. In the next step, Christian would provide you a current trading update and talk about the most recent market dynamics that we observe, and then happy to catch your questions after that. Jumping to the overview slide, and I would try to spare the financials on top of that page, I guess. You can read that yourself, and most of you are probably already familiar with the financials. The important key messages I want you to convey in this page are actually that RENK is clearly the market leader in the field of tracked military vehicles for special transmissions and gearboxes. We are actually a traditional German engineering company with a very rich history of more than 150 years. What we are basically known for are special transmissions and special gearboxes, both on the land domain when we talk about tracked military vehicles, but also wheeled military vehicles, and on the navy side of things when we talk about large navy surface vessels, for example. You have the figures on the page. On the right-hand side, you see it, 75% global market presence, clearly the number one here. What is important to know is actually four aspects, and you have them on the lower end of this page. Roughly 3/4 of our business already today are military-driven. We are a pure defense company actually already today with the ambition to further increase that share. As a matter of fact, by the end of this decade, we envisage a share of more than 90% allocated to the defense business, so clear focus on defense going forward. Next, very important, our strong aftermarket business, and this is truly a USP, I would say, for this company. This is really unmatched in the domain. You will find hardly any peer with a comparable high aftermarket share. In 2025, our aftermarket share amounted to 36%. This is roughly the ratio that we see also in the short distance in the next couple of years, so 35%-40%. The ambition in the 2030s is clearly to get this aftermarket share north of even 45%, close to 50%. Already today, very strong aftermarket share, which gives you as an investor also a great deal of visibility in terms of top line, in terms of recurring cash flows, in terms of recurring returns. Next, geography-wise, we are very well-balanced and diversified in that respect. We are not only a German or European company. We are truly a global company, not just from a footprint perspective, you see that also on the page, 21 locations in over 13 countries, but also from a pure customer perspective. Germany is very important for us. You have it on the page. Do not forget that also other regions in the world are very important for us, notably the Americas and the U.S. Here you have group-level figures. If you only focus on defense-level figures, you would see that more than 35% of our business actually comes from the U.S. Truly a global leader in what we do and gives you as an investor also an interesting exposure, not only to Europe but also to other regions in the world. Last but not least on that page, to give you an overview of our divisional setup, VMS, Vehicle Mobility Solutions, clearly the center of gravity of this company. This is where our land domain business is located, where we produce our transmissions and engines and suspensions for tracked military vehicles and wheeled military vehicles, accounts for 2/3 of sales, and even more important, roughly 3/4 in profits. The other two segments, also important for us, M&I, Marine & Industry, accounts for roughly 28% of group sales. Last but not least, Slide Bearings accounts for roughly 10% of the entire business. With that, I would jump to the next page, and I will not read out any aspect here, just an overview for you, the key investment reasons maybe. First and foremost, we are clearly the technology leader. We have decades of experience in the field of special transmissions and gearboxes in the military space. We are clearly the innovation and technology leader. As a result, we are the trusted partner for our customers. As a matter of fact, we supply more than 70 armies worldwide and more than 40 navies worldwide. That's quite impressive, I guess. We are platform-agnostic. You will see that in a minute. We truly serve a variety of different platforms from IFVs, infantry fighting vehicles, to main battle tanks, to armored personnel carriers, to self-propelled howitzers and the likes. The list goes on. Truly platform-agnostic in that regard. We have a very strong operational excellence, a high operating leverage. We are truly able to convert top line into bottom line, into adjusted EBIT growth. You have that on the left side of that page, a strong financial profile. In the last couple of years, we printed CAGRs north of 20% talking about revenues, and north of 30% talking about profitability. The journey clearly goes on. The ambition is clearly to continue on that path. We are operating in high-growth markets. The defense super cycle is structural. This is not temporary. This is here to stay for the next at least two or three decades. We are rather at the beginning of this so-called defense super cycle, irrespective of what happens in regions like Ukraine, for example. This is really a structural growth market. RENK is extremely good and well-positioned to capture those opportunities. We have a very strong invested asset base, limited CapEx needs, no need to set up new plants and sites. We can leverage our existing footprint. That's, I guess, very attractive from a free cash flow generation perspective. Last but not least, we call that locked-in business model. Once we are in, we stay in a platform for decades. This is really a multi-decade life cycle business we are in, which gives you as investors plannable cash flows through this aftermarket business, simply because the customer has very high switching costs and needs to stick to us for decades. Otherwise, we would need to change the entire setup of, say, the main battle tank. Allow me maybe to skip that page because I can convey the same message here that provides you an overview of a selection of our products, a selection of our platforms, and also our customers, maybe starting with the products. I already mentioned it in the beginning. The DNA of this company are basically transmissions and gearboxes. Here we are the global market leader. Vehicle transmissions for notably tracked vehicles, where we are the clear number one. For big navy surface vessels, we are also the global number one with our naval gearboxes. Last but not least, and in the last couple of years, we have evolved more and more into a holistic mobility solutions provider, I would say, because we do not only supply transmissions, we also supply engines from our U.S. premises. We have a strong suspensions business that goes back to the acquisition of the Horstman Group, which is a great business and gives us even more content per vehicle and a higher share of wallet in the end. Other products, final drives, couplings, clutches, we're truly a mobility solutions provider for military purposes. Talking about platforms, and this is here not exhaustive, it's just a selection to give you an overview. We are basically in most of the Western platforms, excluding embargoed countries, excluding Russia, excluding China. If you really talk about the Western world, NATO countries, NATO equivalent countries, that includes South Korea, that includes India and the likes. We are basically in with one of our products you see on the left-hand side in almost each and every platform, starting obviously, with the German ones, the Puma, the Leopard 2, the Panzerhaubitze 2000. Israel is a very important customer for us, if you consider the Namer or the Merkava main battle tank. The K2 main battle tank is a very important platform for us. We supply transmissions for each K2 in the export market, notably in Poland at the moment, the French LECLERC, and the list goes on. I will not mention each on that page, but this is just to give you an example of our platform-agnostic character. Customer-wise, I already said it, we supply basically 70 armies and 40 navies worldwide. We have a business with so-called primes, direct customers like Rheinmetall, like KNDS, but also with the end customers, like the German Armed Forces, the German Bundeswehr, the U.S. Army. With that page, I would conclude it before handing over to Christian, just to remind you of our financial ambitions. This year, in 2026, we envisage revenues north of EUR 1.5 billion with an adjusted EBIT margin of EUR 255 million-EUR 285 million. As always, and we have proven that in the last two years, we shoot for the upper half of that range. Going forward, looking into our midterm target 2030, we clearly envisage revenues between EUR 2.8 billion and EUR 3.2 billion and an adjusted EBIT margin north of 20% by 2030. With that, I would today keep it short and hand over to Christian. Thank you, Max. We will now cover the four topics, financial year 2025 performance, expectations for 2026, the geopolitical situation, and what does it mean for RENK and our top priorities for this year. Starting with the financial year 2025 performance. Yeah, we know we are already well into April 2026, but 2025 was simply too strong not to revisit briefly. We achieved new all-time highs across all our key metrics, order intake, total order backlog, revenues, adjusted EBIT. We grew our dividend by around 40%, and we delivered on our guidance as we did it in 2024. Delivering on what we promised is core to how we operate, and we intend to keep it that way, of course. 2025 did come with some external headwinds, tariffs, FX, weak industrial environment, and, of course, in particular, the Israel embargo, which hit our Q4 EBIT. Our VMS segment absorbed and compensated most of these effects and still delivered a 20.6% adjusted EBIT margin, and without these one-offs, the underlying margin would have been between 21.5%-22%. We think that clearly shows the underlying strength and resilience of our business. That brings us to current expectations for 2026. I think the clear message, the market environment for 2026 is clearly positive. We see strong order intake potential across Germany, Europe, Asia and the U.S.. Order intake visibility stands at around EUR 2 billion, which gives us good confidence heading into the year. On Germany specifically, the programs they are coming. Budgets are being approved. Some platforms, like Boxer and like the Frigate F127, may see minor delays, but these are delays, not cancellations. Very important to mention, the demand picture remains intact. From an operational perspective, RENK is in a very excellent position. Between the second and now the third quarters, we will expand our production capacity at our two German plants in Augsburg and Rheine, and with around 70% vertical integration across our value chain. We do not expect meaningful supply chain disruptions in the upcoming years. Our guidance, I think already has been touched by Max. Let me now come to our third point that we want to discuss. I think this is a very important one. The current geopolitical situation and what is relevant for RENK right now. Starting first of all with Iran, the Iran conflict and the whole Gulf situation. The situation remains highly uncertain. Peace negotiations will need to happen at some point because airstrikes alone will not resolve this conflict. Midterm, we expect meaningfully higher defense spending across the region. The near-term focus, I think it's pretty clear, will be, of course, on ammunition, cruise missiles and air defense systems. Over time, land platforms will follow. Discussions around South Korean main battle tanks for Iraq and Saudi Arabia, as well as the potential M1 Abrams repowering, were already ongoing before this conflict began. Now this brings me to Israel. Always a very important and sensible topic, especially for RENK. The export stop to Israel was lifted end of November last year. What we are doing right now is to prepare our production and to expect to begin deliveries end of Q2, in line with agreed customer delivery schedules. Discussions with the German authorities are ongoing and positive. First export approvals are expected in the coming weeks. Israel, maybe as a side note, accounts for around about 5%-7% of our total group revenues. Second, Ukraine and Russia. Our direct exposure over the past four years has been limited, very limited. Our first direct MoD contracts, so covering MRO, overhaul, spare parts, only came in just before Christmas last year. Above all, of course, what is needed most is a stable and sustainable peace for humanity's sake. When it comes, Ukraine will need a major rearmament program across all domains, so conventional platforms, naval and beyond. That represents a significant long-term opportunity for RENK. Last but not least, the U.S. Indo-Pacific and China. Looking at the U.S. Navy fleet, it's right now at the smallest level since the end of World War II. The demand for new frigates, vessels, destroyers, air carriers is substantial. We are a traditional U.S. Navy supplier, and with the acquisition of Cincinnati Gearing Systems last year in April, we are very well-positioned to capture this long-term opportunity. Meaningful revenue contribution is expected toward the end of the decade. Last but not least, we have identified two strategic priorities for 2026. First of all, aftermarket. Right now, we are already generating around about 35%-40% of revenues from the aftermarket business, which is best-in-class in our industry. To be frank, our approach has been largely reactive so far. We are now developing, how to call it, a more proactive aftermarket strategy through 2035, with a clear ambition to grow that aftermarket share to round about 45%, 50% or even beyond. Secondly, portfolio. On the Defense side, it's of course full throttle, full growth mode, and of course, the clear center of capital allocation. This means R&D, CapEx, M&A and so on. On the Civil side, the focus is on returns, not on growth. By 2030, the Defense should represent around about 90% of the Group revenues. In 2026, we are planning to expand our core Defense segment by M&A, by also actively looking at options to optimize our current Civil segment positioning. Having that said, we are now ready and of course, happy to take your questions. Thank you for the session. We received some question already, but as a reminder, please submit them via the chat box. This brings me to the first question regarding the Europeans' Fit for 55 program. Good morning. Can you give us an idea how the EU's Fit for 55 rearmament program could impact your guidance? To be honest, in our midterm targets, we have applied a mix of assumptions to the extent that each and every European NATO country member is actually able to stick to the commitments they have concluded last year. As a matter of fact, while Germany is really walking the talk and is by far the most committed country in Europe, we are a bit conservative in the way how to factor in the commitments by other countries. The European financing programs, not only this Fit for 55 rearmament program, but also the SAFE initiative, are obviously helpful instruments in financing platforms on national levels. We see that in a couple of examples already kicking in, notably with respect to the IFVs in Eastern Europe, for example. This is truly helpful, but it does not really impact our midterm guidance because we have factored in most commitments, actually by Germany, by Baltic countries, by the Scandinavian countries, and they are basically unaffected by these European financing topics. It's probably more a matter for countries like Italy, like Romania, like France, maybe, countries which are a bit fiscally constrained at the moment. It doesn't really affect our midterm guidance in a significant kind of way. Okay. Thank you. Talking about the next question, do you have plans to invest in new technologies, which could be like hybrids or e-trucks, in order to address civilian markets? First of all, we are a defense company, and as mentioned before, our focus is clear on defense. I mentioned it already, our capital allocation is of course only for defense side of things, not on the civil side of things. By the way, two years ago at the Eurosatory in Paris in 2024, we have already introduced our new hybrid transmission called ATREX. We have already developed these kind of new things. We are now developing new state-of-the-art transmissions, so it's x-by-wire capabilities, so drive-by-wire, steer-by-wire, brake-by-wire. We are preparing ourselves for this, I think maybe it's starting in the next decade, for this new kind of unmanned ground vehicles. We must be able for autonomous driving, and therefore, we are developing a new kind of transmission. I think, looking at our R&D expenses, they have a ratio of around about 2.0%-2.5% of total sales. We are developing new solutions, new possibilities for the end customer. Now it of course depends on the end customer, if he is able and willing to use these kind of new developments. We are doing our homework and maybe one side note to this topic, UGV, and maybe as a teaser for the upcoming Eurosatory in Paris, in June, so two months ahead. We are demonstrating a new prototype of unmanned ground vehicle. It's a collaboration between Patria, a Finnish prime, and RENK, and we are showcasing a prototype of an unmanned ground vehicle. It, I think, has a weight of around about 20 tons. It's a beast of UGV, so this is of course, our focus. There are different kind and weight classes of UGV from 500 kilograms up to 20 tons. Of course, our focus is on tracked and heavy UGVs, and we are highly convinced that these kind of UGVs can be used for different use cases, there'll be a mass market in the next decade, and we want to prepare ourselves to be part of this new development. I think every one of you is highly invited to visit our booth at the Eurosatory in June, by the way. I think these are our focus themes in terms of development R&D. Thanks for the information and explanation. Speaking about unmanned vehicles, how does the strong industry focus on drones affect your medium to long-term growth ambitions, particularly beyond 2030? It doesn't really affect us. We acknowledge that drones are needed or any kind of unmanned vehicle will be needed, irrespective if it's in the air, in the sea, or in the land domain. Christian just mentioned that we will contribute our expertise in the land domain, in particular with the UGVs, where we truly believe that UGVs will be a mass market at the latest in 2030. We are well-positioned to also benefit from this trend. We are clearly convinced that the modern warfare, the modern combat battlefield, will be multi-domain in nature, so you will have a mix of everything, basically, unmanned and manned vehicles in the air, on the ground, but also in the sea. It will be really a mix. It will be multi-domain in nature. There are pros and cons for each and every type of application. Drones have their advantages, but in the end, mass still matters. We see that in Ukraine, you cannot safeguard territories. You cannot freeze a certain borderline, frontline. You cannot safeguard the current status quo only with drones. That's just not possible. You need tracked vehicles on the ground. You need IFV to deploy infantry. Modern warfare is truly a mix of everything, and we are best positioned for both unmanned and manned applications. Okay, thanks. Just a quick last question, would you say that current mix is shifting toward more Boxer and fewer tracked vehicles than previously expected? How do margins compare between the both platforms? Good question. Yeah, there's a big amount of Boxers needed, especially for the German Army, for the Bundeswehr, but the focus right now of the German Bundeswehr is for the so-called middle forces. In German, you call it "mittlere Kräfte". There is a big demand for the German Bundeswehr because they are lacking of all kind of domains and platforms, but the most missing platforms are right now wheeled vehicles, and this Boxer platform is now used as a multi-platform for different use cases, for wheeled howitzer, for wheeled IFV and so on. Like the [audio distortion] and the RCH 155. It's the howitzer, the wheeled howitzer. We are in the Boxer, it's a wheeled vehicle by the way, of course. In terms of margin, you cannot compare the margin for wheeled vehicle with a tracked vehicle. Why? Looking at the price point of a transmission for wheeled vehicle and for tracked vehicle. Taking, for example, the German Leopard main battle tank. The price point for tracked vehicle transmission for a main battle tank like the Leopard is between EUR 600,000 up to EUR 1 million. The so-called angular transmission we are providing for the Boxer platform it's the most expensive part of the mobility package. The price point for this angular transmission is around about EUR 50,000, so you see the difference. It's pretty simple because the wheeled vehicle consists of three separate systems for braking, steering, and shifting. Tracked vehicle transmission combines all three functions, and this also explains the complexity of manufacture and developing a tracked vehicle transmission. This also explains the difference between pricing. I see. Unfortunately, I have to come to an end as the next presentation has started already, and for that, thank you for the insightful question and also a big thank you to you, Mr. König and Mr. Weiss. To our participants, we will appreciate your time and your feedback, so we'll send you a short email. Please give us a feedback we could share with RENK. Knorr-Bremse, the event started already. We'll put a link down in the chat box, and we will see you there. Goodbye and take care. Thank you. Bye-bye. Bye-bye.