All right, welcome everybody to SAF-Holland's aftermarket distribution center here in Aschaffenburg. We are very delighted that so many of you have really taken the time to be part in our Capital Markets Day 2025. My name is Dana Unger, and I'm heading the Capital Markets and Corporate Communications Department at SAF. Just to give you a bit more information about where you are today, this is one of our key distribution centers in Europe. It covers approximately 14,000 square meters, and we have, on average, a pick rate of roughly 700 per day. Today, you can certainly expect a full program with really exciting presentations and hopefully also very inspiring discussions during the break. We have also prepared, and you might have already acknowledged that, we have a small product exhibition where some of my colleagues over there, so Stefan, Oliver, and Michael, are really happy to show you the latest key products and customer benefits of SAF-Holland. After the lunch break, we are then going to visit one of our production facilities very near to Aschaffenburg in Bessenbach, where you can really gain an in-depth insight into the trailer axle production, and I will give further information on that later after the presentation. Before we start, let me then briefly share with you some housekeeping items. In the interest of safety, please make yourself aware of the emergency exits, which you will find on one hand on the right-hand side of the building, but also behind you. Please also put your mobile phones on mute to really devote the full attention to the presentations. You have also seen that there are a lot of cameras around you, so we are going to record that presentation, and if you do not want to be recorded, then please refrain from actively participating in the Q&A session. In addition, also photos will be taken of the event, which we will then use in our communication channels. If you do not wish to be photographed, then please let one of my investor relations colleagues know about that. Moreover, for those of you who don't want to use the handout in front of you, you can also download the presentation on our website under Investor Relations and then Publications. Last but not least, let us shortly have a view on the disclaimer for today. I'm now pleased to introduce you to our speakers for today, starting with our management board, our CEO Alexander Geis, as well as our CFO Frank Lorenz-Dietz, who will be then accompanied by our three regional presidents. On the one hand side, Kent Jones for the Americas, as well as Christoph Günter for the EMEA region, as well as being our Chief Technology Officer, as well as Andreas Richter for the APAC region. We will start with Alex's presentation, who will give you an overview of the corporate strategy, which will then be followed by a CTO update before we will then have a deep dive into the three different regions. After that, we're going to have a very short coffee break before Frank will show his CFO views to you. You can be sure we were going to have enough time for all your questions afterwards. Having said that, I would say the floor is yours. Yeah, very warm welcome to our Aschaffenburg warehouse here. Glad that you made the way. And by the way, Aschaffenburg is also called the Bavarian Nizza. We have the most sunny days in average of Bavaria. Some people don't think that it's true, but I think so because I live here. Very warm welcome to our today's Capital Markets Day 2025. Dana already said that we have a really tight program. We're going to introduce the financial strengths, the different regions. We're going to talk about, of course, our strategy for 2030 and the management team. My colleagues and I, we have put together an agenda to speak about also what we have achieved with our strategy 2025, 2027, and then going into the 2030 strategy and how we generate additional value for our shareholders and, of course, for our customers, but also for our employees. Next one. All right. Before I go through that slide, let me speak a little bit about the last five to six years. Basically, five, six years ago, and the way to now was quite a big journey. We had 40% less sales. The adjusted EBIT was only half of what we have today, and we had two non-performing regions. The Americas was in the middle single digit EBIT adjusted EBIT margin, and APAC for us was even negative. The only performing region was EMEA at that time. I can say to you, ladies and gentlemen, we did our homework. We increased massively our sales, EBIT, EBITDA, and also, most importantly, the net profit. Let me go through that slide starting from the right side. The two KPIs you can see here. Basically, as you know, sales of last year came in with €1.88 billion and €190 million adjusted EBIT. Both were the second highest numbers we ever achieved. Only 2023 was better in terms of sales and absolute adjusted EBIT. Speaking of the adjusted EBIT margin, you can see that here with 10.1% was the first time ever we reached double-digit percentage number. Of course, we like that. Of course, I think you also like that too. We are aiming to keep that and also further increase our margins in the years to come. What is very important, we have the right technology and the innovations which are part of our DNA. Christoph later on will speak about new products also in the field of digitalization, field of autonomous driving, and electrification. We have a very good, diverse, and engaged workforce with about 5,500 employees working for us on all six continents. We have strong brands. I will come back to this later on. In most of the regions with most of our product groups, we are either number one, two, or number three. So very strong brands across the globe. We have long, strong, and long-standing customer relationships. I will speak about our customers later on because for us, customer is king. When I started with the company many, many years ago, there was a picture on the wall. It was still family-owned, and it said, "Customer pays our bills and your salary." This is true until now. Without good customer relationships, there is no business. Coming to a slide showing you, this is a busy slide, but this basically is one of my favorites, showing you where we are with production and remanufacturing facilities across the globe. Let's start on the left side with the Americas. You can see Woodstock is a city in Canada. This is a fully blown production facility where we do axles, fifth wheels, landing legs, majority for the Canadian market, but also for export markets. You can see a couple of plants, Warren North House. We have Dumus North House, Wiley. These are fully blown production facilities. And the other three you can see, which is Marion, Columbia, and Little Rock, they are so-called remanufacturing facilities. We take old products in, old cores, we clear them up, we manufacture them, and then sell it as a second life product. This is good for the CO2 emission regulations and reduction, but also as a second life. We are going to grow that business. You see two more, which is Piedras Negras. That's in Mexico, right at the Texan border, and Monterrey, which is the second biggest city in Mexico, where most of the big truck manufacturers in North America also are located. SCANIA and Monterrey is a big base there. You can see our plants here in Brazil, one close to São Paulo, the other one in the south, Alvarado, that's in the very south of Brazil with our manufacturing facilities there. We mainly focus on the Brazilian, but also South American market. In Europe, we have a couple of plants. Basically in Bessenbach, we have three different plants. Lanz Krona is our headquarter for Haldex for mainly for the EBIS brakes here in Europe. We have Singin as a manufacturing plant and Flero for fifth wheels. In Italy, some more due to the recent acquisitions of Asali Stefan and Tecma and our Holland plants for couplers, for axles, and suspensions. Most importantly, also for us here is in India, we have Nashik. That's our joint venture with the Anand Group. In Pune is our brand new fully blown axle manufacturing brand for India, products for India, where we have roughly 55% market share. This is from a company called York, which we bought in 2018. I forgot our plant in Düce, which is close to Istanbul or between Istanbul and Ankara. This is also a fully blown axle manufacturing plant. We are going to open next month a new plant, which is just across the street for top plates, for fifth wheels, and for Edis brakes to also cover the Turkish manufacturers there. China, two plants in Yangzhou and Suzhou. They're about one, one and a half hours away, which is in the north of Shanghai for axles, for Edis brakes, for Haldex products. We also have a small manufacturing plant in Melton, which is close to Melbourne. That's, I wouldn't say a fully blown manufacturing plant, but it's more assembly plant for the regional products and customers here. Now take a look on the upper right and let's discuss a little bit the distribution of our sales in '24 when it comes to our product groups, starting with them. Nearly 49% of our sales in 2024 came in with trailer OE products, followed by 13.3% for the truck OEs, and then nearly 38% of the sales coming out of the aftermarket. That's the highest percentage share of aftermarket sales we ever had. My personal favorite would be one third for the aftermarket, two thirds for OE, because we like OE population, because the OE population drives our aftermarket, and aftermarket is where we make our money. And by the way, from this facility, more than 50% of our company's EBIT is where the money comes from. Then speaking of the distribution of sales into the different regions, you can see that 47% in 2024 was coming out of the EMEA region, mainly from Europe, but also partly from Middle East and Africa. Nearly 40% from the Americas, majority North America, also a little bit from South America, and South America is growing. 13.2% of sales coming from APAC with our dominant market, India, but also Southeast Asia, China and Australia. If you also take a look on our list of end customers and fleet operators, and you just go through that, you can see this reads like a hall of fame, and they all trust our products. Otherwise, we wouldn't supply them, and there wouldn't be customers. Our ultimate customer at the end is the fleet because they decide what products they would like to have in their trailers, in their buses, in their trucks, or other vehicles, off-road vehicles. Ladies and gentlemen, you can see it on the right side. SF-Holland has reached a new level of industry leadership, and we are fully geared towards profitable growth. The times like in '17, '18, '19, where we were running after sales is over. We would like to have sales with good profitability and then creating the population to also gain market share in the aftermarket and then doing sales and profitability coming from that aftermarket segment. We have a significantly diversified portfolio following the Haldex integration. The Haldex integration and acquisition was really a good step. The teams knew each other for many, many years. It was easier than we thought, the PMI. The post-merger integration was really, I wouldn't say easy, but it was much easier than we thought it would be because the thoughts were basically the same. The best example of Haldex integration is Andreas Richter. Well, the name sounds German, but he is a Swede, okay? He was a long-term employee and leadership member of the Haldex team, I think for more than 25 years. When I gave him the call, "Are you interested? We are now going after Haldex. You would be one of the main important roles in that whole scenario." It took him one minute. Good for us. He did negotiate his salary upfront, so that was good. Okay. I already spoke about our leading market positions. So basically in all the regions, in all product categories, we are one amongst the top three, if not the top two, or the leader in some segments. We have a unique position as the only supplier globally that combines the axle, suspension, the trailer EBS, and the telematic. There is nobody else, not a Gnobrams, no Wabco, no others. We have everything in one basket. How this turns off for us into sales and growing the market, I will speak about that later on when I speak about the trailer manufacturer in Poland, because now we have started selling whole bundles to our customers, and they like that. They have one contact, one delivery note, one invoice, and one contact person. Our profitable growth is driven by a diversified portfolio, our aftermarket championship, and the expansion into adjacent industries. We now started also with the recent acquisitions and the acquisitions before to focus more on all other industries except the commercial vehicle industry, so trailer, truck, buses. We are now serving the mining industry. We are serving the construction industry, the logging, so forestry industry. This is a good thing to us to also balance the cycles coming from the CV industry. Later on, Christoph will speak about the mega trends. I also will speak about that shortly, and it gives us a lot of tailwind because customers are looking for new products and we have the right products for them. Last but not least, we also have a very robust balance sheet and sufficient firepower for future M&A. I will come to that later on, and also for value creation for our shareholders. Speaking of shareholders and the value creation, we come to the next slide, please. I would like to talk a minute about our 2025 objectives. These were set at the end of 2020. We set out some KPIs. We said we are now targeting profitable sales growth. I would say checkmark. You saw our numbers for 2023 and 2024. At that time, we said we are going to deliver an 8% adjusted EBIT margin. In 2023, we already achieved 9.6% and last year 10.1%, and we keep going like this. We further improved our cash flow generation, checkmark with $146 million free cash flow by the end of 2024. We also optimized our net debt to EBITDA ratio. We came in with a factor of 1.9 times by end of last year. We said at that time we would like to optimize that and also gave a target for 2027. I come to that in a minute of below two. Also here a checkmark. We created value for our shareholders. I can say basically if you go back in time to 2020 and go now to our share price, this share price is not good enough for me, I have to say, and for our shareholders, we are working on that to keep increasing. We tripled our share price from end of 2020 to now. Also here as a reminder, last year we paid a dividend of 85 cents, which is not too bad. We also proposing supervisory board and the management team proposing to the shareholders during the AGM to also pay a dividend of 85 cents for the year 2024, which then will be paid end of May 2025. I think this is also a very good signal for our shareholders. Now coming to the next slide, also speaking about our 2027 targets, we set out beginning of 2023. You can see, I speak about clockwise group sales. We said we are targeting, including the new M&As, to reach a sales target of between €2.4 to €2.5 billion. We are a good way to reach that target in the year 2027. Speaking of adjusted EBIT margin, we said target would be coming from the 8% to now 9% to 9.5%. I'll see here again in '23, we reached 9.6%. Last year, 10.1%. I would also say checkmark here. Leverage, I elaborated on that already. Target was below two. We came in with 1.9, but also here going into the year '22 and then '23, after the acquisition of Haldex, basically we increased our net debt by roughly purchasing price $300 million plus $100 million of debt, so $400 million. That made us a multiple of 2.6. The next year, basically in 2022, 2.6. The year after, we already reached a multiple of 1.8 times. This also shows our strengths, how we, if we do a bigger M&A, are able to reduce the leverage again within a very short time. That's also a very good signal. Last but not least, networking capital targets were between 15% and 16%. Last year, we came in with 15.5%, which is right in the middle. Frank will speak about our new targets for 2030 in terms of networking capital in a couple of minutes. Also here, I would say we are in a really good way. Most of the KPIs we already achieved. Coming from 2025 targets, '27, now the year 2030, and this is the reason why you guys are here. The driver behind all our decisions is our vision to be the most trusted and reliable partner for our customers worldwide. I already explained if the customer does not trust you or your product, you don't make any sales and your company is not performing well. This is our vision. We really would like to be the most trusted partner for our customers. It's OE customers, it's the fleet, and also our aftermarket customers. Basically, I said it before, customer is king. This is what I learned in my early years, and it's still happening. Due to the latest acquisitions, we are not only serving our old customers in the truck, trailer, and bus industry. I explained it before, serving some new customers now, logging, mining, construction, and we would like to push and to increase that. Our vision goes along with our mission. We want to take the number one leadership role in the transformation of mobility and in partnering with our customers on the road to a sustainable future. It is nearly the same what we had before, but we were focusing only on the commercial vehicle industry. Now we are broadening our business to other industries, so we adapted that. I can say there is a massive transformation going on, and we are ready for the next steps because we have the right products not only for the old industries we were serving, but also for the new industries we are serving. Christoph will speak about new products for other industries in a couple of seconds. Mega trends. I elaborated on these before. Basically, urbanization and sustainability that drive the progress. The more people and the more urbanization takes place, the more roads are being built and more roads means more transportation. More transportation means more freight volume, which is then for us very good because we have one of the big leaders in axle suspensions and also in the truck business. This will also drive our business. Digitalization and automation will drive innovations in the area of traffic safety, electrification, telematics and digital solutions, and also autonomous driving. We have already the right products to serve all of those segments. Now we come to the house of growth, how we internally name it. This is basically the five pillars and underlying people and sustainability focus where our people are focusing on, and this is how we are driving our business. I would like to elaborate on the two on the left side. This is customer focus and regional strengths. Basically, I told already about our customers, and also on the next slide in a couple of seconds, we will speak about that. Once again, if the customer is not in your focus, you will not be successful. We are now pushing the customers even more in the center of our view and of what we are doing and training our people that in all the areas, they have to think about a customer, not only our salespeople, but in all the areas of the company, they have to think about the areas of our customers. Regional strengths, you know that we are already in three different regional business units or regions working with full P&L responsibility. So we have the Americas with Kent, we have EMEA with Christoph and Andreas leading the APAC region. They are somehow not autonomous, but they have the full P&L responsibility because our manufacturing plants in the region only support the region by 90%, 95%. Of course, we do some exports, but the main business is in the region for the region. Our people in the region call only on our customers in the regions. There are only a few really global key accounts. There is one big key account in the trailer industry, which serves all three regions. Some truck manufacturers, of course, they're also serving mainly EMEA and North America, but there are also dedicated people working for those global truck manufacturers, and you have to speak with both ends of the side, so with both regions or with all three regions to make the business happen. You see, people focus, employees are very, very important for us because we are only successful as a team. None of us can drive the business on our own. So we are teams and we have 5,500 employees in the group, and they are doing an outstanding job for us in all aspects of what they are doing. We have a dedicated HR strategy to also bring them to the next level. We have a talent pool with young talents to show them the way how they can basically increase their path within the company. For those who don't know me long enough, basically, I started right after kindergarten. I used to say in the company back in the '90s, I started there. I became already head of aftermarket in my late 20s, had to take the responsibility, still working for a family. That was one breed, I have to say. Then in the early 2000s, taking more responsibility in 2006 with the second private equity we already had in the company. We bought Holland, Indecredited Holland. 2007, we did the IPO. 2009, they pushed me to become the president of the aftermarket for the whole group, also a member of the management board. In 2019, early 2019, they asked me to become the CEO. I did it. I'm still here. Maybe this is a motivation path also for young talents, how it could work out if you work hard and you have good dedication and you always make sure that you have a good team surrounding you and the management team that you really be successful. Last but not least, sustainability focus. We are not only focusing on sustainable products and helping our customers to become more sustainable with their trailers, trucks, buses, and other vehicles, but also we are massively reducing our carbon footprint in all our plants. For instance, last year, we installed 2.5 megawatt solar panels on the roofs in Bessenbach. We are now about 15% to 20% independent from external energy. We're going to build another 2.5 million or 2.5 megawatt in the course of next year. This will then be 40% independency, and then we are installing more and more. This is what we are doing around the globe, but I think Frank will speak about it later on. There's another slide now coming, which I like, and it's one of my favorites. I elaborated on that already a couple of times. This is our extensive product portfolio. You can see starting on the left side, I'm not going through everything, but if we talk suspensions in Europe, we are number one. In the US, we are number three. Then axles, we are number one, number three. Fifth wheels, we are number two in Europe. We are number one in the US, and that goes for all our product groups. We are either number one, two, in some cases only number three, but we are working on getting to the second or to the first place soon. Now, again, most importantly, our customers. Strong and long-standing customer relationships is the essence of our business. They don't come overnight. They come in decades. Basically, I myself visit and speak to at least 100 customers per year. Our salespeople, both in OE and aftermarket, they call on between 200 and 300 customers per year. Sometimes a full day, a half day, just an hour, or just say hello just to keep the relationship running. This is built on trust, on relationship, and this is how we do our business. Being with the company for so long, I with some circumstances already know three generations. Basically, the grandparents founded the company, handed it over to the parents. Now the third generation is in charge. When we speak trailer manufacturers, 95% of them are family-owned. So there is a heartbeat, entrepreneurial ship going on, and this is what I mean with trust between the different partners and the business we are doing. We see customer focus as a top priority. Long-standing, trusted partners to the commercial vehicle industry is one of our main essence and main business characters we do, not only to OE, but also to the fleet operators. Deep understanding of customer needs. Customers are sometimes very critical, and they can be very demanding, but you have to listen to them. If it makes sense for both sides, you come out with a new product, and then you can do your sales. The more OE population we create, once again, we get the aftermarket. This is our essence we are doing. Here you can see two examples of what we did recently. The first one is a Scandinavian truck manufacturer. Due to our good relationship and long-standing supply of fifth wheels over the last 20 years, we were in discussions that we now also get more and more share for the air disc brakes. I already explained our biggest facility for air disc brakes in Europe is in Landskrona. That's in Sweden, close to Malmö. The other Scandinavian truck manufacturer, both of them are also in Sweden, so it makes sense. We are manufacturing, designing in Sweden. We are supplying to them. We won the tender for the 17.5 and 19.5 inch air disc brake, and we are now going to discuss also the tender for the 22.5 inch, which is the mass market, and this is a good thing. That was the first step. We have now talks with more truck manufacturers because they saw now, oh, these guys are already supplying to other premium truck manufacturers. We also would like to have a share of that. We are also now listed with two truck manufacturers in the United States. So our customers can take our products if they want it, and the truck manufacturer is going to put that in. This is the start. We would like to increase that. The regional presidents also will show you how they are going to grow in the air disc brake markets for trucks and buses. Other good example is a company called Bodex. That's one of the top three trailer manufacturers in Poland. The family started back in the '90s. We were one of the first ones to supply them. We gave them a good product, a good service, one contact person in Poland. We have now more than 80% supply share for axle and suspensions. This is now what I said with bundling our products, not only SAF, but also Haldex. They are now recently started getting our landing legs and, most importantly, our Haldex trailer EPS. By the way, when I'm there to visit the trailer manufacturer, the owner, Alina, I always get house-made dishes from her. This is really good, and I like them. That's a good relationship. Another important factor for our customers is our local presence, and I explained that already, that we do our business the region for region, and we have dedicated salespeople in the region calling on OE customers on the fleets and on aftermarket people. So three different sales categories. Dedicated people only for truck trailer OE, bus OE. The other ones are calling on the fleets because they do the specification, and the other ones, because it's a different business, calling on aftermarket customers, OES or independent aftermarket. So all these components, portfolio, the customer focus, and the local presence are important factors to drive our growth in the future years to come. I spoke about organic growth. I already had some words with you guys before we started, some questions coming, what's about M&A? Now we speak M&A. Okay. I can say alongside organic growth, of course, M&A continues to provide additional opportunities for us, but those go along with strict criteria we have in place and we have in the management team. You can see that on the right side. There needs to be a strategic fit. We would like to have a global coverage. Not mainly focusing with the M&A on one region, better two, best would be three regions. Strong market positions because we don't want to grow the business. We'd like to have already a good setup. Competitive profitability. We don't like restructuring cases or dilutive businesses. This is too much headache, it has to be competitive. There have to be potential synergies that we also have to reduce or are able to reduce cost. Of course, if we can buy with an M&A and incorporate in the bigger business technological capabilities, we are very happy. If those go along, all six, perfect fit. If we take five of those, also check mark. We are screening constantly the market. We have about 20 to 25 M&A targets on the list. We are discussing, we are checking numbers, synergies, how we can drive the business plan within the next five years. We are not only screening the market in terms of a market of truck, trailer, and bus, but also in other industries. You can see that they are listed there. Basically screening the market in the construction area. Material handling. This is coming from the TECMA acquisition because TECMA is supplying axles to Italian forklift manufacturer. Mining, agriculture, logging, and also in the aftermarket. If we can further strengthen our aftermarket, we are able to do that. That might be also one of the possibilities we are doing. This always goes along with the idea to create more value for our shareholders. Having said that, going to the next, which is the summary of numbers. You guys want to hear some numbers, right? Starting on the left side. By 2030, we would like to exceed $3 billion of sales. This is a combination of a minimum of $2.5 billion in organic sales. How we go there, my colleagues in the regions will explain. M&A of $500 million plus. If it's bigger, it's bigger. But this is the minimum we are targeting to exceed the $3 billion in sales with a minimum of 10% to 12% adjusted EBIT margin based on strong market positions and operating performance. That would translate organically to a minimum of $250 million to $300 million adjusted EBIT in absolute numbers or including M&A when we reached or exceed the $3 billion, then $300 million adjusted EBIT or $360 million adjusted EBIT. But the range is set somewhere between 10% to 12%. Before I summarize later, we have my colleagues then presenting. I think before Christoph is now explaining a little bit more in the area of R&D, we show you a little video about our Bessenbach plant and how we are building axles. The Bessenbach plant is our biggest axle plant we are doing. We are a market leader in Europe. We can work 24/7 if we have to do so. This is one of the best plants we have for axle manufacturing. Okay, thank you. Good morning and a warm welcome also from my side here in our aftermarket distribution center in Schaffenburg. Thank you very much, Alex, for the introduction and the very good overview of our way to 2030. Let's, as we say internally, let's come to the cool stuff. You'll see me twice today. I have the chance to give you an overview of what we do in the R&D arena, what we do as a technology. I'll guide you from the house of growth through the mega trends, but then quite quickly down to what we are developing and what we are doing in order to grow further. Later on, I'll then show you how these innovations hit the road when I have the chance to guide you through the EMEA region. Let's get right in. You saw on the left side the house of strategy and how technology as a core enabler is part of this strategy. We heard a lot about customer focus. Me being now for five and a half years with SAF Holland, I really have to say this is, if I look at other industry players, what distinguishes us in the competition and from other industry players around. I think really this customer centricity is present in all the parts of the company. The principle that you see here on the top right for us is really this customer centricity is customer added value and is the ROI that the fleets expect from solutions that they buy through the trailer OE from us because when they do buy a new trailer, when they do buy a new vehicle, it's really an investment for them. It's a business case, so we need to pay into that. The priorities that we set then are lightweight, durability, but also the system approach that we have strengthened since, especially the Haldex takeover. How do we do this? What is the approach? On the one hand, we focus on innovation. We really look at how can we innovate? You'll see that when we talk about electrification, digitization, how can we bring new technologies together? How can we create systems? That's the one side. On the other side, we look at how can we apply existing technology to new business fields when we talk about agriculture or off-road applications or to other regions. When we have a platform, like you'll see later on in our show, the truck R, that's a platform that we developed that we can use in different regions if we apply it to legal legislations or local technology. Before coming to the innovations, let's look at what is R&D and what is technology development all about at SAF Holland. So some key figures. We invest roughly $45 million per year. That's 2.4% of our annual sales. We do this and invest into 300 dedicated people for R&D on the one hand side, but also into new test vehicles, into new test stands where we do system testing, where we develop new stuff. Where do we do this? You see here the six major R&D sites we have globally. That's only the ones with a global function. We then have also local R&D centers that support in local applications because, as Alex said before, the business that we do is very local and we also need to have local application to the different technologies. Starting off on the upper left, so Muskegon, that's the former Holland headquarters where we take care of all the fifth wheels, landing legs. On the lower left, you see Kansas City. That's the former North American R&D headquarters from Haldex. They do a lot of brake adjusters. That's where Haldex traditionally was very strong. They do the local application of air disc brakes. That's in Kansas City. Then we have Myra in the UK. That's where we do all the mechatronics development. You see over there in our product line, you see the trailer EBS. That's what the engineers in the UK take care of. It's probably a dream site for every engineer. It's sitting right on the test tracks of Myra. Whenever you have the chance to see Myra, that's a really good test track. The specialty about Myra is that you can get a location right in the test track. We have a workshop right on the test track. The engineers just can drive out as soon as they want to test something new. Really a very good infrastructure there. We have Bessenbach here, the headquarter for every SAF product. We take care of all the excellent suspension development and also the new stuff like the truck R you see later. We have Lanz Kroner as the former Haldex headquarter where the heart beats around air disc brakes and the developments around that. We've got new on board. We communicated that last year, India new on board as a technology center. We have a very strong footprint. Andreas is going to talk about that as a production site with York. The production of axles and suspensions for the Indian market. We made use of that by, the company has been growing quite significantly over the past years. We want to use that footprint that we have in India also for the technology development. We do their software development on the one hand side for all the mechatronic products for cybersecurity, for example. But we also do global CAE support, computer-aided engineering. Why in Pune? Well, it's a hub for technology development. We have very good universities there. We find a lot of good talent. You see a picture from my last visit roughly three, four months ago. Meanwhile, we have acquired even more talent. We've acquired also more female talent in that area. Growing now to 24, 25 people at the end of this year. If you go then one floor down in this very city center location, we find IT people from SAF Holland because we also use this location. It's not at the production site. It's a little more centric located in Pune. You'll find then one floor for IT support, global IT support that Frank will talk about a little later as well. Let's dive right in. What do we do? We saw the mega trends on the one hand side. This is what drives not only our industry, but the global industry and technology development. These mega trends are then reinforced for our industry by some legal and social priorities, let's say. We have on the one hand side, for example, cybersecurity legislation that is very important for our mechatronic products, what we need to take care about. Even more important is all the vector, all the CO2 regulations that are important for our industry that drive the development and the shift of investments into different technologies in order to fulfill legislations in order to help our customers to fill legislations and to become more efficient. On the right side, you see then the different trends that, what does it mean for us or where do these trends lead our technology development? Traffic safety, that's the core of our business. We then have on the one below, we have the electrification trends and the emission regulation. I'll talk about that, what we do there with our axle and suspension systems. We have then telematics and digitization. I talked about cybersecurity regulations. These come in also into these trends. Last but not least, the probably most long-driving mega trend for our industry then the autonomous driving. If we would have looked back a couple of years, so eight years ago at IAA, probably everybody, every truck OE talked about autonomous driving. This has shifted a little bit from a priority also due to the social and legal pressure I talked about because now even more CO2 reduction is in the focus. Autonomous driving, probably the most long-running trend that we have. These are the products I'm going to talk about then. The truck R as a recuperation axle, the telematics and how we use telematics to become really a system partner for our customers and the SHEC, the SAF Holland autonomous coupling, how we help the industry to really provide autonomous trucks and trailer combinations on the road. Yeah, let's start with CO2 reduction and electrification. An incredible statement. We are the pioneer in electrifying trailer axles. So we're not only the pioneer for regular excellent suspensions, but we really put focus onto electrifying trailer axles early on in a collaboration in 2016 with a company called LORE. LORE manufactures car carriers and they looked for a drive axle, so not for a recuperation axle, but a drive axle in order to lift cars in the middle of the night in city centers. They wanted to have an axle that silently pushes the truck trailer combination into the inner cities so they don't disturb the neighborhood. We took that technology when we noticed that the recuperation of energy becomes into focus of the fleets by talks with our customers because the main focus today for a truck R that you can see over there is providing energy to refrigerated trailers. In the past, refrigerated trailers were driven by a diesel engine. A diesel engine with a tank of roughly 200 liters diesel, they consume 3.5 liters per hour. The big refrigeration unit manufacturers shifted towards electric. They looked now for an energy provider because they have a big battery on the one hand side, but the worst thing that could happen to you when you're driving groceries in your truck and trailer that you can't provide the cold chain. So they looked for a reliable energy source and that's where we come into play. With the recuperation axle, we can charge the battery and make sure that the electrified refrigeration unit is always there and has always enough energy on board. From a CTO perspective, this is a dream slide because here you can see how the technology hits the road and how the efforts we started in 2016 is now already having 2.7 million kilometers on the road. We have more than 150 truck and trailer combinations out there with a truck R. You can see on the lower left, that looks cold. Well, it is. It's Arjeplog in northern Sweden, minus 20, 25 degrees. That's where we tested them now for two consecutive winters in a row. But you'll always also find the trailers in Australia. Andreas' customers are happily driving around Australia and that doesn't look cold. That looks like hot. If you can provide the cold chain in Australia, I think you have proven that the technology works and that the customers are happy with that. That's really a product we early started and we used our very good position in order to grow with that business and have shown that it works and that we are on a good way there. Another technology that pays in and holds these vector and CO2 emission regulations is the steering axles. We acquired Asali Steffen and TECMA middle last year. These two were together with SAF leading and are leading in steering axles for trailers. Steering axles help to maneuver, but they also reduce CO2 emissions when you use them. Together with TECMA and Asali Steffen, we're the number one steering axle supplier in EMEA. You'll also see our standard nine-ton axle around there. You won't not only find the steering axles, but also the forced steering technology. A self-steering axle is just following the truck trailer combination. It steers when the truck steers. We also have forced steering. This came into play with the acquisition of the IMS group that we bought early last year. They had forced steering also in their portfolio. We use now this portfolio to really become the number one in self-steering, which we are, and also forced steering systems, which then help again to reduce CO2 and to pay into the energy efficiency. Going away from electrification and CO2 reduction brings me to digitization. We started off with an acquisition in 2018 on the left hand side. We acquired a telematics company in the UK and they were focusing on fleet management as most telematics companies do. They had one special application, which is a safety traffic safety component with big data analysis. That's the top left one. We have together with Accent on the Road, roughly 25,000 telematics systems running in the field. Had a very good customer acquisition with one of the biggest, or probably the biggest e-commerce company globally that uses all around EMEA. Now our telematics systems, at least to my door, they come every once in a while. What we are focusing on from an innovation point of view is the right side. This is where Haldex come into play in combination with Accent and the trailer EBS. So we are the only provider, and Alex said that before, that can offer telematics, trailer EBS as the only smart component that is regularly required on a trailer and our very strong footprint in excellent suspensions. Combining these three is adding customer value if we do it the right way. I'll give you two very simple examples where again this customer centricity comes into play because of these two functions. No engineer would have thought in his office if he wouldn't be close to the fleet or be close to the customer. On the left, you see a poor guy stuck under a bridge. When you go to an Aldi with your truck or to any ramp, you need to adjust the height because there is no regulation of how high a ramp can be or must be. They adjust the height of the trailer, then they leave. Usually at a certain speed, the trailer should be lowered to a certain height. Only if the driver plugs the different plugs that he needs to plug. If he doesn't do so, the trailer remains high, which can lead to what you see here, which is an expensive exercise to get the trailer out there again. So customer approach us, what can we do in order to help that he sees when a driver is out there and the trailer is still up high because he doesn't want that? We looked into what can we do with EBS data. How can we combine this with the telematics that we have and tell the excellent suspension system to lower again to what we call the reset to right height? Solving that problem for our fleets, for our logistics providers. On the right hand side, I wouldn't have thought of, we had a customer approaching us telling us that every time he buys a new trailer, four weeks after, the tires are old. Well, they're not old. They're just changed on a parking lot. So new trailer comes in the parking lot, guys come out, change the tires. They don't leave them without tires because that would be too easy to notice. They just put on old new tires. So they ask us, can we notice somehow in a combination with trailer EBS and a TPMS or trailer pressure monitoring that tires were switched because all of a sudden we detect that all of the six tires have a different tire pressure than they had five minutes ago. We can, in the combination of the different systems, warn the logistics provider, say, "Hey, your six tires were changed." They can notice, get in touch with the driver and prevent them from stealing tires. That's just two examples and that's what we are working on. We are looking at how we can combine excellent suspension as the big wear and tear part and the big value part of a trailer with trailer EBS, the only intelligent system on a trailer together with telematics. How can we put on sensors? I tell you, the best sensor is a big data sensor. We look at correlations between the data and even look, can we have virtual sensors to not put cables, to not put sensors, but combine the data that we have in order to offer predictive maintenance solution, detect heat, for example, detect different pressures, and by that provide customer added value. The most long-driving trend is the autonomous driving. We believe that from 2030 on, we'll see in regular road application autonomous vehicles. We pay into that with the SAF Holland automated coupling, the SHEC. You also see in the exhibition down there, you can have a closer look. What does the SHEC do? The SHEC makes sure that the autonomous vehicles couple in the right way with the trailer, that all the air and the high-speed data connection that is introduced with that is coupled in the right way, makes sure that the landing leg is lifted or lowered at the right time, and that for this operation, there's no driver necessary anymore because an autonomous vehicle should not only for the coupling process, then later on still need a driver. This is what we're working on. We're working here in partnerships together with big truck trailer manufacturers in order to make sure that the systems are compatible between each other because they need to be standards. That's what we are working on in these different partnerships that you see down on the right, but also in the VDA, for example, to make sure that these connections are well defined and we can have an industry standard here. As a key takeaway for the CTO section, we have been, or we are not only the pioneer in excellent suspensions, but we also pioneer in electrification and have used our early adoption of that technology to really gain a very good market position in this technology. The high market penetration that we have for many of our products, and you see that throughout the different regional presentations of where we stand in the market, is even propelled by the new legislations coming in. We'll see a push through those legislations and even see higher shares of our products in use. We're the only provider, and I think that's really unique, that combines EBS, telematics, and excellent suspensions, which can create enormous customer added value. I showed you just two examples of those of sometimes how easy it is if you can combine these technologies. Last but not least, this gives a unique customer value for what we call smart trailer, where you'll see also some of the ideas down there that I showed you today. Said that, I hope you have some impression of what we do with the 300 people, how we pick the brains of our people, of our customers in order to create added value. Now I think we dive right in to the regions and see how these technologies hit the road. It's Kent Jones coming on board. He's with me already five and a half years. We started about the same time and heading over to the Americas. Okay, thank you, Christoph. Appreciate that. Very good overview of our technology approach to the marketplace. So welcome to everyone. Good morning. My name is Kent Jones. I'm the President of the Americas region for SAF Holland. Like Christoph and Alex, I've been with the company about five and a half years, or like Alex mentioned. So I've seen a great transformation in the Americas business. Those of you that have been following the company for some time, and Alex gave you an overview earlier, some five years ago or five and a half years ago when Alex became the CEO, he recognized we need to make some changes in this company. We definitely need some improvements in this large region, Americas. Alex and I found each other in the marketplace, and I've joined a fantastic company and have really been part of this journey of transformation in the Americas. Let's dive in to see what we've been doing and why we've made wonderful progress in the last five years. I do want to announce to you that we have a very bright future in the next five years. Let's just review some high-level statistics. On the left-hand side, let's dimension the Americas in these panels. In 2024, we were €747 million, nearly €750 million, slightly down from the year before of 2023, which was a market peak for the Americas market in the OE truck and trailer markets, where we were nearly €900 million. Quite a transformation in that level from where we were in 2018 or 2019 when we were €500 million or less, and then during COVID, nearly €300 million. So quite a growth with that region. What's been very impressive, though, is the transformation that we've made in profitability: nearly €84 million in adjusted EBIT profit in 2024 and nearly €100 million in 2023. For the last two years in market peak of 2023 of nearly 11%, and in 2024, when the market has declined, we performed above 11%, 11.3% adjusted EBIT. Very proud of the transformation that the region has made. I'll discuss a little bit of how we did that and what we're doing to ready ourselves for the future. In total, the Americas region is now about 40% of the total revenue of the region, over 2,100 employees: Canada, manufacturing, U.S., Mexico, and South America. And quite a distributed manufacturing footprint, which has proven to become very valuable in this crazy time of tariffs and discussions. We have 13 manufacturing sites. We manufacture in Canada, multiple sites in the U.S., three sites in Mexico, two sites in South America. What I'll emphasize is that we can generally manufacture in country for country, very flexible manufacturing. We can scale up, we can scale down, and prove to variabilize this business as these markets swing. Three R&D centers, one for Haldex Brake products as part of our acquisition, one for SAF Holland traditional products in our Holland, Muskegon location. We develop products in South America specifically for the South American market. There's different requirements in that. On the right-hand side, we've got a very wide portfolio of products in axle braking, suspension, and coupling technology. We are the number one in fifth wheels in North America, a very famous Holland brand, very important for us. We're number one in many Haldex sectors, the acquisition with Haldex and brake adjusters, and number two in, or number three in axle and suspension technology, and number two in air suspension for trucks. In the lower left-hand corner, we have, like Alex said, an all-star list of customers. We sell the traditional truck OEMs: Daimler, Volvo, International, Paccar, Peterbilt, and Kenworth. We're a large player in all of those. The trailer manufacturers, Hyundai number one, Wabash number two, we're great suppliers to them. In South America, you'll notice some names that are very similar to Europe. The South American trucks are European-oriented: Iveco, Volkswagen, Mercedes-Benz. What's really important for us, what Alex mentioned earlier, is our fleet and aftermarket customers. Again, Walmart, Amazon, UPS, FedEx, and our aftermarket, wonderful aftermarket customers in OES and in independent aftermarket, Aurora FleetPride. So we are well positioned. We are a powerhouse and representing from OE truck, trailer, and aftermarket. Let's take a quick view of how the market's outlooking for the next five years. On the left-hand side, you'll see the market expectation of how this is going to perform, which through various truck, trailer, bus, aftermarket in South America, it's a modest growth level of a compounded annual growth, a CAGR of 1.4%. What we expect to do on the right-hand side, which I'll review with you in the next slides, is growth initiatives that should be able to yield over 5% growth over the same time period. We can outperform the marketplace. We've restructured the business. We've put a foundational footprint. We've reinstituted customer confidence in this space, and now we're in a position to grow within that market. I'm going to review with you three major initiatives, four major initiatives, counting capacity expansion, but we're going to talk about our role as a system supplier for trailer via our acquisition, I'd say our brilliant acquisition of Haldex to sell full systems for trailers. We have a major focus on air disc brake growth, also for truck and trailer, again, integrating the strengths of Haldex with the strengths of SAF Holland. We have a capacity expansion that's going underway. We nearly sold out our capacity in 2023 as we came back into the marketplace with very strong customer experience metrics, great customer relationships that we have. Customers wanted more and more from us. We could hardly supply more in 2023. You'll see some selected capacity expansions, which all show proving to be very valuable during this time of some tariff threats. All of this continues to fund our aftermarket powerhouse growth. We're very strong in North America. We're top two or three in aftermarket strength in our respective markets. In the past, in North America, maybe a bit different than Europe, most of the trailer manufacturers have chosen to assemble and manufacture all of the components that go into theirs independently. They would buy a suspension, a mechanical suspension from SAF Holland, say they would buy an axle from another company, or they buy brake products from Knorr, Bendix, or Haldex. They would buy brake chambers independently in the marketplace. We sold and serviced those, and that still exists today. What we're in the best position to do, because no one else can do this, is we are an axle manufacturer. We have air suspensions, we have mechanical suspensions, and now we have the full brake product portfolio anchored by our great air disc brake system. We can bundle all those together on behalf of the customer, and we can sell one united system that's fully system matched, one point of sale, one point of contact, and this can continue to contribute to our aftermarket growth. This strategy that we have more than doubles our revenue content per trailer. We can sell the individual components on the left, but if we can bundle them all together and sell them to our customer, which they are quite very interested in. Why are they interested? During the peak manufacturing times of our trailer manufacturers, they struggle to get people to employ to build enough trailers. If they have 100 people employed assembling all of these components, that's 100 people that can't build trailers. So to continue throughput, increased market share for the trailer manufacturers, and they compete very heavily in the top five trailer manufacturers. Many of them are interested in saying, "Hey, why don't you do all of this in your factories? Combined, systemed, everything's tested to the results, and then you bring it and I just put it underneath my trailer." It's a very important growth initiative for us. We think this will be tremendous in the next five-year timeframe. Air disc brake growth. With the acquisition of Haldex, we're in a wonderful position to continue this growth. On the left-hand side, this is the growth of the market for air disc brake. Truck already has a fairly high adoption rate of around 60%. We think that will continue to grow higher over the next five-year period. Air disc brakes are becoming more accepted, becoming more safe. On trailer, while it's been a very modest level today, we think that will over double in the next five-year timeframe for an overall 5% growth per year, over 36% growth in air disc brakes over this particular timeframe. We expect that we can contribute significantly to that. We're a largest seller of air disc brake for trailers, even though it's somewhat of a low market, and we're growing significantly on the truck side. Through our relationships that we have with our Holland fifth wheel and our relationships with the truck OEs that we have in Europe, we are expanding our trailer manufacturing capacity and technology for trucks. On the right-hand side, you'll see our Haldex air disc brake, and you'll see a Christoph mentioned this, but I'll elaborate a little bit more on a technology that we think our customers really will find value in, which is our brake wear sensor. Let me give you a short tour of this little cartoon starting in the lower left-hand corner. What is a fleet operator trying to do? They're trying to optimize their cost, keep their cost as low as possible, and make sure that they're running the most safe brakes that they can. This is a critical safety component. They can't be taking risks in this area. On the lower right-hand corner, you'll see a Haldex wheel end, an air disc brake, and this could exist on the truck or the trailer. You'll see the air disc brake. If you scan up to number two, you'll see the Haldex air disc brake caliper, and we have a technology to measure the wear of the brake. We want to optimize that brake for repair and for maintenance. We can measure the amount of wear of the brake. It can be 90%, 80%, 70%. When it gets down to 20% or 15%, we need to send a signal to the maintenance shop that this trailer or this truck needs a wheel in repair. We can bring that information onto the telematics platform or onto the ECU platform of the trailer via the data bus. It can beam it to the satellite, and it can go to the back office solution or to an app-based approach. If the fleet operator waits too long, that can become a very expensive repair. In the past, this has not been available in the US. If he does it too soon, he's basically wasting money. This is a really true advantage, as Christoph said, and the customer centricity point of view to really help our customers out with value. This will help propel Haldex air disc brakes in the Americas. The Americas aftermarket is quite powerful. We're a very large supplier. These are our premium brands that we run in the marketplace. We have the SAF Holland axle and suspension and Holland coupling brands, Haldex brands. We have a second line brand in the Americas for more value called Midland brand. Been a very famous brand for over 30 years. We also have Haldex remanufactured brands. Alex mentioned we have three remanufacturing plants in the U.S. that brings in cores for brake products and for brake linings to remanufacture those. We have seven aftermarket distribution centers, two in Canada, three in the U.S., one in Mexico, one in South America. We can get products to our customers within 24 or 48 hours on a direct ship basis, weekly shipments to our customers. Really a fantastic the Haldex acquisition and the blend into SAF Holland have similar strategies to approach our customers for aftermarket. As we continue to work additional trailer system level selling with combined SAF Holland components and additional air disc brakes, the aftermarket will follow for all of that for the aftermarket annuity for additional support. As I mentioned earlier, we had needed to present some additional manufacturing capacity for our customers. In the last two years, we have built two new manufacturing plants in the Americas. The first one on the left-hand side is in Piedras Negras, Mexico. This is along the Texas border. This is a fantastic plant that is adding additional fifth wheel capacity, high volume, low complexity fifth wheels. And then on the right-hand side, Rowlett, Texas, that's Dallas, Texas basically. We have an additional truck specialty products plant that's being built and will open in the third quarter of this year. You can see on the lower corner there, grand opening this year, fantastic workforce that we've hired in Mexico. This really is the best fifth wheel plant in the world, semi-automation in Mexico, high quality standards. This plant, in its first year of operation, is already winning customer awards. We've won quality awards from Paccar and have had some of the highest scores ever from Daimler and other OEM customers from this plant. I'll pause here for a moment. I think we're going to show a short video of this world-class manufacturing plant. Sorry, I did a poor job of introduction there. The first portion of that video was actually the Haldex plant in Monterrey, Mexico, and the second half was the Piedras Negras for fifth wheel production. In summary, what does all this add up to in the outlook for the next five years? Starting with 2024, with €747 million of growth and only a market rate of about 1.4%, we can exceed the market rate growth per year with over 5% growth. Two large pillars. We'll have some market recovery. The OEM market has been operating at a lower base here in 2024. We will see higher sales in truck and trailer in the Americas over this time period. The strategic initiatives, the four strategic initiatives that I reviewed with you, will contribute to over €1 billion of revenue by 2030. From a profitability range, €84 million in 2024. Perhaps some inflationary measures that we think we can overcome, but through the market growth, continued operational efficiencies, continued SG&A efficiencies through our acquisitions that we've done, and SAP implementations across our company. On top, our strategic initiatives, we should be able to continue to operate in the corridor of 10% to 12% range for this Americas. We've proven through high markets and low markets, the Americas region is a strong performer for SAF Holland. Thank you. I'd like to now introduce Andreas Richter, President for APAC Region. Welcome to the region of APAC. If I do like this, you can even see my region. What is the region? Well, first I have to explain, because many companies, they define APAC in different ways. When we say APAC, we mean India and everything eastbound of that. So India, China, Southeast Asia, and down to Australia as well, as shown in the paper. So Holland, APAC is a rather small region in our company, smallest. And my dear two colleagues, Christoph and Kent, often remind me that I'm the small guy. However, we are the fastest growing region in the company, which we are proud to say. We are also proud that we are in the double digit for a few years now, and with a strong, strong performance in this area as well. It's not a homogeneous region. I would say it's not one region. It's really four subregions because they act completely differently from a product standpoint, person, cultures, and it's completely different if you look into this region. We have to act accordingly. We managed to get to roughly €250 million last year, which was slightly lower than the year before, to some extent explained by the political situation with an election in India, where it's always dumping the market. We had elections in Southeast Asia and several countries as well, which pushed back the market quite a bit. We are about 1,000 people. If you look at that in comparison with my colleagues, that's a little bit more. We are utilizing the low-cost labor in this region in many places, not all. I said four subregions. If we look at the regional style, India is taking a very special position, and I will share more about that in the next slides. If we look here, we have, as Christoph explained, we have a global R&D center in Pune, India. To that, we also have several other application engineering entities for the region. They are different demands from different, so we tailor our products. We take use of the developments that are done, and then we tailor them for the different markets and needs from our customer. We have five production sites: two in India, two in China, and one in Australia, which is a very advanced assembly plant. So we call it production because they actually, if anyone has been in Australia, you see the most fantastic vehicles there. It's a combination of APAC, Europe, and America's cars. You combine an American truck with a European trailer system. You need to be able to handle the screwdriver the right way. If we then take a look into India, India is for sure the new China for us. Everybody talks about China. This is the market that's going to happen. We have been in the market with our York brand for over 25 years. We are absolutely the number one brand in the market, not only from size. We have 55% market share in India with the York brand, but it is a well-recognized brand. We are expecting continuously very good CAGR rates in the country. Right now, they are a little bit lower than was expected a year ago because of the, I would say, political situation in the country and also the global situation where it's a little bit tight on money for our customers to go to the bank and say, "Can I finance something new?" So we try to be smarter. India is undergoing an industrialization phase. They invest a lot in infrastructure. There's a target from government that there's going to be built 50 kilometers of new roads every week, and they are close to achieving this. What does that mean? More roads, higher industrialization, need for more vehicles. Now you can see a vehicle in China. I'll make an example. You can always see this fun picture of a rigid truck with this much carry-on them, and you can barely see the driver under that. There's a driver shortage in India, and that is a benefit for us because we develop new products for this market. We are going up, doing heavier axles because then the industry can move from having rigid trucks to have a truck and trailer combination. With our solutions for the trailer axles, the same driver can now pull eight tons more of goods. The fleet has less problem with finding drivers, and they carry very efficiently more goods. So it's a double industrialization, more roads. We have a smart solution, a transformation from truck to truck and trailer combination, which helps us very well. Something that is also very important for us is our service network in India. We have over 800 stations from service and distributor centers in over all of India. We are the only supplier who has that. There is competition in India, of course, on trailer manufacturing, but mostly those are very close in their state. They can help the customers in that state, but if the trailer leaves the state, they are lost at the breakdown, and they have to go to the corner repair shop and try to fix something. We are there all over India. That's why we also believe that we can actually keep our 55% market share over time. It gives a very big advantage for the end customer to do so. I would like to show you now a video from our production plant, AXA Production Plants in APAC. We start with our Chinese one, and we move over to the York one in the second phase. So please. You missed the thing. I am being held for 33 years. I saw the brake adjuster at the York AXA stand at the end. That's very good. That shows our integration as well. The things we have done, we are now combining. York used to buy all their brake adjusters from a competitor. We are now integrated and making everything in-house. So you didn't see it. I do. Anyway, let's move to China. China is a niche where we play a niche player. China is not where we can conquer the world, which many Western companies thought 20 years ago. We have a good base in China to serve the markets. For all our products, we are among the top five among our products. It doesn't sound too much. Top five, what's that? There are 37 competitors for brake adjusters. Being in the top five, it's not too bad. The market is huge, but we are serving a niche market there where a customer needs a product that lasts over time. It's a smaller market, but it's a market you still get paid for. We want to really grow by that, and we have customers who now understand that that growth has a price. We are delivering EBS electric braking systems into the dangerous goods vehicles, trailers, and also disc brakes for those vehicles. We are making a very good penetration in some of the bus application with our valves. Historically, Haldex parts have been strong in the bus segment, both for if you export a bus out of China, I can promise it, it has a Haldex brake adjuster and it has a Haldex leveling valve, period. Niche products again, but profitable. We will continue to leverage on our portfolio and our pipeline we have. We have enough capacity in our sites to further expand. We have very good assembly lines for both truck and trailer disc brakes in our social plant. We are taking the approach local for local. You cannot take high-end European quality products to a market that demands something else because it's too costly. We are better than the local makes, but we are going to go in with our quality still. It costs a little bit more, but the customers are getting more and more educated and know that it's worth paying for it. So it's a niche market. The growth is, as you see here, good. We get a good benefit from that, not too much in total. In Australia, we have seen very good growth the last years. It's coming from that we have been in place with a soft brand for over 20 years. The Haldex brand has been there for over 10 years. It is a market that is focusing on quality or even more reliability. Of course, truck drivers, they take their truck and trailer and they go for 3,000 kilometers a drive. They are alone out there. They demand. Truck drivers are a very strong organization in Australia that puts their demand on equipment. We have a very good relationship with both the fleets, the big fleets, and the trailer builders. We are steadily eating market share there. On the right side, you see the truck R, which Christoph mentioned before. Yes, there is no infrastructure of loading charging stations in Australia, but the food needs to travel. Many of the refrigerated equipment, they have a separate generator running on diesel all the way. With our truck R, we see a very good product that more and more is coming into the market. We started around five years ago with a project. We now see that they are used in real commercial use, and we are very happy for that. In Australia, as I said earlier, it's a mix. They mix. We are then also mixing. We are bringing a York axle, a very rigid good axle from India, and we're mixing it with a very nice SAF Holland suspension so we can give the end customer what they want. We tweak and do that to have the best position in that market. We see good growth coming along with that. We are going to outperform. I'm not going to let my colleagues do it. I will still be the smallest, I'm sure. I'm sure I will still be the smallest region, but I can outperform perhaps in growth, and that's at least something. We are in a steadily growing market. As I showed on the first page, there is an average standard of 3.5%, but we think we can take this to about 12%. How? We have our strategic initiatives. The market growth, of course, itself, but we have strategic initiatives. You saw that in the India slide where we're bringing new products to the market, not always the high tech, but we're following the market. There's also coming in ABS, EBS demand into India. We're going to follow this. The advantages, we use them, these products, either in the US or in Europe, and we can bring them in. We tailor them to the market demands, and we can have a double growth with that. We see that we actually can really reach above the $500 million for the regions. We double from today until 2030. What does that mean? We are going to stay in the double-digit numbers for sure. We can see a little bit less, perhaps, inflationary headwind. The market growth is for sure there, but we see also the initiatives we are doing giving us an advantage for coming up. We believe really we can achieve the $50 million bottom line in 2030 from this region. We see a good road ahead of us. Thank you very much. By that, I'll hand over there. I stand between you and the coffee break, between the coffee break and you. I'll tell you about EMEA's way to 2030 and what we are going to do in order to grow the top line in order to be more profitable on the bottom line. I'll show you, as I promised you, how the technology that you can also see over there later hits the road and supports EMEA's way to 2030. Before we start with that, a couple of words about what EMEA is all about. We did last year €883 million of sales. That's roughly 47% of the total group sale. 2,200 employees did that. I think we showed well in 2024 that we have gained some resilience. In a downturn market, we increased profitability from 7.7% in 2023 to 8.7%. I'm going to talk about that later as well, how the aftermarket and the resilience of our business has paid into that and what we are doing to even grow that resilience. EMEA, those were the key figures, but EMEA is mainly, apart from the employees, the production sites, the distribution sites. So we have 11 production sites around EMEA with the still newly acquired ones from Haldex. Then the Italian ones came on board last year. So we have Lanz Kona and Hungary from the Haldex side. We have the traditional SAF ones that Alex showed already this morning with Bessenbach, with Dütze and Singen, where we do the fifth wheels. We have the newly acquired ones, the ones that are longer on board with Orlandi in Italy around the Lake Garda and in Verona, TECMA and Isali Steffen that are the newest ones on board. What do we do there? Well, we build and support these production lines that you see on the right side, the product units on the right side. The first three ones, that's where we are number one. Excellent suspension. I talked about our pioneer role here from early on and what we do in electrifying these. This is what you see later on in plant, what we call plant three, where we do the main part of the excellent suspensions and to support that market position number one. If you have been around two years ago, you have seen probably here at the number three, the ADB, the ADAS brake, a number one, two number two position. We can proudly say that the team has achieved to gain market shares here. This is not because we as SAF Holland, as one of the biggest former biggest customers of Haldex, have increased our share, but we have gained new customers. So we have new trailer OEMs on board that use the Haldex ADAS brake that use it on the Roan Axle. We have increased our market share significantly, the trailer ADAS brake. You'll understand later how this pays into the strategic initiative to grow this business further out of the trailer into the truck. Yeah, the remaining ones, fifth wheels, landing gears, that's where we are number two. The Haldex EBS I talked about before, how we want to combine this with the telematics that we have on board with the excellent suspension, our excellent market position here. How we want to grow, especially in these mechatronic and these software components in order to strengthen our market position here. The E side is one thing, but yeah, you have the best view on the aftermarket right behind me. We have two big distribution centers here in Aschaffenburg and one in Weyerheim, the former Haldex distribution center. But then we have, and which is even more important, many local distribution sites for the aftermarket. All around Europe in the main countries, we have local aftermarket centers where we keep spare parts in stock for the use of the workshops. They need short-term delivery. It's very important to have these as a backbone for the aftermarket powerhouse, as we call it. These are equally important to our business than the OE production sites that you see here on that map. The market, if you look at the figures here on the left side, is growing. We see 2024 was a quite weak market. I talked about that before, how sales declined in '24, how we nevertheless increased our profitability. But if we look to 2030, definitely we see the market recuperating from the downside from this insecurity that we're in at the moment. We hope markets come back. We only hope, we believe markets come back to normal levels, let's say. You see here the growth, 5.1% for the trailer side, 3.3% for the truck side, and then quite a stable aftermarket. You might say, well, 0.6%, that's low. Yes, but on the other hand, this shows the stability of the aftermarket, which is in our favor. Yes, we don't have this big cyclicality like we see in OE, very stable aftermarket. I'll show you later how nevertheless we want to outgrow this 0.6% and strengthen our position in the aftermarket. On the right side, the key strategic initiative. We'll grow on the truck ADAS brake, talk about that. We'll go into new adjacent industries. You'll see what we are planning there. We'll strengthen our aftermarket, and especially important for then also the bottom line, apart from the aftermarket, is what do we do in order to improve our operational footprint there with the integration of the newly acquired companies. Starting off with the ADAS brake. We are the number one on the trailer side. We have huge field population out there with the Haldex ADAS brake, and we have gained a lot of know-how on how to brake a heavy 40-ton vehicle from 80 or 90 to zero. We know how brakes work. This know-how we take now in order to tackle the big truck manufacturers. You see on the lower left side the market. The trailer market, quite big, 1.6 million ADAS brakes per year, that's the market. But even bigger is the truck market. There is a lot of growth potential in that market. How do we want to do that? You saw in the introduction, we have gained the first standard position, and we are the only supplier now for a big Scandinavian truck OE with a 17.5 and a 19.5 ADAS brake. Why is this so important? I can tell you the first customer is always the hardest. To convince the first customer to get a new supplier in to believe in a slightly different concept compared to our competitors, this was probably the hardest convincing work that we needed to do. We had two weeks ago the feedback round with this customer. Well, sometimes you can see purchasing guys can be difficult. If I look at our purchasing people, probably our suppliers would say purchasing people are never easy guys. It was one of the best meetings I ever had. They were really satisfied with how we introduced the brake over the last two years, how we did solve problems that came along on the way. I'm really confident that with that position, we can enter now other truck OEs on the one hand side because of the field experience we have on the trailer side, transfer this to the truck side. We are a lightweight product. We are very reliable compared also with the competitions. We don't need to hide with the product that we have. We're not focusing only on the product. If you look on the right side, we also looked at the supply chain and the resilience of the supply chain. We really looked, do we have the right supplier strategy in place? Can we ramp up, ramp down quick enough in order to be a reliable partner? We also looked at our own capacity. We significantly invested since the Haldex takeover into increasing the capacity for trailer ADAS brakes in Europe to 1.2 million per year and also transferred one ADAS brake line from Lanz Kona to Dütze that we talked about before to our excellent suspension plant in Turkey in order to have a local production also for ADAS brakes in Turkey. Let's look at those two production sites, Lanz Kona and Turkey. We'll get a glimpse of what we do there. Apart from going into the truck sector and intensifying the ADAS brake business, the truck sector, we also want to go into adjacent industry. What do we mean with adjacent industry? Well, everything that's off highway. We have, see on the lower left, the market for these following a different cycle than the truck and trailer market. It's again, it pays into the resilience of our business model with the acquisition of Haldex, but also Orlandi, which we did 2017, 2018, and now Isali Steffen and TECMA. We have gained and we can combine our significant product portfolio that addresses these markets. They all for themselves had some business with these adjacent industries, and we are now able to combine this, make use of our very good sales network, of our distribution network also in the aftermarket in order to capitalize also on the megatrends like urbanization, like growing mobility and the growing population in order to tackle this market specifically with an own organization and go to these customers and offer them a significant product portfolio to be a reliable partner for these often medium and smaller customers. You can see on this slide already only the Haldex portfolio for agriculture. I said, we added now TECMA, we added now Isali Steffen. The product portfolio, for example, here, the agriculture industry is already quite significant. These customers look for reliable industry partners that have a decent size that can provide a reliable supply chain, that can provide reliable quality and production. The pressure on the cost side is often not as high as in the serious production of truck and trailer business. So it is paying into the resilience from an industry perspective, also paying into the resilience from a profitability perspective to really address these adjacent industries now specifically in the future. Being here, we for sure need to talk about the aftermarket. So the aftermarket is the stabilizing factor in the cyclic industry that we are in on the truck and trailer side. How do we want to outgrow the 0.6% of market growth that we showed before? The first step in growing aftermarket is growing OE. That's where we've done our homework over the last decades. You see on the lower left how the OE population is rising little by little. We had record production numbers in '22, '23, and this OE population is hitting the aftermarket after two to three years. You see how rising OE population helps us to be at the strategic right point for the aftermarket and how to get the payout out of that OE distribution. You see here the distribution centers all around Europe I talked about before. You won't find a problem of getting an SAF Holland spare part around EMEA. This is also an entrance barrier, for example, for new companies to get into the market because you need to make sure that the aftermarket pieces are available. This is making sure the customer gets the parts. We invest also quite heavily into digitizing the aftermarket, that the workshops can communicate with us over digital platforms that makes it easier to order, so we're easy to order, easy to handle company. We also look around the patents. We try to patent ideas, functionalities so that we make sure that we are the only provider for spare parts in the aftermarket, which helps and pays into having a profitable aftermarket for the future. From a profitability point of view, then also the operational efficiency of the post-merger integration is very important. This is paying into improving the bottom line of the EMEA region. We know how to do PMI, I think we have proven over the last two years. With the Haldex integration, we have successfully integrated all the sales locations. We are addressing the customers with one face to the customer. We have realized the purchasing synergies that we had announced when we bought Haldex. We are one organization and really did the right activities and combined the activities on the sales side and also to scale up on the sales side and bundle products together. This is what we take now. This is experience also in integrating TECMA and Isali Steffen to grow in the specialized axle arena and to also grow the market on the one hand side, but also being more profitable on the production of these specialized axles and combine the portfolios that SAF, TECMA, and Isali Steffen have to improve our operational footprint. From a top line, I said we want to outgrow the market. So you see the 1.9%, that's the market growth. If we look at the different sectors, the 3.7% is how we want to grow on the one hand side with the market growth, on the other hand with the strategic initiatives. This growth also nicely pays then into tackling the headwinds that we have from an inflationary perspective. You see that here on the bottom line, how we then want to grow with the market on the profitable side. We want to do the operational improvements that I talked about on the other hand, how this will pay then with the growth also on the SG&A side because we can do more business with the same amount of people or grow there underproportionally and how the strategic initiatives also pay in then in order to grow the EMEA region to double-digit profitability. I think you know me, Frank Lorenz-Dietz, CFO in SAF Holland, now a bit more than two years and also for longer, as you could have read. I'm really happy to be in this company and committed to stay as long as possible. Really good, excellent. I think most of you I have seen last year in conferences, in roadshows, in finance project discussions, but it's really good to see you in person here. Welcome for coming and hope you could see already a lot of insights about SAF Holland. Next chapter is the CFO chapter headlined as Financial Strength. What does this mean? Our Drive 2030 strategy means that we will become a more than $3 billion sales company in the next five years. Our regions, you could see this before, are outgrowing their markets with dedicated strategic initiatives. In addition, we plan reasonable strategic external growth to exceed the $3 billion top line target. So we grow sales by more than 50% in the next five years. We target to a margin level of 10% to 12% adjusted EBIT. We will achieve this mainly by four strategic levers. First, maximization of economies of scale from the solid sales growth. Second, our resilient business model through aftermarket business and expansion into adjacent industries. Third, strict focus on operational efficiency. Fourth, further realization of PMI synergies and SG&A improvements. Looking into operational efficiency in detail, you all know that we are operating this through the cycle of our industries. We aim to be leading in managing cyclical OE business. We are capable to deliver the peak and to remain profitable at the bottom, as we have proven the last two years. How to make it happen? We focus on resilience end to end for the whole value stream by integrated sales, production, and purchase order management, flexible supply chains with multi-sourcing, global and local production footprint, and smart automation for volume flexibility and reduced workforce dependency. In addition, we leverage sustainable improvement of networking capital and cash flows as well as CO2-optimized logistic processes. To sum it up, we are maximizing operational efficiency along the whole value creation chain. Behind all of this, we operate a comprehensive management and improvement system for global operations, our SAF Holland Way. This is a uniform system for operational efficiency starting from the top management level and deployed into all shop floor levels. SAF Holland Way is the basement for maximum customer and employer satisfaction, focusing on safety, quality, delivery, and cost competitiveness. We foster a pure culture of problem-solving and improvement to eliminate waste in production and administration processes. As we are talking about customer and employer satisfaction, this is the right time to talk a bit more about ESG and sustainability. ESG for us means sustainability in the E, people focus in the S, and governance in the G. It's fully integrated in our Drive 2030 strategy. We made significant achievements the last three years in all three areas. Related to the E, I have some details later, so let me start with the S, what means people focus. In markets with shortage of skilled workers, we aim to be the employer of choice, focusing on talent attraction and retention. We do employer satisfaction surveys on a weekly basis as an ongoing pulse check, monitored and followed up at all leadership levels. We run local and global talent development programs to build our own best future leaders internally. Health and safety are key criteria within the SAF Holland Way, but also to retain talent. We also run several health initiatives and investments in ergonomic equipment on all our locations. Talking about the G, it's obvious global business execution needs a solid framework and governance. I'd like to highlight our sustainability rating in EcoVadis, where we are better than industry average in all areas. In addition, Sustainalytics, ISS ESG quality score, and Bloomberg Governance Score are showing us at low risk or leading in comparison to our peer group. We operate a comprehensive global compliance management system. This is based on extensive rules and policies, for example, our global supplier code of conduct, and as well on intensive and dedicated trainings related to, for example, anti-corruption, fraud, or antitrust. Now let me come to the E, our environmental progress. You know, global trade demand is set to triple in the next years. CO2 emissions from transportation need to drop tremendously. We have the clear target to achieve net zero emissions latest 2050. We target this for us and for the up and downstream supply chain. Starting with us in scope one and two, we achieved already a reduction of emissions by almost 30% versus 2021. We extensively worked on A, reducing the energy usage in our factories, or B, as Alex mentioned in the beginning, increasingly using renewable energy solutions. We installed solar panels on the roofs of most of our facilities. This is saving up to almost 5,000 tons CO2 per year. We operate a global energy management system with smart electricity meters. This enables the identification of further saving potentials. We moved to LED lights and switched to E-Forklifts. Sustainability is an essential part of the remuneration scheme for the management board and the first and second level leadership team. Scope three emissions have been reported first time in 2024. They are marking up to 96% of SAF Holland's total emissions. Up and downstream improvement is of high importance for us. As Christoph presented before, we are supporting our customers and fleets to reduce emissions with our products like E-Axles, steering axles and systems, or telematics. We substantially contribute to circular economy. We successfully run manufacturing operations in the Americas and will develop this in future as well in EMEA. Overall, sustainability is a solid part of our company's strategy and DNA. Now let me come back to the levers of EBIT improvement and talk about SG&A optimization. We are focusing on three pillars. First, the delivery of the full synergies from Haldex PMI. I come to detail later. Second, standardization of our global ERP system. Third, full leverage of AI technologies. Starting with our S4HANA initiative, our pilot plant in Hungary went live in January 2025, on time and on budget. This year, we focus on Haldex America, and the global rollout will be completed in 2027. With this implementation, we leverage further synergies, not only in admin. We are leveraging artificial intelligence to increase efficiency all round, but especially in administrative areas. We have already some lighthouse examples with Celonis, MS Power Automate, or the implementation and use of ChatGPT, with far more to come. Now coming a bit more in detail to the Haldex PMI synergies. First of all, the plan we presented in 2023 remains unchanged. We achieved significant cost synergy and cross-selling results in the last two years, and we are fully on track to reach the envisioned $50 million in synergies until 2027. You can build on us in terms of integration. We have an excellent and committed global leadership team, and we are capable to integrate bigger targets and deliver significant synergies in due time. Now let me continue our strategy 2030 with some more financial KPI. First, solid and sustainable cash generation. Our profitable sales and EBIT growth to date is coming along with solid and high-level EBITDA generation. It's based on a resilient business model with leading global market position and strong aftermarket and service business. In addition, we realize our growth with strict management of working capital. Inventory optimization in line with high delivery performance is a key priority. This is combined with prudent management of receivables and liabilities. Our long-term target corridor through the cycle for networking capital related to sales will be 14% to 17%. Second, a reasonable and prudent capital allocation. As you know, we are operating an asset-light business model. We neither have R&D-intense powertrain products nor extraordinary investments in new technologies. Our investments are dedicated to further growth and performance improvement, as you have seen in the regional chapters. Our CapEx remains always below 3% of sales. This includes IT, R&D, and all investment to manage our growth initiatives. You can see the proof as well in the past. We always achieve this. The remaining cash we use for deleveraging. I'm personally proud of how fast we deleveraged during the Haldex integration, as we came back below two times leverage within a 12-month period only. There is more to come on cash allocation. Let's talk about M&A. M&A plays an essential role in our Drive 2030 strategy. Alex presented already our strategic approach. I'd like to add some more financial aspects. We do have sufficient firepower up to €1.5 billion. We would accept a first-year leverage in the range of up to 3.5 times, and we target to leverage down below three within maximum 12 months. As Alex mentioned, we are already in the process. With a very close market screening, we have 20 to 25 targets on our rolling watch list. Very important, we know how to integrate. Since 2018, we did nine reasonable acquisitions and integrated successfully with a total of €640 million sales per year. Our excellent and professional global management team is the best precondition for external growth as a key pillar in our Drive 2030 strategy. So more to come during the next months and years. Following the presentation, as investor, you may ask, what's in it for me? I'd like to give you three key items. First, our resilient business model is delivering profitable growth and value creation. We are outgrowing our markets in OE and aftermarket. Second, we focus on operational efficiency and SG&A improvement, and we are prudent in cash management. The second topic, we delivered an EPS growth of plus 54% in the past few years. The trend is set to continue considering what was presented today. Third, dividend. We continue to pursue our dividend policy, 40% to 50% distribution of available net result. Overall, this is an excellent investment case with strong potential on further value creation. Having said this, I invite my colleagues to come on stage for the Q&A session. There are two of my colleagues working around with microphones, and I see the first hands up of Yasmin. Michael, if you can give Yasmin the microphone, and then we can start. Many thanks. The first question I have for Christoph on EMEA. You mentioned in your presentation also your growth ambitions for adjacent business areas such as agri. What proportion of the outperformance versus the underlying market growth is related to these new business areas, and how should we think about the profitability? We don't talk about how the different strategic initiatives in detail pay in. You saw the overall bucket of how we want to outgrow the markets was 1.9% of overall growth. We want to do three and a half. The difference is the strategic initiatives. We saw that on the second to last slide of the presentation. We don't give exact figures for how we want to grow in the different strategic initiatives. I have another question, Alexander, on the ABD business. After the ramp-up of your production with the Scandinavian client and the certification with two other US companies, how should we think about a potential market share in the truck ABD business? More importantly, what would be the impact on the aftermarket business profitability? I have to say, of course, we are driving for a very high market share. There is an 800-pound gorilla, which is the Knorr-Bremse specifically in Europe, but also on the North American side. We want to take some share not only from these guys, but also from the other ones which are there. Basically, there are only four manufacturers. On the North American side, you also have Meritor, which is now Cummins. We see there is some more opportunity that we're going to step in. We did already the first two truck manufacturers. So we are now PPAP. We are listed that the customers can get us. The share, however, in the US for ADB in trucks is about 50% to 60% at the moment. The rest is still drum brake, mainly in the off-road business. Trailer is like 80% is drum brake, 20% is disc brakes. We want to grow there as well. While our market share in Europe in the trailer segment is the highest because we also use our own disc brakes for our axles, and we are the number one, but also supply to other axle manufacturers throughout Europe. As I said before, we would like to focus on trucks and buses. For me, a very feel-comfortable midterm target would be at least 30% to 40%. This then goes along with the aftermarket because I explained that during the coffee break. There's one big benefit having an Edis brake for us, having an Edis brake caliper fitted on the axle rather than a drum brake. It's homologated to the axle. If you have a Haldex Edis brake fitted and homologated with the axle, you only can reuse another Haldex brake caliper. You cannot use different brands. It's not legal. Otherwise, you're going to lose your homologation for the axle. That comes with a very profitable aftermarket. This is why we are keen to also expand our business, not only the trailer, but also the truck and bus segment, to then also create population and make sure that we get the aftermarket business. Perfect. Thanks very much. All right. The next question comes from Rohre. Hello. Thank you for the presentation. My first question is on the financial targets, the new corridor that is quite ambitious, 10% to 12%. I'm wondering if you can give us a little bit of how this is going to develop, if you see more to the end of the period, or if you think that you can return to 10% in the following two to three years. That will be my first question, please. We are quite confident that we're going to reach the corridor of 10% to 12%. We have shown already in 2024 with the second highest sales. We are still capable to reach double digits. We like double digits. We want to continue doing this. Also, when EMEA is coming back to all strengths, we are double digits and with the two now very profitable regions, APAC and Americas, with 11% plus. The thing is we now $1.88 billion or $2.1 billion in '23. We still have to bear all our fixed costs in the organization, being a stock-traded company. We still will have the same fixed costs. It doesn't matter if we are $2 billion or $3 billion. That comes, so the additional sales comes with a higher profitability or fixed cost degression. This is what we are aiming for also. We see the population from recent years, not only on the European side with the Edis brake axles, but also the very high output on fifth wheels. We have a market share higher than 50% for fifth wheels in North America. And also there, you cannot exchange a fifth wheel with another fifth wheel. It's homologated, you know, and there are only basically two or three suppliers in the area in that segment. That That also comes with a very high profitable aftermarket. In the years '21, '22, '23, the output also in North America was very high in terms of fifth wheel population. This is also why we can see how the aftermarket will develop. As I said, the perfect split would be two-thirds is OE business, one-third is aftermarket. That's the perfect balance to keep populating the market with our products, OE, and then also getting the aftermarket following. Thank you for the color. My second question is also not easy. On the tariffs, please, in the U.S. We have seen your factories in Mexico that are really looking awesome with a lot of automation. I'm wondering how eager you are to shift production early, maybe to compensate for any tariffs that are implemented in the short term, or if you think that this is something that can revert, or how have you planned to work on this, please? We have weekly tariff meetings, but I would like to hand over to Kent because he's more in the picture. Basically, for us, there is no impact at the moment, but you can elaborate on that a little bit more in detail. The tariff topic is quite relevant in the last 30 days. The conversation, if we would have had it four weeks ago, was different than three weeks ago, than two weeks ago, than one week ago. The conversation from the Trump administration has changed significantly as he's announced tariffs in a wide range. He has tariffs on aluminum and steel and tariffs on Mexico and Canada and tariffs last night while we were eating dinner on imported autos. But as it stands right now, we're actually in a very capable position. Let me back up a second. Alex talked about we have a team that knows perfectly where our products are made, where we're buying from, and what the tariff impact is for our company. We've been able to calculate left, been able to calculate right with what this means for us. But we're actually in a very unique position. If you saw in my presentation, we have manufacturing in Canada. We have multiple manufacturing sites in the U.S. with truck plants and trailer plants, and we have three manufacturing sites in Mexico. We are very capable of building in-country for country and not have to have the tariff situation. As of the last couple of weeks, the administration has said, and it has honored from the first Trump administration, the USMCA trade policy. If you are USMCA compliant, if you're applying to the rules of USMCA, it's a 138-page document, by the way, to how to prove that you're compliant with USMCA. Very complicated, but we know how to do this. It's very minimal impact to our company because we do have a supply chain in North America. We are largely USMCA compliant. When we're not, we can look through the landscape. We have some pricing power in the marketplace. We've proven that. We look at the competition. A lot of our competitors are also manufacturing in similar locations as us. As a last resort, if we need to, and we're very adept this way, we just built a brand new manufacturing plant in Dallas, Texas. We could move production. But as we all know, and the way this has worked in the last three months or so, a lot of this is negotiation strategy and how it will end and how it will. We're not to the end of this discussion yet. But I'm convinced from some of the very rigid trade policies that he put in place or announced four or five weeks ago to where we stand today, it'll be minimal to no impact on our company just because of our manufacturing flexibility and our supply chain flexibility. Thank you for the info. One question. Are your OE clients that produce in Mexico reducing the tickets in the short term just to see how these tariffs issues are going on, or you're producing normal volumes in Mexico at this point? So there's a large truck manufacturing base in Mexico for commercial vehicle truck manufacturing. The truck market has still been performing reasonably well. There has been some concern, I think, in the general population of what's happening with the tariff. That's not just the truck. That's the entire economy is maybe taking a slight pause with what's going to happen with this. But the truck manufacturers are, I think, going to have a strong seat at the table with just like the auto manufacturers are to do what's right for the market. Thank you. The last question, please, on the M&A strategy. The last decision, Haldes was obviously a company that you knew very well. It's kind of a vertical integration. This growth into potential different verticals is going to have a little bit of this. Are you going to, or are you targeting construction, but within some of your current clients? I'm thinking of maybe trailer OEs that are producing some kind of trailers for construction. I mean, I don't mean that you buy a trailer manufacturer, but are you going to target suppliers of maybe components also for trailers that are for other uses, or you are really looking into any kind of potential component for construction or other verticals? Actually, we don't really like vertical integration so much. Buying businesses, sub-suppliers, because that increases our working capital. You have to then also buy all the raw material for that supplier to be taken over, and then you have to finance the whole manufacturing process and the manufacturing time. So now we have suppliers that supply to us. The pricing is really competitive. We have good and long payment terms. So they have to be all the working capital. If it really would make sense, then we would think about that, but we would more think, and the list has no one of those suppliers listed. We have at the moment, so basically our M&A list consists of real targets where we add sales, new technologies where we can expand our market power, vertical integration. I would not say no now, but it's not too beneficial for us, except it really makes sense to do that. Thank you very much. All right. The next question would come from Nikolai. Nikolai, yeah. Thank you, Nikolai from Deutsche Bank. Staying with the M&A topic, if you look at 2030, what will this company look like? I mean, right now we focus on truck and trailer, but should we by 2030 look at truck, trailer, agriculture, mining, buses, which will be the key focus areas in your M&A strategy in order for us to not overcomplicate it and follow the end markets? Everything which makes sense the most makes sense, okay? But you know, if we had to pick between a target which is equally to another target in the truck and trailer industry rather than in other industries, we would rather pick the other industries just to get a little bit out of the cycle. Okay? The cycle in Europe is in trailer and truck not that much as it is in North America. You know, they jump like 30%, 40%. We don't like that. So we would be, if we had to pick and only can take one, we would rather take one in the off-road business, in other adjacent industries rather than the truck and the trailer business. But maybe we can do both. We'll see. Okay, understood. You also did mention that despite a good share price performance, you've been a bit disappointed. If you do not find suitable M&A targets, would a share buyback be an option in the future? Well, to be honest, we discussed it already with the supervisory board last year. If we can do that, we would have the option to do it. But also combined with M&A thoughts at the moment, we wait a little bit longer, but we can basically do that, yeah. We discussed this really often also up to our supervisory board. As you have seen in our strategy, there is a lot of other ideas for capital allocation that is growing the business and really in reality growing absolute net profit. So it's on the table, but it's not number one on our list. All right. Any more questions from the audience? In the back over there, Michael and Marlene, thank you. So related to the previous question, we could assume that any M&A will be done with debt and available cash and not with shares? I'd like to take this. You have seen, and I was talking about our cash performance, and you see also how we deleveraged after the Haldes acquisition. I think this company has a really high internal finance power to finance M&A. Our idea is really to, if we go for M&A, we fund this out of our cash earnings we collect. With a good target and fast integration, we can deleverage again and we are back with new firepower. I never say no, but in general, I'm convinced that we can fund a lot of M&A out of our own funds. Understood. Thank you. Basically going back two years, when we did the acquisition of Haldes, that was roughly $400 million. That was also a bigger bite. We have to say we had at that time the freedom due to the AGM approval to do a 20%, two times 10% capital increase. We could have done that. We didn't do it because we didn't see why should we do that. So we swallowed the $400 million. I explained we went from 2.6 times EBITDA net debt ratio then within one year back to 1.8. Yeah, as Frank said, you never say no, but it's not really in our thoughts to do that. Very clear. Thank you. All right. Any more questions? Marlene over there. Dietmar Kolk von der ICBC. I have a question also regarding this topic, M&A. We have seen now in the market lately, also with Jostwerke, I believe, larger acquisitions. Are we going to see something of this size like Haldes or of this size soon, or are you rather going in small steps? Well, for us, that wouldn't be a big size for us. That would be normal. We saw the firepower. We can do M&A if we want to do it, if it makes sense up to $1.5 billion. What Jost did with Hiva was $400 million. Roughly what they paid. We know Hiva very well, I have to say. But what I also said before, we are not going to take targets which are massively dilutive to our earnings. We're not going to do that. Thank you. If you understand what I'm talking about. Okay. All right. Any more questions? Can I have you? It doesn't seem so, actually. Certainly if you have questions, then you later on can use the lunch break for that. Then we would come to the last words to you. Yeah, sure. All right, guys, thank you very much that you are here and giving us the chance to speak about our strategy 2030. Let me summarize why you and investors should invest their money into our SF Holland shares. Okay? There are four good reasons. You can see them here. One is that we are top market positions with a regional strength. We thought that we have production facilities in different regions. As I said, the local for local approach and a really good, great product portfolio. We are widening that product portfolio. Megatrends are good for us because we have the right products. So we can also get some sales out of the megatrends short term and mid term. We have a significant contribution from the aftermarket business. As I said before, 37.8% of sales in 2024. Our perfect share would be one third, two thirds. We We keep pushing our OE population to have this secured aftermarket for us, which comes with a great profitability. There is also value creation through the attractive sales growth and also the capability specifically. You saw that in 2024 to manage the cost. As I said, the aftermarket business. Let me also give you some more insights, okay? I'm not only the CEO of the group, I'm also the biggest private investor in the company. I used within the last five years more than 50% of my net salary as CEO to purchase own shares. I meanwhile sitting on more than 450,000 shares in that company. This is for a good reason because I'm so convinced of the future success of the company that I keep buying shares. Also, I bought it also in 2019, 2020, 2021, and last year. Even with that share price, I keep buying the shares because I'm totally convinced. Hopefully my convincing story with my shares, which I bought over the last five years, is also convincing to other shareholders or existing or new shareholders. Thank you very much for listening to us.