Hello everyone, this is Andreas Troesch from Investor Relations. Also, on behalf of my entire team, I wish you a very warm welcome to our conference call on the full-year results 2024-2025. With me in the room, our CEO, Miguel López, and our CFO, Axel Hamann, plus my colleagues from the Investor Relations team. I have some housekeeping before I hand over to the CEO and CFO for their presentations. All the documents for this call are available in the IR section on the website. The call will be recorded, and the replay will be available shortly after the call. After the presentations, there will be the usual Q&A session for analysts. We again used Microsoft Teams for the call. In order to ask a question, you have to push the raise your hand icon, and we will announce your name and open your line. If you are on mute, you must unmute yourself in addition. We estimate that this call will take no longer than 45 minutes, and with that, I would like to hand over to our CEO, Miguel López. Thank you, Andreas, and hello everyone. Welcome to our conference call for fiscal year 2024-2025. Please let me start with a recap from our key strategic milestones in the recent year. At last year's conference call, we proclaimed the year of decisions, and we have taken many. The presentation of our new strategic future model, ASIS 2030, was one decisive step ahead. ASIS 2030 provides the operating framework for our transformation, which we are already implementing with determination and at high speed. We also successfully listed TKMS via spinoff on the stock exchange. Other businesses will follow as soon as we have put them in a profitable position. That means ready for the capital market. We are, moreover, negotiating with Jindal Steel about the potential sale of our steel business. This is based on the industrial future concept developed by the executive board of Steel Europe, the roadmap for modern, competitive, and sustainable steel production. The collective restructuring agreement entered into with IG Metall in the past week is creating the required framework to implement this concept step by step. The milestones reached so far demonstrate that we are already in the middle of the year of execution and are driving the transformation with all our energy. Let's now take a look ahead. We have a clear vision for the future. We are realigning the group. The long-term goal is the gradual transition towards standalone businesses that are also open to third parties. We are jointly transforming thyssenkrupp into a financial holding company with strong independent entities under the umbrella of thyssenkrupp. The standalone solutions for the segments will significantly strengthen their entrepreneurial freedom and offer them new growth prospects, more decision-making power, greater flexibility to make investment and marketing decisions, and individual access to the capital market. At the same time, the new structure offers increased accountability and more transparency for the businesses. These are both significant levers for improving performance. Overall, we build standalone structures for our segments subject to their capital market readiness. This comprises not only a forward-looking strategy, but also a convincing performance. In those businesses where a standalone solution is not yet possible, we will continue to focus on performance and competitiveness. In this process, we are also realigning the corporate functions. In the future, headquarters will focus on the financial management of the entire portfolio. This realignment will probably take several years, and we approach it with determination and clear objectives as well as with sound judgment. Let's now look a little closer at TKMS, our actual first standalone business, and what we already have achieved there in terms of value crystallization. We have completed the spinoff, unlocking significant value for our thyssenkrupp shareholders. Please let me remind you about some details of the spinoff. 49% of the TKMS shares were distributed to existing TKAG shareholders, while 51% remain with us as a fully consolidated segment. Shareholders of thyssenkrupp received one TKMS share for every 20 TKAG shares. TKMS is now, from October 20th, listed on the Frankfurt Stock Exchange, boosting capital market visibility and access. And there are also good news from the last week. TKMS will be listed in the MDAX. Within just a few weeks, TKMS has managed to establish itself among the top 90 listed companies on the German Stock Exchange. Overall, this transaction delivered over 14% value creation for thyssenkrupp shareholders on the first day of TKMS trading, on top of the preceding TKAG share price increase of approximately 240% in fiscal year 2024-2025. On our way towards the financial holding company, the TKMS spinoff might serve as a blueprint for the other segments. And now, Axel, please go ahead with your financial section. Thanks, Miguel. So, overall picture upfront, persistent market headwinds more than offset by straight performance management. We basically saw pretty weak demand across most customer groups and regions throughout the year. In addition, geopolitical uncertainties persisted, for example, from global tariff development. With regard to sales, we saw further market-induced declines in the fourth quarter, -6%, and consequently, over the entire fiscal year, around -6%, meaning EUR 2.2 billion sales decrease. On top of the -7% in the financial year 2023-24, that's even more proof of a solid performance, considering a top-line drop of almost EUR 5 billion in two years while keeping our EBIT adjusted stable. Let's talk about EBIT adjusted. Despite the mentioned top-line development, we saw a strong fourth quarter with EUR 274 million, leading to a financial year figure of EUR 640 million, an increase of EUR 72 million year-over-year. The earnings increase is also an outcome of our rigid restructuring efforts. For example, FTE reduction of 4,800 year-to-date, and thereof you can attribute more or less 1,500 to Steel Europe. Regarding net income, we've ended in positive territory. Fourth quarter benefited significantly from the elevator valuation effects, as expected and anticipated. That was EUR 902 million in the fourth quarter, therefore leading to a quarterly net income of EUR 653 million. As a reminder, we also saw negative tax effects of more or less EUR 150 million in the third quarter, resulting from the marine spinoff, in addition to the unfortunately usual overall impairments of approximately EUR 800 million in our financial year 2024-2025. Of that EUR 800 million, approximately EUR 600 million are attributed to Steel Europe. Let's talk about free cash flow before M&A. Third year in a row positive with EUR 363 million. That's an increase of EUR 253 million year-over-year, supported by a strong fourth quarter with, let's say, the usual net working capital seasonality pattern, and also benefiting from a Marine Systems prepayment that already happened in the first quarter. So, please keep also in mind the financial year 2024-2025 free cash flow before M&A also includes the cash out for restructuring of approximately EUR 250 million. Talking about our net cash position, that's almost EUR 5 billion following the positive cash flow development and, for example, the proceeds from the sale of our electrical steel India business. So, that's a sound basis for all the portfolio topics to achieve the target picture of a financial holding company in the future. So, overall, we've met our updated guidance for sales and EBIT adjusted, and net income and free cash flow before M&A came in even slightly better. So, let's talk about sales and EBIT adjusted development. As already mentioned, sales decline of more than EUR 2 billion have been offset in EBIT adjusted. This is, again, a pretty clear proof of our increasing underlying resilience. That means we tackle what can be tackled by ourselves. With regard to sales, we saw a decline across almost all segments except Marine Systems. I'm sure you've heard about that yesterday in the investor call. Lower demand, especially from the automotive sector, weighed in on Automotive Technology, but also on steel and materials, in addition to some unfavorable pricing. EBIT adjusted, lower part of the chart. It's a mixed picture for the different segments, some declines, but also some increases. For example, Decarbon Technologies, that's up by EUR 126 million, also considering negative one-time effects in the prior year. Steel Europe also benefited from a mix of, for example, lower D&A, but also decreased raw materials prices, as well as some additional restructuring efforts. Let's come to Automotive Technology. Overall, soft demand, pretty tough market environment that led to declining sales, down by 7% year-over-year. Highlight, obviously, we saw growth at Bilstein, fueled by aftermarket activities. EBIT adjusted, market headwinds mitigated to a large extent on the back of internal performance efforts, such as restructuring and efficiency initiatives. EBIT adjusted came in at EUR 187 million, down by minus EUR -58 million year-over-year. So, also here, we saw a decline in personnel expenses following our restructuring efforts. That was outweighed, unfortunately, by lower volumes, underutilization in project businesses, as well as some negative one-time effects. Cash flow ended in positive territory at automotive. Year-over-year decline, however, in the financials in the entire year, mainly driven by our restructuring cash outs. Let's talk about Decarbon Technologies. Overall, there we saw an ongoing headwind in the market environment with some project deferrals or postponements from our customers. So, that translated into a weak order intake and therefore also declining sales of minus 10% over the entire year. Especially, that's the case in the new build businesses and at chemicals and cement plants. So, considering the sale of TK Industries India in the previous year, the organic sales decline was only down by minus 4%. Coming to EBIT adjusted, strong increase of EUR 126 million to EUR 71 million over the entire year 2024-2025. Almost all businesses with increased contributions, for example, also supported by performance measures and efficiency gains. In addition, prior year was negatively affected by significant periodic higher costs in the range of a high two-digit million euro amount at the cement business. Business cash flow, we saw a pleasant increase of EUR 192 million over the entire financial year. That's due to higher earnings as well as positive cash profiles in the project businesses. Let's continue with materials. Also there, we saw challenging market conditions in Europe. Demand and price levels remain pretty weak across our key product groups. And as a result, sales fell by 6%, with shipment volumes significantly lower, primarily due to weakness in the direct-to-customer business. However, North America showed some resilience. That's why we saw some slight growth in the North American distribution business. That That helped partially offset the downturn in Europe. Talking about EBIT adjusted, all business units remained profitable despite market headwinds and supply chain solutions contributing here the highest share of our earnings. Overall, EBIT adjusted came in at materials at EUR 132 million, down by EUR 71 million year-over-year. Business cash flow also down year-over-year, and that's mainly due to the lower net working capital release compared to the previous year. So, let's continue with Steel Europe. Market conditions in Europe remain challenging with both demand and pricing. Consequently, sales decreased at Steel by 9%, and shipments fell by 6%. Especially, the European automotive industry and the industrial businesses remained quite weak. Higher volumes were seen at packaging and electrical steel, but those could only partly compensate the decrease. EBIT adjusted. So actually due to the lower top line, despite the lower top line, EBIT adjusted increased to EUR 330 million. That was mainly driven by several positive effects, including restructuring efforts and also some more favorable raw materials prices. With regard to business cash flow, business cash flow was increased year-over-year, and that's mainly driven by a higher earnings base, as mentioned, the EUR 330 million EBIT adjusted, as well as a higher net working capital release at the end of the year. Marine Systems global markets show unchanged strong demand for defense products, including submarines and surface vessels, as well as electronics, all three of our business units. As a consequence, the backlog of our Marine Systems business stands at a record level of EUR 18.2 billion, including new equipment orders, as well as a very new service contract, so let me also briefly comment on Marine Systems as a segment of thyssenkrupp. As mentioned, I hope you've all been part of the investor call and the reporting of TKMS yesterday. All relevant KPIs, including sales, EBIT adjusted, business cash flow are up and developing in the right direction. One highlight for sure, the strong increase in business cash flow on the back of the new submarine orders from Germany in the first quarter, so let's talk about our known EBIT adjusted bridge to net income bridge. Here you can see that we're also in a transition period, especially in terms of special items. That's quite obvious. We see a mix of several effects, such as impairments, mainly in steel, some necessary restructuring, mainly automotive, but also some positive effects resulting, for example, from the sale of our electrical steel India business. Looking at our equity results, as of the end of the fiscal year 2025, we've changed the valuation approach of our elevator stake from equity towards a fair value approach and that led to a positive valuation effect of around about EUR 900 million, which is included also in finance and others. With regard to taxes, we've talked about that in Q3. That position includes the devaluation of deferred tax assets resulting from our Marine Systems spinoff of more or less EUR 150 million. Overall, we're coming in at a positive net income of EUR 532 million. Next chart is the reconciliation from net income to free cash flow before M&A. That means basically from the sale of electrical steel India that is not included and therefore adjusted. We see the usual reconciliation elements to the operating cash flow, mainly including D&A, reversal effects from the mentioned elevator valuation, and some positive net working capital effects. Also on the back of our known efficiency improvements as part of APEX. Let me make one general comment on the investments. Approximately 50% refer to Steel Europe. That is also in connection with the construction of the DRI plant in Duisburg. Overall, we saw a positive free cash flow before M&A at the amount of EUR 363 million. Let me now come to the outlook for the running financial year 2025-2026. Overall, that year will be a year of implementation with continued focus on performance and restructuring while markets remain quite uncertain. We see an ongoing tough market environment, especially in auto, with some slight hopes of first order intake coming from defense and infrastructure governmental programs, but not yet really certain or visible at the moment. Therefore, we do see a slight sales increase of round about 1%, of up to 1%. With regard to EBIT adjusted, depending on the top line development, as mentioned before, we've seen EBIT adjusted of up to EUR 900 million. Like in the past year, ongoing restructuring efforts will be quite visible in free cash flow before M&A. And considering that our planned restructuring cash out amount to EUR 350 million, we expect free cash flow before M&A to come out in the range of minus EUR -600 to EUR 300 million after three positive years that we just reported today. So, as a reminder, driven by the typical cash flow pattern you've also seen the last years and from today's perspective, Q1 is to be expected significantly negative from a free cash flow perspective. Might even be a negative four-digit figure, but that would, as in the last years, then reverse in the course of the following quarters. The recently agreed upon restructuring program at Steel and the corresponding restructuring provisions are obviously visible in our net income guidance for the actual financial year, and we estimate that in a range of EUR -800 to EUR -400 million for the entire group. On a pro forma basis, considering the restructuring effects mainly at Steel Europe, the net income would end up around break-even. Let's also take a look beyond the financial year 2025-2026. Our midterm targets are clear and confirmed and remain valid. We're striving for an EBIT adjusted margin of 4%-6% that would also lead to a significant positive free cash flow before M&A, as well as reliable dividend payments. We will step by step bring the performance up by executing our agenda. One recent example that I also want to highlight against this background, at the end of November 2025, we initiated the sale of automation engineering, a part of Automotive Technology. That's one of the three business units that are no longer part of our core automotive business. And with the signing of this agreement, our segment automotive has taken an important step in its transformation process that will ultimately also boost performance. And with that, Miguel, back to you. Thank you, Axel. Before we come to our Q&A, I would like to share a few reflections and outline the way forward. A year of decisions is behind us, a year in which we bravely embarked on new paths and set the course for the future. We are developing thyssenkrupp into a financial holding company and thus strengthening the independence of our segments. This will then increase their accountability, entrepreneurial freedom, encourage innovation, and unlock new growth prospects. In the current fiscal year, we are already in the middle of the execution phase, having reached first milestones by the successful stock market listing of TKMS and the signing of the collective restructuring agreement at Steel Europe. For the transformation of thyssenkrupp, we are pursuing an individual approach for each segment and ensure that we create the conditions for sustainable success, either by finding a standalone solution or initially by boosting competitiveness. Moreover, leveraging opportunities from the green transformation and making necessary restructuring investments will be crucial for positioning thyssenkrupp for future success. And with that, we wrap up today's presentation. Thank you all for your continued interest and trust. We are now ready to take your questions, Andreas, over to you. Thank you very much for your presentations. We are now coming to the question and answer session of this call. For For the analysts, if you want to raise a question, please put up in your presence your hand. I can on your Teams. I will announce your name, and then we will open your line. The first question today comes from Boris Bourdet. Please go ahead, Boris. Can you hear us, Boris? Sorry, the mute was locked. So thank you for taking my question. I have three questions. The first is on the guidance and especially on the Steel Europe business. You are guiding for an EBIT adjusted that should be between 225 and 325, which compares to 337 this year. So I'm curious to know the reasons for this cautiousness. Can you tell us how much is a positive one-offs that won't recur next year? And what's the scenario in Steel, having in mind that there will be support from the European Commission and CBAM? That's the first question. Okay, thank you, Boris. So guidance Steel for the next year, and you've mentioned positive effects for this year. First of all, the somewhat higher EBIT adjusted in the previous year was also on the back of some positive effects that we're not going to see in this year. That is why you see instead of the 337, you see the 325 to 325. And you've mentioned CBAM. That is something we would see as an opportunity beyond what we've guided. Okay. And then can you quantify the one-offs last year? The one-offs last year, I'd quantify them between EUR 100 million and EUR 150 million. Okay, thank you. Then my second question would be on the negotiations with Jindal. What would you say are the key topics of negotiations and the main obstacles you might be having to face in the negotiations? And how confident are you, and what would be the timeframe for an agreement with Jindal? Yes, thank you very much, Boris. Of course, during M&A processes, it is always very difficult to really get a timing precisely. The only thing that I can now state here is we are in a due diligence phase. The due diligence is running as expected, and we need to take it from here. So everything is positive, no major roadblocks. So we take it from here. Thank you. And then my last question is on HKM. There have been some headlines recently mentioning that Salzgitter was ready to operate HKM on its own with a reduced scope. And that Thyssenkrupp, yourself, and Vallourec might be required to provide some funds to help them adjust the business. So is this pure fantasy, or is it likely a scenario in your view? Well, the statement we made is that in future, we don't need the capacity of HKM. And we are very positive about the fact that Salzgitter is looking at the future of HKM production on its own. And of course, we are prepared for positive and constructive talks and also negotiations. So we are happy that they see the future for HKM, and we are looking forward to their further offerings. Okay. Will that be already included in your provision for restructuring that you booked? That's correct. Okay. So there is no risk from negotiations with Salzgitter of you having to add new provisions or new investments in the future of HKM? Not at this time. Okay. Thank you. Thank you very much. And the next question comes from Bastian Synagowitz. Bastian, please go ahead. If you are still on mute, Bastian, please unmute yourself. Right. Hopefully, you can hear me now. Good afternoon, guys. Thanks for taking my questions. So, just starting off, maybe on the portfolio side and actually with automotive engineering. And that's been a business which, from memory, I think thyssenkrupp really struggled to handle and basically sell over almost probably more than 10 years. So, it's really good to see that you're basically making progress here. Could you maybe give us any color on how far this business has been contributing, any losses to your 2025 numbers? And then also maybe related to this and also related to, I guess, all of the other moving parts, are there any other one-off items we should be keeping in mind for the first quarter already across the different businesses? This is my first question. So with regard to Bastian, with regard to your first question, AE, Automation Engineering, the fact that this is part of the three business units that we kind of separated or do not account for our core business anymore gives you an indication that this may not have been the most profitable business in the past. And that is why we are divesting now a substantial part of automation engineering. With regard to one-offs in the first quarter for the entire, let's say, financial year, I think we've touched upon in our presentation that we are foreseeing some provisions for restructuring. And that is basically the reason why you also would see in our guidance the negative net income. And if you ask me for one-offs, that is probably the one you should pay attention most. We're going to see, due to the fact that we're entering into a year of implementation, we're going to see quite a lot of restructuring provisions. Okay, understood. I was also referring, so first of all, I wanted to check whether there's maybe even a loss contribution number you could give us for automotive, because I guess if you're selling it, that's actually very positive because you can basically cut off those losses. So just if you have that number. And then maybe in terms of one-offs, I guess there were also obviously a couple of articles suggesting that there were some issues around, for example, the hot rolling line. So is there anything on the operational side maybe we should be keeping in mind for the first quarter as a starting point? Yeah. As mentioned, the fact that we are divesting the business is an indicator that this may have not been the greatest, let's say, performance contributor, and with regard to steel, we need to take that quarter by quarter, whether we would need to account for additional impairments or not. Let's see once we get there. Okay. Sounds good. Fair enough, then my next question is on DTEC, and here I was wondering whether you could maybe give us an update on the trends you're currently seeing in your different subunits. Do you see maybe any signs of demand picking up in either raw materials area or the plant engineering units where last year has been obviously a little bit more difficult? I guess, quite frankly, it's not been a great year to take big investment decisions. But do you see whether anything is changing, or do you think 2026 will be mostly driven by your big efforts here on cost cutting? In general, we still see that FID decisions on customer side are taken with great analysis and resilience. And so the pipeline is really quite full of projects that need to be then decided on. And so my expectation really is here that we will see some realization of FIDs in the next 12-24 months. So it is still, again, many, many regulations to be still decided upon, fixed by many governments out there. And that's the reason why, again, the pipeline is full. And we are preparing ourselves for being, as mentioned many times, for being really competitive. And as soon as FIDs are coming to be there and execute in the best manner. So this is my summary from today's perspective. Okay, great. Thanks for the color on that. Then maybe my last question coming back also to the Jindal transaction would be within the scope of what you can say versus what you can't say. But could you maybe give us an update here? As it stands, would you lean to possibly retain a minority stake in the business? I guess there were a couple of headlines from your press conference earlier suggesting that. Has the targeted shareholder structure changed versus, I guess, the earlier starting point of the indicative bid? Then also here related to that and on the financing of the steel unit, which you announced together, I guess, with the successful finalization of the restructuring agreement with the unions. How is the financing structured? Basically, have you injected a certain amount of capital which the business now needs to run with? Or have you guaranteed any financing requirements until, I guess, the 2030 timeline, which was mentioned in the slides, this financing structure, basically? That would be my question. Thank you. So the discussions with Jindal are clearly focused on them taking a majority. And let's see how the majority will finally look like. This is a topic that obviously will be regarded at the end of the negotiations in much more detail. But the clear orientation is to get them a majority. Around the financing discussions, you know that we have been agreeing with the unions around the collective agreement that the financing is secured. And we won't provide any further detail around that, hope you understand it. Okay. No, sounds good. Thanks so much. And thanks for taking my questions. Thank you very much. As a reminder, if you want to ask a question, please use the raise your hand icon. The next question right now comes from Tommaso Castello. Tommaso, please go ahead. Good afternoon, everyone, and thanks for taking my questions. I have two. The first one is on your free cash flow generation before M&A. You are guiding for negative values despite all this more increasing investments and EUR 350 million from restructuring, but you had EUR 250 million this year. So if you could spend some words, give us some color on what are the other drags there. Thanks. Sure. Thanks, Tommaso. You are right. Our negative free cash flow is mainly burdened by restructuring cash outs. The question in terms of difference year over year, maybe two aspects. We saw significant milestone payment from Marine last year that we would not foresee to the extent this year. Thanks for that. And then maybe if I can go back to your Steel Europe division, do you expect any further impairments next year? Yeah, cannot be excluded. Let's see how the restructuring efforts kick in. But you're probably aware that we need first some data points on the improvements before we can exclude potential impairments. So at this point in time, short answer is cannot be excluded. Thank you. Sure. Thank you very much for your question. There seems to be no more questions at this time. So thank you very much, everyone, for joining us here at the call. If you have more questions during the day, then please let us know at the Investor Relations team. Thank you so much and have a great day.