Ladies and gentlemen, dear shareholders. Ladies and gentlemen, I now open the 27th ordinary AGM of thyssenkrupp AG. I'm Siegfried Russwurm. I'm the Chair of the Supervisory Board of thyssenkrupp AG, and in this function I'm also head of this meeting. On behalf of management and the Management Board, I'd like to welcome you all this year again, right here at the RuhrCongress in Bochum. All members of the Supervisory Board and Management Board are present, and I'd like to welcome them too. In accordance with Section 18, I have ordered to have it all transmitted in full via TV and radio so that you can watch this from outside this meeting place, and the speeches will be available afterwards on our website. To support your preparation for the meeting on Monday, on the last Monday, the manuscript for today's speech, my own speech, as well as that of the CEO, have been published so that you can prepare for specific questions. As in previous years, Dr. Hiesinger is going to be our notary, and he will be supported by Dr. Noeres, who is here at the table where you can ask for the floor. Let's get to some of the necessary rules. All of the suggestions as well as the information on this agenda have been published in the Bundesgesetzblatt on the 18th of December 2025, and any further requests for additions to the agenda have not been received. By having invoked this meeting, further documents have been made available on our internet website, where you still see them as today during the meeting. Any important information as to the order of business today will be on your entrance ticket. It is also available on the internet, and you can vote using your tablet or laptop or computer. I will explain the procedures of the voting process when we get to the voting, and all of this is being translated simultaneously into English. On our homepage, or at the investors portal, you can change the language option. It is not allowed to tape any of this portion. Please take into account the advice given on leaving the room or to have a proxy voting for you. To give this proxy to a third party is not possible in the investors portal during this meeting now. You can only vote on behalf of somebody else if the person who has the right of vote has given you the ticket, and that has to be registered at the front desk. The right can be used also by a third party, and you can also give this power to a third party. If you leave this meeting room now, outside there are terminals where you can still change this proxy. If you give this right to vote to a third party, that has been done in the investors portal and is still possible for those who are not present here today. If you have done mail voting in the past or have passed this right of voting to a third party, but you're still here in person, then any further declarations that you have given in the investors portal will be considered to be withheld. Because when you're here and you have the right to exercise your vote, then any other information that you have given in the investors portal will become void. If you're here now, it is you and yourself only who has the right to vote. If you want to change this in any way, you have to point this out immediately in one of the terminals. If you have the right to vote or this is still being passed on to somebody else, please make sure that this can only be exercised on the basis of having been given that vote by the person who is originally entitled to this vote. If you have more than one ticket for today's meeting, then you have to exercise this right to vote for every single ticket separately. Prior to this meeting, the shareholders had the chance up until the 24th of January, 2026 to give their statements on some of the points of the agenda. Only one person has taken advantage of this opportunity, and this was also published on our website. If you want to take the floor today, and if you haven't done so, please go to the desk where you can ask for the floor. Much for the first part of the rules and regulations. Shareholders, prior to my report on the work of the Supervisory Board, I'd like to point out some of the general political and global economic conditions our company is facing at the moment. We're witnessing the demise of the rules-based order of the past decades. We cannot say today where this will lead in the long term. We're living in uncertain times in Europe. Russia's war of aggression against Ukraine has caused profound changes. The U.S. now perceives its role in the world and also in relation to us in Europe, in a completely different way than we knew from the past. Globally, this situation is aggravated by other military conflicts, terrorism, growing polarization, and the use of international trade as an instrument of power in enforcing national interests. In Germany, since taking office, the new government has so far found it difficult to develop and effectively implement an agenda to curb excessive bureaucracy and misguided regulation, and to revive the forces of growth. The decision to launch big budget public procurement and infrastructure programs alone will not be enough to restore self-sustaining economic buoyancy in Germany. All that taken together defines the framework for our activities as a company and for the German and European economies overall. No one can evade the effects. These new conditions confront business constantly with new political interventions without imparting any reliable economic stimulus. If one thing has emerged as the current new normal, it is the lack of stability in our commercial conditions, which is attributable to political factors. Against this backdrop, there also has been a change in focus and priorities in the social agenda. Security, defense, access to raw materials, energy, and technology have moved to the forefront, while climate neutrality and environmental issues have become less important, at least for the moment. For your company, this has impacted the individual businesses, thyssenkrupp, to varying degrees. On the one hand, the structural necessities, the associated need for huge investment, and cost pressures from the politically stipulated decarbonization plan remain strong, for example, for the transformation of steel production. On the other hand, we are seeing that the fundamentally high level of interest among many customers worldwide for our decarbonization solutions is being translated into actual demand far more slowly than we had expected. The situation is quite different in naval shipbuilding at TKMS, and different again in respect to the growing calls across the political spectrum to safeguard local steel production in Germany and Europe and protect it against being squeezed out by import competition. From a business perspective, the current global situation, which is heavily dictated by geopolitics, offers both opportunities and risk. One thing is missing: a regulatory framework based on rationality and reliability. In entrepreneurial terms, our task remains to develop and modify each of our businesses in such a way that they are or become viable and competitive in the basis of their own earning power, without having to rely on permanent cross-subsidization within the group. This is also the core element of the future concept for developing the group, which the Executive Board formulated and presented last year. The conditions for TKMS were already established by the decisions taken in the past fiscal year, and this business became independent following a stock market listing in October 2025. The target for Steel is clear. While imperative and urgently needed steps have finally been initiated, it is also important for everyone to be aware that these steps are imperative and urgently needed, regardless of who owns the Steel business. In the years ahead, the other segments will also be prepared for the capital market and then become independent. However, the path to achieving this vary in length. Of course, this also means further changes to thyssenkrupp AG itself. It is to become a strongly focused financial holding company with majority investments in independent entities, coupled with a further substantial streamlining of its structures. Mr. López will report to you in detail about all of this afterwards. I now come to the changes on the executive board. At the extraordinary meeting of the supervisory board on June 20th, 2025, we extended the contract with our Chief Executive Officer, Miguel López. His previous contract expires on May 31st, 2026. His new contract has a term of five years until May 31, 2031. Other changes on the Executive Board related to the human resource and finance director roles. I can tell you that Ilse Henne and Cetin Nazikkol have also been named for another five years, and we are very confident that together with Miguel López and their colleagues, these segments of thyssenkrupp will be led to a success. Further changes are in the area of finance and HR. The standalone solution for TKMS, which you adopted at thyssenkrupp's Extraordinary General Meeting on August 8th, 2025, meant that it was necessary for Oliver Burkhard to concentrate on his duties as Chief Executive Officer of Marine Systems. He has therefore stepped down from the Executive Board of thyssenkrupp AG, but remains with the group in this very important management role at TKMS. Dr. Jens Schulte also left thyssenkrupp's Executive Board as of May 31st, 2025, to join the executive board of the Deutsche Börse AG. These two former executive board members have been succeeded by Wilfried von Rath as new Chief Human Resources Officer and Labor Director as of April 1, 2025, and by Dr. Axel Hamann as of May 1, 2025. Dr. Axel Hamann assumed that position as CFO as of June 1, 2025. Ladies and gentlemen, I now come to the report of the Supervisory Board. I will start by providing an overview of the work of the Supervisory Board and its committees over the past fiscal year and the issues that were our primary focus. Details can be found in the written report of the Supervisory Board on pages 10 to 16 of the Annual Report. The Supervisory Board and Executive Board continued their close cooperation, extensive exchange of information in joint meetings, and of course, also between the meetings. The Executive Board reported in detail to the Supervisory Board at all meetings of the Supervisory Board and committees. This regularly involves intensive discussions in which the Supervisory Board scrutinizes the Executive Board's comments and advises the Executive Board. In addition, each meeting of the Supervisory Board and its committees included discussions between the members without the presence of the Executive Board termed an executive session, in which the Supervisory Board members shared their perspectives. The Supervisory Board fulfilled its monitoring, control, and advisory functions in every respect, thanks to the large number of meetings and the intensity of the discussions. The exceptionally high attendance rate of the members of the Supervisory Board of the meetings is also testimony to that. Apart from a single exception, the combined total of 39 meetings of the Supervisory Board and its committees were attended by all members, with the exception of one. The detailed statistics, which shows an attendance of 99.6%, i.e. a further increase over the previous year, can be found on page 13 of the annual report and on thyssenkrupp's website. The Supervisory Board's most important topics in the past fiscal year were the deliberations on improving performance, the portfolio measures, the short and medium-term earning targets for all segments, and all green transformation measures. The corporate and investment planning for fiscal year 2025/2026, which was discussed in detail and adopted, as well as the spin-off of TKMS, which was completed by resolution of the extraordinary general meeting on August 8, 2025, and the envisaged standalone solution for Steel Europe segment, were also a focus. In fiscal year 2024/2025, the Supervisory Board again dealt with and took fully into account the recommendations of the German Corporate Governance Code. The current unqualified declaration of conformity released on October 1st, 2025, can be viewed on the thyssenkrupp website. In it, the Executive Board and Supervisory Board declare that thyssenkrupp has fully complied with the recommendations of the German Corporate Governance Code since October 1st, 2024. Will continue to do so in the future. Further information on corporate governance can be found in the corporate governance statement in the annual report and on our website. The Executive Committee met 12 times in the past fiscal year due to the current situation and the preparations for the meetings of the Supervisory Board. In addition to preparing the Supervisory Board meetings, the work of the Executive Committee focused on changes in the group's assets and financial and earnings position, and all topics relating to thyssenkrupp's transformation. The Personnel Committee held nine meetings in fiscal year 2024/2025 in order to prepare personnel matters concerning members of the executive board of thyssenkrupp AG for the Supervisory Board. Where required, resolutions were passed or recommendations for resolutions were made to the Supervisory Board. Alongside the personnel changes on the Executive Board, the meetings focused on decisions on aspects of compensation, especially setting the targets and determining the target achievement for variable compensation components and disclosures in the compensation report pursuant to Section 162 of the German Stock Corporation Act. In view of comments, some of which were very emotional, ahead of the annual general meeting, please allow me this opportunity to provide a hint on how to read the compensation report. thyssenkrupp AG has a very stringent compensation system, which you, dear shareholders, approved by a large majority at the 2025 AGM. To be exact, 96%. Among other things, there are no longer any pension commitments for members of the Executive Board. The long-term variable compensation, which rewards the poor performance of the share price, is only payable after four years, meaning that none of the current members of the Executive Board are yet eligible for it. There are no longer any adjustments in calculating compensation components based on key financial indicators. Instead, the as reported principle applies. I am pleased to say that the KFIs achieved in 2024/2025 fiscal year were far better than in the previous year, and also exceeded the budget targets adopted by the Supervisory Board. Consequently, the variable compensation in the short-term components was 121% of the target figure, compared to 34% year-over-year. All this meant that the total compensation paid to the current members of the Executive Board was 45% of the contractually agreed target income for 2023/2024 fiscal year, and 66% of the 2024/2025 of the contractually agreed target income for 2023/2024 fiscal year, and 66% for the 2024/2025 fiscal year. Incidentally, the level of these target incomes were decided more than 10 years ago, effective October 1st, 2014, has not been changed since. According to the analysis of an external compensation expert, it is in line with what is customary in the market. Because of critical comments on Executive Board compensation in the run-up to this AGM, I would like to emphasize once again that the increase in its compensation has nothing to do with the pleasing share price performance. Last year's increase in the share price has no impact on that. The members of the Executive Board did not receive inappropriately more compensation in the 2024/2025 fiscal year, but consistently less in 2023/2024 due to the poor key financial indicators, hence the difference between the two years. In addition, the Personnel Committee dealt with general Executive Board matters, partly in connection with benefits for former Executive Board members. Details of that can also be found in the Compensation Report. Ladies and gentlemen, I'd now like to turn to the work of the Audit Committee. The Audit Committee met five times in fiscal year 2024/2025. Alongside Executive Board members, following the election of KPMG as auditor at the 2025 AGM and its formal appointment by the Audit Committee, representatives of KPMG were also present at the meetings. KPMG gave the Audit Committee a declaration that no circumstances exist that could lead to the assumption of prejudice by the auditors. The audit committee obtained the required auditor statement of independence, reviewed their qualification, and concluded a fee agreement with the auditors. Furthermore, the additional services provided by KPMG alongside the audit of the financial statements were discussed and approved by the audit committee. Dr. Verena Volpert, Chair of the Audit Committee, engaged in a regular exchange of views with the auditors between the meetings. The heads of relevant corporate functions were also available to provide reports and take questions on individual agenda items in the committee meetings. The committee's work in fiscal year 2024/2025 focused on examining the 2023/ 2024 parent company and consolidated financial statements, along with the combined management report, including the non-financial statement and the combined corporate governance statement of the executive board and supervisory board, as well as on preparing the supervisory board resolutions on these items. In addition, the interim financial reports for fiscal year 2024/ 2025, the quarterly reports, were discussed in detail and adopted, taking into account the auditor's review reports. With regard to the relationship with KPMG, the list of non-audit services provided by the statutory auditor that require approval was reviewed, and the budget for the performance of non-audit services for fiscal year 2025/ 2026 was set. The procedure and the quality assurance for financial statement auditing were likewise discussed. The supervisory board will propose under agenda item five of today's AGM that KPMG be again elected to audit the financial statements for the entire fiscal year 2025/ 2026. In several meetings, the audit committee also monitored the accounting process and discussed the effectiveness of the internal control system and optimizations made to it, as well as the effectiveness of the risk management system and the internal auditing system. It also dealt in detail with the main legal disputes and compliance, i.e., adherence to rules and regulations within the company, and discussed at length the development of the strategic compliance system and related measures at thyssenkrupp. The Audit Committee defined the following mandate as the focus of the audit for the 2024/2025 fiscal year. Audit support for the project to redesign the group management report. The auditors reported the results of their audit to the Audit Committee at its meeting on December 5th, 2025. In addition, in the presence of the head of corporate internal auditing, the committee discussed at length the audit results, audit processes, and audit planning of the internal auditing team for fiscal year 2024/ 2025, including audit support for the investment thyssenkrupp Steel Europe's direct reduction plant. Further points of focus were the non-financial statement, which is a separate part of the management report, the sustainability report, the equity capital, and liquidity situation, the EMIR compliance audit for fiscal year 2023/2024, pursuant to Article 32 of the German Securities Trading Act, the current performance of all segments, the report given at each meeting on the status of first-time sustainability reporting at thyssenkrupp in accordance with the CSRD of fiscal year 2024/2025, and the preparation of the closing financial statements of thyssenkrupp AG as of December 31st, 2024, required for implementing the spin-off of the Marine Systems segment. The Strategy, Finance, and Investment Committee held three meetings in fiscal year 2024/2025. Discussions focused on preparing decision recommendations by the supervisory board in its area of responsibility. At each meeting, the committee dealt with the operational and economic situation of thyssenkrupp and the company's ongoing development. As in the previous year, the other main topics addressed by the committee included the progress towards standalone solutions for Steel Europe and Marine Systems segments in particular. The investment planning for the segments was also the subject of critical discussion. Further areas of focus were the assessment of the risk of cyberattacks, the enhancement of IT security measures, financing and liquidity planning, and the review of the profitability of specific completed investment projects. In September 2025, the committee dealt at length with the group's business and investment plans for fiscal year 2025/ 2026. The members of the nomination committee held two meetings in the past fiscal year. The main focus of the discussions was the screening of potential successor candidates for the shareholder representatives on the supervisory board in the event that their seats have to be filled in the future. As part of that, the committee took into account the recommendations of the German Corporate Governance Code, as well as the envisaged competency profile drawn up in the committee. Looking ahead to the upcoming election of shareholder representatives at today's AGM, it is the nomination committee's conviction that the composition of the supervisory board is adequate in terms of diversity, financial expertise, and fulfilling the competency profile. The mediation committee, pursuant to Article 27 of the Codetermination Act, met once in the reporting period. For more information on the activities of the supervisory board and its committees, please refer to the detailed presentation I previously mentioned in the report of the supervisory board in the annual report. At this point, I would like to explicitly mention one result of the deliberations of several committees and in the meetings of the full supervisory board. As the company succeeded in generating a positive cash flow and net income in the past fiscal year, as in the year before, it is proposed to today's AGM under agenda item two that the dividend of EUR 0.15 per share be distributed for fiscal year 2024/2025. To put this proposal into perspective, this corresponds to approximately 6% of the investments in the company planned for the current fiscal year. As this proposal has already been the subject of intense public comment ahead of this AGM, let me deal with it in more concrete detail. As you know, there is, for good reasons, a legal duty to protect the confidentiality of the supervisory board's deliberations. In this present case, the employee representatives on the supervisory board had requested permission to make how they voted public, and this request was met with sympathy by the entire supervisory board. Personally, I stand by my belief that details of voting results in the Supervisory Board should not be reported or commented on. I can assure you that we also discussed our arguments on the subject of the dividend recommendation in a very objective manner in the Supervisory Board. There was broad acceptance on the Supervisory Board that for various reasons, particularly legal ones, a recommendation for a resolution should be submitted to the AGM. It is absolutely clear that the decision on this matter, i.e., whether and in what amount the dividend is ultimately distributed, is not made by the Executive Board or the Supervisory Board, but by you, the shareholders. Ladies and gentlemen, I would now like to conclude the report of the Supervisory Board. Despite all the challenges that the company will undoubtedly continue to face in its own absolutely necessary transformation, and due to the adversities happening in the world, I would like to state quite emphatically, your company made great progress in its strategic orientation and with the first steps towards its implementation over the past year. This is evident in substance and also in the very encouraging share price performance. There has been a tremendous amount of work behind that. I thank the Executive Board and all employees of thyssenkrupp for their dedication and commitment in the past fiscal year. I would also like to thank you, dear shareholders, for your loyalty and the trust you place in those acting on your behalf. Thank you for your attention. Now I would like to pass the speech to Miguel López, the CEO. Good morning, ladies and gentlemen, dear shareholders. On behalf of the Executive Board, I would like to welcome you most warmly to the AGM of thyssenkrupp at the RuhrCongress in Bochum. We look forward to our face-to-face dialogue with you at today's in-person meeting. Good morning also to everyone who is joining us online. At our AGM one year ago, we announced a year of decisions. Today, 12 months later, we can state that we kept our promise. We took decisions that for the first time in many years, give your company genuine prospects for the future. A future that is not only part of a PowerPoint presentation or some abstract mind games, but one that is real and tangible and that we've already started to implement. At the heart of this are the transformation of our company and the ACES 2030 future model. We are evolving the thyssenkrupp AG into a financial holding company to serve as the umbrella for strong and independent companies. The first major steps towards implementing ACES 2030 have already been taken. Foremost among these, we have finally embarked on a sustainable course for our Steel business. With the industrial future concept and the signing of the collective restructuring agreement with the IG Metall trade union, we have established the initial basis for steering thyssenkrupp Steel Europe back to firm ground. We are even further with TKMS. In fall 2025, we saw the impressive stock market debut of our Marine business. The spinoff was a great success, and the company is now listed on the MDAX. As our shareholders, you have benefited from the addition of this new share to your portfolio, enabling you to participate directly in an independent and successful company. The TKMS share is currently trading at almost 25% above its initial listing price. ACES 2030 is thus more than just a strategy for charting a course ahead for thyssenkrupp. We are also pursuing the strict goal of once more giving appropriate consideration to your interests as shareholders. The past year was successful in this respect as well. We can see that the capital markets believe once more in a future for thyssenkrupp. Let me illustrate this with a very simple calculation. A shareholder who held 20 thyssenkrupp shares at last year's AGM was looking at a market value of EUR 96 for this stake. Based on the closing price on 23 January 2026, the same thyssenkrupp shares are worth EUR 226.20. This means that their value has increased by 135% in the 12 months. In addition, the shareholder received a new TKMS share for every 20 thyssenkrupp shares as a result of the spin-off. Based on the closing price on 23 January 2026, this share is worth EUR 99.80. Taking the shares together, this represents an increase in value of well over 200%. This growth in value reflects the trust you and the analysts have placed in thyssenkrupp, your optimism that the strategic course we've taken is the right one, and your confidence that we, as the management team, will deliver what we have promised in the future as well. At my first annual general meeting of thyssenkrupp on February 2nd, 2024, I reflected on the feedback I had received in my new role from many conversations with shareholders and I said this, "The belief in our company's power of renewal has suffered badly. We have to fight our way back." Two years on, I can tell you we have already made substantial progress pursuing our chosen course with determination and purposefully focusing on the next goals. At this point, I would like to thank you most sincerely for this restoration of your trust. We consider it an incentive and an obligation in equal measure. There is still some way to go before we have fully implemented our targeted future model by completing the transformation to a financial holding company with independent companies. We must not slacken in our efforts and will continue to pursue our goals with great determination. That I promise you. As you can see, this new year sees us in the year of implementation, and we will be taking further key steps toward realizing our new future model. I would like now to look back on the year of decisions and ahead of the year of implementation in more detail. Let's start by looking back. Ladies and gentlemen, we have developed a new future model. We call it ACES, and this was done in close consultation with the supervisory board. It's not a conventional strategy update for your company, but something far more fundamental. We are installing an entirely new operating system. For many years, thyssenkrupp has been managed as an integrated industrial group, in which the segments were responsible for the operating business and strategic decisions were taken at head office in Essen. In the future, thyssenkrupp AG will be a financial holding company that serves as the umbrella for major investments in strong and independent companies. Step by step, we will be transitioning the segments to stand-alone organizations, reflecting their respective potential and strengths. In concrete terms, this means that the segments will be faster and more flexible with direct access to the capital market. As a result, we are leveraging value within the company that had been hidden until now. Value that is owed to you as our shareholders and from which you will now benefit. As independent companies, the segments will have greater entrepreneurial responsibility going forward and will be able to operate more transparently and with a stronger focus on profit. It is precisely this that is attracting the trust of the capital market, and it is a critical lever for a sustainable improvement in performance. We will also be realigning group headquarters, and that is going to be done by the supervisory board. This change in allocation of tasks will also result in changes to the personnel structure, both in headquarters, which will relinquish many tasks, and as in the segments which will have to take on more strategic responsibility and tasks. Further changes will follow stepwise. The transition of the segments to stand-alone solutions will also be a step-by-step process determined by the capital market readiness for each segment. This means that each segment needs a convincing strategy with a prospect of generating profits in the long term and establishing efficient structures for independent operations. In those cases where these conditions are not yet satisfied, we are making targeted investments to enhance competitiveness. The programs to ensure the segment's capital market readiness are at different stages of maturity. However, the route to achieve this has been mapped out because the goal is the same for all segments and has been clearly defined. This ensures transparency and provides all our stakeholders, including our employees, with a clear outline of the course we're taking. Ladies and gentlemen, thyssenkrupp has a future once more. thyssenkrupp will become a lean financial holding company for strong and independent companies. Our chosen course has been welcomed by the capital market, thus rebutting the skeptics who doubt our strategies. The successful spin-off of TKMS shows that ACES 2030 not only functions in theory, but also in practice. ACES 2030 represents a route for industrial success and the future of industry, creating tangible value for you as our shareholders. More will follow. In October of last year, we rang the stock market bell in Frankfurt, signaling that TKMS is now an independent listed company. It is Europe's only fully integrated system house for maritime defense. With around 8,600 highly qualified employees and a record order backlog of EUR 18.2 billion, TKMS can look ahead to a promising future. Just a few weeks ago, we were able to secure a further major order for two additional submarines from the Norwegian government. Also, just before Christmas, TKMS and Germany's Federal Office of Bundeswehr Equipment, Information Technology, and In-Service Support signed a framework agreement for the supply of heavyweight torpedoes and the associated equipment. This underscores TKMS's strong position on the European market. The successful spin-off marked the end of an intensive process. In recent years, we systematically strengthened TKMS and significantly enhanced efficiency by making strategic investments. In Kiel, one of the world's most modern shipbuilding halls was built at the cost of more than EUR 250 million. TKMS is planning further investments in the triple-digit million euro range at the Wismar site acquired in 2022. This successful stock market listing has given TKMS the necessary flexibility and its own access to the capital market so that it can serve the significant increase in demand. This will enable the company to drive growth and further expand its technological leadership. As shareholders of TKMS, you will have the opportunity to attend the company's first own general meeting on February 27 this year. The CEO of TKMS, Oliver Burkhard, will be providing shareholders with more detailed information about the company's situation and plans. On behalf of thyssenkrupp AG as the majority shareholder of TKMS, I would like to express our pleasure at the enormous crystallization of value associated with the successful spin-off and thank all those involved. We very much look forward to accompanying TKMS on this forward journey to shaping a successful future together and to writing another growth story. Shaping the future. Well, shaping the future is also our mission at Steel Europe. Here too, we took key steps in the past year of decisions. The Steel Executive Board developed the industrial future concept, a specific roadmap aimed at ensuring that high-quality steel can continue to be produced competitively and sustainably in Duisburg in the future. A significant success factor here has been the signing of the collective restructuring agreement with IG Metall last December. This provides planning security and enables us to quickly implement the necessary restructuring measures. Following years of struggle and standstill, we now have a sustainable basis for working purposefully to address the structural challenges faced by the Steel business. It is a milestone in the realization of thyssenkrupp that should not be underestimated. Without a doubt, the restructuring of the Steel business is profound and powerful, painful. However, it is also unavoidable if we are to ensure the business' survival. It is the only way that the Steel business, which has defined thyssenkrupp for generations, can regain the future. It is significant that we have fair and socially acceptable solutions, and that we can make reality. This has been made reality by this new social contract. Now we are free for the future concept of the roadmap. Let me take this opportunity again to outline these priorities on which this plan is based. First, technology and quality. We have one of the most efficient production networks in Europe. With targeted investments in state-of-the-art plant technology, like the new continuous caster or the slab logistics system, we're increasing efficiency, productivity, and delivery reliability. This is strengthening our market position and our earnings performance. Second, we are aligning our production volumes with actual demand from the market. This requires us to consolidate sites, optimize production and administration functions, and reduce personnel expenses by an average of around 8% through 2030. It is sadly unavoidable. In this context, the termination of the HKM supply contract is a crucial step in cutting overcapacities and sustainably improving profitability. Third, the green transformation. Despite a challenging economic environment and continuing regulatory uncertainties, we remain committed to our plan. With a direct reduction plant that is currently under construction in Duisburg, we are investing in low-carbon production and securing a competitive advantage for when the market for green steel takes off. The new plant now not only contributes to climate protection but also represents a clear value proposition to our customers. The major progress achieved in realigning the Steel business is also providing us with new strategic options. In short, it has made thyssenkrupp Steel Europe more attractive. As you know, India's Jindal Steel has expressed interest in our Steel business. Jindal Steel believes, as do we, that climate-neutral steel is marketable and has raised the prospects of substantial investments in the future of Duisburg as a steel-producing location. Against the backdrop of Jindal's non-binding offer, we reached mutual agreement with EP Group to end our discussions concerning the establishment of a 50/50 joint venture. EP Group returned the 20% interest in the Steel business. We're now pursuing a constructive dialogue with Jindal Steel. Please accept that we're unable to share any further information about the status of these confidential negotiations at the present time. It goes without saying that we will report transparently on all material developments in this process as soon as the negotiations yield any concrete outcomes. Progress in the transformation of thyssenkrupp is evident not only from looking at the strategic issues and the portfolio, but also at the company's operational performance in the past fiscal year, despite the fact that the environment was extremely difficult and we repeatedly faced enormous challenges. The war in Ukraine, the ongoing tensions in the Middle East, the rise of protectionism in the U.S., and the targeted influencing of trade and raw materials, especially in Asia. All these factors have tangibly changed our environment and increased the pressure on our markets. Industry frameworks in Germany are still failing to contribute to any improvement in the country's competitiveness as a production location. This has direct consequences for our customers. Sectors such as engineering, chemicals, and construction are clearly feeling the strain. This is especially evident in the automotive industry. Demand is stagnating. The industry's production base in Europe is under enormous pressure. The price of new technologies is rising, and the uncertainty about regulatory requirements is an obstacle to long-term investment decisions. Added to this are tariffs and trade conflicts. Despite these adverse conditions, we achieved the corrected financial targets for the past fiscal year, as published in our interim report for the first nine months. Before we go into detail about these figures, I would like to take this opportunity, on behalf of the entire executive board, to thank all of our employees. Thank you. The fact that we were able to deliver both strategically and operationally in such a difficult environment was only possible because we work as a team and because our 93,000 employees around the world are committed and get on with the job. For this, we would like to express our appreciation and applause from here in Bochum. You will be familiar with the figures for the past fiscal year from our annual report, so I will only give you a brief overview here. Consolidated net sales amounted to EUR 32.8 billion, slightly down on the prior year. Adjusted EBIT increased by EUR 72 million- EUR 640 million. Our group-wide APEX performance program made a tangible impact here. At EUR 363 million, our free cash flow before M&A was positive for the third year in succession. The equity ratio rose to a very solid 37%. Net financial assets increased to EUR 4.9 billion. Net income amounted to EUR 532 million, a year-over-year improvement of almost EUR 2 billion. This was supported by special items from the reversal of impairment losses on our elevator investment and the sale of thyssenkrupp Electrical Steel India. As well as improving our financial performance, we also raised our game in respect of environmental, social, and governance aspects, ESG for short. Although Germany has still not established a legal basis for the Corporate Sustainability Reporting Directive, and thyssenkrupp was therefore under no obligation to apply this in its reporting, we chose to fully comply with the standard in preparing the current annual report. In this way, we are seeking to increase transparency in this area vis-à-vis investors and you, our shareholders. We also are very pleased to report that for the 10th time in succession, environmental organization CDP included thyssenkrupp in the A list, the highest ranking of its climate rating that is so important for the capital market. The renewed distinction in the CDP rating is both confirmation and an incentive for us. thyssenkrupp stands for transparency and systematic climate and emissions management with measurable progress. We combine ambitious targets with verifiable measures, responsibly based on data and along the entire value chain for our customers in our locations worldwide. Dear shareholders, against the backdrop of the positive developments in fiscal year 2024/2025, and with a view to ensuring dividend continuity, management is proposing an unchanged dividend of EUR 0.15 per share for your approval. Ladies and gentlemen, let me now look at the coming year of implementation. Trends in the global economy remain unpredictable. The challenges in our core industries, especially in the Steel and automotive sectors, will continue to demand our attention in Europe and especially in Germany. The current economic outlook still does not promise any significant tailwinds. This makes it all the more important that we do what we can ourselves, namely reduce costs and at the same time, systematically implement the necessary structural changes in our segments and at HQ. We're relying on your trust as we do so. We have a plan, we have the strength, and we have the necessary determination to make ACES 2030 a reality. The signing of the collective restructuring agreement opens up the route for operational implementation of the industrial future concept for Steel Europe. We will be recognizing corresponding restructuring provisions. In the short term, these expenses will result in a net loss for the company. We're also expecting a negative free cash flow before M&A, because in addition to the restructuring and leaner structures, we are specifically investing in the future viability of thyssenkrupp, in the modernization of our sites, and in business models that have the potential to ensure long-term competitiveness and profitability. We're investing in the efficiency of the segments to prepare them for the capital market and initiate further steps in establishing standalone solutions. We are convinced that this not only represents the best way forward for the segments, but will also facilitate the crystallization of more and greater value for you, our shareholders. Our Materials Services segment has made great progress in systematically improving efficiency. The business is on a clear transition pathway from a traditional materials distributor to a modern provider of integrated supply chain solutions. Of course, we are feeling the effects of economic uncertainty and purchasing reticence here as well. By contrast, the market turbulence that is usually seen as an economic challenge represents an opportunity for Materials Services. Shifts in global trade and supply chains are increasing the demand for precisely those solutions that Materials Services provides for its customers. Making supply chains more resilient, more flexible, and using digital solutions to increase the transparency of the flow of goods are the pillars on which we are building. Our Materials Services strategy focuses on three factors. First, our supply chain expertise and strengthening supply chain business. Second, our manufacturing and processing expertise. Thirdly, a global procurement organization and a presence that enables us to support our customers with exactly the right products and solutions in the right place. Especially at times of global trade conflict and supply chain disruption, the added value that Materials Services provides to its customers in Europe and North America becomes evident. We secure supplies, we create transparency, and we deliver solutions that make our customers worldwide more resilient to crises. The segment has a solid financial base, generating reliable returns and cash flows across various business cycles. At the same time, the market harbors opportunities for targeted consolidation Especially in North America, shifting the focus to higher margin businesses and increasing profitability remain clear targets for Materials Services. There is an emphasis on markets such as data centers, aerospace, and defense, which are currently experiencing particular growth that we would like to satisfy with our products and solutions. We are also seeing growing demand for copper in connection with the electrification of many industries, and believe we are in a good position here as well, especially in North America. We have made a targeted addition to our digital portfolio with the acquisition of WAVES, a Luxembourg-based provider of software for ESG and sustainability data and reporting. This strengthens our position as a modern and technology-focused supply chain partner and creates new sources of income in the growing market for sustainable supply chain solutions. In addition, in 2025, we expanded our network for processing and manufacturing metals and plastics in North America with the establishment of a new site in Santa Teresa. Both these examples are evidence of our expansion strategy and give us a strong starting position for further profitable growth. Materials Services is thus on track to continue developing its market position and move purposefully towards the goal of capital market readiness. The Automotive Technology journey will be somewhat longer because we are restructuring both the portfolio and the cost base. In this segment, too, this year will be characterized by implementation. The starting position is challenging because of the crisis in the automotive industry. Structural market upheaval, technological transformation, and a noticeable reluctance to engage in new business are impacting the environment. We have been quick to react to the situation and already addressed key efficiency and cost issues last year. Our response is a comprehensive global structural program with one clear goal, making processes more efficient, reducing costs, and consolidating functions. We are seeking to save over EUR 150 million at Automotive Technology. This will impact the administrative and support functions in particular and be coupled with some 18,000 job reductions. These steps are painful but necessary, which is why we're working closely with the employees' representatives to implement them in a socially responsible way. At the same time, we are reorganizing Automotive Technology with a view to future capital market readiness. The portfolio will be focused clearly on four customer and technology-centered businesses, chassis, components, aftermarket, and forgings. We have therefore established four new business units, which are expected to operate with greater entrepreneurial independence, increase efficiency, and grow profitability. This new structure entered into force at the start of the current fiscal year and is intended to further improve the business's performance. It is also laying the foundation for specifically leveraging growth potential, especially in the Chinese market and in connection with the transition to electromobility. The current business units, Automotive Body Solutions, Automation Engineering, and Springs and Stabilizers, are not part of the new structure. We are exploring alternative development prospects for these businesses, also in the form of partnerships or new owners. In this connection, we already initiated the sale of the Automation Engineering business to Agile Robots, based in Munich in November 2025. Subject to regulatory approval, we expect the transaction to be completed in the coming months. In our view, our Decarbon Technologies segment currently faces the biggest challenges on its route to capital market readiness. The ramp-up of green technology remains sluggish and very much slower than many had hoped. I would like to emphasize, however, that the long-term trend is still intact. In the medium term, there is no alternative to decarbonizing the economy, and we have the right tools for this in our portfolio. According to the latest report of the International Energy Agency, around $2.2 trillion were invested in renewable energies, power grids, storage solutions, and other clean technologies in 2025, twice the combined total spent on oil, gas, and coal. Against this backdrop, we are consistently focusing decarb technologies on efficiency, scalability, and future viability. Our company is already implementing the first pioneering projects in this segment. Rothe Erde has participated with other partners in a floating offshore wind energy project that represents the first full-scale use of Swinging Around Twin Hull technology. This deploys a 2 MW floating wind turbine equipped with slewing bearings from Rothe Erde. The turbine is installed on a twin-hulled platform made of concrete similar to a catamaran, which is able to swing freely depending on the waves and currents, thus achieving maximum efficiency and stability. Uhde is working with Uniper to develop a large-scale ammonia cracker to industrial maturity. This can be used on an industrial scale to convert imported ammonia into hydrogen, a source of energy for the energy, steel, and chemical sectors, for example. Polysius is supplying innovative CO2 capture technology to the Titan Group's Kamari cement plant in Greece. The oxy-fuel technology used makes it possible to capture almost all the CO2 emitted and prepare it for long-term storage or industrial use. thyssenkrupp nucera, in which thyssenkrupp AG holds the majority interest, has acquired key technology assets from Danish company Green Hydrogen Systems, thus adding high-pressure electrolysis to its portfolio. At the same time, the company was awarded several new contracts for state-of-the-art chloralkali plants, continued to grow its service business, and signed a contract to supply one of the world's largest chloralkali plants, generating record volumes for this business. These examples demonstrate that thyssenkrupp Decarbon Technologies is sought after worldwide as a partner for the green transformation, especially in the global growth regions. We will be ready to move when the markets take off. We have a strong technological foundation. We can be part of the solution for some of the most pressing problems of our age, such as ensuring an affordable, reliable, and sustainable energy supply. That is why we are, and remain convinced, that we can steer Decarbon Technologies to a dynamic market position in the long term. We believe that you, our shareholders, will continue to benefit greatly from this strategy, from this business. Dear shareholders, a very important year of decisions lies behind us, and a challenging year of implementation has begun. The progress we have already achieved demonstrates that we are on the right course. With our ACES 2030 future model that has given the company a renewed perspective in which the capital market believes. With the stock market listing of TKMS, which has delivered proof of the crystallization of value that can be achieved with a standalone solution for the segments in the context of ACES. With the signing of the collective restructuring agreement for thyssenkrupp Steel Europe, creating the basis for the future viability of the Steel business. We are pursuing our course with great determination, transforming thyssenkrupp AG into a financial holding company and giving our businesses more independence. This is developing entrepreneurial freedom and greater responsibility, fostering innovative strength, and giving access to new growth opportunities. In the current year of implementation, this means we will be actively pressing ahead with standalone solutions for other businesses. In those cases where the conditions are not yet satisfied, we are making targeted investments to enhance competitiveness. We're also continuing our successful efficiency and cost-cutting programs and are working purposefully to implement the necessary restructuring measures. At the same time, we are addressing the major future issues for our company, industrial resilience, the decarbonization of industry, and the creation of a sustainable hydrogen economy, and participating actively in the associated political and social debate. All these actions planned for 2026 are aimed at strengthening thyssenkrupp in the long term. By defining 2026 as the year of implementation, we are making a clear promise to you. We are keeping up the pace, delivering results, and creating the basis for sustainable success. I would like to thank you for your continued trust in these challenging times and look forward to continuing along this promising course with you. Thank you.