Hello everyone. This is Andreas Trösch from Investor Relations. Also, on behalf of my entire team, I wish you a very warm welcome to our conference call on the nine-month results 2025-2026. With me in the room are our CEO, Miguel López, and our CFO, Axel Hamann, and also my colleagues from the IR team. Before I hand over to the CEO and CFO for their presentations, some housekeeping. All the documents, as usual 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 and A session for our analysts. We use Teams for the call again. 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. With that, I would like to hand over to our CEO, Miguel López. Thank you, Andreas, and hello everyone. Welcome to our Q3 conference call. The key message for Q3 is clear. Execution continues to move forward even against the still uncertain market backdrop. As usual, I would like to give you a concise management summary for the third quarter of fiscal year 2025-2026, covering our performance, our portfolio progress on the ACES program 2030, and the key milestones with regard to our green transformation efforts. On portfolio and ACES 2030, the transformation of our headquarters towards a financial holding company is in execution. This goes hand in hand with the declining cost base over time. Last year, we demonstrated that we can successfully execute spinoffs and establish independent businesses when we brought TKMS to the capital market. Since then, TKMS performance has clearly validated our strategy and proven the strength of its standalone investment case. This is also reflected in recent major orders worth billions of euros, including the contracts from the German Armed Forces for service vessels and the contracts from the Canadian government for submarines. As a strong anchor shareholder, thyssenkrupp AG continues to actively support and accompany TKMS in its further development. We now intend to follow the same path with tk accelis, our Materials Services segment. The spinoff is on track. I will come back to this on the next slide. On Steel Europe, the clear focus is on restructuring towards profitability and independence of the segment following the HKM exit in July 2026. This really has been a historic milestone for thyssenkrupp and the overall Steel segment. Looking ahead, we are planning to host a dedicated Steel Europe Capital Markets Day at the end of September in London to update all of you on our transformation journey. And with regard to TK Elevator, the value crystallization continues following the KONE bid from earlier this year. Now, only a few remarks on performance, as Axel will provide more details in the financial section of today's call. Operationally, we see a further step-up in performance, also driven by restructuring benefits that are becoming more and more visible. The group outlook is lowered for sales, narrowed for EBIT adjusted, and confirmed for free cash flow before M&A. Regarding the political and regulatory framework, the steel tariffs got effective in July, thus they are not yet fully reflected in our results, and they should provide additional upside going forward, especially for the upcoming fiscal year. Now on green transformation. Uhde delivered a successful ammonia converter modernization in Turkey with a 13% production boost, while Polysius reached an important oxy-fuel demonstration milestone with a CO2 capture potential of up to 95%. At Steel, the DRI plant construction continues with full commitment as it remains central to our pathway towards green steelmaking in the future. Turning to tk accelis, our upcoming spinoff remains on track. The enhanced standalone equity story and increased midterm targets were presented at the Capital Markets Day in July and attracted the interest of the investor community. The planned structure is a 49% minority spinoff, while 51% remain with thyssenkrupp and therefore continues to be a fully consolidated segment. The financing framework is in place, including a borrowing base financing agreement in the amount of EUR 1.7 billion. Shareholders are expected to receive one tk accelis share for every 20 thyssenkrupp AG shares, enabling them to participate directly in tk accelis' growth and value potential. The extraordinary general meeting on August 7th was successfully conducted with broad approvals. The next major step is the listing within this calendar year in the Prime Standard of the Frankfurt Stock Exchange. And now, Axel, the stage is yours for the financial section. Thanks, Miguel. Let's turn now to the financial overview for the third quarter. Overall, the main challenge remains the limited visibility on macroeconomic development, in addition to quite muted demand across several customer groups and regions. However, the financial overview shows that our strict performance management is translating into tangible bottom-line results. Let's have a look into some details. Sales in the third quarter were EUR 8.8 billion, up 8% year-on-year, showing a promising momentum. For the first nine months, sales were EUR 24.4 billion, down 1% year-on-year. That is considering portfolio and currency exchange effects. Sales were up +9% and +2%, respectively. Let's get to EBIT adjusted, improved to EUR 183 million in the third quarter. That is an increase of EUR 28 million year-on-year and reached EUR 591 million for the first nine months. That increase was also driven by our restructuring efforts. And in that regards, workforce reduction is progressing well, with FTE down by approximately 3,500 year-to-date. Let's talk about net income. Net income improved to EUR 34 million in the third quarter, supported by write-ups at Steel Europe following a more efficient production set up considering the HKM exit Miguel just mentioned. The nine-month figure remains negative at EUR -311 million, mainly on the back of the preceding restructuring provisions in Q1 that you're all aware of. Talking about free cash flow before M&A, that was EUR -114 million in the quarter, improving by EUR 140 million year-on-year. That leads to accumulated nine-month figure of EUR -1.9 billion. Overall, important to note, that reflects our usual cash flow pattern that will reverse in the running quarter. Miguel has already mentioned that we do confirm our full year guidance for free cash flow before M&A. With regard to our balance sheet, we maintained a solid net cash position at around EUR 2.6 billion. In order to conclude the financial overview for the group, the key message is quite straightforward. We are executing strongly on performance management and at the same time preserving balance sheet strength while staying realistic about the macro and demand environment. Turning to the next slide, this provides a high-level view of sales and EBIT adjusted development in the third quarter. On sales, overall message is that top line development shows a promising momentum. Improvement was especially supported by Materials Services, now tk accelis, with positive effects from prices and volumes, while other segments such as Automotive Technology and Decarbon Technologies still faced pretty low demand. Let's get to EBIT adjusted. Overall increase was mainly driven by steel on the back of restructuring efforts and more favorable raw material costs. In addition, Materials Services and Marine Systems also posted pleasant year-over-year increases. These developments more than offset the declines in Automotive and Decarbon Technologies. In short, the quarter demonstrates that our performance measures are becoming increasingly visible in the numbers, even though we're not yet seeing a broad-based market recovery across all segments. Let's turn to our segments. First, Automotive Technology. The key message for Q3 is that we are continuing to manage through a soft market environment while staying focused on restructuring and internal countermeasures. Sales remained under pressure year-over-year, mainly reflecting softer demand in the serial business. At the same time, continue to see growth in the aftermarket group and forge technologies. Please also keep in mind the M&A effect from Automation Engineering with closing of the transaction at the end of March 2026. Hence, from an organic perspective, sales were rather flat. On profitability, EBIT adjusted declined in the quarter. Restructuring benefits and our internal countermeasures are visible, but they could not fully compensate the lower volumes and higher special freight costs. On BCF, business cash flow, the development was quite encouraging. Lower investments improved net working capital, both more than offset the earnings decline and restructuring cash outs. As a result, business cash flow improved year-over-year. So in summary, demand in Automotive remains challenging, but the operational measures are gaining more and more traction. Let's move on to Decarbon Technologies. At Decarbon Technologies, we're still facing a pretty hesitant project environment, mainly in the chemical plant business. Customers continue to postpone projects, which together with the usual volatility in the project business, leads to weak order intake and therefore decreasing sales. The main driver of the sales decline was plant engineering, and these deteriorating sales negatively impacted our EBIT adjusted in the third quarter. That was also affected by project-related additional costs in the cement business coming from past legacy projects. Performance measures and efficiency gains resulting from our ongoing restructuring and purchasing optimization could support earnings. However, we were not able to fully compensate for the decrease. Positive news on the last KPI on this slide, DT was able to raise business cash flow, mainly on the back of temporarily favorable payment profiles. Let's move on to Materials Services, now known as tk accelis. tk accelis delivered a clear earnings improvement supported by a favorable market environment, especially in North America, but also in Europe. We saw strong growth in sales that was driven by materials and processing business in Europe and North America, with significantly higher shipments, particularly in direct-to-customer businesses and on the back of distribution and processing volumes. Let's take a look at earnings. EBIT adjusted significantly increased due to supportive market conditions and a very strong operational performance with the North American operations delivering the strongest earnings uplift. In addition, our processing business as well as the European materials business also performed positively. Talking about cash flow, our business cash flow benefited here from higher earnings, partly offset by price increase, network, and capital build-up. Moving on to Steel Europe. Their sales increased in the third quarter, driven by higher shipments, particularly from automotive and industrial customers. However, pricing there remained under pressure, especially in packaging and electrical steel. Moving on to EBIT adjusted, that improved significantly in the third quarter and more than doubled year-to-date. That was mainly driven by restructuring measures, our hiring freeze, operational excellence initiatives, and lower raw material costs. Cash flow. Our business cash flow also improved year-over-year, supported also by government funding for the direct reduction plant that is progressing. Overall, self-help measures continue to deliver tangible results and help offset the challenging market environment. Last but not least, Marine Systems, TKMS. As usual, only a couple of brief comments on Marine Systems, as all operational details have already been presented yesterday. But it's without saying that we, as a majority shareholder, are more than happy with the development of our segment. Marine Systems continues to build a strong foundation for future growth, supported by an order backlog of more than EUR 20 billion. Let's move on to our EBIT adjusted bridge to net income. Looking at the special items, we saw a slight net positive effect that was mainly driven by the HKM exit from early July and its implications, and most notably, write-ups at Steel Europe of round about EUR 400 million in light of a more profitable business outlook of the remaining segment without HKM. As well as the respective impairment losses of EUR 276 million by classifying HKM as a disposal group, discontinued operations. Please note that the actual deconsolidation of HKM with a negative low three-digit million euro impact will be included in our fourth quarter accounts. The remaining positions are rather straightforward after the financial results and taxes. Net income for the third quarter came in at EUR 34+ million. Next chart. Our third quarter reconciliation to free cash flow before M&A. As you can see, in the third quarter, we did not face any material net reconciliation items. Investments are net positive in the quarter, mainly on the back of funding for the direct reduction plant at Steel Europe with an amount of EUR 252 million. The M&A adjustment includes the proceeds for the sale of the remaining stake in AST in the range of a high double-digit million euro figure. Overall, that led to a free cash flow before M&A of EUR -114 million. While the quarterly figure remains negative, it improved year-on-year and continues to reflect the typical seasonal cash flow pattern. Let's have a closer look at our outlook for the remaining year. As Miguel already mentioned, for the full year, we are lowering our group guidance for sales and narrowing for EBIT adjusted, while confirming for free cash flow before M&A. Let's have a look at the details. For the group, sales are now expected to be between - 3% and - 1% versus the prior year. EBIT adjusted is now expected in a range of EUR 600 million- EUR 900 million compared with our previous range of EUR 500 million - EUR 900 million. Free cash flow before M&A is confirmed at EUR -600 million- EUR -300 million, including lower restructuring cash outs of up to EUR 250 million, as well as a somewhat lower CapEx guidance of EUR 1.2 billion- EUR 1.3 billion. Net income is expected to be between EUR -700 million and EUR -400 million, including restructuring provisions, mainly at Steel Europe. At a segment level, there are several adjustments that led to the updated group guidance. Let me highlight a couple of them. We raised our guidance for sales and EBIT adjusted at Material Services and Marine Systems. We also raised our EBIT adjusted guidance for Steel Europe, while becoming a bit more cautious in terms of sales expectations. Overall, the guidance reflects improved operational execution while maintaining appropriate caution on market visibility. And with that, Miguel, it's up to you again. Thank you very much, Axel. Let me wrap up today's call with five key messages. First, we are changing the setup of thyssenkrupp AG into a lean financial holding company. That transformation is in execution. Second, the tk accelis spin-off will be the next visible proof point in delivering on ACES 2030. Third, on the Steel Europe Capital Markets day at the end of September, we will provide transparency on the recent progress and milestones that we have reached. Fourth, we will continue to take an individual approach for each business, including the necessary restructuring to secure sustainable success. And finally, we will leverage the opportunities arising from the green transformation. And with that, we are at the end of today's presentation. Thank you all for your continued interest and trust. Axel and I are now happy to take your questions. Andreas, back to you. Thank you very much. We are now coming to the Qand A session. You know the drill. Please go to Teams and use the Raise Your Hand button, and then please unmute yourself. The first question is coming from Ephrem Ravi from Citi. Ephrem, please. Thank you. Three quick questions. Firstly, should we see the Steel Capital Markets day as a prelude for what you have done for Marine Systems and accelis, meaning a spin-off with holding and then 1: 20 shares? Or is this not a signal to the market that that is the current preferred route of how to unlock value in that business? Second question on Steel Europe again. The reduction in sales guidance, but upgrade in EBIT guidance. Should we take that as more lower volumes, but obviously higher prices and profitability that you are expecting for the last quarter of the fiscal year? And third and final question. Sorry to ask this, I know this is a boring and standard question, but Rhine River levels, in terms of impact on raw material cost, and finished product logistics cost, could you give us a sense as to how much potentially volume impact or cost impact could be because of that development? Thank you. Yeah. Thank you very much for the questions. I would like to start with how to frame the Steel Capital Market day end of September. Actually, as explained, we have been concluding three major milestones in Steel, which was in December, the agreement on the restructuring plan. Then, as mentioned, also the HKM agreement and deal. And third, obviously very important as well is the European Union tariff and quota reduction, tariff increase and quota reduction being in place since July 1st. These three major events need to be, in our belief, better explained, and that is the reason why we are doing this Capital Market day end of September. In order that the impact from these three very important milestones can be interpreted in the right way by you, and that is the motivation for doing this Capital Market day. That we are driving also Steel into independence. I think this has been communicated. This is very clear. But we should, first of all, inform about the three major things that happened, and we take it from there. All right. Hi, Ephrem. Maybe I start with your question on the Rhine River situation. That is something we are monitoring on a daily basis. Steel has set up a dedicated task force for that. We are slightly adapting logistics, and also taking precautious measures at our production. I cannot yet tell you any potential impact. Let us see what the next weeks bring. But there is a laser focus on the topic, and production is all on it. Second, with regard to your question, Steel fourth quarter, exactly as you said, assuming lower volumes and somewhat better pricing. Thank you. Sure. Thanks, Ephrem. Now the next in line is Dominic O'Kane, JP Morgan. Dominic, please go ahead. Thank you. Thanks for taking my question. I have two questions. Again, going back to Steel Europe and the guide that you have given for the full year. I guess my question is: to what extent is the guide overly conservative, or is it signaling quite significant weakness for Q4? Obviously, if we look at your nine months realized adjusted EBIT, you are at EUR 373 million, so you are already comfortably at the midpoint of the range. Given what you are seeing at the moment in terms of the slowdown in Europe, is Steel Europe profitable at adjusted EBIT for Q4? Again, I just want to get a sense of are you actually signaling a materially weaker Q4 at Steel Europe than I think ourselves and consensus might be expecting. My second question, again, just maybe going back to the group structure and the success that you have clearly had on TKMS and accelis coming up. How are you thinking about whether the 51% long term is the right ownership level? Again, we are at a situation where at the moment we obviously have peak demand for defense, very strong performance for that market. How are you thinking about maybe monetizing the opportunity and the strength that you see for both TKMS and accelis at the moment? Thank you. Should I start with your last question? I think it has been very successful start that we did with Marine Systems, and also we expect a good start with tk accelis, with our 51% ownership. There are no plans in the future to monetize that or to change that so far. All right, Dominic. Let me try to answer your question on our Steel guidance. I would say in your words, it is more caution than weakness, and caution is due to a couple of factors. First of all, uncertainty on energy prices, given the quite volatile situation in and around Iran. Then we have touched upon the Rhine River situation. That is also something we need to monitor. There are some upcoming and planned maintenance. That is probably the underlying reason for what we would call more caution than weakness. Could you maybe just elaborate on the maintenance? How long will the maintenance be affecting the plant? It's not an overall maintenance, and you're aware that that plant consists of many huge aggregates. I'd say a major maintenance period is now upcoming for around about two quarters. It's regular business, and that's something we need to manage. That will be Q4 and Q1, just to be clear? Q4, Q1, and also lingering into the second quarter. Okay. Thank you. Thanks very much. I will go back to the queue. Thanks, Dominic. The next in line is Jason Fairclough, Bank of America. Jason, please. Hi, guys. Thanks so very much for the presentation and for the opportunity to ask questions. Two from me, please. First one is on accelis, and then just a follow-up on Steel. First of all, in accelis, obviously a big increase in profitability, and I am just wondering if you could give us some color on how this might be helped by inventory effects from materials that were perhaps previously acquired at a lower price and are now being sold for higher prices versus how much is actual structural profit uplift from running the business better, perhaps in anticipation of the spin? That is the first question. Second question is on the steel business. It is a bit of a turnaround here, right? You previously effectively were looking at giving this away for free. You have now got the TRQ, you have got the announced restructuring. Are you willing to confirm a potential profit uplift in Steel from the labor restructuring of, say, EUR 400 million- EUR 450 million? Well, maybe let's start with Jason, this is Axel. Maybe let's start with accelis, Material Services. The uplift that we are mentioning, the majority is based on volume, but it's also due to the effect you've been describing, selling materials at higher prices. It's a mix of volume and price increases. For Steel Europe, can you specify your question maybe? What do you mean with EUR 400 million-EUR 500 million? You're laying off, you've got I think a total 11,000 people who are leaving the business. 5,500 are leaving. 5,500 being outsourced. If we think about 5,500 and the cost of a steelworker, if we think about the run rate profitability of this business, it could be several hundred millions of euros better than it has been historically. Is that the right way to think about it? I guess we're just trying to think about the profit potential for this Steel business and how it's evolving versus what it was two or three years ago. Jason, this question energizes me a lot, to be honest. I think this is exactly the reason why we are now doing the Capital Market Day end of September, because we want to be transparent in what the different buckets will be impacting the bottom line. Please stay tuned until end of September, and I would like to see you in London, and then we will get you and all the other market participants then informed about what the three big things that I mentioned before will be in terms of bottom line and also in the medium term. It's indeed something very important to communicate. Just so that I understand, historically there was a dual track here, which was separate the Steel business through an IPO like we have done already with Marine, like we are doing with accelis, or potentially pursue a trade sale to a third party. Would you confirm that the focus today is very much on door number one? Definitely. Okay. Thank you. You are welcome. Thanks, Jason. Next in line is Boris Bourdet from Kepler. Boris, please. Hello, gentlemen. Thank you for taking my question. Just as a follow-up on Jason's question on the Steel CMD and potential spin-off. Would that be a minority spin-off or would that be a majority spin-off? Because I remember in the past, you were really much looking to make that business independent. Given the three elements you've outlined like the TRQ, the restructuring, and the deal on HKM, do you see now the lines moving in terms of potential buyers? That's the first question. The second question would be on restructuring. I haven't seen provisions for restructuring moving so much quarter on quarter. Is it something pending that we should expect in Q4? Maybe a very last one on the DRI plant. I remember the total investment was a gross investment of EUR 3 billion, financed up to EUR 2 billion with public funding. I've seen press release this morning pointing to potential renegotiations. What could be the upside here? Thank you. All right. Boris, maybe on the DRI, you're totally right. Overall volume of around about EUR 3 billion funding or public funding is EUR 2 billion. There is no renegotiation on the financial terms or fundings. There is talks around to what extent we need to, let's say, use hydrogen in the first instance. That is something we have been very successfully and very positively negotiating with both the EU on a EU level, but also on a national level. From a financing perspective, nothing's going to change. EUR 3 billion overall, let's say CapEx, and of that EUR 3 billion, EUR 2 billion is publicly funded. That is with regard to DRI. Then your question with regard to restructuring provisions. There is not much more to expect in the remaining year. We've done our restructuring provisions mainly for Steel in the first quarter. We have now, that is also important to realize, in the first quarters, we have somehow anticipated restructuring provisions for HKM. However, as you know, we have now sold our shares to Salzgitter, and that is why there's not going to be any restructuring provisions on HKM anymore. I guess, Miguel, you're going to take the Yeah. Regarding your question about a spin-off in Steel, majority and minority, I would like to indicate, let's please do step by step. The next step, and that's the reason why we announced it the other day, the next step is to get the Capital Market Day for Steel end of September. There we will inform about, as mentioned before, the three major actions that we did put in place. So the restructuring agreement, HKM, and also the increase of tariffs and a reduction of import quota into the European Union, and their respective bottom line impacts that we will see over time regarding these three impacts. Then with the CMD being done, we will then take one step after the other. So no decisions are made As said, we have been making a lot of good experience with getting really very organized step by step, and we will do so the same way for Steel. Thank you. Thanks, Boris. Next in line is Alain Gabriel from Morgan Stanley. Alain, please. Thank you for taking my questions. I have three short questions. The first is on HKM and the impact of that business that it had on the Steel Europe. Now that you are stripping out HKM, can you give us an order of magnitude of the impact of that business, upside or downside to your underlying Steel Europe EBITDA or EBIT in that sense? That is one. Then two, on TK Elevator. If you were to hypothetically sell your stake today, will you be incurring any capital gains taxes? Then three is on your free cash flow guidance. You have lifted your EBITDA or EBIT, you have cut your CapEx, and yet your free cash flow remains unchanged. Presumably, this is entirely a change in assumptions on the net working capital, or is there anything else that you have changed? Thank you. All right. Thanks, Alain. Maybe let me start with HKM. We cannot quantify the EBIT impact, but I think I can give you a little bit of, let us say, of a calibration. By selling HKM, we were able to write up our Steel business at an amount of around EUR 400 million. That should give you an impression, let us say, what the impact has been over the past years. So it is a positive impact on our Steel business that we have sold our shares to Salzgitter. Hopefully, that put that into perspective, HKM. Then free cash flow. We are expecting still restructuring cash outs. We have confirmed our guidance. Again, EUR -300 million- EUR -600 million, and we are quite optimistic in order to reach that guidance. Can you specify your question with regard to TKMS? That was not so clear to me. Yes. You do have that on your statement, on your balance sheet at book value. If you were going to sell your stake, let us say, at market value today, would you be incurring any capital gains tax? Or do you have some tax losses that you can write off against it so that you can sell it at market value? Yeah. I would say, from the top of my mind, capital gains tax would be insignificant. Okay. Thank you. Very clear. Thanks, Alain. Now the last one currently is Bastian. So in order to ask a question, if you still want to ask a question, Raise Your Hand. But now, Bastian Synagowitz, Deutsche Bank. Bastian, please. Yeah. Hey, good morning. Thanks for taking my questions as well. I start off briefly on Automotive Technology, I guess where you have been cutting your guidance. But I guess if we extrapolate what this now implies for your expectations on the fourth quarter, it would still be obviously an improved performance relative to Q3. I guess usually there is also a bit of a softening Automotive seasonality. So could you please help us to understand what is driving this improvement? I suppose it is restructuring. But I guess when we look at the overall restructuring cash out, which you are guiding for, I think it has gone down to EUR 250 million from EUR 350 million before. So is this just a deferral, and why is the restructuring pace being slowed here? That would be my first question. All right. Bastian, this is Axel. First of all, Automotive remainder of the year. There is still some way to go. But honestly, it is a similar pattern you have seen throughout the past years. And part of the Automotive business is also claims management towards the end of the quarter, particularly towards the end of the fiscal year. And that is something the guys from Automotive are also pushing on heavily. And that is part of the reason or that is a major source why we expect Automotive to come up what we have guided for. So it is basically short answer is claims management. Then second part is free cash flow. Reduction, yeah. Bastian, we are not slowing our pace. The EUR 350 million was also part of the figures was also related to HKM, which we are now not restructuring, but we are selling. The remainder is going to become visible also for the next year. So what we see is our FTE decrease in SE is currently still the majority coming from our hiring freeze, but the real restructuring is more and more kicking in, and that is something we are going to also report to you over the next quarters. Okay, great. Very clear. Maybe just given that you mentioned HKM, maybe starting with that as the next question. I guess given that the transaction here is now finalized, can you just update us, I guess, the provisions for any potential future payments to HKM? Will these sit in the Steel entity or in the parent entity, please? Yeah. Thanks for the question. I am happy to answer that because we have made a clear cut. We have transferred our pension provisions to HKM, so nothing is going to sit with Steel or with TKAG. Got you. I was actually referring more to any potential future payments for restructuring decarbonizations, where I thought there was still a difference. I think you mentioned it in the last calls that some of the potential payments would be in a deferred way and come just in the future years. I was just wondering, will this be made out of the parent entity or of the Steel entity? Okay. You are meaning the pattern. Let us say we have guided a low to mid three-digit million euro number for HKM, and that is going to come over the next three years. It is going to be paid off from Steel. From Steel? Yeah. Got you. Okay, perfect. Just maybe looking at Steel again and just given the overall refinancing and separation you are currently working on a business unit level, can you already give us some color on the starting balance sheet, which you are aiming for Steel? Whether you are planning to equip the entity with a certain portion of your net cash, which you still have on a group level? I guess when we look at accelis as a comparable case, I guess it has been allocated actually with some debt on top of the pensions. In Steel, you have already been investing heavily over the last couple of years, and now the economics are clearly improving. There is obviously a lot of restructuring on the way, but then there is obviously the pension restructuring and maybe still a bit of an unknown on decarbonization. What are your thoughts here? Yeah, Bastian, I totally appreciate your interest in that question, but it is too early to talk about. We are going to talk about the right capital structure for the business when time comes. We are really looking forward to talking about the performance of the Steel business in our upcoming Capital Markets Day in September. Okay, great. Then last one. Could you maybe help us with how much out of the EUR 3 billion budget for the transformation and DRI plant has been paid already, relative to what is still due in the next few years? Yeah. First of all, again, referring to what I have mentioned a couple of minutes ago, overall, around about EUR 3 billion, and of that, EUR 2 billion funding. So far, we have received around about EUR 1 billion of public funding. Okay. How much have you been paying then on a gross level for the project? If you say relative to the EUR 3 billion, how much of the EUR 3 billion have you been paying in total? Yeah. So around about net payment after funding, this has cost us so far around about EUR 300 million. Okay, so EUR 1.3 billion gross then. Yeah, got you. Okay, great. Thanks so much for the color. Sure. Thank you very much. There is a follow-up question from Jason. Jason, please. Yep. Thanks, guys. Just wanted to chat a little bit about the pensions. This is a bit of a bugbear for a lot of people in the market. I think historically you've said that about half of the EUR 5 billion is associated with Steel. Maybe you could give us a little bit of color about how much of the pension is actually leaving with HKM. Then again, as we think about all these businesses being deconsolidated, is it time to start thinking about an attributable pension liability rather than a consolidated pension liability? Yeah, Jason, this is Axel. First of all, you are right. Pension provisions overall amount more or less to EUR 5.2 billion. It is also true that about half of it is with Steel. What has been transferred to HKM is not a significant number. If I am not mistaken, it is a low three-digit million euro number. Yeah. Okay. So again, on a go-forward basis as we think about all these carve-outs and spin-outs and IPOs, historically the view was let us deconsolidate Steel and we deconsolidate half of the pensions. Is that still a consideration or has that moved to a bit of a back seat? Well, it depends on the capital structure, and pensions, as you know, is a part of the capital structure. Ideally, every business, every segment is able to finance on its own its capital structure. So does TK MS, and so will do tk accelis. To give you an example, with tk accelis, we have also transferred pension liabilities that can be, let us say, tied to the business. So if we look at the, because I think it is the annual cost flowing through the income statement is about EUR 300 million- EUR 400 million, or is it EUR 300 million and then the cash payments is EUR 400 million? I assume that is broadly correlated with the actual pension liability. So again, if we look at that payment, half of that payment is being made by the Steel business. Is that the right way to think about it? That is absolutely correct. Okay. I guess again, I think we probably need to go in and have a think about just treating this as 100% consolidated debt. Maybe it feels like we are being a bit too harsh on it. All right. Understood. Thanks, Jason. Klaus Ringel from ODDO, please. Yes. Hello, everybody, and thanks for taking my question. Just one thing on the bullet point in the presentation where you said that you want to leverage your opportunities of the green transformation. Question here, if this is within the existing, let's say, technologies and then assets, or would you also look beyond? Some color here would be appreciated. Thank you. Well, I think the green transformation has been driven in Decarbon Technologies on one hand, and on the other hand, in Steel with the DRI. We have seen, over the last three years, very hesitant markets in around clean fuels overall, and of course also impacted by the regulations not clear, so policy frameworks not clear, but also by a geopolitical impact. Having said that, we are focusing, of course, very much still on the technologies that we have currently on hand. That will be so for the next time as well. As soon as markets stabilize and we have a much better visibility of what will be coming regarding clean fuels, then obviously situation can change. But for the next coming time, we will exploit the technologies that we have right now on hand. Okay. Thanks for the clarification. Thank you very much. That seems to be all from your side. Thank you very much for participating. Thanks for all your questions. If you have follow-up questions after the call, please call myself or the team. Thank you and have a great day. Thanks, everyone. Bye-bye. Bye-bye.