Good afternoon, everyone. Thanks for joining us here in London for the TI Fluid Systems Capital Markets Day. I'm Kellie McAvoy, Director of Investor Relations, and I'm the newest person on stage today. I joined at the beginning of the month. I know some of you already in the audience, and I'm looking forward to meeting more later. Before we start, this is our disclaimer covering forward-looking statements, which I will take as read. Could I also ask that everyone makes sure that their telephones are on silent at this point in time? We have a busy agenda, as you can see on the screen, with presentations from a number of our management team. We'll wrap up formal presentations around 5:30 P.M., and then take questions. Finally, we'll split into groups for the technology tours. We have some great products here to show you today, and the tours are going to be led by members of the team who aren't presenting, so also your opportunity to ask them some questions. Even better, the tours will be accompanied by drinks and canapés. So that's enough from me. Let's get started. Over to you, Hans. Well, thank you, Kellie, and good afternoon. Thank you all for being here today, and welcome to our already third Capital Markets Day. I'm really delighted to share our story with you here today. I do know many of you already, and I'm grateful for the support you've given TI and myself over the last two years, but I'm looking forward to meeting those of you who are newer to our story, too. There are three key things that I want you to take away from today. The first is, TI is a great business. It's built over 100 years of innovation. We are the market leader in fluid handling, and we're growing towards similar leadership when it comes to thermal management for the automotive industry. Now, as you know, the last couple of years have been some of the toughest in the automotive industry's history, but I am confident that we will continue to recover strongly as volumes return. Secondly, we expect strong top-line growth, and we are very well positioned for the largest growth in the sector, namely electric vehicles. So today, the team will set out here a plan on how we're gonna deliver this growth. We will also demonstrate how this will more than offset any of the declines we can see in our ICE business or internal combustion engine business. And finally, we are on track to return to double-digit EBIT margins in the midterm, as you could already see from our H1 performance. Now, let's get into the detail of our strategy. As I said, we plan to deliver strong top-line growth and profitability. There are three components to this top-line growth. Number one, it's expanding our core fluid handling business. This is what we call lines and connectors, and you will see some of them here in the room later. And especially lines and connectors for electric vehicles. It's truly an existing product area, and electric cars require even more lines and connectors than ICE vehicles do. So at TI, we already have the products, we have the footprint and the customer relationships to accelerate growth as we transition from ICE into electric vehicles. Two, we are targeting growth in what we call modules and systems. Now, a module, it's a product in the car that combines different components into one module for the coolant and the refrigerant system. I do understand this might not mean a lot to you here and now, but Johannes will explain this later in greater detail, what this exactly is, and why this is gonna make a difference for us. Important to understand, it is a market where electric vehicles will drive significant growth potential for our company. And thirdly, we will enhance our position in China, and that we will do under the leadership of the Asia Pacific president, Henri Tsang, who will talk about our growth plans in this market later. Now, turning to profitability, our clear midterm goal is to return to double-digit adjusted EBIT margins, as I said before. As the first half of the year showed, we are making excellent progress, and Alexander will talk us through the building blocks of this later. And underpinning these key pillars are some critical enablers. It is technology, enhanced capital allocation, and ESG initiatives. This, combined with moving to a new regional structure, which I will come on to shortly. In summary, we have a clear target to grow revenue and improve profitability, and our bookings and recent H1 results show we are on track. Now, allow me to step back for a moment to briefly look back at what we have achieved. We operate in an industry that is always changing. TI has been in business for 101 years, and for over a century, our story has been about innovation, adapting to the times, helping to make vehicles greener. At our first ever Capital Markets Day back in 2019, we unveiled our first electric vehicle, or EV, strategy, and we followed this up with our first EV bookings. After our second Capital Markets Day in 2021, and just after I was appointed CEO in October of that year, it was very apparent to me we needed to accelerate our electrification strategy. This is the point in time we defined our Take the Turn strategy, focused on technology, transformation, and talent, the three Ts. In this strategy that has already delivered, we had up to EUR 1 billion of bookings for BEV lifetime awards in 2022. That was about 40% at that point in time of our total booking awards. Now, today, today is the next step in the acceleration of our strategy. We're gonna go from Take the Turn to Taking the Turn, because I believe we are taking the turn. You can see it in our recent results, our EUR 0.7 billion H1 2023 BEV bookings, and our technology advancements. But not just that, we are doing it also in a more sustainable way. Therefore, today, we are announcing our 2026 target of revenues of EUR 3.8 billion-EUR 4.2 billion. That's a growth of 15%-28%, well ahead of the market. And our 2030 ambition is a revenue of at least EUR 4.5 billion. I understand that our plans are ambitious, but I believe we have the right strategy, we have the right people, we have the right assets, and importantly, we have the enthusiasm to deliver this. Now, the last two years have been a perfect storm for the automotive industry. But what dictates TI’s success? It's not the external market, it's our culture and it's our purpose, and in order to adapt and be successful, we have to bring change from within. We need the commitment and the engagement of all our 25,600 employees all over the world. So I am working hard to instill a winning culture across our global teams, and this is guided by what we call our six mindsets for success. These include elements like win as a team, embrace change, and be a continuous learner. It is my desire, and it's also my expectation, that everyone at TI embraces these mindsets and applies them to the work. You know, when a company has a shared mindset, it is in a stronger position to reach its shared goals and to achieve our purpose of making the world a better place by making our products greener. While doing this, I am convinced this is the way to create value, and it's actually the true sense of Taking the Turn. Now, this next slide here sets out our revenue ambition. As you can see, we expect strong revenue growth, driven by the increasing vehicle production and by the additional opportunities from the transition to electrification. The bottom half of the slide sets out global light vehicle production, or GLVP, and this forecast is to increase by 97 million cars by 2030, what's 18% up versus 2022. For 2026, based on these market forecasts and at constant currency, we target revenue in a range of EUR 3.8 billion-EUR 4.2 billion, as I said previously, a growth of 15%-28% ahead of the market, and ahead of the market. We do have good visibility on this target, with more than 70% of the 2026 revenues have already been booked. For 2030, our ambition is revenue of at least EUR 4.5 billion, or a growth of over 35% compared to 2022. Again, well ahead of the market. Now, please allow me to dive now a little bit deeper into the building blocks of our growth ambition. Our starting point is 2022, when we delivered a revenue of EUR 3.3 billion. The key driver for our future growth will be the electrification product lines. This is what we refer to as thermal products, and you will hear that term more. These are mainly the lines and connectors needed to cool and heat electrical vehicles, especially batteries and motors in the electrical car. EVs simply need more of these products, so electrification increases the revenue potential of our core thermal products. The second block relates to market share growth in China, which is underpinned by strong bookings, and Henri will tell you more short about that in detail. And then third, modules and systems. This combines the several functions and components that are traditionally positioned in different locations in the car. We expect this new growing market to make a contribution over the next three years and to really grow strongly after 2026 when the market has evolved. Finally, I think as we all know, our revenues from ICE will reduce. However, you can see that this will be more than offset by the growth drivers I just talked through. We are well prepared to manage the ICE transition, and remember, our ICE business is profitable and is cash generative. This provides us with the cash to reinvest in our electrical future. Now, I'd like you to take you through a little bit closer look at these components of our future growth. On the next slide, we cover our most important growth driver, our lines and connectors in thermal products. If you will start with the image on the left, you will see these green lines, or green structure there. That represents the coolant and refrigerant lines on combustion engine vehicles. Now look at the BEV image on the right. You can clearly see that the BEV has far more lines. It's mainly because of their large batteries, which require cooling and heating. Actually, the length of our lines between an ICE and a BEV increases by a factor of two to four, and that is similar for connectors. The numbers of connectors required on a hybrid electric or EV is between 5x that of an ICE vehicle. So taken together, with the forecast growth in EV production, it is really an exciting opportunity, as shown in the graph. We at TI are perfectly placed and positioned to supply these products with existing know-how, with existing people, and with existing assets. I also want, like to mention that our recent announced acquisition of Cascade Engineering Europe fits perfectly with these targets. It increases our market share and market reach for thermal connectors. So progressing along the revenue bridge to modules and systems. This is another opportunity created by electrification, and again, it leverages our core products. Modules provide strong efficiency gains, so they are very attractive to the OEMs. They are also linked to EV, and so this module market is forecast to increase materially to around EUR 10 billion by 2030. Johannes will tell you more about the specific solutions we are developing, and how we will achieve our targeted 5%-10% market share of these modules. Further to that, Johannes will talk about how we have a differentiated offering in this space, how our speed of development, our local manufacturing, and great energy-efficient products will make a difference. Those are actually the key market drivers. Moreover, we can also apply our existing blow molding technology, which is currently used for our fuel tanks production, exactly into these modules. It's a special feature that holds several technological advantages. We had some very encouraging recent wins with a large German and Chinese OEM, and we're making very good progress in this field. Now, the final component of our growth, China. Notwithstanding the somewhat slower pace we currently experience in China, we believe this to be temporary, and we will see continuation of the strengths of the Chinese market. Our strategy is to take full benefit of our strength position in China. The entire industry has been surprised by the rapid rise of the Chinese local OEMs, and especially about their ability to bring cost-competitive electric cars to market. What we did is, we refined our strategy and focused on growing market share with local OEMs, while continuing to pursue our global OEM customers. We are doing this by focusing on four specific elements: local speed, local specifications, local suppliers, and local development. We are winning in this field as our bookings and launches are showing, and the success of it will be accelerated by our move to a regional structure, which I will explain shortly. The final component of the revenue bridge relates to our ICE business, and I like to directly address the question, "Well, what are you gonna do with your ICE-related assets and resources?" I do believe that TI is in a strong position. We don't need to spend large amount of money on restructuring, and we can reallocate people and assets to the electrification growth market. But allow me to speak a little bit more about the people. The vast majority of our people currently work in our ICE business, but first, we're gonna need large numbers of people for making our EV product lines, as you can see on the graph. So we can transfer our people across to this new electrification business, or we can just continue to work on the product lines that can be used in an ICE or a BEV vehicle, like for instance, our brake lines. Only a small part of our workforce will be subject to restructuring, which means the restructuring costs will be at similar or lower levels than we've seen historically. From an asset point of view, we will reduce our investment in ICE and leverage the strong cash flows to reinvest in our growth. We do not expect large impairments as we depreciate over the remaining volumes, and to the maximum possible, repurpose or sell our ICE assets. For example, we can utilize some of our blow molding capacity in FTDS for thermal module manufacturing. TI is very well, and actually, to some degree, uniquely placed to make the transition to electrification without incurring major costs, and again, mainly by repurposing and reallocating resources. Now, moving on to M&A. Acquisitions will play an increasing role in our future. We are looking at bolt-on acquisitions with two strategic objectives. First, market share expansion in lines and connectors. And secondly, expanding our portfolio by vertically integrating mechatronics. Now, mechatronics are components that are generally integrated in these modules for electric vehicles, and you will be able to see them later. So we have announced our first acquisition, Cascade Engineering Europe. It is a Hungarian-based business that helps us increase market share in thermal connectors, but it also broadens our offerings in the specialty connectors. We are very pleased to welcome Cascade Europe to the team, and look forward to leveraging their know-how and to expand in other regions. For both sides of the strategy, we do have an active pipeline of deals, so please, please stay tuned. On the next slide, you can see how we're changing our organizational structure. This will ensure we are fully aligned with our customers, who are becoming more and more regional. Secondly, that we increase our employee flexibility between all our product lines. And thirdly, that we can capture synergies, particularly as we transition to our product portfolio for electrification. If there is one thing that is driving the industry forward, it's the price of electric vehicles. So as a supplier, we need to remain competitive for the future and be part of delivering cost savings for these product lines. So addressing and adapting to this accelerating pace of change is best done at local level, and by ensuring our local teams have the tools they need to succeed. So we are moving to a regional structure. Actually, all of our regional presidents are in the room today, with Steve Vercauteren, in the back there, who becomes our president for Europe and Africa, Stefan Rau becomes our president of the Americas, and then Henri Tsang, our new Asia Pacific president. Henri is presenting today, and you will have the opportunity to meet Steve and Stefan during our product demonstrations later if you have any question. So we have a lot to get through this afternoon, but before I pass over to my colleagues, I'd like to sum up some of our key takeaways here. First, we are focused on driving profitable growth. We will sell more lines and connectors. We will win share in the growing market for modular system products for electric vehicles, and we will return to double-digit margins. Secondly, we are managing the transition from ICE to EVs. We will do this mainly by repurposing people and assets, and partially, to a lesser degree, by restructuring. And finally, our China focus. We will capitalize on our strengths and history in this market and take benefit of the growth in this very distinct market's rapid EV transition. All of this puts us in a strong position for the future. TI Fluid Systems is taking the turn to a very successful future, and we are winning. Now, with that, I'd like to hand over to Johannes, our Chief Technology Officer, who will talk about all the products and how our products will drive our growth. Thank you. Many thanks, Hans, and good afternoon to our investors and partners. It is a great pleasure to be here to share some insights of the market transformation and its opportunities for TI. Moreover, I specifically want to introduce you to our technology strategy as part of our Taking the Turn strategy, and how it will drive our future growth and profitability. We have great products, and I believe that our scope of maximizing efficiency, reducing emissions and costs, is ensuring that we win with our customers. So what is TI's winning technology proposition? Let me explain in the next slides. I know many of you in the audience are not technical experts, and so I want to keep this presentation overall not too technical. Basically, our technology and products are at the heart of our future growth. But what does that mean? You have heard from Hans about the impact thermal management will play in our growth strategy. This starts with our backbone, our existing portfolio of conventional lines and connectors, where we have tremendous growth opportunities driven by electrification. Secondly, Hans also referred to opportunities in modules and systems. Modules and systems combine thermal management functionalities into one compact unit. I believe that we at TI have a unique customer proposition in this growth area, an area which I will explain shortly. Finally, we have a product strategy that is fully aligned with the market needs and its transformation. And the great thing is, we can do this by leveraging our existing technology. As you have heard, TI has been around for over 100 years. During that time, we have built a portfolio of conventional products with strong market positions. Let me remind you of the conventional products we make today, as shown on the screen. On the left-hand side, you can see our connectors, refrigerant, and coolant lines, as well as our brake and fuel lines. We are a global market leader in all these fluid handling products. These technologies are playing a crucial role in our future growth. The combustion engine-based technologies on the right-hand side are also important, as they are applied in ICE and hybrid vehicles. We are a key player in this market, especially in the high-pressure tanks needed for plug-in hybrids. One of our central manufacturing competencies in our tank business is blow molding. Just remember this when I talk later about modules. Let's take a step back for a moment and consider the market drivers in our rapidly changing industry. Emission reduction, meeting global climate and legislation requirements, is one of the main driver in technology transformation. We also need to manufacture cleaner, green products, and we need to do it in a greener way, using more sustainable materials. The third aspect, and the most substantial driver for the industry, is the transition to battery electric vehicles, which creates new opportunities for TI. The biggest challenge for battery electric vehicle manufacturers is improving efficiency. OEMs need to find ways to increase driving range, reduce charging time, and to remain cost competitive. These factors are driving our technology roadmap, developing cleaner products for electrified vehicles, and addressing our BEV customers' efficiency needs. As we stated before, our customers are focused on maximizing efficiency, while minimizing emissions at a competitive cost. What is TI's product strategy to meet these needs? In many cases, efficiency is about improving weight. If we can reduce weight, we can reduce consumption of energy, so longer driving range and reduce costs. For many conventional products, we developed lightweight alternatives, such as our nylon plastic-based multilayer coolant lines and our thermoplastic refrigerant lines. Both are more efficient, cost-competitive, and weigh less. Our latest product innovation are our integrated thermal modules. This is an evolutionary step focusing on maximizing thermal management efficiency through the highest level of functional integration. Finally, there's our PHEV tank technology, answering the specific requirements of mainly plug-in cars. Our specialty technology for PHEV vehicles has been very successful. Additionally, the blow molding production expertise to produce tanks creates the basis for our thermal modules. As you can see, our product strategy is fully in line with the market demands of maximizing efficiency, minimizing emissions at the highest cost competitiveness globally. Now, I'd like to talk about how industries pivot to electric vehicles, significantly increases opportunity for TI, for our thermal management product lines. I know we've mentioned the terms coolant and refrigerant several times, so let me briefly explain the difference between the two, using the example of your fridge at home. The refrigerant is the energy source, providing heating and cooling. The refrigerant loop typically contains an electric compressor, valves, an accumulator, a chiller, and AC lines. A fridge has the same basic principles as the refrigerant loop in a battery electric vehicle. A battery electric vehicle has, in addition to a fridge, a coolant loop, transferring heating and cooling to different components in the car, like the battery or the electric motor. Both of these loops are distinctly different in their specification, but both requires lines, connectors, and finally, modules. The goal is to deliver highest thermal management performance at the lowest energy consumption. Working from left to the right, the green and blue lines show where TI's thermal products are used in vehicles, and it's very clear that there's much more thermal content as you work your way across the slide. Hans has already outlined the significant increase in coolant lines and connectors in battery electric vehicles. I'd like to explain why. On a traditional ICE vehicle, thermal management is primarily focused on the temperature control of the combustion engine and the cabin. On battery electric vehicles, the temperature control also needs to cover the cabin, but more importantly, it must control the temperature of the battery and the electric motor, as they're critical to ensure performance, driving range, battery lifetime, and system health. This significant increase in thermal management is driving the increase in lines and connectors, and creates an additional opportunity for TI. It's not just the length of the lines, but also the multilayer construct adapted to the specific temperature, pressure, emissions, weight, and cost, that makes these applications special. But how can we combine the significant demand in thermal performance with the maximization and efficiency the market requires? The answer: our modules and systems, which targets highest compactness through functional integration, less packaging, less energy loss, less weight, and overall, it's more cost competitive. A great step for TI to become a system provider in addition to component supply and thermal management. I'd like to elaborate on our lines and connectors. As you have learned before, this is an important and a growing business opportunity for TI. Given that market growth opportunity, as well as the market requirements in emission reduction and efficiency improvements, we have invented our next generation of coolant and refrigerant line portfolio. To give you an example, traditional refrigerant lines are crimped combination of aluminum and rubber tubes. They're heavy, more costly, and overall, do generate high emissions in production. Our latest lightweight nylon plastic-based multilayer lines provide the customer full benefit in performance, while significantly reducing weight and costs. We see weight reduction from 30%-60%, pending the application. That is a significant, and moreover, it generates low emissions in production. Our strong global production footprint, producing multilayer lines for the last 100 years, provides us benefit from existing equipment to minimize investments. Then, we have our connectors, which cover the full range from ICE to BEVs. We have a strong portfolio, enhanced by the anticipated closing of our acquisition of Cascade Engineering, which additionally expands our offering, particularly for electric vehicles. These technologies are gaining lots of customers, customer interest, and form the base for the majority of thermal nominations globally of our thermal nominations globally. As we have talked about our conventional product portfolio and its great business opportunities in electric vehicles, I wanna draw your attention now to our new generation product portfolio in thermal management, our modules. Let me first explain to you what a module is. Now, on the left-hand side, you have a conventional coolant architecture, which uses historic technologies. As you can see, it is very convoluted, bulky, and somewhat disorganized. Translating this into thermal management, it is very inefficient, needs lots of space, weight intense, and overall, needs high effort at vehicle installation. So I guess you can now imagine the lack of efficiency I'm referring to. This is where modules play a crucial role in the efficiency of electric vehicles. Our module, on the right-hand side, is clear, concise, integrates functions and components, like valves, pumps, or a reservoir. It has been smartly designed into one compact module to maximize efficiency, to minimize emissions, and overall, to be cost competitive. This flexibility and scalability is only possible because of our blow molding expertise, coming from our tank technology. Remember, I spoke about this earlier. It empowers us to design all kinds of geometries, combined with the highest flexibility of functional integration. This specific combination of competencies is our market differentiator. You'll have the opportunity to learn more about our modules and its benefit during the tour. Now, let's talk about some facts and figures. On the slide, you can see a benchmark example of an electric vehicle, equipped on the left with a classical coolant loop. On the right, we retrofitted it with our TI coolant module technology. I wanna draw your attention to the significant savings you see on the right using TI's module design. A 33% weight reduction, combined with 30% less subcomponents, and 67% faster installation in the car. This is truly the reason why we believe this module market to grow, and why we are well placed to take share, especially given that this additional cost saving is only possible because of our blow molding technology. Improvements that our customers can see, feel, and measure. Let's take a closer look at our coolant module portfolio. We have several different components representing functions that we can pack onto a module, depending on customer needs, and we have a full set of modules. As you work your way down the slide, the level of components increases from our basic ITMA 1.0 to our most sophisticated ITMA 1.4. The pictures you see are vehicle-based solutions designed by TI to address specific customer challenges. Now let's move on to our refrigerant module portfolio, and again, it is the same concept. The level of integration and sophistication increases as you move down the page. We offer a range from a single refrigerant line to a refrigerant module with maximized content. As we do have refrigerant modules in production, we continue our pace of vertical integration. Now, I told you the market demands maximized efficiency, with minimized emissions at competitive costs. This is clearly in line with our module strategy. As an example, our modules are targeted at up to 20% efficiency improvement, increasing the driving range and/or reducing charging times. Again, you will see during the tour the exceptional value of our portfolio. As I have presented over the last 15 minutes, our technology roadmap and strategy have outlined how our portfolio range is key to our competitive advantage. We cater to all customers, from ICE to battery electric vehicles, whether they want lines, connectors, or modules. TI provides a one-stop shop. We are evolving from a respected thermal components supplier to a solutions provider with a module proposition. Our system and simulation competence enables us to develop best-in-class technologies and customized solutions. Our e-Mobility Innovation Centers, strategically placed next to our customers, empowers us to jointly develop the highest efficient thermal management technologies at an early stage of their vehicle design. On the right side, on the right-hand side of the slide, you can see some of our latest successes in modules and lightweight technologies going into production worldwide from next year onwards. Beyond these, we have a remarkable number of early joint developments that should drive further growth. As the transition from ICE to BEVs opens huge potential in our conventional thermal lines and connectors, as well as on modules, we see additional opportunities as follows: sensor cleaning for ADAS functionality requires fluid handling. Our coolant lines are very well suited for this application. Second, the centralization of multiple electronics into one domain controller opens additional opportunities for TI in thermal management. These two drivers increases the overall line content of a battery electric vehicle by a factor of eight, from five meters on an ICE vehicle to 40 meters on an autonomous battery electric vehicle. As our conventional technologies will drive our midterm growth strategy, our ambitions do not stop there. As you all know, the industry is changing at a fast pace, and so I wanted to give you a tease of what else we are working on. We also produce hydrogen lines, benefiting from decades of know-how in the production of stainless steel tubes for powertrain applications. And there's more to come. Battery housings and new energy storage all need thermal management, and here we can also put our blow molding capabilities to use. Electrification opens additional growth opportunities for TI. So great market opportunities and product strategy alone aren't enough. We also need close customer relationships. This means being locally available, cooperating locally with customers so that we can develop products that directly address their individual needs, and quickly. Our e-Mobility Innovation Centers empower us to provide the right technology solutions with a competitive time within a competitive timeframe. Most importantly, we do this by working with the customers to jointly develop future technology solutions. We are more than a component manufacturer. Our eMICs are an important aspect of how we become an engineering partner for our customers. In conclusion, our technology strategy is well aligned with the accelerating pace of electrification. More than that, we understand what our customers want: maximized efficiency, minimized emissions at a competitive cost. We are not just developing products that meet these needs, we are actively providing customized solutions. This is what makes TI unique and drives our future growth. I will now hand over to Henri, who's going to tell you about our strategy in China. Thank you for your attention. Thank you, Johannes. Good afternoon, ladies and gentlemen. I am Henri Tsang. I have the great pleasure of presenting our China strategy. I have been working in the automotive field for 30 years, with more than 20 years in Asia Pacific and in China. I have had the opportunity to witness and to participate in the incredible growth of the Chinese automotive market since 2000. To give you an idea, in 2000, China was only producing one million light vehicles, and in 2022, they produced 26 million. It has remained a growth market in recent years, growing in the range of 5%-8%. The fundamental strength of the Chinese market has not changed, and we are looking forward to a prosperous future there. Some key message for today's presentation: the Chinese automotive market is dynamic and driven by electrification. We have a great business in China. We have been there for nearly 40 years, and we are the market leader in many of our product lines, particularly in brake and fuel lines and in fuel tank systems. Our future strategy is to focus on the local OEMs who are growing very rapidly. We are particularly focused on the BEV and PHEV segments because China is the leader in the shift to electrification. A big component of this will be the growth in our thermal product lines. These are already driving growth, will play a big part in our future, as Hans has already shared. Finally, I will show you some of our wins to demonstrate that our strategy is already delivering. First, let's have a look at the Chinese automotive market. It's very different to the other markets we operate in. It's a growing market with 26 million light vehicles in 2022, forecast to grow to 32 million in 2028. My first observation is that the growth is mainly coming from the BEV and PHEV market. The BEV and PHEV penetration ratio was 26% in 2022, and is expected to more than double by 2028. The second observation, it's the Chinese local OEMs are growing in importance with higher and higher market share, especially in the BEV and PHEV segments. In the top five BEV, PHEV players in terms of volumes, you have three local OEMs, such as BYD, Geely, and Changan in 2028. Why you still have global OEMs such as Tesla and Volkswagen? BYD is a great example. You can see on the slide that they are expected to more than double their volume by 2028. Why is this? BYD is growing so much because they are positioning themselves as a pure BEV, PHEV carmaker. They drive faster development cycles, they have competitive designs, they have a high degree of vertical integration, such as in-house battery, and they locally source all their components. This is also how we are setting ourselves up, so we can take full advantage of that growth with local OEMs. And other local OEMs are just like BYD. They have different requirements than global OEMs. They demand faster development cycles, as low as one to 1.5 years, while global OEMs development cycles are from three to five years. They require competitive prices through competitive designs, specifications, and local sources. They make local decision with global ambitions to implement overseas production. The question is: How can we capture this growth in the BEV and PHEV market with local OEM? Let me tell you. First, as you can see here, we are growing from a position of strength in China, and we are enhancing this with our new regional structure. We have strong foundation. We have been in China since 1985. That is 30 years age-old of knowledge and relationships, and it gives us first mover advantage. In such a dynamic and rapidly changing market, a key success factor is being able to make independent and quick decisions. Having wholly owned operations is the big advantage. It means we can react quickly. We have 20 plants close to our customers, and we are responding to the market. We are currently setting up a new facility in the central east of China, in Hefei area, which is a major electric vehicle production hub for OEMs, such as BYD, Changan, Nio, Great Wall, and also Volkswagen. We have been really successful with our strategy of localizing our supply and of vertical integration. In the last three years, we have accelerated our localization and vertical integration strategy because we could see how the market was changing. The steps we have taken mean that today, the sourcing we are making is around 80% of our local content from local suppliers. We have a strong and stable local team, building good relationship with customers, based on tailored technology offers. Now, we are enhancing the strong foundations by regionalizing the strategy with a focus on growing BEV and PHEV business through thermal product lines, and on increasing the position with local OEMs and Tesla. So these are the foundations that we're building on and the benefits of regionalization. But how are we answering the local OEM requirements that I highlighted in the former page? Let me walk you through our strategic offering. First, we are increasing our development speed with our E-Mobility Innovation Center opening in Shanghai in October this year. This eMIC will be a one-stop shop, including design, simulation, prototyping, system testing, and vehicle testing for our thermal solutions. The eMIC will also have a dedicated local team to provide the full capability and the speed to respond to local OEMs' requests. We are also designing products to local specifications. For example, we have recently designed some new brake line solutions that are adapted to the BYD specifications. We are also adapting the design of our rubber hose solutions, so they fit with local OEM BEV specifications. And finally, we will continue our localization strategy. We already have very strong local content, but there's scope to source more of our materials and components locally. This slide sets out the growth ambition for our Chinese business as a whole. Our China sales ambition, it's to grow with local and global OEMs from EUR 670 million in 2022, up to a range of EUR 1 billion-EUR 1.2 billion in 2028, with two major product groups. This looks like a lot of growth, but I understand that is what the impression would be. But let me talk you through the building blocks of how we will deliver this growth and the recent achievement that made me confident of delivering. Our starting point is 2022. If I take our conventional products in our existing portfolio, you can see we expect reduced ICE sales, but this will be offset by increasing HEV and PHEV tank sales, and also sales of EV brake lines. Moving to the second group, these are our thermal products, which are mainly EV thermal lines, modular systems. Here, we expect strong growth. In line with how the Chinese market is expected to develop, our growth will be driven by local OEMs in BEV and PHEV sales. We expect their shares of our revenue to increase from 30% in 2022, up to 55% in 2028. Our achievements so far show that we are on track. We have good visibility on our growth. 70% of our 2026 sales are booked. We are already seeing the shift to BEV and PHEV in our sales. In 2023, BEV and PHEV sales are estimated to grow by 45% and doubling sales for the local OEMs. We are successful in paving the way for future growth. This year, we have 44 program launches. One-third are in BEV and PHEV local OEMs. On the last slide, the first component of our revenue bridge related to our conventional products, these are the brake and fuel lines and fuel tank systems. Here, our growth strategy is to maintain the growth and the strong market share that we have historically held. How are we going to do this? With brake and fuel lines, we will maintain our quality and technology leadership, where we have a good reputation, continue to improve the cost through vertical integration and design to cost solutions. With fuel tank, we will enhance our position with local OEMs and promote our very competitive PHEV high-pressurized tank technology. We are a leader in the fuel tank systems, with years of know-how in terms of products and process. The second component of our growth is focusing on thermal products. Growth in our thermal product will be driven by and this slide looks only at the BEV segment. The graph at the top of this slide shows our thermal BEV sales evolution from 2022. You can see our sales were relatively modest, but we expect significant growth because our strategy is to grow with local and global OEMs on thermal lines and also with modular system for all OEMs. The bar chart at the bottom shows why we believe we can deliver this growth. Our BEV bookings have been strictly increasing, and an increasing portion of local OEMs. We are on track with about 50% book business in 2026, more than half of which is with local OEMs. We can observe in the recent wins, a very good spread and really focus to the local OEMs. What makes us different and confident to hit the EUR 350 million-EUR 400 million of sales? It is our lightweight solution for cooling and refrigeration lines from 30%-50% lighter. Our strong local line supply base. We can offer tailored and flexible solution for modular systems. To improve thermal efficiency with our expertise in blow molding, injection, extrusion processes, and in the product system management. We will offer design and development speed up through our China eMIC. We will continue to integrate our connectors in China. For thermal products, in summary, our strategy is to offer local solutions with local specification, local speed, local footprint, local suppliers, and local customer support. These are some recent wins in the BEV thermal products with a German OEM on several platforms for modular system and for cooling lines. With a Chinese OEM group on several programs for module and system battery cooling lines, and refrigeration lines with lifetime sales of around EUR 140 million, with a Chinese OEM for refrigeration lines. To conclude, I have shown you that our conventional products are in a very strong position. I have shown you the opportunities for BEV thermal products to add up to EUR 350 million-EUR 400 million by 2028, and strong bookings with half with local OEMs. I'm convinced that the new regional structure, our consolidated and focused management team, will better leverage our winning local team to grow in the very dynamic Chinese market. Thank you for your attention. I will now pass over to Domenic Milicia. Thank you, Henri, and good afternoon, everyone. I'm pleased to update you on the progress we're making on our sustainability strategy. But I would like to first take a moment to recognize that this strategy is the work of a dedicated team, not just the management members that you see here today. This strategy has generated an overwhelming amount of support from our employee base. Before I dive into the detail, I'll outline our sustainability strategy with these three key points. First, engineering green products is part of the company's history and strategic plan. What I mean by this is that we're in the business of supporting a cleaner environment. Now, that might sound strange coming from a company that produces, among other things, fuel tanks. But this paradox can be explained by the fact that we have historically, and we continue to, create technology that reduces emissions in support of our customers' effort to meet the strictest of environmental regulations. Now, with the industry's drive to electric vehicles, our focus on making a positive impact through our products is even greater. The second pillar of our strategy focuses on creating a positive impact on our employees' experience and the communities in which we operate. And the third addresses how we, as a manufacturer, impact the environment with a continued effort to minimize our own carbon and waste footprint. This strategy is straightforward, and it's simple. It focuses on the areas that are most material to TI and where we can have the greatest impact. With this as a foundation of our strategy, I'd like to talk about a few details. As part of the global automotive supply chain, we have a commercial imperative to ensure that our products help our customers reduce their product's carbon footprint. We do this by committing our financial and people resources to our sustainability mission. This can be seen by our investment in research and development, along with our investment in our e-Mobility Innovation Centers, which I believe some of you have visited. The second is by focusing our product development in areas that support greener vehicles. As we heard from Johannes, temperature and weight management play a critical role in the efficiency of an electric vehicle. Simply put, more weight equals more energy use, equals less EV driving range. And if any of you have gotten into an EV on a cold morning, you'll have quickly noticed a drop in your EV range. These batteries and other components in these electric vehicles need temperature management to operate efficiently. Let me quickly reiterate a couple of examples of where TI's products create greener vehicles. First, our unique thermoplastic multilayer construct offers a 60% savings in weight and a 60% reduction in pressure loss. The second, our new integrated thermal module reduces weight, in this case, by 30%, and aids efficiency for the next generation of electric vehicles. These are two examples of how our products are enabling greener mobility, which also form part of our EV product strategy. But sustainability isn't just about the environment. I'm talking, of course, about how we create sustainability in and around our business, improving the lives of our 26,000 employees who are critical to our success and the local communities in the 28 countries in which we operate. We do this by looking within, at the kind of employer and neighbor we want to be. Let me first talk about our obligation to make sure every employee returns home safe and healthy each day. One of the most important KPIs we track is our global lost time injury frequency rate, which I'm proud to say is a quarter of the European average. One of the ways we do this is by communicating across all of our locations whenever a serious injury occurs. This practice of ensuring similar injuries don't repeat themselves in another location forms part of our health and safety policy. We also feel a responsibility to support our employees' mental health, which we do with a completely private employee assistance program. This was particularly impactful during those difficult years under COVID restrictions. Now, I'd like to talk about our diversity strategy, which is really an inclusion strategy. We believe that diversity is the destination, and inclusion is the most sustainable way to get to diversity. We're achieving this by ensuring middle management, not just our senior leadership, is aligned with our inclusion strategy. We've assessed over 350 management members on their propensity to be inclusive and provided them with resources to improve. We've also established a women's empowerment network, which creates a dedicated environment for women in our organization to professionally grow. One of the results of this is that women in our organization are promoted at a higher rate than men. We've taken these and many other steps to create an inclusive environment of opportunity for all employees, but we know our efforts can't stop. There's still a lot to do, and we're committed to making a difference. Finally, when it comes to community engagement, our management teams are actively engaged in community outreach across the world. I'm particularly proud of our teams in Poland and the Czech Republic, who supported a Ukrainian relief team operating at the border by implementing automotive-style process efficiency to get resources to those in need. And I've personally joined a great group of people to support our local communities in Detroit, cleaning up neighborhoods and packaging food parcels for local charities. These and many more activities like them create an environment of inclusion, support, and engagement, which ultimately drives a sense of pride and sustainability in our workforce. Now, I'd like to focus on how we are improving our own environmental footprint to build a more sustainable operation across the world. The headline here is that we are ahead of our 2023 emissions targets and have already a respectable level of waste reduction and recycling. We've set and submitted to SBTi very clear targets on how we will reduce our carbon emissions. These charts set out those emissions targets as well as our waste reduction targets. As you can see, Scope 1 and 2 emissions will be halved by 2030, and our Scope 3 emissions will be reduced by 30% in the same time frame. And these are absolute reductions, not volume-adjusted figures. We've already taken a series of practical decisions to put us ahead of our linear improvement projection, including, but not limited to, purchasing renewable energy attribute certificates, equivalent to reducing 44,000 metric tons of CO2 equivalent emissions across multiple countries. We've also enrolled in one of the largest voluntary renewal, renewable energy programs in the United States. This commits us to purchasing 100% renewable electricity in those facilities where this is available. But we're not just buying green energy, we're changing the way we operate to reduce our direct impact on the environment. For example, we've introduced a new zinc line in the United States, which will reduce energy consumption by 25% and waste by 60%. We have another one of these zinc lines planned for Germany. When it comes to our waste and how we're recycling, you can see we're again setting ambitious targets on top of what is already a respectable level. By 2030, we'll send just 1/10 of the total amount of waste generated globally to landfills. This target is less than half our current level of waste. We'll achieve this by focusing both on minimizing production waste and increasing recycling. We'll also continue to upgrade our facilities so they can manage waste more effectively. And finally, to demonstrate our commitment to sustainability, we have aligned our long-term incentive plan with our sustainability strategy. As I wrap up, I'll take this opportunity to thank you for your interest and attention in this important topic, and I'll leave you with these few final thoughts. Our sustainability initiatives are not standalone projects. They are highly integrated into the company strategy. We are ahead of our 2023 emissions goals, and we are awaiting approval of our submitted SBTi targets. We're building diversity through inclusion, and finally, as I mentioned in my opening remarks, sustainability is being embraced by all of our teams, not just top management. We are all committed to making a difference. With that, I'll hand you over to Alexander. Thanks, Dominic. After an exciting technology and sustainability pitch, there is only one way to keep your attention, and that's an attractive financial opportunity. So let me start by sharing my thoughts on why I joined TI, and the opportunity to create value that attracted me. First, the company clearly has market-leading positions in most of its portfolio, historically generated double-digit margins, and I believe we can get back to that level. Second, the company is well-positioned to benefit from the additional content the EV space will provide. And uniquely, we can do this with existing technologies and knowledge. We're not like other Tier 1s in the industry, who need to invest in technologies with major upfront capital commitments and an uncertain outcome. So this means for TI, the shift to electrification is an evolution rather than an overall transformation. Now, third, to be successful in today's environment, agility is critical. Since I joined TI, I've been impressed by the passion and the entrepreneurship of our people. I believe this is linked with the adoption of the mindsets of success Hans was referring to, and of course, supported by the size of the company, that allows for an agile organizational structure and processes. All of this convinced me, and I'm sure it will convince you, will convince you today, of the strength of the TI value creation opportunity. Now, standing here today as CFO, I'd like to share with you how we drive that value creation through our financial model. The majority of this has been in place for a while, but we also recently made a couple of changes. It all starts with a top-line growth target and ambition shared by Hans. We're targeting revenue between EUR 3.8 billion and EUR 4.2 billion by 2026, and we have an ambition to go beyond EUR 4.5 billion by 2030. We will convert this top line in a very attractive incremental profit as we move back to double-digit margin over the midterm, and I must say, we are progressing really well. Now, we also have a very solid track record on cash conversion, and I fully expect that TI will continue to deliver strong cash generation. The last element is the capital allocation. We changed our policy on this in early August. Our new policy ensures a balanced approach between short-term returns to shareholders and long-term investment in the business. Now, as we go through the different elements of this model, I will share with you the important proof points that we achieved already in the first couple of quarters of 2023, which gives me the confidence on the midterm targets that we're sharing. First, our revenue growth targets, EUR 3.8 billion-EUR 4.2 billion by 2026, beyond EUR 4.5 billion by 2030. In the first period to 2026, the growth is a combination of market recovery towards 92 million vehicles, and secondly, all of the growth drivers the team have been presenting this afternoon. Note that the graph that we show here shows a slightly different view than Hans did, as we bring all the core products together to show the net positive impact to our growth. Beyond 2026, we expect growth in the market and our core portfolio to continue. We also expect another push for growth as our rewards on systems and modules translate into real sales. Remember on this topic, Hans showed a market opportunity of around EUR 10 billion, and we are targeting a modest market share. On the next slide, you will see our commitment to return to double-digit margins. As communicated in March, it all starts with a benefit from the further market recovery to the industry average of 90 million vehicles produced globally. Linked with this, we will also benefit from the fact that over this period, we will see the margins of the EV business get closer to historic margin levels. The second important element is our ability to pass through inflation to customers, and lastly, by driving productivity in the organization. As you have seen from our H1 results, we are well on track with all those elements, and we have actually more to go for. In the green and orange boxes, we have given an indication of what levels we have realized and where we see further opportunities to rebuild to a double-digit margin. Market volumes are obviously an important driver for further expansion, but we also have lots of scope for self-help. And therefore, I'd like to focus today on productivity. Our productivity initiatives split in three main buckets: footprint optimization, which is the constant flexing of our footprint to drive costs down on the one hand and ensure we move with our growth opportunities on the other hand. TI has a strong track record of managing this in a cost-efficient way with no disturbance to our customers, as we will see on the next slide. Secondly, we are driving operational efficiency across all our activities. It's part of the DNA. Our efficiency program includes the typical actions such as supplier negotiations, best cost sourcing, customer optimized designs, and labor efficiency programs. On top, we're also increasing our focus on launch efficiency as we launch so many new platforms. More recently, we added a third component, which provides more opportunities for the years to come. TI has always been very cost conscious when it comes to fixed costs and SG&A. However, I believe we have further opportunities to extend and develop our existing local shared services into global business services and also to further digitize our operations and our processes. In addition, and while this is not a driver of the change, we do expect a new regional structure provides synergy opportunities, likely to be in excess of EUR 5 million annually, starting 2024, with actually more opportunities for the years to come. All these programs together have contributed to the EUR 19 million gross savings we achieved and that we communicated in H1 2023. More importantly, going forward, we anticipate productivity to actions to contribute around a net 25 basis points margin expansion on an annual basis. Let's move to the next slide and look specifically at footprint optimization. This is something that is business as usual for TI. Since beginning of 2020, we have closed 13 locations and downsized another 12 in just three years. This is a major proof point of the agility and the cost-efficient way the company drives footprint changes to support, again, cost structure and as well address its constantly evolving customer demands. We will continue to restructure as needed, but as Hans said, our restructuring cost will be in line with historic levels. We are also focused on managing the other elements of the P&L. Let me take the opportunity to share some more color on the company's tax rates and provide some guidance. In the pre-COVID period of 2017– 2019, the company's average effective tax rate was 29%. During the COVID and subsequent challenging years, 2020– 2022, that tax rate increased to an average level of 35%. Looking ahead, I expect to return to an effective tax rate in the low 30%, and this driven by the increased profitability, as well as thanks to some initiatives to align our approach to reflect the evolution of our business. We have a strong track record of cash conversion. Since our IPO, on average, we have converted over 30% of the adjusted EBITDA into adjusted free cash flow. As you note on the slide, we had a very strong conversion in 2020 due to some exceptional measures taken at that time. Even excluding 2020, we achieved a 30% conversion over time. This is based on a reasonable CapEx requirement of the business and a proven track record of managing working capital, and I don't see any changes to this in the years to come. Lastly, our capital allocation. We announced that an updated capital allocation policy last month, reflecting our increased confidence in rebuilding profitability and cash flows, but as well, the change in the interest rate environment over the last 12 months, the strong balance sheet of the company, and our share price. Our first use of capital is to drive growth, and we plan to continue to invest in CapEx at a rate of 4%-5% of revenue. In addition, we see attractive opportunities for inorganic growth. Our acquisition pipeline is focused on businesses that will increase our market share for our core business of lines and connectors, as well as technology opportunities towards integrated modules and systems. We are already making progress. Since we communicated the policy, we announced a bolt-on acquisition of Cascade Europe, which I see as a perfect fit with our inorganic strategy. The business will further strengthen our position in the connector markets, which is set for significant growth, as you've seen in Johannes' presentation. In addition, it provides important synergy opportunities, and since their activities are very centralized, we expect a relatively easy integration into our existing organization. Thirdly, our dividend policy. We have moved to a progressive dividend, giving investors increased certainty. This has already been reflected in an increased interim dividend paid earlier this month. On reducing the gross leverage, we can announce that we prepaid EUR 100 million of the USD term loans on August 15th. This makes our balance sheet more efficient and results in a net saving of more than EUR 4 million annually. Lastly, we announced this to start a buyback program of up to EUR 40 million to start in 2023. The administrative steps will be complete by the end of September, and I can confirm we are well on track. Since we have updated several elements with this policy, it's important to reemphasize the importance of a strong balance sheet for TI. So we expect to move towards a net leverage of around 1.5x adjusted EBITDA early next year, is where we expect to continue to operate going forward. Driving down into our debt structure. Our debt is on attractive terms, secure till 2026 and 2029, and roughly half of this at attractive fixed rates. And again, as mentioned, we repaid EUR 100 million of the USD term loans mid-August. On the right side, you see also the significant reduction of the leverage ratio. Again, we intend to maintain a strong balance sheet that provides, on the one hand, the flexibility to invest in growth and allows us to provide attractive shareholder returns. With this, I've talked about the four elements of the TI financial model and how we delivered significant progress on all those elements in the year to date. I'm actually very pleased with the financial discipline the teams have shown so far this year to drive the business in line with our model, and as a result, we were able to significantly upgrade our 2023 guidance early August, and we are making excellent progress, and we are confident with that guidance. This just leaves me to remind you that our value creation is supported by an attractive financial model and strict financial discipline, and delivering on this is a major opportunity for shareholder value creation. With this, I'd like to hand over back to Hans to wrap up our session. Well, thank you, Alexander. In a moment, we will take questions, but before that, I wanted to leave you with my thoughts on the TI investment proposition. TI truly has great foundations. We're a market leader in several product lines with a global presence and a diverse customer base. The fluid handling products and know-how we've developed over the last 100 years, and that will drive success in this electrified world. As we've shown today, we have a clear strategy. We have a clear path for growth. TI, we have the right and existing know-how. We have the right and existing assets and people to capitalize on some of these biggest opportunities the automotive transition has to offer. So we are well on track to return to double-digit EBIT margins and generate cash to reinvest into our growth. Our new capital allocation policy, as just explained, it does strike a good balance between short-term and long-term returns, and we're doing all of this in keeping our purpose in mind, our purpose of making the world a better place by making vehicles and our products greener. Our sustainability path is on track, as you could hear. Targets are set, activities are running. We know that the path to sustainability is challenging, and we do have more to do, but our commitment is strong. So I believe we have a strong—we have shown a strong business with the right strategy to deliver the growth. I'm truly excited about what we can achieve over the next few years, and I believe that delivering on this plan will unlock significant shareholder value for the shareholders and all our stakeholders. That is all for me, so thank you for your attention, and I do hope that you will stay for the technology tour a little bit later. So but now it's time for questions. So over to you, Tim. Okay, thank you, Hans. So we have about 30 minutes allocated for questions. There's a microphone that's gonna be roving around to find you. So when you get the microphone, could you please identify yourself, name your company, and then ask away? And could you try and limit it to two questions at a time, just to make sure that we get through the questions swiftly. Okay, so Hans, Vanessa, down the front. Hi, Vanessa Jeffries from Jefferies. Maybe just on the double-digit margin target, could you just talk us a little bit through which parts of the portfolio are already there and which ones need the most work, whether like by product or geography? I know maybe this is a separate question or the same one, but when you talk about the differential between EV margins and ICE, is it just that there's a lot of start-up investment needed, and then they'll get closer when it's at scale, or are EV margins structurally lower than ICE? Mm-hmm. So for our double-digit margin on geography or, I think your question is, where is our biggest effort gonna be needed? Yeah, which parts are already close, and which is. Well, we have historically, we have historically seen strong margins in our Asia Pacific region, and as these volumes in Asia Pacific return and as we execute our strategy, we are very certain this will, this will continue to exist. We saw, we saw still some issues as most of the electrification for us has been started up in Europe, and with that, you know, as you start up new products, you have an initial phase where you have to work through. But we're working through that, and we're optimizing that very strongly. So, to your second question, EV margins are, for us, not structurally lower. We are waiting on the volumes to come. You will have an initial phase. You will have an entry phase where you enter this product, but the moment these volumes are up to speed, and what we see currently in our new awards is that these new awards are to the historic margin levels that we have seen and that we have experienced with our other product lines. Thank you, and if I could just ask another. I think in China, you know, we can all agree that the performance has taken a big step up this year. To me, for Henri, what do you think specifically has changed? Maybe I'll give that to Henri here, as we have our China specialist here in the room. So Henri, okay. Okay, so you are talking about China for TI or overall China? For TI. Okay. Okay. So I think, firstly, we have really focused our strategy on the Chinese local OEM. Because, in fact, in the past, there was a new Chinese local OEM popping up, but it's just two, three years. Okay? So in the past, we were more focused on global OEMs, and then, of course, with this popping up local OEMs, we should be very selective. I'll give you an example. There were, with this new strategy of the Chinese government to boost the EV market with, incentive, okay, there's, more than 100 EV company pop up. So we should be very careful also to be selective, because most of them are going bankruptcy. So we need to be very selective to pick up the winners and, of course, get the right focus to go with them. So we are doing, I would say, you see, during the China strategy boot, we are doing, of course, the eMIC building, the eMIC opening, that we are very close to them to respond speedily fast. That is important, the speed, okay? And secondly, we make local design really adapt to them, not over-engineering. We do not design for German car, we design for Chinese cars, we adapt it to them. And then, of course, we will have a vertical integration localization. But then we are also going to meet the customer. We don't wait for the customers to come. Okay? So we are knocking the door to the winners, like BYD, like Geely, like Changan, like Great Wall, then to show them our new thermal technology. That is, I think, the key factor that should bring us more and more success with the Chinese local OEMs. Thank you. Okay. Tom, over here. Hi, thank you for taking my question. My question's a bit more, a bit more current around the events that are happening in North America and the UAW strike. Please, could you quantify, different suppliers have, but the impact on sales and EBITDA on a daily basis with the strike in its current form? And if the strike expanded to most of North America, what would that mean for you as a business on a weekly basis? Yeah, this is obviously close to us now. We—for the strike itself, we are globally positioned, so the majority of our sales is Europe and Asia Pacific. And having said that, we see, or we saw actually last week, around EUR 2 million of revenue impact coming from the strike that was ongoing last week. We think that this week is amount about the same, volume for us or might be slightly higher. Just to give you a reference, if all of the three OEMs would strike, that's about EUR 10 million of impact for us in sales per week, and obviously, the relevant, profitabilities of that. Further to this, we think that, for us, a strike up to four weeks would still be considered recoverable within the quarter. So we're hopeful that some of them can settle, or all of them can settle before a four-week time period. And with that, we don't expect then a major impact for the full year, if that materializes. But, you know, it's still unclear to most of us, I think, what's gonna happen. We're following it up closely. We are managing our cost base in order to assure we keep the people, but we also ensure our people are not, when they're not producing, that their furloughed or, or their costs are offset. And we're looking at our inventories as well in order to ensure our inventories do not stack up to levels that are too high. So we're taking all measures in order to measure us properly through this situation. Thank you. Okay, any hands? Akshat, over there. Remember just to introduce yourself so that we can pick it up for the live stream. Thank you. Akshat from JP Morgan. Two questions, please. So the first one, as a commercial strategy for you, you have seen a shift from thermal products to module systems and assemblies. Can you just give us proof points in terms of the BEV backlog or order wins this year? What has been the success rate on those module systems and assemblies, if you have a number on the top of your head? And the second question on restructuring, I understand the synergies, the blow molding, the carry over from FTDS into your thermal products. But could you just give us a euro amount on restructuring over this midterm plan? And why are you not going for more aggressive targets on cash conversion, please? Yeah, our BEV bookings, as we announced in H1, were about EUR 700 million for the year. There is a part of that that we have not publicly made available on these modules and systems. Now, what you see in modules and systems, this is a vast growing business. So you see a lot of pre-development work going on. There's a lot of activity with customers to get this approved, to get them through their systems prior through RFQs and through prior business awards will come through. But there are, as we've shown in the slides, there's an important German OEM, some Chinese OEM, that we are winning typically these products with. And we do expect that to increase as we go forward, right? On restructuring, what we have spent historically was around EUR 20 million per year, or in some years, somewhat lower as this goes according to planning cycles. So, that's where we think we are being over longer period, going forward as well, as we work to plans, and as we showed we can re-utilize a majority of our assets and people as well, in order to avoid that sort of restructuring, cost. Okay. Okay, don't be shy, Harry. It's Harry Philips from Peel Hunt. Couple of questions. Just to clarify, the 70% 2026 bookings, is that group or was it just China? I just want to get that clear. Well, it's actually both. Both by coincidence, so it's both for China as for the group. Yeah. Then just in terms of the competitive environment, as sort of EV transition, the acceleration in the EV transitions, and you look at your BEV wins, EV wins, and you look at some of your competitors within brake line business, for example, and, you know, they're very different. Are you seeing a change in the competitive environment? And are the competitors the same, or is it drawing in new people from other fields? And can people with blow molding capability, in effect, get into your market, whether it be theoretically, so the OEM could use that as a play against you, or is it, you know, a reality? Then just lastly, I was just trying to look at slide 23, where you've got the lines and connectors, BEV, and then you've got the modular systems, and obviously, the line content, meter-wise, is quite considerably less. And I was just wondering if there's a risk of cannibalization between the two elements, or do the two run in tandem, or is it lines and connectors ultimately evolves back into a modular system? Then I've got a further question on that, actually, at the moment. Yeah, yeah. Thank you for that. Well, on the— I'll answer the second one first, and then I'll ask Johannes to take on the first one. On modules, there is no real risk of cannibalization. What you can see with the module is that indeed, the module, to some respect, reduces the amount of lines, but it adds these additional components to it. You will see that when you go on the tour here, this module has what we call this mechatronics on it. It's the pump, its valves, its sensors, or other components, and that just create additional opportunity and additional value. So going from a pure line supply to a module supply, actually significantly increases our potential going forward. Maybe briefly on the competitor side, for lines and connectors, we don't necessarily see a big change there. What you could see is that, lines and connectors are a safety-related system. You wouldn't probably grasp that immediately, but it's the same as brake lines. If you cannot cool or heat the battery pack, it is a safety element. So we can see that more and more OEMs are referring to suppliers historically known for their ability to deliver quality products across the world. And that's a little bit more of a trend that we see coming. So it's not just about being competitive, it's also about allowing that sort of know-how going forward. If you look at the module side, the module side, we can see more players coming into that, especially people that are around the mechatronics world come into the module, like we come from the module into the mechatronics world. So that's that is an element where you can see more of that. Now, what makes us special is that, A, we're not targeting here to be 50% of the, of the, of the market, right? We're targeting a very specific area of it, where our designs are specifically valuable. With our blow molding technology, we can design products in other ways than other people can. It's much more flexible. These electrical cars are more and more densely packed. Inside of the electric car comes more and more components. And by the way, any, any square centimeter that they have or any cubic centimeter of space that they have, they want to utilize that for either cabin space or maybe to put batteries, right? So the usage of space, with your components becomes important, and our technology, what you can see later, is very well placed to exactly define and design according to space that's available, whilst others cannot do that. And that, that means that we can go for quite specific awards, quite specific programs that are valuable to us and that deliver us the margin profile that we expect for our future. So yes, there are obviously competitors. There have been competitors in our 101 years of existence, and that is nothing new, and we know how to handle that, and we know where our advantages and our market is going. So I'm pretty positive that we will not necessarily see any big impact coming from that side. And then just finally, and this is asked as a non-engineer, so apologies, but when you look at the modular system, it looks like a more solid block, if you like, and then you look at your traditional products, and as I understand it, you know, the traditional way, your tubing, if you like, went in late in the design, i.e., it fitted around the other architecture put in by the OEM. Is the modular system sort of more integral, and it has to go in earlier in the process? And is it a less flexible product, albeit with the benefits you've outlined, but because it has to go in at a different point in time? Or am I just overthinking that, and it's more straightforward? No, no, it's a very good question, and, we currently do not see that. It's a bit application dependent. Some applications it's possible, some applications might not be possible because of the space or the assembly operation that needs to happen at that point in time. But just to remember, this is what we have been doing for a very long time. Look at our fuel tanks. Our fuel tanks typically need to be assembled certain point in the car, or you cannot assemble them anymore, right? It's too late. So that shift, I think I don't see as a problem because the benefits of the modules, as you saw on Johannes's presentation, are significant. A 30% weight reduction, 67% of assembly time reduction, right? Less components, less cost. We are very, very convinced that the OEMs will take this benefit and plan this in their production line, wherever it is necessary. Okay, I think we've got some online questions. I think Kellie’s gonna have a go at reading them out. Thanks. I have a few, including a couple from Christoph Laskowski at Deutsche Bank. Another one on modules. Is there any difference in the margin or risk profile of modules compared to components? Well, we don't necessarily see that, as I said. What we are targeting for is similar margins for modules, as we see for our other programs. On the risk profile, I think I just tried to explain that this is a safety product. The module is also a safety product because it's an integral part of supplying this coolant or heating to the different components in the cars. So we do not see a different risk profile than what we saw historically with our other products. Thank you. Then on the margin bridge in Alexander's slides, one of the components was volume and mix. Can you provide any indication of the split between the two? Okay. Well, I maybe hand it over to Alex here, too. Well, if we go back to that slide, you will see we try already to split that recovery of what is a 450 basis point between last year to a double digits. In the midterm, we already split this in three buckets, so you already have an indication of where we see that margin coming back. I think on the first—doing a further split on the first block, I think is not gonna help that much. Obviously, there is a clear impact of that of the market, which can be calculated or which estimated, but it's a mix of both drivers. Just to make it clear, actually, what we mean with this mix, maybe that's an important one, is on the one hand, that we see that many of our programs get repriced over this period we talk about, so that gives us an opportunity as well. Many of the EV vehicles or many of the EV platforms today are on relatively low volumes, incur also start-up costs, and therefore, at the beginning, come with some lower margins, which we also see expect to recover in the midterm. Great. And one more on the revenue targets and outperformance. Could you provide a little bit of color what you expect in the different regions versus the market? And specifically, when do you expect to return to outperformance in China? Yeah, we have previously communicated that we do expect to be outperforming or at least at par with the market for H2 of this year. And then going forward, China should outperform as it did historically in 2024. What was the second part of the question? The regional? The regional mix. Mix. Yeah. So I guess at a group level, we're showing outperformance for the whole group against global light vehicle production. Is there any variations among the different regions? Mm-hmm. No, I maybe— Alex, you can comment that. Well, sorry, can you repeat the question again, Kellie? Sorry. It's the regional color. We assume outperformance versus global light vehicle production. Are we expecting anything different among the regions, or is it a pretty uniform assumption across the board? Well, we have not shared a number. Actually, if you look globally, we have a modest single-digit outperformance, and I would assume we are gonna—we are driving outperformance across all our regions. I don't think you're gonna ex—we should expect a major difference between regions. Okay, anyone on the floor? Oh, well, Harry, you've already... Have a go. Okay, over here. Want to? Hey, this is [Terry] from Deutsche Bank. Quick questions on the previous comments on M&A. Also, what you've mentioned the previous conference call, that you are expecting bolt-on acquisitions here, up to EUR 40 million. You've already done one. Is there anything more to come this year or next year, or is the up to EUR 40 million still valid? That's the first one, and then on the cash position, it's very strong, obviously, and I know you paid a bit of the loan. Is that going to continue? Are you going to repay further loans or buy back part of the bond, and what is your targeted cash position you want to have on balance sheet, at least? And then also on the credit ratings, do you have any rating target here, considering that you have already reduced gross debt a bit, and your leverage is so low? Any expectations? Okay. I'll ask here to answer on the cash and the credit rating. So on the M&A, when we spoke about bolt-on acquisitions, we refer to that we think that's around EUR 40 million of cost for that, right? For a bolt-on acquisition. Now, we're just— we're not only looking at bolt-on acquisitions, right? We are looking at— in the expansion of our lines and connector side, that's mainly where we're looking on bolt-on acquisitions, as you've seen now with the Cascade one, and that remains around that volume of proposal. Obviously, if there's another opportunity out there, we will look at our position into that. And then secondly, in the mechatronics, you will probably see a little bit higher level than the EUR 40 million in order to ensure we get a global position on it, and we get a proper position on it in order to vertically integrate these mechatronics on our product lines. Okay? So I think on the cash. Well, and if we then look at the cash question, will we repay more loans or debt? I think it's important to understand really the priorities within the capital allocation. First priority is really investing in organic growth. Secondly, making sure we have an attractive return to shareholders and have the cash available as well for inorganic growth. Then it depends a little bit on the size of potential acquisitions that are out there, the potential opportunities to see what we do with the remaining cash generation. I think for us, the most important is really making sure we continue to generate strong cash over the next couple of years. But again, that's an assessment we need to make on a constant basis. I believe you had a question on credit ratings and leverage as well. Our target is just making sure that we constantly improve our— the trust in the company, and that will result in improving credit ratings. Do we have a target? Not exactly. Our target is mainly making sure we have a healthy leverage for the company. Again, we target 1.5x adjusted EBITDA. We had a nice reduction over the last 18 months, and we want to bring that further down to 1.5 x. So that's a key target for us. Can I just ask a question on contract negotiations by region? Because it seems like we're careening from crisis to crisis. We've had an energy issue in Europe, COVID-19, Ukraine war. I mean, a lot of these things are kind of falling into each other. But how can we think about any differences, if there are some, between your negotiations with different OEMs by region, depending on the specific regional issues that they have, whether it's labor, energy, cost pass-throughs, anything sort of both qualitative and quantitative is helpful. Yeah. Well, negotiations are obviously OEM specific. Some have other hot points than other have. When you negotiate, they're sometimes regionally focused as well, but that's what we normally go through. We have, as we said before, in the first half of the year, close to a vast majority, or a significant majority of our recovery contracts or recovery effects for H1. So, in general, I can say that there is a strong pushback from OEMs to pay for labor. There has been initially a strong pushback to pay for energy costs, but I believe, especially in Europe, given the specific situation there, that has turned around. But globally, we see that indeed, labor is a very strong factor in most of the negotiations, and I'm sure that this is gonna be extended as the UAW situation clarifies, and we have to handle that situation as well. So, yes, there is a lot of difference into that, but, as I said, with our experience, with our customer relationships, we know how to handle that. We have our toolbox on how to manage these negotiations with them, and I think it's a matter of being firm and direct, that these situations have been unsustainable, I think, for most of the supply base. So they had to be corrected, and that's what we have managed successfully through. And with that, now we're concentrating in full on the other elements, the performance improvements, and obviously looking forward to the volume increases for our business. Yeah. Sure. Sorry, I didn't ask earlier. Could you describe— talk about your factoring, the availability and the utilization as of today, and the rate of financing on the factoring? On the factoring. Factoring. Factoring. Oh, factoring. Okay. Just to have. Yeah, I think that's one for you, Alex. I'm not aware where we are. No, I think for the moment, we don't have factoring anywhere. So we don't utilize that for the moment. No. Okay. Of course, that's always an opportunity if we wish to, but we don't utilize factoring today. Just a follow-up question to [Mehmet]. Of the mid EUR 400 of cash that you have, what's the bare necessity that you need to run the business? Working capital, salaries, rent? Just trying to estimate your requirement versus your buffer. Well, from the EUR 400 million we have available, it's hard to really say what’s the level, the minimum level you need. But I would say below EUR 150 million, EUR 50 million is the minimum, I would guess. So we are clearly in a very comfortable situation in terms of cash to operate the business on a daily basis. But of course, we also want to maintain a strong cash position because that gives us the flexibility we need for inorganic growth, to manage specific situations and so on. So I think it's important to have a healthy cash position. Okay, I think we've got time for one more, if anybody's got one more. Anybody? Okay. Over to you, Hans. Okay, well, we should then thank you very much, and thank you for your attention. I believe we're now going to split up in groups and do the—there’s four stations here, but Kellie will explain in better detail than I can. I'll do the instruction.