Dear shareholders, dear shareholder representatives, ladies and gentlemen, I hereby call to order the 2026 Annual General Meeting of Daimler Truck Holding AG. As Chairman of the Supervisory Board, I assume the chairmanship and conduct of the meeting in accordance with the articles of association. On behalf of the Supervisory Board and the Board of Management, I welcome all shareholders and their proxies, as well as all guests following our Annual General Meeting online. Today, we will report to you on the 2025 fiscal year of Daimler Truck Holding AG. Today's virtual Annual General Meeting is taking place at the company's headquarters, the Daimler Truck Campus in Leinfelden-Echterdingen, located at Fasanenweg 10. I would like to welcome the Chairwoman of the Board of Management and CEO, Karin Rådström.
I would also like to welcome our CFO, Eva Scherer, who is responsible for finance and controlling on the Board of Management. I'm also glad to have the wonderful support of my Vice Chairman of the Supervisory Board, Michael Brecht. Michael Brecht will also serve as Chair of the meeting in the event that I am unable to attend or hold the meeting as the Chair of the meeting. The other members of the Board of Management are also attending the annual general meeting in person at the venue. The other members of the Supervisory Board are predominantly present on site as well. For the rest, they are connected to the meeting virtually, that is via video and audio transmission. Also present here on stage are the following individuals. We have Notary Dr. Stephan Sünner.
He will also be the one certifying the annual general meeting, and we have our Chief Legal and Compliance Officer, Dr. Florian Hofer, with us this morning. Lastly, I would also like to welcome the proxies appointed by the company, Sandra Kallfass and Bernhard Hauenschild. Ladies and gentlemen, before I report to you on the work of the Supervisory Board during the past fiscal year 2025, let me just say a few words about the format and the agenda of today's annual general meeting. Based on the authorization granted by the 2025 annual general meeting in Section 11.3 of our company's Articles of Association, the Board of Management, in consultation with the Supervisory Board, has decided to hold the 2026 annual general meeting virtually.
The annual general meeting was duly convened in accordance with the required form and time limits by an announcement in the Federal Gazette on March 23rd, 2026, and was also communicated to the group of persons specified therein pursuant to Section 125 of the German Stock Corporation Act. Since then, the notice of the meeting, along with the documents to be made available and further information regarding the annual general meeting, has also been available on the company's website, which is now displayed and which you can also find in the invitation to the annual general meeting. The entire AGM will be available to our shareholders and their proxies to follow live via video and audio on the investor portal. This option is available to you regardless of whether you have registered for the AGM or not.
You can access the investor portal using the login credentials sent to you with the invitation to the annual general meeting. My opening remarks, as well as those of our CEO and Chairman of the Board of Management, Karin Rådström, will also be broadcast and recorded for other interested parties via the company's website, where they will later be made available together with the speech transcripts already published in advance. As a precaution, I would like to point out that the spoken word takes precedence in each case. The remaining parts of the annual general meeting are not open to the public and will not be recorded in audio or video. Such recordings also would not be permitted.
For further details, please refer to the terms of use for our investor portal and the privacy notice regarding the Annual General Meeting, which you can find on the company's website. We've carefully reviewed the necessary technical arrangements for the live broadcast together with the contracted service provider. Should the live broadcast nevertheless be unexpectedly interrupted, please bear with us. If the connection cannot be restored, we will of course provide you with further information via our investor portal and the company's website. If you are experiencing technical issues, so basically on the other side of the screen, that is your side, please contact our hotline. You can find the contact information on the company's website, and I am sure they will be happy to help you. Ladies and gentlemen, the agenda of our Annual General Meeting will be as follows.
Following my opening remarks, Karin Rådström, the Chairwoman of the Board of Management and CEO of Daimler Truck will first report on the 2025 fiscal year. After that, I will provide you with further details on exercising your shareholder rights, as well as an overview of the agenda and the attendance here at this AGM. To ensure that the AGM proceeds efficiently, we will then discuss all items on the agenda in one general debate. During the general debate, shareholders registered for the annual general meeting and their proxies will have the opportunity to speak live via video communication and ask questions regarding the agenda items. If you would like to take advantage of this opportunity, please register your request for the floor via the Request to Speak/Motion menu item on the investor portal. I'm going to repeat that.
Go to the investor portal, look for Request to Speak/Motion. Our so-called virtual speaker's podium has been open for you since 9:30 A.M. this morning. We ask that you register your request to speak as early as possible so that we can estimate how many speakers to expect during today's annual general meeting. Following the general debate, we will vote on agenda items two to 10 in a single voting round. Dear shareholders, esteemed shareholder representatives, ladies and gentlemen. 2025 was an eventful year in which the world became more volatile and complex due to a variety of political and economic events. The ongoing difficult situation in the Middle East suggests that no relief is expected in 2026 either.
In this environment, and despite its significant one-time burdens, particularly from tariffs, Daimler Truck performed well in the past fiscal year. Revenue reached EUR 45.9 billion. Adjusted Group EBIT amounted to EUR 3.8 billion. While these results are below the previous year's level, I would like to emphasize that Daimler Truck was able to significantly narrow the profitability gap with its competitors, its top competitors last year. For me, this demonstrates how well your company has navigated this challenging environment compared to the rest of the industry. The business division structure in North America and Daimler Buses even outperformed their main competitors in terms of profitability in 2025.
Against the backdrop of this overall resilient business performance, the Board of Management and the Supervisory Board have decided to propose a dividend to the annual general meeting that remains unchanged from the previous year. We therefore recommend a dividend distribution of EUR 1.90 per dividend entitled share for 2025 as well. I accidentally misspoke and said EUR 190 per 100 dividend entitled shares, it's EUR 1.90 per dividend entitled share, of course. At the strategic level, the past year has made it clear how strongly business decisions and developments are shaped today by geo-economic and geopolitical influences, for example, when it comes to key technological decisions or the case of transactional measures such as tariffs and export restrictions. In such an environment, it is particularly important to strengthen the business structurally as well.
The Daimler Truck team, that's exactly where the Daimler Truck team, headed by Karin Rådström, is doing such an outstanding job. The company's transformation is in full swing. The generational change in management is proving to be successful, we will take the next significant step in this regard this coming fall. Yvonne Bettkober, most recently Chief Transformation Officer at Audi AG, will join the Board of Management on October 1st, 2026, as Chief Human Resources Officer, responsible for human resources. Ms. Bettkober is a proven leader with extensive experience in performance management and process optimization, as well as in transformation and guiding people and organizations through change processes. This is very important because change always means that people are impacted, we want to make sure that these people can become part of the changes.
That's why she's such a great candidate. She possesses expertise in a wide range of areas that are of central importance to Daimler Truck. She succeeds Jürgen Hartwig, who after a long and successful career at Daimler Truck, has decided by mutual agreement not to seek a contract extension. Jürgen Hartwig played a key role, really a key role, in developing the commercial vehicle business into a strong independent group following its spin-off from the former Daimler AG.
Many people underestimate that because it is quite an achievement to create an independent company that comes from a large corporation. Ladies and gentlemen, I know what that means. I have been through this myself, and Jürgen Hartwig has been one of these individuals that really showed the dedication and commitment to Daimler Truck that have made this possible, and this dedication remains remarkable. We therefore sincerely thank him for his contribution and his extraordinary dedication. Beyond that, we also need to announce a number of decisive decisions. At its meeting yesterday, the Supervisory Board decided to extend the mandates of Eva Scherer, Achim Puchert, and John O'Leary as members of the Board of Management.
This will then allow the leadership team to have the timeline necessary to accompany the changes ahead with farsightedness and transparency. At the same time, the supervisory board therefore also underlines its clear support for the work done by the board of management. Eva Scherer was appointed until 2032 and Achim Puchert until 2031. John O'Leary's mandate was extended by two years until 2028. In particular, when it comes to John O'Leary, we need to say that he is working in a rather challenging political environment because Daimler Truck North America is in the midst of that, and it's very important to us to keep that continuity for the years ahead.
The Board of Management of Daimler Truck, with those changes in the HR department and the reappointments and extensions of contract, will therefore be able to further be strengthened in its expertise and diversity. The gender balance, I'm not sure if that's even a word really, but when it comes to the gender balance, we also have nationalities or diverse nationalities represented on the Board of Management, and therefore, we will have all the prerequisites it needs in order to shine brightly and to implement the strategy proposed at the Capital Markets Day in Charlotte earlier, well, last year, actually. I'd now like to emphasize the key points that we'd like to ask your approval for. Firstly, the further development of the remuneration system for the Board of Management.
The current remuneration system was approved by the 2023 AGM. The supervisory board has now subjected the system to a thorough review. We did a benchmark review. We looked at how other companies are doing, and we've mainly focused on a general simplification, on close alignment with the revised corporate strategy and its financial ambitions, as well as a clearly performance and ownership-oriented incentive structure. In addition, the flexibility of the compensation system has been increased to ensure fairness and to promote maximum shareholder value. This is intended to take into account the cyclical nature of the commercial vehicle business and in particular, the transformation with its temporal and regional uncertainties. We're submitting the revised remuneration system to you for approval today. If the system receives your approval, it will take effect as of January 1st, 2027. That would be the beginning of the new fiscal year.
Secondly, amendments to the articles of association to further improve corporate governance. We have had detailed discussions as part of the corporate roadshow, and we take the feedback from you, our shareholders, very seriously. We are pursuing a series of measures to further strengthen our corporate governance based on the feedback that we've received. This includes the introduction of a so-called lead independent director. That is an additional independent point of contact who will be available to you at any time. This role comes with special rights and will be embedded in the company's articles of association. I will propose to the supervisory board, should it be elected, to give this role to Kurt Sievers. In addition, we're separating the presidential and remuneration committee into two independent bodies to more clearly define their respective responsibilities.
Of course, the reduced scope of duties for the future presidential committee will be accompanied by a reduction in attendance fees for its members.
This is a must, given that we're basing our actions on the principle of fairness. Finally, we're establishing a committee for technology and transformation issues. This committee, this body, will provide the Board of Management with advisory support in a structured format during the upcoming and, in some cases, disruptive change processes, autonomous driving, software-defined architecture, key matters that require technological expertise. This will be on the agenda of this new committee. Thirdly, the election of shareholder representatives to the Supervisory Board. This brings us to the composition of the Supervisory Board. All 10 shareholder representatives will reach the end of their terms of office at the conclusion of this Annual General Meeting. Some of them have decided to not stand for re-election. This applies to Akihiro Eto, Laura Ipsen, Renata Jungo Brüngger, and Martin Richenhagen.
I would like to take this opportunity to express my sincere and heartfelt thanks to all of these colleagues. This is so important because the first years following the IPO of Daimler Truck were truly formative years, and the work of these colleagues in particular made an indispensable contribution to the company's independence and strategic direction. In preparing the nominations for the vacant seats, the nomination committee, of course, had the clear goal of strengthening the collective expertise of the supervisory board for the coming years. In doing so, particular attention was paid to ensuring, first, that the company's strategic priorities and key growth areas would be supported and secondly, that expertise in the areas of finance, that would be the audit committee, and digital transformation is maintained and supplemented in a meaningful way.
We're confident that the following candidates are excellent additions, truly outstanding additions to the supervisory board. Wayne Eyre is the former chief of the defense staff of the Canadian Armed Forces. This is the highest military rank in Canada, and he was responsible for the military leadership of the Canadian Armed Forces, and he also served as a military advisor to the Prime Minister and the cabinet before ending his active career in July 2024. Claudia Nemat was responsible for technology and innovation on the executive board of Deutsche Telekom AG, including T-Mobile USA, from 2017- 2025. In this and other roles throughout her career, she has acquired extensive expertise and knowledge in the areas of technology, digital transformation, and business transformation, changes to the business processes. Since 2017, Britta Seeger has been a member of the board of management of Mercedes-Benz Group AG.
Initially, she was responsible for sales and marketing, and since last year she's had the role of Chief Human Resources Officer and Director of Labor Relations. She will bring comprehensive knowledge of the industry and markets to the work of the supervisory board. She's going to help us and support us with her expertise and knowledge in those areas. There's Vipin Sondhi. I am naming these new additions in alphabetical order. He served as Managing Director and CEO of the Indian commercial vehicle manufacturer Ashok Leyland until 2021. They're number two behind Tata, and it doesn't come as a surprise to realize that he has a total of 37 years of experience in the manufacturing industry and also valuable expertise regarding the commercial vehicle market in India, but also with regards to the industry as a whole.
He's going to be a great addition to the supervisory board. He will help us unleash significant growth potential for Daimler Truck. These four candidates will now introduce themselves in a video.
Hello, my name is Wayne Eyre, I'm pleased to join you today. By way of professional background, I spent 40 years in the Canadian military, serving around the world, and finished off as Canada's Chief of the Defense Staff and as such, was the commander of the Canadian Armed Forces and the military advisor to government. Since retiring, I have been teaching, writing, speaking, and advising, mostly on defense and technological transformation. I bring a number of skills and aptitudes relevant to this role, from leading large, complex, geographically diverse organizations to strategic planning to geopolitics. I am motivated by continual learning and adapting to our ever-changing world, I'm keen to apply myself to the challenges and opportunities ahead and to represent your interests. I look forward to your votes at today's general meeting and to meeting as many of you as possible in person.
Distinguished shareholders, my name is Claudia Nemat. For more than three decades, I've been closely involved with the technology industry. After earning my degree in physics from the University of Cologne, I spent 17 years working for the management consulting firm McKinsey & Company. As a senior partner, I served as co-leader of the global technology practice working in Europe and the Silicon Valley. I then served on the board of management of Deutsche Telekom for 14 years. First, I spent five years as CEO of the European business, followed by nine years as board member for technology and innovation, a role I will hold until the end of September 2025. During this time, I played a key role in shaping Deutsche Telekom's transformation into an internationally successful company. I also have 13 years of experience serving on supervisory boards.
In addition to my role on the board of management, I initially served on the supervisory board at Lanxess, followed by nine years at Airbus. As a result, I have expertise in business and technology transformation, artificial intelligence, cyber and geo strategy, as well as in the defense sector. Since stepping down from the board of management, I've been working as a supervisory board member and technology investor, a member of the board of directors at ABB, and as chair of the advisory board at IQM Quantum Computers. My conviction is this: people must be at the center of technological innovation and economic activity. This conviction constantly drives me to shape change, always with the curiosity of a physicist seeking to understand what the world is truly made of at its core. Estimated shareholders, I would be honored to bring my expertise to the supervisory board at Daimler Truck.
My name is Britta Seeger. I have been a member of the Board of Management of Mercedes-Benz Group AG since 2017. Previously responsible for marketing and sales, Currently I am responsible for people and enterprise tech and Labor Director. Since joining Mercedes-Benz in 1989, I have held international sales and marketing functions across passenger cars and commercial vehicles, including CEO positions in South Korea and Turkey. These experiences in fast-moving and highly competitive environments have shaped a clear outcome-oriented mindset, strong accountability, and deep understanding of the truck and bus business. I have guided large-scale digital transformation from reinventing sales and business models to driving cultural and organizational changes. Working with customers, partners, and teams around the world has given me a clear sense of how business value is created in complex environments.
As part of the supervisory board, I would like to contribute this experience and perspective to help shape the future of Daimler Truck with a clear focus on performance, responsibility, and independent oversight. I value staying grounded, listening with intention, and focusing on clear outcomes. Those principles shape my perspective and guide my contribution. Thank you very much for your trust and your votes at today's general meeting.
Dear shareholders, ladies and gentlemen, my name is Vipin Sondhi. I've spent over 35 years in industrial and manufacturing businesses, serving global markets, including over 20 years as managing director and CEO. Most recently at Ashok Leyland, a commercial vehicle manufacturer, as well as at JCB India, part of a British multinational construction equipment company, and Tecumseh India, part of an American multinational. I have led business transformation, digitalization, and the transition to new technologies, including electric mobility in highly competitive and evolving environments. I am motivated to contribute to Daimler Truck's continued success as a global leader in commercial vehicles. I believe my experience in managing industrial cycles, driving transformation, and operating across diverse markets can support the supervisory board in its oversight of long-term value creation. I look forward to your votes at today's general meeting. Thank you.
Well, ladies and gentlemen, dear shareholders, I hope you're just as enthusiastic about the new candidates as I am, and we are looking most forward to co-operating with them if you hopefully cast your votes in favor. In addition to these, four new personages, if you like, Michael Brosnan, Jan Gurander, Kurt Sievers, Marie Wieck, Harald Wilhelm, and I myself are standing for election.
We have ensured staggered terms of office to create a balanced mix of continuity and renewal during the next period. The nomination committee is convinced that the proposed group of candidates will represent your interests responsibly and brings together the experience and expertise that will be crucial for Daimler Truck in the years to come. Dear shareholders, as you can see from the topics mentioned, we take your feedback seriously, examine it carefully, and translate it into concrete measures most of the time, and that we on the supervisory board are positioning ourselves for the challenges of the future with the necessary foresight. As you can see from the report so far, in addition to its supervisory duties, the supervisory board focused on the following key areas of the past year. First, succession planning for the board of management and the supervisory board, very important.
Number two, implementation of investor feedback to improve transparency. Number three, aligning governance structures and processes with leading international standards. Number four, supporting and advising the Board of Management on the development of a viable medium-term strategic concept. Number five, discussion and decision-making on key issues relating to corporate development, such as, for instance, the merger of Hino and Fuso in Japan, or the development of key technologies, such as autonomous driving and hydrogen technologies, as well as decisions relating to supply chain locations. My fellow Supervisory Board members standing for election and I intend to continue contributing to creating value for you as investors by providing the best possible support and guidance to the management as Daimler Truck moves forward. Commercial vehicles remain as the backbone of the economy and society, an essential growth sector.
I am convinced that Daimler Truck, with strong products, strong brands, strong technologies, and above all, an outstanding board of management, is well-positioned to seize the associated opportunities together with our competent and high-performing employees for the benefit of our customers and consequently to increase value for our shareholders. Thank you very much indeed for your trust in Daimler Truck, ladies and gentlemen, and for your trust in the work of the supervisory board. I'd like to thank you for your attention. I will now, following a short film, hand over to Karin Rådström, our CEO.
[Presentation]
Dear shareholders, dear friends of Daimler Truck, 2026 is a landmark year for us. In 1896, Gottlieb Daimler invented the truck. This year marks 130 years of the truck, the anniversary of a product that has shaped the world and continues to serve as the backbone of our economy and society. The truck has made the world a better place. There's an ambition that drives us forward, that has been driving us forward ever since Gottlieb Daimler, our urge to move forward. We want to be and create the best truck and bus company of the world.
Today, I would like to tell you how we move forward. I'll start with our financial results. In 2025, we achieved an adjusted Group EBIT of EUR 3.8 billion and an adjusted return on sales in our industrial business of 7.8%. Considering last year's challenging environment, this is a very strong result indeed. In 2026, we expect an adjusted return on sales in our industrial business of 6%-8%. This morning, you heard, or we published, the results of the first quarter and explained them. They are slightly below the bandwidth. We are moving on with a lot of momentum. Incoming orders in the first quarter was 50% higher than in the prior year. In the very important North American year, it was 86% more.
In the second half of the year, we believe will be much stronger than the first one. As regards the dividend, we propose EUR 1.90 per share to the Annual General Meeting. This is a clear reflection of our financial strength. As announced, in March of this year, we also launched another program to repurchase our own shares. Under this program, we've acquired around 1.7 million shares to date. You can find further details in the information by the Board of Management on the Share Buyback Program 2025 on our website regarding the AGM. We aim to position your company for stronger results going forward. To that end, we've refined our strategy since the last AGM, and we are implementing it consistently. It rests on five pillars. The first pillar. We unlock our full potential through growth, scale, and efficiency.
One example is our defense business. Defense is a social and societal responsibility as well as a business opportunity. We're developing our defense business into a global growth area with a target of EUR 1 billion in revenue by 2028. We're strengthening our portfolio. We are working with strategic international partners, and we have recently been very successful in tenders. For example, with a major order from France amounting to 7,000 military vehicles. Another example is the spin-off of our Japanese subsidiary, Mitsubishi Fuso. As part of the new Asian company, ARCHION, Fuso has significant potential for synergy, and this has great significance for our company. From this transaction, we expect a total cash inflow of between EUR 1.5 billion-EUR 2 billion. In addition, we'll receive future dividends from ARCHION as a minority shareholder. Our second strategic pillar is evolving into a customer-centric solutions powerhouse.
This is what we want to become. To achieve this, we are strengthening our service business. Recently, for instance, we've commissioned our state-of-the-art global parts center in Saxony-Anhalt. This enables us to supply dealers in more than 170 countries quickly and comprehensively with around 300,000 different spare parts.
We are significantly increasing the number of our retail locations in Europe by more than 60% between 2024 and 2030. Together with our independent dealer network, we aim to create the best service network in the industry. These are just two examples out of many. This brings me to the third pillar of our strategy. We proceed with our technical transformation at the right speed. In the U.S., the shift to emission-free transport has slowed down markedly. Europe, however, still has very ambitious CO2 reduction targets. These differences in pace make the transformation even more complex for our industry. Our customers expect, however, to get the right technologies at the right time in every region. At Daimler Truck, we are doing this very well.
In North America, the world's most important truck market, we remain the clear leader in the heavy-duty segment with our highly efficient diesel trucks. In Europe, we're also number one in both diesel and battery electric drivetrains. Last year, for example, our market share in Europe for medium and heavy battery electric trucks was 35%, twice as high as for diesel trucks. Alongside batteries, fuel cells are also a key technology for decarbonizing transport. In this area, we're active with cellcentric, our joint venture with the Volvo Group for fuel cells. Additionally, Toyota has signed a memorandum of understanding to become an equal shareholder in cellcentric. The biggest car manufacturer in the world really wants to become an equal shareholder. This shows how far cellcentric has already progressed with fuel cell systems.
It makes cellcentric, based in the Stuttgart region, the partner of choice for this technology, and it provides further momentum for hydrogen and fuel cell technologies. This represents a great opportunity for Europe. Europe can play a leading role in this area, strengthening the economy and leading to a more resilient energy supply. Well, there's decarbonization, but there's also artificial intelligence and digitalization that shape the public debate. Again, we at Daimler Truck, we are advancing at the speed of right. In North America, for example, we invest in autonomous driving for long-haul freight transport. This technology has significant potential, and we're moving forward step by step. We combine the software of our independent subsidiary, Torc Robotics, with our Freightliner Cascadia platform, as well as with our strong dealer network. A second example, software-defined vehicles.
Coretura, our joint venture with the Volvo Group, and this joint venture is developing a standardized operating system for trucks and buses, a concept that is widely used in the smartphone industry. Well, with Coretura, we'll be able to develop new software applications for our vehicles much faster and more efficiently in the future, helping us to stand out further from the competition. We are driving innovation and at the same time, we are working diligently on our costs by building a lean and effective operating model. That, in fact, is the fourth pillar of our strategy. A key building block is our program Cost Down Europe. By 2030, our aim is to reduce our annual recurring costs in Europe by more than EUR 1 billion. In 2025, we already cut more than EUR 100 million, and that was more than planned.
By the end of this year, we want to reach at least EUR 250 million in total. To make our European truck production network more efficient and more resilient, we build a new assembly plant in the Czech Republic. Construction will start next year, the ramp-up is planned to the end of the decade. That takes me to the fifth and final pillar of our strategy. It may be the most important one because strategies only deliver their impact if they are implemented consistently. While strategies are not implemented on slides, but through the organization's day-to-day actions. Our ambition is clear. Daimler Truck is to become faster, more focused, and more effective. Well, that means we need a corporate culture that enables performance, that clearly assigns accountability and strengthens decision-making. That's why we develop a leadership culture.
Well, that means we need a performance-oriented corporate culture. We need clarity. We need goals, accountability, contributions to the company's success, and it means making decisions where expertise actually resides, not where organizational charts draw the lines. That's why we're further developing our leadership and collaboration model. Roles, accountability, and impact are taking center stage, well, more than formal hierarchies. A central lever here is also the compensation of our leaders. We align it more consistently with performance and entrepreneurial contribution, and that's true for top management as well as for the Board of Management. You already heard from Joe Kaeser about the new Board remuneration system. In parallel, we're embedding a shared mindset that shapes how we work together simpler, faster, stronger. Well, less complexity, faster decisions, more impact.
We're doing all of this with a clear goal, to make Daimler Truck successful over the long term in an environment that's changing faster than ever before. Well, that takes me to the end of my speech, and I'm happy to answer your questions later. It was important for me to report to you and tell you that you're investing into a great company, a company that goes forward with energy, a company that is consistently moving forward and is focused on the right priorities, a company that doesn't simply adapt to the future but actively shapes it. Transport remains a global growth industry. We want to make Daimler Truck the best truck and bus company in the world for our customers, for our employees, and of course, also for you, our shareholders.
Thank you, Karin, for your remarks. I can only agree with you. A great company, great people, a great task. Now, ladies and gentlemen, shareholders, with this, we have reached the end of the publicly broadcast part of our general meeting. From this point onwards, the live stream will only be available to shareholders listed in the share registers, their proxies, and invited guests or the accredited media representatives. I'd like to take this opportunity to bid farewell to all other viewers, and I'd like to say thank you for being interested in this company.