Ladies and gentlemen, I would like to welcome you very warmly to today's annual general meeting of Telekom Austria. I would like to hereby call the meeting to order. I am very pleased once again to welcome so many of our shareholders and their representatives in person at our company headquarters. We are also broadcasting our AGM via live stream until the general debate. I would like to welcome all of those following this AGM via the internet. I would also like to welcome all of those who will be instrumental in ensuring the success of this AGM. Mr. Alejandro Plater, the CEO of the management board, and Mr. Thomas Arnoldner as his deputy. Ms. Sonja Wallner, who is in charge of finances in Mr. Plater's team. Our notary, Dr. Christian Mayer, who will oversee the minutes and the voting procedures. The auditors are from Deloitte Audit Wirtschaftsprüfungs GmbH.
The members of the supervisory board who are either present here in the room or following the AGM via live stream, as well as staff working behind the scenes and in technical support. Let me begin by giving you an overview of the most important developments of 2025. The A1 Group's success story continued to develop impressively in fiscal year 2025, despite a challenging market environment. Geopolitical uncertainties, persistently high competitive pressure, particularly in the Austrian market, and the resulting increasing efficiency demands shaped the reporting year. Nevertheless, the A1 Group proved to be very robust and resilient overall. In particular, the group's strategic focus on digital and innovative services, reliable connectivity, and operational excellence has proven to be the right one. At the same time, the issue of digital sovereignty has become a central strategic priority.
The A1 Group is excellently positioned in this important future-oriented sector, thanks to its European cloud solution, Exoscale. The group increased its revenue by 3% to EUR 5.6 billion, driven in particular by strong growth in the CEE markets and in the ICT segment. EBITDA rose by 2% to EUR 2.1 billion. Adjusted for one-time effects, it would have increased by as high as 3.7%. These results underscore the group's positive operational performance, as well as the success of its efficiency and transformation measures. The A1 Group's financial position continued to improve in 2025. Net debt stood at just a multiple of 0.9x of EBITDA at year-end and was nearly completely eliminated, excluding lease liabilities. Digital infrastructure is a key driver of the A1 Group's performance and innovation capabilities.
In 2025, again, the group continued to pursue its investment strategy with a focus on expanding its fiber optic and 5G networks here in Austria. Important strategic steps were also taken in international markets. Of particular note is the successful acquisition of 5G spectrum in Serbia and the subsequent launch of 5G operations in December 2025. The confirmation of our ratings by all three leading international credit rating agencies with A3 or A- underscores these achievements, placing the A1 Group among the highest-rated companies in the industry in Europe. At the same time, the A1 Group continues to consistently pursue its commitment to sustainability. Its corresponding strategies and measures continue to receive broad recognition. The Carbon Disclosure Project, a leading global nonprofit organization that assesses corporate environmental transparency, has repeatedly awarded the A1 Group an outstanding rating. This is the A list.
This makes the A1 Group one of the few Austrian companies to have received the highest rating. This reflects, in particular, the progress made in reducing CO2 emissions. I am particularly pleased that the Vienna Stock Exchange has now awarded us the VÖNIX Sustainability Award for the third time in a row. Our dividend proposal to the AGM for 2025 is as follows. A dividend of EUR 0.42 per share is to be paid for 2025. This represents an increase of EUR 0.02, or 5% year-on-year. The management board will report on the 2025 business year in detail in their presentation in just a few minutes. Now, for the agenda for today's AGM. Allow me to remark that the invitation was published in the Digital Official Gazette on May 20, 2026 and distributed electronically throughout Europe via EQS and via SWIFT.
All required documents have been available on the website since the 3rd of June 2026. I note that there are no proposals for additions or amendments to the agenda. Therefore, today, we may only discuss and resolve on the agenda items announced in the invitation for the meeting. A brief word on how today's AGM will be conducted. We will first present the reports and the proposed resolutions on all agenda items en bloc. This will be followed by a general debate with requests to speak on all items on the agenda. Once all questions have been answered, we will vote on the proposed resolutions without further interruption. If you wish to speak during the general debate, please fill out the request-to-speak card and hand it to the ushers. If you have already prepared questions in writing, you are also welcome to hand these into the ushers.
Please indicate whether you would like to ask the question yourself or have it read out. I would also like to remind you that you are also invited to partake in a light buffet lunch starting at around 11:30 A.M. The AGM will be simultaneously interpreted. All statements made here in German can be followed in English, and all statements made here in English can also be followed in German via the simultaneous interpretation. Headphones for the interpretation are available in the hall as you enter the room. That concludes my overview for how today's AGM will be conducted. Now let us move on to the agenda.
Agenda item one, presentation of the adopted financial statements, the management report, the consolidated financial statements, along with the group management report, including a sustainability statement, as well as the corporate governance report, the proposal for appropriation of the net profit, and the supervisory board report on the fiscal year 2025. These documents have been available on our website since June 3rd, 2026. The annual financial statements and the consolidated financial statements were audited by Deloitte Audit Wirtschaftsprüfungs GmbH, which issued an unqualified audit opinion. The management report and the group management report, including the sustainability statement, are consistent with the annual and consolidated financial statements. As always, I would like to take this opportunity to inform you about the work of the supervisory board.
During the reporting year, the Supervisory Board held a total of five meetings, including one strategy meeting, as well as five additional meetings of the Audit Committee and three meetings of the Remuneration Committee. The main topics discussed at the meetings were as follows: the strategic direction of the Group, particularly with regard to sustainability. The planned investment and financing decisions of the Group, and after an in-depth discussion of the strategic opportunities and challenges, as well as the options for action to optimize business performance, the Supervisory Board approved the 2025 budget. In its work in 2025, the Supervisory Board focused in particular on tapping into new growth segments and increasing efficiency. This was done to counter inflation-induced increases in the cost structure and the ongoing competitive pressure in the markets.
In its meetings in 2025, in its five meetings, the Audit Committee exercised its oversight function, monitoring the effectiveness of the internal control system, the risk management system, and the internal audit. It also discussed and examined the 2024 annual financial statements in detail in meetings, and this was also attended by the external auditors. The Supervisory Board has undertaken to comply with the Austrian Code of Corporate Governance. To comply with responsible corporate management and control geared towards sustainable value creation, all 10 shareholder representatives have declared their independence in accordance with C-Rule 53 of the Austrian Code of Corporate Governance. Pursuant to Rule 62 of this code, Telekom Austria commissions an external review of its compliance with the provisions of the code and the accuracy of the associated public reporting every three years.
The next evaluation is scheduled for the 2025 fiscal year and will take place this year, 2026. The composition of the Supervisory Board remained the same last year as Alejandro Cantú Jiménez, Daniela Lecuona-Torras, and Carlos Jarque were reelected at the Annual General Meeting held on June 3rd, 2025. This concludes my summary of the Supervisory Board's activities. At this time, we would also like to take the opportunity to extend our heartfelt thanks to Mr. Gerhard Bayer, who is stepping down from the Supervisory Board as of the 30th of June. We thank him for his professional and consistently constructive collaboration, as well as for his many years of dedication and commitment to the interests of the employees and the company. At the same time, we warmly welcome Mr. Michael Wöber to the Supervisory Board, effective as of July 1st, 2026.
He will serve on this board as an employee representative. We congratulate him on his new appointment and we look forward to working with him in the future. The Management Board will now provide you with a detailed report of the 2025 fiscal year. I would like to ask Mr. Plater to take the floor.
Good morning. As Telekom Austria becomes more international, I am going to do this presentation in English. I will give time to distribute translation if somebody needs that in a few seconds. Feel free. Anybody else wants translations? No. Thank you. Thank you very much. The presentation of today is divided in two blocks, as we always try to share. One block that talks more about today, what has happened during 2025, results, numbers, challenges, performance. The second part is more looking towards the future. How do we see Telekom Austria moving forward in terms of new markets, innovation, and opportunities? The first part more dedicated to, let's say, the past and the present, the second part more dedicated into what is coming. Of course, it's always a challenge when we talk about the future.
First, because for sure we don't know how the future would look like, that's always a challenge. Also because when we talk about the future, we talk a lot about technology and technologies that probably we all read in the newspapers, that we are trying to all understand what would be the impact on that. We would like to share some thoughts as how we see the future moving forward. Starting with the present, you see basically that 2025 was another growth year, a little bit different to the past, with an extraordinary performance of our international business. I will show you some more details later, but it has been fantastic development in our international business. Total revenues grew 3%, as you can see. EBITDA also 2.3%, free cash flow almost 4%. All the numbers very solid.
What we are very proud of and the reason as to be relevant for customers is our customer growth. At the end, financials are the results of being chosen by customers and to be having satisfying customers. In A1, we call it as being relevant to customer, to predict what customers would like to have in the future. Future services. This has been our stock development compared to ATX and the telco sector. You see basically 2025 was not the best, but when you look back, we have been doing so well in the past that of course you cannot continue every year with the same performance. You see that we have been growing below these two indexes. Overall, the performance of the company has been very good.
When you look at how many shares we own, we own 415,159 shares, corresponding to a capital of roughly EUR 1 million, EUR 900,461.78. There has been no transactions during 2025. That's important to mention. Talking about where are we positioning in our traditional business when you look market per market. You see basically that in most of the countries we are number one and or number two, close to number one. That's our strategy to, in all the indicators, be either number one or be number two, very close to number one. Here you see basically all the data.
In some countries, we are lagging a little bit behind like Slovenia, or we are two in mobile, but three in fixed, or you see in Serbia where we are the third mobile, and we are the smallest in fixed because we just started last year. Also, as you all know, we put a lot of effort in our ESG activities and there has been a lot of achievements during 2025 and we have also a lot of focus areas for 2026 as you can read in the slides. Our investments in the digital campus to help to close the digital divide among other areas where we focus on the ESG part. Let me go to Austria a little bit. Austria probably our most challenging country during 2025. Still we are the biggest investor in digital infrastructure in the country.
As you can see, we invest close to EUR 500 million a year. We have more than EUR 1 billion in fiscal contribution every year. We have done close to 600,000 digital education, which is also very close to our heart and very important for us how to close this digital divide. You know what they say about AI? The digital divide is not between people with access to digital infrastructure or not. In the world of AI, everybody will have access. The only limitation is our ability to use it. That's a different, let's say, dynamic that is happening compared to the digital divide. One of the biggest challenges that we have in Austria, which is still our largest market, is there is a very weak case to build fiber.
The fiber is a key digital backbone on the economies, in the Austrian economy or every economy. It's very important that we find a way to find a case where investments on fiber are actually flowing. We still are the largest fiber network. Of course, we are the biggest investors in fiber, but still there are things to fix in order to accelerate digital fiber infrastructure. You see here are four examples of things that has to be done in order to improve this reality. First, there is a lot of uncertainty about the investments. It's very difficult to think in payback times of 30, 40 years nowadays because there is so much changes in technology that in 30 years we don't know how technology will look like, right?
It's very difficult to justify an investment that requires a payback time that is so long, and that's a big challenge in fiber investments. We see what is happening in satellite and the amount of satellites that are put in space on a weekly basis, 250 satellites SpaceX only is putting into space every week. It's an enormous amount of capacity that has been put in space, and it's difficult to know how much fiber or how fiber would in the end compete with all these alternative technologies. They are evolving very rapidly. Probably you read in the newspapers the valuation of SpaceX when they went public, $1.4 trillion, which is a lot of millions. This is for the ability to put in a very cost-efficient stuff in space.
Today they are thinking satellites, tomorrow they are thinking data centers and who knows what they're going to do afterwards, probably going to Mars or something like that. Still in Austria we are very strong. We are the strongest player by far in a challenging economy, as you all know probably how difficult the economy has been the last couple of years. Nevertheless, we have remained very strong in the market. Number one in mobile, number one in fixed. Best networks. There are a lot of rankings on networks now, among the best networks for years, I think 15 years, if you go outside, you will see these prices. I think for 15 years, Sonja, no? It's like from 2000 and at least 2014 is there, no?
You can see we have been awarded the best network for many years, and we continue to invest to improve the mobile experience in the market. That's about what has happened so far, and I want to focus a little bit on the future. I think sometimes it's more interesting, at least for me, to talk about what is coming than what was in the past, no? How can we predict as management what is coming into the future as growth opportunities. One of the growth opportunities that we see is in our international business. Here you can see basically some data points on the growth of our international business. That means everything that is outside of Austria. Now the business outside Austria is bigger than the business in Austria, and that's normal in a company that is expanding, right?
We are very big in Austria. It's difficult to be bigger, we have opportunities to grow substantially outside Austria, and that's where we are focusing with Thomas and Sonja a lot to not only find these opportunities organically but also inorganically. There you can see basically that the international business has surpassed last year the Austrian business, which is very good for us. It's very good for us because in a company that is becoming bigger, diversification is very important. Economy sometimes in some markets goes a little bit into recessions. That's normal. All countries goes to recessions once in a while. Recessions in countries are not that bad. They are good to clean inefficiencies in economies. If you are diversified, you can deal with the recessions in one country while you are growing the other countries. For us, diversification is very important geographically.
There has been two markets that we are focusing a lot lately. One is Germany, where we have only a digital operations, and we put a lot of focus in Germany. The second one that we are focusing a lot now is Spain, which is one of the largest economies in Europe. We did a small acquisition in 2025 to start digital business in Spain. We think that that's another very important growth opportunity as we expand within Europe. You see the ratios. The ratios are fantastic in terms of growth, EBITDA growth and EBITDA margins and customer growth. It's not only important to grow and to diversify yourselves geographically. That's part of the equation. The second part of the equation is you need to diversify your portfolio because portfolios also have these wave behaviors. Sometimes portfolios, in management, we call it portfolio momentums.
You're sometimes in areas where there is so much growth that just being in that portfolio area and not being very good, you grew a lot. It's very difficult to find these areas where there is portfolio momentum because sometimes your core business will decline slowly because there is a lot of innovation. This, we have been very proud of what we have achieved in ICT. We launched this strategy five or six years ago when we decided we cannot do only connectivity. Telekom Austria cannot be only about connectivity. We should be able to develop and deliver services that adds value on top of connectivity, and that's what we call ICT. Now we have renamed it a little bit now, Thomas, into B2B Digital because most of the services that we do for these segments are digital services, cloud services, managed IT, et cetera.
You see there in the list what we do. You can see also the growth, 20% growth in this area. I'm pretty sure that we will be able to grow even faster as we reskill ourselves and learn how to go to market in a more managed services, as we call it, with customers. It's not about only selling connectivity. It's how you differentiate your connectivity by providing services that for customers are very difficult to compare to others. That's about a lot of differentiation. Within this differentiation, there is a very specific European opportunity that we are very convinced that is going to be very successful in the future because there is something very common in all the, I don't know if you have heard about the hyperscalers, the big cloud providers.
The big cloud providers, to mention three that are very important is Amazon, that probably everybody knows. It's Microsoft that everybody knows. But you have Oracle. What these three has in common? They're all American. Many customers in Europe and in another regions are starting to become a little bit concerned of putting so much data to run their business in American environments. Despite the fact that some of these hyperscalers, as we call it, Amazon, Microsoft, they say that they have the data centers in Europe. The software is not done in Europe. There are certain restrictions that these companies have that if the U.S. government is asking for certain data, despite the fact that the data is in Europe, they should provide the data. Many customers and governments are starting to be concerned about this, especially healthcare, security, financial services.
All those segments where putting all the data in American clouds has started to be a geopolitical risk. The other alternative is going Chinese because the Chinese, they also have big hyperscalers, Alibaba, Huawei, and others, but also you have a similar risk. Why not to develop a European infrastructure that is not only hosted in Europe but is also developed in Europe? Basically, we have data centers, two in Vienna. We have data centers in Sofia. We have data centers in Frankfurt. We have data centers in Zurich. We have data centers in Zagreb and more that we are building and we will build to offer our customers European infrastructure sitting in Europe but with software developed in Europe. So no U.S. authority could access that data. For some markets, some players like healthcare, government, financial institutions, but not only those.
Companies that are doing R&D, pharma, for example. They don't want their R&D being located outside Europe. We're starting to see a very big opportunity that is coming up on this. At the beginning, we were focusing on cloud as you see on your left side. Now we started to think that this problem, which for us is a huge opportunity, is not only related to the data center and the infrastructure in the data center. It's also related to AI because if I do the same exercise and I ask you ChatGPT, Anthropic, Meta. Who else am I missing? Microsoft. They also have something in common. They are all American. I came back from the U.S. this morning. They are all American. The same problem. When you run in the future, you will start running your AI environments, you will have the same dilemma.
Should we put all this data in U.S. infrastructure? Even though the U.S. providers will promise you that, "Don't worry, we are building a data center in Linz." Yes, but the software that they're running in the data center is not developed in Linz, it's developed in Silicon Valley. Right? That for us is a huge opportunity that we see in the future. The challenge is we need to execute well. One thing is having the strategic vision. I think that's the easy part. The difficult part is how to do it well. There we have a lot of challenges. One is lack of competence. Lack of competence and skills is our biggest challenge. In order to invest in new areas, you need to de-invest in other areas. Companies, it's about limited resources. It's like governments. We need to prioritize.
One opportunity that we identify is simplification. In order to save, to invest, you need to simplify. We started this project a couple of years ago now. We were thinking why we need to run countries as countries in the digital era. Do we really need to think in terms of countries, or we can think above countries? In my Ericsson days, I worked for Ericsson for many years, we were working for Ericsson. We were not working for Brazil. No? That's what we are trying to do. That our colleagues, they work from A1. It doesn't matter where do you work. The important thing is you belong to A1, and you follow the core values of A1 that we have.
That's why we are building these competence centers, centralizing competence in one location to gain scale, to have ability to re-skill faster, and thirdly, to be able to deploy automation and AI in an easiest way. A concrete example, this presentation I did in Investor Day in New York, so it's the same, what we are sharing with you is what we shared with investors in New York as well. This is exactly what we are doing. We, as an example, when you run a telecom operation, you need to have a network operation center. That's colleagues that are sitting 24/7 in case something happens in the network. If there is a fire and there is a problem, there is a team of people that they are looking at this and calling people to fix the problems. We used to have 27 of these.
We said, maybe it doesn't make sense to have 27. Why don't we have one that is looking not 27 at 27 networks, but we have one looking at 27 networks. No. That's what we have been doing. The past, you have seen still 2025 has been a year of growth. A lot of innovation since the majority of our growth is coming from the new services. Two-thirds of our growth in 2025 came from new services, which is very important. It shows the power of innovation of A1. Austria, struggling economically, but very strong in the market. Very strong, very difficult to compete with us. We are very committed to this. International business, our growth area, one of our growth area, we will continue to grow. We are very optimistic about the growth in international business.
We are very optimistic of our expansions in Germany, Switzerland, Spain, and maybe we do one country more. Where we see now momentum for a sovereign cloud and sovereign AI, not only in Austria, but also in all the countries in Europe where this has been discussed. Thank you very much.
Thank you very much, Alejandro. Thank you. On behalf of the Supervisory Board, I would also like to thank the members of the Management Board and Ms. Wallner. Despite persistently challenging conditions, you have once again delivered an outstanding result. My special thanks also go out to our customers. Of course, I would like to thank you, our shareholders of Telekom Austria AG, for the trust that you have placed in us. I would also like to thank all of our employees, in particular in Austria and in CEE. They all deserve our deepest gratitude and recognition for their dedication and performance over the past year. I would now like to announce today's attendance at the AGM. According to Section 117 of the Stock Corporation Act, there are 423 shareholders and shareholders' representatives represented here today, representing 621,990,080 non-par value shares.
I am now signing the list of attendees, I will present it to Dr. Mayer for your perusal. If so required, the AGM has a quorum for all items on the agenda. I will read aloud the proposed resolutions for the agenda items, two through eight, and offer a few comments on them. Agenda item two, resolution on the appropriation of the net retained profit reported in the financial statements for the fiscal year 2025. The management board and the supervisory board of Telekom Austria AG propose to use the net retained profit of the fiscal year 2025 of Telekom Austria AG in the amount of EUR 612,801,000 as follows: distribution of a dividend of EUR 0.42 per eligible no par value share, i.e., a total dividend payment of EUR 278,915,633.22.
The remaining amount, in the amount of EUR 333,885,366.78 in total, will be carried forward under new account. The dividend will be dispersed on the 1st of July 2026. Capital gains tax is payable on the dividend. Agenda item three, resolution on the discharge of the members of the management board for the fiscal year 2025. The management board and the supervisory board of Telekom Austria propose to grant discharge to the members of the management board for the fiscal year 2025. Item four, resolution on the discharge of the members of the supervisory board for the fiscal year 2025. The management board and the supervisory board of Telekom Austria AG propose to grant discharge to the members of the supervisory board for the fiscal year 2025. Item five on the agenda, resolution on the compensation for the members of the supervisory board for the fiscal year 2025.
The management board and the supervisory board for Telekom Austria propose that the remuneration of elected members to the supervisory board for the fiscal year 2025 is to be set unchanged from the previous year as follows: for the chair, EUR 40,000, for the deputy chair, EUR 30,000, for each additional member of the supervisory board, EUR 20,000, for the chair of a committee, EUR 12,000, and for each additional committee member, EUR 10,000. The remuneration for committee members is limited to one committee mandate. Accordingly, committee members are only entitled to one remuneration, even if they belong to several committees. If a member of the supervisory board or committee has not belonged to the board or respective committee for the entire fiscal year, the remuneration is paid on a pro rata basis. Namely, it is calculated on a daily basis.
I would like to add that the employee representatives on the supervisory board perform their function in an honorary capacity. The ÖBAG representatives on the supervisory board remit their compensation to ÖBAG. Item six, elections to the supervisory board. The terms of office of Ms. Karin Exner-Wöhrer, Mr. Carlos García Moreno Elizondo, Mr. Stefan Fürnsinn, and Mr. Oscar von Hauske Solís end as of the conclusion of today's AGM. According to the articles of association of Telekom Austria AG, the supervisory board consists of up to 10 members who are to be elected by the AGM. Four members must be elected to restore the total number of elected members to 10. Pursuant to a separation resolution adopted by the supervisory board, the shareholder and employee representatives must meet the gender quota individually. The 10 seats held by shareholder representatives are currently occupied by three women and seven men.
Since three men and one woman are stepping down, at least one woman must be elected as a member of the supervisory board from among the shareholder representatives. The gender quota will therefore continue to be met. The supervisory board therefore proposes to elect the following individuals to the supervisory board effective from the end of this AGM. Number one, Ms. Karin Exner-Wöhrer, Mr. Carlos García Moreno Elizondo, Mr. Oscar von Hauske Solís, and Mr. Stefan Fürnsinn.
Ms. Karin Exner-Wöhrer until the end of the AGM that resolves on the approval of the actions for the 2027 fiscal year, Mr. Carlos García Moreno Elizondo until the end of the AGM that resolves on the approval of the actions for the 2029 fiscal year, Mr. Oscar von Hauske Solís until the end of the AGM that resolves on the approval of the actions for the 2028 fiscal year, and Mr. Stefan Fürnsinn until the conclusion of the AGM that resolves on the approval of the actions for the 2028 fiscal year. The candidates have submitted declarations pursuant to Section 82, Paragraph 2 of the Austrian Stock Corporation Act, which have been published on the company's website, listed in the commercial register together with their CVs. We will vote on each candidate separately.
I would like to state on behalf of the candidates that they would like to thank you for the trust you have placed in them if they are to be reelected, and they will gladly accept their reelection. Ms. Karin Exner-Wöhrer, Mr. Carlos García Moreno Elizondo, Mr. Oscar von Hauske Solís, and Mr. Stefan Fürnsinn are already known to you as longstanding members of the supervisory board, and we can therefore forgo introducing them to you. Agenda item seven, election of the auditor of the financial statements of the consolidated financial statements and auditor of the sustainability report for the fiscal year 2026.
Supervisory Board's proposal was published in a timely manner on the company's website listed in the commercial register and reads as follows: To appoint Deloitte Audit Wirtschaftsprüfungs GmbH as auditor of the annual financial statements and consolidated financial statements of the 2026 fiscal year, and the auditor of the consolidated sustainability report for the fiscal year 2026. In eight, resolution on the remuneration report. The remuneration report provides a comprehensive overview of the compensation granted and owed to the members of the company's bodies in the course of the past fiscal year. I will summarize the key points. Total compensation for the management board decreased by 4.5% in 2025 compared to the previous year. This decline is attributable to lower LTI compensation paid to former management board member Siegfried Mayrhofer, as well as a lower target achievement in the STI. The individual components are as follows.
The fixed remuneration for the current management board members remained constant. For the 2025 STI, the financial targets, namely service revenues, free cash flow, and expansion of the Austrian fixed line business, were achieved at a total of 98.9%. The ESG target achievement, which is represented as a modifier, which is factored into the overall target achievement, was 107.7%. This results in an overall STI target achievement of 106.4%. The LTI remuneration reported in the remuneration report for the 2025 reporting year is based on the expected 1% target achievement for the LTI 2023 tranche. The actual target achievement has not yet been determined and will be published in next year's remuneration report. The structure and amount of the supervisory board remuneration have remained unchanged. The amounts have already been presented under agenda item five. I will now read out the proposed resolution.
The management board and supervisory board propose that a resolution shall be passed on the remuneration report for the fiscal year 2025 as it is published on the website of the company as registered in the commercial register. This concludes the presentation of the reports and proposed resolutions on all agenda items. We are now ending our internet broadcast. I would therefore like to say goodbye to all of the participants who have been following the meeting online, and I would like to thank you for your interest and attention.