Bayerische Motoren Werke Aktiengesellschaft

Thank you for joining us for the Q2 2026 Investor and Analyst Q&A session following the speeches this morning. My name is Stefan Richmann and I'm Senior Vice President, Group Treasury and Investor Relations. With me are CEO Milan Nedeljkovic as well as our CFO, Walter Mertl, and we're happy to take your questions. I kindly ask you to stick to the usual number of two questions per person. We will jump straight in once the operator has provided the necessary technical instructions.

Ladies and gentlemen, we will now begin our Q&A session. If you have a question, we ask that you please use the raise hand function at the bottom of your Zoom screen. Or if you have dialed in, please press star nine to enter the queue. Once your name has been announced, you can ask a question. If you would like to withdraw your question, please lower your hand using the raise hand function in the Zoom app or via telephone press star nine. Thank you and please stay tuned for our first question. The first question is from Patrick Hummel at UBS. Please unmute yourself and begin with your question.

Good morning, it's Patrick from UBS. Thank you for taking my question. I would like to start with one more strategic one for Milan, please. You're starting the CEO job with a big restructuring task. I guess there are nicer ways to begin, but nonetheless, what needs to be done needs to be done. I'm curious, can you elaborate a little bit on the other Thank you very much. Everybody tries to do that. So I'm curious what else you're thinking needs to be done in China to stabilize the business over there. And my second question goes to Walter, please. In terms of the restructuring announced the 8000 headcount cuts, sounds like mostly overhead or white collar jobs. Can you give us a and also the timeline. Will we see all of that in 2028 already materializing fully in the bottom line? Thank you.