Bayerische Motoren Werke Aktiengesellschaft

Ladies and gentlemen, good morning and welcome to the telephone conference of the BMW Group for the third quarter. Today we have here Milan Nedeljkovic, Chairman of the Board of Management of BMW AG and our CFO, Weiser Mertl. We will start with Milan, briefly putting yesterday's announcement into context. He is followed by Weiser, who will take you through our financial recites. Milan will then give you a general business update for the BMW Group. After a short break, we will have time for our Q&A sessions. Milan, please go ahead.

Good morning, ladies and gentlemen. I'd like to begin with a few general remarks. After the first nine months of the year, we achieved an operational performance of 3.5% EBIT margin in the automotive segment. Despite the difficult business environment, we reached group earnings of 2 billion euros in Q3. At the same time, we are driving the structural transformation of the company forward across all levels. We are making good progress and we want to take the opportunity this year to pick up the pace even further. Therefore, we proactively decided to expand our portfolio and structural measures to accelerate the necessary change. Accordingly, we adjusted our guidance for 2026. I will hand over to Walter to run us through the Q3 figures and outline the financial impact of yesterday's decision. After that, I will provide a strategic update.

Thank you very much, Milan. Walter, please go ahead.