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Welcome to the conference call on the NTU AeroEngine's first half year results 2025. For your information, the management presentation, including the question and answer session, will be audio taped and streamed live and made available on demand on the internet. By attending the conference call, you grant permission for audio recordings intended for publication on the internet to be taken. The speakers of today's conference call are Mr. Lars Wagner, Chief Executive Officer, and Mrs. Kathy Agalthia-Villa, Chief Financial Officer. Firstly, I will hand over to Mr. Thomas Franz, Vice President, Investor Relations, for some introductory words.

Thank you, Raz. Good morning, ladies and gentlemen. Welcome to MTU's H1 2025 results call. We will start this call with Lars walking you through some of the important headlines that were made in the past quarter. Katja will then give you the financial overview as well as a deeper look into the segment results. Following that, Lars will wrap the presentation up with some key takeaways before we head into Q&A. With that, I'll hand over to Lars.

All right. Thank you, Thomas. Good morning, everyone. Pleased to have you on board. This morning is a little bit different because Katja and myself, the first time that we're doing this conference talk all together, And obviously next to me also sits Johannes, whom many of you met in Paris. So he's in listening mode to prepare himself for the next Q3 figures. So let me start with a brief overview of what has been an exceptionally strong first half of the year. Group revenues reached over 4.1 billion euros, driven by robust growth across both our commercial OEM and commercial MRO segments. Adjusted EBIT rose to 657 million Euro. This resides from a favorable business mix in the OM segment and improved profitability in our MRO operations. Also supported by positive mix in customer and products. The free cash flow in H1 came in strong at 212 million in line with expectations for the full year. These results once again highlight the strength and resilience of our core business performance that fully supports the upgrade to our 2025 guidance as announced at the Paris Airshow. Coming to that event in Paris, which was certainly the highlight in the second quarter. In short, it was indeed a very successful Paris Airshow 2025. One clear highlight was the record-breaking order intake for MTU, reaching 1.75 billion US dollars. The majority of these orders were the GTF engines powering the A320neo family. The largest single order came from Wizz Air, which selected PW1100 engines to power additional 177 A321neo aircraft for their fleet. This was followed by Frontier Airlines which will equip 91 A321neo with GTF engines. And in addition, LOT Polish Airlines placed an order for 40 A220 aircraft, all of which will be exclusively powered by PW1500 engines. This outstanding result is a clear vote of confidence from the market in the GTF technology. Another major milestone at the show was the upward revision of our 2025 guidance, alongside the announcement of our ambitious 2030 targets, both based on an exchange rate of 1.10. By 2030, we expect revenues to reach between 13 and 14 billion euros, with an adjusted EBIT margin of 14.5 to 15.5%. Our cash conversion rate is projected to reach a high double-digit percentage. All of this reflects MTU's strong market position. Demand across the industry remains high and we are clearly benefiting from this with our well-balanced product mix in both the OEM and MRO segments. With our sharp focus on growth, operational excellence, innovation and sustainability, we are exceptionally well positioned to shape the future of aviation. We also deepened our partnership with Airbus by signing a memorandum of understanding to jointly advance our hydrogen fuel cell concept. This collaboration covers the key technology building blocks required for the engine, the alignment of our respective research and technology roadmaps for hydrogen propulsion, and ultimately the development of a fuel cell engine for potential hydrogen-powered aircrafts. With Avio Aero, we entered another long-term partnership. They will join our collaboration with Safran to jointly develop the next generation European helicopter engine, which is expected to enter service around 2040. The work share between all three partners will be equally distributed, ensuring a balanced and collaborative approach to this strategic program. Support and manage our continued growth is essential that we invest in expanding our capacity. Our most recent announcement was the investment in our Fort Worth facility, where we've signed a 30-year lease agreement with the city of Fort Worth, a key step in strengthening our footprint in North America. As part of our long-term strategy, we will invest approximately 120 million US dollars to modernize and upgrade the site. With the maintenance of the CFM LEAP and GENX engines, we will develop MTU in Fort Worth from an on-site service center into a fully disassembly, assembly, and test facility. In addition to that, EME Aero in Poland reached another important milestone. On 30 June 2025, the site officially opened its second engine test set. With this expansion, EME Aero will be able to support the maintenance of up to 500 GTF engines annually from 2028 onwards, a significant boost to our overall MRO capacity. Market environment remained positive over the long term. This is also reflected over the short term. In the first five months, passenger traffic grew nearly 6% and cargo traffic was up 3%. Allow me to reiterate our guidance 2025 update, which we shared at the Paris Airshow. 2025 has been so far another year of robust market environment and MTU is well prepared to continue on our growth path. Let me just reiterate a few key drivers in our business segments for this year. In our military business, the underlying business remains strong. With anticipated growth for the development work for the new generation fighter engines, as well as an increase in T48 engine volumes. The EG200 engine will remain the key revenue contributor in the coming years. EJ200 new engine production is about to grow, driven by the German Quadriga and Spanish Halcon order. Further, we expect a significant increase in T48 engine revenues compared to 2024. In the commercial OE business, we see growth across various engine programs. The PW1100G engine deliveries will be the key growth driver while the output on the Gen X is also growing as Boeing is about to increase the output on the 787. Already very visible in Q1 as well in Q2, we see a higher share of spare on these engines in 2025 compared to the expectation when we issued our first guidance for 2025. This is contributing to increased profitability as shown in our H1 numbers. The very first engine deliveries for GE9X are anticipated in the second half of the year, while entry into service of the Boeing 777X is expected for 2026. Commercial spare parts growth is benefiting from the strong market environment. We see solid growth in narrowbody engines as well as on newer widebodies. The V25 engine in particular is well placed here with a high utilization. Spare parts on mature widebody engines as well as business jet engines are projected to remain relatively stable. In the commercial MRO business, we expect continued growth in GTS MRO work. The PW1100 engine will be a significant driver across all MTU network locations, particularly with the further ramp-up of EME Aero as well as MTU Chuhai through the start of operations at our Jinban site. The projected revenue share in our MRO business for GTS MRO is anticipated to be around 40%, with a higher share in the second half of the year compared to the first six months. Freighter engines such as the GE90 and CS6-80 C2 see robust demand from cargo operators. And finally, our MLS engine leasing and asset management business is continuing on its profitable growth path. Let's have a look how this translates into our financials. We raised the 2025 guidance at the Paris Airshow and we can reaffirm that forecast today. Group revenues are expected to rise to between 8.6 and 8.8 billion based on a US dollar exchange rate assumption of 1.10. Within this, we anticipate growth in our military business in the mid to high single digit percentage range Commercial OE is projected to grow in the mid-teens. Within that, the share of spare in these engines is higher than initially anticipated. Aftermarket demand is an exceedingly big expectation.