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Welcome to the conference call on MTU AeroEngine's first quarter 2026 results. For your information, the management presentation, including the Q&A session, will be audio taped and streamed live or made available on demand on the internet. By attending in 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. Dr. Johannes Busmann, Chief Executive Officer, and Mrs. Katja Garcia-Villa, Chief Financial Officer. Firstly, I will hand over to Mr. Thomas Franz, Vice President, Investor Relations, for some introductory words. Please go ahead.

Thank you, Nadia, and good morning. Welcome to our conference call for MTO's Q1 2026 results. We'll begin today's session with Johannes sharing some thoughts on the current environment and recent developments. Following that, Katja will walk you through the financials. Johannes will walk you through the guidance and will summarize the key takeaways before we open the floor for your questions. With that, it's my pleasure to hand over to Johannes.

Thank you, Thomas, and welcome to our earnings call for the first quarter 2026. We had a very successful start into the year. Group revenues increased by 7% to more than 2.2 billion euros. Adjusted EBIT rose by 6 percent to 320 million, translating into a margin of 14.2 percent free cash flow, improved by 18 percent to 177 million euros, residing in a cash conversion rate of 77 percent. Despite the current situation in the Middle East, which I will touch a bit later, we confirm our full year guidance today strongly. We fully support our customers and their operations And the safety of our employees in the region is, of course, our top priority. Before Katja takes you through the financials, let us first take a look at the market environment and our key highlights on the first quarter. I start with the view on the current macroeconomics and geopolitical environment and how MPU is positioned. Geopolitical tensions have driven a sharp increase in jet fuel prices and possible physical supply chain constraints putting pressure on airlines as we see. As a result, several airlines have announced moderate capacity reductions. Any traffic impact is expected to be absorbed mainly by the older, less fuel-efficient fleets, which demand for modern and fuel-efficient aircraft and engine remains largely unaffected. Against that backdrop, we also maintain our MTU positions very well positioned with our resilient product portfolio, especially in fuel-efficient engine types and, of course, our active and decisive management of supply chains and cost management. The ongoing capacity constraints in our end markets, in particular in the MRO segment, provides protection from any significant impact on our business as we see today. Our product portfolio is resilient with a strong focus on next generation fuel efficient engines driven by airline structural needs to reduce fuel burn and emissions. Just to name two, the GTF and the V2500 platforms continue to see solid demand The GTF backlog across OEM and MRO provides us with a high visibility of the market scenarios. The B2500 remains a key asset in our customers' fleet. Supply chain resilience remains our top priority. We rely on multiple sourcing and long-term supplier contracts to manage these dependencies. Our approach results, as of now, in a stable, reliable supply chain. And for possible cost increases, we are in the comfortable situation of being able to pass price increases on rather easily. For the limited number of MTU suppliers located in the Middle East, appropriate measures have been implemented to ensure continued availability. Staying on the cost topic, MTU continues to apply a highly disciplined cost management approach. Just two examples for that. We continuously validate our work distribution and are increasing workload volumes and repair activities at our best cost facilities as we speak. Other topics like energy cost are put under review very regularly. Even though energy costs have only a limited impact on our products, we manage our cost exposure here very diligently. One of these examples is our geothermal plant here in Munich, which covers 80% of the heating demand of our Munich production site, which makes us independent from these effects. I would like to share some reasons to remain highly confident while navigating through this definitely dynamic environment. Our portfolio is resilient by design. Growth in the military business remains strong as guided for 2026, In the new engine business, demand continues to be driven by fleet renewals and the need for more efficient engine technologies is ongoing. Airframe order books are basically sold out through the end of the decade. For the aftermarket, spare parts and MRO demand for shop visits remains strong and there are no signs of weakness. In our shops, we have not received a single cancellation or meaningful deferral as of now. From a regional perspective, our MRO exposure in the Middle East is low. While certain platforms such as the GP7000 and GENX show higher regional concentration, this does not affect the overall robustness of our portfolio. With the highly efficient GTF engines and the still very young V2500 fleets, we are certain to have the right products for almost any scenario. This confidence is further underpinned by our strong group order book of around 32 billion, providing high, medium to long-term visibility. As you see, we are well protected by our resilient portfolio mix and our strong MRO positioning. At the same time, proactive risk analysis is firmly embedded and is part of our daily management in the business. Looking beyond these near-term, the long-term growth fundamentals of the aviation industry remain unchanged. Fleet renewal and structural growing demand for more fuel-efficient aircraft continue to support our business. Coming to a real highlight in the first quarter of 2026, we took an important strategic step to further expand our military business. Unmanned aerial systems are becoming a key capability in modern defense, and Propulsion is a critical enabler of their performance, reliability, and mission effectiveness. And this is where we seized an opportunity to enter into another area of a rapidly evolving UAV market. With the acquisition of AerodesignWorks, we gained immediate and substantial access to this fast-growing and attractive market, creating long-term value for MTU. Aerodesign Works already develops and produces propulsion solutions for lower-thrust drones. The demand for military drones is clearly visible. The global market for military drones is expected to grow by around 12.5% per year for the next five years, and that has been significant. What is missing so far is a European-made propulsion system that meets military requirements in terms of quality, reliability, and especially industrial scalability. This is where we as NTU come into play. Combining AerodesignWorks' capability with our long-standing experience in the military segment, our technology, proven engine expertise and global market access for production positions us very well and to be a powerful and scalable propulsion platform for the European drones market over the coming years. In addition to that, we also stepped into a so-called conventional light market We see clear opportunities to further scale the business through organic growth, selective acquisitions, and strategic partnerships with leading players across the defense ecosystem. With Immosis, we are already in a position to offer electric propulsion solutions for drones, while on the upper end of the range, drones can be served with more conventional engines. This empowers us to power drones with our entire spectrum. Given the strong market dynamics, the rapidly increasing relevance of drones, this step will support MTU's sustainable and profitable growth. Our clear ambition is to establish MTU as a core European supplier for ULV propulsion systems. Let me conclude the business review with a brief update on the GEAR turbofan program. The GTF fleet management plan remains on track. MRO outputs increased by 23% in the first quarter. Turnaround times continue to benefit from improved supply chain. Airlines confirm easing aircraft on ground numbers, and based on this progress, we expect ongoing improvement on the AOG situation throughout 2026, with remaining compensation payments to be settled within the year. With the GTF-A certification, an important milestone has been achieved this month. Entry into service is planned for the second half of this year, so this is the most efficient narrowbody engine offering higher thrust, improved durability, and full interchangeability with the base GTF engine. A great next step in the GTF evolution. GTF continues to ramp up across all three platforms, supporting airlines around the globe. The GTF is already in service for more than 10 years, which was celebrated recently, and it has accumulated over 50 million flight hours and currently has a remaining order book of 8,000 engines. With that, let me hand on to Katja for the details on the financials.