Volkswagen Ag Unsp/Adr

Welcome to the Volkswagen AG Investor, Analyst and Media Call half-year Q2 2025 conference call. I'm Moritz, the call's call operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question and answer session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's a pleasure to hand over to Dr. Sebastian Rudolph, Vice President, Global Group Communications. Please go ahead, Sebastian.

Thank you, Moritz, and a warm welcome. Good morning to the half-year 2025 results call of Volkswagen Group. With me is Rolf Woller, our Head of Group, Treasury, and IR, because this is a joint call, media and investors and analysts. Our main actors are with us as well, Oliver Blume, our CEO, and Arno Antlitz, our CFO and Chief Operating Officer. A few more remarks before we start. So you should have received the press release, the interim financial report, and all other related materials which were published this morning. If you don't have received these documents, please give us a call or drop us an email and we will take care. And with this, Wolf, I hand over to you, and you guide us through the next time.

Thank you, Sebastian. Very good morning to everyone on the call, also from my side, and thanks for joining us today. Let's have a look at our agenda. Oliver will present the key developments of the first half year, and Arno will then take you through the financial results and the updated full-year outlook. This time, not an easy task. But this is why we have him, and he is super prepared. So we are looking very much forward to the explanations. Following the presentation, we will first host the Q&A session for the investor and analyst community, moderated by myself. And after this session and a short break, we will continue with the media Q&A, which is then hosted by Sebastian. Since our call will include forward-looking statements, the safe harbor language, and other cautionary statements on the slide, will govern today's presentation. I encourage you, as always, to read the disclaimer carefully, as all forward-looking statements are qualified by this language. In the interest of time, I will not read it out loud. And with that, I hand it over to Oliver. Oliver, go ahead, please.