Christina Schenck
VP, Head of Investor Relations & Treasury

Good morning, ladies and gentlemen, and welcome to the Annual Results Conference 2025 of Mercedes-Benz. We welcome our guests here on site with us in indigen and those of you joining us via the live stream. My name is Cristina Schenk, and I’m responsible for Investor Relations, digital and communications.

Willem Spelten

Good morning, everybody, also from my side. My name is Willem Spelten, I’m heading Corporate Communications at Mercedes-Benz. Thank you very much for joining us today for this event to reflect on the past year as well as to take an outlook on the years to come here on site [indiscernible] as well as on the live stream. We have a 4-hour program ahead of us, divided into 3 parts: the annual results conference at capital market update and of course, a Q&A. [Operator Instructions]

And we will now start with the first part, the actual annual results conference and our CEO, Ola Kallenius.

Ola Kallenius
Chairman of the Management Board & CEO

Good morning, everybody, and welcome to this 2026 annual results conference. We’re looking forward to sharing with you today our numbers and what happened at Mercedes-Benz in 2025. But right after this first presentation, more importantly, what’s our game plan? What are we doing? And how do we see the next year for Mercedes-Benz develop?

But if we start by reflecting a bit on