Q2 2026 Aumovio SE Earnings Call

August 6, 2026

Speaker #1: Presentation. Joining me for the today's presentation are our CEO, Philip von Hirschheydt, and our CFO, Jutta Denges. As always, all relevant documents are available for download on our IR website.

Speaker #2: You will hear music until the chairperson opens the conference.

Speaker #1: Don't you keep me waiting on. Don't you keep me waiting all the time.

Speaker #1: Following our remarks, we will open the line for Q&A session with our sales side analysts. With that, I would like to hand over to Philip.

Speaker #1: Philip, please go ahead.

Speaker #2: Yeah, thank you very much, Lutz. I'm very happy to be here today after missing the Q1 call. I'm really excited to share with you our latest news.

Operator: H1 2026 Aumovio Investor and Analyst Call. The conference will be recorded. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Lutz Ackermann.

Speaker #3: On 2026, Aumovio Investor and Analyst Co. The conference will be recorded. At this time, all participants have been placed on listen-only mode. The floor will be open for questions following the presentation.

Speaker #2: So we are now close to one year as standalone company, and what you will see and what you have seen already is that we again made big progress.

Speaker #3: Let me now turn the floor over to your host, Lutz Ackermann.

Speaker #2: One of the progress you can see here, and I guess so after you most probably have seen the slide you're very familiar meanwhile, with that slide, I will try to summarize it very shortly.

Speaker #4: Yeah, thank you very much, and a warm welcome to everyone joining us today for Aumovio's H1 2026 results presentation. Joining me for today's presentation are our CEO, Philip von Hirschheyd, and our CFO, Jutta Döngres.

Lutz Ackermann: Ja, thank you very much and a warm welcome to everyone joining us today for Aumovio's H1 2026 results presentation. Joining me for today's presentation are our CEO, Philipp von Hirschheydt, and our CFO, Jutta Junglas. As always, all relevant documents are available for download on our IR website. Following our remarks, we will open the line for a Q&A session with our sell-side analysts. With that, I would like to hand over to Philipp. Philipp, please go ahead.

Speaker #2: BMW has been always one of our main innovation partners, and as a very innovative company, we have been working with them on many different projects which we first brought to the market together with BMW.

Speaker #4: As always, all relevant documents are available for download on our IR website. Following our remarks, we will open the line for Q&A session with our sales side analysts.

Speaker #2: So that's why we are very happy to be back and to deepen our long-term cooperation and strengthen the technology partnership with a very diverse portfolio of new businesses, ranging from brake technologies, access systems, and different other electronic solutions.

Speaker #4: With that, I would like to hand over to Philip. Philip, please go ahead.

Speaker #5: Yeah, thank you very much, Lutz. I'm very happy to be here today after missing the Q1 call. I'm really excited to share with you our latest news.

Philipp von Hirschheydt: Ja, thank you very much, Lutz. I am very happy to be here today after missing the Q1 call. I am really excited to share with you our latest news. We are now close to one year a standalone company. What you will see and what you have seen already is that we again made big progress forward on the cost.

Speaker #5: So we are now close to one year as a standalone company. And what you will see, and what you have seen already, is that we again made big progress both going forward on the cost, on the...

Speaker #2: So a portfolio of different projects which we agreed upon and which are around 1.5 billion lifetime sales. And for our mark C2, our integrated brake system, we agreed to deliver and to extend the series deliveries through the mid-2030s.

Speaker #2: So while paying these 350 million which are scheduled to be paid then for in Q3 and Q4, we have finalized our warranty case and we are happy to be back there with BMW, extending our portfolio and working on new and fresh products.

Speaker #2: And we have started actually with the first workshop the day after announcement. What you see on the next slide is then our financial results.

Philipp von Hirschheydt: The person you are trying to reach is currently unavailable. Please leave a message after the tone.

Speaker #2: We have in a demanding or environment where our sales went down with close to 8.5% made before the BMW agreement, just roughly 4.3 billion euro sales.

Speaker #2: And we managed while being having these sales down to keep our margin of 3.5% in the second quarter although we have had quite some significant or one significant one-time event, positive one-time event in Q2 last year in user experience.

Speaker #2: So we do reflect this result as a very decent one and very confident that we will build on to this results and now also into the second half.

Speaker #2: tone.

Speaker #2: The normalized free cash flow is slightly below zero, and that's mainly due to the fact that we have had higher variable compensation payments than we have had last year.

Speaker #2: And that's something we actually also deem to be necessary for our organization because why have we been missing or have been negative because we had higher variable compensation payments.

Speaker #2: As you know, we are forming our organization into a high-performance organization. Where we do say that we are very tough on fixed costs, but if we do have success in 25, we have deemed to be a very successful year.

Speaker #2: So variable compensation we also pay out to have our people been participating in successful financial results. And that's why we had in the second quarter a significant cash out also compared to last year, significantly higher.

Speaker #2: If we're looking onto the customer side, we have seen that we have major project wins in Asia across all business area. What we see that the size of the structure of our order intake is quite fine, and we are happy with that.

Speaker #2: We do see that there are still challenging decisions in a challenging environment, specifically in Europe, where we do see that sourcing decisions have been moved into the third and the fourth quarter.

Speaker #2: So it means we have not really lost projects, but we have and we have still have a very robust project pipeline. You have seen the one and a half billion BMW which we will call we will call it now in Q3, but we have already managed to get some other projects in, so we are quite confident to reach our goals here in 2026.

Speaker #2: Within Q2, we have successfully completed the sale of our Rhein-Böhmen plant and we have at the beginning of the quarter also signed a sale of our Mechelen plant in Belgium.

Speaker #2: The transaction is expected to be closed in the third quarter. And with that, we come closer and closer to our ultimate goal to have less than 45 production locations worldwide.

Speaker #2: Which shows our clear commitment towards operational excellence and to have production costs into the right direction. About R&D, I'm going to talk later as well, but also there we are full on track.

Speaker #2: We have delivered and will deliver measurable savings. You will see for the first half already above 100. Jutta will show and we expect them to be at more than 200.

Speaker #2: And additionally, to 150 in next year in order to reach our target to be below 10% in 2027. Yeah, and then one topic on the customer side, we have made quite some progress on the compensation for higher memory and raw material costs.

Speaker #2: I mean, we have concluded with the first customers and we do see that these significant headwinds which we experience we can discuss with our customers quite intensively and made, as I said, quite significant progress.

Speaker #2: Today we will also mention the long-term rated capital allocation framework. Jutta will explain what we have established and I think on the one hand side we will preserve their financial flexibility as well as supporting then the long-term value creation and that should serve as a compelling foundation for all our shareholders.

Speaker #1: Do we?

Speaker #2: Yeah, okay, there the slides are back. So what you can see here is that this slide shows that our technology trust strategy is translating into tangible commercial proof points across all our four business areas.

Speaker #2: So our purpose is that we make mobility safe, exciting, connected, and autonomous. And we do see that we have significant customer tractions through different awards, through launches, and also through ecosystem progress.

Speaker #2: And that you can see, for example, the ecosystem progress on the autonomous and commercial mobility side where our AD components continue to gain market relevance.

Speaker #2: And that our raiders and sensors are being qualified for all leading AD stacks example here NVIDIA and others. So we do see that we really that we gain traction not only on the Aurora side which I am going to go a bit more into detail on the next slide but also on the Pascal side and I come to that as well on our architecture network solution HPC wins.

Speaker #2: On the commercial vehicle and special vehicle side we have further broadened our portfolio and by that diversifying out of the pure Pascal business into commercial and specialty vehicle business.

Speaker #2: And in a region and an area where we do see quite some growth. And quite some potential for us. And on the architecture network solution we can see here we have important wins in high performance computing.

Speaker #2: Specifically with one of the emerging autonomous mobility provider from the US. We have won businesses on the telematics side, on the zone control side, and on ultra wide band based and that's where one of our focuses are is in Asia where we do see significant improvement.

Speaker #2: And significant potential for our business. In safety and motion we continue to see strong customer demand for safety critical technologies I think recent awards specifically in China for airbag control one box and other braking related solutions are showing our success here also in Europe we have reinforced our business with two other major two other European OEMs with various awards.

Speaker #2: In user experience we secured two serious production awards for our under display camera technology across LCD and OLED technologies and so you can see that across all our four business areas we are operating in attractive technology fields which is reinforcing our confidence in the competitiveness of our portfolio and then also the future growth capabilities and abilities in our industry.

Speaker #2: Let me today focus one more minute on one of our yeah highlight highlights in our portfolio and that is our partnership with Aurora. For us the direction is very clear and that's I think we can all agree upon no?

Speaker #2: With Aurora and the ability to scale autonomous trucking we have a great chance and a great future ahead of us. We do see that the structural pressures in the US trucking market particularly the driver availability and capacity constraints are accelerating and that the interest in these autonomous freight solutions are constantly increasing.

Speaker #2: Some of you might have followed up to recent US policy discussions which include programs which are aimed to bring more veterans into truck driving as we do have really a scarcity here.

Speaker #2: Which underlies that the industry demand is increasing for technology that can add capacity and that's one very important part increase the asset utilization for carriers.

Speaker #2: So we believe that this will create a long-term market with significant upside potential for this partnership for Aumovio and together with Aurora. So that's one of our highest strategic priorities where we are working on and I mean you're following up now for the last four years and we come closer and closer towards then the production and you see that it's going to be second half of next year I mean it's an innovation it might be some days earlier some days later but we are very confident that we are going to get there.

Speaker #2: And what you see here and that's what we wanted to demonstrate is Aurora is the from our point of view the industry leader in safe driving freight with the most mature partner ecosystem to deliver then this solutions at scale.

Speaker #2: Aurora launched its first generation of driverless trucks last year and has expanded its network to support 10 driverless routes in the US Sunbelt and this expansion is accelerating customer adoption and Aurora has now nine driverless customers and customers you might heard of it like Hirschbach are now planning to buy 500 trucks and delivery will start then next year.

Philipp von Hirschheydt: As I said, we are now close to 1 year. Can you still hear us? Hello? Operator? Again, big progress. One of the progress you can see here, and I guess so as you most probably have seen this slide, you are very familiar meanwhile with that slide. I will try to summarize it very shortly. BMW has been always one of our main innovation partners, and as a very innovative company, we have been working with them on many different projects, which we first brought to the market together with BMW. That's why we are very happy to be back and to deepen our long-term cooperation and strengthen the technology partnership with a very diverse portfolio of new businesses, ranging from brake technologies, access systems, and different other electronic solutions. A portfolio of different projects which we agreed upon and which are around EUR 1.5 billion lifetime sales.

Speaker #1: As I said, we have we are now close to one year. Okay. Still here.

Speaker #2: Hello?

Speaker #3: No.

Speaker #1: Operator? Again, big progress. One of the areas of progress you can see here—and I guess, after you’ve probably seen the slide, you’re very familiar with it by now.

Speaker #2: So this further reinforces the opportunity for us to deliver this transformative product at scale. Aurora now and you might have seen that last week deployed its second generation driverless trucks without a person behind the wheel to meet this accelerating customer demand a very important next milestone and the third generation is then with our hardware.

Speaker #1: with that slide, I will try to summarize it very shortly. BMW has been always one of our main innovation partners. And, as a very innovative company, we have been working with them on many different projects, which we first brought to the market together with BMW.

Speaker #2: Today Aurora expects to deploy 200 driverless trucks on the road by the end of the year and what we are doing is now we are and that's our proof points which we wanted to share with you today here is that we have the design validation started we have and that includes validation tests and equipment readiness and the calibration facility here in Germany in Ingolstadt is already operative in New Braunfels in Texas we extend our facility you might have heard we are investing more than 100 million US dollars okay I'm still in.

Speaker #1: So that's why we are very happy to be back and to deepen our long-term cooperation and strengthen the technology partnership with a very diverse portfolio of new businesses, ranging from brake technologies, access systems, and different other electronic solutions.

Speaker #1: So, a portfolio of different projects, which we agreed upon and which are around $1.5 billion in lifetime sales. And for our Mark C2, our integrated brake system, we agreed to deliver and to extend the series deliveries through the mid-2030s.

Philipp von Hirschheydt: For our MK C2, our integrated brake system, we agreed to deliver and to extend the series deliveries through the mid-2030s. While paying these EUR 350 million, which are scheduled to be paid in Q3 and Q4, we have finalized our warranty case, and we are happy to be back there with BMW, extending our portfolio, and working on new and fresh products. We have started actually with the first workshop the day after our announcement. What you see on the next slide is then our financial results, where we have in a demanding environment where our sales went down with close to 8.5% that are made before the BMW agreement, just roughly EUR 4.3 billion sales.

Speaker #2: Are we still in? Can you hear us?

Speaker #1: So while paying these $350 million, which are scheduled to be paid then in Q3 and Q4, we have finalized our warranty case and we are happy to be back there with BMW, extending our portfolio and working on new and fresh products.

Speaker #1: It's coming in.

Speaker #2: Hello? Operator?

Speaker #1: Yeah you can go on. Thank you.

Speaker #2: You can move on.

Speaker #1: Okay.

Speaker #2: Okay. I mean now we really need to hurry up. Okay. Then we have a new reference. I mentioned that and we are on the course of having the fallback pass field tests done.

Speaker #1: And we actually started with the first workshop the day after our announcement. What you see on the next slide are our financial results.

Speaker #2: Five sensor trucks collecting target routes in the US.

Speaker #1: we have in a in a the demanding or environment where our sales went down with close to eight and a half percent made before the BMW agreement just roughly 4.3 billion euro sales.

Speaker #1: Yeah. We're back okay.

Speaker #2: Okay.

Speaker #1: Good.

Speaker #2: Okay. So and I have explained Aurora in great detail. I've shown you what technology what awards what ecosystems we are building up in all our four business areas.

Speaker #1: And we managed while being having these sales down to keep our margin of three and a half percent in in the second quarter and although we have had quite some significant or one significant one-time event one-time event in QC Q2 last year and user experience.

Philipp von Hirschheydt: We managed while having these sales down to keep our margin of 3.5% in Q2, although we have had one significant one-time event in Q2 last year and user experience. We do reflect this result as a very decent one and very confident that we will build on to this result and now also into H2. The normalized free cash flow is slightly zero, and that's mainly due to the fact that we have had higher variable compensation payments than we have had last year. That's something that we actually also deem to be necessary for our organization, because why have we been missing or have been negative? We had higher variable compensation payments. As you know, we are forming our organization into a high-performance organization.

Speaker #2: And while doing that and that you see we focusing our R&D on innovation and we do not rest to invest into the future. And innovation is nothing which we are reducing in terms of invest but we also need to take care of having a competitive R&D cost per sales.

Speaker #1: So, we do reflect on this result as a very decent one, and we are very, very confident that we will build on these results and now also into the second half.

Speaker #2: And that means our holistic approach has diverse measures which we are executing and you can see here we are sticking to our goal to have long-term less than 9% R&D and we are preparing ourselves this year in order to achieve also our long communicated target to be a single digit R&D to sales already next year.

Speaker #1: The normalized free cash flow is slightly above zero, and that's mainly due to the fact that we have had higher variable compensation payments than we had last year.

Speaker #1: And that's something we actually also deem to be necessary for our organization because why have we been missing or have been negative because we had higher variable compensation payments.

Speaker #2: So that's I leave it and hand over to Jutta I'm very sorry for taking too much time.

Speaker #1: Oh that's okay. So thank you Philip and a warm welcome to everyone also from my side apologies again for the quite bumpy start this morning and the technical issues that we are still experiencing.

Speaker #1: As you know, we are forming our organization into a high-performance organization. We do say that we are very tough on fixed costs.

Philipp von Hirschheydt: We do say that we are very tough on fixed costs, if we do have success in 2025, we have deemed to be a very successful year. Variable compensation, we also pay out to have our people participating in successful financial results. That's why we had, in Q2, a significant cash out, also compared to last year, significantly higher. We're looking onto the customer side, we have seen that we have major project wins in Asia across all business areas. We see that the size, the structure of our order intake is quite fine, and we are happy with that. We do see that there are still challenging decisions in a challenging environment, specifically in Europe, where we do see that sourcing decisions have been moved into Q3 and Q4.

Speaker #1: But if we do have success in '25, we have deemed it to be a very successful year. So variable compensation, we also pay out to have our people participate in successful financial results.

Speaker #1: So hope that we get to that call now in the remaining time. So I'm going to talk about the numbers and just as a remark upfront to provide a clearer view of our underlying business performance all comments on Q2 and the first half results actually refer to the figures excluding the BMW settlement effects unless I stated otherwise.

Speaker #1: And that's why we had, in the second quarter, a significant cash out—also compared to last year, significantly higher. If we're looking onto the customer side, we have seen that we have major project wins in Asia across all business areas.

Speaker #1: While the settlement had a significant impact on reported EBIT and adjusted EBIT our underlying financial performance remained relatively strong and this is the focus of our discussion today.

Speaker #1: What we see is that the size and structure of our order intake is quite fine and we are happy with that. We do see that there are still challenging decisions in a challenging environment, specifically in Europe, where we do see that sourcing decisions have been moved into the third and the fourth quarter.

Speaker #1: So let me start with an overview of our Q2 performance. Adjusted sales in Q2 came in at 4.3 billion euros compared to 4.7 billion euros in the prior year quarter.

Speaker #1: The decline of 8.6% was mainly driven by volume and price effects of 231 million euros portfolio measures of 160 million euros and a negative foreign exchange translation effect of 60 million euros.

Speaker #1: so it means we have not really lost projects but we have and we have still have a very robust project pipeline. You have seen the one and a half billion BMW which we will call we will record now in Q3.

Philipp von Hirschheydt: It means we have not really lost projects, and we still have a very robust project pipeline. We have seen the 1.5 billion BMW, which we will record now in Q3, we have already managed to get some other projects in. We are quite confident to reach our goals here in 2026. Within Q2, we have successfully completed the sale of our Rheinböllen plant, and we have, at the beginning of the quarter, also signed a sale of our Mechelen plant in Belgium. The transaction is expected to be closed in Q3. With that, we come closer and closer to our ultimate goal to have less than 45 production locations worldwide, which shows our clear commitment towards operational excellence and to have production costs into the right direction.

Speaker #1: Despite the lower sales base our adjusted EBIT margin remained stable year over year at 3.5%. When taking into consideration that the second quarter 25 margin was elevated by reimbursement effect in user experience as also Philip pointed out earlier our underlying profitability of the second quarter was in fact stronger than in the second quarter in 25.

Speaker #1: But we have already managed to get some other projects in, so we are quite confident that we will reach our goals here in 2026. Within Q2, we have successfully completed the sale of our Rhein Bern plant, and at the beginning of the quarter, we also signed the sale of our Michelin plant in Belgium.

Speaker #1: This resilience reflects the continued benefits of our transformation measures discipline operational execution and our ongoing R&D efficiency improvements. Now turning to cash flow both normalized and adjusted free cash flow were lower than in the prior year quarter.

Speaker #1: The transaction is expected to be closed in the third quarter. And with that, we come closer and closer to our ultimate goal to have fewer than 45 production locations worldwide.

Speaker #1: The main driver also Philip mentioned that already was higher than prior year variable compensation payments. These payments represent a recurring seasonal cash outflow in the second quarter and were partially offset by lower capex.

Speaker #1: This shows our clear commitment towards operational excellence and to moving product production costs in the right direction. Regarding R&D, I'll talk about that later as well, but there, too, we are fully on track.

Philipp von Hirschheydt: About R&D, I'm going to talk later as well, also there we are full on track. We have delivered and will deliver measurable savings. You will see for H1, already above EUR 100. Jutta will show, and we expect them to be at more than EUR 200 and additionally to EUR 150 in next year in order to reach our target to be below 10% in 2027. Then one topic on the customer side, we have made progress on the compensation for higher memory and raw material costs. We have concluded with the first customers, and we do see that these significant headwinds which we experience, we can discuss with our customers quite attentively and made, as I said, quite significant progresses. Today, we will also mention the long-term awaited capital allocation framework.

Speaker #1: Adjusted free cash flow was impacted by ongoing transformation effects including spin-off and restructuring cash outs. Now turning to the next slide slide 10 turning to our first half year performance adjusted sales amounted to 8.7 billion euros representing a decline of 8.2% year on year.

Speaker #1: We have delivered and will deliver measurable savings. You will see for the first half, already above 100. Jutta will show, and we expect then to be at more than 200.

Speaker #1: And additionally to 150 in next year, in order to reach our target to be below 10% in 2027. Yeah. And then, one topic on the customer side: we have made on the compensation for higher memory and raw material costs.

Speaker #1: This development reflects the impact of ongoing geopolitical uncertainty and continued softness in the automotive market. In contrast to sales profitability continued to move in the right direction.

Speaker #1: Adjusted EBIT margin increased from 2.7% to 3.0% driven by the ongoing impact of our transformation measures cost discipline and further R&D efficiencies despite sales and cost material cost and memory cost headwinds.

Speaker #1: I mean, we have concluded with the first customers, and we do see that these significant headwinds which we experience, we can discuss with our customers quite intensively and made, as I said, quite significant progress.

Speaker #1: Normalized free cash flow improved by 34% year on year to 130 million euros mainly driven by lower capex adjusted free cash flow however remained on prior year level primarily driven by increased restructuring cash out.

Speaker #1: Today we will also mention the long-term rated capital allocation framework. Jutta will explain what we have ex established and I think on the one hand side we will preserve their financial flexi flexibility as well as supporting then the long-term value creation and that should serve as a compelling compelling foundation for all our shareholders.

Philipp von Hirschheydt: Jutta will explain what we have established, I think on the one hand side, we will preserve their financial flexibility as well as supporting then the long-term value creation, and that should serve as a compelling foundation for all our shareholders. David, do we have it? The slides are back. What you can see here is that this slide shows that our technology trust strategy is translating into tangible commercial proof points across all our four business areas. Our purpose is that we make mobility safe, exciting, connected, and autonomous. We do see that we have significant customer tractions through different awards, through launches, and all ecosystem progress. As you can see, for example, the ecosystem progress on the autonomous and commercial mobility side, where our AD components continue to gain market relevance.

Speaker #1: Overall the first half of 26 shows that even in a challenging market environment we are able to improve our profitability. Now on slide 11 let's have a closer look at the key financial KPIs for the first half year and I start with the development of our top line.

Speaker #1: Do we—able, do we able—yeah, okay, there, the slides are back. So, what you can see here is that this slide shows that our technology trust strategy is translating into tangible commercial proof points across all our four business areas.

Speaker #1: As a reference year to amounted to 9.5 billion euros. During the first half year our adjusted sales performance was also influenced by the continued execution of portfolio and footprint measures.

Speaker #1: So our purpose is that we make mobility safe, exciting, connected, and autonomous. And we do see that we have significant customer traction through different awards, through launches, and system progress.

Speaker #1: These effects amounted to minus 196 million the discontinuation of the display business in user experience amounting to 130 million euros as well as the phase out of contract manufacturing contributing minus 66 million euros.

Speaker #1: And that you can see, for example, the ecosystem progress on the autonomous and commercial mobility side, where our AD components continue to gain market relevance, and that our lidars and sensors are being qualified for all leading AD stacks—for example, here, Nvidia and others.

Speaker #1: Excluding these portfolio effects sales for the half first half year period came in at around 9.3 billion euros. Looking at the remaining drivers H1 was characterized by two items.

Philipp von Hirschheydt: radars and sensors are being qualified for all leading AD stacks, examples here, NVIDIA and others. We do see that we gain traction not only on the Aurora side, which I am going to go a bit more into detail on the next slide, but also on the PESA side, and I come to that as well on our architecture network solution, HPC wins. On the commercial vehicle, special vehicle side, we have further broadened our portfolio, and by that, diversifying out of the pure PESA business into commercial specialty vehicle business in a region and area where we do see quite some growth and quite some potential for us. On the architecture network solution, you can see here we have important wins in high-performance computing, specifically with one of the emerging autonomous mobility provider, US.

Speaker #1: Sales were further reduced by 586 million euros with the largest share coming from lower volumes and pricing effects of 434 million euros as well as negative foreign exchange translation effects of 152 million euros.

Speaker #1: So we do see that we really gain traction not only on the Aurora side—which I'm going to go a bit more into detail on in the next slide—but also on the PESCAR side, and I'll come to that as well on our architecture network solution HPC wins.

Speaker #1: Accordingly adjusted sales amounted to 8.7 billion euros in H1. From a regional perspective our adjusted sales exposure remained unchanged to previous quarters. Now let's have a look at the key effects on the of the adjusted EBIT year on year.

Speaker #1: On the commercial vehicle and special vehicle side, we have further broadened our portfolio and, by that, diversified out of the pure PESCAR business into commercial and specialty vehicle business, and in a region and area where we do see quite some growth.

Speaker #1: On slide 12 with H1 26 adjusted EBIT margin coming in at 3% we have achieved an improvement of our profitability compared to the first half of 25.

Speaker #1: And quite some potential for us. On the architecture network solution, we can see here we have important wins in high-performance computing, specifically with one of the emerging autonomous mobility providers in the US.

Speaker #1: While adjusted gross profit decreased by 96 million euros in absolute terms year on year we improved the adjusted gross margin by almost 0.6 percentage point year on year reaching now 20.1% in the first half 26.

Speaker #1: we have one businesses on the telematics side on the zone control side and on ultra wide band based and that's where one of our focuses are is in Asia where we do see significant improvement.

Philipp von Hirschheydt: We have won businesses on the telematics side, on the zone control side, and on ultra-wideband-based. That's where one of our focuses are, is in Asia, where we do see significant improvement and significant potential for our business. In Safety in Motion, we continue to see strong customer demand for safety-critical technologies. I think recent awards, specifically in China, for airbag control, one box, and other braking-related solutions are showing our success here. Also in Europe, we have reinforced our business with two other European OEMs with various awards. In user experience, we secured two series production awards for our under-display camera technology across LCD and OLED technologies.

Speaker #1: This improvement was supported by lower production cost and a favorable product mix. Adjusted net R&D expenses decreased by 115 million euros now reflecting the tangible progress of our R&D efficiency initiatives and the discipline execution of our transformation program.

Speaker #1: And significant potential for our business. In safety and motion we continue to see strong customer demands for safety critical technologies I think recent awards specifically in China for airbag control one box and other braking related solutions are showing our success here also in Europe we have reinforced our business with two other major two other European OEMs with various awards.

Speaker #1: As a result adjusted net R&D to sales ratio decreased to 11.9% in the first half year first half of this year and this improvement was even more pronounced in the second quarter with 11.4%.

Speaker #1: In user experience, we secured two serious production awards for our under-display camera technology across LCD and OLED technologies. As you can see, across all four of our business areas, we are operating in attractive technology fields, which reinforces our confidence in the competitiveness of our portfolio, as well as the future growth capabilities and abilities in our industry.

Speaker #1: Despite the lower sales base. And that demonstrates our enhanced productivity and a structurally more efficient R&D organization. Adjusted S&D and FG&A expenses increased by 64 million year over year this was mainly attributable to costs associated with the buildup of central functions following the spin-off despite continued discipline across all functions.

Philipp von Hirschheydt: You can see that across all our four business areas, we are operating in attractive technology fields, which is reinforcing our confidence in the competitiveness of our portfolios, and also the future growth capabilities and abilities in our industry. Let me today focus one more minute on one of our highlights in portfolio, and that is our partnership with Aurora. For us, the direction is very clear, and that I think we can all agree upon. With Aurora and the ability to scale autonomous trucking, we have a great chance and a great future ahead of us. We do see that the structural pressures in the US trucking market, particularly the driver availability and capacity constraints, are accelerating, and that the interest in these autonomous freight solutions are constantly increasing.

Speaker #1: Other items contributed 43 million euros to the increase in adjusted EBIT also driven by foreign exchange effects. Taking all these factors together adjusted EBIT for the first half 26 amounted to 258 million euros corresponding to an adjusted EBIT margin of 3%.

Speaker #1: Let me today focus on one more of our, yeah, highlight—highlights in the portfolio—and that is our partnership with Aurora. For us, the direction is very clear, and that’s, I think, something we can all agree upon. With Aurora and the ability to scale autonomous trucking, we have a great chance and a great future ahead of us.

Speaker #1: Including the BMW settlement adjusted EBIT is lowered by around 100 million euros coming in at 157 million euros and an EBIT margin of 1.8%.

Speaker #1: So let's note turn to the performance of our business areas. On the first half in the first half of 2026 our business areas delivered a mixed performance.

Speaker #1: We do see that the structural pressures in the U.S. trucking market, particularly the driver availability and capacity constraints, are accelerating, and that interest in these autonomous freight solutions is constantly increasing.

Speaker #1: Reflecting the varying market dynamics and maturity profiles across our portfolio. Despite an overall challenging operating environment architecture and network solutions and user experience achieved year on year underlying earnings improvements.

Speaker #1: Some of you might have followed up on recent U.S. policy discussions, which include programs aimed at bringing more veterans into truck driving, as we really do have a scarcity here.

Philipp von Hirschheydt: Some of you might have followed up to recent US policy discussions, which include programs which are aimed to bring more veterans into truck driving, as we do have really a scarcity here, which underlies that the industry demand is increasing for technology that can add capacity, and that's one very important part, increase the asset utilization for carriers. We believe that this will create a long-term market with significant upside potential for this partnership, for Aumovio, and together with Aurora. That's one of our highest strategic priorities, where we are working on, and you're following up now for the last four years. We come closer and closer towards the production. As you see that it's going to be H2 of next year. It's an innovation. It might be some days earlier, some days later, but we are going to get there.

Speaker #1: Which underlies that the industry demand is increasing for technology that can add capacity and that's one very important part increase the asset utilization for carriers.

Speaker #1: In autonomous and commercial mobility adjusted sales declined by 12.6% year on year primarily driven by lower volumes amounting to 10.6% of organic sales decline.

Speaker #1: So, we believe that this will create a long-term market with significant upside potential for this partnership between Aumovio and Aurora. That is one of our highest strategic priorities that we are working on. You’ve been following up for the last four years, and we are coming closer and closer to production. As you can see, it’s going to be in the second half of next year. I mean, it’s an innovation— it might be some days earlier, some days later — but we are very confident we are going to get there.

Speaker #1: It's also important to note that the first half of 25 benefited from strong sales volumes related to the EU mobility package too. Following the completion of this program and the postponement of the third package volumes declined in the current period resulting in a less favorable sales mix.

Speaker #1: And as a consequence adjusted EBIT decreased compared to the prior year. Autonomous and commercial mobility continues to invest in future technologies while ongoing cost and efficiency measures helped offset part of the top line headwinds.

Speaker #1: And what you see here, and that's what we wanted to demonstrate, is Aurora is, from our point of view, the industry leader in safe-driving freight with the most mature partner ecosystem to deliver these solutions at scale.

Philipp von Hirschheydt: What you see here, that's what we wanted to demonstrate, is Aurora is, from our point of view, the industry leader in safe driving freight with the most mature partner ecosystem to deliver these solutions at scale. Aurora launched its first generation of driverless trucks last year and has expanded its network to support 10 driverless routes in the US Sun Belt. This expansion is accelerating customer adoption, Aurora has now nine driverless customers. Customers you might heard of it, like Hirschbach, are now planning to buy 500 trucks, delivery will start next year. This further reinforces the opportunity for us to deliver this transformative product at scale. Aurora. Okay, we have the new robots. I mentioned that, we are on the course of having the fallback path field test done.

Speaker #1: In ANS architecture network solutions adjusted sales decreased by 6.1% year on year mainly reflecting foreign exchange headwinds and lower volumes. Excluding foreign exchange effects the organic sales decline was 4.9% year on year.

Speaker #1: Aurora launched its first generation of driverless trucks last year and has expanded its network to support 10 driverless routes in the U.S. Sunbelt. And this expansion is accelerating customer adoption, and Aurora now has nine driverless customers—customers you might have heard of, like Hirschbach. Hirschbach is now planning to buy 500 trucks, and deliveries will start next year.

Speaker #1: Despite the lower sales base adjusted EBIT increased by almost 40% to 142 million euros resulting in almost 2 percentage points higher margin supported by the continued execution of our discipline cost management and efficiency program.

Speaker #1: So this further reinforces the opportunity for us to deliver this transformative product at scale. Aurora: Okay, then we have a new reference. I mentioned that, and we are on course to have the fallback pass field tests done. Five sensor trucks are collecting target routes in the US.

Speaker #1: In safety and motion adjusted sales declined by 6.7% year on year reflecting market environment with a primary driver being lower volumes amounting to 5.6% of the organic sales decline.

Speaker #1: Adjusted EBIT not taking into account the impact of the BMW settlement decreased by 16.5% to 131 million euros compared to the first half of 25.

Speaker #1: Safety and motion continued to face headwinds from elevated material costs. Lower net R&D expenses driven by restructuring and efficiency measures yet have not been sufficient not been sufficient to compensate overall market challenges.

Speaker #1: In user experience adjusted sales declined by 6.3% year on year with price effects and demand shift contributing 4.4% of the overall sales decline year on year.

Speaker #1: At the same time adjusted EBIT increased to 14 million euros benefiting from improvement of operational execution. Adjusted for the elevated reimbursement level recorded in the second quarter of the prior year relative performance of UX was even significantly stronger.

Speaker #1: User experience continues to show the successful transformation measures over the recent quarters. Overall continued market and macroeconomic headwinds affected the top line and earnings performance across our business areas while our transformation initiatives and self-help measures provide support on overall profitability of the group.

Philipp von Hirschheydt: Five center trucks collecting target routes in the US.

Jutta Junglas: Yeah.

Lutz Ackermann: Yeah.

Speaker #1: Now let's turn to slide 14. Adjusted EBITDA amounted to 605 million euros and forms the starting point of our cash flow development in the first half year.

Speaker #1: Yeah, yeah, we're back. Okay. Okay, we are back again. Good, yeah, okay. So, and I have explained Aurora in great detail. I've shown you what technology, what award, what ecosystems we are building up in all our four business areas.

Philipp von Hirschheydt: Yeah?

Jutta Junglas: We're back again.

Lutz Ackermann: We're back again.

Philipp von Hirschheydt: Okay. We're back again. Good.

Jutta Junglas: There was a delay.

Lutz Ackermann: There was a delay.

Philipp von Hirschheydt: Okay. I have explained Aurora in great detail, I've shown you what technology, what award, what ecosystems we are building up in all our four business areas. While doing that, and that you see, we focusing our R&D on innovation, and we do not rest to invest into the future. Innovation is nothing which we are reducing in invest, but we also need to take care of having a competitive R&D cost per sales. That means our holistic approach has diverse measures which we are executing. You can see here, we are sticking to our goal to have long-term, less than 9% R&D. We are preparing ourselves this year in order to achieve also our long communicated target to be a single-digit R&D to sales already next year. By that, I leave it, and hand over to Jutta.

Speaker #1: Employee benefits provisions and other cash items including the reversal of non-cash items impacted adjusted EBITDA considerably. Amounted to 125 million euros. Resulting in an operating cash flow before interest and taxes of 455 million euros.

Speaker #1: And while doing that, you see we are focusing our R&D on innovation, and we do not rest in investing into the future. Innovation is not something we are reducing investment in, but we also need to take care to have a competitive R&D cost per sales.

Speaker #1: Cash effective investments of 193 million euros reflected a more cautious spending in the first half which we continue in the second half if market circumstances persist.

Speaker #1: And that means our holistic approach has diverse measures which we are executing, and you can see here we are sticking to our goal to have long-term less than 9% R&D, and we are preparing ourselves this year in order to achieve also our long-communicated target to be a single-digit R&D to sales already next year.

Speaker #1: Interest and tax payments totaled 148 million euros benefiting from lower income tax payments compared to the prior year. As a result normalized free cash flow came in at 130 million euros.

Speaker #1: Cash effective restructuring and separating separation related costs continued to weigh on the adjusted free cash flow. These special effects included 230 million of restructuring late cash outflows and 55 million euros associated with spin-off and separation activities.

Speaker #1: So with that, I'll leave it and hand over to you. Very sorry about the time. Okay, so thank you, Philip, and a warm welcome to everyone also from my side.

Philipp von Hirschheydt: Very sorry for taking too much time.

Jutta Junglas: No, that's okay. Thank you, Philipp, and a warm welcome to everyone also from my side. Apologies again for the quite bumpy start this morning and the technical issues that we are still experiencing. Hope that we get through that call now in the remaining time. I'm going to talk about the numbers, and just as a remark upfront, to provide a clearer view of our underlying business performance, all comments on Q2 and the H1 results actually refer to the figures excluding the BMW settlement effects, unless I stated otherwise. While the settlement had a significant impact on reported EBIT and adjusted EBIT, our underlying financial performance remained relatively strong, and this is the focus of our discussion today. Let me start with an overview of our Q2 performance.

Speaker #1: After taking these special items into account adjusted free cash flow amounted to a negative 177 million euros in the first half of 2026. On slide 15 we show that our liquidity position remains a key strength of Aumovio providing both financial stability and strategic flexibility.

Speaker #1: Apologies again for the quite bumpy start this morning and the technical issues that we are still experiencing. So, I hope that we can do the call now in the remaining time.

Speaker #1: So I'm going to talk about the numbers, and just as a remark up front, to provide a clearer view of our underlying business performance, all comments on Q2 and the first-half results actually refer to the figures excluding the BMW settlement effects, unless I state otherwise.

Speaker #1: Starting from a strong net cash position at the beginning of the year the position remains strong at 1.2 billion euros affected by negative free cash flow as discussed on the previous slide and minor changes in using liabilities.

Speaker #1: While the settlement had a significant impact on reported EBIT and adjusted EBIT, our underlying financial performance remained relatively strong, and this is the focus of our discussion today.

Speaker #1: At the same time net pension liabilities slightly decreased mainly driven by the increase in the discount rate in Germany from 4.3 to 4.4% which positively affected the valuation of our pension obligations.

Speaker #1: So let me start with an overview of our Q2 performance. Adjusted sales in Q2 came in at €4.3 billion, compared to €4.7 billion in the prior-year quarter.

Speaker #1: Overall our solid net cash position reduced pension liabilities and discipline financial management provide a robust foundation to navigate ongoing market volatility while maintaining the flexibility required to execute our transformation agenda and support future growth.

Jutta Junglas: Adjusted sales in Q2 came in at EUR 4.3 billion compared to EUR 4.7 billion in the prior year quarter. The decline of 8.6% was mainly driven by volume and price effects of EUR 231 million, materials of EUR 160 million, and a negative foreign exchange translation effect of EUR 60 million. Despite the lower sales base, our adjusted EBIT margin remained stable year over year at 3.5%. When taking into consideration that the Q2 2025 margin was elevated by reimbursement effect in user experience, as also Philipp pointed out earlier, our underlying profitability of the second quarter was, in fact, stronger than in the Q2 2025. This resilience reflects the continued benefits of our transformation measures, disciplined operational execution, and our ongoing R&D efficiency improvements. Both normalized and adjusted free cash flow were lower than in the prior year quarter.

Speaker #1: The decline of 8.6% was mainly driven by volume and price effects of €231 million, measures of €160 million, and a negative foreign exchange translation effect of €60 million.

Speaker #1: Let me now turn to our updated outlook for the full year 2026. Starting with adjusted sales. We now expect full year adjusted sales in the range of 17 to 17.5 billion euros compared to our previous outlook of 17 to 18.5 billion euros.

Speaker #1: Despite the lower sales base, our adjusted EBIT margin remained stable year over year at 3.5%. When taking into consideration that the second quarter '25 margin was elevated by a reimbursement effect in User Experience, as Philip also pointed out earlier, our underlying profitability in the second quarter was in fact stronger than in the second quarter of '25.

Speaker #1: The adjustment primarily reflects a lower light vehicle production outlook and the business performance in the first half of this year. Turning to profitability we now expect an adjusted EBIT margin in the range of 3% to 4% compared to our previous outlook of 3.5 to 5%.

Speaker #1: This resilience reflects the continued benefits of our transformation measures, disciplined operational execution, and our ongoing R&D efficiency improvements. Now, turning to both normalized and adjusted free cash flow—these were lower than in the prior-year quarter.

Speaker #1: The refinement of our adjusted EBIT margin outlook incorporates our revised assessment regarding higher raw material prices as well as increased prices for memory components.

Speaker #1: The main driver, as Philip mentioned already, was higher than prior year variable compensation payments. These payments represent a recurring seasonal cash outflow in the second quarter and were partially offset by lower capex.

Jutta Junglas: The main driver, also Philipp mentioned that already, was higher than prior year variable compensation payments. These payments represent a recurring seasonal cash outflow in the Q2 and were partially offset by lower CapEx. Adjusted free cash flow was impacted by ongoing transformation effects, including spinoff and restructuring cash outs. Turning to the next slide 10. Turning to our H1 performance, adjusted sales amounted to EUR 8.7 billion, representing a decline of 8.2% year on year. This development reflects the impact of ongoing geopolitical uncertainty and continued softness in the automotive market. In contrast to sales, profitability continued to move in the right direction. Adjusted EBIT margin increased from 2.7% to ongoing impact of our transformation measures, cost discipline, and further R&D efficiencies despite sales and material cost and memory cost headwinds.

Speaker #1: And in addition it also reflects the impact of the BMW settlement. We are actively mitigating cost impacts through close collaboration with our suppliers we designed to cost initiatives and compensation mechanisms.

Speaker #1: Adjusted free cash flow was impacted by ongoing transformation effects, including spin-off and restructuring cash-outs. Now turning to the next slide, slide 10. Turning to our first half year performance, adjusted sales amounted to €8.7 billion, representing a decline of 8.2% year on year.

Speaker #1: We expect to see those effects to become more visible in the second half of the year. Now moving to cash generation. We expect normalized free cash flow to be in the range of 500 to 700 million euros compared to our previous outlook of 500 to 800 million euros.

Speaker #1: This development reflects the impact of ongoing geopolitical uncertainty and continued softness in the automotive market. In contrast, sales profitability continued to move in the right direction.

Speaker #1: This adjustment reflects partially the impact of the BMW settlement. Importantly the outlook range was only reduced at the upper end. This effectively implies an improvement in the underlying normalized free cash flow outlook as we are confident in our ability to steer cash flows.

Speaker #1: Adjusted EBIT margin increased from 2.7% due to the ongoing impact of our transformation measures, cost discipline, and further R&D efficiencies, despite sales and material cost and memory cost headwinds.

Speaker #1: Finally let me touch on our further assumptions for full year 26 we now expect cash outflows related to the spin-off restructuring activities and partially the BMW settlement of around 600 million euros.

Speaker #1: Normalized free cash flow improved by 34% year-on-year to €130 million, mainly driven by lower CapEx. Adjusted free cash flow, however, remained at the prior year level, primarily due to increased restructuring cash out.

Jutta Junglas: Normalized free cash flow improved by 34% year on year to EUR 130 million, mainly driven by lower CapEx. Adjusted free cash flow, however, remained on prior year level, primarily driven by increased restructuring cash out. Overall, the H1 2026 shows that even in a challenging market environment, we are able to improve our profitability. Now, on slide 11, let's have a closer look at the key financial KPIs for the H1, and I start with the development of our top line. As a reference point, adjusted sales in the H1 amounted to EUR 9.5 billion. During the H1, our adjusted sales performance was also influenced by the continued execution of portfolio and footprint measures.

Speaker #1: The net income and earnings per share we still expect an improvement compared to the prior year. Now let's have a look at our business areas on slide 17.

Speaker #1: The outlook for architecture and network solutions remains unchanged compared to our previous outlook. For autonomous and commercial mobility and user experience we have updated our outlook based on the first half 26 results and our latest assessment of market developments.

Speaker #1: Overall, the first half of '26 shows that even in a challenging market environment, we are able to improve our profitability. Now, on slide 11, let's have a closer look at the key financial KPIs for the first half-year, and I will start with the development of our top line.

Speaker #1: As a reference point, adjusted sales in the first half of the year amounted to €9.5 billion. During the first half of the year, our adjusted sales performance was also influenced by the continued execution of portfolio and footprint measures.

Speaker #1: For safety and motion the revised outlook also reflects the impact of the settlement agreement with BMW. Starting with autonomous and commercial mobility we now expect adjusted sales to decline significantly year on year compared to our previous expectation of a moderate decline.

Speaker #1: These effects amounted to minus 196 million euros primarily driven by the discontinuation of the display business in user experience amounting to 130 million euros as well as the phase manufacturing contributing minus 66 million euros.

Jutta Junglas: These effects amounted to -EUR 196 million, primarily driven by the discontinuation of the display business and user experience amounting to EUR 130 million, as well as the phase manufacturing contributing -EUR 66 million. Excluding these portfolio effects, sales for the H1 period came in at around EUR 9.3 billion. Looking at the remaining drivers, H1 was characterized by two items. Sales were further reduced by EUR 586 million, with the largest share coming from lower volumes and pricing effects of EUR 434 million, as well as negative foreign exchange translation effects of -EUR 152 million. Accordingly, adjusted sales amounted to EUR 8.7 billion in H1. From a regional perspective, adjusted sales exposure remained unchanged to previous quarters. Now, let's have a look at the key effects of the adjusted EBIT year on year on slide 12.

Speaker #1: The assumptions underlying our previous outlook remain unchanged while the revised outlook additionally reflects the business performance in the first half of this year and our updated view on market developments.

Speaker #1: For adjusted EBIT margin we continue to expect a stable year on year development. Despite the lower sales outlook this expectation remains supported by additional cost reduction measure measures as part of our R&D transformation program as well as continued cost discipline across production sales and admin functions.

Speaker #1: Excluding these portfolio effects, sales for the first half-year period came in at around €9.3 billion. Looking at the remaining drivers, H1 was characterized by two items.

Speaker #1: Sales were further reduced by €586 million, with the largest share coming from lower volumes and pricing effects of €434 million, as well as negative foreign exchange translation effects of €152 million.

Speaker #1: Turning turning to safety and motion we continue to expect adjusted sales to decline moderately year on year in line with our previous outlook. For adjusted EBIT margin we now expect a slight year on year decline.

Speaker #1: Previously we had expected a moderate improvement. The revised margin outlook reflects the business performance in the first half of the year. The challenging market environment and the impact of the BMW settlement agreement.

Speaker #1: Accordingly, adjusted sales amounted to €8.7 billion in H1. From a regional perspective, adjusted sales exposure remained unchanged from previous quarters. Now, let's have a look at the key effects on adjusted EBIT year over year.

Speaker #1: At the same time additional cost reduction measures across production sales admin and research and development continue to mitigate the pressure from the market environment.

Speaker #1: On slide 12, with H1 2026 adjusted EBIT margin coming in at 3%, we have achieved an improvement in our profitability compared to the first half of 2025.

Jutta Junglas: With H1 2026 adjusted EBIT margin coming in at 3%, we have achieved an improvement of our profitability compared to H1 2025. While adjusted gross profit decreased by EUR 96 million in absolute terms year on year, improved the adjusted gross margin by almost 0.6 percentage point year on year, reaching now 20.1% in H1 2026. This improvement was supported by lower production costs and a favorable product mix. Adjusted net R&D expenses decreased by EUR 115 million, now reflecting the tangible progress of our R&D efficiency initiatives and the disciplined execution of our transformation program. As a result, adjusted net R&D to sales ratio decreased to 11.9% in H1 of this year, this improvement was even more pronounced in Q2 with 11.4%, despite the lower sales base. That demonstrates our enhanced productivity and a structurally more efficient R&D organization.

Speaker #1: And now looking at user experience we continue to expect adjusted sales to decline moderately year over year consistent with our previous outlook. Sales development continues to be primarily impacted by adverse foreign exchange effects.

Speaker #1: While adjusted gross profit decreased by 96 million euros in absolute terms year on year improved the adjusted gross margin by almost 0.6 percentage point year on year reaching now 20.1% in the first half 26.

Speaker #1: For adjusted EBIT margin we now expect a slight improvement compared to last year's level of 0.4% whereas our previous outlook assumed a moderate improvement.

Speaker #1: The revised profitability outlook reflects the business performance in the first half of this year and our updated assessments of the market developments. However our profitability expectations continue to be supported by structural measures lower material cost and further gains in operational efficiency.

Speaker #1: As a result, the adjusted net R&D to sales ratio decreased to 11.9% in the first half of this year, and this improvement was even more pronounced in the second quarter, with 11.4%.

Speaker #1: Now let's turn to slide 19 and talk about our newly established capital allocation framework which becomes effective as we speak. The establishment of this framework marks another important milestone in our journey as an independent listed company.

Speaker #1: Despite the lower sales base, that demonstrates our enhanced productivity and a structurally more efficient R&D organization. Adjusted S&D and FG&A expenses increased by $64 million year over year. This was mainly attributable to costs associated with the buildup of central functions following the spin-off, despite continued discipline across all functions.

Speaker #1: Formalizing the capital allocation commitments communicated at our capital markets day in 25 into a clear and actionable capital deployment framework. The objective of this framework is to provide transparency about our priorities and how we think about the use of capital in the interests of our shareholders.

Jutta Junglas: Adjusted SM&D and SG&A expenses increased by EUR 64 million year over year. This was mainly attributable to costs associated with the buildup of central functions following the spin-off, despite continued discipline across all functions. Other items contributed EUR 43 million to the increase in adjusted EBIT, also driven by foreign exchange effects. Taking all these factors together, adjusted EBIT for H1 2026 amounted to EUR 258 million, corresponding to an adjusted margin of 3%. Including the BMW settlement, adjusted EBIT is lowered by around EUR 100 million, coming in at EUR 157 million, and an EBIT margin of 1.8%. Turn to the performance of our business areas. In H1 2026, our business areas delivered a mixed performance, reflecting the varying market dynamics and maturity profiles across our portfolio.

Speaker #1: Let me now walk you through the framework and the priorities that guide our capital allocation decisions. On slide 20. You see our first priority is maintaining a strong balance sheet and financial flexibility this includes our commitment to an investment grade credit profile.

Speaker #1: And approval liquidity position ensuring resilience across market cycles and preserving strategic optionality. Our second priority is investing in organic growth. We will continue to allocate capital to opportunities that strengthen our innovation capabilities and support long-term profitable growth.

Speaker #1: Including the BMW settlement, adjusted EBIT is lowered by around €100 million, coming in at €157 million and an EBIT margin of 1.8%.

Speaker #1: Turning to the performance of our business areas, in the first half of 2026, our business areas delivered a mixed performance.

Speaker #1: While having a disciplined approach to our spending. In this context we confirm a net R&D through sales ratio of around 9% in the long term.

Speaker #1: And we align our target for investments with market reporting standards and introduce a cash effective capex below 4.5% of sales in the midterm. Our third priority is shareholder returns.

Jutta Junglas: Despite an overall challenging operating environment, Architecture and Network Solutions and User Experience achieved year-on-year underlying earnings improvements. In Autonomous and Commercial Mobility, adjusted sales declined by 12.6% year-on-year, primarily driven by lower volumes amounting to 10.6%. It is also important to note that H1 2025 benefited from strong sales volumes related to the EU Mobility Package. Following the completion of this program and the postponement of the third package, volumes declined in the current period, resulting in a less favorable sales mix. As a consequence, adjusted EBIT decreased compared to the prior year. Autonomous and Commercial Mobility continues to invest in technologies, while ongoing cost and efficiency measures helped offset part of the top-line headwinds. In ANS, Architecture and Network Solutions, adjusted sales decreased by 6.1% year-on-year, mainly reflecting foreign exchange headwinds and lower volumes. Excluding foreign exchange effects, the organic sales decline was 4.9% year-on-year.

Speaker #1: In autonomous and commercial mobility, adjusted sales declined by 12.6% year on year, primarily driven by lower volumes amounting to 10.6%. It's also important to note that the first half of '25 benefited from strong sales volumes related to the EU mobility package, too.

Speaker #1: We establish a sustainable dividend policy targeting a payout ratio of around 30% of net income. And beyond that we plan to execute share buybacks based on the availability of excess free cash flow after dividends and M&A.

Speaker #1: And finally we will pursue selective M&A opportunities where they can strengthen our technology portfolio enhance our competitive position or offer attractive value creation potential.

Speaker #1: Following the completion of this program and the postponement of the third package, volumes declined in the current period, resulting in a less favorable sales mix.

Speaker #1: Our capital allocation framework is fully aligned with our strategic and financial targets. It ensures that we balance growth financial discipline and shareholder returns in a consistent and value focused manner and will support the sustainable long-term shareholder value creation.

Speaker #1: And as a consequence, adjusted EBIT decreased compared to the prior year. Autonomous and Commercial Mobility continues to invest in technologies, while ongoing cost and efficiency measures helped offset part of the top-line headwinds.

Speaker #1: And with this I hand back to Lutz. Yeah thank you Jutta and now we come to the Q&A session. So operator please take over for the moderation of the Q&A session.

Speaker #1: Despite the lower sales base, adjusted EBIT increased by almost 40% to €142 million, resulting in an almost 2 percentage point higher margin, supported by the continued execution of our disciplined cost management and efficiency program.

Jutta Junglas: Despite the lower sales base, adjusted EBIT increased by almost 40% to EUR 142 million, resulting in almost 2 percentage points higher margin, supported by the continued execution of our disciplined cost management and efficiency program. In Safety in Motion, adjusted sales declined by 6.7% year-on-year, reflecting market environment, with the primary driver being lower volumes amounting to 5.6% of the organic sales decline. Adjusted EBIT, not taking into account the impact of the BMW settlement, decreased by 16.5% to EUR 131 million, compared to H1 2025. Safety in Motion continued to face headwinds from elevated material costs. Lower net R&D expenses driven by restructuring and efficiency measures, yet have not been sufficient to compensate overall market challenges. In User Experience, adjusted sales declined by 6.3% year-on-year, with price effects and demand shift contributing 4.4% of the overall sales decline year-on-year.

Speaker #1: Adjusted EBIT, not taking into account the impact of the BMW settlement, decreased by 16.5% to €131 million compared to the first half of '25.

Speaker #1: In user experience-adjusted sales, declined by 6.3% year on year, with price effects and demand shift contributing 4.4% of the overall sales decline year on year.

Speaker #1: At the same time, adjusted EBIT increased to €14 million, benefiting from improved execution. Adjusted for the elevated reimbursement level recorded in the second quarter of the prior year, relative performance of UX was even significantly stronger.

Jutta Junglas: At the same time, adjusted EBIT increased to EUR 14 million, benefiting from improvement of execution. Adjusted for the elevated reimbursement level recorded in the Q2 of the prior year, relative performance of UX was even significantly stronger. User experience continues to show the successful transformation measures over the recent quarters. Overall, continued market and macroeconomic headwinds affected the top line and earnings performance across our business areas, while our transformation initiatives and self-help measures provide support on overall profitability of the group. Let's turn to slide 14. Adjusted EBITDA amounted to EUR 605 million and forms the starting point of our cash flow development in the H1. Employee benefits, provisions, and other cash items, including the reversal of non-cash items impacted adjusted EBITDA considerably, amounted to EUR 125 million, resulting in an operating cash flow before interest and taxes of EUR 455 million.

Speaker #1: User experience continues to show the successful transformation measures over the recent quarters. Overall, continued market and macroeconomic headwinds affected the top line and earnings performance across our business areas, while our transformation initiatives and self-help measures provide support on the overall profitability of the group.

Speaker #1: Now, let's turn to slide 14. Adjusted EBITDA amounted to €605 million and forms the starting point of our cash flow development in the first half-year.

Speaker #1: Employee benefits provisions and other cash items, including the reversal of non-cash items, impacted adjusted EBITDA considerably. These amounted to €125 million, resulting in an operating cash flow before interest and taxes of €455 million.

Speaker #1: Cash-effective investments of €193 million reflected more cautious spending in the first half, which we will continue in the second half if market circumstances persist.

Jutta Junglas: Cash effective investments of EUR 193 million reflected a more cautious spending in the H1, which we continue in the H2 if market circumstances persist. Interest and tax payments totaled EUR 148 million, benefiting from lower income tax payments compared to the prior year. As a result, normalized free cash flow came in at EUR 113 million. Cash effective restructuring and separation related costs continued to weigh on the adjusted free cash flow. These special effects included EUR 230 million of restructuring with cash outflows and EUR 55 million associated with spin-off and separation activities. After taking these special items into account, adjusted free cash flow amounted to EUR -177 million in the H1 2026. On slide 15, we show that our liquidity position remains a key strength of Aumovio, providing both financial stability and strategic flexibility.

Speaker #1: Interest and tax payments totaled €148 million, benefiting from lower income tax payments compared to the prior year. As a result, normalized free cash flow came in at €113 million.

Speaker #1: After taking these special items into account, adjusted free cash flow amounted to a negative €177 million in the first half of 2026. On slide 15, we show that our liquidity position remains a key strength of Aumovio, providing both financial stability and strategic flexibility.

Speaker #1: Starting from a strong net cash position at the beginning of the year, the position remains strong at €1.2 billion, affected by negative free cash flow as discussed on the previous slide, and minor changes in leasing liabilities.

Jutta Junglas: Starting from a strong net cash position at the beginning of the year, the position remains strong at EUR 1.2 billion, affected by negative free cash flow as discussed on the previous slide, and minor changes in using liabilities. At the same time, net pension liability slightly decreased, mainly driven by the increase in the discount rate in Germany from 4.3% to 4.4%, which positively affected the valuation of our pension obligations. Overall, our solid net cash position reduced pension liabilities and disciplined financial management provide a robust foundation to navigate ongoing market volatility while maintaining the flexibility required to execute our transformation agenda and support future growth. Let me now turn to our updated outlook for the full year 2026. Starting with adjusted sales, we now expect full year adjusted sales in the range of EUR 17 to 17.5 billion, compared to our previous outlook of EUR 17 to 18.5 billion.

Speaker #1: At the same time, net pension liabilities slightly decreased, mainly driven by the increase in the discount rate in Germany from 4.3% to 4.4%, which positively affected the valuation of our pension obligations.

Jutta Junglas: Let me now turn to our updated outlook for the full year 2026. Starting with adjusted sales, we now expect full year adjusted sales in the range of EUR 17 to 17.5 billion, compared to our previous outlook of EUR 17 to 18.5 billion.

Jutta Junglas: The adjustment primarily reflects a lower light vehicle production outlook and the business performance in the H1 of this year. Turning to profitability, we now expect an adjusted EBIT margin in the range of 3% to 4%, compared to our previous outlook of 3.5% to 5%. The refinement of our adjusted EBIT margin outlook incorporates our revised assessment regarding higher raw material prices, as well as increased prices for memory components. In addition, it also reflects the impact of the BMW settlement. We are actively mitigating cost impacts through close collaboration with our suppliers, redesigned to cost initiatives, and compensation mechanisms. We expect to see those effects to become more visible in the H2 of the year. Moving to cash generation.

Speaker #1: The refinement of our adjusted EBIT margin outlook incorporates our revised assessment regarding higher raw material prices, as well as increased prices for memory components.

Speaker #1: We expect to see those effects become more visible in the second half of the year. Now, moving to cash generation, we expect normalized free cash flow to be in the range of €500 million to €700 million, compared to our previous outlook of €500 million to €800 million.

Jutta Junglas: We expect normalized free cash flow to be in the range of EUR 500 to 700 million, compared to our previous outlook of EUR 500 to 800 million. This adjustment reflects partially the impact of the BMW settlement. Importantly, the outlook range was only reduced at the upper end. This effectively implies an improvement in the underlying normalized free cash flow outlook as we are confident in our ability to steer cash flows. Finally, let me touch on our further assumptions. For full year 2026, we now expect cash outflows related to the spin-off, restructuring activities, and partially the BMW settlement of around EUR 600 million. In net income and earnings per share, we still expect an improvement compared to the prior year. Now, let's have a look at our business areas on slide 17. The outlook for Architecture and Network Solutions remains unchanged compared to our previous outlook.

Speaker #1: This adjustment partially reflects the impact of the BMW settlement. Importantly, the outlook range was only reduced at the upper end. This effectively implies an improvement in the underlying normalized free cash flow outlook, as we are confident in our ability to steer cash flows.

Speaker #1: We still expect an improvement in net income and earnings per share compared to the prior year. Now, let's have a look at our business areas on slide 17.

Speaker #1: The outlook for Architecture and Network Solutions remains unchanged compared to our previous outlook. For Autonomous and Commercial Mobility and User Experience, we have updated our outlook based on the first half 2026 results and our latest assessment of market developments.

Jutta Junglas: For Autonomous and Commercial Mobility and User Experience, we have updated our outlook based on the H1 2026 results and our latest assessment of market developments. For Safety in Motion, the revised outlook also reflects the impact of the settlement agreement with BMW. Starting with Autonomous and Commercial Mobility, we now expect adjusted sales to decline significantly year-on-year, compared to our previous expectation of a moderate decline. The assumptions underlying our previous outlook remain unchanged, while the revised outlook additionally reflects the business performance in the first half of this year and our updated view on market developments. For adjusted EBIT margin, we continue to expect a stable year-on-year development. Despite the lower sales outlook, this expectation remains supported by additional cost reduction measures as part of our R&D transformation program, as well as continued cost discipline across production, sales, and admin functions.

Speaker #1: For Safety and Motion, the revised outlook also reflects the impact of the settlement agreement with BMW. Starting with Autonomous and Commercial Mobility, we now expect adjusted sales to decline significantly year on year, compared to our previous expectation of a moderate decline.

Speaker #1: The assumptions underlying our previous outlook remain unchanged, while the revised outlook additionally reflects the business performance in the first half of this year and our updated view on market developments.

Jutta Junglas: Turning to Safety in Motion, we continue to expect adjusted sales to decline moderately year-on-year in line with our previous outlook. For adjusted EBIT margin, we now expect a slight year-on-year decline. Previously, we had expected a moderate improvement. The revised margin outlook reflects the business performance in the H1 of the year, the challenging market environment, and the impact of the BMW settlement agreement. At the same time, additional cost reduction measures across production, sales, admin, and R&D continue to mitigate the pressure from the market environment. Now looking at User Experience, we continue to expect adjusted sales to decline moderately year-over-year, consistent with our previous outlook. Sales development continues to be primarily impacted by adverse foreign exchange effects.

Speaker #1: Previously we had expected a moderate improvement. The revised margin outlook reflects the business performance in the first half of the year the challenging market environment and the impact of the BMW settlement agreement.

Speaker #1: At the same time, additional cost reduction measures across production, sales, admin, and research and development continue to mitigate the pressure from the market environment.

Speaker #1: And now, looking at user experience, we continue to expect adjusted sales to decline moderately year over year, consistent with our previous outlook. Sales development continues to be primarily impacted by adverse foreign exchange effects.

Speaker #1: For adjusted EBIT margin, we now expect a slight improvement compared to last year's level of 0.4%, whereas our previous outlook assumed a moderate improvement.

Jutta Junglas: For adjusted EBIT margin, we now expect a slight improvement compared to last year's level of 0.4%, whereas our previous outlook assumed a moderate improvement. The revised profitability outlook reflects the business performance in the H1 of this year and our updated assessment of the market development. However, our profitability expectations continue to be supported by structural measures, raw material costs, and further gains in operational efficiency. Now, let's turn to slide 19 and talk about our newly established capital allocation framework, which becomes effective as we speak. The establishment of this framework marks another important milestone in our journey as an independent listed company, formalizing the capital allocation commitments communicated at our capital markets day in 2025 into a clear and actionable capital deployment framework.

Speaker #1: The revised profitability outlook reflects the business performance in the first half of this year and our updated assessments of the market developments. However, our profitability expectations continue to be supported by structural measures, raw material cost, and further gains in operational efficiency.

Speaker #1: Now, let's turn to slide 19 and talk about our newly established capital allocation framework, which becomes effective as we speak. The establishment of this framework marks another important milestone in our journey as an independent, listed company, formalizing the capital allocation commitments communicated at our Capital Markets Day in '25 into a clear and actionable capital deployment framework.

Speaker #1: The objective of this framework is to provide transparency about our priorities and how we think about the use of capital in the interests of our shareholders.

Jutta Junglas: The objective of this framework is to provide transparency about our priorities and how we think about the use of capital in the interest of our shareholders. Let me now walk you through the framework and the priorities that guide our capital allocation decisions. On slide 20, you see our first priority is maintaining a strong balance sheet and financial flexibility. This includes our commitment to an investment-grade credit profile and a prudent liquidity position, ensuring resilience across market cycles and preserving strategic optionality. Our second priority is investing in organic growth. We will continue to allocate capital to opportunities, strengthen our innovation capabilities, and support long-term profitable growth while having a disciplined approach to our spending.

Speaker #1: Our second priority is investing in organic growth. We will continue to allocate capital to opportunity strengthen our innovation capabilities and support long-term profitable growth while having a disciplined approach to our spending.

Speaker #1: In this context we confirm a net R&D per sales ratio of around 9% in the long term. And we align our target for investments with market reporting standards and introduce a cash effective capex below 4.5% of sales in the midterm.

Jutta Junglas: In this context, we confirm a net R&D to sales ratio of around 9% in the long term, and we align our target for investments with market reporting standards and introduce a cash effective CapEx below 4.5% of sales in the midterm. Our third priority is shareholder returns. We establish a sustainable dividend policy, targeting a payout ratio of around 30% of net income. Beyond that, we plan to execute share buybacks based on the availability of excess free cash flow after dividends and M&A. Finally, we will pursue selective M&A opportunities where they can strengthen our technology portfolio, enhance our competitive position, or offer attractive value creation potential. Our capital allocation framework is fully aligned with our strategic and financial targets. It ensures that we balance growth, financial discipline, and shareholder returns in a consistent, value-focused manner and will support the sustainable long-term shareholder value creation.

Speaker #1: Our third priority is shareholder returns. We establish a sustainable dividend policy targeting a payout ratio of around 30% of net income. And beyond that we plan to execute share buybacks based on the availability of excess free cash flow after dividends and M&A.

Speaker #1: And finally, we will pursue selective M&A opportunities where they can strengthen our technology portfolio, enhance our competitive position, or offer attractive value creation potential.

Speaker #1: Our capital allocation framework is fully aligned with our strategic and financial targets. It ensures that we balance growth, financial discipline, and shareholder returns in a consistent, value-focused manner and will support sustainable, long-term shareholder value creation.

Speaker #1: And with this, I hand back to Lutz. Yeah, thank you, Jutta. And now we come to the Q&A session. So, operator, please take over for the moderation of the Q&A session.

Jutta Junglas: With this, I hand back to Lutz.

Lutz Ackermann: Yeah. Thank you, Jutta. Now we come to the Q&A session. Operator, please take over for the moderation of the Q&A session.

Lutz Ackermann: Thanks very much. Ladies and gentlemen, if you have joined by telephone and would like to ask a question, please press star nine and the pound key on your telephone keypad. If you would like to withdraw your question, press star three and the pound key. If you're connected online and listening via the web interface, please click the telephone handset button and then the raise hand icon. This will allow you to ask your question verbally as well. Okay, the first question is from Christoph Waskowi from Deutsche Bank. You can go on now. Your line is open.

Operator: Thanks very much. Ladies and gentlemen, if you have joined by telephone and would like to ask a question, please press star nine and the pound key on your telephone keypad. If you would like to withdraw your question, press star three and the pound key. If you're connected online and listening via the web interface, please click the telephone handset button and then the raise hand icon. This will allow you to ask your question verbally as well. Okay, the first question is from Christoph Waskowi from Deutsche Bank. You can go on now. Your line is open.

Speaker #2: Ladies and gentlemen, if you have joined by telephone and would like to ask a question, please press star nine and the pound key on your telephone keypad.

Speaker #2: If you would like to withdraw your question press star three and the pound key. If you're connected online and listening via the web interface please click the telephone handset button and then the raised hand icon.

Speaker #2: This will allow you to ask your question verbally as well. From Christoph Laskawi from Deutsche Bank, you can go ahead now—your line is open.

Speaker #3: Good morning thank you for taking my questions. I'd like to start with the capital allocation.

Christoph Waskowi: Good morning. Thank you for taking my questions. I'd like to start with the capital allocation.

Christoph Laskawi: Good morning. Thank you for taking my questions. I'd like to start with the capital allocation.

Speaker #2: Mr. Laskawi: Yes, can you hear us?

Christoph Waskowi: Mr. Waskowi? Yes. Can you hear us?

Operator: Mr. Waskowi? Yes. Can you hear us?

Speaker #3: Can you hear me? Hello can you hear me okay.

Christoph Waskowi: Can you hear me? Hello? Can you hear me okay?

Christoph Laskawi: Can you hear me? Hello? Can you hear me okay?

Speaker #2: Christoph Laskawi, we can hear you now.

Christoph Waskowi: Christoph Waskowi, we can hear you now.

Operator: Christoph Waskowi, we can hear you now.

Speaker #3: You can hear me okay then thanks guys for taking my questions I hope this works. I'd like to start.

Christoph Waskowi: You can hear me? Okay. Thanks for taking my questions. I hope this works. I'd like to start.

Christoph Laskawi: You can hear me? Okay. Thanks for taking my questions. I hope this works. I'd like to start.

Christoph Waskowi: Okay. Sorry, Mr. Waskowi, can we hear you?

Operator: Okay. Sorry, Mr. Waskowi, can we hear you?

Speaker #2: Sorry, Mr. Laskawi, can we hear you?

Speaker #3: I hope you can. Can you confirm?

Christoph Waskowi: I hope you can. Can you confirm?

Christoph Laskawi: I hope you can. Can you confirm?

Christoph Waskowi: Okay. We will go on with the next question, and we will check in the background what the problem with Mr. Waskowi is. Mr. Harry Martin from Bernstein. You can go on. Your line is open now.

Operator: Okay. We will go on with the next question, and we will check in the background what the problem with Mr. Waskowi is. Mr. Harry Martin from Bernstein. You can go on. Your line is open now.

Speaker #2: And we'll check in the background what the problem with Mr. Laskawi is. Mr. Harry Martin from Bernstein, you can go on. Your line is open now.

Speaker #4: Good morning, everyone. I will check that you can hear me.

Harry Martin: Good morning, everyone. I will check that you can hear me.

Speaker #2: Mr. Martin, can you hear us? Can you say something?

Harry Martin: Mr. Martin, can you hear us? Can you say something?

Operator: Mr. Martin, can you hear us? Can you say something?

Speaker #4: Yeah, apparently you need to open the line, so you... yeah.

Lutz Ackermann: Yeah, apparently you need to open the line.

Lutz Ackermann: Yes. Mr. Martin, your line is open. Let me check in the background if we have any issues with opening the lines of the participants.

Operator: Yes. Mr. Martin, your line is open. Let me check in the background if we have any issues with opening the lines of the participants.

Speaker #2: Yes Mr. Martin your line is open. Let me check in the background if we have any issues with opening the lines of the participant.

Harry Martin: Hi, can you hear me now? Hello?

Speaker #4: Hi can you hear me now? Hello. Okay it seems to be that in the in the webcast we can hear you but not on the phone.

Lutz Ackermann: Okay, it seems to be that in the webcast we can hear you, but not on the phone. Maybe you can solve that problem.

Speaker #4: So maybe you can solve that problem.

Jutta Junglas: Maybe they can put the questions in the chat.

Speaker #2: Maybe they can move the questions in the chat.

Speaker #4: Or you can yeah.

Lutz Ackermann: You can, yeah.

Speaker #2: Okay, let's see one more. Mr. Jose Azumendi.

Lutz Ackermann: Okay. Let's see one more. Mr. Jose Asumendi.

Operator: Okay. Let's see one more. Mr. Jose Asumendi.

Speaker #4: Yeah but it's not a I mean it seems to be that the line is not open. You can hear the people asking the questions on the webcast but not on the the line.

Lutz Ackermann: It seems to be that the line is not open. You can hear the people asking the questions on the webcast, but not on the line.

Lutz Ackermann: Okay.

Operator: Okay.

Speaker #2: Okay.

Speaker #4: Please fix that.

Lutz Ackermann: Please fix that.

Jutta Junglas: I don't know what the problem is.

Operator: I don't know what the problem is.

Speaker #2: Okay operator are you

Lutz Ackermann: Operator, are you still here?

Speaker #4: still here?

Speaker #2: Okay I'm opening the line now for Mr. Jose Azumendi. Mr. Azumendi from JP Morgan can you hear us? Can you.

Lutz Ackermann: Okay. I'm opening the line now for Mr. Jose Asumendi. Mr. Asumendi from JP Morgan, can you hear us?

Operator: Okay. I'm opening the line now for Mr. Jose Asumendi. Mr. Asumendi from JP Morgan, can you hear us?

Speaker #4: I don't hear. Thank you.

Lutz Ackermann: I'm here

José Asumendi: I'm here

Lutz Ackermann: Say your question, please?

Operator: Say your question, please?

Lutz Ackermann: Thank you. If he can hear us, we can't hear him.

José Asumendi: Thank you.

Lutz Ackermann: If he can hear us, we can't hear him.

Speaker #5: Can you hear us? We can't hear him. That's a problem.

Jutta Junglas: Yeah.

Lutz Ackermann: Yeah. That's the problem.

Jutta Junglas: I think everybody can hear.

Speaker #2: I think everybody can hear.

Speaker #4: How do we solve it? Maybe write the questions

Lutz Ackermann: How do we solve it?

Jutta Junglas: Write the questions in the chat.

Speaker #2: in the chat.

Speaker #4: Can you hear me now? Testing, one, two, three.

Lutz Ackermann: Can you hear me now? Testing one, two, three.

José Asumendi: Can you hear me now? Testing one, two, three.

Speaker #2: Okay, we're checking this. Thank you very much for standing by.

Lutz Ackermann: Okay, we're checking this. Thank you very much for standing by.

Operator: Okay, we're checking this. Thank you very much for standing by.

Speaker #4: Yeah, I think—can you hear me?

Lutz Ackermann: I think, can you hear me? I mean, if we cannot solve the problem now, it would be our proposal to set up, later today, a Q&A possibility for you that you can ask questions, because I think this is not the way it should work, and we really apologize for this. Let's find out when we can do that. You should be all able to ask questions. I think this is not the way we want to have it. I'm not sure if you can hear me, which will be the question now. Is there an opportunity to let the analyst ask that question that we can also hear it? Otherwise, we would do it in a separate slot that you have the opportunity to do so.

José Asumendi: I think, can you hear me?

Speaker #5: Can I trust the question?

Speaker #4: Yeah, I mean, if we cannot solve the problem now, it would be our proposal to set up later today a Q&A possibility for you, so that you can ask questions, because I think this is not the way it should work. We really apologize for this, but let's find out when we can do that.

Lutz Ackermann: I mean, if we cannot solve the problem now, it would be our proposal to set up, later today, a Q&A possibility for you that you can ask questions, because I think this is not the way it should work, and we really apologize for this. Let's find out when we can do that. You should be all able to ask questions. I think this is not the way we want to have it.

Speaker #4: But you should all be able to ask questions. I think this is not the way we want to have it. So maybe, last question.

Speaker #4: I'm not sure if you can hear me.

José Asumendi: I'm not sure if you can hear me,

Lutz Ackermann: which will be the question now. Is there an opportunity to let the analyst ask that question that we can also hear it? Otherwise, we would do it in a separate slot that you have the opportunity to do so.

Speaker #5: Can we bring in the operator now? If there is an opportunity to let the analysts ask their questions so that we can all hear them, let's do that. Otherwise, we can set aside a separate slot so that everyone has the opportunity.

Speaker #2: Yes, understood. So, right now the line of Mr. Jose Azumendi is open. Unless he is muted, we should be able to hear him, but as we are not, that means that we have this technical issue right now. So, we will have to look for a different slot.

Lutz Ackermann: Yes, understood. Right now, the line of Mr. Jose Asumendi is open. Unless he is muted, we should be able to hear him, as we are not, that means that we have this technical issue right now, we will have to look for a different slot.

Operator: Yes, understood. Right now, the line of Mr. Jose Asumendi is open. Unless he is muted, we should be able to hear him, as we are not, that means that we have this technical issue right now, we will have to look for a different slot.

Speaker #4: Yeah, okay. So, I think everybody can hear me. We will reach out to you and also make sure that you can ask your question.

Lutz Ackermann: Okay. I think everybody can hear me. We will reach out to you, and to also make sure that you can ask the question. Sorry for that. However, we have to stop the call now at this point in time, and we will come back to you shortly. From here. Speak later.

Speaker #4: Sorry for that. However, we have to stop the call now at this point in time, and we will come back to you shortly. For me.

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Q2 2026 Aumovio SE Earnings Call

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