Operator

Ladies and gentlemen, welcome to the ElringKlinger AG Q1 2026 Earnings Conference Call. I'm Vicki, the Chorus Call operator. [Operator Instructions] At this time, it's my pleasure to hand over to Thomas Jessulat, CEO. Please go ahead.

Thomas Jessulat
CEO & Chairman of Management Board

Yes, ladies and gentlemen, I welcome you to our earnings call on the first quarter of 2026. Today, Isabelle and I will provide a detailed look into the results from the first quarter. With today's publication, we confirm the guidance for 2026 in the medium term, which we have published with the annual report end of March.

At the end of the presentation, as usual, you will have the opportunity to ask questions, and we're pleased to answer them. At the outset, I would like to present a brief overview of the key developments from the past three months. Let me start with a brief overview of the external environment, which remains challenging for the global automotive industry. Rising global tensions, including the military escalation in Iran are increasing regional spillover risks and posing threats to energy security and global stability. In parallel, sanctions, trade restrictions and regulatory fragmentation continue to weigh on cross-border business. These risk factors, combined with volatile energy prices and ongoing logistics disruptions are increasing uncertainty for investment and production planning.

At the same time, the industry remains in a profound transformation. In Q1 2026, global light vehicle production declined by 3.4%. Despite the cyclical pressure, electrification momentum remains intact. E-Mobility continues to be the dominant long-term trend even