Welcome everybody, ladies and gentlemen, for our fiscal year 2025 earnings call. With me today is again Johannes, and I will start today running you through the management summary and the reminder on business model, then coming to the financials '25, and after that I will hand over to Johannes for portfolio update and outlook.

Starting with the management summary, I want to highlight the financials, obviously. In the beginning, we achieved the net result in the holding within the guidance, €130.4 million, and also made again a big step forward in group revenues, the group again expanded quite a lot in '25, reaching €6.5 billion.

Also with the preliminary financials and also with the press release today, we again repeated our mid-term target of an annual growth of group revenues of at least 25% until 2030. Together with the financial statements, we published also the dividend supervisory board and management board together proposed €2 to the annual shareholder meeting in the beginning of July, which is consistent with what we said all the time.

We want to have this minimum dividend as long as we expand. We want to balance it between what we need in terms of capital for expansion, but we also want to keep shareholders here participating in the development.

The capital increase came to the final conclusion today with the shares starting to trade today, and also the funds have been transferred today, it's closed by today, the capital increase, which was quite successful. We had a very high subscription rate of almost 100%, it was 96%, and also had already lined up quite a huge demand in case we would need that for the rump placement, but not necessary.

We want to use this capital for the expansion, especially in the US. We have it here on the page.

We see huge growth opportunities in the US, especially in the segments or in the industries energy, chemicals, and manufacturing, where we have built up now quite a big pipeline already, and the US will be the main driver of the development until 2030. On the other side of our business model, we always want to divest.

We have built up now quite a good portfolio that is ready to be divested. We will see it later in the life cycle statement, where we see 10 portfolio companies by the end of '25 in the bucket harvesting.

Looking to the current year, 2026, we have guided here for group revenues of €7.9 up to €9.1 billion, mainly driven by the acquisitions that we have already signed, namely Jadeed and Borealise, that will Johannes explain later on. In combination with the budgets that we have collected and approved for the group that exists, we come to the guidance of €7.9 up to €9.1 billion in group revenue.

For the holding net result, net income, we guide for €165 up to €200 million, also based on plans about exits and divestments, and in terms of also what we want to invest in the expansion and in new offices that we want to ramp up, just recently started with Tokyo. Just as a reminder on the business model, we are a global PE, private equity, investors focusing on turnarounds that we ideally acquire from corporates.

We have now expanded all over the world, just recently opened Tokyo. We have now 15 offices across the world, which are a key success factor for us, for us, especially, reside normally first in acquisitions in the countries or regions, and then the team is also responsible for the divestments.

With this, we have already built up quite a strong track record in the offices that we have for a longer period, especially in Europe. We want to use the portfolio that we have now built up for our increase in profitability in the holding, and the growth is normally coming from bigger acquisitions.

With this, we want to achieve a return on invested capital within our holding period of 3 to 5 years of 7 to 10 times. Coming already to the financials '25 and starting with the overview, that you are familiar with, revenues of €6.5 billion, also here within the range, big step forward compared to last year.

Biggest impact comes obviously from acquisitions, mainly the ones that we executed in the beginning of the year, Magirus, Buderus, that were contributing to group revenues more than half a billion in 2025. EBITDA also quite influenced by the acquisitions due to the bargain purchases that we normally have due to the nature of our business model, since we acquire a lot of assets and equity for a low price because the assets have a need for turnaround and transformation.

Therefore, we have reached here almost €700 million of EBITDA. Adjusted EBITDA, on the other side, that is normalized for these one-off effects due to in and out in the group, has also improved significantly, and we will see it on the next page in the different segments, from -€85 to -€31, quite a big step forward, especially in auto, engineering, and technology.

Holding net income has reached €130 million, mainly due to the exits that we executed in '25, namely Steyr Motors, Fuentes, and also Terranor. When looking at the development of the different segments in the group, and you see here four segments by the end of '25.

When we see each other in a couple of weeks and talk about Q1, you will see the new segments, Chemicals & Materials. By the end of Q4 2025, we stick to the four segments that you're familiar with, and you see that we make quite a good progress in Automotive in terms of the turnarounds, here from -€50 million adjusted EBITDA to -€9, mainly due to the development of SFC and Cleannox Group.

In Engineering & Technology, you see the biggest step forward here in 2025 in profitability. This is due to Fras-le, Donges, and also here, the Gasket Group, which made a big step forward in 2025.

Infrastructure & Special Industries remained negative, or turned negative, compared to last year. Here we had Buderus, which was actually quite good from holding perspective, quite a good transaction, but obviously contributed here negative due to the acquisition in Q1.

Also Magirus is in the bucket here, that was undergoing quite substantial turnaround in 2025. In combination, this ended up with -€40 million adjusted EBIT.

Last segment, Goods & Services, remained quite flat, obviously quite dominated still by Lapeyre. The headwinds remain, especially across Europe, when it comes to retail, and I think we already said half a year ago that this is the segment that might have no future within the Mutares Group.

Looking at the life cycle, we see the familiar three phases here. Busy realignment, and you see the substantial loss in adjusted EBITDA, which is normal for us, with more than €160 million.

The bucket is quite packed here, and you see also names that we talked about quite a lot. You see EFACEC in there, but also Magirus, where we communicate that these are value back-end and they will move forward here when we talk about it in Q1 already.

Optimization, you see that we are now actually where we need to be. We are close to the break-even level when it comes to adjusted EBITDA, this year also slightly positive with +€10.

The biggest step forward was clearly in the harvesting phase, where we see also the biggest jump here of almost €120 million in adjusted EBITDA. Pretty much all of the 10 entities contribute positively to that amount here of €120 million, almost €120 million.

You see also here the names that we talked about it, that we consider quite valuable, also when it comes to an exit. Johannes will go into details for some of them.

With that, I hand over to you.

Thank you so much, Mark. We will use this earnings call also a little bit to dive into our portfolio and give you a little bit of update.

In the earnings calls of the quarters, you typically will see one of our portfolios more in detail, and I will summarize a couple of them going forward in the next minutes. When you look at our portfolio overall, we consider five segments in 2026, as Mark has said: Auto, Engineering, predominantly energy segment, Infrastructure & Defense, Goods & Services, predominantly B2B services, and then Chemicals & Materials as the new segment where the SABIC transaction took place.

Overall, those segments are roughly 40 companies, more than €10 billion of annualized sales. When you see our business model, right?

We buy these underperforming assets, and we buy times like this where uncertainty in the world, geopolitical crisis, those are diamond for us. This is brilliant in order to acquire shitty businesses, which we want to turn around and make money out of it later on.

However, we buy the uncertainty. We buy a business which is not working, we identify it, and with our operational forces, we try to turn around the business.

When you look at the overall portfolio, and roughly 10% of what we buy, we made the wrong estimations. We took the risk, but it doesn't materialize.

70% of what we buy exactly materializes in the way like we have planned. We go in, we do the restructuring plan, we make our management consulting fees, we potentially take out some dividends if things are going well, and at the end, we come to an exit, which gives us the 7 to 10 times of return on invested capital over the life cycle.

Then we have 20%, which outperforms, which perform much better and which gives us a much better return than we have expected. In the past years, for example, Steyr was one of these exits.

I wouldn't be honest if I would say I knew it when I acquired Steyr from Thales a couple of years back. Obviously, we had a plan with Steyr going forward, make 7 to 10 times cash, and ultimately, it brought us €170 million, a lot, lot more than we have expected.

Those are the 20% bucket, which is the one which outperforms. In the next couple of minutes, I will introduce you to three of these 20% buckets.

I will not only introduce you to the three of this 20% buckets, I will also introduce you to the three of this 20% bucket which are potentially coming to an exit scenario in the next 12-18 months, which also is reflected in kind of some sort of soft announcement we have made. One of the companies which is the one where we believe it's going much, much better is EFACEC.

EFACEC we bought from the Portuguese state, negotiated a deal starting in '21 with our Madrid office with Santiago. We turned the business around.

From -€70 million, the business is double-digit million positive. Business is growing, and EFACEC predominantly does transformers: transformers for grid upgrades, transformers for data centers, together with switchgears, the package which the hunger of energy in the world requires in order to grow.

The business is now restructured. It makes money.

We have slightly invested into upgrading test facilities in order to increase even further the output. Certainly, in this current environment, EFACEC could be, in the next 12 to 18 months, a very lucrative candidate on an exit trail.

The next one is the NEM Group. NEM Group we acquired from Siemens Energy, is a heat transforming business, very much related and connected to the gas turbine.

Wherever you need a gas turbine, you need a heat transfer system to control the in- and outflow of it. The company we bought from Siemens Energy, we've restructured the business.

We have a huge order book. We have just also won a very large order in the LNG part, offshore LNG in Europe and in Southeast Asia.

The company has a bright future, and the company is making money. We have turned it around, we have made it stable, we've made it entrepreneurial, and obviously, in the actual moment of the hot assets of energy, this is something we might also consider to divest.

Last but not least, the third one, which was in the soft announcement already yesterday, was Magirus. Magirus, a manufacturer of mission-critical vehicles.

You see two pictures here on the slide: firefighting trucks, but also military trucks, military applications. Magirus is a company we've acquired from Iveco.

We have gone through a heavy, heavy restructuring. I think last quarter, Fatmir Veselaj, the CEO, was here presenting Magirus in a nutshell.

This is certainly a company, defense sector, infrastructure critical, which will make us a lot of fun in the future, and especially on the exit side. Coming to a quick outlook, and also there, I would like to deep-dive a little bit into portfolios rather than giving the general outlook at all.

We're expecting two closings of buy-side transactions in the coming months, and I would like to go a little bit deeper into that and introduce them. One is, as Mark mentioned, from Wärtsilä Gas Solutions, a liquefaction business.

We do products, we do processes of liquefaction of gas, any kind of gas starting from biogas, LNG, ammonium, you name it. Obviously, this is a market currently which is extremely growing.

We are back in the energy sources to the traditional energy, oil, gas, and Project Borealise is one of the beneficiary of that, beneficiary of those investments. Whenever you need to transport gas and liquefy gas, you need a company like Borealise.

It's an oligopole market, order intake is super high, profitability is double-digit, it outperforms at the moment what was our expectation in the very beginning. We're very much looking forward to close this transaction with Wärtsilä, own the business, and then drive it further.

Currently, company makes €450 million of turnover, the order book is close to €700 million, very, very bright outlook here, thanks to the change in the perception of the energy using. Then I think the company which was discussed the most was a project called Jadeed, the ETP business of SABIC, predominantly in the US, which we acquired.

In January, we signed a deal. We do expect a transaction close here also in the next months.

We need to overcome here, anyhow, a heavy load of restructuring, but obviously, current market situation, and being in the US, thanks to Uncle Donald here, Jadeed is one of the beneficiaries here as well. We benefit on the one side because we have a lot of manufacturing capacities in the US, we benefit from the tariffs the US have applied for imports number one, and number two, we benefit from the price increases we could materialize towards customers, because obviously, resource of oil, it's very much linked to the oil price, the sales price of the product, the higher the oil price, the higher the sales price of our product is.

There is a direct link to that. We are very optimistic also there to close the transaction in the next couple of weeks, and then own the business and take the joy of owning a business which is, had a great help from market at the moment, and then we enjoy the ride on this one.

Those two transactions will bring a different picture, obviously, also to the group financials, will bring a lot of equity into the picture, will bring a lot of sales in the picture, and in addition, especially Jadeed. Jadeed marks a milestone in our US story.

US is a market where we want to grow. We see a huge pipeline.

Fabio Piconese and his team in Chicago, we're going to expand the US, we're going to have a second office set up soon in Houston, and we really want to go into the market of energy, into the market of chemicals and metals, and infrastructure into America. This is the gross market in 2026 and onwards.

Maybe to close today's earnings call, and I don't want to repeat all what Mark said, but we had 2025 was a record year, and this record year is only possible with a lot of people and a great, great team. I'm very proud that I can lead a squad of some of the people you see in the picture, who've done the hard work, who go the extra mile, who always stay positive, who fight day to day on the turnaround, who fight day to day on a deal, who fight day to day on an exit, who fight day to day on all the supporting functions to make this great, great results happen what we have, and to make the great outlook we have in 2026, 2027, and onwards happen.

Thanks a lot, place to the team, and you deserve this, and it makes so much fun to stand here, present the results, and know what all happened in the background to make this happen. Thank you very much for today's call, thanks for joining us, stay tuned, stay with us, and we are looking forward for another record year 2026 with Mutares, which I'm very sure we will achieve, because we always delivered what we promised.

Thank you very much.