We have established ourselves as a technology leader with differentiating proprietary solutions that set us apart in the market. Our focus is aligned with two of the most powerful trends shaping the future: automation and electrification. This strategic positioning, combined with market leadership in the majority of our activities, creates a strong foundation for sustainable value creation.

Innovation is in our DNA. We foster an entrepreneurial mindset across our organization, empowering our people to push boundaries and pioneer new solutions. Our customer-first philosophy ensures everything we do is grounded in real operational challenges and creates measurable value. By combining best-in-class hardware with AI and sophisticated software, we deliver integrated solutions that competitors cannot easily replicate. We are deeply committed to sustainability, with approximately 70% of our turnover directly linked to UN Sustainable Development Goals.

Our strategy is focused on creating sustainable growth in carefully chosen markets where we can achieve and maintain leadership positions. This approach is underpinned by continuous portfolio optimization that concentrates resources on our highest-value opportunities. Since 2018, we have divested €450 million in turnover, demonstrating our discipline in reshaping the portfolio. We are divesting an additional €250 million of non-core activities to further sharpen our focus and drive efficiency.

Our financial discipline underpins everything we do. We target a leverage ratio below 2.0, maintaining the flexibility to invest in growth while managing risk prudently. Our disciplined capital allocation prioritizes organic investment in Automation, strategic bolt-on acquisitions, and returns to shareholders. We are intensely focused on cash flow generation through strict working capital and capex management. Our commitment to shareholders is reflected in our dividend policy, distributing 40-70% of normalized net profit as dividends.

Automation represents a great opportunity for long-term value creation. We are a global market leader in vision and automated machinery, with capabilities to deliver innovative integrated solutions that enable autonomous production. Our asset-light, scalable business model is built for the digital age, combining sustainability with strong growth potential. This is where we see the most compelling value creation opportunities for our shareholders.

Our Electrification business is a market leader in power generation, distribution and utilization. We have completed significant capacity investments that position us to capture growth driven by the electrification transition. With strong fundamentals and a healthy financial outlook, we are evaluating alternative ownership structures that would allow this business to achieve its full potential while maximizing value for all stakeholders.

We have established ourselves as a technology leader with differentiating proprietary solutions that set us apart in the market. Our focus is aligned with two of the most powerful trends shaping the future: automation and electrification. This strategic positioning, combined with market leadership in the majority of our activities, creates a strong foundation for sustainable value creation.