OMV Aktiengesellschaft ($OMV)

[Audio Gap] Supervisory Board, I am presenting meeting of OMV acting as and hereby declare it open. I'd like to draw your attention to the meeting materials that have been prepared for you and been distributed to you. The formalities section contains important information regarding the proceedings of today's Annual General Meeting, and I ask you to review it if you haven't already done so. Thank you very much. As mentioned in the meeting materials, the Annual General until the conclusion of the report of Mr. Alfred and Mr. Reinhard Florey on agenda Item 1. A recording of the webcast will be available on the OMV website following the Annual General Meeting. Today's Annual General Meeting will be audio recorded for the purposes of the notary's minutes. I expressly point out or video recordings by authorized persons are not permitted. [indiscernible] be attached to the notarial, I'd like to inform you that the members of the [indiscernible] who has excused herself for good cause and will only join us later, all others are present in person today. I'd like to welcome the members of the Executive Board here with me on the panel, the representatives of the auditor, KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Wien, as well as Mr. Andreas Klauser and Mr. Ahmed El-Hoshy, who will join us shortly who are proposed for election to the of the agenda of the Annual General General Meeting. And finally, Mr. Christian Meyer as notary, whom I request to record the proceedings of this Annual General Meeting to certify the resolutions and to monitor the counting of the votes. Now to the necessary legal findings and rulings. I hereby determine that the notice convening today's AGM on April 22, 2026, was published on the federal government's electronic announcement and information platform and was therefore issued in a timely manner and in the legally prescribed form and that the electronic European distribution via press text was also carried out on April 22. Today's Annual General Meeting with respect to the items on the published documents have been available on the 2026 -- the company hasn't received any motions proposals for resolutions from eligible -- the agenda is -- the notice convening today's Annual General Meeting was duly published. I assume that you are familiar with the agenda, and I'll therefore refrain from reading it aloud. I further note and announce that 251,683,146 no par value shares were registered for participation within the statutory deadline. Attendance at today's Annual General Meeting will be announced no later than before the first vote. At that time, I'll also sign the list of attendees and make it available for inspection. Today's Annual General Meeting will proceed as follows: the proposed resolutions and reports on the individual agenda items will be presented to you on block. This will be followed by the general discussion, during which you'll have the opportunity to speak and ask speak clearly ask questions. Only then will we include them in the question-and-answer session. Please use the designated request to speak forms and hand them to the ushers. Please indicate on the question yourself read aloud. Pursuant to Section 21 Paragraph 2 of the company's Articles of Association, the language of the proceedings is German, and therefore, questions may only be asked in German. Vote on all motions will take place with I'd also like to remind you that at around 12:00. Before I turn to the individual agenda items, please allow me to make one brief remark. We are all looking forward to a constructive and informative AGM. Dear shareholders, if you'd like to participate in the discussion and express your really invite you to do so during the general debate. In the event of any unscheduled remarks or contributions to the debate, I'd like to remind you, as you're already aware from the previous year, that ensuring the meeting proceeds in an orderly and smooth manner is very important to me. I therefore ask measures exclusively to me and refrain from taking any action on your own. I'll now turn to the agenda move on to Item 1. All documents and reports listed under agenda item 1 have been present on the website of the company since April 29. The annual financial statements and the consolidated financial statements were audited by KPMG and received an unqualified audit opinion. According to the consolidated management report, financial statements approved the 2025 annual financial statements, thereby adopting them. It has also approved the 2025 consolidated financial statements and reviewed and approved the report listed under agenda Item 1. The Supervisory Board issued a report on the results of its audit, which is part of the published annual report for the year 2025. As Chairman of the Supervisory Board, I'm now pleased to report on the work of the Supervisory Board. First things first. After our CEO announced in May 2025 for a term extension,that he will not be available [indiscernible] committee with the support of the recruitment consultant promptly launched a professional search process to identify a successor. Although today's Annual General Meeting primarily addresses the fiscal year 2025 and the CEO decision was not finalized until early 2026. We'd like to take this opportunity to introduce our new future CEO, Emma Delaney. She will introduce herself in a short video message, you'll then be able to see Ms. Delaney in person at next year's Annual General Meeting. [Presentation]

Ladies and gentlemen, we are delighted to have secured a Emma Delaney, an experienced leader and renowned energy expert. She will, as you heard, starting September. In addition to preparing for the CEO succession, the Supervisory Board made the following decisions regarding the composition of the Executive Board in 2025. In January 2025, Berislav Gaso's term on the Executive Board was extended by 2 years until the end of February 2028. Also in January, Daniela Vlad's term was terminated by mutual agreement effective at the end of February 2025. As of the 1st of March 2025, Martijn van Koten took over the Chemicals division in addition to the Fuels division. In mid-2025, Martijn van Koten's term on the Executive Board was extended by another 5 years until the 30th of June 2031. In addition to Executive Board appointments are the key focuses of the Supervisory Board's activities in 2025 included project decisions such as those regarding the establishment of Borouge Group International AG and the Neptun project. The revision of the compensation policy for the Executive Board resulted in the more modern and simplified 2026 compensation policy prevents presented for a vote today. For example, discretionary elements were reduced. The shareholding requirement was standardized and the complicated instrument [indiscernible] equity deferral was abandoned. During the reporting year, the Supervisory Board performed the duties incumbent upon it under the law, the articles of association and the rules of procedure with great care. In [indiscernible] the management of the company by the Executive Board and advise the latter in decision-making processes based on detailed or open written reports as well as constructive discussions between the Supervisory Board and the Executive Board. In total, 38 meetings took place in 2025 with the Supervisory Board Meeting 8 times in plenary session and 30 times in committees. Tailored training sessions for the Supervisory Board were again held in 2025. The Supervisory Board's annual sales evaluation was once again contacted by an external consulting firm, supported by questionnaires. The results were incorporated into the priorities and activities for the current year 2026. Feedback we received from investors at the governance roadshow will also continue to be taken into account in our work. That concludes my report. We'll now hear the reports of Mr. Stern and Mr. Florey regarding agenda Item 1. Mr. Stern, I now ask you to present the report and give you the floor.

Good morning, ladies and gentlemen, dear shareholders. I'm very delighted to welcome you here in Vienna today as well as online to the 2026 Annual General Meeting. It is a particular pleasure for me to welcome you in person once again, your trust, your questions and your suggestions are invaluable to us. They are a vital part of our shared success and a key driving force behind our work. Ladies and gentlemen, allow me to begin by looking back at the 2025 financial year. The 2025 financial year was another robust year for OMV, despite an extremely challenging environment. Energy prices and geopolitical uncertainties led to high volatility in the markets. Nevertheless, thanks to our integrated business model, we succeeded in achieving a robust operating result and generating strong cash flow. This has enabled us to continue investing in OMV's growth and transformation and to present you with an attractive dividend proposal today. As an integrated energy fuels and chemicals company, we have continued to implement our 2030 strategy consistently, and we've achieved key milestones. In October of 2025, we also updated our financial and strategic corporate objectives as part of a Capital Markets update. These updated targets provide us with clarity and direction and offer you, our shareholders a sense of reliability. A particularly significant step was the establishment of Borouge International, together with our partner, ADNOC. After the closing at the end of March of 2026 phase of integration and implementation has started. Three companies from 3 continents are bringing their complementary strengths to the table. This new structure provides a strong platform for global growth and for the future of the polyolefin industry. I will return to this milestone in more detail later in my speech. Our subsidiaries, major project, OMV Petrom in Romania, and Neptun Deep is developing very well. The project is on schedule and within budget. Gas production is set to begin in 2027. Neptun Deep is a significant contribution to Europe's energy supply and to the security of supply, which is more important today than ever before. Natural gas plays a key role as a vital energy source on their path to decarbonizing our energy supply. Gas can provide both baseload and dispatchable capacity for electricity generation. And it is a cost-effective way of supplying energy to industry and households. Well, at the same time, of course, we're expanding our renewable energy sources. Also in view of our climate neutrality, gas will continue to play a role, particularly with regard as a hedge against the volatility renewal energy sources and as a raw material for our industry. In the field of gas supply, we have further diversified our portfolio. In 2025, we were able to supply all our contract customers with gas in full and without interruption, even without any supplies coming from Russia. Our portfolio is currently primarily based on gas from Norway, Austria and LNG supplies.

Dear shareholder, you have a very strong and impressive voice, but you are disrupting our meeting here and I would like to ask you to refrain from disrupting our Annual General Meeting. Please allow Mr. Stern to continue his presentation, and then you can always request to speak later. So once again, please stop disrupting our Annual General Meeting. Please allow us to continue with our proceedings. And once again, if you wish to take the floor, please register and do so in an orderly procedure. All right. I would like to point out for the last time, if you don't stop disrupting our meeting, I will have to ask [indiscernible] to accompany you out of the room. Okay. Apparently, I'm out of luck with my request. So I'd like to ask [indiscernible] to accompany the gentleman outside to [indiscernible] to call off. You can give you a proxy to other shareholders, if you like. All right. Thank you very much for that. Mr. Stern, you don't have to sing, but of course, we can continue with your presentation now.

Well this OMV is no longer dependent on any single supplier, thereby ensuring a secure supply for our customers. We have also further enhanced OMV's mobility services available to our customers by expanding our network of service stations to include the AP service stations in Austria. We have been able to fill key gaps in our network for truck traffic. With the acquisition of Benzinol petrol stations in Slovakia, we have strengthened our position as the market's #2. Our e-mobility offering has also been significantly expanded. By the end of 2025, we had already 1,689 high-performance charging points in operation and an innovative e-motion app has been successfully launched to enable our customers to navigate our charging network with these. OMV remains a reliable partner for increasingly sustainable mobility today and in future. All sustainable aviation fuel mandates have been met and around 50,000 tonnes of SAF was delivered to OMV customers. Our 10-megawatt electrolyzer for the production of green hydrogen has been successfully commissioned at the Schwechat refinery. It is currently the largest facility of its kind in Austria, and this is providing a significant boost to the development of this new energy technology. And we've also made further progress with our transformation. For us, sustainability is a driver of innovation and growth. We have continued to drive forward our projects for sustainable fuels. In Bruck an der Leitha, construction of 140-megawatt electrolyzer as regard one of Europe's largest green hydrogen projects funded by Austria Wirtschaftsservice GmbH. Let me pause for a moment to give you a glimpse into our impressive hydrogen project. [Presentation]

Last but not least, our new brand identity forward for good is now well established. It reflects our strategic direction and has already won several internationally renowned design awards. And our new branding is having a positive impact on our retail business. Petrol stations, featuring a new branding seeing significant increases in turnover. Ladies and gentlemen, the year 2025 was characterized by volatile energy prices and challenging business conditions in Europe. The urgently needed investments in an energy security strategy and in the transformation of the industry require greater planning certainty.

Let me use this scheduled break in order to point out that I had made it clear that I would like to conduct the proceedings here without any disruptions. I'd like to kindly ask you to stop your disruption so that we can listen to the presentations of our CEO, Mr. Stern and our CFO, Mr. Florey. Please register your questions and stop disrupting the proceedings here. Apparently, I'm out of luck with my request and expectations. But I think that you will see that I'm not ready to allow -- to tolerate this long disruptions. So please stop your disruption and your disruptive behavior, transfer your voting rights to another shareholder, leave the room or sit down and stop disturbing our meeting.

The investments, which are urgently needed in Europe, these investments in an energy security strategy and the transformation of our industry require greater planning certainty, less bureaucracy in an environment that fosters innovation and rewards risk taking. The conflict in Iran, which began in the first quarter of 2026 has once again had a massive impact on global markets and consequently, on our European market. The shortage is a reality and its outcome is uncertain. Both market developments and political reactions across Europe show that since the energy crisis was triggered by Russia's invasion of Ukraine, we have not really made sufficient progress. Europe's energy supply is more dependent than ever on large volumes of gas and fuel imports. This is driving up the volatility of prices. We need more investments and additional energy production here in Europe. This will not be achieved through special access price caps or additional regulatory requirements but require attractive and stable framework conditions. At this point, let me briefly turn to the implications of the Iran conflict. The Iran conflict has had a major impact on international market since the first quarter of 2026 and has significantly restricted the availability of raw materials. Geopolitical tensions have led to massive disruptions and global energy trade and continue to cause significant shortages in raw materials markets worldwide. These developments demonstrate once again just how sensitive international energy markets are to political instability and how important it is to have a diversified and resilient portfolio. Security of supply is not a given. It is the result of thorough preparation, forward-thinking decisions and a functioning market. In other words, it is not the desire for security of supply, but the determination to prepare for it, that is crucial. Over the past few years, we have broadly diversified our gas supplies and deliberately moved away from relying on any single sources. This strategic shift is now paying off. The security of supply, our customers has never been at risk at any point. This is not something that can be taken for granted, but it is the result of a clear strategy. We focus on long-term partnership and a broad-based portfolio of Norway, Austria, international energy supplies and other European markets. And on market mechanisms that balance supply and demand. Interference with these mechanisms, for example, through price caps or margin regulations exacerbate the problem rather than solving it. High prices signals scarcity to consumers. And it's a signal the need for investment to produce us, if the signal is removed, the situation continues to worsen. This is an effect that we have been observing in Europe for years. The real challenge, however, at present does not lie in the short-term supply of gas, but rather in European storage levels. The storage levels will continue to be a concern for us in the coming months. Europe faces the challenge of filling its storage facilities sufficiently despite limited global LNG availability. This requires coordination, stable markets, and reliable regulatory frameworks. We secured additional capacity at an early stage, and our portfolio is more diverse than ever before. And we work closely with our partner companies to ensure the most reliable possible supply for our customers, both now and in the future. Despite all these challenges, we have achieved a robust consolidated results. All 3 business divisions made a positive contribution to the result. Let me now turn to some of the key financial figures of the past financial year. My fellow Board member, Reinhard Florey, will provide a more detailed report here later. Last year, the OMV Group achieved clean CCS operating result of EUR 4.6 billion. The group-wide cash flow from operating activities last year amounted to EUR 4.5 billion, excluding net working capital, and it was at EUR 5.2 billion, including net working capital. As a result of this extremely robust cash flow, the company's leverage ratio stands at 14%. This is not only a reflection of our financial strength, but also the foundation for investments and our attractive and reliable dividend policy. Based on the company's profitability, the Executive Board has decided to propose to the Supervisory Board and the Annual General Meeting, a total dividend of EUR 4.40 per share, and thereby enable our shareholders to take part in the company's success. This attractive total dividend comprises a regular dividend of EUR 3.15 per share and an additional variable dividend of EUR 1.25 per share. This means that our regular progressive dividend has more than tripled over the past 10 years. And on average of the last 4 years, based on the respective share price at the end of December, a dividend yield of approximately 11% was reached. Allow me to briefly outline a few examples of our projects. In the Energy division, Neptun Deep is progressing according to plan. It is the largest natural gas development project in the European Union.

Dear shareholder, on the left at the end of the room, please stop disrupting our proceedings, allow us to continue with our meeting. We will hear your questions if you want to request, leave to speak, but please don't disrupt the proceedings. I would like to once again ask you to stop disrupting our event by shouting out. Apparently, you are determined to go on with this, so this is my last warning, please refrain from disrupting our event. Otherwise, we will have to ask Nordelis to accompany you out of the room. You can transfer your voting rights to another shareholder. Next time you disrupt the proceedings, I will have you accompanied out of the room. Okay. That person will has his own heaven. So I'd like to ask attendance to accompany the person out of the room. And I would like to ask Mr. Stern to continue his presentation. So please cool down outside, and you can continue your discussion outside. Please continue.

Well, let's return to project Neptun Deep. In the Energy division, Neptun Deep is progressing according to plan. It is the largest natural gas development project in the European Union. The project is now more than 70% complete and OMV Petrom expects production to start next year. Gas is indispensable in the energy mix, and this is why in line with our 2030 strategy, we want to increase our gas production. In Vitol, production testing has been completed. The pipes leading to the gas station [ Alacare ] been installed and integrated into the system. Production got off to a successful start in May of this year. With Mitau, OMV is bringing Austria's largest gas discovery over the last 40 years into production. As always, OMV is delivering reliably on the strategic important project. The project strengthens our gas diversification strategy by strategically adding domestic natural gas to our portfolio. At the same time, we regard gas as a key energy source for the energy transition. Safeguards today's energy supply was facilitating the transition to clean and renewable energy system. Furthermore, we were able to carry out successful exploration activities in Norway. In the field of innovative in renewable energy, we have also made progress. Our geothermal project Deep and [indiscernible] has completed the deep drilling and trial operation will start in 2028. The same applies to a geothermal project in the [indiscernible] area. We are pleased to report that in April of 2026, seismic activities were completed on schedule. The Fuels division, the 10-megawatt electrolyzer for the production of green hydrogen at the Schwechat refinery has been successfully commissioned. The sustainable aviation fuels business has been further expanded and we have made -- we signed a memorandum of understanding with Airbus. And this connection, I would like to discuss another strategically significant step that extends far beyond the confines of our company. The start of construction of the 140-megawatt electrolyzing Bruck an der Leitha. For the first time, Abu Dhabi is investing in Austria a foreign direct investor through Masdar. This is a milestone for Abu Dhabi, for Austria's energy transition and for countries international standing. Masdar is one of the world's leading companies in the renewable energy sector. The fact that a global player of this caliber has decided to invest in Austria alongside OMV as a strong sign of confidence in our projects, our technological equities and the stability of the Austrian business environment. International partnerships are vital to the energy transition. No single country or company can manage this transformation on its own. Strong alliances are needed to bring together capital, technology and know-how. For OMV, this partnership represents a further step towards the consistent implementation of our 2030 strategy. And to expand further our role as an integrated company specializing in sustainable energy fuels and chemicals. Masdar brings global experience, technological excellence and a strong network to the table. And together, we create projects that will have an impact far beyond Austria's borders. What's more, OMV Petrom is making significant investments in sustainable aviation fuels, HVO and green hydrogen. Wind and solar projects for generating renewable electricity have also been significantly expanded. At this point...

Excuse me, if I interrupt you. It would be great if you could request leave to speak and not to disrupt our event. Please refrain from disrupting our event. Ladies and gentlemen, I have great sympathy for almost everybody here in the room feeling really affected, and they cannot listen to the presentations, but I would like to ask the gentleman to refrain from disturbing and to sit down again. This is my second admonition. Otherwise, I will have you conducted out of the room. So please refrain from disturbing our event. Okay. This is my last admonishment. My last admonition to refrain from disturbing the event. Otherwise, I will have you taken out the room. So, it's enough. I'd like to ask our attendance to remove this person from the room so that we can continue with our event. To shareholders, I would like to thank you for your patience. I do hope that we will manage to avert any further disruption and we hope that we can continue with the remainder of our AGM quietly. Alfred, please continue.

Well, at this point, I would like to turn to an event that is undoubtedly one of the most significant milestones of OMV's recent corporate history. Following many months of intensive preparation, careful coordination and strategic planning, Borouge International is now a leading global player in the polyolefin markets. A new venture that we are launching together with our long-standing partner, ADNOC, and which has its headquarters in Schwechat. In doing so, we have not only opened a new chapter of OMV, we also sent a strong signal to the entire industry. We are actively shaping the future of a global growth market. And we are doing so from a position of strength. Three companies from 3 continents bring their complementary strengths to bear within this new structure: Borealis, Borouge and NOVA Chemicals. Each of these companies is internationally recognized in its own right. Together the former platform that is unique in its kind. We combine technological excellence, a market-leading cost position, global market presence, innovative strength and decades of experience across the entire value chain. With Borouge International, together with our strong partner, ADNOC, we are sending an important signal. We are building a global company that is managed from Europe, whilst maintaining a presence in all the world's key markets. This transaction creates long-term value for our shareholders. It enables economies of scale, which are crucial in an increasingly competitive global environment. It strengthens our global market presence and gives us access to new customer segments and growth markets. And it brings together the innovative strength we need to develop sustainable circular solutions on a large scale. Success comes when strategic clarity, operational excellence and the current to embrace change come together. Borouge International is an example of this. Together with ADNOC, we didn't just set out a vision, we put it into practice. And in doing so, we have laid the foundations for positioning OMV as a leading provider of innovative chemical solutions in the long term. But please see for yourself. [Presentation]

Ladies and gentlemen, 2025 was a successful financial year in a challenging environment. We create value for you, our shareholders, through a resilient business model as an integrated Energy, Fuels and Chemicals company. Through our investments in growth and in the transformation of OMV, we create value for you. I would like to express my gratitude to our entire workforce, our customers, all our partner companies and especially to you, our shareholders. This concludes my official speech. I would now like to use this opportunity to say a few personal words to you.

Thank you, Mr. Stern. Dear Alfred, thank you very much for your presentation, and thank you very much for your patience. We have some performance artists among us today. Dear shareholders, I'd like to point out again that I will not allow any disruption of today's AGM. So those of you who don't take part in the disruption, please leave it up to the ushers to handle these disruptions. Dear shareholders who are disrupting our AGM, please stop your behavior. Please take your seats again, allow us to continue with our AGM and please respect the interest of our other shareholders in an orderly manner for proceeding with this Annual General Meeting. So I think people don't listen to me. [indiscernible] please take note of the fact that I asked them for the last time to stop their behavior. Otherwise, I'll have them escorted out of the room. So here comes the next -- I'd also like to ask the gentleman that this is disrupting our AGM in English. Please stop your behavior, otherwise, the ushers will take you out of the room. So please take him out so that we can proceed. Dear shareholders, thank you very much for your patience. It is astonishing what the energy level of people is given the high temperatures outside. So Reinhard Florey, may I ask you to give your report. The floor is yours.

Ladies and gentlemen, esteemed shareholders. I'm pleased to present to you today the OMV Group's key financial indicators for the 2025 fiscal year and the results for the first quarter of 2026. For 2025, both the consolidated financial statements of OMV Aktiengesellschaft prepared in accordance with IFRS and the individual financial statements prepared in accordance with the Austrian Commercial Code received an unqualified audit opinion from the auditors. I'd like to take this opportunity to thank the representatives of our auditor KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft is facing these challenges. Our integrated business model has a stabilizing effect and enables sustainable cash generation even in a highly volatile market environment. In addition, we have a solid balance sheet, which provides additional leeway. Despite the current uncertainties, it's crucial that we remain committed to pursuing our medium- and long-term goals. That is why we are consistently implementing our strategy 2030. At the end of March, we reached an important milestone. The successful completion of the transaction to establish Borouge International, the world's fourth largest polyolefin producer. I'd like to explain the benefits that result from this for OMV.

So the lady was asked 3 times to stop her behavior, and I'd like to ask the ushers to escort her out of the room. Let me take the opportunity to ask those who wish to disrupt the meeting, I will not allow any further disruptions. Is it a lack of respect for our other shareholders who are interesting in an orderly procedure of today's AGM. Reinhard?

Back to Borouge International. Following a capital contribution of EUR 1.5 billion, OMV now holds a 50% stake in the new company and controls it jointly with the ADNOC subsidiary, XRG. Backed by these 2 strong owners, Borouge International also benefits from investment-grade ratings from leading rating agencies. These underscore the company's solid financial foundation and capital structure as well as its ability to access a wide range of long-term financing options. The share exchange offer in which shares of Borouge plc will be converted into shares of Borouge International is time to coincide with the new company's planned capital increase. The offer is scheduled for 2027, subject, of course, to market conditions and the approval by the United Arab Emirates Capital Markets Authority. Borouge International offers significant growth opportunities with an expected EBITDA of more than $7 billion over the cycle compared to a historical pro forma EBITDA of approximately USD 4.5 billion. Growth projects will make a significant contribution to achieving this goal in the near run. In addition, we anticipate substantial synergy effects of over USD 0.5 billion per year by 2030. This will enable very attractive dividends for OMV in the medium term.

So the next group -- there is another group disrupting this AGM. Please stop your stretching exercises. Please sit down and stop disrupting the meeting and allow us to continue. So I'd like to ask the ushers to take these people out so that they continue with their activities outside.

In the light of current market conditions, OMV and XRG have agreed to strengthen Borouge International's balance sheet as a precautionary measure. This includes a temporary adjustment of Borouge International's dividend payment for the year 2026, which will amount to 50% of the originally announced dividend. The expected impact on the OMV dividend for the 2026 fiscal year is approximately EUR 0.60 to EUR 0.70 per OMV share. This amount relates exclusively to dividends from Borouge International. The OMV total dividend is also based on the cash flow from operating activities in our core business. I'll discuss the updated dividend policy in more detail later on. Let's now take a look at the economic environment. Since early March, the situation in the Middle East has led to significant price volatility in global energy markets. From April to mid-May, the price of Brent crude fluctuated significantly between approximately $99 and $144 per barrel. In contrast, European gas prices on the trading hub Europe fluctuated within a lower range of just under EUR 41 to EUR 53 per megawatt hour. In the first quarter of 2026, the Brent oil price briefly rose above $120 per barrel and averaged more than 25% higher than in the previous quarter. The average gas price on the trading hub Europe also rose significantly by 32% compared with the previous quarter. Refining margins also showed high volatility, although the average OMV refining reference margin for Europe remained roughly at the previous quarter's level despite the price spikes in March. In the Chemicals segment, our margins developed differently. European olefin margins declined noticeably due to rising naphtha prices, while polyolefin margins increased significantly due to higher contract prices. A review of 2025 compared to 2024 reveals a mixed picture with a declining Brent price, rising European gas prices, significantly higher European refining margins and opposing margin trends for olefins and polyolefins in Europe. Allow me to go into more detail on the financial indices for indicators for the past year.

So I'd like to ask the lady to stop disrupting the AGM, allow us to continue with our meeting. Please stop disrupting the AGM. And allow Mr. Florey to continue with this presentation. I once again ask you to stop with disrupting the meeting. So I'd like to ask the ushers to escort the lady out of the room.

In the fiscal year 2025...

So I'm rather astonished that people are rather disrespectful. Reinhard, please continue.

In the fiscal year 2025, OMV achieved a solid clean CCS operating profit in the amount of EUR 4.6 billion. Due to a less favorable market environment, earnings were 10% lower than in the previous year. Weaker earnings in the Energy segments were partially offset by better results in Fuels and Chemicals. The clean CCS net income attributable to shareholders in 2025 amounted to a strong EUR 1.9 billion compared to EUR 2.1 billion in 2024. We clean CCS earnings per share amounted to EUR 5.94. It's a remarkable achievement by all employees of OMV that this impressive result was achieved in a well-known challenging environment. I'd like to take this opportunity to express my sincere thanks to everyone. Despite the challenging conditions, we generated very strong cash flow from operating activities in the amount of EUR 5.2 billion in 2025, which was only 4% below the high level of the previous year.

So whatever I say today doesn't have any effect. So please escort the group that is disrupting the AGM out of the room.

Okay. I'll continue my presentation. The resilience of OMV demonstrates the effectiveness of our integrated business model, which ensures solid cash generation even in uncertain markets. Cash flow from investing activities recorded a cash outflow of EUR 2.8 billion in 2025 compared to EUR 3.2 billion in 2024. All of this is reflected in the free cash flow, which showed strong growth at just under EUR 2.5 billion and was 7% higher than in the previous year. Dear shareholders, your company has a rock-solid balance sheet. This is reflected in a debt equity ratio of just 14% at the end of 2025. Net debt was also at the low level of EUR 3.6 billion at the end of 2025, including our lease obligations under IFRS 16. Owing to this excellent starting position and the sustained high level of organic cash flow, we are able to allocate substantial financial resources to growth investments and the realignment of our business model. We will continue to strictly adhere to clearly defined selection criteria and our proven cost discipline in our investments. That brings me to our group-wide efficiency measures. In early 2024, we launched a comprehensive efficiency program to offset market challenges. By 2027, we aim to generate at least EUR 0.5 billion in additional cash flow compared to the base year 2023. Part of this program are cost-cutting measures amounting to approximately EUR 400 billion. We are making good progress here. By the end of 2025, we already realized more than EUR 350 million in additional cash flow, which already represents 70% of our 2027 target. I'd now like to provide you with some information regarding our investments. In 2025, we were able to limit our organic investments to approximately EUR 3.7 billion, respecting our strict cost discipline. Nearly 1/4 of our organic investments in 2025 went towards sustainable activities. In the coming years, we aim to further increase this share as part of our responsible transformation. For 2026, we budgeted a total of EUR 3.4 billion in organic investments, which is significantly less than in previous years. This reflects the deconsolidation of the Borealis business starting in the second quarter as well as our ongoing capital discipline. Around 70% of this amount allocated to growth projects, particularly in Neptun Deep, which is scheduled to come online next year as well as the SAF HVO plant in Romania and the green hydrogen facilities in Austria and Romania. In the coming years, up until 2030, average organic investments will amount to approximately EUR 2.8 billion per year. We are thus pursuing a balanced strategy. As part of our transformation, we are making targeted investments in new business areas while continuously optimizing our core business. Let me now give you a brief overview of the progress we've made with our decarbonization strategy. By the end of 2025, we have reduced our Scope 1 and Scope 2 emissions by 26% and our Scope 3 emissions by 19% compared to the base year of 2019. This means that we are well on track to achieve the ambitious goals defined in our Strategy 2030. Let's now continue with a brief overview of the business performance in the first quarter of 2026. Despite the current challenging operating environment, which is also difficult for OMV, we generated a solid, albeit slightly weaker net Clean CCS operating profit of approximately EUR 1 billion compared to the same quarter of last year. Particularly noteworthy is the strong cash flow from operating activities before net working capital items of EUR 1.6 billion. This is an increase of 20%. Higher prices and increased inventory levels resulted in a significant buildup in net working capital of approximately EUR 850 million. As a result, the cash flow from operating activities for the first quarter amounted to around EUR 800 million. At the end of the first quarter of 2026, our balance sheet remained extremely solid. Net debt stood at EUR 4.5 billion and the debt-equity ratio was as low as 17%. Let us now turn to the development of the share price. The OMV share price rose by 27.3% in 2025. Assuming dividends were reinvested, the total annual return for OMV shareholders was a strong 41.4%. As a result, the OMV share significantly outperformed the European oil and gas sector, the European chemical sector and the average of our peers. The share lagged only slightly behind the strong performance of the Austrian ATX. Since the beginning of the year, the OMV share has recorded an impressive price increase of over 30%, significantly outperforming the ATX. In addition, on the 18th of March 2026, the OMV share reached a new all-time high of EUR 63.95. This corresponds to a market capitalization of nearly EUR 21 billion. Ladies and gentlemen, as part of our dividend policy, I'm pleased to present to you the proposal to increase the regular dividend and to distribute an additional dividend. In doing so, we wish to allow you, our valued shareholders, to participate directly in OMV's financial success. In line with our progressive dividend policy, we propose to pay out the highest regular dividend in the company's history, amounting to EUR 3.15 per share. This corresponds to an increase of 10% compared to the previous year. Since 2015, we have more than tripled the regular dividend. In addition, we propose to approve the payment of an additional dividend of EUR 1.25 per share. This is also in line with our dividend policy and marks the fourth consecutive year in which we are distributing an additional dividend. We are, therefore, proposing a total dividend payout of EUR 4.4 per share for the 2025 fiscal year. This corresponds to 28% of the cash flow from operating activities. This once again places at the upper end of our target range of 20% to 30%. Based on the closing price at the end of 2025, this results in an excellent dividend yield of over 9%. Thus, VNV share continues to offer the highest dividend yield in the ATX. I'd now like to present to you our updated dividend policy in the context of Borouge International transaction. With this adjustment, you, our valued shareholders, will directly benefit in the medium term from the expected significant dividends from Borouge International. Starting in 2027, we will distribute half of the Borouge International dividends attributable to OMV as well as 20% to 30% of the cash flow from operating activities of the core business. It's particularly important that we are planning to maintain the progressive regular dividend and continue to plan to distribute an additional variable dividend provided that the debt ratio remains below 30%. With regard to the company's treasury shares, I can report that the company has purchased 1 million shares since the last AGM. A total of 143,520 shares were transferred as part of our transfer program so that as of today, the company holds 1,128,50 treasury shares, which corresponds to 0.345% of the company's total share capital. For detailed information on purchases and transfers, please refer to the written report, which has been made available on the OMV website. In conclusion, dear shareholders, I'd like to thank Mr. Stern on behalf of the executive team and my fellows on the executive team for our significantly good cooperation. Dear shareholders, this concludes my remarks. I'd like to thank you for your attention and also your trust in OMV.

Dear Mr. Stern and Mr. Florey, thank you very much for your reports, and I would like to thank the entire Executive Board for their constructive corporation. I would like to thank the shareholders for their patience with the unscheduled contributions that have disrupted our proceedings. I hereby direct that report on the company's own shares mentioned by Mr. Florey, be attached as an appendix to the notarial minutes of the Annual General Meeting. Dear shareholders. As you're all aware, Alfred Stern will be stepping down as Chairman of the Executive Board at the end of August. As he just announced, he would like to take this opportunity to address a few personal words to you. And I'm very happy to comply with the CEO's request, Alfred, I'd like to ask you to take the floor once again.

Thank you. Now I would like to address a few personal words to you as a person, as somebody who has managed this company with deep conviction and for commitment. I am European. And that Europe is our biggest asset has been and still continues to be my profound conviction culture that is based on millennial an educational level that you will envis us for infrastructure, innovative strength and the social cohesion rule of law and freedom of opinion as a lived reality. And we need to protect and further develop this potential. But it is this very potential that has come under pressure. Now that Europe had been used to peace and stability for more than 80 years, we expanded our social welfare state and quietly, but palpably, we lost our culture of performance. Europe, Austria and our standard of living can only be defended if we remember our strengths. We, here in Europe need to be more competitive, more innovative and more ready to take risks. The current public debate only serves to divert us from the fact that we need to change. The cake is not going to get any bigger by taking other piece of cake away. We have to find ways of baking new and bigger cakes. The earlier we start with this, the better. Europe and Austria needs to go through a process of transformation. Tomorrow will be different than yesterday. nostalgia is not a strategy. To contribute to this transformation has been my strongest motivating factor. Here at OMV, we turned words into deeds, the diversification of the supply of gas, moving away from single sources and dependencies. Neptun Deep of OMV Petrom is the biggest gas project of the EU 27, a leading global chemicals company founded in the heart of Europe, security of supply, diversification and innovation. That creates strategic strength. The energy world of the future will look different, fundamentally so. And this is what we're working for to achieve here, reinventing everyday essentials. Behind those financial KPIs, there are always pioneering decisions. I'd like to specify 3 of these decisions, because they are particularly important to me. Borouge International together with ADNOC, we have created a leading global player. The way there hasn't always been easy. A lot of people had doubts, a lot of people warned and acknowledged, but we decided to boldly move ahead to the future. That is what Europe needs. Profound strategic alliances with strong international partners. Together, we can create leading global players. This project will characterize Europe in a sustainable way. And I'm always going to remember this well. Our contribution to the security of supply with gas. Neptun Deep of OMV Petrom, the biggest gas development project of OMV's history, 100 billion cubic meters of reserves, start of production next year. And since the end of 2024, for the first time in more than 60 years, we are no longer dependent on Russian gas. I guess nobody thought that we could pull this off. We boldly decided to move ahead into the future and did everything to get it right. And finally, transformation, visible and real transformation. 1,700 fast charging stations in our retail stations. All sustainable aviation mandates for our customers were fulfilled. 160,000 tonnes of bio oil were produced in the Schwechat refinery. Chemical recycling, the biggest electrolyzer in Austria is in operation and the 5th largest one of Europe is currently being built. Geothermal energy for up to 200,000 [indiscernible] households is currently under development, 2.5 gigawatt of renewables projects in Romania for green electricity. This is not a transformation on paper. These are decisions that are already having an impact today. And this prepares and positions OMV for the decades to come. Strategies can be documented. Projects can be planned. Share prices speak for themselves, but the actual pioneering transformation of OMV is much deeper than that. We deal differently with people at OMV with respect, appreciation and integrity. We place trust in our highly trained employees. We have agility and excellent crisis management. So we took OMV all the way to the global stage. public theater or industrial implementation, we decided in favor of industrial implementation. Our brand image forward for good, our purpose, reinventing everyday essentials. This is not the result of an image campaign, but the expression of a substantial reorientation. This shows that companies can change successfully if they really want to.

Could we please ask the ushers to remove these disrupt developments from the room so that Mr. Stern can conclude his speech. And here's the next. Okay. So please do also show her outside to the fresh air. [Audio Gap]

Nobody takes money out of our pockets. Profitable management is the basis for everything for investments for attractive jobs for transformation and for satisfied shareholders. The gravity of the economy cannot be taken out of operation by populists. This has always been my conviction, and this is what we've always stood up for here at OMV. And the success proves us right. No stone is left unturned. We reinvent ourselves. The Energy industry of the future will be completely different from the one of today, and that's good. increase of prosperity in the last 100 years correlate in a linear fashion with the availability of ever larger amounts of cheap and clean energy. New technologies are going to accelerate this progress if we allow this to happen and if we actively shape the process. And this is exactly what we're doing here at OMV. That's what we achieved at counts. Here at OMV, we have learned to play power games -- to stop power games and to lay aside any internal squabbling and to focus our energy on what's essential and what counts. Results are not going to improve by trying to bad mouth other people or to talk bad other people. OMV is better if its executives stand behind each other and not operate against each other. And that's what I'm proud of. And in the end, I would like to also thank some of our colleagues who accompanied us, especially in the Supervisory Board. Mark Garrett, the former Head of the Supervisory Board -- in the initial phase as the CEO of OMV, he accompanied me as a valuable sparring partner. Lutz Feldmann, today's Chairman of the Supervisory Board, I would like to thank him for his professional cooperation based on trust and mutual respect. Edith Hlawati as a Deputy Chairperson of the Supervisory Board. With her experience, she contributed significantly to improving the quality of the Supervisory Board work and has shown to me that corporate governance does not mean bureaucracy, but it is a guarantee for entrepreneurial success. And Khaled Salmeen, also a Deputy Chairperson of the Supervisory Board, who has always shown a lot of engagement and competence to optimize OMV economically. And my special thanks also go to Dr. Sultan Al Jaber, the Group CEO of ADNOC. Without him, Borouge International would not have been possible. And I'd like to thank my predecessor. No success comes out of nowhere. Without the work of the predecessors whose shoulders and standing on, OMV wouldn't be where it is today. Richard Schenz turned [indiscernible] into OMV. And he brought an important investor from Abu Dhabi to Austria. Wolfgang Berndt, he had the courage to acquire the majority stake in Petrom and thus laid the foundation for Neptun Deep. Gerard Reis was the driver behind Borealis. Without him, there would be no Borouge International. And Reinhard, he increased our Borealis share and thus made a contribution to our equal partnership with ADNOC. I pull my hat to them out of profound conviction. And of course, I would like to thank all employees, the entire Supervisory Board and in particular, also the Executive Board team. I would like to thank all the employees of OMV, the Supervisory Board members and my Executive Board colleagues for everything that we achieved together for a future-oriented OMV. We always try to find the best possible solutions for our OMV, for our company. This is the foundation of good leadership. And of course, I would like to thank you, our dear shareholders, for their trust and your valuable insights that you shared with us on our journey towards transformation. OMV today is a stronger, more courageous and a more sustainable company than ever before. The foundation has been laid -- the projects are on the way. The team is ready. I will hand over in this relay race to Emma Delaney, my successor. I'd like to wish her all the best with her long years of experience and expertise, she will be the 11th CEO and will open a new chapter at OMV. I'd like to wish her the entire Executive Board team and the OMV team a lot of success, a lot of joy in their work and the wisdom and the strength to boldly decide for the future. The best thing is yet to come for OMV. I'm convinced of that forward for good. And finally, as a private individual Alfred Stern I would like to thank my family from the bottom of my heart. Their unconditional and unwavering support has always been a rock. Thank you.

Dear Alfred, dear CEO, thank you very much for your personal as well as very clear words. It is my pleasure to express on behalf of the OMV Supervisory Board, our sincere thanks and deep appreciation for your achievements as the 10 CEO. The collaboration with you -- my collaboration with you and also the entire Supervisory Board has always been appreciated. It was characterized by trust, openness, reliability and a constructive collaborative dialogue. -- our visions, your foresight, your consistent ability to execute and the necessary perseverance have significantly shaped the development of our company during crucial years. OMV will miss you greatly, both personally and professionally. I too will miss our collaboration, which was always based on trust for which I'd like to express my special thanks. We look forward to the time we have left together until you hand over your duties to Emma Delaney in September. We wish you all the best for your future endeavors and much success in your upcoming responsibilities. On behalf of the entire Supervisory Board, I'd like to thank the members of the Executive Board as well as all OMV employees for their dedication and their highly successful work in the 2025 fiscal year. I ask you, dear Alfred and all other members of the Executive Board to convey this gratitude to the employees. I'd like to extend my special thanks to you, dear shareholders, for your trust that you continuously put in our company. As announced, we are now concluding the live webcast of the Annual General Meeting. I'd like to thank our online viewers for their interest, and I hereby bid you farewell.