Straumann Holding AG

Good morning or afternoon, and thanks a lot to all for joining us for this presentation of Stroman Group's first quarter 2025 results. Please take note of the disclaimer in our media release and on slide two. Through this conference, we will reference the presentation slides that were published on our website earlier this morning. As always, the presentation and discussion will contain forward-looking statements. The conference will follow the usual format. As shown on the agenda on slide three, I will first give you an overview of our strong first quarter performance, and then Yang, our CFO, will share details about the financials. After that, I'll provide you with an update on strategic initiatives and our outlook. As always, we will answer your questions at the end of the presentation. And then let's move directly to slide five. I'm very pleased about our strong start to the year, despite the macroeconomic uncertainties that we are all facing. Thanks to the team's relentless customer focus and commitment to innovation, digitalization, and education, we achieved 681 million Swiss francs in revenue, driven by a dynamic demand in all our business segments. This resulted in a strong organic revenue growth of 11%, reflecting resilient performance across a landscape of ongoing varied regional market dynamics. Looking back at the first quarter, I see three major highlights. First and foremost, our continued strong performance in the EMEA and APAC regions. Our presence at the IDS dental fair, which drove massive interest from visitors at our booth, thanks to the launch of many new customer-focused solutions, from innovative products to seamless digital workflow integrations. And thirdly, our new collaboration with the 3D printing pioneer company SprintRay, which combined with Stroman Access cloud-based platform, marks a significant step forward in single-visit chair-side restorative dentistry. All these highlights reflect the strength of our business, both in terms of our diversified portfolio and our global market presence. They continue reinforcing the solid foundation we are building to keep delivering sustainable long-term growth. Also, in challenging times like this, our high-performance player learner culture is critical, is navigating fast-changing market dynamics. It enables us to stay agile, adapt quickly, and continue to size new opportunities as they arise. This leads me to our confirmed outlook for 2025. Despite an increased uncertainty within our microeconomic environment, we are confident about our continually strong performance and aim to achieve organic revenue growth in the high single-digit percentage range with 30 to 60 basis point improvements of the core EBIT margin at constant 2024 currency rates. With this, let's have a look at the regional development on slide six. While we had a strong start into the year despite ongoing macroeconomic uncertainties, we continue to observe significant variation across regional market dynamics, which are reflected in differences in patient flow and consequently in regional performance. I have already highlighted the excellent performance of our largest region, EMEA. Given the high baseline, continuing to deliver strong growth quarter after quarter is a remarkable achievement. Our performance can be attributed to four key factors, one structural and three specific to the Stroman Group. On the structural side, since the pandemic, people are spending more on their health and well-being. In addition, in the EMEA region in particular, the price gap between a three-unit bridge and an implant treatment has narrowed over the past years. This, combined with improved reimbursement from private insurers over the past years and a growing number of trained dentists offering implant treatments, is supporting continued higher market penetration. Secondly, our multi-price, multi-brand strategy has been instrumental in serving a broad customer base and gaining market share. Thirdly, we have made significant investments in direct go-to-market capabilities in Eastern European and Middle Eastern countries, such as Romania, Poland, and Turkey as an example, rather than focusing solely on more major markets of Western Europe. And lastly, our adjacent businesses, such as scanners and clear liners, are also contributing to boost the overall regional performance. In the first quarter, we saw broad-based momentum across all business segments in EME. In implantology, our challenger brands delivered strong double-digit revenue growth. while the Stroman Premium brand continued to gain share, supported by early successes following the IXL launch in selected markets last year. Orthodontics also made a meaningful double-digit growth, further strengthening the region's performance. Finally, with the EMEA launch of new solutions such as our Stroman Access Platform, the IXL implant system and unique prosthetic service in the first quarter, we continue to create the conditions to further expand our market position. The second highlight is the performance of the Asia-Pacific region, which achieved a historical high against a strong comparison base. Asia-Pacific, outside of China, performed very well, with strong double-digit growth in emerging markets like Thailand, India, and Malaysia, while developed markets, such as Australia and Japan, sustain their growth momentum. The implantology business remained the primary growth driver, with both premium and challenger brands playing an instrumental role. Furthermore, digital solutions made a meaningful contribution to the overall regional performance, supported by the launch of our entry-level Sirius internal scanner across the region. Once more, the growth in China stood out, driven by the long-lasting structural impact of the volume-based procurement initiatives that boosted awareness and made implants treatment more affordable. When it comes to North America, the challenging macroeconomic environment had an impact on consumer sentiment, leading to soft demand during the first quarter. Despite these very volatile market conditions, both our premium and challenger segments delivered positive growth, with Stroman benefiting from the growing traction of the newly launched IXL implant system. On the other side, the orthodontics business remained soft. Finally, the digital business contributed positively to growth, driven by the successfully launched unique prosthetic service and intraoral scanners. Looking at Latin America, we are very pleased with the consistent, strong double-digit growth. The implant business, led by our challenger brand Neodense, remained the main growth driver in its home region, with key markets like Brazil and Mexico delivering strong revenue performance. It is also worth highlighting the accelerated growth in the premium segment, thanks to specifically targeted initiatives. In addition, ClearCorrect delivered an impressive performance, with Brazil and Mexico also being the main contributors. The digital business played a key role as well, particularly with strong demand for Serious Central Scanners, further supporting the region's robust growth. And with this, I hand over to Yang to provide additional details on the financials.

Thank you, Guillaume, and hello, everyone. I would like to remind you once again that we restated our financials according to IFRS requirements following ourselves of Dr. Smyth's business in September 2024. So the financials I will walk you through now refer to continuous operations for both 2025 and prior year first quarter numbers. On slide 8, our revenue in the first three months of this fiscal year reached 681 million Swiss francs. which corresponds to an organic growth of 11%. For the first time in several years, the foreign currency impact was rather muted. However, as you have likely noticed, the Swiss franc has recently been strengthening again, and we could face foreign exchange headwinds in the coming quarters. For this quarter, there was also no M&A impact.

Thanks to broad-based share gains,