Qiagen N.V.

Ladies and gentlemen, thank you for standing by. I am Katie, your call operator. Welcome and thank you for joining Kiogen's fourth quarter 2025 earnings conference call webcast. At this time, all participants are in a listening mode. Please be advised this call is being recorded at Kiogen's request and will be made available on their internet site. The prepared remarks will be followed by a question and answer session. If you would like to ask a question, you may press star followed by one on your touchtone telephone. Please press star star followed by zero for operator assistance. At this time, I'd like to introduce your host, Daniel Vendorf, Vice President of Head of Relations at QIAGEN. Please go ahead.

Thank you, operator, and welcome to our call for the fourth quarter of 2025. We appreciate your time and interest in QIAGEN. Joining on the call today are Cherry Bernard, our Chief Executive Officer, and Roland Zuckers, our Chief Financial Officer. Also joining us is Dr. Dominika Maturana from our Investor Relations team. As always, today's call is being webcast live and will be archived in the IR section of our website at www.kyogen.com, where you can find the press release and presentation accompanying this call. Please also note that this call will include forward-looking statements. Actual results may differ materially from those projected due to a number of factors outlined in our most recent Form 20F and other filings with the U.S. Securities and Exchange Commission. We will also refer to certain financial measures not prepared in accordance with U.S. generally accepted accounting principles or GAAP that provide additional insights into our performance. Reconciliations to the most directly comparable GAAP figures are in the release and presentation. All references to earnings per share refer to adjusted diluted EPS. With that, let me hand the call over to Thierry.

Thanks a lot, Daniel. Hello and good morning, good afternoon or good evening, depending on where you are in the world. And thank you once again for joining us. I am very pleased today to confirm that Kayagen continued to perform and delivered a solid finish to 25 with results in the fourth quarter, again above outlook. We exceeded our targets for both sales and adjusted earnings, once again placing QIAGEN among the fastest growing companies in our industry. This reflects continued execution across the business and the trust our customers place in us, even in a challenging environment. I also want to recognize the dedication of our teams around the world. Their work has been essential in delivering those results. So let me walk you through our key messages for today. First, we exceeded our outlook for the fourth quarter, and we also delivered solid full year 2025 results, at the high hand of our expectation with adjusted earnings again above our guidance. Net sales were $540 million in the fourth quarter, growing 1% at CER and exceeding our outlook for flat sales development against the fourth quarter of 24. Adjusted diluted EPS was $0.62 at constant exchange rate, exceeding our outlook of about $0.60 constant exchange rate again. For the full year of 2025, net sales were $2.09 billion, up 5% at CER, and at the upper end of our outlook of about 4-5% growth. Adjusted diluted EPS increased to $2.40 at CER. This was above our outlook, which we increased twice during the year and reflects our ability to deliver in a challenging environment. Second key message, we reached important milestones across our portfolio. We want to highlight here that across our growth pillar, Sample Technologies, Quantiferon, KayaStat, KayaQuity, and KayaGen Digital Insight, they all achieved combined sales of $1.49 billion at CER in 25, delivering 8% growth at CER again. The current trajectory keeps us on track for at least $2 billion in combined sales from our growth pillars by 2028. This reflects continued demand across our portfolio and the increasing relevance from areas where we have decided to invest for the long-term growth. Sample technologies continue to grow with sales up 5% at CER in the fourth quarter and 2% CER again for the full year. This is an indication of the demand for automated consumables as laboratories continue to push to automated sample prep. In addition, during the year, we completed the acquisition of Parse Biosciences, extending sample technologies into single-cell analysis and adding exposure to this very rapidly scaling field. Quantiferon delivered continued growth with sales up 5% at CER in the fourth quarter and 10% CER again for the full year, supported by ongoing conversion and a large and still under-penetrated latent TB testing market. We are executing here on a clear strategy to drive further conversion. Kayakuity, our digital PCR solution, delivered double digit growth in consumables and an installed base that exceeded 3,200 instruments globally since we launched it. as digital PCR continues to gain relevance in applications requiring high precision and reproducibility. KayaStat grew 15% at CER in the fourth quarter and 24% CEREN for the full year 2025. Growth was supported by menu expansion and the growing installed base that exceeded 5,200 instruments. Last, our bioinformatic business, QIAgen Digital Insights, delivered continued growth in 2025, supported by demand across both discovery, research and academia, and clinical customers, and the integration of Genox, which further strengthened our clinical interpretation offering. Third message for today. we made further progress on profitability and cash flow while continuing to execute on disciplined capital allocation. For 2025, our adjusted operating income margin increased 80 basis points to 29.5%, reflecting continued efficiency gains across the business. Those improvements more than offset headwinds from tariffs or adverse currency movements and the previously disclosed dilutive impact from recent acquisitions. We also generated solid free cash flow of $453 million in 2025. This supported investment into the business, including the rollout of our upgraded ERP programs. At the same time, we continue to return capital to shareholders. Since 2024, Kayagen has returned more than $1.1 billion to shareholders to date and introduced an annual dividend payment while pursuing selective bolt-on acquisition to support our future growth. So, as we are heading into 2026, we clearly remain focused on execution, disciplined cost management, and continued investment into our growth pillars. Before handing over to Roland, I would also like to briefly acknowledge a change in our supervisory board. We are very pleased to welcome Mark Stevenson, who joined our supervisory board in January. Mark brings deep operational and global life sciences experience and we really look forward to working with him. At the same time, I would like to sincerely thank Ross Levin for his many years of contribution to QIAGEN. Ross stepped down from the supervisory board after taking on a new leadership role at Memorial Sloan Catering in New York, but we are grateful that he will continue to serve QIAGEN as chair of our scientific advisory board. With that, I'll hand it over to Roland for more details on the financials.