Nordex Se

Thank you, Serge. And also, a very warm welcome from the Nordics team here in Hamburg. Thank you for joining the Q3 2024 Nordics Conference Call. As always, we ask you to take notice of our safe harbor statements. With me are our CEO, Jose Luis Blanco, our CFO, Ilja Hartmann, our CSO, Patti Landa. All three of them will lead you through the presentation. As usual, Afterwards, we will then open the floor for your questions. And now I would like to hand over to our CEO, Jose Luis. Please go ahead.

Thank you. Thank you very much, Ania, for the introduction. I would like as well on behalf of my colleagues to welcome you to the call and appreciate your participation. I would like to start with, as always, our executive summary for the first three quarters of 2024. In the first three quarters of this year, we secured an order intake of 5.1 gigawatts compared to 4.9 gigawatts last year. Pricing, again, continued to be stable with average selling price of around 0.9 million per megawatt compared to 0.85 last year. We continue to expect a strong order intake momentum in Q4 and also in 2025, driven by a positive market trend in Germany and rest of Europe. We also see decent momentum in Canada and U.S. and other non-European markets. Our installations grew quarter-on-quarter as expected and amounted to around 5 gigawatts year-to-date. This is slightly lower than in the previous year as installation levels have normalized after some catch-up effects in the last year. Total installations in 2024 are likely to be in the range or a bit lower than in 2023. Regarding our financial performance, in the first three quarters, we developed according to plan. We saw another improvement in gross margins, growing to 21.6% in the third quarter, compared to 18.3% in the same period one year ago. Our nine-month EBITDA margin reached 3.7%, which is substantial improvement over the last year. And our absolute EBITDA has reached 190 million euros with a gradual increase each quarter as we had anticipated and communicated. On the liquidity side, we ended the quarter with 160 million of free cash flow. This means we are now break-even on free cash flow basis year to date, and very likely to end the year with a material positive free cash flow on the back of a healthy expected Q4 execution and order intake. As a result of this, we closed the quarter with a healthy level of 962 million of liquidity. In terms of other updates, we have received the QF certificate for our N175-6X turbine and installed the first prototype in Germany. It's a very important milestone in ramping up the pipeline for this turbine. In terms of our guidance and outlook, We now expect to end the year closer to the top end of the EBITDA margin range despite the higher share of legacy orders in Q4. And we remain on track to achieve our midterm 8% EBITDA margin target, as always, subject to stable market environment and stable pricing like we see today in the industry. Finally, given the election results in the U.S. yesterday, I would like to make a couple of observations. First, we remain confident on the U.S. onshore wind market in the medium term due to its growing energy demand. And second, we also keep in mind that U.S. has little impact on our financial performance either this year or next year. as we are just in the process of reentering the market. And now, I would like to hand over to Pache for markets and order intake.

Thank you, José Luis. In the first nine months of 2024, order intake grew by 4% to 5.1 gigawatts. Thereof, 1.7 gigawatts was booked in Q3. Between January and September 24, customers ordered a total of 905 wind turbines for projects in 23 countries. The strongest individual markets were Germany, South Africa, Canada, as well as Lithuania and Latvia. Pricing continued to remain stable. It stands at 0.90 million euro per megawatt year-to-date, which is similar to last year. For the coming quarter, we continue to expect a stronger pay intake with stable pricing And without guiding, we expect total organ intake for the full year to be at least on similar level or higher than last year. Moving on to the next slide. Our total organ intake remains strong with 11.5 billion euro at September end. Thereof, total organ intake increased to 6.9 billion euro during the first nine months of 24 compared to 6.7 billion euro same time last year. Out of this order book, the majority of orders will be installed in Europe, followed by Americas and the rest of the world. On the service side, the order book increased by 29% year-on-year and stood at 4.6 billion euros at September end. This is mainly a reflection of growth in our turbine business in the last two years that now starts flowing into the service order book and also resulting from portfolio effects and higher pricing. Moving on to the next slide. Service revenues grew by 13% to 543 million euro in the first nine months. And as we communicated before, civic margins have started to improve and are on path to return to our normal margin levels of around 18 to 19 cents in the next 12 to 18 months period. We expect our revenues to keep increasing at a healthy pace, driven by increasing service order book with longer tenures and increased installation activities. The average availability of retreats was stable at 97%, and the average tenure of service contracts increased to around 12 years. And now I'd like to hand over to Igor for the financials.