Nordex Se

Ladies and gentlemen, welcome to the Nordex SA Q2 2025 results conference call. I am Matilde, the chorus call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Anja Wieler, Head of Investor Relations. Please go ahead.

Thanks, Mathilde, and also a very warm welcome from the Nordics team in Hamburg. Thank you for joining the Q2 2025 Nordics conference call. As always, we ask you to take notice of our safe harbor statements. With me are our CEO, Jose Luis Blanco, and our CFO, Ilja Hartmann, who will lead you through the presentation. Afterwards, we will open the floor for your questions. And now I would like to hand over to our CEO, Jose Luis. Please go ahead.

Thank you very much for the introduction, Anja. On behalf of the entire board, I would like to welcome you to our second quarter resource of 2025. Starting with the recap of the three months from April to June 25. As the title of this slide suggests, we are staying the course. And that course is one of a steady but consistent progress. Overall, the second quarter progress as planned, delivering improved margins and another positive free cash flow. In detail, the second quarter, we have seen a strong momentum in our market, resulting in a combined order book of more than 14 billion euros. We recorded a turbine order intake of 2.3 gigawatts in the second quarter, up 82%, which translates to an 83% year-on-year increase in euro value. Profitability continued to improve. Our EBITDA rose by 64% year over year, and our EBITDA margin increased by around 220 basis points. This translates into a 5.8% EBITDA margin and a positive net income of 31 million euros. Looking at the service business, with an EBITDA margin of 17.7% in the second quarter, We are on a steady path towards our previous normalized levels. Important to highlight, we continue to generate positive free cash flow since several quarters now. In the last quarter, we achieved free cash flow of 145 million euros given by the operating business. For the remainder of the year, we remain confident to repeat our performance of the first half of the year, despite any provision-related outflows. And finally, we are seeing good momentum across our core markets and remain on track to deliver guidance for this year and also target of 8% in the medium term. Let's now turn to the next slide. where I'll walk you through the current market conditions in more detail. We continue to see solid demand across our core regions, particularly in Europe, where Nordest remains the market leader. The onshore installation forecast in our target market continues to show a steady growth trend, around 3% through 2028, with Europe consistently contributing a significant share. Our past order intake reflects this momentum. In the first half of 25, we secured 4.5 gigawatts of new orders, with 95% of that coming from Europe. This underscores the strength of our position in key markets like Germany, Turkey, the Nordics, and the Baltic states, among others. In North America, we maintain a strong presence in Canada, while our view on the U.S. remain unchanged. We believe that it continues to be a key market for wind energy in the long run. However, the outlook is uncertain in the short term. We are closely monitoring the impact of the executive orders on the safe harbor provision and order pipeline. On top of Europe and the U.S. market, we continue to be actively engaged in Canada, Australia, and Latin America with varying degrees of success. On the supply side, we continue to see a stable environment in both supply chain and costing, aside from fewer sections. For all, we anticipate slightly stronger performance in the second half of the year. All in all, the fundamentals of our market remain solid, and Nordex is well positioned to capture the opportunities ahead. Moving to the next slide, the second quarter of 2024, we saw another strong order intake momentum. NORDES delivered 2.3 gigawatts in Q2, making 82% growth and 83% increase in order intake compared to the same period of the previous year. This translates to 2.2 billion euros in value from orders across nine countries. Strongest individual markets were Germany, Turkey, and Latvia. Pricing remained stable and has been stable now for quite some quarters. As always, important to mention here, the changes in ASP are the scope and regional mix effects. Moving to the next slide, order book, driven by a strong order intake in both segments. Our total order book grew to 14.3 billion. The turbine order book increased by 28% to 8.9 billion euros in the second quarter of 2025, up from 6.9 billion euros in the second quarter of 24. Most of these orders will be installed in Europe, followed by North America, rest of the world, and Latin America. On the service side, our order book increased by 32% year-on-year, reaching 5.5 billion euros by the end of the second quarter 2025. This growth in service order book reflects the expansion of our turbine business over the past years across multiple regions. now contributing to the service order book. Moving ahead, service margin in Q4 2025. I'm pleased to report that our service business continues its upward trajectory and is steadily progressing towards our target profitability level. Service revenues grew by 17% year over year, reaching 207 million euros in the second quarter of 2025. And the share of service sales now accounts for approximately 11% of total group sales. As we have outlined previously, EBIT margins are on a clear upward path. In Q2, our service EBIT margin reached 17.7%. continuing the steady improvement we've seen over the past quarters. And let me highlight a few key operational KPIs for the services activity. Average availability of the fleet and the service remain high at around 97%, and the average tenure of our service contract continues to be around 13 years, providing long-term visibility and recurring revenue. As mentioned in Q1, the margin recovery is not linear, but the trend is clearly visible, and we remain confident in our ability to return to our historical margin levels of 18 to 19% within the next 12 months. Let's move to the next slide, installation and production figures. Installations were up 5% year on year, reaching just around two gigabytes in second quarter of 2025. In the current quarter, we installed a total of 337 turbines with the majority of installations occurring in Europe, followed by Latin America and North America. On the production side, we assemble around 1.6 gigawatts of mass cells corresponding to 281 turbines. The decrease in production is only due to project scheduling and generally in line with our internal plan. Blade production in units increased by 8% with one-third in-house production. And with this, I would like to hand over to Iria to go through the finances.