Nordex Se

Ladies and gentlemen, welcome to the Nordex SE Q3 2025 results conference call. I'm Moritz, the chorus call operator. I would like to remind you that all participants will be in the listen-only mode and the conference is being recorded. The presentation will be followed by a question and answer 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 Sieler. Please go ahead.

Thank you, Moritz, and a very warm welcome from the Nordics team in Hamburg. Thank you for joining us for the Q3 2025 management call. As always, we ask you to take notice of our self-harvest 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 Jose Luis.

Thank you very much for the introduction, Anja. On behalf of Norwex Management Board, a very warm welcome to the presentation of our third quarter results for 2025, a quarter that marks a significant milestone in Norwex's journey. Let's start with a short recap of our guidance upgrade, which we communicated last week. Over the past three years, we have made consistent progress in strengthening the business and our profitability. Growing order intake is slowly starting to translate into sales. and we have step-by-step improved our margins and free cash flow generation. With an EBITDA margin of 8% in Q3 and six and a half year today, we have continued that positive trend. This performance along with our updated outlook for the remaining of the year has led us to raise our profitability guidance for 2025. If we move to the next slide, let's now start highlighting the key achievements of the third quarter in detail. First, our order book continues to show a strong momentum. Turbine orders in Euro grew by 36% year on year, while service orders rose by 20%, bringing our total order book to an impressive 15 billion. Second, we have made significant progress in profitability. EBITDA reached 136 million, a 90% increase compared to last year, with an EBITDA margin of 8%. Our service segment also continues to strengthen, achieving an EBITDA margin of 18.6%. Third, on cash generation, we are happy to report another quarter of robust performance. free cash flow rose to 149 million and net income increased to 52 million, up from just 4 million in Q3 last year. Our net cash position now exceeds 1 billion, underscoring our financial resilience. Finally, this strong execution across both projects and service enables us to raise our full year margin guidance to seven and a half to eight and a half, bringing our mid-term target of 8% EBITDA margin well within reach. These results clearly demonstrate that Nordisk is delivering on its commitments, enhancing profitability, generating strong cash flows, and building a solid foundation for sustainable growth. Let's now turn to next slide where I will go through the current market conditions in more detail. The third quarter of 2025, we saw another strong order intake moment. NORDES delivered 2.2 gigawatts in Q3, marking a 26% increase in megawatt terms and 27% growth in order intake value year over year. This translates to 2 billion euro in value from orders across 16 countries with most projects coming from Europe, primarily Germany, North America as well, particularly Canada. Pricing remains stable and has been stable now for quite some quarters. Let's move to the next slide, the order book. Driven by strong performance across four segments, our total order book reached 15 billion by the end of the third quarter of 2025. Turbine order book grew by 36% year-on-year and stands at 9.3 billion end of September. Most of these orders will be installed in Europe, followed by North America, here mainly Canada, Latin America, and other international markets. On the service side, our order book increased by 20% year-on-year. This growth is a direct result of the expansion of our turbine two years ago, which now translates into recurring service revenues. Let us move to the service business. Looking at the third quarter of 2025, I'm pleased to report that our service business has continued to improve faster than expected and surpassed the 80% net margin line already in Q3. Service revenue continued to grow at a high level year over year, reaching 219 million in Q3 2025. The share of service sales now accounts for approximately 13% of the total group sales. As we have outlined previously, EBIT margins are on a clear upward path. In Q3, our service EBIT margin reached 18.6%, continuing the steady improvement we've seen over the past quarters. Let me also highlight a few key operational KPIs. Average availability of our wind turbines under service remain high at around 97%, and the average tenor of our service contract continue to be around 13 years. Let's move to the next slide, our installations and production figures. Installations were up by 28% year-over-year, reaching around 2.6 gigawatts in the third quarter of 25. In the current quarter, we installed a total of 420 turbines with the majority of installation occurring in Europe, followed by Latin America and North America. On the production side, we assembled around 2.5 gigawatts of nacelles, corresponding to 428 turbines. Plate production in units was down around 25%. mainly driven by temporary delays at a supplier factory in Turkey. And now, I will, as always, hand over to Ilya to go over the finances.