Nordex Se Unsp/Adr

Ladies and gentlemen, welcome to the Q3 Figures 2026 conference call. I am Shari, the call-call operator. I would like to remind you that all participants will be listening on remote and the conference is being recorded. The presentation will be followed by 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 Siehler. Please go ahead.

Thanks, Shai. Welcome from the Nordics team in Hamburg. Thank you for joining the Q3 2026, the Science Management 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, Ilya 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. As well, on behalf of the Management Board, I would like to welcome you to our third quarter results of 2026. As our presentation title highlights, we remain on track financially and operationally. And as announced in our pre-release, this has enabled us to raise our full year 2026 margin guidance. Let me start with a brief overview of the key highlights of the quarter. Moving to the next slide, overall, I'm pleased to report that the third quarter of 2026 was another solid quarter for Nordics. We have delivered strong revenue growth, an EBITDA margin well above 12% and a strong free cash flow. Due to these results, we raised our EBITDA margin guidance for the full year to 11.5% to 12.5% three weeks ago. And let me summarize the other key highlights. First, project order intake reached 2.8 gigawatts, up 30% year-on-year. Europe accounted for 83% with Turkey, Germany and United States as the largest individual markets. Total sales increased by 28% year-on-year to 2.2 billion. Project sales accounted for 89% of the total and grew by 30% while services with a share of 11% grew by 8%. Double-digit profitability continued and we achieved an EBITDA margin of 12.7% exceeding the 12% threshold and improving by almost 5% year on year. We generated a strong free cash flow of 379 million euros with working capital stable at minus 7.8. Net cash as a consequence increased to 2 billion compared to 1.6 billion at the end of 2025, and our total cash position stood at 2.3 billion. Overall, it was a solid quarter, but let me now turn to our operational performance on page 6, starting with our order index. As published in our order intake test release on October the 12th, we saw a good quarter with a further broadening of our regional footprint. We recorded 2.8 GB of order intake, an increase of 30% year on year. Order intake for the first nine months reached 7.7 GB. In euros, turbine order intake totaled 2.5 billion, Almost 26% higher than last year. Orders were received from 10 different countries compared to 9 last year. An average selling price of 0.9 million per megawatt was broadly stable versus 0.93 a year ago. Average selling price are influenced by project and regional mix in any given quarter, but we continue to see stable price. Europe remained the main region with 83% of order intake, and Turkey, Germany, and the US were the strongest single markets. Our focus is on further expanding our footprint in North America and Asia Pacific. While we are not providing specific guidance for 26, we continue to expect a good order momentum going into the fourth quarter. And let's move to slide 7, where we'll discuss the development of our order book. The combined order book strengthened further and exceeded 19 billion euros at the end of the third quarter of 26, reflecting continued positive momentum on both our turbine and our service business. Turbine order book reached 12.2 billion, up 31% year-on-year, and most orders came from Europe with 83% followed by North America with 16% while Latin America and rest of the world account 1% each. In the service segment, the order book increased to 7.1 billion up 28% year on year. Our service portfolio continues to grow and now stands at 52.2 GB under contract representing 14,163 wind turbines. This growth continues to be supported by strong sales activities and growing installed fleet. Overall, the order book development supports planning visibility and shows Nordisk's Growing more international and in service reflects the expansion of our installed base over the past years. Let's move to slide eight and have a closer look into the service business. The third quarter of 2026 marks an important milestone for our service business. Service sales increased by 8% and reached 200% 37 million euros representing around 11% of total group revenues. EBIT margin further improved to 20.6% crossing the 20% threshold for the first time versus 19.7% in the previous quarter. And this gives us a good basis to achieve EBIT margins of 20% for the full year next year. Operationally, Fleet availability remained stable at around 97% and the average tenor of service contracts stood at 14 years. Let's move to the next slide. Giving you some insights into our installation and production figures on page number nine. Installations total two gigawatts or 331 turbines across 15 countries compared to 420 turbines across 16 countries in the third quarter of last year. This is 73% higher than the previous quarter, however, still 22% below Q3 of last year. We continue to see project delays on customer side and also due to the delays in getting transportation permits in Germany. In addition, we will remember some blade-related postponements in Turkiye from our previous communications. The key takeaway is that these delays do not have material financial impact here today. On the production side, turbine output was in line with project scheduling and total 367 turbines compared to 428 in the third quarter of last year. Blade production increased by 17% to 1,311 blades compared to 1,122 years ago. And now I will hand over to Ilya for the financials.