Siemens Healthineers Adr

Good morning, ladies and gentlemen, and welcome to Siemens Healthineers Conference Call. As a reminder, this conference is being recorded. Before we begin, I would like to draw your attention to the Safe Harbor Statement on page 2 of the Siemens Healthineers presentation. This conference call may include forward-looking statements. These statements are based on the company's current expectations and certain assumptions, and are therefore subject to certain risks and uncertainties. At this time, I would like to turn the call over to your host today, Mr. Mark Kubanek, Head of Investor Relations. Please go ahead, sir.

Thank you, operator. Good morning and welcome to our fourth quarter 2026 earnings 25 earnings call. It's great that you are tuning in again today. At 7 a.m. we published our Q4 results and the materials for today's results are all available on the IR section of the Siemens Healthineers website. It is common practice that our CEO Bernd Montag and our CFO Jochen Schmitz will be presenting to you what you need to know about our Q4 of fiscal 25 and about the outlook 2026. After their presentation, we will have a Q&A session. To ensure everyone gets the opportunity to engage, we kindly ask that each participant limit themselves to one question each. You will also have the chance to follow up and get back into the queue. Additionally, please note that a full transcript and recording of today's call will be made available on our investor relations website. Again, thank you for being here and now I'll turn it over to our CEO, Bernd Montag.

Thank you, Marc. Dear analysts and investors, welcome to our year-end earnings call. Many thanks for joining. We closed fiscal year 25 successfully with a solid quarter and achieved our guidance. Growth came in at the upper end of our outlook range and we grew in all regions except China. This broad-based growth was fueled by healthy global demand and our leading position in the market reflected in the book-to-bill of 1.14 for the fiscal year 25. We are very satisfied with the performance in terms of adjusted EPS, which is well within the upper half of the outlook range. Excluding tariffs, adjusted EPS would even be above the upper end of our initial outlook provided back in November 24. I am also very happy about the development of our free cash flow throughout the year, improving our leverage to 2.8 times EBITDA. So we have finished this year strongly, as indicated early on, all resulting in a proposed dividend increase to 1 euro. Let me briefly also run through the highlights of our segments. Imaging, Varian and Advanced Therapies taken altogether increased revenue by almost 8%, driven by excellent performance in imaging with continued margin expansion from scale excluding tariffs. I am very proud to see that Varian, since the combination, has grown every single year by at least high single-digit percentages. The margin expansion in Varian excluding tariffs reached the upper end of our initial segment assumption of November 24. And advanced therapies contributed solid growth while keeping margins stable after a step up in margin last year. With a successful and diligent implementation of our transformation program in diagnostics, we have achieved another step change in profitability despite market challenges in China in fiscal year 25. And most importantly, We have prepared the business for future success. With this, I would like to hand over to Jochen.