u-blox Holding AG

Ladies and gentlemen, welcome to the uBlocks Q3 2024 Trading Update conference call and live webcast. I am George, the chorus call operator. I would like to remind you that all participants will be listened only more than the conference has been 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 Rafael Duarte, Head of Investor Relations at Hublox. Please go ahead, sir.

Thank you for joining us today. I'm Rafael Duarte, Head of Investor Relations at Hublox. Here together with our CEO, Stefan Tsitsala, and our CFO, Camila Japur. We will not be presenting any slides today. This Q&A session is to give you the opportunity to address any potential questions regarding our Q3 trading update. But before we start, Stefan, I'm open to you. So hello, everybody.

Today's announcement reflects a slowdown in our business performance for Q4 compared to Q3. The gradual improvement we have seen throughout the year has been temporarily interrupted. This is a shift from the expectation we had earlier And it's a challenge we take seriously. However, we are not alone facing those challenges. Many companies in the semiconductor space are experiencing similar trends, particularly in the automotive sectors where the market has deteriorated over the past few months. We have been proactive and took action. To date, we have implemented about 70% of our planned cost reduction measures announced in August. This is ahead of schedule, and the majority of the remaining measures will be completed by the end of this year. That said, visibility into the near-term future remains limited, nevertheless, early indicators suggest a return to growth in 2025 with a double-digit growth expected in our locate business. Despite the current challenges, my confidence in our long-term prospects remains strong. We continue to see solid structural demands for our solutions as evidenced by the design wins and partnerships we announced earlier this year. we will emerge from this even stronger. And with this, I would hand over to Rafael to guide us through the questions.