Wacker Neuson Se Namen Ak

Good afternoon, everybody, and welcome to the nine-month earnings call of the Bakker Neusink Group. My name is Per Schlinkmann, Head of Investor Relations and Corporate Communications. Thank you for joining today on the occasion of the release of our 2025 nine-month results. As usual, we will first start with the operational and financial results of the nine-month 2025 and give additional insights on the recent developments. Following this, we are happy to answer your questions in the Q&A session. If you are able to follow today's call via the webcast, the presentation slides are also available for download at wacker-neusen-group.com slash investor-relations. Please note that the entire call, including the Q&A session, will be recorded and the replay will be made available on our corporate website by the end of the day. And now I would like to hand over to our executives, Karl Dragl and Christoph Burckhardt, who will lead you through this call.

Thank you, Pierre. This is Christoph Burckhardt, CFO of the Wacker Neuson Group. Welcome, everybody, to our earnings call, and thank you for joining.

Dear all, a warm welcome from my side, too, and thanks again for joining the conference call. I'm Karl Dragl, CEO of the Wacker Neuson Group. I would like to start the presentation with a brief overview of our key financials for the first nine months of 2025. Our operational recovery continued in quarter three of 2025. Despite a challenging macroeconomic environment, which had especially weighed on the first quarter of this year, we were able to increase both our revenue and EBIT margin in quarter three year over year. This positive development is among other things the result of efficiency measures that we initiated last year. But let's take a closer look. Our revenue for the first nine months of 2025 amounted to 1.625 million euros, marking a 5.6% decline year on year. This decline was primarily due to the weak first quarter of 2025, as well as persistently weak demand in the US. Our nine-month EBIT margin in 2025 amounted to 6.0%, which is 0.3 percentage points below the previous year. Also here, we were negatively impacted by the weak beginning of this year. However, it is apparent that we have succeeded in further stabilizing our improved profitability. The EBIT margin in the third quarter was at 7.5%, thus, nearly on the same level as in quarter two, 2025, despite the lower revenue base of quarter three. Moreover, this quarter's EBIT margin was 2.7 percentage points higher compared to quarter three in 2024. Looking at the net working capital ratio, we see a slight decrease compared to previous year. However, our yearly strategic target of approximately 30% remains under pressure, especially due to the uncertainties in the US market. Our free cash flow surpassed the triple digit mark and amounted to 116 billion euros. Christoph will explain both developments in more detail. Now let's look at the developments of our business segments after the first nine months of this year. In general, the overall picture remains challenging. Recovery of compact equipment was slower than initially expected. It faced a year-on-year decline of 10%. Nevertheless, certain product groups like dumpers differed from the general trend, demonstrating resilient customer interest in our innovative product. The light equipment product segment stabilized and remained only 1% below the previous year. And moreover, services grew again year-over-year by 1%. The 9-month year-to-date book-to-bill ratio was at 1.1. Nevertheless, we see the agriculture as well as construction industry's recovery slower than initially anticipated. We therefore keep monitoring our markets closely and remain cautious regarding the developments in the last quarter of 2025. Let's take a closer look at our regions during the last nine months. Revenues in the Europe region, EMEA, after nine months of 2025 stood at 1.269 million euros and made up 78% of our global group revenue. Also, quarter three of 2025 revenues increased year over year. The nine-month revenues remained 4% below the prior year, still impacted by the negative effects of the weak first quarter. Moving to America's region, accounting for 20% of our group revenue, we saw a decline of 10%, resulting in revenues of around €322 million. Demand in the first nine months of 2025 was further characterized by greater caution in ordering behavior in the U.S. compared to Europe, due to ongoing macroeconomic and geopolitical uncertainties. mainly due to the effects of the US tariffs. Demand declined not only in the US, but also in Canada and Mexico. In the Asia-Pacific region, which represents 2% of our business, revenue dropped by 21% to approximately 34 million euros. The region was primarily characterized by a decline in demand in Australia and China. I will now hand over to you, Christoph, to give some more insights into our financials.