Q3 2026 Thyssenkrupp Nucera AG & Co KGaA Earnings Call

August 12, 2026

Speaker #1: Good morning, everyone. Thank you for standing by. This is Henrik Singer from Investor Relations.

Hendrik Finger: Good morning, everyone. Thank you for standing by. This is Hendrik Finger from Investor Relations.

Speaker #2: A warm welcome from my side as well. My name is Selin Fayed, and I'm Head of Communications at Thyssenkrupp Nucera. Welcome to Thyssenkrupp Nucera's joint press, analysts, and investor conference on our Q3 and first 9 months 2025–2026 results.

Evelyn Veit: A warm welcome from my side as well. My name is Evelyn Veit. I am Head of Communications at Thyssenkrupp Nucera. Welcome to Thyssenkrupp Nucera's joint press analyst and investor conference on our Q3 and first nine months 2025, 2026 results. We are pleased you could join us today.

Speaker #2: We are pleased you could join us today.

Speaker #1: Our CEO, Bernhard Honecker, and our CFO, Stefan Hahn, will guide you through the presentation, covering key business developments and the financial figures for the past quarter.

Hendrik Finger: Our CEO, Werner Ponikwar, and our CFO, Stefan Hahn, will guide you through the presentation, covering key business developments and the financial figures for the past quarter. Colleagues from Communications and Investor Relations are also here with us today. Now, before we start the presentation, some housekeeping. First, this call will be recorded, and a replay will be made available on our website later. Second, today's presentation and potentially some answers to your questions may contain forward-looking statements. For additional information in this regard, please refer to the disclaimer. As usual, the presentation will be followed by a question and answer session for journalists and analysts. With that, I will hand over to you, Werner, for starting the presentation.

Speaker #1: Colleagues from Communications and Investor Relations are also here with us today. Now, before we start the presentation, some housekeeping. First, this call will be recorded, and a replay will be made available on our website later.

Speaker #1: Second, today's presentation, and potentially some answers to your questions, may contain forward-looking statements. For additional information in this regard, please refer to the disclaimer.

Speaker #1: As usual, the presentation will be followed by a question-and-answer session for journalists and analysts. And with that, I'll hand over to you, Bernhard, to start the presentation.

Speaker #3: Well, thank you, Evelyn. Thank you, Henrik. Good morning, everyone. It's great to have you with us. Let me start by pointing out the main developments since the last quarterly update.

Werner Ponikwar: Well, thank you, Evelyn. Thank you, Hendrik. Good morning, everyone. Great to have you with us. Let me start by pointing out the main developments since the last quarterly update before deep diving into some of them. Several of these developments have already been communicated, and today we will place them in the broader context of our Q3 and first nine months performance. We delivered another solid quarter, supported by the continued strong performance of our chlor-alkali business and disciplined project execution across both segments. Speaking of project execution, I would like to briefly draw your attention to the picture in the upper right corner. This image showcases the NEOM project and highlights the strong progress and momentum of our hydrogen projects as they enter the final development stages with the 2.2-gigawatt electrolysis plant nearing completion.

Speaker #3: Before deep-diving into some of them, several of these developments have already been communicated, and today we will place them in the broader context of our third quarter and first nine months' performance.

Speaker #3: We delivered another solid quarter, supported by the continued strong performance of our chloralkali business and disciplined project execution across both segments. Speaking of project execution, I would like to briefly draw your attention to the picture in the upper right corner.

Speaker #3: This image showcases the NEOM project and highlights the strong progress and momentum of our hydrogen project, as they enter the final development stages with the 2.2-gigawatt electrolysis plant nearing completion.

Werner Ponikwar: Overall, we expect the first hydrogen to be produced at some of our projects before the end of this calendar year. During the quarter, we have also prepared our emerging service business in green hydrogen forward. The service agreement with Moeve marks an important milestone for our service strategy and underscores the strategic value of our growing installed base of 3.5 gigawatts. Furthermore, we are strengthening our position in India, one of the most promising hydrogen markets in the world, through our partnership with BHEL. This collaboration enables us to capitalize on expanding public sector opportunities in India as the market evolves, unlocking new growth potential for us. Additionally, green hydrogen market activities are gaining momentum driven by the growing implementation of policy measures, funding programs, and offtake mechanisms, which are strengthening investment security for many projects in our pipeline.

Speaker #3: Overall, we expect the first hydrogen to be produced at some of our projects before the end of this calendar year. During the quarter, we have also propelled our emerging service business in green hydrogen forward.

Speaker #3: The service agreement with Mueve marks an important milestone for our service strategy and underscores the strategic value of our growing installed base of 3.5 gigawatts.

Speaker #3: Furthermore, we are strengthening our position in India, one of the most promising hydrogen markets in the world, through our partnership with BHEL. This collaboration enables us to capitalize on expanding public sector opportunities in India as the market evolves, unlocking new growth potential for us.

Speaker #3: Additionally, green hydrogen market activities are gaining momentum, driven by the growing implementation of policy measures, funding programs, and off-take mechanisms, which are strengthening investment security for many projects in our pipeline.

Speaker #3: Lastly, we took the strategic decision to no longer pursue our plans to invest in our own mass production facilities for SOC stacks, due to insufficient short-term market readiness.

Werner Ponikwar: Lastly, we took the strategic decision to no longer pursue our plans to invest in our own mass production facilities for SOEC stacks due to insufficient short-term market readiness. At the same time, we will evaluate alternative attractive opportunities to valorize the solid oxide technology and also related IP. This decision will lead to one-time EBIT impacts in the next quarter and consequently is affecting our outlook for the financial year. Stefan will have all the details on that later. Overall, we continue to execute our strategy of building a leading green hydrogen business while remaining disciplined in the deployment of capital. This quarter delivered further proof points of our strategic progress through our first noticeable service agreements, enhanced market access in attractive growth regions, and relentless execution of our large-scale green hydrogen projects.

Speaker #3: At the same time, we will evaluate alternative attractive opportunities to valorize solid oxide technology and also related IP. This decision will lead to one-time EBIT impacts in the next quarter, and consequently, is affecting our outlook for the financial year.

Speaker #3: Stefan will have all the details on that later. Overall, we continue to execute our strategy of building a leading green hydrogen business, while remaining disciplined in the deployment of capital.

Speaker #3: This quarter delivered further proof points of our strategic progress through our first noticeable service agreements, and hence market access in attractive growth regions, and relentless execution of our large-scale green hydrogen projects.

Speaker #3: Now let's turn to our chlor-alkali segment, which continues to show strong momentum and provides execution reliability. Starting with the sales pipeline, we secured a new order in China for a large-scale chlor-alkali plant, underlining both the competitiveness of our technology and our strong positioning in key growth markets.

Werner Ponikwar: Now let's turn to our chlor-alkali segment, which continues to show strong momentum and provides execution reliability. Starting with the sales pipeline, we secured a new order in China for a large-scale chlor-alkali plant, underlining both the competitiveness of our technology and our strong positioning in key growth markets. Beyond this project award, we continue to see an attractive pipeline of new build opportunities, providing confidence in the underlying demand environment. At the same time, our service business continues to perform strongly. Service order intake remains above the prior year level, driven by increasing customer demand for efficiency enhancements, maintenance services, and life cycle support. Activity has been particularly strong in China and in Europe, highlighting the value of our installed base and the strength of our long-standing customer relationships. We are making solid progress on our ongoing chlor-alkali projects, reflecting strong execution. Let me highlight two recent examples.

Speaker #3: Beyond this project award, we continue to see an attractive pipeline of new build opportunities, providing confidence in the underlying demand environment. At the same time, our service business continues to perform strongly.

Speaker #3: Service order intake remains above the prior-year level, driven by increasing customer demand for efficiency enhancements, maintenance services, and lifecycle support. Activity has been particularly strong in China and in Europe, highlighting the value of our installed base and the strength of our long-standing customer relationships.

Speaker #3: We are making solid progress on our ongoing chloralkali projects, reflecting strong execution. Let me highlight two recent examples. In Brazil, the chlorine solution plant has been successfully commissioned and is now fully operational.

Werner Ponikwar: In Brazil, the Chlorum Solutions plant has been successfully commissioned and is now fully operational. The project demonstrates the advantages of our proven skid-mounted plant concept and the high energy efficiency of our technology, supporting environmentally friendly and competitive chlor-alkali production. In the United States, we reached another important milestone with OxyChem. Joint on-site training has been completed successfully, and the project is progressing towards the start of commissioning. This reflects the strong execution capabilities of our teams and the close collaboration we maintain with our customers. The segment remains well-positioned to deliver profitable growth, create value, and continue serving as a strong and reliable pillar of our company. Now, coming back to the first notable long-term service agreement in our green hydrogen business. This contract represents an important strategic milestone in the evolution of our business model for green hydrogen.

Speaker #3: The project demonstrates the advantages of our proven skid-mounted plant concept and the high energy efficiency of our technology, supporting environmentally friendly and competitive chlor-alkali production.

Speaker #3: In the United States, we reached another important milestone with OxiChem. Joint on-site training has been completed successfully, and the project is progressing towards the start of commissioning.

Speaker #3: This reflects the strong execution capabilities of our teams and the close collaboration we maintain with our customers. The segment remains well positioned to deliver profitable growth, create value, and continue serving as a strong and reliable pillar of our company.

Speaker #3: Now, coming back to the first notable long-term service agreement in our green hydrogen business, this contract represents an important strategic milestone in the evolution of our business model for green hydrogen.

Speaker #3: With Mueve, we signed an eight-year long-term service agreement for the 300-megawatt project in Spain, with a total contract value of approximately €12 million.

Werner Ponikwar: With Moeve, we signed an eight-year long-term service agreement for the 300-megawatt project in Spain, with a total contract value of approximately EUR 12 million. I would like to add a technical comment on that matter. The order is not yet part of the order backlog or the order intake, because the services typically start once projects move closer to completion. So the contract value will add to the order backlog in the coming years. The financial contribution is of course meaningful, but the strategic value of the agreement even extends significantly beyond that. With this first major long-term service contract, we are sending a clear message. Thyssenkrupp Nucera is not only a technology supplier, but also a reliable partner for the successful operation of large hydrogen plants.

Speaker #3: And I would like to add a technical comment on that matter. The order is not yet part of the order backlog or the order intake, because the services typically start once projects move closer to completion.

Speaker #3: So the contract value will be added to the order backlog in the coming years. The financial contribution is, of course, meaningful, but the strategic value of the agreement extends significantly beyond that.

Speaker #3: With this first major long-term service contract, we are sending a clear message: Thyssenkrupp Nucera is not only a technology supplier, but also a reliable partner for the successful operation of large hydrogen plants.

Speaker #3: And this perfectly matches a growing customer preference for long-term partnerships to maximize plant performance and availability across the full lifecycle of their assets. For the customer, the benefits are clear.

Werner Ponikwar: This perfectly matches a growing customer preference for long-term partnerships to maximize plant performance and availability across the full life cycle of their assets. For the customer, the benefits are clear: higher reliability, improved operational efficiency, reduced operational risk, and continuous performance monitoring. For us, it strengthens our relationship with the customer while creating recurring revenue streams that complement our project business. This shift towards recurring subscription-based service models create an ongoing value for both our customers and of course, also for us. Next, let me do a deep dive on India, which we consider one of the most promising green hydrogen markets globally and a key focus area for Thyssenkrupp Nucera. During the quarter, we signed a strategic collaboration agreement with BHEL, one of India's leading engineering and manufacturing companies, with strong relationships across both public and also private sector customers.

Speaker #3: Higher reliability, improved operational efficiency, reduced operational risk, and continuous performance monitoring. And for us, it strengthens our relationship with the customer, while creating recurring revenue streams that complement our project business.

Speaker #3: And this shift towards recurring, subscription-based service models creates ongoing value for both our customers and, of course, also for us. Next, let me do a deep dive on India, which we consider one of the most promising green hydrogen markets globally and a key focus area for Thyssenkrupp Nucera.

Speaker #3: During the quarter, we signed a strategic collaboration agreement with EHEL, one of India's leading engineering and manufacturing companies, with strong relationships across both public and private sector customers.

Speaker #3: We believe this partnership provides us with an attractive platform to participate in India's growing green hydrogen market. It combines our proven large-scale alkaline water electrolysis technology with BHEL's strong local manufacturing capacities, EPC expertise, and market access.

Werner Ponikwar: We believe this partnership provides us with an attractive platform to participate in India's growing green hydrogen market. It combines our proven large-scale alkaline water electrolysis technology with BHEL's strong local manufacturing capacities, EPC expertise and also market access. A key element of this collaboration will be the phased localization of electrolyzer manufacturing in India, which is well-aligned with the country's ambition to establish a domestic hydrogen value chain and increasingly favors solutions with local content. This partnership extends beyond manufacturing, positioning us to jointly pursue public tenders and advance large-scale green hydrogen projects nationwide. India represents a compelling opportunity driven by supportive government initiatives, favorable renewable power economics, and robust industrial demand, especially in segments like refining, chemicals, fertilizers, and also steel.

Speaker #3: A key element of this collaboration will be the phased localization of electrolyzer manufacturing in India, which is well aligned with the country's ambition to establish a domestic hydrogen value chain and increasingly favors solutions with local content.

Speaker #3: This partnership extends beyond manufacturing, positioning us to jointly pursue public tenders and advance large-scale green hydrogen projects nationwide. India represents a compelling opportunity, driven by supportive government initiatives, favorable renewable power economics, and robust industrial demand—especially in segments like refining, chemicals, fertilizers, and also steel.

Speaker #3: Through this collaboration, we are strengthening our presence in a dynamically growing market and underscoring our long-term commitment to actively shaping the emerging green hydrogen economy in India.

Werner Ponikwar: Through this collaboration, we are strengthening our presence in a dynamically growing market and underscoring our long-term commitment to actively shaping the emerging green hydrogen economy in India. Not only India is showing promising developments of its green hydrogen market. We are currently seeing that in key regions, regulation and financing are no longer merely setting the direction but are beginning to create tangible demand for green hydrogen. Starting with Europe, several regulatory and funding initiatives are progressing simultaneously. In particular, hydrogen demand mandates under RED III are getting fully implemented, as just recently announced for Germany and Spain for the transport sector. Together with further initiatives like the lead market framework, this is creating greater visibility for future hydrogen consumption and enhancing investment security.

Speaker #3: Not only is India showing promising developments in its green hydrogen market, we are currently seeing that in key regions, regulation and financing are no longer merely setting the direction.

Speaker #3: But a beginning to create tangible demand for green hydrogen. Starting with Europe, several regulatory and funding initiatives are progressing simultaneously. In particular, hydrogen demand mandates under RED III are getting fully implemented, as just recently announced for Germany and Spain for the transport sector.

Speaker #3: Together with further initiatives like the LEAD market framework, this is creating greater visibility for future hydrogen consumption and enhancing investment security. At the same time, funding mechanisms such as contracts for difference and national support programs backed by substantial funding budgets are helping to bridge the remaining economic gap and improve project economics.

Werner Ponikwar: At the same time, funding mechanisms such as Contracts for Difference and national support programs backed by substantial funding budgets are helping to bridge the remaining economic gap and improve project economics. Together, these measures increase confidence for project developers, for off-takers, and also for financing partners. We are also encouraged by developments in India. The SECI tender model is an interesting example of how governments can actively facilitate market development by aggregating demand and creating visible off-take structures for projects in sectors such as ammonia and methanol. In addition, export-oriented projects continue to secure long-term demand commitments. Another positive example is Japan. A substantial funding support is being deployed to improve the bankability of low-carbon ammonia projects and accelerate investment decisions across the value chain. What is particularly encouraging is that we are no longer seeing isolated initiatives on the production side only.

Speaker #3: Together, these measures increase confidence for project developers, for off-takers, and also for financing partners. We are also encouraged by developments in India. The SECI tender model is an interesting example of how governments can actively facilitate market development by aggregating demand and creating visible, optic structures for projects in sectors such as ammonia and methanol.

Speaker #3: In addition, export-oriented projects continue to secure long-term demand commitments. Another positive example is Japan. Substantial funding support is being deployed to improve the bankability of low-carbon ammonia projects and accelerate investment decisions across the value chain.

Speaker #3: What is particularly encouraging is that we are no longer seeing isolated initiatives on the production side only. Instead, multiple demand drivers are developing in parallel across key regions.

Werner Ponikwar: Instead, multiple demand drivers are developing in parallel across key regions, including regulation, funding support, off-take frameworks, and industrial decarbonization targets. These developments are contributing to a more favorable environment for project FIDs, and with that, the advancement of electrolyzer deployment. While the timing of individual projects will, of course, continue to vary, we see increasing evidence that the key building blocks for a scalable green hydrogen market are being put in place. Let me briefly update you on our green hydrogen project pipeline now. Compared to our last update, the overall picture remains stable, with around 57 gigawatts on our total pipeline and approximately 14 gigawatts under actively pursuit. This is reflecting a market that is intrinsically focused on the most viable opportunities. We continue to see encouraging momentum in selected regions, particularly in Europe and in India.

Speaker #3: Including regulation, funding support, off-take frameworks, and industrial decarbonization targets, these developments are contributing to a more favorable environment for project FIDs and, with that, the advancement of electrolyzer deployment.

Speaker #3: While the timing of individual projects will, of course, continue to vary, we see increasing evidence that the key building blocks for a scalable green hydrogen market are being put in place.

Speaker #3: Let me briefly update you on our green hydrogen project pipeline now. Compared to our last update, the overall picture remains stable, with around 57 gigawatts in our total pipeline and approximately 14 gigawatts being actively pursued.

Speaker #3: This is reflecting a market that is increasingly focused on the most viable opportunities. We continue to see encouraging momentum in selected regions, particularly in Europe and in India.

Speaker #3: The supportive policy frameworks and funding mechanisms are helping projects move forward. A key highlight is the continued growth in our portfolio of paid engineering contracts under execution.

Werner Ponikwar: The supported policy frameworks and funding mechanisms are helping projects move forward. A key highlight is the continued growth in our portfolio of paid engineering contracts under execution, now representing approximately 1.9 gigawatts already. These projects underline the continued progress and increasing tangibility of our pipeline, demonstrating its evolving strengths. These are not just announced opportunities, but projects where we are already deeply engaged with customers and supporting project developments based on our technology and also our expertise. These paid engineering contracts, combined with the 3.5 gigawatts already under execution, demonstrate a clear path to future EPC awards and a growing service opportunity. As a result, we remain confident that the next green hydrogen order could emerge from this portfolio in the foreseeable future. Now let me address our SOEC activities to follow up on the statements we have just published yesterday evening.

Speaker #3: Now representing approximately 1.9 gigawatts already. These projects underline the continued progress and increasing tangibility of our pipeline, demonstrating its evolving strengths. These are not just announced opportunities, but projects where we are already deeply engaged with customers and supporting project developments based on our technology and also our expertise.

Speaker #3: These paid engineering contracts, combined with the 3.5 gigawatts already under execution, demonstrate a clear path to future EPC awards and a growing service opportunity.

Speaker #3: As a result, we remain confident that the next green hydrogen order could emerge from this portfolio in the foreseeable future. Now, let me address our SOEC activities to follow up on the statements we published just yesterday evening.

Speaker #3: After a comprehensive strategic review, we have decided not to pursue the build-up of in-house mass production facilities for SOEC stacks any longer. We continue to believe that SOEC is a promising long-term technology.

Werner Ponikwar: After a comprehensive strategic review, we have decided not to pursue the buildup of in-house mass production facilities for SOEC stacks any longer. We continue to believe that SOEC is a promising long-term technology. However, the market today is not yet sufficiently mature to justify the significant investments required for industrial-scale stack manufacturing. Capital allocation is a key focus for our company. Given the current level of market uncertainty and the timing of commercial demand, we believe this is the right decision to protect shareholder value and focus resources on opportunities with a clearer path to return. At the same time, and let me stress that, we keep the strategic optionality and we will continue to evaluate asset-light approaches to valorize our solid oxide technology and IP in line with market developments.

Speaker #3: However, the market today is not yet sufficiently mature to justify the significant investments required for industrial-scale stack manufacturing. Capital allocation is a key focus for our company.

Speaker #3: Given the current level of market uncertainty and the timing of commercial demand, we believe this is the right decision to protect shareholder value and focus resources on opportunities with a clearer path to return.

Speaker #3: At the same time—and let me stress that—we keep the strategic optionality, and we will continue to evaluate asset-light approaches to valorize our solid oxide technology and IP in line with market developments.

Speaker #3: Financially, the decision will result in a one-time EBIT impact of around €30 million in the fourth quarter, and this is largely related to asset impairments.

Werner Ponikwar: Financially, the decision will result in a one-time EBIT impact of around EUR 30 million in Q4. This is largely related to asset impairments. There will be no significant cash impact in Q4, as the lower cash outsources are expected to be offset by minor restructuring costs. Looking ahead, the financial benefits of this decision become visible quickly. From fiscal year 2026/2027 onwards, we expect lower operating expenses and reduced capital requirements, supporting EBIT by up to EUR 10 million annually and improving cash flow by approximately EUR 20 million per year. With that, let me hand over to Stefan, who will walk you through our financial results and, of course, also the outlook. Stefan, over to you.

Speaker #3: There will be no significant cash impact in the fourth quarter, as the lower cash outflows are expected to be offset by minor restructuring costs.

Speaker #3: Looking ahead, the financial benefits of this decision become visible quickly. From fiscal year 2026/2027 onwards, we expect lower operating expenses and reduced capital requirements, supporting EBIT by up to €10 million annually and improving cash flow by approximately €20 million per year.

Speaker #3: And with that, let me hand over to Stefan, who will walk you through our financial results and, of course, also the outlook. Stefan, over to you.

Speaker #2: Thank you very much, Werner. And a warm welcome from my side as well. Ladies and gentlemen, let me walk you through the financial developments of the third quarter and the nine-month period.

Stefan Hahn: Thank you very much, Werner. A warm welcome from my side as well. Ladies and gentlemen, let me walk you through the financial developments of Q3 and the nine-month period. Q3 showed encouraging order momentum and resilient earnings, while sales reflected slower year-on-year volumes. EBIT remained broadly stable year-on-year, even with the lower sales base. This was supported by an improved gross margin and a resilient contribution from our chlor-alkali business, which largely compensated for lower volume and weaker cost absorption in the green hydrogen. Free cash flow was negative in Q3, reflecting the expected timing of project-related cash flows. This development aligns with the normal quarterly volatility in our project business and reaffirms the strength of our financial position. Looking ahead, we expect free cash flow to improve and return to positive territory in Q4.

Speaker #2: The third quarter showed encouraging order momentum and resilient earnings, while sales reflected lower year-on-year volumes. EBIT remained broadly stable year-on-year, even with the lower sales base.

Speaker #2: This was supported by an improved gross margin and a resilient contribution from our chlor-alkali business, which largely compensated for lower volumes and weaker cost absorption in green hydrogen.

Speaker #2: Free cash flow was negative in the third quarter, reflecting the expected timing of project-related cash flows. This development aligns with the normal quarterly volatility in our project business and reaffirms the strength of our financial position.

Speaker #2: Looking ahead, we expect free cash flow to improve and return to positive territory in the fourth quarter. In summary, the quarter highlights three key messages.

Stefan Hahn: In summary, the quarter highlights three key messages. Improving order momentum, resilient earnings despite lower sales volumes, and a strong balance sheet that continues to support our growth strategy. Let me now take you through the individual KPIs in more detail, starting with order intake on page 14. In Q3, order intake reached EUR 81 million, up 29% year-on-year. Chlor-alkali contributed EUR 78 million, an increase of 56%, supported by both new build and service. Green hydrogen order intake reflected the project-driven nature of the business, where larger awards can fluctuate significantly by quarter. Looking at the first nine months, order intake nearly doubled to EUR 471 million. This was primarily supported by the award of the 300-megawatt project from Moeve in Spain in Q2, alongside strong growth of 32% in the chlor-alkali business.

Speaker #2: Improving order momentum, resilient earnings despite our sales volumes, and a strong balance sheet that continues to support our growth strategy. Let me now take you through the individual KPIs in more detail, starting with order intake on page 14.

Speaker #2: In the third quarter, order intake reached €81 million, up 29% year-on-year. Chlor-alkali contributed €78 million, an increase of 56%, supported by both new build and service.

Speaker #2: Green hydrogen order intake reflected the project-driven nature of the business, where larger awards can fluctuate significantly by quarter. Looking at the first nine months, order intake nearly doubled to €471 million.

Speaker #2: This was primarily supported by the award of the 300-megawatt project from wherever in Spain in the second quarter, alongside strong growth of 32% in the chlor-alkali business.

Speaker #2: Overall, the order backlog stood at €638 million at the end of June, providing a strong foundation for the coming quarters. Let me turn to sales performance.

Stefan Hahn: Overall, the order backlog stood at EUR 638 million at the end of June, providing a strong foundation for the coming quarters. Let me turn to sales performance. As shown on slide 15, sales in Q3 declined 21% year-on-year to EUR 145 million. In our green hydrogen business, sales amounted to EUR 36 million, down from EUR 103 million a year ago. This decline was mainly driven by lower sales contributions from our reference AWE projects, reflecting the higher maturity as well as the lower intake in the previous year. By contrast, chlor-alkali delivered a strong performance. Sales increased by 34% year-on-year to EUR 109 million, supported by growth in both the new build and service businesses.

Speaker #2: As shown on slide 15, sales in the third quarter declined 21% year-on-year to €145 million. In our green hydrogen business, sales amounted to €36 million, down from €103 million a year ago.

Speaker #2: This decline was mainly driven by lower sales contributions from our reference AWE projects, reflecting their higher maturity as well as the lower order intake in the previous year.

Speaker #2: By contrast, Chlor-Alkali delivered a strong performance. Sales increased by 34% year-on-year to €109 million, supported by growth in both the new build and service businesses.

Speaker #2: This development was partly supported by an earlier than expected recognition of sales from major new build projects, where project contributions originally anticipated for were originally anticipated for the fourth quarter of 2025-26, were already realized in the third quarter.

Stefan Hahn: This development was partly supported by an earlier than expected recognition of sales from major new build projects, where project contributions were originally anticipated for Q4 2025/2026, were already realized in Q3. Looking at the nine-month period, group sales declined 47% year-on-year to EUR 354 million. Green hydrogen sales declined as the contribution from the highly material NEOM project reduced, and as one-time effects recognized in Q2 continued to influence the year-to-date comparison. In chlor-alkali, sales declined by 5% in the first nine months. While the service business achieved sales growth, the new build business saw a decline compared to the previous year. Sales development continues to reflect the expected trends in green hydrogen as large reference projects mature, and with strong underlying demand and a resilient service base in our chlor-alkali business. Moving on to EBIT on page 16.

Speaker #2: Looking at the nine-month period, group sales declined 47% year-on-year to €354 million. Green hydrogen sales declined as the contribution from the highly mature NEOM project reduced, and as one-time effects recognized in Q2 continued to influence the year-to-date comparison.

Speaker #2: In chlor-alkali, sales declined by 5% in the first nine months. While the service business achieved sales growth, the new build business saw a decline compared to the previous year.

Speaker #2: Sales development continues to reflect the expected trends in green hydrogen, as large reference projects mature, with strong underlying demand and a resilient service base in our chlor-alkali business.

Speaker #2: Moving on to EBIT on page 16. Starting with the third quarter, group EBIT was broadly stable year-on-year at minus €2 million, demonstrating the resilience of our business mix despite lower sales volumes.

Stefan Hahn: Starting with Q3, group EBIT was broadly stable year-on-year at -EUR 2 million, demonstrating the resilience of our business mix despite lower sales volumes. The key positive factor was a 3 percentage point improvement in gross margin at group level, supported by a higher contribution from our chlor-alkali business. In chlor-alkali, EBIT improved from EUR 30 million to EUR 50 million, reflecting higher sales volumes. In green hydrogen, EBIT declined moderately from -EUR 30 million to -EUR 17 million, mainly due to lower sales volumes. Overall, improved earnings in chlor-alkali largely compensated for the softer market environment in green hydrogen, resulting in a broadly unchanged EBIT performance for the quarter. For the first nine months, group EBIT was -EUR 69 million compared to EUR 4 million in the prior year period, primarily reflecting the EUR 50 million of one-time project-related costs recognized in Q2 in green hydrogen.

Speaker #2: The key positive factor was a 3 percentage point improvement in gross margin at group level, supported by a higher contribution from our chlor-alkali business.

Speaker #2: In Chlor-Alkali, EBIT improved from €30 million to €50 million, reflecting higher sales volumes. In Green Hydrogen, EBIT declined moderately from minus €30 million to minus €70 million, mainly due to lower sales volumes.

Speaker #2: Overall, improved earnings in Chlor-Alkali largely compensated for the softer market environment in green hydrogen, resulting in a broadly unchanged EBIT performance for the quarter.

Speaker #2: For the first nine months, group EBIT was minus €69 million compared to €4 million in the prior year period, primarily reflecting the €50 million of one-time project-related costs recognized in Q2 in green hydrogen.

Speaker #2: Excluding these one-off effects, the underlying operational performance developed more favorably than the reported figures suggest. Now, let me walk you through our operating cost development in the first nine months.

Stefan Hahn: Excluding these one-off effects, the underlying operational performance developed more favorably than the reported figures suggest. Let me walk you through our operating cost development in the first nine months. Starting with cost of goods sold. COGS declined year-on-year, largely in line with the lower business volume, particularly in green hydrogen. The decline was supported by the implemented cost-saving measures. At the same time, we achieved an improvement in gross margin quality, especially in chlor-alkali, supported by a more favorable project mix. SG&A costs remained stable at EUR 56 million, reflecting strong cost discipline amid inflationary pressures. Our cost reduction initiatives are underway and are expected to contribute increasingly over the coming quarters. Finally, on R&D, expenses increased from EUR 24 million to EUR 29 million, reflecting our continued commitment to technology leadership and the development of our future product portfolio.

Speaker #2: Starting with cost of goods sold, COGS declined year-on-year, largely in line with the lower business volume, particularly in green hydrogen. The decline was supported by the implemented cost-saving measures.

Speaker #2: At the same time, we achieved an improvement in gross margin quality, especially in Cloud Alkali, supported by a more favorable project mix. G&A costs remained stable at €56 million, reflecting strong cost discipline amid inflationary pressures.

Speaker #2: Our cost reduction initiatives are underway and are expected to contribute increasingly over the coming quarters. Finally, on R&D, expenses increased from €24 million to €29 million, reflecting our continued commitment to technology leadership in the development of our future product portfolio. Part of these development activities has been capitalized, as in prior periods.

Stefan Hahn: Part of these development activities has been capitalized as in prior periods. Following the elevated activity level during the first nine months, we expect R&D spending to decline sequentially in Q4. Let me now briefly walk you through the bridge from EBIT to net income and earnings per share on page 18. The newly stable EBIT, along with the financial result that matched last year's and lower tax expenses, led to an improved net income in Q3, reaching the break-even point. Net income in the nine-month period amounted to EUR 64 million, with earnings per share declining accordingly to -EUR 0.51. Here is a substantial decline in EBIT after project-related one-off costs occurred. I am sorry. After one-off costs occurred translated directly into negative net income. Positive financial income driven by interest earned on our cash position provided a slight offset.

Speaker #2: Following the elevated activity level during the first nine months, we expect R&D spending to decline sequentially in the fourth quarter. Let me now briefly walk you through the bridge from EBIT to net income and earnings per share on page 18.

Speaker #2: The nearly stable EBIT, along with a financial result that matched last year's and lower tax expenses, led to improved net income in the third quarter, reaching the break-even point.

Speaker #2: Net income in the nine-month period amounted to €64 million, with earnings per share declining accordingly to minus €0.51. Here, the substantial decline in EBIT after project-related one-off costs occurred—sorry, after one-off costs occurred—translated directly into negative net income.

Speaker #2: Positive financial income driven by interest earned on our cash position provided a slight offset. Moving on to cash flow and our balance sheet position.

Stefan Hahn: Moving on to cash flow and our balance sheet position. Free cash flow was negative in the first 9 months and amounted to -EUR 26 million compared with +EUR 50 million in the prior year period. The development was primarily driven by lower operating cash flow, which reflects the usual timing effects of project execution and milestone payments. The Q3 included higher periodic project-related cash outflows. Operating cash flow declined from EUR 32 million to -EUR 3 million, mainly reflecting these timing related effects rather than a structural change in cash generation. Investing cash flow amounted to -EUR 23 million compared with -EUR 17 million prior year periods. The investments are driving progress in technology development with a focus on enhancing module and stack capabilities. We expect a recovery in free cash flow during the Q4 as project-related payments profiles normalize.

Speaker #2: Free cash flow was negative in the first nine months and amounted to minus €26 million, compared with plus €50 million in the prior-year period.

Speaker #2: The development was primarily driven by lower operating cash flow, which reflects the usual timing effects of project execution and milestone payments. The third quarter included higher, periodic, project-related cash outflows.

Speaker #2: Operating cash flow declined from €32 million to minus €3 million, mainly reflecting these timing-related effects rather than a structural change in cash generation.

Speaker #2: Investing cash flow amounted to minus €23 million, compared with minus €70 million in the prior-year period. The investments are driving progress in technology development, with a focus on enhancing module and stack capabilities.

Speaker #2: We expect a recovery in free cash flow during the fourth quarter as project-related payment profiles normalize. Net financial assets were €627 million at the end of June 2026, a decrease from €656 million at the end of September 2025.

Stefan Hahn: Net financial assets were EUR 627 million at the end of June 2026, a decrease from EUR 656 million at the end of September 2025. The reduction is largely explained by the negative free cash flow during the period. Importantly, our net financial assets remain at a very high level and underline the strength of our balance sheet. This financial position provides sufficient headroom to support the execution of our strategy, invest in future growth opportunities, and maintain resilience in a still evolving market environment. Lastly, I would like to explain our outlook for the current year, which we updated in our ad hoc announcements yesterday evening. Following our strategic decision not to establish in-house mass production capacity for SOEC stacks, we have incorporated the associated asset impairments into the updated EBIT outlook.

Speaker #2: The reduction is largely explained by the negative free cash flow during the period. Importantly, our net financial assets remain at a very high level and underline the strength of our balance sheet.

Speaker #2: This financial position provides sufficient headroom to support the execution of our strategy: investing in future growth opportunities and maintaining resilience in a still-evolving market environment.

Speaker #2: Lastly, I would like to explain our outlook for the current year, which we updated in our ad hoc announcement yesterday evening. Following our strategic decision not to establish in-house mass production capacity for SOEC stacks, we have incorporated the associated asset impairments into the updated EBIT outlook.

Speaker #2: In addition, we have also reviewed the remaining guidance ranges and refined some of them based on business developments in the first 10 months of fiscal year 2025/26.

Stefan Hahn: In addition, we have also reviewed the remaining guidance ranges and refined some of them based on business development in the first 10 months of fiscal year 2025, 2026. For the group, we now expect order intake in the range of EUR 550 to 670 million, compared to EUR 348 million in the prior fiscal year. Based on performance to date, and given that the financial year already ends in 7 weeks, we have narrowed the range from the previous forecast of EUR 550 to 850 million. For group sales, we now expect EUR 450 to 500 million, which is attributable to projects already under contract. The previous guidance range was EUR 450 to 500 million. Following the SOEC decision, we now expect group EBIT to range from -EUR 105 to -EUR 75 million. At segment level, we anticipate GH2 sales of EUR 100 to 130 million.

Speaker #2: For the group, we now expect order intake in the range of €550 to €650 million, compared to €348 million in the prior fiscal year.

Speaker #2: Based on performance to date and given that the financial year already ends in seven weeks, we have narrowed the range from the previous forecast of €550 million to €850 million.

Speaker #2: For group sales, we now expect €450 to €500 million, which is attributable to projects already under contract. The previous guidance range was €450 to €500 million.

Speaker #2: Following the SOEC decision, we now expect group EBIT to range from minus €105 million to minus €75 million. At segment level, we anticipate GH2 sales of €100 million to €130 million.

Speaker #2: The reduction versus previous expectations reflects the timing of revenue recognition from existing large-scale hydrogen projects, part of which has shifted into the next fiscal year, but commissioning continues to progress.

Stefan Hahn: The reduction versus previous expectations reflects the timing of revenue recognition from existing large-scale hydrogen projects, part of which has shifted into the next fiscal year while commissioning continues to progress. The new 300-megawatt green hydrogen project by Moeve in Spain will also see majority of sales in the next fiscal year. EBIT in the GH2 segment is expected to come in between -EUR 155 to -EUR 135 million, reduced compared to the previous outlook due to the one-time EBIT effect impact from the SOEC impairments. Finally, a comment on the chlor-alkali segment, for which the former outlook was confirmed. We expect chlor-alkali sales of EUR 320 to 400 million and EBIT between EUR 45 and 65 million. For both KPIs, we anticipate reaching the middle of the range.

Speaker #2: The new 300-megawatt green hydrogen project by Mueve in Spain will also see the majority of sales in the next fiscal year. EBIT in the GH2 segment is expected to come in between minus €155 million to minus €135 million, reduced compared to the previous outlook due to the one-time EBIT effect impact from the SOEC impairments.

Speaker #2: Finally, a comment on the Chlor-Alkali segment, for which the former outlook was confirmed. We expect Chlor-Alkali sales of €320 to €400 million and EBIT between €45 and €65 million.

Speaker #2: For both KPIs, we anticipate reaching the middle of the range. Overall, the underlying operating performance remains solid, particularly in the chlor-alkali segment, but sales and earnings for the current fiscal year were influenced by one-time effects from the green hydrogen business.

Stefan Hahn: Overall, the underlying operating performance remains solid, particularly in the chlor-alkali segment, while sales and earnings for the current fiscal year were influenced by one-time effects from the green hydrogen business. With that, I will hand back to Werner, who will wrap up today's presentation.

Speaker #2: And with that, I'll hand back to Verner, who will wrap up today's presentation.

Speaker #1: Yeah, thank you very much, Stefan. Ladies and gentlemen, let me conclude today's presentation by reiterating our key messages. Our chlor-alkali business is well on track, as it has been over the last years.

Werner Ponikwar: Yeah. Thank you very much, Stefan. Ladies and gentlemen, let me conclude today's presentation by reiterating our key messages. Our chlor-alkali business is well on track as it has been over the last years. The segment has again demonstrated consistent profitability combined with sustained market momentum and successful execution. We also observe positive market momentum in green hydrogen and expect electrolyzer deployment to gain momentum over the next quarters. More specifically for Thyssenkrupp Nucera, we expect to be awarded a new green hydrogen project still within calendar year 2026. In the last quarter, we have taken important steps in our emerging green hydrogen service business and strengthened market access. By doing so, we built the foundation for margins and sales growth in green hydrogen. Lastly, our financial situation remains strong.

Speaker #1: The segment has again demonstrated consistent profitability, combined with sustained market momentum and successful execution. We also observe positive market momentum in green hydrogen and expect electrolyzer deployment to gain momentum over the next quarters.

Speaker #1: And more specifically, for Thyssenkrupp Nucera, we expect to be awarded a new green hydrogen project still within calendar year 2026. In the last quarter, we have taken important steps in our emerging green hydrogen service business and strengthened market access.

Speaker #1: By doing so, we built the foundation for margins and sales growth in green hydrogen. Lastly, our financial situation remains strong. We will continue to keep a consistent and sharp focus on cash flow, while maintaining strategic flexibility and optimizing our product portfolio.

Werner Ponikwar: We will continue to keep a consistent and sharp focus on cash flow while maintaining strategic flexibility and optimizing our product portfolio. That concludes our presentation. Thank you for your attention, and we are now happy to take your questions. Hendrik, over to you.

Speaker #1: And that concludes our presentation. Thank you for your attention, and we are now happy to take your questions. Henrik, over to you.

Speaker #2: Thank you, Verner. At this time, we will begin the question-and-answer session for journalists and analysts. As we are using Microsoft Teams for this call, please click the 'raise your hand' icon to indicate that you would like to ask a question.

Hendrik Finger: Thanks, Werner. At this time, we will begin the question and answer session for journalists and analysts. As we are using Microsoft Teams for this call, please push the raise your hand icon to indicate that you would like to ask questions. We will then announce your name and open your line. When it is your turn, please ensure that you unmute yourself additionally. We are aware that it might take a few seconds to get everything going, also depending on the settings on your side, so no worries about that. The first question today comes from Sky Landon with Rothschild, and we have just opened your line, and you should be able to unmute yourself. Please go ahead.

Speaker #2: We will then announce your name and open your line. When it is your turn, please ensure that you unmute yourself as well. We are aware that it might take a few seconds to get everything going.

Speaker #2: Also, depending on the settings on your side, so no worries about that. The first question today comes from Sky London with Rothschild. We have just opened your line, and you should be able to unmute yourself.

Speaker #2: Please go ahead.

Speaker #3: Hi, thanks for the presentation this morning. Firstly, on the next project award that you're expecting during calendar year 2026, are you able to share with us roughly how large a project that would be?

Sky Landon: Hi. Thanks for the presentation this morning. Firstly, on the next project award that you are expecting during calendar year 2026, are you able to share with us roughly how large a project that would be? Clearly, you have quite a lot of confidence over the idea that you will make the award, given the kind of description that you have made, but any size indications would be useful. Secondly, still on the pipeline side of things, I noticed that the value of the actively pursued projects has dropped down to circa $7 billion from circa $8 billion at Q2, despite the aggregated size of the pipeline of that actively pursued project list remaining the same. Just wondering if there is a change in scope, lower sales prices per megawatt or anything that you can describe to us on that? That would be great. Thanks.

Skye Landon: Hi. Thanks for the presentation this morning. Firstly, on the next project award that you are expecting during calendar year 2026, are you able to share with us roughly how large a project that would be? Clearly, you have quite a lot of confidence over the idea that you will make the award, given the kind of description that you have made, but any size indications would be useful. Secondly, still on the pipeline side of things, I noticed that the value of the actively pursued projects has dropped down to circa $7 billion from circa $8 billion at Q2, despite the aggregated size of the pipeline of that actively pursued project list remaining the same. Just wondering if there is a change in scope, lower sales prices per megawatt or anything that you can describe to us on that? That would be great. Thanks.

Speaker #3: Clearly, you have quite a lot of confidence in the idea that you will make the award, given the kind of description that you've made.

Speaker #3: But any size kind of indications would be useful. And then secondly, still on kind of like the pipeline side of things, I noticed that the value of the actively pursued projects has dropped down to circa 7 billion from circa 8 billion at 2Q.

Speaker #3: Despite the kind of aggregated size of the pipeline of that actively pursued projects list remaining the same, I'm just wondering if there's kind of a change in scope, lower sales prices per megawatt, or anything that you can describe to us on that. That would be great.

Speaker #3: Thanks.

Speaker #1: All right. Hi, Sky. This is Verner. Just quickly on the project that we expect to be awarded, in due course if you want, if you look at our guidance for order intake, and if you look at the interval, from 5:50 to 6:70 million, this would certainly push us more, actually, to the middle of the guidance, so to speak.

Werner Ponikwar: All right. Hi, Sky. This is Werner. Just quickly on the project that we expect to be awarded in due course, if you want. If you look at our guidance for order intake and if you look at the interval from 550 to 670 million, this would certainly push us more actually to the middle of the guidance, so to speak. That is sort of the order of magnitude also in terms of project size that we would have potentially expected also for this year already. But we believe now it is going to be part of this calendar year, but most probably not anymore actually within this financial year.

Speaker #1: And that's sort of the order of magnitude also in terms of project size that we would have potentially expected also for this year already, but we believe now it's going to be part of this calendar year, but most probably not anymore actually within this financial year.

Speaker #3: Okay, so just to clarify, is that the midpoint of the old guidance then, if you like? You mean basically this project was previously expected to fall in the fiscal year?

Sky Landon: Okay. Just to clarify, is that the midpoint of the old guidance then, if you like? You mean, so basically this project-

Skye Landon: Okay. Just to clarify, is that the midpoint of the old guidance then, if you like? You mean, so basically this project-

Werner Ponikwar: Yes

Sky Landon: was previously expected to fall in the fiscal year. It is now going to probably fall in the calendar year, so in the next-

Skye Landon: was previously expected to fall in the fiscal year. It is now going to probably fall in the calendar year, so in the next-

Speaker #3: It's now going to probably fall in the calendar year, so, i.e., into the next fiscal year. So, if we take the old guidance, we could then infer the project size.

Werner Ponikwar: Correct

Sky Landon: fiscal year.

Skye Landon: fiscal year.

Werner Ponikwar: Exactly.

Sky Landon: If we take the old guidance, we could then infer the project size. Okay. Got it.

Skye Landon: If we take the old guidance, we could then infer the project size. Okay. Got it.

Speaker #3: Okay, got it.

Speaker #1: Yeah. In terms of actively pursued projects being a bit lower, I mean, we have certainly also won, in the meantime, a project actually that was part of our pipeline, and that's certainly what is going out of the pipeline.

Werner Ponikwar: Yeah, in terms of actively pursued projects being a bit lower, we have certainly also won in the meantime, a project, actually, that was part of our pipeline, and that certainly was going out of the pipeline. There are, of course, also always some fluctuations, simply because projects tend to be postponed again and basically moving in then different categories, also in our pipelines again. This is not a general trend of lower actively pursued projects. It is rather, I would say, a minor fluctuation, which is quite natural in a still quite volatile market environment.

Speaker #1: And there are, of course, also always some fluctuations simply because projects tend to be postponed again and basically move into different categories, also in our pipelines again.

Speaker #1: So this is not a general trend of lower actively pursued projects; rather, I would say it's a minor fluctuation, which is quite natural in a still quite volatile market environment.

Speaker #3: Okay, makes sense. Thanks for the color.

Sky Landon: Okay. Makes sense. Thanks for the call.

Skye Landon: Okay. Makes sense. Thanks for the call.

Speaker #1: Thank you.

Speaker #2: Thanks, Guy. The next question comes from Martin Rookie with Citi. Please unmute yourself and go ahead.

Werner Ponikwar: Thank you.

Hendrik Finger: Thanks, Sky. The next question comes from Martin Wilkie with Citi. Please unmute yourself and go ahead.

Speaker #4: Yeah, thank you. Good morning, it's Martin from Citi. Just a question to clarify on the decision on SOEC. I mean, you talk about the market development, but was the decision primarily driven by the cost of developing that manufacturing capability, or is it really the timing for how that market develops that drove the decision?

Martin Wilkie: Yeah. Thank you. Good morning. It is Martin from Citi. Just a question to clarify on the decision on SOEC. You talk about the market development, but was the decision primarily driven by the cost of developing that manufacturing capability, or is it just really the timing for how that market develops that drove the decision? Linked to that, I believe, if I understand correctly, that you are retaining the possibility that you could sell intellectual property in the future. Is your development within that technology at a point that it could be commercialized, or will there still be development costs to further develop your intellectual property within SOEC? Thank you.

Speaker #4: And then, linked to that, I believe, if I understand correctly, that you're retaining the possibility that you could sell intellectual property in the future.

Speaker #4: Is your development within that technology at a point that it could be commercialized, or will there still be development costs to further develop your intellectual property within SOEC?

Speaker #4: Thank you.

Speaker #1: Hi, Martin. This is Verner. So, on the decision point—it's basically, of course, a combination of cost and timing. We believe the timing is currently not right to continue to invest a three-digit number in terms of capex actually in building up manufacturing capacities.

Werner Ponikwar: Hi, Martin. This is Werner. On the decision point, it is basically, of course, a combination of cost and timing. We believe the timing is currently not right to continue to invest a three-digit number in terms of CapEx, in building up manufacturing capacities. By the way, I think we are not alone with that perspective. You have also seen potentially announcement earlier this year from competitors in that field that have started to postpone their plans and their capacities that they have already invested in. We are confident that timing-wise, this is not the right timing. At the same time, you certainly also know that we are big fans of asset-light operation models. We would try to follow also in SOEC, our philosophy here, and that makes a lot of sense for us.

Speaker #1: And by the way, I think we are not alone, actually, with that perspective. You've also seen, potentially, announcements earlier this year from competitors in the field that have started to mothball their plans.

Speaker #1: And their capacity that they have already invested in. So we are confident that, timing-wise, this is not the right timing. And at the same time, actually, you certainly also know that we are big fans of asset-light operation models.

Speaker #1: And we would actually try to follow, actually, also in SOEC, our philosophy here. And that makes a lot of sense for us. So again, it's a combination of cost and timing.

Werner Ponikwar: Again, it is a combination of cost and timing. Yes, in terms of commercial ability, if you want, of this technology, that is certainly at a point where, and I have mentioned that, where we are currently trying to understand alternatives and opportunities in the market, how we can commercialize and valorize actually what we have in our hands in terms of technology and also in terms of IP. As soon as we are taking decisions here, we will certainly also inform the capital market about that.

Speaker #1: Yes, in terms of commercial ability, if you want, of this technology, that's certainly at a point where—and I've mentioned that—where we are currently trying to understand alternatives and opportunities in the market, how we can commercialize and valorize, actually, what we have in our hands in terms of technology and also in terms of IP.

Speaker #1: And as soon as we are taking decisions here, we will certainly also inform the capital market about that.

Speaker #4: Great. Thank you very much.

Martin Wilkie: Great. Thank you very much.

Speaker #2: Yes, as a reminder, so if you want to ask questions, please push the raise your hand icon. We would wait just a little bit for anyone else to ask a question.

Hendrik Finger: Yes, as a reminder, if you want to ask questions, please push the raise your hand icon. We will wait just a little bit for anyone else to ask a question. There we have Klaus Singer with Oddo. Please unmute yourself and go ahead. We cannot hear you yet. Could you please unmute yourself additionally? Your line should be open, and then it will probably work.

Speaker #2: There we have Klaus Singer with Oddo. Please unmute yourself and go ahead. We can't hear you yet. Could you please unmute yourself? Additionally, your line should be open.

Speaker #2: And then it will probably work.

Speaker #3: Yeah, can you hear me now?

Speaker #2: Yes, it works.

Speaker #5: Yeah, hi. So, yeah, good morning. Sorry. I just want to ask about the SOEC impairment and the indication for the impact on the EBIT this year and next year, and also on the cash flow for next year, just for clarification.

Klaus Singer: Can you hear me now?

Klaus Ringel: Can you hear me now?

Hendrik Finger: Yes, it works now.

Hendrik Finger: Hi. So yeah, good morning. Sorry. Yeah, just want to ask on the SOEC impairment and the indication for the impact on the EBIT this year, next year, and also on the cash flow for next year, just for clarification. Is there any impact on cash flow from this impairment this year, or is it without impact or zero impact?

Speaker #5: Is there any impact on cash flow from this impairment this year, or is it, yeah, without impact or zero impact?

Speaker #1: Yes, so there's mainly an impact on EBIT, and as we said during the presentation already, the impact on cash flow is very limited, if not insignificant.

Stefan Hahn: Yeah. So there's mainly an impact on EBIT, and as we said during the presentation already, the impact on cash flow is very limited, if not insignificant. So it's mainly the impairment from capitalizations that we had in the past.

Speaker #1: So, it's mainly the impairment from capitalizations that we had in the past. Of course, going forward in the next fiscal year, we pointed to that as well.

Klaus Singer: Okay.

Klaus Ringel: Okay.

Stefan Hahn: Of course, going forward in the next fiscal year, and we pointed to that as well in the presentation, we will have a significant positive effect because in the past we, of course, invested into that, and these investments will not be necessary any longer going forward. So next year, we expect a positive savings effect of EUR 20 million in cash and EUR 10 million in EBIT.

Speaker #1: The presentation will have a significant positive effect, because in the past, we, of course, invested into that, and these investments will not be necessary any longer going forward.

Speaker #1: So next year, we expect a positive savings effect of €20 million in cash and €10 million in EBIT.

Speaker #3: And that's done for lower CAPEX, I assume?

Klaus Singer: That is then for lower CapEx, I assume?

Klaus Ringel: That is then for lower CapEx, I assume?

Speaker #1: Yeah, exactly. Our capex, and that also includes capitalization of development expenses.

Stefan Hahn: Yeah, exactly. Our CapEx again also includes capitalization of development expenses.

Speaker #3: Okay, thanks for the clarification.

Klaus Singer: Okay. Thanks for the clarification.

Klaus Ringel: Okay. Thanks for the clarification.

Speaker #2: There seem to be no more questions at this point in time. For that reason, I hand over to Verner one last time, and he will conclude today's call.

Hendrik Finger: There seems to be no more questions at this point in time. For that reason, I hand over to Werner one last time, and he will conclude today's call.

Speaker #1: Yes, Tom. Thank you very much, everyone, for joining us here today on our call. If you have any more questions during the day, please feel free to reach out to our Communications team or our Investor Relations team.

Werner Ponikwar: Yes. Thank you very much, everyone, for joining us here today on our call. If you have any more questions during the day, please feel free to reach out to our communications team or our investor relations teams. With that, thank you very much again. Goodbye and all the best.

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Q3 2026 Thyssenkrupp Nucera AG & Co KGaA Earnings Call

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