Good afternoon, ladies and gentlemen. Let me start with a quick snapshot of our performance after nine months.

Overall, Heidelberg delivered a solid and resilient performance despite a challenging external environment marked by weak macro momentum and continued FX headwinds. Order intake reached €1.6 billion and was below the prior-year level as expected.

Prior year had benefited from a strong market environment. Importantly, book-to-bill remains above 1.0, supporting revenue visibility going forward.

We are seeing a slightly positive trend. We had a very good order intake from the US, especially in October and November.

Customers continue to rely on our products and services and have not opted for other solutions in the meantime, but have waited with their investment decisions and are now ordering. This is a positive trend, hence we are cautiously optimistic about the coming months.

On the top line, net sales increased to €1.6 billion, reflecting resilient demand and solid execution. Even tough currency effects continue to weigh on reported growth.

On a constant currency basis, the underlying development remains clearly positive. At the same time, we made further progress on profitability.

The adjusted EBITDA margin improved significantly to 7.1%, up 140 basis points year-over-year, reflecting higher production efficiency and more favorable cost structure and the visible impact of our Zukunftsplan measures. The number of employees declined as planned, and structural personal and functional cost measures are increasingly translating into earnings leverage.

In addition, net income increased significantly by €59 million to a positive €17 million. Free cash flow remains negative after nine months, which is typical for the period, and mainly driven by working capital timing effects as well as non-recurring cash-outs related to M&A, to Polar, and the Zukunftsplan.

However, it improved clearly year-over-year, supported by higher net income and disciplined cash management. In summary, despite the fact FX headwinds and macro uncertainty still have its negative impact, overall performance remains robust and in line with expectations.

Our strategic focus on efficiency, cost discipline, and operational execution is paying off. Let me continue by outlining our strategic progress.

Heidelberg is on a promising path, and our strategic realignment is delivering in a challenging market environment. Our core business continues to provide the strong foundation on which the transformation is built.

Our unique USP is the intelligent combination of equipment, software, and services on a global scale. This integrated approach not only strengthens our market position, it also opens up new avenues for growth.

With targeted portfolio expansions such as the new Jetfire 75 launched in January, we are complementing our system-integrated solutions offering and are creating structural growth opportunities. Building on this momentum, let me now turn to our technology growth agenda.

We are systematically positioning ourselves in new business fields such as defense, security, energy, and industrial system solutions, all marked by megatrends and rising structural demand. Under the name of HD Advanced Technologies, we will establish the framework to act as a trusted partner in these environments.

I come back to this later on. Before we get into our product highlights, let's take a quick look at a very important financial topic.

At the beginning of the year, we extended our syndicated credit line ahead of schedule, creating a stable financing basis for our company, a powerful sign of trust from our banking partners. We achieved this with a slightly modified banking consortium, adding new partners, and increased the volume by €66 million to €436 million.

With an extended maturity to 2030, we now have considerably more leeway for our planned business expansion. In addition to financing our operating business, the new syndicated loan provides a solid foundation for our company's further strategic development.

It is, of course, intended to support our growth, especially outside the print and packaging sectors. Let's take a look at our order situation.

For this, I would like to hand over to Dr. David Schmedding.

Good afternoon, ladies and gentlemen, and also welcome from my side. Book-to-bill remains above 1.0, confirming a solid and resilient demand basis despite the challenging macro environment and ongoing FX headwinds.

Revenue visibility therefore remains sound going forward. Order intake of €1.6 billion over the first nine months underlines the continued robustness of demand, even against the strong prior-year comparison.

This strength is broadly based. Heidelberg's global diversification continues to be a key differentiator, with balanced contributions from multiple regions helping to offset regional volatility.

Importantly, our global sales and service network, combined with a competitive cost base and local production in China, provides a clear structural advantage. While macro uncertainty persists, particularly around US tariffs discussions, our diversified footprint and disciplined cost structure continue to ensure resilience and stability.

We are also seeing early positive signs. Order intake from the US was strong in October and November as customers sense increasing stability and unchanged tariff conditions.

Many had delayed decisions, but are now placing orders again. This is encouraging, and overall, I would like to describe the situation as cautiously optimistic.

Let's now turn the attention to our solution highlights and how we are strengthening our hybrid portfolio. I would like to reiterate, Heidelberg offers a true end-to-end hybrid ecosystem.

With Prinect, our customers switch seamlessly between digital and offset production. The Jetfire 50 continues to perform strongly, with about 30 machines sold and a solid funnel.

Building on this, we launched the Jetfire 75 in January. It is the digital core of our hybrid strategy and targets the structurally growing demand for short runs, personalization, and hybrid jobs.

The entire Jetfire family is fully integrated into the Heidelberg ecosystem. This strengthens our high-margin system business, drives recurring revenues, and leverages our installed base.

With Jetfire, we combine offset strengths with innovative digital technology, delivering maximum flexibility, top quality, and true hybrid productivity for our customers. In November, we hosted a Saphira Experience Day at our Print Media Center here in Wiesloch.

This event gave us the opportunity to demonstrate the breadth and performance of our Saphira consumables portfolio in live production environment and to underline Heidelberg's positioning as a full-service provider. Saphira covers the entire print production process and is designed as a true plug-and-play consumables platform.

The key focus of the Experience Day was the benefit of tested, harmonized consumables and highly optimized workflow. Because Saphira products are fully integrated into our machine and service ecosystem, customers benefit from higher efficiency, greater process reliability, and lower total cost of ownership.

This end-to-end system integration not only creates clear operational value for customers, but also strengthens long-term customer loyalty and recurring revenue streams for Heidelberg. Overall, the Saphira Experience Day sent a clear signal for the future of print, driven by innovation, deep expertise, and close collaboration with our customers.

With that, I would like to hand back to Jürgen Otto, who will give us a more detailed look into the technology segment.

Thank you, David. We need the next slide.

At the moment, we are discussing potential partnerships and collaboration with players in the defense, security, and energy spectrum. Again, we are building on decades of industrial and systems expertise and are targeting markets in the areas of megatrends, as I said, security, defense, energy, and charging infrastructure, coming also from the Amperfied footprint.

To underpin this development, we will bundle all corresponding activities under the name of HD Advanced Technologies. We assigned dedicated resources for stringent steering of the buildup of our second engine to work towards our goal of becoming a reliable technology and system partner in these new industries.

We will, of course, keep you informed about further progress. Volker, please move on with our financial review.

Thank you, Jürgen. Hello everyone from my side and thank you for joining us today.

Now let's concentrate on third quarter financials on the next slide. On the order side, we continue to navigate in a challenging market with significant currency headwinds by demonstrating solid resilience.

In quarter three, order intake declined by 6% year-over-year, reflecting the overall market situation and adverse currency effects. Please bear in mind third quarter last year has been backed by drupa-related orders.

With additional orders in the third quarter based on the Labelexpo, which took place in September, delivered double-digit million euro orders in total, reinforcing the strong strategic and growth potential of label printing. Net sales grew by a solid 4% despite currency pressure, demonstrating the strength and resilience of our revenue generation.

The currency headwind must be taken into account, but overall seasonality trend in sales of recent years is still intact. Accordingly, we are confident that the sequential growth in fourth quarter will contribute to deliver on our business year 2026 guidance.

Due to gross margin effects, which could be partly offset by efficiency gains in functional areas, adjusted EBITDA was down by 100 basis points year-over-year. Last year's third quarter included roughly €29 million of provisions for structural personal cost measures, adjusted as a special item.

Far this business year, no adjustments for special items were required. Net income increased significantly from -€7 million to €17 million in this quarter.

Free cash flow declined from €4 million to -€17 million as an effect of lower customer down payments. Have a look on the segments performance of the nine months, noting that, as mentioned earlier, currency headwinds had a significant impact on the results.

Incoming orders in the Print and Packaging Equipment segment declined by 18%, amounting to €794 million. Net sales grew by approximately 14%, reaching €804 million, driven primarily by robust demand for print and packaging solutions.

As a result, adjusted EBITDA improved, reaching €77 million compared to €58 million in the previous year. Adjusted EBITDA margin rose to 9.6%, an increase of 140 basis points, due to higher capacity utilization combined with lower costs, resulting in a significant EBITDA improvement.

After nine months, the Digital and Lifecycle segment recorded an order intake of €791 million, which is about 3% below the previous year's level, reflecting a lower cyclical sensitivity. Net sales held steady at €755 million, with solid narrow web growth boosted, as mentioned, by Labelexpo, offsetting softer service and consumables.

The adjusted EBITDA increased from 5.4% to 6.1% over the first three quarters versus the prior-year period. However, third quarter was below the prior-year quarter primarily due to temporary product mix effects.

In the Technology segment, order intake and net sales after nine months were up year-over-year, rising by around 4%, while adjusted EBITDA improved by roughly 10% points. Now let's have a look on the regional view.

In EMEA, the absence of last year's drupa effect combined with challenging economic conditions was clearly felt, resulting in an 11% decline in order intake to €823 million. Net sales, however, reached €836 million, representing a significant 13% increase, driven by new machine deliveries, while service and parts and consumables remained modest.

Regional-wise, to highlight the performance contribution of Italy, which was backed by a governmental subsidy program. In Asia Pacific, order intake remained challenging due to cautious investment behavior amid currency weakness and US trade conflicts.

In total, €415 million, which is a decline of 14% on reported base, respectively FX-adjusted 9%. Worth noting that our core market China declined by -5% year-over-year, and outperformed other countries of the region in comparison.

Asia Pacific net sales came in at €410 million, 3% below last year, with solid deliveries to Japan and Indonesia. On a constant currency basis, net sales would have grown by roughly 3%.

Americas saw order intake down about 5% year-over-year over the first nine months, but third quarter rebounded strongly with approximately a 17% increase versus the prior-year quarter. Supported by this strong third quarter, net sales ended above last year's.

The region continued to face significant currency headwinds, and the outlook for tariffs remain uncertain. Our EBITDA bridge on the next page illustrates the key drivers behind the change in operating profitability after nine months compared with last year, when reported EBITDA stood at €57 million.

In December 2024, we built a provision of €29 million for future transformation measures, which was excluded from adjusted EBITDA. Higher sales volumes together with improved capacity utilization in both production and service supported profitability.

This was partly offset by margin dilution from an unfavorable product mix. At the same time, efficiency measures delivered tangible productivity gains while disciplined cost control initiatives led to a further improvement in operating costs.

Personnel expenses declined as headcount reduction savings more than compensated for one-off wage payments and prior-year short-time work effects. In addition, the absence of drupa trade fair costs benefited the period, partly offset by expenses related to 30 Years Print China and a one-off personnel provision release that had supported the prior year only.

Overall, adjusted EBITDA doubled year-over-year to €114 million after nine months, with no items adjusted in EBITDA. Let's continue with our cash flow, starting with an improved operating cash flow, which was at €35 million at -€35 million compared to -€66 million in prior year.

Due to a strong EBITDA achievement with €114 million after nine months, tax and interest were slightly above prior year. Net working capital impacts declined year-over-year by €2 million.

Restructuring-related payouts increased to €15 million, reflecting the implementation of the so-called Zukunftsplan. Pension effects and other operating changes had a positive impact on operating cash flow, driven primarily by improved tax positions and VAT balances, contributing €5 million year-over-year.

Let's finish the cash flow section by looking at our free cash flow. The cash flow from investments amounted to -€58 million after nine months.

Higher investments were driven by the acquisition of the Polar Group business in the low double-digit million range. Divestment income of around €11 million was lower than in the prior year, which had benefited from strong sales of demonstration machines after the drupa.

After nine months, free cash flow was -€81 million compared to -€97 million in the previous year, clearly a result of an improved operating cash flow. Now let's conclude the section with a view of some balance sheet figures.

Driven by a positive net result of €17 million and an increase of the pension discount rate, equity grew within the first nine months. Till the end of 2025, the equity ratio increased by 110 basis points to 26.2% and reached a level of €563 million in euro in absolute terms.

These effects were partly offset by €19 million of currency translation losses recorded directly in equity. Overall, the equity ratio stood so far at 26.2%.

Our pension provisions totaled €626 million, reflecting the increase in the German pension discount rate from 3.8% to 4.1%. The net financial position declined to -€18 million, driven by a negative free cash flow of -€81 million, a non-cash increase of €24 million in lease liabilities, and adverse currency effects totaling -€5 million on cash balances.

As Jürgen mentioned at the beginning, we strengthened our financial foundation by increasing our syndicated credit line to €436 million and extending its maturity. This provides us with strong liquidity and ample headroom, with our revolving credit facility used at only 25% of its €370 million capacity as per end of December 2025.

To summarize the financials of the first nine months, I'd like to highlight some key messages. Despite a challenging market environment with significant currency headwinds, Heidelberg delivered a strong 6% year-over-year net sales growth.

Ensuring strong profitability is central to everything we do. Our adjusted EBITDA margin, which increased by 140 basis points year-over-year, reflects meaningful progress.

We are executing more efficiently, managing our cost base with discipline, and steadily improving the underlying quality of our earnings. Thirdly, as mentioned earlier, our Zukunftsplan initiatives and ongoing efficiency programs are materializing and support profitability.

We are seeing real, tangible effects. The measures we put in place are improving our cost position and strengthening the foundation for sustainable long-term growth.

This gives Heidelberg greater resilience in a volatile market environment by still allowing us to invest in our new program innovation and deliver added value for our customers. With that, let me hand it back to Jürgen.

Thank you, Volker. This brings me to our outlook for full year 2025/2026 and our full-year guidance.

Based on the expectations and assumptions outlined in the 2024/2025 annual report, we continue to expect net sales of around €2.35 billion for the 2025/2026 financial year, compared with €2.28 billion last year. Given the substantial currency impacts we are facing and the still weak macroeconomic and uncertain trade policy environment, we anticipate that the adjusted EBITDA margin will likely come in toward the lower end of the forecast improvement of up to 8% versus 7.1% in the prior year.

Overall, we are reaffirming our guidance and remain focused on disciplined execution and improved profitability. Let me wrap up with the key messages for today.

First, we are staying firmly focused on our core business. This is the backbone of Heidelberg, and it continues to strengthen our role as a system integrator in the global packaging market.

Second, our Zukunftsplan is fully on track. The efficiency and cost measures our implementing, especially on the personnel side, are beginning to show real traction and materially supporting our profitability.

Third, we are deliberately expanding into a new business pillar. We are making targeted investments and exploring selected opportunities in the defense sector, where we see attractive long-term potential.

Overall, I want to highlight that we are in progress to bundle our security and dual-use activities under the name HD Advanced Technologies as we continue our way towards becoming a reliable partner in this area. With that, thank you for your attention, and I'll hand back to the operator.

There are no questions. Thank you for your attention.

We will close the call. Stay safe.

See you soon. Bye-bye.