Thank you, moderator, and good afternoon, good evening, everyone. I'm Christian Waelti, Head of Investor Relations, and I'm joined today by Peter Mainz, our CEO; and Davinder Athwal, our CFO.

As you know, earlier today, Landis+Gyr issued an ad hoc release and related presentation on the full year 2025 results, which are available on our website. This session will follow the structure of the presentation, so we encourage you to follow along.

We'll conclude with Q&A, where our moderator will provide further instructions and where you will be able to ask questions. Please take a moment to review the usual disclaimer on Slide 2 of the presentation.

After this short introduction, I'd like to hand the floor over to our CEO, Peter Mainz.

Thank you, Christian. Good afternoon, and good evening, everyone.

I'm here with Davinder, our Chief Financial Officer, and we are pleased to present our full year 2025 financial results. With that said, let's now start with a review of the achievements in 2025.

Let's turn to Slide 3. Financial year 2025 was a pivotal and demanding year for the teams at Landis+Gyr, marked by the successful execution of our strategic transformation.

At the same time, we remain firmly focused on operational delivery, and we met our targets. This highlights the strength and depth of our talent base, which continues to drive disciplined execution across multiple fronts.

We began the year focused on the process of divesting our EMEA business. In September 2025, we signed an agreement with a private equity buyer and in April 2026, we successfully closed the transaction.

With the transaction, we have created a business with elevated EBITDA and cash profile with low capital intensity and an attractive financial profile going forward. Our 2025 revenue growth reflects our continued focus on execution and customer engagement.

Strong customer demand is evidenced by solid order intake and a sustained high backlog. Profitability improved further with an EBITDA margin of 14.4%.

This performance enabled us to return approximately $70 million to shareholders. For 2026, we intend to continue rewarding shareholders and propose an increased distribution of CHF 1.20 per share.

In addition, we are progressing with our share buyback program to return the net proceeds from the EMEA divestment with approximately $140 million remaining. Let's move to Slide 4 on order intake and backlog.

The sustained strength of our pipeline, the strongest pipeline I've seen, is clearly reflected in our order intake. We are pleased to report order intake of $1.1 billion in financial year 2025, highlighting the continued robustness of our pipeline.

In contrast to last year, order intake was broad-based rather than driven by a few large contracts and included a significant contribution from new logos. This resulted in a book-to-bill ratio of around 1, representing a solid performance.

In the fourth quarter, we maintained a book-to-bill ratio of approximately 1, while delivering revenue growth of 25%. Our entry into the gas metering market with ultrasonic technology, paired with expanding our gas endpoint offering, is clearly gaining momentum as a strong pipeline is translating into order intake.

In Asia Pacific, our grid edge offering is seeing increasing adoption, though from a smaller base, but with lots of runway left. Overall, we're seeing solid momentum across our global platforms.

We are particularly pleased with our order backlog, which remains stable at close to $4 billion. Approximately 43% of the backlog consists of software and software-enabled services, typically recognized over a period of 8 to 10 years, providing a strong foundation and enhanced visibility for long-term growth.

And now I will give the floor to Davinder, our CFO, and he will run us through the financials in more detail.

Thank you, Peter. Good morning and good afternoon, everyone, and thank you for joining us today.

Let me begin with our consolidated financial results on Slide 5. For the full year, net revenue was $1,166.2 million, representing 4.2% year-over-year growth, primarily driven by strong performance in the Americas region and continued adoption of our Revelo platform.

Strong operating execution drove higher revenue, and together with a deliberate mix shift towards software and software-enabled services, supported expansion in both gross margin and adjusted EBITDA margin year-over-year. Adjusted EBITDA margin for the year was 14.4%, coming in at the high end of our guidance range.

Turning to Slide 6, I'll walk through our fourth quarter results. New orders in the quarter kept pace with revenue, resulting in a book-to-bill ratio of 1, reflecting sustained demand for our products and services as well as continued discipline across the sales organization.

Fourth quarter net revenue was $352.4 million, representing approximately 25% year-over-year growth, driven primarily by increased adoption of the Revelo platform and a continued mix shift towards software and software-enabled services. Gross margin expanded by 460 basis points year-over-year, reflecting the realization of operational efficiencies and the favorable impact from our evolving revenue mix.

Moving to Slide 7, let's look at full year performance in the Americas. Revenue in the Americas increased nearly 8% year-over-year, supported by strong demand for our Revelo platform, which continues to gain traction with customers across the region.

We are also driving incremental growth through a strategic shift towards higher ASP software offerings. Both gross margin and adjusted EBITDA margin expanded year-over-year, reflecting disciplined execution and a sharper focus on operating expense management.

On Slide 8, I'll cover fourth quarter results for the Americas. Strength in new orders resulted in a book-to-bill ratio of 1 for the region.

Fourth quarter net revenue was $322.8 million, representing approximately 32% year-over-year growth, driven by continued adoption of the Revelo platform and increasing contribution from software and software-enabled services. Gross margin expanded by 660 basis points versus the prior year, reflecting operational discipline and the benefits of efficiency initiatives.

Next, turn to Slide 9. Let's review our APAC results.

APAC revenue declined 19% year-over-year, primarily due to the completion of an AMI project in Hong Kong that contributed revenue in the prior year period. Adjusted EBITDA margin in APAC was impacted by lower operating leverage and mix when viewed on a normalized basis, which excludes a onetime real estate gain recorded in the prior year.

Finally, on Slide 10, I'll review our liquidity position. As of the end of March 2026, net debt stood at $198.9 million.

Key movements from the prior year end included $98.3 million of operating cash flow, $69.8 million returned to shareholders, including $41.2 million in dividends and $28.6 million in share repurchases under our ongoing buyback program, and $38.7 million in capital expenditures focused on growth and efficiency initiatives. We closed the year with a net debt to adjusted EBITDA ratio of 0.9x, reflecting continued balance sheet strength while funding our capital allocation priorities.

That conclude my prepared remarks. Thank you for joining us today, and thank you for your continued interest in Landis+Gyr.

Now I'll turn the call back to Peter. Peter?

Thank you, Davinder. Let's discuss our guidance for financial year '26 and our midterm guidance next.

Let's move to Slide 11. Let me start with net revenue for financial year 2026.

Revenue next year will be impacted by the transition between 2 large-scale contracts. We have a category-defining Revelo contract, which completes deployment in the course of first half of financial year '26.

On the other hand, we have a $0.7 billion contract awarded to us in financial year '24, which begins deployment and reaches scale in the fourth quarter of financial year '26. The transition between these 2 large-scale deployments is expected to result in an estimated $60 million revenue gap between project roll-off and new deployment ramp-up.

While our backlog remains exceptionally strong, these transitions are not seamless and will become visible around the middle of financial year '26. We therefore expect net revenue in the range of $1.05 billion (sic) [ $1.075 billion ] To $1.125 billion.

We expect adjusted EBITDA margin in turn to further improve to a range of 14.5% to 15.5%, continuing our trajectory of margin expansion despite slightly lower revenue. For the first full year without EMEA, we further expect our cash flow to improve significantly.

Let's have a look at our midterm expectations on Slide 12. Our previous guidance cycle concluded with the fiscal year '25 results.

With our new structure now in place, we believe it is appropriate to provide updated midterm guidance. For the next 3 years through fiscal year 2028, we expect organic revenue compound annual growth rates in the mid-single digits.

This implies a return to meaningful growth in fiscal '27 and fiscal '28, supported by our strong backlog. The previously referenced large contract is expected to be fully ramped by fourth quarter fiscal '26 and continues through fiscal '28, contributing approximately 5% to growth.

In addition, a major grid edge deployment in Australia is expected to add an additional 2% growth contribution. As we continue to execute, we expect to benefit from operating leverage and higher margin software and software-enabled services, resulting in EBITDA expansion and growing at approximately twice the rate of revenue.

Let me close on Slide 13 with a preview on our next highlight, our Capital Markets Day in New York on June 1. The successful divestment of our EMEA business has created a more focused Landis+Gyr.

At our Capital Markets Day in New York, we will share an update on strategy, highlight our core markets and present our technology road map for grid edge intelligence. On the financials, we will detail our capital allocation priorities and financial framework, and introduce a new business segmentation as we move from a regional to a product-focused structure.

I'd love to see you all there. And now, we'll open the call for questions.

Moderator, please.

The question I have is that, again, I mean, you are giving us some indication on '27, '28. But when we look at your backlog at the end of March, and when we look at like how much typical revenues you get in those years, like, what's the degree of confidence on this high growth that you are expecting in '27, '28 from existing backlog?

Or is it contingent to commercial activity in the next 12 months? And maybe you can also talk about the pipeline for projects and orders.

If I -- and I hear you right, you said the pipeline is strongest that you have ever seen. And maybe if you can elaborate more on that.

Yes. Thank you, Akash.

So a couple of things. Let's be clear.

The growth we see in '27 and '28 is in our backlog today, and that's really what we tried to articulate. In '26, you see the transition from, I would say, a category-defining contract with, I think, the customer up in the Northeast.

We can talk about the name, National Grid. We put grid edge AMI 2.0 on the map with that contract.

And successful winning the contract and now by the contract ramping down, it's another success story that the deployment was a success as well. The contract that is coming right after is a contract that we have in the backlog that is ramping up.

We always say in some of those large contracts, it takes somewhere around 15 to 18 months between the signing and really starting the contract. And here, we're talking about ramping it up.

Exit quarter, that contract we expect to operate and be delivering at full pace. That is a starting point into '27, '28 and actually beyond.

And then the second element is there in Australia, that's a contract that we also -- we have announced. That's a grid edge contract, putting us on the map in Australia with grid edge, a new offering.

We have that on hand. We don't need to win that, we need to execute that.

That gives us confidence. And also, the strong win rate that we had and the wins we had in the final quarter of '25.

Let's not forget we were growing our revenue by 25%. And still in that quarter, delivered a book-to-bill to 1, that is helping us to deliver the '27 and '28 growth, also growth that is in the backlog as we speak of today.

And then across the year, we see the overall trend, software, software-enabled services, grid intelligence as we will start to call it, is really driven by the installed base of Revelo, and that is really increasing every day. So the short answer is the growth is really in the backlog as we have it today, the close to $4 billion on hands.

And it's just the revenue transition pattern that we have tried to lay out and give confidence that this backlog actually contains the growth for '27 and '28 today. The pipeline overall...

No, no, I was asking on pipeline and book-to-bill expectation.

So pipeline, the next thing, pipeline, probably the strongest pipeline if we're looking at the pipeline, the strongest pipeline certainly I have seen, in particular, obviously, in Americas, where we are focusing today. The more interesting and the more important part for this group is how is pipeline translating into order intake.

Q4 was a good indication for us that we are very successful in bringing the pipeline into order intake. And that is also the task for '26 and beyond.

And any time outside a large contract, the task is the book-to-bill to be at around 1. And then with the large contracts that we are pursuing, the timing is always not certain quarter-by-quarter that will move us above 1.

But strongest pipeline that I've seen, and we have seen tremendous success with our offering to move the pipeline into order intake and then put it in the backlog supporting the growth.

Yes, great. Thanks for all these explanations, especially around the guidance and all the clarity.

But I have one follow-up on the midterm and 2 other questions. Starting with the midterm.

A bit more clarity would be helpful here. So these components that you outlined with the 5% plus 3% plus 2% per annum, that assumes that the base business is sort of flat over that period.

Is that a correct assumption? What I try to understand is the upward or downward sensitivity of this CAGR.

So this -- on this page, we are articulating the growth in the year of '27 and '28, which mathematically needs to be close to 10%. And what we try to articulate here that these growth rates are basically in our backlog as of today.

And I would say that's -- that's the growth that business is part of the base. That's what we do.

So I'm not...

Yes, no, can I -- sorry, can I have -- yes. The other 2 questions would be, first, on the shift towards higher ASP software that you alluded to for Americas.

Can you add a bit more color what you mean by that? And is it possible to segment maybe your current software exposure into these maybe lower and higher ASP parts and what those are exactly will be interesting.

So I mentioned higher margin. And here, we're getting the territory that we want to cover in the Capital Markets Day.

But it's fair to say what we call grid intelligence or software and software-enabled services already today has a gross margin level that is above the average margin level of the business. And also, if we break it down and look at growth rates for that segment versus the device or platform part of our business, has growth rates above and beyond what we see on the platform side.

So that mix shift has 2 element. Growth rate is a bit faster than we see above the average that we see for the business, the mid-single digits.

It's growing much faster. And then the profitability is also nicer and higher, obviously, that stands for nicer.

And with that shift also helps us to move the profitability over that period up. The more concrete breakout, we certainly want to take advantage of the Capital Markets Day to provide the detail that you're looking for here, but that's how we view that part of the business, and that's how we see it in the midterm.

Great. Super, yes.

So looking forward to those explanations. And then the last question maybe for Davinder.

You talked about the cash flow, and you mentioned a significant improvement now with EMEA out. Can you maybe help us understand how you expect that to translate into free cash flow?

Is it possible to provide a bit more of a guidance around what you expect there?

Patrick, good to hear from you. Yes, absolutely.

So with the new business profile, we are targeting around 80% conversion of EBITDA to free cash flow, which is significantly better than we ever saw previously.

Just curious, 2 questions. One, in North America, you mentioned a really strong pipeline there.

I'm curious if there's anything in the market, whether that's for regulatory policy or funding that might kind of cause fluctuations in being able to win awards like timing quarter-to-quarter or any pushouts. And then the second question was along Revelo.

Just could you remind us where you are in terms of, like, Revelo penetration against the existing installed base of legacy products that you had?

Okay. The first one -- and thank you, Louis (sic) [ Sean ].

When we talk about Revelo and grid intelligence on the installed base, I think and in it's -- when we talk about North America, where we're further advanced in the penetration compared to Australia, we are, I would say, mid-single digits of the full available base, which is 160 million, 165 million endpoints. So still a substantial amount of runway left for that transition to Revelo or grid edge technology.

On the regulatory front, also, it's important to understand that it's not -- it's not the same in every state. And we don't -- certainly, affordability is a theme in the industry and then sometimes that builds into the regulatory process with PUCs as well.

But overall, we don't see a dramatic change from where we've seen before. And it's also fair to say that a lot of the discussion for the approval of the capital projects that we provide to our utilities when utilities have good relationships with the PUC, that's really not an issue that lands with the PUC.

So we have a good mixture that I would still say it's unchanged from the complexity dealing with PUCs that has been part of the industry for an extended period of time. So a long-winded way of saying not really any substantial change.

Can you hear me?

Yes.

Yes. So my question is concerning the $0.7 billion contract.

How confident are you with the calendar? And what are the reasons that could delay the ramp-up beyond the one quarter to another?

So that's my first question.

So to be clear, that contract is in our backlog that moved to our backlog in fiscal '24. And I would say that is 100% on the execution side, and that is, I would say, in our hands today, and we have the confidence that we'll deliver the Revelo product to that customer up in the Eastern part of Canada.

Okay. That's very clear.

And maybe another question on the Asia Pacific region for full year 2026. What do you expect in term of order intake?

We're not really guiding for order intake per se, and I continue to stay the same. Outside of those large contracts, like one we have just mentioned, the target is always be a book-to-bill of 1.

And obviously, any contract of the magnitude of $0.7 billion will tilt the order intake and the book-to-bill substantially above 1. It's difficult to articulate it quarter-by-quarter, but that's the ambition that we continue to drive in that business.

I have follow-up on this revenue shortfall. The question, first one, is that you're giving us the impact on revenues, which is, I think, around $60-odd million.

But can you quantify what will be the impact on margin? Like if we haven't had this revenue shortfall, what would have been the margin guidance?

Because when I look at the drop-through of these revenues with 35% gross margin that -- or north of 35% gross margin that you make in North America, then it kind of indicates to me that if you haven't had this, then the margins could have been quite higher. So first one on impact on margin from this revenue shortfall.

And the second one is that you have this situation where you have a lower load for few months. How realistically it is possible that you can ask customer for this $0.7 billion contract that how about starting ramp maybe couple of months early because you have capacity?

Like could this be a possibility or that is not really we should be looking for?

So let me -- I leave the gross margin to Davinder, but let me tackle the timing. As I said, we've -- this is a contract that's been in our backlog for -- since the end of fiscal year '24.

And those are fairly complex contracts as it relates to the deployment with the customer and the rollout and embedding it in the business processes of the utility. So we have taken advantage of substantial planning on our side and on our customer side.

And I feel fairly comfortable that the exit quarter is the one quarter where we'll be ramping and deploying it at full scale. But where we stand on the planning today, there are too many dependables that I don't see that this is a plan that can be accelerated substantially just because we have capacity.

This is a firm plan that requires so many elements so that what we have depicted here is a good depiction of our revenue profile in '24, '26. And on the margin profile, obviously, when you miss $60 million of revenue, it has an impact, but Davinder can describe that a bit better.

Akash, happy to take that one. So I think of the gross margin level, you can assume kind of a normal, let's say, 35%.

So if you take about 1/3 of that, that's $20 million. But if that flows down, none of the OpEx would have really been affected by that.

So what you would have seen at that point is a margin uplift on adjusted EBITDA that kind of moved pretty close to 15.5%, 16%. So that's where that really does hurt us.

Yes. Thank you for joining us today.

I appreciate your time and interest in Landis+Gyr, and I look forward to meeting all of you soon, either virtually or in person, in particular, during the Capital Markets Day. Have a great one, and goodbye.