Morning, welcome to OHB's Q3 result call. I'm here in Bremen, together with Sabine von der Recke, with Kurt Melching and Tim Tecklenburg, and Markus Moeller is on the line from Oberpfaffenhofen. As always, Marcel Dietz is managing the technique. I hope you have been able to download the information that was put on the web this morning. As always, I'd like to walk you through the slides and report you on our Q3. We have very good numbers. We have very good developments, I guess, the situation at the company, but also the macro situation for space industries. As most of you know currently very well, and I guess that's very important. So I start with a new flashy, colorful, business segment overview. This is work in progress. What has changed is the middle part, and you see obviously the same companies in Space Systems, but in the middle part we have now renamed the business segment from Aerospace to Space Access to space. We have also changed the fact that we only report majority companies, so you will not see minority participations anymore that in the past you have seen in this so-called Aerospace division. The RFA participations are minority participations. This is all majority, and it actually is all 100% owned by OHB with the exception of 3 things. That is, Rocket Factory Augsburg. We are not; we're in a 55% shareholding. OHB Digital Services, we have, as always, 74.9%, and MT Management Services, we have 70%. What has changed is MT Aerospace AG, a company we own since 20 years. We had it in a partnership together with Apollo Capital. That's the company of Hans Steininger. And in the last, a couple of, weeks, in late October, we closed the transaction, that we, bought the 30% from Hans. So I would like to thank Hans Steininger for his, leadership at MT Aerospace for many years as the CEO, as a partner, and as a friend. We worked through many, many difficult situations, and we have put, MT Aerospace at a successful trajectory. Obviously now with Ariane 6 being, on a successful path just recently. We had the 3rd launch of Ariane 6 this year, very successful, the Sentinel, and, we will have another one actually coming up, in mid-December with our Galileo FOC satellites. So, this has been a very successful corporation, but now we believe that we need to focus more on growing this area. Obviously, you see, our launcher-related activities, access to space activities. The new kid on the block on this chart is the European Spaceport Company. It has been reported recently, a couple of days ago, that we have created that company. And this is somehow a little bit following what we had with our GOSA activity, but obviously what has changed is the 1st letter. We are not having a G there, which was the German offshore part, but it's an E. It's a European Spaceport, and that tells the story of this company. Welcome to more detail about that. What has changed in the other areas is minor, I guess. We have, since some time, OHB Space UK in the Space Systems part. There you see in the Space Systems part we also see to explain that the companies that are not with a shadow, like, the little one, OHB Space UK and, OHB Hellas are not consolidated. Same with European Spaceport Company and Rocket Factory in the middle column and with Blue Horizon in the Digital column. Everything else is consolidated and part of our numbers. And I guess if you look more careful to this chart, it somewhat resembles the geographic story. We didn't want to have this old chart anymore, which somehow projected a hierarchy of companies, where the bigger companies were on top somehow leading the segment. This just tells the story. Yes, we have big companies, especially OHB System in Space Systems. But if you look on top of that, there's OHB Sweden and, to the lower left, on top is OHB Space UK, and to the very bottom you have OHB Italy and OHB Hellas. So this looks like a map. That's the idea to diffuse the idea of a hierarchy within the business segments. Similar attempts on the other side, on the other two columns, but again, main message here. We are now obviously pushing very much for our access to space activities with MT Aerospace, with Rocket Factory, with European Spaceport Company, with OHB Orbital Access, and the supporting companies in the MT area. Yeah. This is, as I said, this is work in progress, so it might look different at our next events, Capital Market Day, and our 2025 and the report. But what it really signals is that we are thinking a lot about how to put our group footprint to show that we are a strong space company servicing all areas products like satellites developments like that access to space with rockets and obviously ground infrastructure and data in the Digital area. We did have 2 successful launches in Q3, very important on July 1st, 1st day of the quarter was the for ESA and EUMETSAT at the MTG-S1, the sounder, very successful launch campaign. 1st images really underscore our expertise and they are better than expected, so we are very happy for that mission to be a total success. The next 1 is an imager coming up, that's ready for launch later this year. The MTG-I2, second one, is in thermal vacuum test or has been completed, so that was a very successful mission. Other very successful mission, obviously at this time when military missions, Earth observation missions are very important, is our LuxEOSys satellite, not our LUXEOSys satellite but which is owned by Luxembourg. We have been able to have a successful launch on August 26th, has been developed and built by OHB Italy as a prime contractor. Initial orbit tests have been successfully completed, so we're working on the commissioning phase. Has been launched out of the United States, with a Falcon rocket. And again, it's another example of OHB group having a product for the Earth observation needs of our partner countries. We're very happy about this mission and it is a smaller segment. It's a cheaper and, let's say more commercially versatile mission, which again is hopefully also attracting interest in the markets. Yeah, a little bit talked about this already at the other chart. We have completed that takeover. We are now 100% shareholder. We believe very much in now the ramp up of Ariane 6 production and the other products we have in the global launcher vehicle market as components. And obviously we like to position also this area stronger in the military market. So Ariane 6 is on a good path. We are working on the next components or the next ship sets, which is as you see here. Flight models 16-42, I guess currently these days we're working already on flight model 18. So this has been successful. And by the way, the building you see here. I don't know if you're aware of this. That's the MT Aerospace facility in Bremen at night. This is actually a real photo. We are right next door to ArianeGroup Germany's headquarters. We have a facility to weld the big tanks for the upper stage. This is going to be much more busy now and hopefully that will then cope with the ramp up and I can only say that we all have been very critical with Ariane 6 over the last years. Currently it's really going well. I think the ramp up is good. The demand is there institutional and also others and we are very happy to see that Ariane 6 is the flagship of the European access to launch capabilities. And this actually the photo is still an AI photo I have to say or not a photo, but an AI image. We are reshaping, hopefully Europe's access to space by establishing the European Spaceport Company. This has been done, I mean the space launching has been done a long time through our MT Aerospace operations that we do to support our products in Kourou. We have done obviously initial studies to work on the European offshore spaceport. It was more financed at that time as a national program. Yes, this is something we believe is an attractive activity for Europe to have a more resilient spaceport launch ground infrastructure capability. Another sign of growth has been in September the opening of our new facility in Stockholm, OHB Sweden. We have invested in a new building. We have really now a much, much bigger facility, more than 1,000 square meter clean room, new offices, in order to ramp up the manufacturing of our satellite production around the InnoSat platform. We have a lot of successful sales there. A couple of missions were still waiting to finalize the ESA tender contract, which is moving slower than we expected, but I guess that we're now making good progress. I guess the fundamental, let's say, negotiation points have been dealt with very positively recently, so we are looking into an optimistic future here. What we have done recently as well is we have acquired a company called the TechniSat Vogtland. You see the building; actually the TechniSat logo is the real one. I mean the OHB logo has just been put outside of the window for an event. If you look at the photo, you see a palm tree. This is not palm tree country. This is the Vogtland of Saxony, but I believe that this palm tree still survives the weather conditions there, so it's a very nice landscape and we had a short notice opportunity to take over the TechniSat facility. We believe that this helps us to ramp up for serial production. We believe that this strengthens our German footprint. Establishing sovereign national supply chains for critical satellite components, and Saxony is a very supportive environment. We have been active already since a couple of years in Görlitz through our OHB Digital activities. So now on the other side of Saxony, of the very Western tip in the Vogtland, we have now this little company. We're checking it, by the way, over on January 1st, so this has been signed and we enter the notary. We built the build, we bought the buildings and everything, but the effective date will be next year, so we are very thankful to the support we got from the Saxony state government. And And of course also from TechniSat, I would like to thank the TechniSat team for the constructive and positive and quick negotiation and implementation of that acquisition. So now comes Tim. He sits next to me on my left. Tim Tecklenburg was appointed by the supervisory taking over the CFO position starting September 1st, so it's now already 2.5 months almost. And Tim comes to us with a big background in space, in defense industry. Recently he was working in Switzerland as the CFO of Aebi Schmidt Holding. Before that with RUAG Space in Switzerland. RUAG Space is a company that is now Beyond Gravity, and which is of course a long-term partner, so we know Tim also since that time. Before that he was at Rheinmetall Defence Electronics here in Bremen, Germany. He succeeded Kurt, who's also with us, as a CFO starting on September 1st, and Kurt has now assumed the role of continuing to be for the strategic lead. He has now assumed strategic projects, and we have lots of complex strategic projects, so I'm very happy that Kurt helps Tim to start the business as CFO and to get used and take over the complex work. This is the moment when I hand over to Tim. Yeah, thank you very much, Markus. Great to be on your team. Looking into the financials as of Q3 2025, we are starting with your order backlog and so order backlog as of September 30th, 2025 accumulates to a level of EUR 3.1 billion, which is a record high level. It, as this graph shows, we are continue our growth path and we expect that our backlog is kind of continuing growing also throughout the next year. So as such, we are on a continue our our growth path and also for the next months to come. Looking a little bit more detailed into the financial figures, our total revenue accumulates to a level of EUR 864 million, which is quite significantly above the level of the Q3 figures in 2024 of a level of EUR 716 million. Connected to that, we were able to improve our profitability further and disclose a level of EUR 75.5 million in EBITDA. I get into that a little bit later into more detail. Also our EBIT, that is the earnings before interest and taxes, increased in comparison to the last reporting period of the to a level of EUR 46 million almost. And as a matter of fact, one of our key challenges to master the growth that is already in our book and that is we are expecting to come. We need more technical colleagues here on board and we also succeeded in the first nine months of the year 2025 getting new colleagues on board accumulating to more than 3,660 people. And with that, I'd like to focus more on the revenue. As I've already mentioned, total revenues accumulated to EUR 864 million in the first nine months, which is a growth of more than 21% in comparison to Q3 2024. And also, our EBITDA is growing by more than 21% in comparison to the first three quarters of 2024 up to a level of EUR 70.6 million. Our aim is clearly to grow profitable and as such, it's also highlighted in the box on the lower right hand side that also our EBIT margin continue to grow up to a level of 5.3% in the first three quarters. As also pointed out by Marco, our goal is clearly to become the European Space Champion. And And as such, as you know, we are on our way to improve effectiveness and efficiency in our businesses. And this we continue also in 2025 with a deliberate program making showing also good progress and as such, we were also able to reduce the what we call transformation cost and adjustments. On a like-to-like basis in comparison to last year, we see an adjusted EBITDA of EUR 81 million, which is quite significantly higher than the adjusted EBITDA in the first 9 months of 2024. On that like-to-like basis, we are also growing and growing profitable. Looking ahead, we continue our growth. We resume our guidance here for the full year 2025. As this graph shows, we will continue to grow strongly in terms of total revenue and also in terms of profitability. That is our aim: clearly to continue to grow in the mid-term and also for the next year, we see an increase of a level of EUR 1.4 billion in revenue as well as an EBITDA margin around 10% as realistic as of now. We are a project business, and we continue to grow and grow profitable. With that, I hand over to my colleague Markus Moeller on the line from Oberpfaffenhofen. Yes, good morning also from my side here, quick outlook on the growth path that we see ahead. You see history and in the current forecast that we have for 2025 and 2026 and we will complete this next year with the year 2027. Okay. Markus, we currently. Yeah, as we're currently in the planning cycle, so for 2025, we believe that we exceed the EUR 2 billion mark in order intakes. Well, we're waiting, actually, for one larger project to close to maybe exceed the number that you can see here, but as you always know, there are cut-off effects specifically with our customers that, you know, have to organize themselves in a positive way to sign. So, we'll see if we have a positive surprise in 2025 or not, but I think the level that you see here is confirmed. In 2026, from what we can see today, will be around EUR 3 billion. We have a detailed planning in place here as well. What is interesting, and I maybe that's one of the, the commons, most of this order intake does not yet reflect investment specifically from the upcoming Ministerial Conference, so where the ESA budgets will be renegotiated taking place in Bremen, actually in two weeks. It does not include also, you know, the investments made by Germany in September, where there is the investment plan on the defense side to invest EUR 35 billion, as this is just, you know, running up in terms of procurement process. So this is something where we're working on and that will certainly have, as we hope, a positive impact starting 2027 and 2028. And with that, I hand over to Marco. Yeah, thanks. Thanks, Markus. So for me just to conclude with the financial calendar, the next upcoming event will be our Capital Market. It was a little bit back and forth on the date and the timing and the format. We now fixed it at January 20 in terms of the format. What we have changed is that we will start around midday, and then we will do our event and we will end up with a dinner. So we will not have a dinner before, but we'll have a dinner on the same day. That fits better with some kind of scheduling. So for all of you that are making plans to visit the Capital Market Day, obviously Marcel is the right man to talk to for the details, and the programming, which is coming up soon. And again, it will be not an informal dinner, but dinner on the same day. What else we have? Obviously, then March 19, we come out with our full year's number. Then, the big event will be the OHB's annual general meeting on June 24. And everything else is running as we always do. We have, in May, in August, and in November, quarterly reports coming up. So this outlines our year up to come and we're working hard to prepare our Capital Market Day with all the different information because as you notice, the space is a very, very busy place and you saw the numbers that Markus was referring to. Lots of things are going on very fast moving in many ways, the markets, so. Big event now is the ESA Ministerial in actually less than 2 weeks here in Bremen. We are very optimistic about that. But obviously, the big, budget announcements that were done and mentioned, by Markus as not fully in our or not in our numbers are something that we look at and wait for the year 2026 as our main, let's say, area of work. So thank you very much. And I'm moving over to Q&A and I believe, Marcel, that we do have already questions, so please open the floor. Yes, as always, feel free to raise your hand if you have any questions as Henry Wendisch already did. I will put you on the call as a panelist. 1 sec. And you should be able to tell us right now. Yes, hi everybody. I hope you can hear me fine. We can hear you fine. Perfect. Yeah, thanks. Thanks for the presentation and congrats on the results. It showed definitely the right direction. I have a couple of questions. I think more on for Markus 1st. I've seen in the news that the French and German MODs, they signed this ODIN's EYE project that they were gonna pursue this. And I've seen you have some, I think, on page 15 on the slides. Big order intake and Earth observation. So I was kind of wondering if that's somehow connected in that sense. So we expect an order intake for ODIN's EYE. Maybe if you can elaborate on this, what size can we expect here also? I guess it's another big order might go into the billions even. So what is there to expect for us here? Happy to do so. So yes, the cooperation between France and Germany was reinforced during the 2+2 meeting. As you know, we are the consortia leader for ODIN's EYE now in Phase 2, building what's called a demonstrator with roughly 40, you know, companies across Europe. So we'll see, you know, what phase, how Phase 3 will unfold. That certainly depends also on discussions on the European level in Brussels as the European member states are preparing as, you know, as a community for the Multiannual Financial Framework, as it is called, starting in 2028 and running then up to 2034. We certainly expect that, you know, parts of the projects, you know, will be also funded there and interconnected with other investments in space. There's this first suggestion out on the total number, not for this project, that suggests that also the European community will maybe double the current spending when it comes to space. Details to be discussed with the member states. What is happening currently is that, you know, there will be this project will be based, you know, built in phases. You know, obviously, this is a long-term engagement. What we expect probably next year already that, you know, a portion of this, you know, will be commissioned, you know, with the industry. We're, let's say, looking very much forward to make an offer on this one to put that in place. It's not one big, you know, signature that will happen with a large billion number. It will be in chunks and by member states, but we're confident that Germany specifically will move in the direction of first implementation starting next year or early 2027. Great. Thanks a lot. That helps me. I have some spare as well. Let's move on to another question. You touched upon this. We see sort of across the board increasing defense spending and also civil spending regarding ESA, I think, in two weeks already. Maybe you can elaborate a little bit more. So, how much budgets might increase at ESA? I've heard or read in the news that director general is asking for the EUR 22 billion. Maybe you've heard something, another figure that's floating around. It's just early stage to tell you. But what's sort of your take? I think at least EUR 20 billion might be in the cards, which is just my outside view here. So what is your take on this? Well, the general take is that Europe in total in the next years will massively increase spending on space. So you may want to call it a, you know, a hot market, but between, you know, the Ministerial Conference that's happening now determining the budgets until the end of 2028, the German defense spending on space, which has been announced in September and will unfold until 2030. And then also, you know, as I said before, the MFF 28 prepared by the member states and then going until 2034. You know, you can assume, you know, if you look at those numbers just in total, there is a EUR 20-22 billion range on the ministerial. There's a EUR 35 billion number that was announced, you know, in September in Berlin. And there is, from what we understand, and this is very early stage, but public information that there is a, you know, EUR 30 billion investment proposal in space on the European level. So we're talking, you know, in general of a confirmed investment of roughly EUR 80 billion. And not all of that is new. This is continued investment and continued lives, but specifically in Germany and on the EU level, we'll see new programs arising on which we are actually preparing. Last number we have is an official number, you know, at least for we can only, you know, look closer in Germany. I mean, it's 4.5. There are rumors on 5. Industry, as you know, has claimed very early 6. You know, we have constructed a program that runs around EUR 5 billion that we'll see given our positions and also connecting this to the what we believe are projects that are good investments. As always, as you know, these things are being negotiated, discussed, and fixed almost, you know, a couple of days before and during the negotiations. So we'll have a very, I would say, interesting weeks ahead and we'll see which number, you know, the member states believe. Yeah. But the trend for space currently is positive. All right. Very interesting. I think to stay on the space industry as a whole, we've seen some news regarding your competition, but also your key partners with the so-called Project Romeo now being taking the next step. What sort of take I've seen in an interview that Marco has given recently is that you work on an antitrust case here. Maybe to put this into perspective, it could be, I think, a mix of two in my view that either you're gonna go out stronger before because ESA wants to, or your customers in general want to keep a healthy supplier base, or it could also pressure you at some points. It's hard to say if it's a net positive or a net negative. What's sort of your take on this and how can we think of it in a more pronounced way maybe? Yes, but maybe I'll take it, Marco. Obviously, this is happening around us. Consolidation is going on. There are obviously independent considerations why this is happening, why this is perceived as a strengthening. For us, this is concerning. We are concerned about our role in the space industry, especially on the European level. It is very well known that we have been very strongly working together with Italy, Italy France, and this impacts our teaming opportunities. This impacts our supply chain opportunities. So we are concerned. And yes, we mentioned that. We will continue to mention that. We are concerned about this. And in a growing market, it's a question why consolidation is going on. And again, for us, it's not to judge the reasoning, but for us, it's creating an environment where we feel that our European business model is coming under pressure and is being threatened. Obviously, we believe that institutional customers want to continue to have benefit offerings. This is something that we will obviously actively communicate in the next weeks and months. We hope that the result at the end will be one of a competitive landscape in Europe because we should keep in mind that the overall markets in Europe are strongly institutional. This is mainly taxpayers' money, and this is something we have to keep in mind. It's not a commercial-dominated market segment. Looking at international competition with regard to, for example, launchers is not part of this transaction. This is a satellite, let's say, concentrated industrial footprint. We will be vocal. We will defend our interests, but we are obviously also open to discuss with everybody involved, governments, industrial players, regulators in order to raise our concerns and our view. Right. Thanks a lot. And then I have 2 more questions. I think it'd be nice to meet you, Tim, by the way, and this is for you then. So 1st, I've seen that the transformation costs are coming down sequentially. Should we see this as an indicator that the transformation, or at least the costs that you incur with the transformation, are sort of nearing an end? At what time horizon can we think of this transformation still going on, maybe also into 2026? Yeah. Thank you very much. I also thank you for the good question. Overall, our transformation program is ongoing. We have made good progress. We are kind of growing profitability. And from my point of view, being new in the company, I think we have already made really good progress. And with regard to efficiency measures, we will continue to do so. But the most of the, let's say, actions are already kind of implemented. For sure, also to mastering the growth of the future, we will continue to work on industrialization efforts and efficiency efforts. So that is, we're going to continue to transform into an even better company. But with the transformation, we are really kind of satisfied so far. Right. Thanks a lot. And then my last question also for you is, I've seen in the news that this project interference that you put in provision for in the last quarter, Q4 2024, that it sort of worked out, at least is what the news say. For me, this implies that this provision might be reversed in the course of maybe Q4, Q1, something like that. Is that something you can confirm for us, or it's just my early analysis here? Yeah. I think you are kind of, on the one hand, well-informed, but on the other hand, it's still project business. We see really very good results coming out of our efforts to kind of remedy those impacts that we had. But as of today, it's too early to kind of really say, "Okay, we can release or not." We are very positive on our progress here from a technical term. But you will kind of reconcile that it's now a little bit too early as the year is still ongoing and also the progress is still ongoing. Right. Thanks a lot. That's been it from my side. Thank you. Okay. Thank you, Henry. Maybe we just give everyone a few, just a bit more time to raise your hands. There are no raised hands at the moment. Yeah. If there are no further questions, I'll do the verbal block. Next week, we have the Space Tech Expo fair here in Bremen. That's the week before the ministerial. So each of everybody is obviously invited to come to Bremen to visit not just OHB's booth at the fair. It's the biggest space fair. You will learn a lot. You will see the industry booming. And I think it's a very cheap entrance, I guess. It doesn't even cost anything. So it's fully paid by selling out the booths. So I would love to see you there. We will all be there in person. You can not only see OHB, as I said, many, many other very interesting companies around this. This is the event to be. So please check your calendars. And those of you who are already planning, make sure that you stop by. Thank you. No further questions. So I think we can conclude this call for now. Thank you for everyone who joined for all your contributions. And then we will see each other at the Space Tech Expo or at our Capital Market Day in January. Thank you very much. Thank you. Thank you very much. Bye-bye.