Fresenius Se & Co (FSNUF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.698 Good afternoon and welcome to the conference call of Fresenius Investor Relations, which 00:00:04.698 -- 00:00:10.724 is now starting. May I hand you over to Nick Stone, Head of Investor Relations. 00:00:11.368 -- 00:00:15.414 Thank you, Valentina. Hello, everyone. Good morning, good afternoon, wherever you are. 00:00:15.414 -- 00:00:20.842 Welcome to our full year and Q4 2025 earnings call and webcast. 00:00:20.842 -- 00:00:26.191 Presentation was emailed to our distribution list earlier today and is available on Fresenius.com. 00:00:26.191 -- 00:00:29.972 On slide two of the presentation, We'll find the usual safe harbor statement, unless 00:00:29.972 -- 00:00:35.520 stated otherwise. We'll comment on our performance using constant exchange rates or CER. 00:00:35.520 -- 00:00:38.745 Today, I'm pleased to welcome Michael and Sarah, who will present another competitive 00:00:38.745 -- 00:00:43.271 performance, followed by an overview of the full year 26 guidance and the underlying 00:00:43.271 -- 00:00:47.418 components. As usual, the call will last approximately one hour, with the presentation 00:00:47.418 -- 00:00:51.904 taking between 35 to 40 minutes and remaining time for your questions. 00:00:51.904 -- 00:00:55.744 To give everyone the chance to participate, Please limit your questions to one to two 00:00:55.744 -- 00:01:00.028 in the first instance, and we can always come back for a second round as needed. 00:01:00.028 -- 00:01:03.612 With that, I will now hand the call over to Michael to kick things off. 00:01:03.612 -- 00:01:08.377 Yes, very well. Thank you, Nick, and welcome to everybody joining us today. 00:01:08.377 -- 00:01:13.343 Sarah and I will review our 2025 operational and financial highlights. 00:01:13.343 -- 00...