Hensoldt Ag Unsp/Adr (HAGHY) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.559 Good afternoon, everybody, and welcome to Hensoldt's 9M2025 00:00:04.559 -- 00:00:08.205 results call. Thank you all for joining us today. 00:00:08.205 -- 00:00:13.413 I'm Veronika Endres, Head of Investor Relations at Hensoldt, and with me today 00:00:13.413 -- 00:00:19.023 is our CFO, Christian Ladone. Christian will guide you through this presentation today, 00:00:19.023 -- 00:00:24.213 which will be followed by a Q&A. And with that, over to you, Christian. 00:00:24.213 -- 00:00:29.260 Thank you very much, Veronika, and a very warm welcome to all of our 00:00:29.260 -- 00:00:31.903 investors and analysts following our company. 00:00:31.903 -- 00:00:38.132 It's great to have you with us today. I'd like to begin with a quick update of this timeline, 00:00:38.132 -- 00:00:41.777 which you may remember from our recent analyst calls. 00:00:41.777 -- 00:00:45.141 Since then, our assumptions have further materialized. 00:00:45.141 -- 00:00:50.689 Right after the adoption of Germany's 2025 defense budget in September, the parliamentary 00:00:50.689 -- 00:00:54.757 sessions for procurement approvals gained strong momentum. 00:00:54.757 -- 00:00:59.904 By the end of 2025, a total of more than a high double-digit number of 00:00:59.904 -- 00:01:05.231 so-called 25 million approvals will have been passed, many of them with direct 00:01:05.231 -- 00:01:07.691 hands-on involvement. 00:01:08.014 -- 00:01:13.301 The first tangible evidence was our recent guidance upgrade for the 2025 book-to-bill 00:01:13.301 -- 00:01:16.926 ratio, published two weeks ago. 00:01:16.926 -- 00:01:22.347 While the majority of expected orders are still anticipated to enter our books in 2026, 00:01:22.347 -- 00:01:26.734 The increased guidance for this year already ...