Peter Podesser
Chairman of Management Board & CEO
Good morning, ladies and gentlemen, and thank you for joining us in this call presenting our Q3 and 9-month figures as well as an overview of the business right now. Together with Daniel, we will lead you through all the key figures, but also key facts relevant to the 9-month period right now, but also naturally on to the outlook. And thereafter, we will be happy to answer all your questions. No question, we are looking back to a soft quarter. We’re looking back also to a challenging period here in the business.
We have to say, as also anticipated as this was one of the key reasons why we saw ourselves obliged to bring down the guidance back in Q3 at the end of July. But naturally, starting with this point, I think we want to give you, let’s say, a solid and concrete analysis on this. If we look at the development here in the first 9 months, we see a slower growth than originally planned in core parts of the business. And if we look into the main reasons of deviations, I think we have to start off with the biggest impact on the defense business.
In India, we saw a postponement of the follow-on programs here for our EMILY and JENNY deployments — EMILY and JENNY fuel cell deployments to the Indian Army based on a decision that was basically a repurposing
 Q3 2025 Earnings Call Transcript){kind=link}