Core Viewpoint - Fingrid's half-year report for 2025 indicates a significant decline in turnover due to a mild winter, while the company continues to attract investments in data centers and energy storage, reflecting a shift in the energy landscape in Finland [3][4]. Financial Performance - Turnover for January–June 2025 was €572.1 million, down 23.4% from €746.7 million in the same period of 2024 [2]. - Operating result decreased by 7.3% to €140.0 million from €150.9 million year-on-year [2]. - Result before taxes fell by 8.8% to €134.5 million compared to €147.4 million in the previous year [2]. - Net cash flow from operations increased significantly to €261.2 million from €109.7 million, a 138.2% rise [2]. - Accumulated congestion income rose to €168.4 million, up 21.0% from €139.2 million [2]. - Interest-bearing net debt increased by 49.6% to €1,047.6 million from €700.1 million [2]. Operational Highlights - The transmission reliability rate of Fingrid's grid remained very high at 99.99999% [2][4]. - Electricity consumption in Finland was stable at 43.3 TWh, slightly up from 43.1 TWh [2][9]. - The company connected 794 MW of new renewable production to the grid, an increase from 585 MW [2][9]. - The number of connection enquiries for new electricity consumption exceeded 400 GW, with approximately 30 GW for grid energy storage [9]. Investment and Development - Fingrid's gross capital expenditure is projected to be around €1.7 billion from 2025 to 2028, with €629.8 million already committed [4]. - Key projects, including the Aurora Line and EstLink 2, are progressing on schedule, enhancing cross-border transmission capacity [7][9]. - The company raised grid service fees by 8% starting January 2025 to cover increased operational costs [4][9]. Market Dynamics - The energy transformation in Finland is accelerating, with a notable increase in interest for data centers and energy storage investments [3][4]. - The balance service's share of turnover decreased to 46% from 57% due to lower imbalance power prices [4]. - The electricity market is experiencing significant price volatility, impacting operational costs and risk management [10][17]. Regulatory and Legal Matters - Fingrid is involved in legal proceedings regarding the Energy Authority's decisions on balance service terms and profit specification for electricity transmission operations [11][12][13]. - The company is actively reviewing its investment needs as part of a 10-year grid development plan [6]. Future Outlook - The company anticipates continued growth in electricity consumption in Finland and plans to maintain its investment capacity to meet customer needs [17]. - Fingrid's debt service capacity is expected to remain stable, with no changes to its earnings guidance [17].

Financial Data and Key Metrics Changes - Consolidated net sales for Q3 FY 2025 increased by 2.7% to $53.8 million compared to $52.4 million in Q3 FY 2024, marking the third consecutive quarterly year-over-year increase in sales [11] - Non-GAAP operating profit for Q3 FY 2025 rose to $2.2 million, up from $1 million in the prior year [6][12] - Consolidated gross margin for Q3 FY 2025 was 31.0%, up from 29.5% in Q3 FY 2024, driven by margin expansion in PMT and GES [13] - Net loss for Q3 FY 2025 was $2.1 million, while non-GAAP net income was $1.6 million, compared to a net income of $0.8 million in Q3 FY 2024 [15] Business Line Data and Key Metrics Changes - Semiconductor wafer fab sales surged by 139% year-over-year, while Canvys sales increased by 39.5% [5][12] - PMT sales grew by 6.6% due to higher sales to semiconductor wafer fab customers [12] - GES sales totaled $9.3 million, a 55% increase over Q2 FY 2025 but down 19% year-over-year due to lower sales of wind turbine battery modules [23] - Canvys net sales increased by 39.5% to $9.2 million in Q3 FY 2025, driven by higher sales in North American markets [36] Market Data and Key Metrics Changes - The backlog for GES and PMT remained strong at $95 million at the end of Q3 FY 2025 [27] - Canvys' backlog at the end of Q3 FY 2025 was $36.6 million, providing a robust foundation for future business [36] Company Strategy and Development Direction - The company is focusing on core businesses, particularly Green Energy Solutions, following the sale of its Healthcare business [7][42] - The strategic transaction is expected to simplify the business and improve the financial model long-term [42] - The company aims to capitalize on policies driving manufacturing back to the US and increase the need for US content [8] - Investments will be made in business development and engineering teams to improve market reach and time to market [49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth opportunities in semiconductor wafer fab equipment and Green Energy Solutions [53] - The current operating environment is described as fluid, with expectations of limited market growth in the US but continued sales growth through market share gains [29] - The company is well-positioned to differentiate itself in global niche markets like energy storage [48] Other Important Information - The company ended Q3 FY 2025 with no debt and $36.7 million in cash and equivalents [19] - A quarterly cash dividend of $0.06 per common share was declared, to be paid in Q4 FY 2025 [20] Q&A Session Summary Question: What should we expect in terms of sequential growth for GES? - Management expects growth in Q4 FY 2025 and FY 2026 based on backlog and inventory position [57] Question: Are there any cancellations or delays in projects? - No cancellations reported; all identified programs are moving forward [60] Question: How is the semiconductor wafer fab business performing? - Strong growth is expected to continue, with visibility from corporate and engineering teams [62] Question: How will capital allocation be handled post-Healthcare sale? - Initial investments will focus on expanding existing products and technologies [86] Question: Can you provide updates on Progress Rail and Wabtec? - Significant orders are being processed, with shipments expected in FY 2026 [94][97] Question: What are the expected losses from the Healthcare segment? - Specific loss figures are not disclosed, but efforts are being made to minimize them [104]