PresentationGood day, and thank you for standing by. Welcome to the GEA Group AG Pre-Close call Q3 2025. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Oliver Luckenbach. Please go ahead.Oliver LuckenbachHead of Investor Relations Yes. Thank you very much, Heidi, and good afternoon, ladies and gentlemen. My name is Oliver. I'm the Head of Investor Relations, and I'm joined by my deputy Rebecca and my co ...

Financial Data and Key Metrics Changes - Adjusted earnings per share (EPS) for Q3 2025 was $3.09, exceeding guidance and higher than the previous year, excluding LNG business sales impact [2][6] - Sales volume decreased by 4% year-over-year, primarily due to the sale of the LNG business and lower helium demand [6][7] - Total company price increased by 1%, with a 2% improvement in the merchant business [6][7] - Adjusted operating income remained unchanged, with operating margin flat but improved by approximately 300 basis points sequentially due to favorable volume and productivity improvements [7][8] Business Line Data and Key Metrics Changes - The core industrial gas business showed resilience, with strong performance in non-helium products across all regions [2][7] - Helium EPS contributions were down about 4% versus the prior year, with an anticipated headwind of around 55 to 60 cents for the full year [23] Market Data and Key Metrics Changes - The Americas experienced a 6% decline in volume, primarily due to project exits and lower helium demand, although strong on-site volumes were noted [34][35] - The company expects to see improvements in overall merchant business outside of helium demand [35] Company Strategy and Development Direction - The company aims for high single-digit adjusted EPS growth starting in fiscal year 2026, with a target of achieving operating margins of 30% and return on capital employed (ROCE) in the mid to high teens by 2030 [5][6] - A global cost reduction plan is expected to generate annual savings of $185 to $195 million, with a focus on digital transformation and AI tools to enhance productivity [3][4][30] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the economic outlook, recognizing significant global uncertainties [10] - The company is optimistic about the competitiveness of its projects, particularly in the blue ammonia market, and is actively seeking partnerships for future projects [15][49] Other Important Information - The fiscal full-year adjusted EPS guidance is maintained at $11.90 to $12.10, with capital expenditures expected to be approximately $5 billion [10] - The company is committed to maintaining capital discipline while pursuing growth opportunities in its core industrial gas business [4][6] Q&A Session Summary Question: Update on the plan to use third parties at Darrow for ammonia and carbon capturing - Management is optimistic about finalizing partnerships by the end of the current year, with competitive CapEx numbers for their projects [14][15] Question: Average prices year-over-year and helium impact - Management indicated that they typically do not disclose specific numbers but acknowledged helium's impact on pricing [18][20] Question: Volume performance in the Americas - The decline was largely due to project exits and helium demand, with strong on-site volumes noted [34][35] Question: Update on larger project announcements in the Gulf Coast - Management believes there is still demand for clean ammonia, particularly in the Far East, and expects competitive positioning for their projects [48][49] Question: Trajectory to achieve long-term ROCE goals - Current ROCE is around 11.1%, with expectations to improve as capital expenditures are reduced and cash balances increase [70][72] Question: Inflation impact on costs - Management continues to see inflation as a concern, with ongoing efforts to manage pricing effectively [76][77] Question: Update on underperforming projects - Projects in Edmonton, Rotterdam, and Arizona are on schedule, with no significant changes expected [80][81]

Q1 2025 Highlights - Average daily production reached 135.0 Mboe/d, showing a 2.4% increase QoQ and a 13.0% increase YoY[5] - Adjusted EBITDA hit a record $434.7 million, up 12.3% YoY and 6.9% QoQ[5] - Free Cash Flow surged 151.4% YoY, driven by XCL asset contribution and record production[5] - Shareholder returns totaled approximately $57 million in Q1, through stock repurchases and dividends[5] Operations & Investment Activity - Uinta volumes increased by approximately 15% sequentially and 18% on an Mboe/day basis[5] - NOG closed $4.8 million in Ground Game deals in Q1, adding over 1,000 net acres and ~1.1 net wells[5] - A 2,275 net acre acquisition in Upton County, Texas, was completed for $61.7 million[5] - Net elections increased 35% compared to 2024's quarterly average[23] Financial Position - Net Debt to LQA Adjusted EBITDA ratio improved to 1.32x, a decrease of 0.15x QoQ[5] - Over $900 million in available liquidity at quarter-end[5] Guidance - The company anticipates annual production between 130,000 and 135,000 Boe/day[40] - Total budgeted capital expenditures are projected to be between $1.05 billion and $1.2 billion[40]