Operator

Good day, ladies and gentlemen, and a warm welcome to today's earnings call of Verbio SE. Following the publication of the Q3 figures of 2025 and '26, CFO, Olaf Troeber and Head of IR, Alina Kohler will speak in a moment and guide us through the presentation and the results.

After the presentation, we will move on to a Q&A session in which you will be allowed to place your questions directly to the management. We're looking forward to the presentation.

And with this, I hand over to you, Mr. Troeber.

Olaf Troeber
CFO & Member of Management Board

Thank you, Mara. Good afternoon, everyone. Thanks for joining our 9 months and third quarter '25, '26 earnings call. Well, we had a very strong third quarter, supported by improving market conditions. Our teams executed well in a fast-moving environment and the strength of our diversified portfolio did the rest.

We also saw an important positive industry development year-to-date with the final implementation of the Renewable Energy Directive III in Germany and the finalization of the largest Renewable Volume Obligations in the U.S. ever for '26 and '27.

Now given the ongoing strength in market supported by the favorable regulatory environment and geopolitical factors, we are now expecting our full year EBITDA to come in at the upper end of our prior guidance range which we had lifted to EUR 100 million to EUR 140 million in our ad hoc release in March.

Let me now walk you through the key metrics of the first 9 months of '25, '26 which showed a strong performance across the entire quarter. Starting off