Hello, everyone. I'm Anna Gavrilova, Head of Investor Relations at Polestar. Thank you for joining this call covering Polestar's select results for the third quarter and first 9 months of 2025. I'm joined by Michael Lohscheller, Polestar's CEO; and Jean-François Mady, Polestar's CFO, who will comment on the performance, and then we will open the floor to analysts' questions. Before we start, I would like to remind participants that many of our comments today will be considered forward-looking statements under the U.S. federal securities laws and are subject to numerous risks and uncertainties that may cause Polestar's actual results to differ materially from what has been communicated. These forward-looking statements include, but are not limited to, statements regarding the future financial performance of the company, production and delivery volumes, financial and operating results, near-term outlook and medium-term targets, fundraising and funding requirements, macroeconomic and industry trends, company initiatives and other future events. Forward-looking statements made today are effective only as of today, and Polestar undertakes no obligation to update any of its forward-looking statements. For a discussion of some of the factors that could cause our actual results to differ, please review the risk factors contained in our SEC filings. In addition, management may make references to non-GAAP financial measures during the call. A discussion of why we use non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure can be found in the appendix of the press release and in the Form 6-K published today. Now I will hand over to Michael.

Hello, everyone, and thank you for joining us today. Our focus in the last quarter has been delivering on our strategic plans, transforming our commercial operations, increasing our retail footprint and improving our operational efficiency. We are making significant progress across all three of these areas in the face of a very challenging economic environment. 9 months into the year, I am particularly pleased with the progress of our commercial transformation. Compared to last year, we have increased the number of sales points, excluding China, by 54% to 192. Combined with a more active sales model, this is an important part of the foundation for our volume growth of 36% in the first 9 months of the year. The pace of retail expansion remains high. And in the month of October alone, we have opened nine new sales points across Australia, Denmark, Sweden, Germany, the U.K., and the Netherlands. Five of these are new openings. Four of them are strategic moves away from smaller boutique style city center locations to larger out-of-town locations, making it easier for more people to test drive and buy a Polestar. Our expansion in France is also proceeding as planned. Retail sales in the third quarter grew by 13% versus the same quarter last year and by 36% for the first 9 months of the year. Revenue grew by 36% in the third quarter and by 49% in the first 9 months. Europe remains our main market, representing over 75% of our global deliveries. Our most important European markets delivered strong year-on-year growth during the first 9 months. Belgium and the Netherlands grew by 40% and 37%, respectively. Germany grew by 46%. Norway grew by 63%. Sweden grew by 41%, and the U.K. grew by 100%. Korea remains our strongest performing market in Asia with…

Thank you, Michael. Good morning, good afternoon, everyone. With continued growth in retail sales volume and revenue year-on-year, the financial results for the third quarter and the first 9 months of 2025 demonstrate strong commercial performance at the top line. However, significant external headwinds, notably tariff and pricing pressure, continued to impact profitability, including in the third quarter. Looking at the financial results for the first 9 months of 2025, retail sale volume as preannounced increased by 36% to over 44,000 cars. Polestar 3 and Polestar 4 made up 65% of the retail sale. By geography, we continue to see particularly strong performance in Europe, as mentioned by Michael, notably in the U.K., Germany, Belgium, the Netherlands and across the Nordic region, but also in APAC, led by South Korea. The U.S. market remained challenging as tariff and policy changes continue to impact profitability, and we need to do more on localization of parts and components to be efficient. The U.S. represented 8% of our retail sales for the first 9 months of 2025 from 16% in 2024. We operate in 28 countries worldwide, including now in France launched in June. Our commercial transformation is progressing at pace with another 11 new retail partners signed up in the third quarter of 2025, bringing the total to 141 active retail partners at the end of September, contributing to the development of our sale points. As a result, revenue grew by 49% to about USD 2.2 billion in the first 9 months of 2025. The drivers were: first, higher sale volume and a growing share of higher-priced model, Polestar 3 and Polestar 4 in the sales mix. Second, carbon credit sale amounted to $104 million under the new EU pooling agreement versus sale of below $1 million for the same period in…

[Operator Instructions] Our first question comes from the line of Winnie Dong from Deutsche Bank.

I was wondering if you can help us bridge the walk for gross margin a bit more. You mentioned geographical sales mix and reduction of material costs, but then there's also a pressure on pricing. So I wonder if you can just give us some -- a bit more detail on the puts and takes.

Winnie, so thanks for your question. So I think that you want to bridge the walk between Q3 gross margin and Q2 gross margin. So the result of Q3 has been clearly disappointing for us. So first, we are continuing suffering pricing pressure on our vehicle in addition to have higher cost of production due to the duties. But in addition to that, also we had some adverse mix effect in the sense that we have sold more Polestar 2 and more Polestar 3 than Polestar 4 as expected. Even if at the same time, we have successfully partially compensating part of those negative impacts by continuing reducing product cost reduction, but also reducing fixed costs. On the Polestar 3 adverse mix impact, I just would like to comment that we have realized some tactical sale, especially in the U.S. because this is from where most of this mix -- negative mix effect is coming from because we took the opportunity of the end of the tax incentive in the U.S. in order to destock, I would say, most of the Polestar 3, and this is from where this negative mix impact is mostly coming from.

Okay. And then second, I was wondering if you can maybe just comment on the OpEx spending trends in the quarter and how we sort of foresee on a go-forward basis, how that would trend into next year.

Yes. So I will not comment into the detail about Q3. But as you know, so we realized quite significant decrease of our fixed costs, especially at the end of H1 compared to last year at around minus 10%. Those decreases are coming, I would say, from two main levers. The first one, this is the optimization of our marketing expenses, which is coming from, I would say, less also production. But also the second lever is mainly driven by the reduction of the headcount. So we are still marching in consolidating our organization, realizing some efficiencies and synergies. We started the year with 2,500 headcount, and we still have the objective to reach 2,000 headcount by the year-end. And I would say that looking at Q3 and looking at Q4, so we want to accelerate on those levers. And I think that we have a good momentum entering Q4 now.

Our next question comes from the line of Tobias Beith from Rothschild & Co Redburn.

I have two questions, if I may. I'll ask them separately. Michael, since we spoke last, a bilateral trade agreement has been struck between the EU and the U.S. On paper, it seems quite helpful for Polestar's unit profits, particularly on the Polestar 3. I wondered if I could hear your thoughts today on how you and the rest of the management team have or may be thinking about adapting your business plan for the next couple of years.

Sure. Happy to do that, Tobias. So let's talk U.S. a bit more in detail because we have a setup where, on the one hand, we have the local production in Charleston, where we join the Volvo factory, which I think is a good basis, right, because we try to localize as much as we can. At the same time, also parts then from Mexico, for example, have duties. So it's a good setup, but obviously is also suffering from duties, right? The other thing for the U.S. business model, which is very important to understand is that we bring now the Polestar 4 to the U.S., and we bring it out of South Korea to the U.S. And that, I think, we feel is a very good setup because that has much lower duties than from Europe or from China and is a good basis, right? But it's a complicated world, as you say, because duties change quite a bit. But we feel with the local setup in the U.S. and then the South Korean factory, we have a good setup in order to then optimize our U.S. business model. So I hope that answers your questions.

Yes. Maybe just on that, what about going the opposite way around? So there is now an opportunity for you to earn more profits on Polestar 3 is exported into Europe?

Yes, that is an opportunity for us as well. At the same time, we also have opportunities to produce it in China. And obviously, once you have invested into the tooling into the setup, it's not that easy to change immediately. But as you quite rightly highlight, it is an opportunity which we are also exploring and might use if it is appropriate for us.

Okay. Understood. Jean-François, if I'm not mistaken, a substantial portion of Polestar's debt portfolio was renewed in the period and also slightly broadened by, call it, $300 million. I wondered what is the new go-forward effective rate of interest on Polestar's debt portfolio? And is it floating mostly?

I would say that most of our interest rate is based on references. So it is floating, yes.

Okay. And did you have a number that you could share for the new effective debt rate on the renewed portfolio?

I mean there is no significant change to call out to the previous one.

Our next question comes from the line of Andres Sheppard from Cantor.

I was wondering maybe we could get an update on capital needs and liquidity. If you can maybe give us a sense of cash burn, maybe what it was, what you expect for it going forward? And what is the timing for those additional capital requirements?

Okay. Thanks, Andres, for the question. So in term of cash burn and as I commented it in H1, so for the first semester, we have a monthly cash burn of around USD 136 million per month. I mentioned at that time that the level of cash burn will increase during the second semester due to, I will say, the spending or cash out related to legacy CapEx. But clearly, compared to last year, if I'm looking at the normalized cash burn, so we are improving month after month. And this is due to, I will say, the fact that we are cutting losses looking at our adjusted EBITDA, but also making strong action in order to improve our working capital. So we demonstrated at the end of H1 that we have collected the level of inventory at 40,000 units for more than 22,000, 23,000 units at the end of December. And of course, we are quite vigilant in terms of the level of receivable and working as well leveraging our payable and the payable from our related parties. So I think that we are in a good track to improve the level of cash burn, but still, unfortunately, we are burning more cash as planned because we have faced so the increase of tariffs, more challenging market context, which has deteriorated our profitability. Now when it comes to, I would say, our funding needs. So as you are aware, so we have raised USD 200 million new equity coming from PSD Investments Company, which is owned by Mr. Li Shufu, who is the Founder and Chairman of Geely Group. And based -- and following to this new equity, we are working actively and always with a positive mindset with Geely Group in order to further increase, I would say, our funding as we all know that we cannot only rely on the debt from the bank. We have to fund some new equity and this new equity in June was clearly, a positive sign from Geely Group about supporting Polestar, but also the willingness that further will come. So we are completely aligned with Geely Group in terms of liquidity and funding plan that we are executing. And we will not hesitate to come back to you and to the investment community if there is more to comment as and when required.

Wonderful. That's very helpful. I appreciate all that color. And maybe one for Michael. I'm wondering if you could maybe talk a little bit about autonomy. We're certainly seeing a bit of a trend in the automotive business with different autonomous partnerships. Curious if you can maybe talk about opportunities that Polestar might be pursuing here. Is this an area of focus? Anything you can say there?

Yes, sure. Thanks, Andres. So happy to do that. Of course, I mean, it's an important area because it's the future, right? It will increase. And we have obviously various partners already with Mobileye on the Polestar 4. We look at other alternatives in the various regions. At the same time, we want to have the good balance because our brand really stands for performance. So I mean, our customers are really performance drivers in general. But of course, we can combine these two things, right, and have higher level of autonomy when you don't want to drive, right, and use it, at the same time, make sure that everybody understands, look, Polestar stands for design, performance and sustainability. So yes, various partnerships like the one with Mobileye highlighted by me, and it's a key focus area for us, and obviously also look very carefully into the overall group possibilities and will absolutely stay a topic for the future. So more to come on that. Thanks for the question.

There were no further questions at this time. So I'll hand the call back to Michael for closing remarks.

Yes. Thank you, everybody. So this concludes our earnings call. So thank you for joining. Wish you a wonderful day, and keep in touch. Thank you, everybody.