Huhtamäki Oyj

Good morning all and welcome to Uhtamaki's results call for the fourth quarter of 2025. My name is Kristian Tammela, VP of IER.

Today we have a presentation as usual first by our president and CEO Ralf Wunderlich and then by our CFO Tuomas Gerst. After that we'll segment in the quarter.

But look at the full year for food service, very similar picture on net sales and very similar pictures on actions to improve profitability. So call it self-help activities. Raw material was stable, but again, very, very good outcome from the cost out projects the segment did launch and execute on. And we saw a margin which improved over the full year to 9.3%. So even though we had a very soft top line, we were able to improve margin to a healthy 9.3% in food service. Especially happy to see that the focus on cash also for food service really played out. 131 million, that's 30 plus million stronger than the year before. Moving swiftly on to North America. And North America is one of the two segments where we see volume growth. In a market where consumer confidence was very low, it's extremely pleasing to see that we were able to continue to have volume growth, not just in the quarter, but also for the full year. You might remember Q3, so we had a very weak Q3. And we were hoping and we were seeing then that we saw operational improvements. We saw strong volumes coming in the quarter. So we were happy to see that our margin bounced back to 12%, 12.1% in the quarter. So volume up. We continue to see, as mentioned during the year, pressure on price. So pricing was down. And also North America in the quarter had a lot of focus on cash and delivered a very strong operating cash flow outcome in the quarter. Moving to the full year, same thing I mentioned before, volume growth for the full year. That's encouraging, but negative impact overall on comparable growth because of the pricing impact. So just negative here overall on comparable growth. Now operational costs increased and we continue to focus on taking costs out in North America to make sure that we keep our margin profile, which we promised to you between 11 and 12% going forward as well. Now our RONA is still at a very healthy 15% margin, even though it's down on last year's record performance of 19.6%. Let me move to flexible packaging. We have seen a significant margin improvement in flexible packaging during the full year and also during the quarter. The lower volumes which we see during the quarter and during the full year are offset by better pricing and better mix. So really, really strong focus on getting our mix right in flexible packaging. Lots of activities on the cost side. And you will remember that we put two of our units there under turnaround activities. We talked about India and Turkey, and I'm happy to report that that we have very, very strong positive impact from our turnaround activities in those two units. That enabled us to deliver a very strong margin in the quarter and a very strong cash flow in the quarter. For the full year, it's a similar picture. Lower volumes, but great improvement on the overall product mix, which we are selling. Turnaround going absolutely in the right direction. So as does the cost out projects, which we are running there. That enabled us to come with the best ever performance in flexible packaging of a 9.2% EBIT margin. Also, the absolute number of 115 is an all-time high as RONA is and as the cash delivery is. So we are very pleased to see flexibles going in the right direction. Last but not least, let me jump to our fiber packaging segment. Clearly a very strong profitability performance in the quarter and in the full year for our fiber segments. Net sales just shy of last year in the quarter. But if we look at the overall product which we sell, that is, in fact, increasing comparably by 4% machine sales. is down slightly, but overall comparable growth up 4%, which enabled us to come to an adjusted EBIT of 15.4%. So very, very strong performance and a margin of 15.9%, which is stronger than last year as well. For the full year, we were able to grow comparably at 8% in the fiber business and improving adjusted EBIT in absolute by 16% and growing the margin to 13.3% for the full year. That enabled us to grow our RONA to a very strong 18.4% in the fiber business. You will have noted that we spent more money on the fiber side than last year. And we did this because we see lots of opportunities to continue our growth story in the fiber packaging segment. So with our approach on capital discipline, putting money behind very profitable projects, we are aligned. So we are super happy to continue to invest. Let us move on to the financial review. And Thomas, if you could take over from here, please.