Vantiva S.A.

Ladies and gentlemen, welcome to Vantiva Full Year 2025 Estimated Operational Resource Conference Call, chaired by Tim Oloflin and Lars Ehlen here in the room. So at this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. If you'd like to register a question, please press star 1 on your telephone keypad. Just to remind you all, this conference is being recorded. We would like to inform you that this event is also available live on our Ventiva website with synchronized slideshow. During this conference call, statements could be made that constitute forward-looking statements based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the future results expressed, forecast, or implied by such forward-looking statements. For a more complete list and description of such risks and uncertainties, refer to Ventiva's filing with the French Autorité des Marchés Financiers. So we're here today as we published our estimated results for 2025 this morning. These results are unaudited as the auditors have not yet completed their review. We expect to publish the audited accounts by the end of April. Now let's turn the call to our CEO, Tim O'Loughlin. Tim, the floor is yours.

Thanks, Thierry. Hi, everyone. I'll start on slide number five. We are proud to have achieved once again our financial target at budgeted foreign exchange rate. A big thank you to all of our stakeholders, including, most importantly, our incredible Vantiva teams and our customers. Performance was supported by a strong start to the year driven by robust broadband demand, particularly in North America. As expected, this trend slowed a bit in Q4 of 25 when you compare to our strong Q4 of 24. The end of the year was also somewhat more challenging than planned, notably due to some component supply constraints. On the video side, we continued to face soft demand across most markets as many customers are generally losing video subscribers or flat. The Indian market and some Western European markets have shown some exceptions. EBITDA showed a strong improvement driven by the success of our cost optimization initiatives. This achievement was made possible by the synergies extracted from the integration of the home network's business unit from CommScope. We are in the late stages of our transformation program, and some further potential for cost optimizations will emerge in 2026. We have initiated the refinancing of the debt that is maturing this year, and we're confident of a positive outcome. Let me now comment on some market trends from slide number six. As in previous years, demand was supported by technological innovation. DOCSIS IV, Wi-Fi 7, XGS PON, and fixed wireless access were the main growth drivers. Vantiva has continued to pursue its innovation strategy, particularly around Wi-Fi 7, and has won multiple awards for its products. While the outlook for video equipment remains challenging, we have nevertheless received awards for our next generation set-top boxes. As you also know, sustainability remains a focus for the group. In 2025, we successfully obtained our group-wide ISO 37001 certification, anti-bribery management system, and we will shortly announce our 2026 ECOVATUS status. Additionally, SBTI has approved our new midterm and net zero targets, 2040. Let's now turn to slide number seven, and Lars will walk us through some of the financial results.

Thank you very much, Tim. So revenues reached $1,706,000,000 in 2025, down 7% at current exchange rates and 3.1% at constant exchange rates. We've reported year-on-year growth until September, but as mentioned earlier, Q4 was impacted both by a challenging comparison versus last year and some supply shortages. EBITDA, however, increased significantly by 33.4% year-over-year and is now representing 8.3% of the revenues. It's a 2.5-point improvement in margin, but driven by the synergies already mentioned and our continued cost optimization efforts. Most importantly, this year, we generated a positive free cash flow after interest, tax, and restructuring costs. And the free cash flow for the continuing activities reached 62 million, which is an 87 million improvement compared to last year. On slide eight, you can see how we perform versus our guidance. And the guidance is here provided both in budget rate and in the actual rates. And I think the number speaks for themselves on this page. And now we will hand you back to Tim again so he can give some words on 2026.