Mersen Unsp/Adr

Ladies and gentlemen, welcome to Mersenne 2025 full year sales presentation. The webcast will be structured in two parts. First, a presentation by the Mersenne management team. Afterwards, there will be a Q&A session during which you may ask questions in two ways, by submitting a written question in the box below the player, or by clicking the green hand button on the player to ask your question orally. I will now hand over to the Mrs. Boca. Madame, please go ahead.

Good morning and good afternoon to everyone and thank you very much for joining us today. For your information, this call is being recorded and a replay will be available on the investor section of our website at the end of the call. So as it has just been mentioned, a Q&A session will occur after the end of the formal presentation today with Luc Temelin, our CEO, and Thomas Baumgartner, our CFO. I will now turn the call over to our CEO, Luc Temelin.

Thank you very much. 2025 was a busy year marked by a contrasting global environment, and we can say that Mersenne delivers solid performance under these conditions. 2025 was not a uniform year across our markets, but it was a year that clearly demonstrated the resilience of our portfolio and the relevance of our global and diversified footprint. Reported sales for the full year reached 1.186 million euros, representing an organic decline of 3.2%, which is at the high end of the guidance we communicated in October. We faced strong in-wins from exchange rates with the US dollar and the RMB, representing two-thirds of the total exchange rate impact, I would like to stress that these are only conversion impacts as the group is global with an industrial presence where it sets. Throughout the year, we achieved strong momentum across several key markets, wind, energy storage, power electronics, aeronautics, rail and electrical distributions, to name the most important. This helps offset the weakness in the solar and silicon carbide markets that I have already commented on in previous calls. I will now turn over to Thomas who will go into more details.