Aquafil Spa

Ladies and gentlemen, welcome to the Aquafil Group 2026 Q1 results presentation conference call. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing the pound key, then 5, on their telephone keypad, or by clicking the hand button on the web player. Now, I will hand the conference over to Giulia Rossi, investor relator. Please go ahead.

Thank you, operator. Good evening, everyone, and welcome to Aquafin Investor Conference Call. Today, we will update you on the company's first quarter 2026 results. Before going ahead, let me remind you that this presentation may contain certain statements that are neither reported financial results nor other historical information. Any forward-looking statements are based on apophis, current expectations about future events and are subject to risk and uncertainties that could cause results to differ from those expressed by the statements. For a discussion of these risks and uncertainties, you should review the disclaimer in the presentation we issued today. I will now leave the floor to Mr. Giulio Bonatti for his remarks.

Thank you, Giulia. The results of the first quarter of 2026 demonstrate with great satisfaction the group's ability to translate commitment into tangible results. Margins showed an excellent performance despite market uncertainty. A strong benefit derived from the cost rationalization project launched in 2025. The plan of approximately 17 million euros is generating the expected structural savings and cost containment actions will continue in the coming period. We also continue our debt reduction path with discipline. The net financial position decreased sharply compared to the first quarter of the previous year, supported by robust operating cash generation. This result is a significant achievement even when compared to that of the previous financial year, especially when contextualized with the typical seasonal fluctuations of the period. Sales volumes are in line with expectations, showing extremely positive dynamics in the North American region. In Europe, the fiber for textile market is showing order intake above previous periods. In parallel, the growth of the engineering plastics segment also continues. Our Econy brand maintains a significant share of total fiber revenues. The current macroeconomic framework presents elements of instability, with further strong upward pressure on raw materials and other costs. Within this context, we reiterate our historical ability to pass through the increase in operating costs to selling prices, even in the most challenging market phases. The results of the quarter make us confident in achieving the target set for 2026. We are now ready to welcome your questions.