Vidrala Sa

Buenas tardes y bienvenidos a la presentación de resultados del primer trimestre de 2025 de Vidrala. La compañía estará representada por Raúl Gómez, CEO, Íñigo Mendieta, director de finanzas corporativas, y Unai Álvarez, responsable de relación con inversores. La exposición se realizará en inglés. En el turno de preguntas atenderán también preguntas en castellano. En la página web de la sociedad www.vidrala.com encontrarán documentación de soporte a esta presentación, así como un enlace para acceder al webcast. Good afternoon and welcome to the conference call organized by Vidrala to present its 2025 first quarter results. Vidrala will be represented in this meeting by Raúl Gómez, CEO, Íñigo Mendieta, Corporate Finance Director, and Unai Álvarez, Investor Relations. The presentation will be held in English. In the Q&A session, questions will be also answered in Spanish. Nevertheless, it is strongly recommended to post questions in English in order to facilitate understanding of everyone. In the company website, www.vidrada.com, you will find available a presentation that will be used as a parting material to cover this call, as well as a link to access the webcast. Mr. Álvarez, you now have the floor.

Good afternoon, everyone, and thanks for joining today's call. As previously announced, Vidrela has released its 2025 first quarter results, along with a presentation that we will use as a guide to the next session. We will start by reviewing the main figures, following the other slides, and afterwards, we will open the floor for your questions to discuss business performance more in detail. I now hand over to Inigo, who will explain first quarter and financial highlights.

Thank you, Unai. Let's kick off. with the headline financials. In the first quarter of 2025, we achieved revenue of 372.5 million euros, EBITDA of 104.6 million euros, net income translating into earnings per share of 1.42 euros, and by the end of March, net debt was 289.2 million euros. implying a leverage ratio of 0.7 times our last 12 months EBITDA as the anticipated price reductions of approximately 4% representing a 6.6% decrease at constant currency and light for light scope. As the anticipated price reductions of approximately 4% are already in place, while volumes remain down year and year, partly reflecting a strong comparable base in the first quarter of 2024. Scope effect, which includes the exclusion of the Italian business, had a 4.1 negative impact on sales. Looking at EBITDA in more detail, applying the same breakdown, first quarter EBITDA reached 104.6 million euros, representing an organic growth of 1.4%, driven by greater diversification and the continuous optimization of our industrial footprint to further enhance our competitiveness. This performance translated into a robust EBITDA margin of 28.1% marking an improvement of 190 basis points compared to the prior year. Here, we break down sales and EBITDA by business units, based on the current perimeter, meaning the Italian business is fully excluded from last year figures. As previously mentioned, we are seeing the expected price reductions across all regions, but the anticipated moderate recovery in volumes has yet to materialize, with Brazil being additionally impacted by negative currency effects. However, margins across all regions remain strong, reflecting the internal actions taken. And finally, turning to our balance sheet. Net debt stood at 289.2 million euros, with leverage at 0.7 times the last 12 months it has been down. This solid financial standing puts us in a strong position to invest, further enhance our competitiveness, and explore potential opportunities while maintaining a prudent financial stance. And now, before we open the floor for questions, I'll hand over to Raúl, who will recap the key points and share business perspectives for the full year.