Vidrala Sa

Good morning and welcome to the conference call organized by Vidrala to present its 2025 first half results. Vidrala will be represented in this meeting by Raúl Gómez, CEO, Íñigo Mendieta, Corporate Finance Director, and Leonid 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.vidrela.com, you will find available a presentation that will be used as supporting material to cover this call, as well as a link to access the webcast. Mr. Adair, you now have the floor. Thank you.

Good morning, everyone, and thank you for joining this call. As announced, Vidrela published its 2025 first hour results this morning. We also shared a presentation to support today's call. We will start by quickly explaining the main numbers in the presentation. After that, we will spend time answering your questions about the business. Now, Niño will explain the key financial performance for the first half.

Thank you Niño. So let's begin with a quick overview of the main financial figures. For the first half of 2025, Vidrala delivered revenues of 750 million euros an EBITDA of 216 million euros, and a net income equivalent to an EPS of 3.22 euros. At the end of June, net debt stood at almost 215 million euros, which translates to a leverage ratio of 0.5 times over the last 12 months EBITDA. Just a quick reminder at this stage, Italy contributed to revenue and EBITDA in the first two months of 2024, but was reclassified as discontinued from March onwards. So this impacts year-on-year comparisons and we will try to focus on like-for-like trends as we go. Let's take a closer look at revenue. Sales for the first half of 2025 came in at 250.1 million euros. On a light-for-light basis and at constant exchange rates, this represents a year-on-year decline of 6.7%. The reduction reflects the expected price adjustments of around minus 4% and ongoing soft volumes. Scope change due to the exclusion of the Italian business had a negative impact of 2%. Moving on to EBITDA. first-half 2025 EBITDA amounted to €216.1 million, showing a stable performance at constant currency and like-for-like scope. This highlights the benefits of diversification and ongoing footprint optimization to drive competitiveness. This operational performance translated into a robust EBITDA margin of 28.8%, reflecting an improvement of 171 basis points compared to the same period last year, underlying our ability to safeguard profitability despite challenging market conditions. Now, we break down revenue and EBITDA by region, based on the current scope, with Italy fully excluded from the previous year's figures. As already mentioned, price reductions are visible across all our markets, Volumes are performing better in Brazil compared to other regions, although Brazil is again affected by adverse currency fluctuations. Anyway, margins remain solid across regions thanks to our internal measures. Regarding free cash flow generation, we examined this chart that traces cash conversion over the 12 months ending in June 2025. Beginning with an EBITDA margin of 29.5%, we've directed 12.8% of sales towards CAPEX and allocated an additional 4.1% to working capital, financials and taxes. Consequently, free cash flow amounts to approximately 12.6% of sales. And finally, let's take a quick look at the balance sheet. NetBev stood at 214.8 million euros at the end of June, maintaining a low leverage ratio of 0.5 times EBITDA. With this healthy balance sheet, we'll keep investing in the business and finding ways to improve competitiveness. And now, before we open the broad questions, Raul will summarize the main points and offer some additional insights.