Vidrala Sa

Good morning and welcome to the conference call organized by Vidrala to present its 2025 full year results. Vidrala will be represented in this meeting by Raúl Gómez, CEO, Íñigo Mendieta, Corporate Finance Director, and Unai González, 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 pose questions in English in order to facilitate understanding of everyone. In the company website, www.vitrala.com, you will find available a presentation that will be used as advert material to cover this call, as well as a link to access the webcast. Mr. Álvarez, you know how the floor.

Good morning, everyone, and thank you for joining today's conference call. As previously announced earlier this morning, Hidara has released its 2025 full year results, together with a presentation that will be used as a guide throughout this call. Following the structure of the presentation, we will start working through the key figures released, before moving on to the Q&A session, where we will go deeper into business performance. I will now pass the floor to Inigo. who will tell you through the key financial highlights.

Thanks, Unai, and thank you everyone for joining the call. We know these days are quite busy for you, so thank you very much for your time. So, let's begin with a quick overview of the key financial figures. For the full year 2025, Idrella obtained revenue of almost 1.5 billion euros. EBITDA of 441 million euros and an income equivalent to an EPS of 6.24 euros. A strong cash generation of 200 million euros enabled a substantial reduction of debt to 105 million euros, which is equivalent to 0.2 times our annual EBITDA. Please note that the right-hand column provides clarity on the variation on comparable scope basis and excluding also FX, and comparable scope means excluding the impact of perimeter changes following the sale of Videla Italy back in 2024. In addition, and to allow comparability, EBITDA and earnings per share are shown excluding 13.7 million euros and 10.2 million euros respectively, related to restructuring costs in the UK and Ireland. Let's have a deeper look at revenue evolution. Sales for the period reached 1,465.2 million euros. On a life-to-life basis, excluding contributions from Italy and constant exchange rates, sales declined by 5.4%, reflecting the expected combination of soft demand and price moderation in line with cost developments. Turning now to EBITDA, we applied the same analytical framework to better understand the year-on-year variation. For the full year 2025, EBITDA stood at €441 million, consolidating the profitability of our business model despite challenging market conditions. Excluding FX effect, EBITDA remains basically stable year-on-year. These results translated into a resilient EBITDA margin of 30.1%, reflecting a 1.5% point expansion compared to last year. Now, let's understand sales and EBITDA evolution by market based on the current perimeter. Again, that means fully excluding Italy from the 2024 figures. As aforementioned, price moderation are visible over all our operating markets. Northern Europe demand remains resilient, while training conditions in the UK and Ireland continue to be challenging. And in Brazil, Q4 exhibited expected signs of recovery, and we are also constructive for 2026 as we start the year. Anyway... Margins remain solid across all regions thanks to our internal measures, cross-discipline and actions to align industrial capacity with market realities. Now, let's take a closer look at free cash flow generation, which is our top priority and a fundamental indicator of both our financial strength and the quality of our execution. This chart shows full-year cash conversion performance. Starting from EBITDA margin of 30.1%, we deliberately allocated almost 13% of sales to investments, reinforcing our operational capabilities and driving future competitiveness. In addition, 3.6% of sales was dedicated to working capital, financial expenses and taxes. As a result, free cash flow generation reached almost 14% of sales, equivalent to 200.1 million euros, highlighting our ability to translate operational performance into cash flow despite investing at record levels. As a consequence, net debt was reduced to 105.3 million euros, which translates into a leverage ratio of 0.0 times our annual EBITDA. This solid financial position provides us with the ability to continue investing with ambition, with discipline, while returning flexibility to seize growth opportunities and return capital to shareholders. Overall, we have largely met the guidance issued in April 2025. Our results underscore the resilience of our business model in a challenging market environment, and notably our ability to convert operational performance into cash has proven strong, generating value even in an unfavorable global macroeconomic cycle. Moreover, if we adjust the performance of each of our business units in their local currency, Today's change rates assumed in the guidance, namely 0.84 for the British Pound and 6.20 for the Brazilian Real, our EBITDA would have reached 445 million euros, representing only a very limited deviation of 1% versus the guidance. And now, before we move to the Q&A, I'll hand over to Raúl, who will summarize the key takeaways and share additional insights.