Vidrala Sa

Good afternoon and welcome to the conference call organized by Vidrala to present its 2026 first quarter results. Vidrala will be represented in this meeting by Raul Gomez, CEO, Inigo Mendieta, Corporate Finance Director, and Unai Alvarez, Investor Relations. The presentation will be held in English. In the Q&A session, questions will also be 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.3wbibrala.com, you will find a presentation that will be used as a supporting material to cover this call, as well as a link to access the webcast. Mr. Alvarez, you now have the floor.

Good afternoon, everyone, and thank you for taking the time to join today's talk. As previously announced, we published our results for the first quarter of 2026, earlier this morning, together with a presentation that will support this conference talk. We encourage you to access the webcast via the link available on our website, or, alternatively, have the presentation at hand. Following the structure of this document, we will start with a brief overview of the key figures released today, before moving on to a more detailed discussion of other esoteric topics. We will then leave an ample time for the Q&A session. With that, I will now hand over to Inigo, who will take you through the financial results.

Thank you, Unai. Before we walk through the figures, it's worth noting that the Chilean acquisition has been consolidated into the results as of 1st of January, 2026. So, to allow comparability, we have included breakdowns on a like-for-like performer basis, incorporating into the prior year figures the results generated by the acquired business during that period. So, turning now to the presentation we have just referred. The first quarter results reflect the following key business figures. Revenue of almost 368 million euros, operating profit, EBITDA, of 104 million euros, and net income equivalent to an EPS of 1.53 euros. Net debt amount to 273 million euros, including the Chilean acquisition at an enterprise value of 75 million euros. As a result, the leverage ratio stands at 0.6 times last 12 months' performance aided. Moving on to the next slide. Let's take a closer look at revenue evolution. In the chart, we have broken down the year-on-year movements on a comparable perimeter basis, arriving at reported sales of €367.5 million for the first quarter of 2026. As shown, this represents an organic change of minus 4.7% at constant exchange rates and on a like-for-like basis. This performance reflects a moderation in pricing, in line with our expectations, together with a softer demand environment in European markets that has been partially offset by stronger momentum in South America. Turning now to EBITDA, we applied the same analytical framework to better understand the year-on-year variation. EBITDA amounted to 104 million euros, reflecting, in this case, an organic variation of minus 2.1%. These figures translate into an operating margin, EBITDA over sales, of 28.3%, representing an expansion of more than 20 basis points, compared with the 28.1% reported in the same period last year. On a like-for-like performer basis, margins would have expanded by almost 90 basis points. This improvement reflects the combined effect of our internal competitiveness initiatives and the execution of our investment plan, which remain the two key drivers behind my investments. We now turn to sales and EBITDA by business units, Europe, UK and Ireland, and the New South America, which now includes operation in both Brazil and Chile. As mentioned earlier, in the first quarter, we continue to see price moderation across our European divisions in a highly competitive environment, while at the same time, we are taking action on our cost base to support sales development over the course of the year. By contrast, South America continues to show solid performance, driven by improving consumption trends and ongoing operational progress across the region. Finally, net debt, as of the end of March, stood at 273 million euros. This includes the interim dividend paid in February, the cash-out related to the ongoing share-by-back program, and the acquisition of Charlie for an enterprise value of 75 million euros as already mentioned. Overall, the resulting leverage ratio remains broadly stable, reflecting the strength and financial resilience of the business. This final slide is a slide where we just would like to highlight big messages. Basically, the resilience of our margins that are based on cost competitiveness. Second of all, our robust financial position, even after M&A and additional efforts in terms of shareholder remuneration, as we have already explained. And finally, also highlight the value of focused diversification and inorganic growth. Now, we would like to spend some time explaining the recent acquisition in Chile, as well as our broader strategy in South America. On this first slide, we provide an overview of the Chilean market, and as you can see, it is a relatively consolidated market with three main players, and the map illustrates the footprint and planned locations of each of them. The image on the right corresponds to our facilities in Maipú. You can also see a summary of 2025 financials, which, just as a reminder, have not been consolidated in our 2025 report figures. Chile is a region of strategic focus for us and is complementary to our current business base. A significant number of our key global customers are focusing their growth on this region and, in addition, our technological and industrial model offers further deployment opportunities. Moving to the strategic rationale behind our expansion in South America, there are a few key messages we would like to highlight. We are acquiring assets that are well-known to us, as we have previously provided technical assistance to these operations. Second, we see clear room for further optimization, particularly in the most recently incorporated assets, with a view to enhancing margins over time. Third, we are progressing in our strategy of building South America into a growth platform, through a series of disciplined incremental steps while maintaining a structured and focused approach across differentiated regions. And finally, these moves reflect our commitment to following our customers, deepening our relationships with them and strengthening our positioning as a global partner that should allow us to capture opportunities across our different business units. On this slide, we present three charts to frame the South American opportunity. Starting with demand fundamentals, the region is expected to deliver solid growth, with demand projected to increase at the compounded annual growth rate of around 4.5% between 2025 and 2030. The second chart illustrates a competitive landscape. This covers South America as a whole, from Panama southwards. The market is, as you can see, largely dominated by two major global players, with ourselves positioned as the third key or global player, alongside the number of smaller domestic operators across the region. And finally, the third chart illustrates our customer base the customer base in the region, sorry, where we already maintain strong relationships across all these key customer segments that are in the chat. Something that position us well to further strengthen our presence and capture additional opportunities going forward. And finally, on this slide we present the 2025 Groups pro forma figures, including the contribution of Chile, on this basis the group would have generated revenues just over 1.5 billion euros and EBITDA of 463 million euros, with South America representing close to 20% of total group business. And now, before opening the floor to questions, I will now hand over to Raúl who will provide his views on the 2026 outlook.