Good morning, ladies and gentlemen. Welcome to the conference call of Belysse Group regarding the full- year 2024 results. As a reminder, all participants will be in listen-only mode. After the presentation, there will be a question-and-answer session for analysts covering the Belysse share. Today we have with us James Neuling, Chief Executive Officer; Andy Rogiest, Chief Financial Officer; and Ruben Pattheeuws, Group Director of Sustainability and Strategic Projects. Gentlemen, the floor is yours. Hi, good morning. Thank you, Lynn. It's James Neuling speaking. I'd like to give a warm welcome to all of you for the Belysse Group's full- year 2024 results call. If you have not already done so, you can download the press release and this presentation from the Investor Relations section at belysse.com. I need to start first to bring your attention to the disclaimer on slide two. I will not read it out, but please do make sure that you have read it. Now, I will talk about the financial summary of the full year 2024, and then Andy Rogiest, CFO of Belysse, will take us through the financial review. Finally, Ruben, who is our Group Sustainability Director, will give a quick update on our Beyond program. I will make a conclusion. We will end this call with a Q&A session, and with the analysts who follow our stock. Let's turn to slide four for the full- year 2024 financial summary. From a financial standpoint, we saw the full year 2024 consolidated revenue at a total of EUR 280.4 million, which is an organic decrease of 6.8% year- over- year. The revenue of our US business declined by 3.9% year on year, while the Europe business faced a decline of 10.2% year on year. In terms of profitability, the full year 2024 adjusted EBITDA was EUR 42.4 million, which is a 26.0% year- on- year increase. Our U.S. business realized an EBITDA of EUR 32.0 million, while the business in Europe realized an EBITDA of EUR 10.4 million. The net debt at the end of the period was EUR 135.0 million, including EUR 26.6 million of impact from the IFRS 16 lease liabilities, which results in a significantly lower leverage of 3.1 for the end of 2024. I'll now pass over to Andy, who will go more in depth to the financials. Good morning, everybody. Thank you, James. First, let's have a closer look at our 2024 financial performance. We turn to slide six for the group revenue bridge for the full year 2024. In 2024, we saw consolidated revenue decreasing by 6.8% to EUR 280.4 million. In the U.S., our revenues slightly decreased to EUR 154.5 million, which is about 4% lower than last year. This decrease in revenue can be explained by the lower volumes in the first half of 2024, while our average selling prices were stable. In the second half of the year, volumes and revenues stabilized, with the Q4 2024 revenue being on par with the prior year, and this was EUR 37.6 million. In Europe, revenue decreased approximately by 10% versus last year to EUR 125.9 million. The market demand remained weak throughout the year, in particular in the residential business line. Despite the lower volumes, the average selling prices remained stable versus prior year. We can turn to slide seven for the group adjusted EBITDA bridge of 2024. Belysse Group consolidated adjusted EBITDA of 2024 increased to EUR 42.4 million. This represents a significant increase of 26% versus last year, with adjusted EBITDA margin strengthening to 15.1%. The EBITDA margin in 2023 was 11.2%. Our U.S. business realized an adjusted EBITDA of EUR 32 million in 2024. This is 4.6% higher than the result in 2023, and the adjusted EBITDA margin arrived above 20%. Further improved efficiencies have more than offset the impact from the slight decline in volumes. On Europe, the EBITDA improved materially from EUR 3 million in 2023 to more than EUR 10 million in 2024, and the adjusted EBITDA margin increased to 8.3% from 2.2% in 2023. This improvement was the result of a recovery of the unitary margins, a higher margin product portfolio, and fixed cost savings, which overcompensated the lower volumes and wage inflation during the year. We can move to the cash flow slide. Thank you. We ended the year with a cash balance of EUR 38.6 million compared to the balance of EUR 35.8 million at the end of 2023. The positive cash flow was mainly driven by the adjusted EBITDA of EUR 42.4 million, while working capital, meaning order and trade working capital, was contributing EUR 4.2 million in a positive way. During the year, we paid EUR 4.8 million of taxes as well as EUR 10.2 million invested through capital expenditures, while we also had EUR 28.8 million related to debt repayments and interest payments, which were including also effects from the refinancing. Let's now turn to slide nine for the leverage chart. Thank you. The net debt at the end of the period was EUR 135 million. This is including EUR 26.6 million related to IFRS 16 lease liabilities. This is EUR 4.2 million lower than what we reported at the end of the first half of 2024, at 30th of June. Our net leverage reduced significantly to 3.1 times versus 4.5 times at the end of 2023. This leverage is the lowest level since the inception of Belysse early 2022. Our total available liquidity, including headroom under the RCF, remained strong and amounted to almost EUR 53 million at the end of 2024. I will now hand over the floor to Ruben Pattheeuws, our Group Director of Sustainability and Strategic Projects, for an update on Beyond. Thank you, Andy, and good morning, everyone. If we start with the first pillar of our BEYOND program on slide 11, which is sustainability through innovation, we saw that the scope one and two carbon emissions in our production plants per square meter produced have been reduced by 23% compared to our 2018 baseline. During 2024, we launched several new initiatives, such as technical modifications to reduce energy consumption, further electrification of equipment, and we also increased our share of renewable energy, which we use. If you look at certified recycled content in our commercial carpet tiles, this has further improved to 59% in Europe and 41% in the U.S., and in both regions, this is the highest share of certified recycled content that we've achieved so far. We also continue to expand our Cradle to Cradle certified collections, and as we speak, we are in the process of certifying quite a number of collections under the latest Cradle to Cradle standard version 4.0. Moving to slide 12 for the results of our Lean program, the full- year 2024 results amounted to EUR 1.6 million of P&L savings versus 2023, against a target of EUR 1.7 million. If you look from the start in January 2022 until now, the Lean program has delivered EUR 7.6 million in savings against a target of EUR 6.5 million, so we're 17% above the target. In fact, after three years of the program, we have nearly delivered the full EUR 8 million cumulative savings, which were our objective for the four-year period of the program as a whole. During 2024, we had no less than 45 different initiatives that contribute to these results, with a key focus on quality, material, energy, and labor efficiency. Moving to slide 13 for the agility pillar of our BEYOND program, we are continuously working to further improve our delivery performance and the service level we provide to our customers, at the same time balancing this with our end-to-end inventory. Our Fast Track quick ship program at Bentley is designed for maximum flexibility and expedited delivery to the client, and it covers a wide range of 20 different styles. Orders of 1,500 sq yd or less of products in this program will be ready to ship within 10 business days of ordering. At modulyss, in Europe, we have a similar quick ship program. We know, of course, that in a fast-paced world of design and build, time is of the essence. Therefore, we have designed a quick ship program covering products across 25 collections, with products ready for shipment within two to four weeks. With this, I would like to give the floor back to James for closing comments. Thank you very much, Ruben. Lynn, if we can go to slide 14, you have already done that. Thank you. In summary, our 2024 consolidated revenue was EUR 280 million, and adjusted EBITDA significantly improved to EUR 42.4 million, bringing us an increase of adjusted EBITDA to 15.1%. Bentley Mills, our U.S. division, realized a full- year revenue slightly below that of 2023. However, improved efficiencies more than offset the first- half negative volume effect. In Europe, the adjusted EBITDA recovered materially because of higher unitary margins, a higher margin product portfolio, and fixed cost savings. The market backdrop remained weak throughout the year, in particular for our residential business line. In 2024, the group progressed very well on our sustainability program, achieving further reductions in CO2 emissions per square meter produced. We increased the share of our certified recycled content and successfully and ongoing recertifying collections to the latest Cradle to Cradle standards. Additionally, we've established SBTi, the Science Based Targets initiative, taking us through to 2030. Our net leverage decreased to 3.1, and the group's liquidity rose to EUR 52.7 million for the end of 2024. I'd like to add a personal note here. I'd really like to thank the team who have worked very hard on commercial excellence, efficiency, and our costs while we are waiting for the markets to recover. I'm going to hand back to Lynn, who will take questions. Yes, thank you. We will now begin our question- and- answer session for analysts covering the Belysse share. If you have a question, please raise your hand by pushing the button on your screen. If you are dialing in via your phone, please press star nine to raise your hand. Once your name has been announced, you can ask your question. We have a question from Wim Hoste. Yes, you can now ask your question. You just need to unmute. Yes. You share at the bottom. Hello, good morning. Do you hear me? Now, we hear you. We hear you. Yeah. Okay. Sorry for the technical obstacles. I have a couple of questions I would like to ask them one by one, please. The first one is on the trading environment in the beginning of 2025 for the different businesses. If you can just elaborate a little bit more on what you're seeing in both U.S. and Europe and in Europe, I'm certainly interested in the residential segment. I think also, yeah, route to market has been changing in the past few years. Also, the retail landscape is changing with what happens to Carpetright and other players. If you can just elaborate a little bit on the trading environment and the route to market changes that you're seeing. Okay, Wim, let me tackle the US. first. What we saw, particularly in the second half of last year, we saw the US Fed announce a series of interest rate cuts, and we have not yet seen the effect of those interest rate cuts on the demand side of the business. That said, generally speaking, when we talk of interest rates, they generally play well into our market. It encourages investment. I I think something else that should play well into us, and we have not seen the effect of yet, is the general shift of moving away from work to home and getting people back into the offices. We see that particularly pronounced in the U.S., as we are aware of the politics over there, of the actions that are going on with the federal government, and this is also driving businesses to bring people more back into their offices. We expect that should have a knock-on on our business, but we do not see any impact of that right now. Overall, the U.S. landscape in the first quarter, say, runs, it is a little bit of it is seasonal over there, so quarter one is never the strongest quarter, but it goes in a way that we are comfortable with, and there are no surprises going on. In Europe, we have to talk two parts because we have a contract business and a residential business, and we also saw the European landscape shift with respect to interest rates, and they take time to come through. If I talk first about the residential business, we are, of course, aware during the COVID years, there was a buy-forward effect that a lot of people working from home in those years, 2020 and 2021, renovated homes. If you have done a home renovation the last four years, you are extremely unlikely to do a further home renovation in the next couple of years. The buy-forward effect is something we still feel, and there are a couple of moments when people would buy residential carpets for their home, and that is either when they buy a house, and I think you are fully aware of the mortgage figures across Europe, which are down, or when they say, "Look, I have been in this house long enough and decide to do a renovation." We do not see any particular change in the retail landscape in the first part of this year versus what we were seeing in the second half of last year. We are aware, of course, you mentioned Carpetright. There are some important players like Carpetright disappeared from the landscape, but that does not necessarily mean the entire business disappeared. We see a relatively stable market at the moment. I think overall, if I look at the business, we are a business, and always in business, we have areas of concern, but there is no particular shining light that says, "Be concerned about A, B, or C." As far as we see, retail is continuing pretty much as it was in the second half of last year. You also talked about route to market. I am not entirely sure what you meant by route to market there. The shift to e-commerce, for example, is that playing an increasing role? There are online carpet players, let's say. They do exist, and they exist very much at the low end. It doesn't play into what we do at high end. Carpet, it's a very tactile business. It's also, I think, quite a difficult product to buy online because the color that you see online will never be the color that you receive as a sample. If you want to, those online players, they really have to focus at the low end because if you're going to sell to someone's home with a made-to-measure, cut-to-size carpet, the possibility for the consumer to return the carpet is zero. Yeah. It's a difficult market to play into. That said, there are some people who do that, but it's really at the bottom end of the segment. If I talk about the contract market, again, we see a little bit similar story, what we saw in the U.S. interest rate cuts, not yet having the big effect on business. We notice also in Europe, to a lesser extent, the kind of shift of moving people back into the office, which plays well to us. What has also played well for us in the office area over the last couple of years is we've moved more and more premium. Companies have typically had smaller offices, but they wanted to do them better, and that means that the taste for higher-end products has increased. I hope that answers your question. It is a difficult question to answer because there are no strong indicators going one way or the other. There are little points of positiveness and little points of concern, but I think like any business. Okay, I understand. That's clear. Another question would be on the capacity utilization and CapEx requirements going forward. I would expect that your CapEx needs are relatively low, but can you provide a CapEx guidance for 2025? Andy? Hello? I think I can hear you. No? Yeah, I can hear you now, but I've not heard anything of the answer. I'm not sure if it's a technical issue on my end or. No, no, it's us. Can you hear me again, Wim? Yeah, now I can hear you, but I have not heard anything of the answer that you might have given. No, as stated, our capacity utilization or our installed capacity is sufficient, let's say, to cover market growth. In terms of CapEx investments planned, we keep on executing the plans we had, and the amounts are similar to the previous years. We make sure that our equipment is ready. Okay, understood. A final question would be on, yeah, the margin outlook for Europe. I think, yeah, raw material prices came down, polyamide prices came down a bit in the course of the second half. I do not see any indications of big changes, but yeah, I was wondering, you have executed to a big extent your cost optimization programs. Raw material prices are now probably more stable. What is the kind of margin outlook and ambition that you might have for Europe? I think U.S. is doing very well, but Europe is probably not at the level that you want to be. Any commentary on that. and also the kind of trajectory towards that margin ambition, what is needed for that? If you can talk a little bit around that, that would be interesting as well. I'll start on the subject, Wim, because many questions at the same time. Yeah, regarding margins, I'd like to refer also to the strategy that has been outlined from the start of Belysse. We clearly focus and move ahead on bringing more and more premium offering, clear a game changer compared to the previous Balta approach on more volumes. We really go for value. Having said that, indeed, I think on costs and product costs, what we are seeing at this moment is indeed rather stable. Also, there's nothing particular to mention. Sales prices, I think that is the other point of margins. What we, at this moment, again, notice on the sales prices is there's always anecdotal topics on sales prices, but we are not facing any pressure to mention as such. The other angle, the third angle, is indeed on the premium and offering more premium. Last year, in the residential segment, we stepped away from the lower margin product offering to make sure to have, yeah, let's say, more healthy margins generated. Already, James touched upon it on the contract and the commercial side. There is clearly that's the axis for growth, not only volume, but also margin, absolute, and per square meter. James? If I add some. Hello? Yeah, we're back. Yeah, it's me. Okay, yeah. I touched a button here, Wim. I'm sorry. No, no, that's fine. No problem. Since your question is specifically with Europe and we split the residential and the contract part, Andy referred to our shift to a higher margin, and part of that shift is, or let's say, more premium products. Part of that shift is the creation of more premium products, and part of that shift is the dropping of low-end products. That dropping of low-end products has been ongoing for a couple of years now. I'd say we're at the end of that. We do not expect to be dropping any further low-end products. It is the implementation of more higher-end products, and our product teams work on that. It is also about making sure that we are dealing with the right mix of customers. If I look at maybe a little touch on the market view, the customers that we view who are doing well in the market are those who have clearly established positions, those customers who are playing higher end. To our surprise, those customers who play lower end are having difficulty distinguishing themselves. Not that we have a lot of business with the low-end customers, but if you observe the sort of customer reports of the ones who had financial problems in the last couple of years, it has been more the players at the low end. On the contract business, what we see is we've had a little bit of a different story that we haven't really dropped any low-end products at the contract story. What we've been doing is, or a very small extent, what we've been doing is introducing a series of continued high-end products, taking us more and more upmarket, and we see that basically resulting in an improved selling price, which is a mixed improvement. That is the place where we want to be. The ambition for the European business, particularly on the contract side, is to become much like Bentley, an ultra-premium player. That is a journey. That is not something we'll achieve in the space of weeks or months. It is a long-term journey which started some years ago, and we're continuing on that. Okay, that's clear. That's all from me. Thank you. Thank you, Wim. Are there any further questions? Please raise your hands. I don't think there are any other questions. Okay, then I'd like to thank everyone very much for taking the time to listen to our presentation and the questions. As a reminder for you, we will publish a trading update concerning our quarter one 2025 results in April. Thank you all for your attendance, and that's it. That's fine. Thank you. Okay. Bye.