Good morning, everyone. Welcome to Holcim's Full Year 2025 Results Presentation. My name is Bernd Pomrehn, Head of Investor Relations, and I'm pleased to be joined by our CEO, Miljan Gutovic, and our CFO, Steffen Kindler. After their presentations, as usually, you will have the opportunity to ask questions. If you join us on this sunny day, Friday, in Zurich, then just raise your hand and we will hand you a microphone when it's your turn. Our colleague from Chorus Call will now instruct you how to ask your questions via the webcast. Sandra, please. Thank you. You can register for questions at any time by pressing Star and One on your telephone. Webcast viewers may submit their questions in writing via the relative field. I would like to remind you that all participants are in listen-only mode, and the conference is being recorded. For operator assistance, please press Star and Zero. The conference must not be recorded for publication or broadcast. Grazie mille, Sandra. With this short intro, I directly hand it over to Miljan. Miljan, please. Thank you. Thank you, Bernd. Good morning to all of you, and a warm welcome to Holcim's 2025 full year's results analyst and investors conference. Steffen and I are pleased to be presenting our earnings to you today, and of course, there will be a time afterwards for your questions. We delivered strong, profitable growth in 2025, with an acceleration in the Q4 as we achieved all our targets. As you can see, we accelerated the growth of our recurring EBIT in Q4. It was up 12.2%, taking us to a 10.3% for the year, exceeding our guidance. Our industry-leading margin increased by further 80 basis points to 18.3%. Margin expansion was driven by our high-value strategy, which includes scaling up our sustainable offering, as well as continuously exercising strong cost discipline while enhancing operational efficiency. We generated CHF 2.2 billion in free cash flow with a cash conversion of 54%. Due to our excellent results and the confidence in the outlook, our board of directors has proposed a dividend of CHF 1.7. That represents a payout ratio of 53%. With these excellent results, we are setting guidance for 2026 that is fully aligned with our midterm targets. I'll take you through the guidance in details at the end of this presentation. Let's turn to the region highlights. Very proud to report excellent results in Europe. Europe, for Holcim, continues to deliver strong margin expansion, which is driven by our high-value strategy, as we are scaling our sustainable offering and accelerating initiatives in decarbonization and circular construction. In terms of the outlook, very positive on Europe. We expect strong activity in infrastructure. For instance, take, for example, Switzerland. We already communicated that we are supplying our products and solutions to Gotthard Tunnel. Now we have landed another big tunnel, Axenstrasse, and we will start delivering soon. Also, in residential, building permits have increased across the whole Europe in recent months, even in the big markets like Germany and France. Let's look now in more detail on how we have made sustainability a driver of profitable growth in Europe. By scaling our sustainable offering, accelerating decarbonization and circular construction, as well as investments in value-accretive M&A, we have achieved a consistent multi-year margin expansion of 430 basis points between 2020 and 2025. That is a period that includes COVID crisis, high energy crisis, challenging economical cycles, market condition, and also significant volatility in carbon price. Leading in decarbonization, we are using innovative and formulations and alternative fuels to continue to expand our margins, so too with recycling of construction and demolition materials into the new building solutions. During this period, we have also created excellent value through our disciplined M&A approach, closing 66 acquisition at very good prices, which were on average just around 5.3 x EV/EBITDA at signing, including synergies. These acquisitions are increasingly focused on expanding less carbon-intensive, high-value building solutions from foundation and flooring to walling and roofing. All of this demonstrates our agility, our resilience, based on our proven business model. I'm sure that we will get on to discuss this on the EU ETS in our Q&A. Let me say a few words on this topic. The European Commission already announced its work program in 2025, this is not new. This included a review of ETS to provide clarity for the post-2030 period, with the proposal expected in Q3 this year. I would like to emphasize that we do not expect any major changes in short term before 2030. Holcim, of course, welcomes the work that EU Commission is doing to provide clarity for the post-2030 period, including for topics that are important to decarbonization of our industry. If there are any changes to EU ETS allowances in the mid to long term, this will simply provide more time to build effective business cases and partnerships to evolve the carbon management value chain, including transportation and storage, as well as decreasing our costs. Once again, this slide shows that Holcim has made sustainability a driver of profitable growth, regardless of the CO2 price. More importantly, we have the strategic agility to adapt to different scenarios in our decarbonization roadmap, with levers that expand our margins independent of the carbon price. Strong cost discipline and operational excellence are part of Holcim's DNA. Next, in LATAM, we delivered double-digit net sales growth for the full year, with recurring EBIT margin above 30%, even after absorbing the integration costs of our newly acquired businesses. Disensa, the largest construction materials retail franchise in the region, continues to grow strongly. We opened 460 new stores to take us to total 2,360. We expect the strong performance in LATAM to continue, with 1.8 million new homes and the start of the next wave of infrastructure projects to accelerate growth in Mexico, as well as significant demand in residential, but also in infrastructure to boost Argentina and Central America. Asia, Middle East, and Africa delivered outstanding double-digit increase in recurring EBIT in 25, and really outstanding margin expansion of 220 basis points. We saw strong growth in North Africa, driven by public spending and also very good momentum in residential market. For this year as a whole, we expect the strong demand in North Africa to continue with public and infrastructure projects in Egypt, Morocco, and Algeria. We also see Australia as another bright spot, where our team has secured important precast contracts for roads and tunnels. With that, I would like to hand it over to Steffen to talk through the financials in more detail. Steffen? Thank you, Miljan. A warm welcome to you all, also from my side. It's a pleasure to be with you today for the full year results. Turning first to the net sales bridge, you can see that organic growth was the main contributor to a 3% rise in local currency, as we achieved our 2025 guidance. While there was a contribution from acquisitions, we also divested Nigeria in the Q4, which is categorized as a large transaction. The foreign exchange effect on sales was -CHF 810 million, or 5%. Just a note on our guidance that you may have picked up from the presentation and press release. As a technical simplification and a move to the more common terminology of organic growth, we will be guiding on organic growth for 2026. OG for 2026 is expected to be very similar to the LC definition used so far. For the full year, on the next chart, EBIT. On the full year, we delivered 10.3% growth in recurring EBIT in local currency, excluding large M&A. Now you know why we go back to OG. Even 12.2% organic growth, significantly exceeding our 6 to 10% targeted range for the year. Despite foreign exchange headwinds of CHF 200 million, or 7%, we managed to grow our absolute EBIT in CHF by 1.4%. Next, let's look at the progression of our recurring EBIT and recurring EBIT margin over the last four years. This graph here shows that we have been consistently expanded both our recurring EBIT margin and our recurring EBIT, now well above CHF 2.8 billion. As Miljan said earlier, our margin expansion is driven by our high-value strategy as we scale up our sustainable offering while keeping a strong focus on cost discipline and operational excellence. We saw strong recurring EBIT contributions from all the regions, around CHF 1.5 billion in Europe, and more than CHF 900 million in each of LATAM and AMEA. Europe delivered strong EBIT growth, with margin expansion of 140 basis points. Net sales growth was double-digit in Latin America, and we maintained a recurring EBIT margin of above 30%. In Asia, Middle East, and Africa, there was double-digit growth in recurring EBIT at 14.1%. The strong performance overall shows the benefits of our regional diversification playing out well. Our deeply embedded performance culture and disciplined financial management ultimately drives the growth of our earnings per share, or EPS, which is up 5% in Swiss francs from 2024. This shows that we pay equal attention to operational performance and financial discipline. As you, as you see here also on the lines below EBIT, obviously. You can see that by all measures of the bottom line, we are producing superior, profitable growth. Next, you can see the development of our free cash flow in 2025, which exceeded our target of around CHF 2 billion. In the last 5-6 years, Holcim reliably delivered superior free cash flow, with cash conversion rates consistently above 50%. This is driven by strong EBITDA, our focus on working capital, financing costs, other cash-relevant items, and last but not least, a very disciplined approach to CapEx, prioritizing those projects with the highest returns. On this chart, you see our net debt leverage ratio, which closed 2025 at a comfortable 0.9 x. This will provide Holcim with sufficient financial flexibility and the ability to navigate all economic cycles while continuing to invest in profitable growth through CapEx and M&A, and to offer attractive shareholder returns. We remain committed to a healthy balance sheet and net leverage below 1.5 x over the long term, a reiteration to what we said at the capital markets day. Holcim is investing for growth while delivering steadily increasing ROIC. Our return on invested capital continues to tick up year-on-year, reaching 11.2% in 2025. Following our strong value creation for shareholders in 2025, the board of directors has proposed a dividend per share of CHF 1.7 to be proposed to our AGM. This will be paid out of foreign capital contribution reserves, more than CHF 7 billion, which amount to 17% of our market capitalization. These are not subject to Swiss withholding tax. This represents a payout ratio of 53%. Very important, a post-tax dividend yield of 2.4% after tax. This next slide is a bit of a reminder of our growth-focused capital allocation out to the year 2030, which we frequently discuss in smaller group meetings with our investors. The execution of our NextGen Growth 2030 strategy will provide Holcim with a total capital deployment capacity of up to CHF 22 billion until 2030. In order to ignite further growth, we will deploy this capital strategically, focusing on growth as well as shareholder returns. We remain committed to a progressive dividend and returning substantial value to our shareholders. We will return a total of CHF 7 billion until 2030, corresponding to a payout ratio of approximately 50% or higher per year. An additional CHF 4 billion-CHF 6 billion from proceeds of larger divestments or available debt capacity can be used for large strategic M&A or to opt to opportunistically execute share buybacks. We believe that our growth-focused capital allocation will further accelerate profitable growth while delivering attractive returns to shareholders. With that, I'll close, and I'll like to hand it back over to Miljan. Thank you, Steffen. For NextGen Growth 2030, as you have seen, we are delivering superior performance and margin expansion focused on five pillars. We are scaling up our sustainable offering, powered by our premium brands. We are accelerating initiatives for decarbonization and circular construction, driving profitable growth. A key part of NextGen Growth 2030 is expanding our high-value building solutions. With our impeccable track record of value-accretive M&A, we are focusing on the most attractive markets. All of this is all driven by our deeply embedded performance culture, which we are proud to have at Holcim. Let's look more closely at some of these priorities. Customer demand for our premium brands, ECOPACT and ECOPLANET, continues to grow. These are being used at scale in large projects like the CityWave in Italy, which was built with ECOPACT, made from ECOPLANET. That is even more sustainable because we use calcined clay, and the Mohammed VI Tower in Morocco, which was built with our EcoPlanet low-carbon cement and our insulation foam Aerium. We're also seeing a strong growth in EcoCycle, our circular technology that is being used to recycle construction and demolition materials and put it back into our products. A recent project completed using EcoPact and EcoCycle was this housing project on the outskirts of Paris in France, which consists of 220 social housing unit. This is the first, and first in the world, 100% recycled concrete building, in which all the components used: cement, concrete, even water, are 100% recycled. Overall, this concrete with EcoCycle saved more than 6,000 tons of primary materials. It is a demonstration of what we can achieve by partnering with forward-looking cities to evolve building standards and building norms. We are advancing circular construction to build cities from cities and also to drive profitable growth. In 2025, we made three acquisitions, we also invested organically to grow our circular construction hubs. We are establishing them in all the major metropolitan areas in which we operate, to a total of 109. Over the same period, we grew our net sales from circular construction to close to CHF 500 million, as you can see, we are well on the way to hit CHF 800 million by 2030. Organic investments make up a important part of our growth-focused capital allocation, Steffen also mentioned this. In 2025, our CapEx amounted to around CHF 400 million. You can see some recent examples on this slide across different geographies. They give you some idea of our priorities: grinding investment, calcined clay production, or expanding our building solutions in Australia. You will see in our press release that we have signed an agreement with Air Liquide to deepen our collaboration on one of our flagship projects, Go4Zero, for carbon capture and storage in Obourg, Belgium. We are in full execution of the first phase of this upgrade, which will make Obourg a really state-of-the-art plant, not only in Holcim, but globally. All these growth investments have a very attractive returns and a very attractive paybacks. Next, M&A. We closed 21 value accretive transactions in 2025, of which 18 were acquisitions and three were divestments. We made 9 acquisitions in building materials and also 9 acquisitions in building solutions. We so also have closed divestments of Jordan, Nigeria, and we sold our Karbala plant in Iraq. Just a reminder that we signed in October an agreement to buy Xella, a growth platform in a highly attractive European walling market. It brings us sustainable and energy-efficient solutions, powered by their premium brands that are really great fit to Holcim's existing product portfolio. It will also help us to accelerate the expansion of Holcim's high-value building solutions, which is in line with our NextGen Growth strategy. This transaction is subject to customary conditions and approvals and is expected to close in H2 this year. In December, we also signed the agreement to acquire a majority stake in Pacasmayo. The company is a leading producer of building materials in Peru, and this transaction will probably close, of course, subject to all the regulatory approvals in H1 this year. A note, too, on our deeply embedded performance culture. You can see on this slide, statistics, our results are not down to statistics. Our results are thanks to our people that work at Holcim. We want Holcim to be the best workplace, where talent is nurtured, where performance is awarded, and where innovation is encouraged. Our commitment to this vision has been reflected in Holcim being recognized as a global top employer by the Top Employers Institute. Through Holcim University, which is our in-house business school, we are providing our people with really best-in-class trainings. With our focus on accountability and also empowerment through Holcim Spirit, our more than 45,000 employees are delivering value across all economic cycles and across all market conditions. Now to the outlook. Well, net sales and recurring EBIT growth fully in line with our NextGen Growth 2030 targets. Net sales 3 to 5%, as mentioned by Steffen, we are moving to organic growth. Also, EBIT 8 to 10% organic EBIT growth. We are committing to further increase of recurring EBIT margin. We estimate cash flow to be around CHF 2 billion, of course, we will continue to invest in circular construction with 20%+ volume growth in 2026. You can now open it for questions. Thank you so much, Miljan. Thank you so much, Steffen. With this, we're starting our Q&A session. The first question is coming in from Martin Hüsler, who is joining us here in Zurich. Please wait until you get the microphone, please. Good morning, Martin. Thank you very much. I have two questions. Maybe first, coming back to the ETS rumor scheme, and thanks for your elaboration so far. But maybe how much have you already invested, let's say, for example, in CCUS projects, which might stand at risk if CO2 prices came down below EUR 50 over the next couple of years? Just an indication on what's here at stake, and what would it mean if you start to delay CCUS projects for your CapEx for the next couple of years? That's the first question. Thank you, Martin, and thank you for your question. On ETS, the answer is negligible investment so far. I mean, for instance, in Obourg, we are building a brand-new plant, we will do that without CCS. This will be the state-of-the-art plant, best-in-class when it comes to cost efficiency and also when it comes to the sustainability KPIs. We talk here about few million CHF across the project. Investment so far, negligible. If the projects are delayed, I did discuss on what happens after 2030, I think, if there is a delay, we will have more time to find more cost-competitive solutions for these projects. I'll give you a perfect example. 3 years ago, most of these carbon capture projects were based on offshore storage. Means we take... capture CO2, we take it somewhere in the sea. The momentum, especially in the last year and a half, has accelerated to move from offshore to onshore. The cost advantage is enormous. Even if nothing happens on EU ETS, CO2 prices continue to go up, I might delay a project 6-12 months in order to move from offshore to onshore storage, because cost advantage, as I said, is enormous. When it comes to these CCUS projects, what we do at Holcim, and this is DNA, it's the discipline. Regardless, cost discipline on pricing, on cost, and cost discipline on M&A and also CapEx projects. Thank you. Then a second question, because you faced some integration costs, you mentioned for Latin America, for example. Thinking about the acquisitions that you announced, Pacasmayo, Xella, et cetera, which roughly add 10% to group sales on an annual base, how much- as a ballpark number, how much EBIT contribution could that be? I mean, could EBIT also be impacted by integration costs, just 10% on sales? How much is this roughly on EBIT? I'll start, and then maybe Steffen can continue. These two acquisitions in Latam, they were different than Pacasmayo, let's say. Pacasmayo will run as a standalone company, so integration cost, there are always integration costs. Are we synchronizing ERP system? We will definitely invest in safety, health, and safety because this is the core of what we do, but I would expect negligible impact, and the same applies for Xella. On Xella, I think I would even like to spend more to accelerate this cross-selling between us, to invest, for instance, in additional sales force, so we can move faster on specification selling. I would not expect significant impact on these two, on these two deals on the integration cost. No, co-completely right, Miljan. Just to give you a feeling, the scope in for these large acquisitions, Xella, Pacasmayo, and Alkern for this year is gonna be in the range of CHF 120 million-CHF 150 million on EBIT level. The difference to a smaller acquisition, in a small acquisition, we often need to go in and change a lot of things to bring it up to Holcim standard, from safety to IT to accounting. Here, we're acquiring very mature companies, the initial cost to bring them to our standards is much lower. We can basically use almost everything they have, we change the accounting standards to completely communicate with ours. The cost and the effort we have to do is much lower. Okay? The next question comes from Lothar Lubinetski from Octavian. Good morning, Lothar. Good morning, Bernd. Let me follow up on the CO2 issue. What is more important for your margin progression, price or mix? With regard to price, what is the current premium you are getting for ECOPACT and ECOPLANET in Europe and Latam? Everything is important, don't get me wrong, but what's driving our margin expansion is our whole high-value strategy, where pricing is important to offset the cost inflation, but margin expansion is coming from sustainable offering. I'll come to that later. It's coming from our incentives initiatives in decarbonization and circular construction. You saw the slide on Europe, 66 acquisitions in the last 5 years at multiples of 5.3 after synergies. All of this is driving margin expansion. On sustainable offering, this is something that I'm really proud the way we handled the whole launch of these products and where we are today. We do have a modest price premium on ECOPACT, ECOPLANET. This could be between low to mid-single digits. Probably in some countries we are closer to 5%, in some countries we are between 1 to 2%. As I said this before, on these products, we have a cost upside. Thanks to Holcim's innovation, our production know-how, our formulation know-how, on these products, we are reducing cost. We are replacing expensive raw materials with less expensive. For instance, you saw that we are now scaling up calcined clay production, even in Latam. This is exactly the point. By doing this, we will be replacing clinker with calcined clay. Calcined clay has lower CO2, but also has a lower cost. The story was about Europe, but few weeks ago I had the privilege to visit Egypt. I mean, country emerging market, where the team took me to a project, Grand Egyptian Museum. Quite impressive, the whole development. What was specified? Architects specified EcoPlanet. They demanded low carbon cement and concrete solutions on these products, and this is a project in Egypt, not in Zurich or Hamburg or London. Potential for these products is increasing, and we are seeing more and more demand even in the developing markets. Another great example that you find might... We published this actually two quarters. Ecuador. By far, I think it's the biggest residential development complex in the whole Latin America. Houses for 180,000 people, all done with EcoPlanet and EcoPact. In terms of recycling CDM, I think you reached 8 million tons this year. Is there anybody else in the industry who is even getting close to that number? There, just to clarify, this market is big. What's we're currently seeing that this market is fragmented, There are many players. For us, where our advantage is, we are focusing on metropolitan cities, big cities, from Zurich to London to Paris, Lyon, where we have a strong Holcim footprint. Buying these companies or building recycling hubs from scratch, we have excellent synergies. That's why we are faster than the others. I'm being modest. Thank you. Thank you, Lothar. One more question from the room. It's Remo Rosenau, from Helvetische Bank. Remo? Thank you. Good morning. What kind of price increases did you already announce in Europe ahead of all these certificate discussions, and when should they take effect? It varies by region. Yeah Probably the most important regions, you know. We talk about Europe, Remo. Thank you for the question. I know the pricing question always comes at some stage. First of all, very pleased with the pricing dynamic in Europe this year. We had an excellent exit price in December, and I think, from what I have seen, and I have spent a lot of time with my dear colleagues at the back on pricing topic, we do have a very healthy momentum. Maybe too early to say, but, depends from market to market. Maybe we are talking about mid-single digits. In percentage points? Yes. Okay. This will stick before or after all of this? Well, that's the question, how much of that will stick, you know? Yeah. The announcement is one thing, and then, the reality. Yeah is the other one. This is the slow season, so it only comes really... I mean, the proof of the pudding will be in March, April, right? Once again, depending from market to market, we are already seeing something. Some contracts have been secured. I am optimistic and positive that we will get there. Okay. Well, we stay tuned. Thank you. Thank you. Thank you, Remo. We are now switching to questions from the webcast. The first one is Julian Radlinger from UBS. Good morning, Julian. Yeah, good morning, Bernd, Miljan, Steffen. Thanks for your time today. A couple from me. First of all, you're guiding to 8 to 10% organic EBIT growth, which is higher than what you guided to last year, and last year you delivered, I think, 12%. I'm not gonna ask whether or not you think you could do even better than 10%, but if that were to happen, what would the drivers for that be? What's likely to be different in 2026 versus 2025 in your mind, in terms of demand, volumes, prices, or costs? And then secondly, and I'm really sorry to ask this, I think a lot of investors right now are really nervous about this topic, obviously. In a scenario in which something really draconian were to happen to this whole ETS mechanism, let's just hypothetically say they actually pushed the whole thing to the right, or they cap CO2 prices on a very low level. What do you think happens to cement pricing dynamics in Europe, or the level of competition? How would you think about that? Thank you. Good morning, Julian. Thank you for your question. I'll go to the second. Maybe you can answer the first one. We already addressed it on the guidance. First of all, Europe slide is there, Julian. You can see what we have done in the last five years. This is across some really challenging market conditions. We had COVID. Remember in 2022, we had high energy prices going 300 to 500% overnight and so on. Pricing was disciplined in Europe. That helped us offset all these costs. I do not perceive any significant impact on the pricing. Dynamic will remain positive and healthy. There is more discipline. Holcim, this is where we differentiate. We will continue with our pillars of our high-value strategy, sustainable offering, decarbonization, circular construction, M&A, and so on, to continue with margin expansion. Regarding, just one on these big projects, that, I would like, there are de-risking mechanisms already in place in some countries that can help us mitigate the CO2 price volatility, so these projects on carbon capture can go ahead. Morning, Julian, also from my side, hello. Look, we simply narrowed the guidance, right? From 6-10 to 8-10, which is a sign of our confidence that we're really gonna sit again at the upper end of that frame that we gave at the capital markets day. You should interpret that as a sign of confidence. Last year, we had above 12%, and again, we're aiming for the upper end of this guidance. Now, what drives it? Leverage, through a bit volume, as Miljan described before, operating leverage, and we're still on the journey to reduce our corporate costs, as you know, and to readapt to the regional footprint also after the spin-off. We'll have positive price over cost. We have good contribution from our JVs, bit offset through the Nigeria divestment. I would also say the margin progress and the EBIT growth progress is probably a bit back-end loaded, given the volume recovery pattern. It's a sign of confidence, I would say, that we narrowed this guidance to the upper end. I mentioned in the presentation, Switzerland. We're a Swiss company, proud to be a Swiss company. The amount of infrastructure projects we have in Switzerland today is significantly higher than versus three years ago. I mentioned Gotthard, okay, this new one, Axenstrasse, connecting Schwyz and Uri, this is a new project that will go on for years, and where Holcim has secured the contract to supply. Once again, I would like to reiterate, residential sector was hardest hit in the last few years. For the first time, we are seeing bottoming down. It may be it will not go skyrocketing, we are seeing positive signs in this market segment where we took the hardest hit. Thank you, Julian. Thank you very much, guys. Perfect. The next one on the line is Benjamin Rada Martin from Goldman Sachs. Good morning, Ben. Great. Good morning, Miljan, Steffen, and Bernd. Thanks very much for the questions this morning. My first was on the 2026 free cash flow guidance. Your comments around, I guess, expecting CHF 2 billion in 2026 versus the CHF 2.15 billion you did in 2025, despite, you know, some really strong earnings growth in terms of EBIT. Can you talk through, I guess, what would bring you down towards the CHF 2 billion mark? Is it CapEx, tax, any working capital impacts? Just so we can understand some of the key buckets. The second would just be on carbon capture. You know, it's worth noting some headlines around potentially a Belgian project moving beyond 2030. Would you be able to touch on how you see the other project timelines within the next few years and how much you expect to be online before the end of the decade? Thank you. Hey, thank you for your question and thank you for joining us. I'll go with the second question, and then Steffen can address the first on cash flow. This morning, Air Liquide has made the announcement that we entered into partnership for the second phase of this project, Obourg Carbon Capture. As you can imagine, we have been dealing with the media recently a lot. Nothing to do with us. phase I is progressing well. I had the opportunity to bring our board members to see how the state-of-the-art project will look like when it's commissioned in H1 next year. Very happy with the development on that front. Once we complete commissioning in H1 next year, we will start working on phase II, which is with carbon capture with Air Liquide. Hey, Ben. Good morning. Good to talk to you. On the cash flow guidance, look, over the last couple of years, also before the spin-off, Holcim has always delivered an above 50% cash conversion, and we've always had a very conservative cash flow guidance. Now, why is that? Because, you know, cash flow is a time frame number, but it's also a snapshot number at the end of the year, depending on the fall of certain payments at the end of December or the beginning of January. This is why we give ourselves some flexibility here with this number. You shouldn't read a message that we're reducing cash flow or that the strength of our cash conversion is weakening at any degree. It's just we give ourselves some flexibility in order not to be pushed into unsustainable measures at a year-end. That's it. Very clear. Thanks very much. Thank you, Ben. The next one on the line is Luis Prieto from Kepler Cheuvreux. Good morning, Luis. Good morning, everyone. Thanks for taking my questions. A couple of them from me. The first one is, I would like to come back again for a moment to the European Commission's overhaul of the EU ETS. The significant amount of noise around the subject has taken the CO2 price down, if I'm not mistaken, by almost 25% over the last six weeks. Can you provide us with a rough idea of what is the minimum price for the average project in your CCUS pipeline to be economically viable, to understand a bit better? Second one is from a conceptual perspective only, what could be a reasonable assumption for medium-term volume growth in Europe if the German infrastructure, defense investments, residential recovery, and data center themes pan out as expected? In other words, if all these things fire on all cylinders. Good morning, Luis. Thank you for your question. On the volume, I'll start with the volume stuff just to shake it up a little bit. On the volumes, we do not comment on the volumes, but I would say that construction activity can increase mid-single digit if all of this happens. On the ETS, well, the price can be even 50, 60 if you have de-risking mechanisms in place. For instance, Germany has CFD, which is a Carbon Contract for Difference, where they are helping the companies to offset the CO2 price volatility. If we have that in place, then these projects can go ahead regardless of the CO2 cost. However, for us to be comfortable has to be 100+ EUR per ton. Super clear. Thank you. Thank you so much, Luis. The next one on the line is Elodie Rall from J.P. Morgan. Good morning, Elodie. Hi. Good morning. Thanks for taking my questions. First of all, on Latam, to change a bit from Europe, we've seen margin down 320 basis points. I think you mentioned impact from integration of recent acquisitions. What kind of margin direction should we expect there for 2026? You think we can get that back as soon as this year? Second question is on FX. Sorry, could you give us your expectations for FX on top line and EBIT? Last question is on your view on capacity consolidation in your days. Any updates on this? I mean, you were talking previously about further consolidation likely to happen by 2030. Has anything changed, in particular, with the potential for ETS reform? Thank you. Good morning, Elodie. Thank you for the question. On the capacity consolidation, we are not seeing any significant changes. I still believe that we might even this year, we might see some opportunities. As I said last time, we are interested. However, there are markets where we will not be able to participate. But overall, if there is a possibility, definitely we would be interested in capacity consolidation. For us, I said this also in the past, there could be a possibility that in next few years, some of our existing clinker-producing plants will be converted to produce something else, for instance, calcined clay. The teams are working on this, and we already have few of these projects underway. On a Latam, I think, I am expecting margin expansion this year. I will not put the number, all the signs, positive signs are in place all the way from Mexico to Argentina. We are seeing a positive, strong momentum in some of the countries in Central America, I am expecting margin expansion in Latam. FX? Yep. Hi, Elodie. Good morning, first of all. We expect headwinds to normalize from FX. Number one, first, I have to say, I don't have the crystal ball, okay? This is a disclaimer. And then after that, we expect headwinds to normalize as of the Q2. The Q1 will still be a bit challenging, but if you have to put my best guess for this year, you have an FX headwind on sales of around 3% and an FX headwind on profit of around 4 to 5%, with big disclaimer marks all around this information. Okay? Great. Thank you very much. Thank you so much, Elodie. The next one on the line is Arno Lehmann from Bank of America. Good morning, Arno. Good morning. Thank you very much. I have three questions, if I may. Just to follow up on Latin America and Mexico in particular, there's been a bit of unrest. Can you confirm that there wasn't any major disruption to your operation so far? If you don't mind commenting a bit more on the volume outlook and pricing outlook for Mexico for 2026. That's my first question. My second is on North Africa. I believe the momentum was pretty good in Morocco, Egypt, et cetera. Do you see continuation of the positive volumes momentum in 2026? Lastly, you end 2025 with a very strong balance sheet. The share price has been a bit more volatile, and obviously has come back down a little bit recently. Do you see opportunities for, buyback? Thank you. I'll go on Latam, Mexico and North Africa. You, you address share buyback. Mexico, we are monitoring situation. There have been unrest in 20 out of 32 states in Mexico. Today, we still have some tension in 4 states. Holcim operations have not been affected. Other than these 4 states, most of the states are back to normal. On the whole, Mexico volumes and the trends, as I said, the last year, probably we were expecting these big infrastructure projects to start earlier. They started late in Q3, and they continued in Q4. I expect good momentum on infrastructure projects this year. I already mentioned, it's even on the slide, that the first wave of social housing projects, 180,000 homes out of 1.8 million has started. I'm optimistic about Mexico. On the North Africa, really strong momentum in 25. I am very happy what I am seeing this year, what we have in the pipeline. You mentioned Morocco and Egypt, I would like to add Algeria. These three countries, margins are now even higher than what we have in Latin America. Momentum is strong. Probably, we are expecting even better year than 25 in these markets. Share buyback? Morning, Arno. Maybe I take a little step back to answer your question. We announced the deals of Xella and Pacasmayo, which we will close in 2026, the cash out will be in this year. We announced the dividend, there are some smaller portions that we do. We do bolt-ons again, so on and so on. We will end up with a debt leverage of below 1.5 again, as we announced at our Capital Markets Day. We're gonna move a bit closer to that number in 2026. Now, also, as we've shown on our chart before, capital allocation till the year 2030, we have a clear priority of the dividend, the M&A, the CapEx, and we always said that share buyback is something we do in exceptional opportunistic cases with excess cash. If you look at what I said before, we still have so many opportunities to do M&A on top also of Xella and Pacasmayo. There are still a lot of interesting opportunities out there for us in 2026, that you might hear as we go through the year, we, for this year, we don't announce a share buyback. As we also said in our capital allocation, in a year where we don't have so many opportunities to drive very good returns with M&A, then we might also revert to a share buyback as a means to deploy our cash. Very clear. Thank you very much. Thank you, Arnaud. The next one on the line is Ephrem Ravi from Citi. Good morning, Ephrem. Thank you. Again, only two questions left. Firstly, the Asia, Middle East, and Africa, obviously seeing some of the strongest EBIT growth in local currency of all your regions. It feels to me from the commentary that's almost entirely North Africa and maybe a little bit of Australia. Is it possible to unpack that region a little bit more in terms of what proportion of the growth and EBIT is coming from Morocco, Algeria, and Egypt, and maybe even Australia, compared to, you know, Bangladesh, Philippines, et cetera, which is probably break even and obviously Huaxin Cement, we can look from public figures? Second question on the back to carbon. I'm sorry for that. Is there any opportunity for you with lower carbon prices, i.e., you know, can you sort of sell some credits before you know, prices come down in the future if the rate of you know, allowances given is going to be higher than expected in the future? Secondly, are you looking at hedging mechanisms on carbon? Because obviously you could hedge currency and energy, but I haven't heard much about talk hedging carbon cost in the future, because I suppose it was all seen as a one-way trade up. Now that it's more volatile and range-bound, is that something that you would be considering? Thank you. I'll tackle AMEA, and you tackle second one. Ephrem, thank you for your question. Yes, AMEA, outstanding margin expansion, very good growth, and most of it is coming from North Africa, Australia, and GCC. We didn't mention it's a small position, but UAE is booming. Our position in Philippines, Bangladesh, it's relatively small. Philippines, if I can say one market where there are really challenging market conditions, that's Philippines. But relatively small position in the grand scheme, so it's not impacting. Most as I said, most of the margin, most of the contribution comes from North Africa, GCC, and Australia. Having said that, Australia in H1 last year was little bit softer, but we have seen a very good momentum in starting Q3 and continuing in Q4. Carbon, Ephrem, we do not usually comment on that, of what positions we take or don't take. It's highly sensitive, we can be opportunistic in certain cases. We can look out into the future. We can make estimations that in certain years, the allowances we have will not cover our needs, and then we might take positions at low markets. Be aware, what is very important to understand, we always view this as an industrial company. We never view this from a point of view of a trader who's trying to make a benefit on the carbon trades. We deal with the CO2 market like a raw material, okay? Not as a tool to make an additional gain with hedge positions. I think this is very important to understand. My view. Thank you. ... even simpler. Yeah. If I have CHF 1 million to invest, would I go and buy CO2 credits, or would I invest in the Portland hub or decarbonization initiative? Definitely, I would invest in a project where I can reduce the CO2. Very true. as you said, we are not in the trading business. Yep. Doing something good for shareholders and the planet. Yeah. Thank you so much. We've got a couple of written questions. The first one is from Pujarini Ghosh from Bernstein. She's asking: "Have you seen any change to the demand or willingness to pay a slight premium for your decarbonized products because of the ETS noise? The answer is no, not only in Europe, but outside Europe as well. Very simple. The second question from Pooja is: "Could you split the LatAm margin decline between what is driven by acquisition integration costs, and how much could be operating leverage on and underlying business impact? Well, Look, a couple of drivers here. Number one, we said that there were some onboarding costs for acquisitions. There was a big mix effect also, huh? Some countries that are very high profitability were a bit softer. Then we went through a bit of a slump in volumes also in 2025, in the Q2, especially. Naturally, it takes a few months to, till you adapt your fixed cost structures. Lastly, we did a lot of maintenance, as I said, in the Q3. All of these things, as Miljan said before, we're quite positive that this is behind us. For the full year 2026, we plan a very nice margin progression back to the levels of where we've been before. We're not guiding margin on one region specifically, you can expect that the margin will come back up because there's nothing fundamentally that drove this where we are today. It was couple of instances. We've got three questions from Paul Roger, from Exane BNP Paribas. The first one: Are you now happy with your portfolio in Latin America, or are there still either new countries to enter or big gaps to fill? I would simply... Last one was Peru. Peru now with Pacasmayo, we are gaining market leadership, and that would be it. Latam story will be on bolt-on, especially on building solution side, and the full acceleration in increasing number of sales points, number of Disensa stores. Second question from Paul is: How much debt capacity is left for larger M&A this year after Xella and Pacasmayo? Yeah. Hey, Paul. Same question I gave to Arnaud before. We're gonna close the deals on Xella, we're gonna close the deal on Pacasmayo. We're gonna pay a dividend. That leaves us at the end of the year, roughly, below 1.5. This is a long-term commitment. What we can do in order to maintain our credit rating, we can go up to 2 for a certain period of time. There's a lot of debt capacity still left for us if we find it opportunistic to do other M&A. Financing will not hold us back. Then he asked a third question. I think more or less, we tackled this one. It's again, update on Obourg work modernization and CCS. Are there other big capital projects proceeding to plan? All in all, I mentioned already phase I commission in H1, really state-of-the-art plant. I hope that once we're up and running, I will be able to send invitation for you to come and see the plant with the latest technology advances in cement industry. Perfect. The next set of questions came also in by email from Yassine Touahri, from CIC. Latin America, we already also tackled that one, I think, more or less. Is it possible again, in to reach the 2024 level in Latin America in the future? Yes. Very simple. The second question, weather conditions are currently bad in Europe since the beginning of the year. Not today in Zurich, but, okay. What's the impact on the expected organic growth this year? Look, Q1 is the smallest quarter in the year. January and February are the smallest months in the year. I say I cannot control the weather, but for me, what's important in January and February, Remo, this is what we discussed, pricing momentum. In the meetings these days, when it comes to activity, we only talk about pricing momentum. Even January was cold, February was wet, but to me, this is only start of the year. Perfect. The next question came in from Harry Dow from Berenberg. Do you expect to see positive organic volume growth in France and Germany this year? To be highly conservative, I would say flattish. I would not commit to growth. I think we demonstrated last year that we can achieve growing EBIT even in weak volume environments. Well, the slide on Europe is suggesting activity was going down and margin expansion was going up. A somewhat related question, from Steffan Donati from BlackRock: In your guidance, what volume assumptions are you using for Europe? How much of the German infrastructure stimulus is in them? Volume, look, Miljan, or is it flat, probably on the two very large countries, and then up in Eastern Europe, I would say we have a low to mid single digit volume guidance in Europe, positively. I would, on infrastructure in Germany, I would not expect anything in H1. We might see some positive signs in Q3, but I would not bet on anything big from German infrastructure spend. Yeah, perfect. We are switching again to live questions from the webcast. The next one in the line is H arry Dow from Rothschild. Yep. Harry? Thank you. Morning, everybody. Just I think 2 questions left from me. I think firstly, on the cost picture for 2026, if maybe you could take us through some of the assumptions around the raw materials, energy, employee, sort of wage inflation, sort of thinking about maybe in Europe. Also just back on Northern Africa, I was wondering how much sort of spare capacity there is left in some of those markets for further volume growth, or is it more sort of around pricing gains beyond sort of this year? Thank you. What was the second question? Can you please repeat the second question? I didn't hear it well. Yeah. Yes, it was just on, North Africa. Again, just coming back on that, I just wondered how much spare capacity there was in that market for more sort of volume growth from here in terms of cement capacity? I'll go to North Africa. You tackled the cost topic. North Africa, there is excess capacity in all of these countries, especially in Algeria, but these countries are also export hubs. I mean, for Algeria, currently, we are producing products to export to Europe, West Africa, and also North America. Similar situation is with Egypt. There is a capacity, if local demands is increasing, exports will start reducing. Yeah. No, on cost, look, I would say energy, low single-digit impact, but we're always guiding carefully on energy, huh? What non-volume related costs, we're definitely gonna go down this year. I said this before, we are still working on the fine-tuning of organization, which we do all the time. It's an ongoing topic at Holcim. We never have a big restructuring program or give it any name, but we're always working down on our structure. This will continue. Here we see positive impacts. Distribution, hard to say, maybe a bit up by also low to mid single digit. Most importantly, I think what we said before, and for you to take into account, there will be positive price overcost. This is for us, it's the main topic. There will be positive price overcost, and there will be margin progress. Perfect. The next one on the line is Yassine Authier from On Field Investment Research. Good morning, Yassine. Hi, good morning. Thanks for the presentation and for taking my question. I have two. The first one would be: In Asia, what additional EBITDA could you expect from Huaxin in China after they acquired Nigeria? Second question: In Europe and Mexico, we're seeing mid to high single-digit price increases successfully sticking. Cemex announced 10%, hoping to get mid single-digit in Mexico, and it looks like we could see some better volumes on top of that. Given the relatively limited cost inflation on the energy side, how much potential do you see for organic EBIT growth to really exceed the high end of your guide as the price cost expands? Thank you. Thank you for the question. look, I mean, we probably go a little granular if we want to now break the Nigeria impact into Huaxin. I don't know, maybe 10% more, huh? Conservatively, 10% more contribution from Huaxin. Mexico, how much potential for organic growth? Well, double digit. Good. Great, thanks. The last question today on the line, is a add-on question from Julian Radlinger from UBS. Julian, go ahead. Yeah, thanks for taking me one more time. I just wanted to ask, judging from the slides, it looks like the ECO Planet mix has kept growing about 1% per half year through 2025, but ECOPACT has stayed at 31% of ready-mix sales since last summer. Obviously, as you explained, the increasing mix of these products has been a consistent price and margin driver for you guys. I know you have targets for that for 2030, but how should we think about that going forward? Are both of those products going to keep increasing? Thank you. Julian, very simply, it's not a linear relationship. For instance, I believe ECOPLANET will accelerate now because we are seeing a huge momentum in countries like Egypt, Morocco, all the way to Mexico and Argentina. Probably, the ECOPLANET will start increasing over proportionally versus ECOPACT. ECOPACT, this is more in mature market. We are seeing a growing demand across all market, but at a slower rate. Anyhow, we do have a commitment by 2030. We are sticking to this commitment. I would say that probably ECOPLANET will be above that. Excellent. Thank you so much. Perfect. Thank you, Julian. With this, we are finished. Thank you so much for joining us today. If there are any further questions, obviously, the investor relations team is more than happy to support you. Everyone who is joining us in Zurich today, we are happy to invite you for a small lunch. The analysts which were not able to join us today and investors, we hope to see you soon in the coming weeks when we are going on roadshow. With this, I hand it back to Miljan for some closing remarks. Thank you. Thank you all for joining us. Really pleasure this morning to present these outstanding results. I can assure you that we are at the full speed. Our performance culture delivered and will continue to deliver outstanding results. This performance culture, if I can use one word, that word is discipline. We will continue to exercise strong cost discipline, pricing discipline when it comes to M&A, discipline when it comes to CapEx projects, and I'm looking for another successful year in 2026. One big thank you to all Holcim employees, 45,000 of them, for your outstanding efforts.