Good morning, 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, Iñigo Mendieta, Corporate Finance Director, and Unai Alvarez, Investor Relations. The presentation will be held in English. In the Q&A session, questions will be also answered in Spanish. It is strongly recommended to pose questions in English in order to facilitate understanding of everyone. In the company website, www.vidrala.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. Álvarez, you now have the floor. Good morning, everyone, and thank you for joining today's conference call. As previously announced, earlier this morning, Vidrala 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 Iñigo, who will take you through the key financial highlights. Thanks, Unai, thank you everyone for joining the call. We know these days are quite busy for you, so thank you very much for your time. Let's begin with a quick overview of the key financial figures. For the full year 2025, Vidrala obtained revenue of almost EUR 1.5 billion, EBITDA of EUR 441 million, and a net income equivalent to an EPS of EUR 6.24. A strong cash generation of EUR 200 million enabled a substantial reduction of debt to EUR 105 million, which is equivalent to 0.2x our annual EBITDA. Please note that the right-hand column provides clarity on the variation on comparable scope basis and excluding also effects. Comparable scope means excluding the impact of perimeter changes following the sale of Vidrala Italia back in 2024. In addition, and to allow comparability, EBITDA and earnings per share are shown excluding EUR 13.7 million and EUR 10.2 million, respectively, related to restructuring costs in the U.K. and Ireland. Let's have a deeper look at revenue evolution. Sales for the period reached EUR 1,465.2 million. On a like-to-like basis, excluding contribution 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 EUR 441 million, consolidating the profitability of our business model despite challenging market conditions. Excluding FX effect, EBITDA remains basically stable year-over-year. These results translated into a resilient EBITDA margin of 30.1%, reflecting a 1.5 percentage 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. Southern Europe demand remains resilient, while trading conditions in the U.K. and Ireland continue to be challenging. In Brazil, Q4 exhibited expected signs of recovery, and we are also constructive for 2026 as we start the year. Margins remain solid across all regions, thanks to our internal measures, cost discipline, and actions to align industrial capacity with market realities. 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. 3.6% of sales was dedicated to working capital, financial expenses, and taxes. Free cash flow generation reached almost 14% of sales, equivalent to EUR 200.1 million, highlighting our ability to translate operational performance into cash flow despite investing at record levels. As a consequence, net debt was reduced to EUR 105.3 million, which translates into a leverage ratio of 0. times our annual EBITDA. A 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. 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, the exchange rates assumed in the guidance, namely 0.84 for the GBP and 6.20 for the BRL, our EBITDA would have reached EUR 445 million, representing only a very limited deviation of 1% versus the guidance. Now, before we move to the Q&A, I'll hand over to Raúl, who will summarize the key takeaways and share additional insights. Thank you, Iñigo. Thank you, Unai, thank you all for your time in attending this call today. We know it's, you know we know it's a busy day for you, we'll try to go ahead, quick and direct. Well, our 2025 results demonstrate the strength of the business we are building. Today, we, Vidrala, are a larger, more diversified, and also a less complex company, this is a result of mostly our deliberate, intentional, strategic actions. Let me remind, in the recent years, we have entered the U.K., we exited Belgium and Italy, we have started to build a long-term platform for future growth in South America through Brazil. We are now clearly focused on 3 business divisions, operating across 3 different geographies, which create the clear combinations and synergies at many levels across the business. This structure makes us today more agile, closer to our customers, and certainly better positioned to capture future opportunities. We are also more efficient industrially today. We invest more and more intentionally, always with our customer in mind. We are running ambitious projects to improve competitiveness, increase vertical integration, and differentiate our service proposition. Let me say, our goal is quite simple: to become a trusted, reliable partner for every one of our customers. We are also today a more global company. At the end of the year, after a long process of analysis, we announced our entry into Chile, and this makes us even more attractive to a significant number of strategic customers that will shape our future. Customers that are looking for a reliable, distinctive challenger, long-term packaging supplier. In the end, in 2025, we delivered. We delivered, despite a more difficult environment. It's evident, demand remained negative. Even so, we protected our margins. We reinforced our industrial competitiveness. The message we want to share today behind our 2025 results is quite clear: margin resilience in a tough environment, driven by mostly internal actions. A stronger industrial platform, supported by the solid execution of an ambitious investment plan. An expanded geographical diversification. Above all, we achieve our cash flow targets, something that help us to reinforce our financial position, increase shareholder remuneration, and be ready, better prepared for what is ahead for us in the future. These achievements frame how we see what lies ahead and support and reflect our confidence in our future. Even more important, the trends of the last few months confirm our firm conviction, glass may have more future today than ever. I repeat, glass may have more future today than ever. Glass is an unparalleled packaging material, the ultimate sustainable packaging material of choice, the preferred package for customers and consumers across the world. A 100% recyclable, eternally. It is, in fact, the packaging of the future, if, and only if, we take the actions we need to take today to protect our industry. Under this basis, under this starting point, we face 2026 with confidence. A year, 2026, in which our results are consolidate, evolve positively, and support the transition we are making toward our future, a future that belongs to us. Thank you. Thanks, Raul. This completes our initial remarks. Let's turn to the Q&A session. [Foreign language]. Ladies and gentlemen, the Q&A session starts now. Questions by telephone will be answered first. If you wish to ask a question, please press star five on your telephone keypad. Our first question comes from the line of Francisco Ruiz from BNP Paribas. Please, go ahead. e three questions. The first one is on volumes. I mean, it has been a very poor quarter in terms of volumes for Iberia and the U.K. in this Q4. How do you see the start of the year in this respect, and how is your view for the full year? The second question is on the payback on the cash out of this restructuring that you have announced in the U.K. If you could give us more detail on what is the total savings for this plan, and if you are thinking further actions in the near future Last but not least, you are approaching net cash position, and even with the Chilean acquisition, the leverage is very low. Should we wait till the end of the year to see some announcement on shareholder remuneration, or this is something that could come earlier than expected? Thank you. Okay, Paco, thank you very much for your questions. Yes, give the figures of Q4 and full year in terms of volumes, then we can make some comments on the start of the year. Okay, just to be very clear, Iberia in Q4, our volumes decreased by 4%. Volumes in the U.K. in Q4, the figure is -7.9%. In the case of Brazil, we have seen in Q4 the expected recovery following a weak Q3, and in Q4, our volumes have increased +5.3%. Okay. Overall, for the full year, just to have also the picture of the 12 months, Iberia is flattish, in terms of volumes, - 0.1, with the U.K. and Ireland, - 5%, and Brazil, due to this weak Q3, is - 0.8 in terms of volumes. Hi, Paco, and we know, you are expecting that we deserve some level of clarity on this side. Let me say, quite clear, we expect our sales volumes to move on the positive side in 2026. That should be driven by some external signs of stabilization, even recovery, and also on internal actions to recover market share. It's only the start of the year, we understand that you need more clarity. The start of the year is seasonally different in our regions, is more seasonally stronger in South America, seasonally weak in Europe, and we are exactly where we were expected to be. Okay? We are seeing some positive signs that will reflect it progressively in our sales volumes across the year. Okay, taking your second question on the U.K. restructuring. As you know, as we have explained throughout the presentation, industry-wide market conditions remain challenging throughout the year. Despite this, I would say we have acted decisively by accelerating investments to try to optimize our industrial footprint, but also to try to further strengthen cost efficiency across the business, okay? In this sense, we are taking steps to accelerate cost control measures, drive productivity plans, and particularly in geographies more exposed to competitive pressures, such as the case of the U.K. Obviously, these initiatives will have a short-term impact on our results, but we truly believe that we are fundamentally reshaping our competitive positioning for the future, okay? Specifically, the UK workforce reduction plan has been recognized in our 2025 figures through a provision for the full amount that we have clearly disclosed, the EUR 13.7 million. You can consider that only one third of the plan has been implemented to date, with the remaining two thirds scheduled for hopefully completed in 2026. Okay. Once fully implemented, trying also to get your point on the payback, once fully implemented, the plan is expected to deliver recurring structural savings of at least EUR 12 million per year, Okay. Which should have an effect on, as I was saying before, on enhancing our competitive position. Let's just to clarify, this is an effort aimed at improving competitiveness and protecting market share. Regarding your question on potential further actions, okay, we know, or you know us, our future, we have a firm conviction that this, our future, will be based on our cost competitiveness. We will keep on dynamically trying to improve our cost competitiveness and attract our customers. For sure, in the future, we will take more actions when needed. I don't know at what magnitude, you can be sure that we will do as much as necessary to remain competitive. We have a firm conviction of what that means in each of our regions. We don't foresee that these cost-restructuring actions, whatever happens in the future, should significantly distort the expectations you have in your mind in terms of our profits and cash flow. Your last question, Paco, regarding shareholder remuneration, you know that we do consider that our shareholder remuneration policy is more a result or a consequence of our targets. Our financial targets are much more focused on financial or strategic targets, on diversification, right investments, margin protections, and mostly, and at the end, our definite target is cash flow. Should we remain achieving our cash flow targets, we will do as much as necessary to improve our shareholder remuneration. We know what is our level of the strength of our financial position, so let me say that we agree with you that it's margin for further improvement in our shareholder remuneration. Thank you very much. Thank you. Our next question comes from the line of Enrique Yágüez from Bestinver Securities. Please go ahead. Good morning, Raúl and Iñigo. I have four questions. The first one is the expected evolution in prices for this year. Secondly, if you could provide some details about the Cristalerías Toro acquisition, when the acquisition is expected to be closed, and the size of the restructuring plan and potential synergies. Third, about the OpEx increase coming from natural gas price increases. CapEx guidance and where will be allocated. Finally, I don't know if you could provide some details about the impact of the storm Kristin in Marinha Grande. Thank you very much. Okay. Thank you, Quique. Thank you for your question. Regarding many questions, I will try to organize them, okay? Regarding guidance outlook for 2026, in terms of prices, in terms of CapEx. First of all, as usual, you already know, we will announce our official guidance at the Annual General Meeting in April, okay? However, what we can say at this stage in terms of results, free cash flow, is that we do not see current levels being at risk, okay? Regarding prices, we remind you that approximately 50% of our sales are supported by multi-annual agreements with strategic customers that incorporate price adjustment formulas. The outcome of these formulas points to a price moderation of around 2%, okay, at the group level. That said, it will be also important to assess potential mix effect associated from our strategy to recover selectively some market shares. Okay. Let me take a little, a little bit, this point, with more detail, prices, and let me invite you to make a historical analysis, okay? We have the evidence, the strong evidence that our glass prices have been adapted significantly over the last 3 years, and this is very positive. If we consider how glass was positioned 3 years ago after the inflationary shock in comparison with where we are today. I mean, competition is still high. We will maintain a disciplined approach to our prices, but when we see other numbers, when we see our cost competitiveness, and we also see at other materials, I have the feeling that we are going, evolving in the right direction. Okay, just to complete on 2026, Quique, going back to CapEx. Well, first of all, just to clarify that we believe our cash profile is sustainable. Obviously, investment levels currently at almost 13% of revenues are expected to ease in the medium term, not in the short term, okay? Which should be easing in this medium term. CapEx over sales should further support improvements in our cash generation profile. For 2026, CapEx should remain close to the 2025 CapEx figure, which is EUR 189 million. Probably slightly lower than that, but still ambitious, ranging between EUR 170 million-EUR 180 million. Regarding the closing of the acquisition of Chile, everything is proceeding as anticipated, okay? There is no news there, and we continue to expect the transaction to close in the first quarter of 2026, sorry. A few remaining points still need to be finalized, which we expect to be resolved in the very short term. In any case, sales, EBITDA, and margin figures remain in line with what we announced in December, okay? We will take the opportunity of the guidance that we expect to issue at with the occasion of the AGM to include Chile and to give more visibility in that sense. Regarding the impact of the recent or increase in gas prices in the last in the start of the year, please consider that- at the end, around 80% of our energy exposure for 2026, and around 40% for 2027 was hedged through derivative instruments. This excludes Vidroporto, where, as you know, almost all our customer contracts are dictated by price adjustment formulas. Well, really, hedges for 2027 are now slightly above the previously mentioned fee. Just to finalize on the impact of storm Kristin. At the beginning of the year, our plants in Portugal were impacted by storm Kristin. This severe weather event caused disruptions to the electricity supply and resulted in temporary impacts on our operations, and consequently, affecting production at both facilities. Although we expect there to be an economic impact, however, they should be largely mitigated through the group's insurance policies, as well as through the support measures made available by the Portuguese government. We are not worried in that sense. More relevant, let me take the opportunity to sincerely thank the teams for their professionalism, commitment, and outstanding effort in responding to the situation and ensuring a swift and orderly recovery of operations. Thank you. Just to add on your comments, Iñigo, okay, the limited impact we will suffer under this big climate or external issue proves again, the right direction and the strength of our investment plans. Finally, Enrique, on the Chile point, let me please remind that we know that this deal, this step for us, will have less impact from a financial view than from the strategic sense, and we know what we want. Okay. We will need our time to take decisive actions to deploy our industrial model, and everything is going as expected, okay? What that means, that means that the results we will publish regarding Chile will be the starting point for what is ahead in the future. Thank you, Raúl. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press star five on your telephone keypad. Our next question comes from the line of Iñigo Egusquiza from Kepler. Please go ahead. Buenos dias, Raúl and team. Good morning. Good morning, everybody. Most of my questions have been already answered, just two quick follow-ups. On Chile, you mentioned that you will give us more information at the time of the guidance, if I understood well. My question would be more on further capital allocation. You mentioned, Raúl, there is obviously room for increasing the shareholder remuneration, considering your limited leverage. The question is more on more M&A. I think that the company has a very clear strategy, in my personal view of growing and continuing consolidating the market, and probably Latin America is the priority. If you can share with us, if we can expect more M&A in the near future, 2026 and 2027. This is the first question. The second one would be on volumes. You have mentioned that you expect some stability in Europe in 2026. The question is: how do you see, I mean, the industry evolving? You sounded more positive on glass future compared to other materials. What about all the capacity shutdowns announced by the industry? If my numbers are right, almost, I would say close to 9%-10% of Windster Europe capacity has been shut down. Obviously, this would be a positive for the industry recovery. If you can share with us your thoughts. Thank you. Thank you, Iñigo. Thank you very much. Well, first, regarding capital allocation, let me remind that we are, as Iñigo can add, we are today active under a share buyback program. This is an example that we are taking seriously our shareholder remuneration policy with some specific efforts this year. Regarding your specific question of what is next, well, let's let us please first finalize our entry into Chile before speaking about the next step. It's too soon, but our approach remains consistent, the same. We are, and we will continuously... remain continuously exploring potential opportunities. This year is a year to be focused and not distracted, okay? At the end, whatever we see, whatever you see from us, I'm sure that you won't be surprised, okay? Regarding your second question, capacity actions across the industry, capacity rationalization, it's all a matter of cost competitiveness. Capacity rationalization by each competitor in this industry, in the glass space or in other substrates, will be basically a matter of cost competitiveness. We know how clear we are in our mindset regarding cost. Cost competitiveness will drive our future, and that's the reason why we are not expecting any capacity rationalization, and we hope the industry to rationalize capacity if needed, and that this will help us to recover some market share. Thank you. There are no further questions by the telephone. I'll now hand it back to the Vidrala team, who will address questions submitted via the webcast. Thank you. Thank you. We have received some additional questions through the webcast. First of all, on the Chilean acquisitions, we are asked about EBITDA margins because the question says that they are substantially lower over the rest of the assets and if this is structural or we can improve, okay? As we disclosed at the time of acquisition, it is true that margins, the figures that we announced back in December showed EBITDA margins in the range of 17%, and part of this is due to factors specific to the asset. We should consider that a business in Chile with a scale of Cristoro won't have the same metrics as the one in Brazil, just because of a matter of scale and because of differences between the regions. In any case, we consider that margins should improve. We recognize that this is a different transaction in the sense that it includes a process to improve, to improve margins, to optimize margins. This should be through costs, won't be dependent on volumes, on sales volumes. Please remember that this is a company that we know pretty good because we were providing them with technical assistance, similar to the case of Vidroporto. In any case, in order to give more visibility, as we have said before, we should wait at least until the guidance in April, where we can, we can give more, more detail. Yeah. Just to add on this, okay, you can be sure that we know what we are buying, okay. Apart from a surprise, we do consider current operational margins in Chile as an opportunity, part of our, part of our business plan. Good. Then there is second question on overcapacity in Europe. As you all know, the capacity closures that have been announced in the last two years have been very significant. We are still seeing some announcements to further close capacity in regions that are structurally uncompetitive, and this means that, considering the structural capacity closures, permanent capacity closures, and also the adjustments in terms of production capacity, temporary adjustment that we are executing, we believe that the industry is reasonably balanced in terms of supply and demand. Then there is a final question on savings in the U.K. due to the restructuring. I would say we have already answered that question through the live questions. Just to be very clear and to avoid any misunderstanding, out of the EUR 13.7 million that we have registered in our numbers, one third has been already executed, and I mean, in terms of cash flow, and two thirds of that figure, of the 13.7, will be executed in 2026. It's not an additional amount on top of the EUR 13.7 million. Okay. Okay, we have now answered all the questions received via webcast, please remember, we are always at the disposal for any further questions. Thank you very much for connecting. Thank you very much. Please keep on eating and drinking in glass, and see you on April. [Foreign language]. Ladies and gentlemen, thank you for your participation. You may now disconnect.