Hello, welcome to the Aquafil Group FY 2025 results conference call. Please note, this conference is being recorded, for the duration of the call, your lines will be on listen only mode. You will have the opportunity to ask questions at the end of the call. I will now hand you over to your host, Giulia Rossi, Head of Investor Relations, to begin today's conference. Please go ahead. Thank you, operator. Good evening, everyone, welcome to Aquafil Investor Conference Call. Today, we will update you on company's full year 2025 results. Before going ahead, let me remind you that this presentation may contain certain statements that are neither reported financial results nor other historical information. Any forward-looking statements are based on Aquafil's current expectation about future events and are subject to risks and uncertainties that could cause results to differ from those expressed by the statements. For a discussion of these risks and uncertainties, you should review the disclaimer in the presentation we issued today. I will now leave the floor to Mr. Giulio Bonazzi for his remarks. Thank you, Giulia. Good evening to all, thank you again for attending our video conference. 2025 was a year of great satisfaction. Profitability recorded an excellent result despite the trend in raw material prices partially decreasing revenues. In terms of volumes, fiber for carpets recorded an increase compared to the previous year. Geographically, the United States reaffirmed a strong growth trend already emerged in the first quarters, while markets in Europe and Asia Pacific were marginally slower than forecasted. As for fibers for textiles, after a slight decline in volumes in the first nine months, the fourth quarter saw a recovery in the European market, which is also being confirmed in the first month of 2026. The engineering plastic product line continues its growth as planned, with a double-digit increase in volumes. With great pleasure, I can confirm the achievement of the ECONYL product target, which has exceeded 60% of fiber revenues. The next step will be maintain this result with increasing volumes. The ambitious EUR 17 million cost rationalization project launched in the second quarter has been reached. The first savings from this work are already visible in 2025, while the remaining portion will materialize mainly in 2026, with a small tail in 2027. Debt management remains our absolute priority. The net financial position is decreasing compared to the previous year, thanks to careful operational management, an accurate selection of investments, a decrease in interest expenses. The improvement was achieved despite non-recurring cost factors such as those deriving from the reorganization and the cash absorption of working capital. The latter is mainly attributable to a strategic change of suppliers, which led to temporary modification of payment terms. Without these extraordinary situations, we would have been very close to reaching our original target. We expect 2026 to be a year of further growth. We aim for a volume increase of approximately 5%, in addition to strong cost and debt containment. In fact, we estimate reaching an EBITDA between EUR 79 million and EUR 83 million, and a net financial position between EUR 185 million and EUR 195 million. Looking to the following years, operational efficiency efforts, energy savings from new technologies, and those related to the cost rationalization project will allow us to lay the foundations for continuous expansion. Consequently, we expect an increase in profitability of approximately EUR 8 million to EUR 10 million. Our global presence and the distinctive positioning of ECONYL products make us look to the future with confidence. Thank you for listening to this presentation. Now we are here for your questions. Thank you very much. The first question comes from the line of Dave Storms of Stonegate. Please go ahead. Good morning. Thank you for taking my questions. I have two. The first one is just around input cost in light of the recent increases in energy prices. I would love to hear how you plan to balance the recent increase in energy prices with your cost takeout strategy. My second one is around the volume rebound in Europe. It looks like pricing is lagging a little bit there. Maybe any thoughts around an ability to push pricing into 2026. Thank you. I will start from the second question. Our ability of passing through raw material and other cost increases has been proven during the last 20 years. We are not afraid in case this trend continues, and we will certainly be able, starting also from the second quarter and the third quarter onward, to pass through eventual price increases. About cost energy prices. We have certainly learned from the experience of 2022 and 2023. This time we are not caught unprepared. Also, I remind you that natural gas prices have increased, not at the level of those years. The effect will be minimal, if any, during the first semester of 2026. Thank you very much. Before we move on to the next question, this is a reminder that if you would like to ask a question, please press pound key five on your telephone keypad. The next question comes from the line of Tommaso Niro of Kepler Cheuvreux. Hello, good morning. Thank you a lot for taking my questions. My first question is still on energy and oil prices. My first question would be on if you have, in the last period, hedged your energy costs somehow, and if yes, what percentage/proportion, I would say, you did? Still remaining on the same topic, I guess, in the short term, as you were saying, can be positive because you can pass through with higher pricing. My question would be more on the impact in the medium term, if that could be negative. If you can help us understand if you have taken some actions in the meantime. On top of that, if it could be helpful on ECONYL®, the fact that the oil prices and caprolactam prices went up so much. Still, sorry for staying on the topic, if the higher caprolactam prices and energy prices are already embedded on your 2026 guidance. The third question on the guidance for 2026, if you can remind us what are the cost savings on the cost of service side. Thank you a lot. A lot of questions. Energy and oil and hedging. As I said previously, this time we are not unprepared to this cost increase of energy. First of all, the magnitude of the cost increase is drastically lower than the one of 2022. At the same time, also, sorry for not disclosing the exact percentage of our hedging, but let's say a large portion of our energy is hedged for the first, second, third and fourth quarter of 2026. This is with regard to natural gas. While about electric energy, the hedge is even longer than that. As I said, we are not, let's say, so open to eventual problems coming from this side. Regarding a midterm, positive, negative action and ECONYL®. Clearly, at this point in time, we are not seeing yet any negative influx on the demand coming from the market. It is very early to say whether this situation will create a lower demand because of lower growth or because of lower income available for spending by the final consumers. Presently, particularly on commodities like polymers, we are seeing a strong request. This is driven by two main factors. Of course, the fear of price increasing during the coming month. Second, also, a slowdown of the flow of import of polymer coming from China. Clearly, we are not giving away anything. We are managing carefully our stock and inventories, and certainly we will eventually benefit in the short term by this situation. When we speak about ECONYL, as you know, this is always less expensive when petrochemical caprolactam and nylon are, let's say, more costly. In this case, also, our price adjustment is also half of the normal caprolactam price increase or polymer price increase because of the lower cost of ECONYL. Of course, when customers are seeing that the price differential of ECONYL is getting smaller, they are even more motivated of launching products or let's say, selling ECONYL in the market. We are expecting eventually to seeing bouncing back the demand for ECONYL products and not, let's say, depressing it by the market. This is not, let's say, negative for us. Of course, what we don't like is uncertainty. Uncertainty is the main, let's say, question mark that is difficult to handle. In the budget, clearly, when the budget was made, nobody was possibly thinking to a war and to a blockade of your most strength. Clearly, we have not included in the budget main or big differences. This very likely will drive in an apparent increase of revenues higher than the one that we have in our budget. We are not, let's say, for the time being, afraid of lower income or EBITDA, at least with the present market situation that we are experiencing. We are still seeing normal order coming from all the markets. We are still seeing the textile filament, which has been the part where we have suffered the most during the last couple of years. Let's say, getting a little better than even our expectations. Of course, with delays in transportation, we should also seeing shops selling more European goods rather than imported ones. We are not seeing, let's say, for the first six months, but likely also for later than that, let's say major problems. If of course, this situation will be managed properly. If oil will soar to EUR 200 or EUR 300 per barrel. If oil is not enough for filling tanks of, let's say, people, so people cannot move or getting out from home. Sorry, but I really don't know if this is going to happen and what kind of effect this may bring to our business. About cost savings, the figure of EUR 17.1 million is gross of inflation. Of course, if we had scored a similar saving net of inflation, our EBITDA margin would have risen even more and would rise even more during 2026 and 2027. On top of these actions, which have been, let's say, reached already, we are working on an additional cost-saving program. Partially that was already included in the previous business plan, the part related to automation investments, which is the part that we have not yet made and that will be, let's say, realized during the coming period. New energy saving actions, which are particularly important in this situation. This is mostly regarding our ECONYL® Regeneration System, where we are going to apply new technologies for energy savings that should give a major decrease in gas consumption per unit of product. Okay? We are speaking really of something higher than 30% during the next three to four years. Okay? Which is also very important for, let's say, covering or hedging for future eventual gas increases. On top of that, there are still other, let's say, actions that were ongoing. Like you remember for sure, last year, we started our rationalization of our carpet collection and carpet recycling activity that should be finished between, let's say, March and April of this year. The new operations should start up, let's say our engineering team are saying in April. Let's say from the second quarter, we should start seeing also these, let's say, newer systems moving forward. We have, of course, a lot of programs for cost containment, plus a lot of launching of new products that have been made during 2025 and during 2026, which should help us to keep this growth trajectory during the coming years. Thank you. Welcome. Thank you. The next question comes from the line of Dave Storms of Stonegate. Second round. Hello, thank you for letting me back in the queue. Just two quick follow-ups I want to ask. One, specifically around the North American geography. It looks like this was the only geography that showed growth, specifically in the carpet fiber market. Would just love to hear maybe a little more of your outlook in North America specifically. Also you mentioned in your prepared remarks that you are changing a supplier. Just curious as to maybe what more you can tell us about the drivers behind this. Is this a geopolitically driven, capacity driven? Is it part of the cost savings initiative? Just anything more would be very helpful there. I will start from the second question as in your first round, it's easier. Our suppliers in Europe are disappearing. If you want to find abundant raw material at convenient prices, you have to import. You have to know that in Europe, the caprolactam production capacity in the last four years has diminished of around 60%. Okay? It is not over. There is still a supplier, Domo. It is not a secret what I'm saying. They are in insolvency situation, it is still unclear whether they will be able to keep running production in the short term, or they will be forced to stopping it. BASF was managing two plants and they shut down one. Polish, same. They had two plants, they shut down one. Czechs also, they shut down. Fibrant in the Netherlands, they shut down at the end of January, their production capacity. Few Caprolactam suppliers have left in Europe, you have to import. Fortunately, we were already organized for welcoming this import because the physical form of caprolactam imported is different than the one that you are buying local, we are now making some investment for further rationalizing the cost of operation of this system, which is placed in Slovenia with a full automation of the line. Of course, reducing labor cost other than energy cost. About USA, the market in USA is just, how can I say? Seeing the disappearance of the previous players that took place some years ago, like Invista and Ascend. Ascend, in fact, stopped production last year. Sometimes takes a while for seeing the demand being, let's say, redistributed by the players left in the market. The commercial carpet market has, let's say, performed pretty well, particularly for our major customer Interface. I'm sure that you're following this company, which is listed in U.S., they are reporting very strong numbers. We, of course, being a supplier of Interface, we are enjoying their good market momentum. Very helpful. Thank you. You're welcome. We don't have any further questions. Maybe we can give a few seconds, this is another reminder that if you would like to ask a question, please press pound key five on your telephone keypad. It looks like we don't have any further questions, I will turn it back to Giulia Rossi for any closing remarks. Please go ahead. Thank you very much for attending this conference, and see you in May. Well, see you soon, and thank you for attending, and thank you for your preference.