Thanks. Welcome everybody, and thanks for joining us at the Eurogroup Laminations 2025 financial results conference call. Together with me, the Group CEO, Marco Arduini, the Deputy Group CEO, Isidoro Guardalà, and the Group CFO, Matteo Perna. As usual, please note that the supporting deck and the presentation are available on the website in the IR section. Now I hand over to Marco. Please, Marco, go ahead. Thank you very much, Vincenza. Thank you as well to all of you for attending to this meeting. We can move to the next page. We can go to the next one, please. Thank you. When I think that 2025 was a very turbulent year and we had a big shift in geopolitics, in policy and all this has as well led to major changes in the condition of the market. The results of Eurogroup for 2025 prove the resiliency of our business model that is well diversified and as well flexible. The revenues were reaching EUR 831 million, and this is considering as well the Forex impact, almost in line with the previous year. In terms of performance, we reach EUR 88.7 million in terms of the adjusted EBITDA. If we go in the details of the businesses that we manage, e-mobility was reaching EUR 514 million of revenues, and this was down 6.1% at constant exchange rate. The major impact, negative impact, was coming from the decrease in volume in the United States and in EMEA. We saw a further increase of our sales in China. With regards to the Industrial and Infrastructure Solution, we had a moderate revenue growth that is as well enhanced and driven by the expansion that we have made in Asia and by the fact that we started our activity in a very potential segment like the transformer segment. Taking into account this, our total revenue were EUR 316.7 million. And this of course were led by the consolidation of Kumar Precision Stampings in India and by the growth in China and of course by a mild slowdown in EMEA and North America. With regards to the performance, the margin were impacted by tariff and by the macroeconomic uncertainty. We had, of course, in both segments, due to the lower volume, a reduced operating leverage in EMEA and North America. If we look ahead and we could speak about order book and pipeline in the EV business, we have, of course, to consider the impact that the shift that we saw in policy has created, especially in North America, but as well slightly in Europe. The order book is now at the level of EUR 2.7 billion. The pipeline, so meaning all the potential orders, additional orders that we have in discussion with customer, is now at the value of EUR 2.1 billion. With reference, as well, to the additional key operational and performance improvement program that we are, as well, following in the different region, we want to underline that we are progressing and we progressed in EMEA and in North America the industrial efficiency program in order to compensate the market dynamics, in order to increase the flexibility and, as well to structurally improve our marginality and cash flow. This operation is, of course, leading our operational excellence plan in order to as well optimize our industrial footprint and procurement. If we speak about the outlook for 2026, we estimate revenues between EUR 700 million and EUR 750 million. With regards to the margin, the adjusted EBITDA that we estimate at 11%. With regards to the positive operating, we estimate a positive operating free cash flow that includes as well CapEx that are in the range of EUR 45 million. This is the overall summary, taking account that 2026 is, of course, impacted by the shift and the dynamics that we saw as well in 2025. It is considered a year of transition in order as well to register and review the different program that electrification is requiring to OEMs and players in the market. I now pass the words to Matteo that he's going through the key financial results. Yeah. Thank you very much, Marco, and good evening. Let's move to the next slide, please. In terms of sales, the total amount of consolidated sales was in the range of EUR 831 million in 2025, implying a decrease in the range of 4.4% compared to 2024. And this is as well including the Forex effect. As we said, without taking into consideration the evolution of the Forex, mostly the EUR/USD in 2025, the revenues at constant Forex effect would have been EUR 853 million, implying a decrease year -on- year in the range of 1.8%. Looking at the segments evolution. On auto, the total amount of revenues was in the range of EUR 514.3 million, implying a reduction of 8.5%. With respect to the E-Mobility sector, the Forex effect was in the range of EUR 13.7 million. Whilst moving to the industrial and infrastructure solution segment, the Forex effect was in the range of EUR 11.4 million. In terms of EBITDA adjusted, the total amount of EBITDA adjusted was in the range of EUR 88.7 million, implying an EBITDA-adjusted margin in the range of 10.7%. The total adjustments were approximately EUR 8.1 million, and then we will elaborate more with respect, you know, to the details with respect to the adjustment that we accounted there. The decrease in the margin, it's mostly driven by the evolution of the EV, the E-Mobility segment, due to the impact on the operating leverage, especially in Europe and North America with respect, you know, to all the difficulties, uncertainties that we faced in 2025 with respect to the market dynamics. As well with respect to the Industrial segment, this is mostly driven by the evolution of our operation in the EMEA region. Taking into consideration approximately EUR 58 million of total D&A in 2025, the EBIT was equal to EUR 22.6 million, while in 2024 was EUR 65.7. The total amount of D&A that we report in 2024 was in the range of EUR 44.6 million. I have to say that this is as well including the right-of-use EUR 10.3 million, the depreciation with respect to the fixed asset in the range of EUR 45 million, and then the amortization on intangibles in the range of EUR 2.6 million. There is no impairment charges with respect to the total D&A that we accounted in 2025. CapEx, we accounted to below EUR 69 million, so the total amount was EUR 68.9 million, and this is implying a reduction with respect to the EUR 86.5 million that we reported in 2024. Moving to the next slide, please. We already spoken about the breakdown by segment with respect to the revenues. I have to say that now e-mobility solution is accounting for approximately 62%, while the industrial and infrastructure solution, it's 38% the total amount of revenues that we generate in 2025. If we see the breakdown by geography, let me emphasize the fact that, you know, the breakdown by geography it's consistent with what we reported over the last quarters. It's now on the basis of the final destination of the customers. It's now Europe accounting for approximately 52%. North America, it's decreased to 44%, while Asia, including China and India, now accounts for approximately 14% compared to 7% that we reported in 2024. With respect to the E-Mobility solution, we had a total number of new SOPs in 2025 of approximately six SOPs of which one in Europe, three in Mexico, and two in China. The total amount of sets, motor core sets that we sold was equal to 4.3 million. This has to be compared with 3.8 that we sold in 2024. With respect to the industrial business, it's important to emphasize that, you know, the 316.7 is including the full year consolidation of Kumar, which reported total revenues in the range of EUR 48 million, and this is important to be remembered. Moving to the next slide, please. In terms of EBITDA adjusted, we said that total adjustments were EUR 8.1 million, and this is mainly makes reference to extraordinary costs not related to the ordinary course of business. Like, meaning, we are now installing a new ERP in Europe, and this is part of the extraordinary cost that we are making reference now in industrial in the EBITDA adjusted. As I just was saying, this is as well including the completion of the settlement agreement that we reached last year with respect to litigation that we had in Russia starting in 2024, and then finalized in 2025. As we were saying, Kumar, with respect to the EBITDA, it's contributing by approximately EUR 4 million. This is implying an EBITDA margin in the range of 8.5%. I will move it to the next slide. I have to say, the total net trade working capital at the end of December 2025 is approximately EUR 207 million. This is including the strong cash generation that we report in the last quarter of 2025. You see the inventory decreased from 385 at the end of September to 352 at the end of December. As well in terms of receivables, we decreased from 163 - 140. Now the net trade working capital is accounting for approximately 25% over revenues in 2025. Moving to the next slide. Two major comments on, you know, the net debt evolution. As we said, the total amount of net debt reached EUR 219 million compared to EUR 226 million that we reported at the end of 2024. The 219 is including financial lease liabilities according to IFRS 16 in the range of EUR 43 million. It's as well including EUR 21 million in terms of cash out due to the buyback of, you know, the thirty or the total 31% stake that we bought March last year, in our Chinese companies. Euro Misi Laminations Jiaxing, and as well Euro Misi High-tech, and as well EUR 1 million with respect to the buyback of the minorities for an Italian tooling company called Euroslot Tools. This is as well including approximately EUR 8 million in terms of dividend distribution that we made last May. Moving to the outlook for 2026. I mean, the range that we are now reporting is with respect to the revenues, we do expect revenues to be in the range between EUR 700 million-EUR 750 million. EBITDA adjusted margin in the range of 11%. CapEx will be in the range of EUR 45 million. As well for 2026, we do expect a positive operating free cash flow consistent with what we reported in 2025. Okay. Marco, you wanna add some comment? I think that this guidance related to mainly 2026 in view of the overall situation that we have around us and the need as well to see the stabilization of this condition. The decrease in revenue is merely reflecting the shift that we anticipated happening in 2025. The profitability is of course in line with the improvements as well that we have integrated in our program. CapEx is of course we are decreasing the level of CapEx in order to optimize as well the overall capital invested. As well, in order to use the current capacity that we have. The year we targeted to generate free cash flow positive in order to reduce further our net financial position. I don't know if Isidoro wants to add any comments. I think that your comment was very complete, and we can work also this year to achieve a better result in terms of revenue and confirming the margin that we had in last year. The work that we are doing in the CapEx are to reflect the need to use to fulfill the capacity that we already have in the company. Very good. We can then listen to all the questions that are coming from the people that are attending to this call. Thank you to the speakers today. We now have an opportunity for question. As a reminder, if you would like to ask a question, please use the Raise Hand function on your screen, or for those dialing in, it's star nine on your keypad. Once your name is announced, please unmute your line, state your company name before asking your question. Thank you. The first question today comes from Alberto Jarach. Please, Alberto, the floor to you. Good evening. Thank you, everybody. I have a few questions. The first is on the current trading. Compared to the implied -30% in the midpoint of your guidance, how has the year started so far? What trend should we expect in the first half and in the second one? A question on compensation. Does this full year 2025 result include any kind of compensation? If so, you can quantify it. And if you expect some compensation in 2026, also in this case if you can tell us if they are included in the guidance and if you can tell us an idea of the potential quantification of those. One last on the guidance, if you can tell us more or less if you expect a similar trend between the two division or if a more pronounced decline in one of them? Thank you. Alberto, sorry to just. There was a very huge noise in the background, so it was not really possible to hear, at least for my side, the first question. Yeah, I think I understood. Okay In case of current trading, I have to say that in the first quarter we are running consistently with respect to the guidance that we communicated today. In terms of top line, we are progressing consistently. With respect to the claims, yes, the guidance is including approximately $5 million of claims to be expected to be closed this year, with respect to the discussion that we are having with the U.S. OEM in Mexico, and the total amount that is part of such a guidance, it's $5 million. With respect to the QOQ evolution, I have to say, you know, we do expect an acceleration with respect to the top line in the second half back-loaded in the second part of the year. As well, we do expect on a quarterly basis a progression as well on the margins due to the benefit deriving from the execution of the efficiency programs that we're running both in Mexico and in Italy. Sorry, my last one was more on the industrial versus the EV business in 2026, if the trend will be similar to the group average of guidance or there is some different trend. Sorry again for the noise. We do expect the industrial and infrastructure segment to increase in terms of revenues in 2026 compared to 2025. This is mostly driven, I would say, by the expected volume evolution. You can imagine the geography which is expected to grow the most is Asia, both India and China, while on the other side, e-mobility is expected to decrease, especially on a year-on-year basis due to the evolution of our business in USMCA. I have to say that on the other side, we are progressing with respect to the penetration of the local Chinese market. Okay. Thank you. Thank you, Alberto. The next question comes from Monica Bosio. Please, Monica, the floor to you. Yes, good afternoon. I hope you can hear me. My first question is on a general. The guidance, do you have factored in to the guidance the current situation? Would you feel safer toward the bottom end of the guidance maybe because the situation is really difficult to navigate? That's a general question. The second one is on China. Which are your active clients, local active Chinese clients, or how many in China for the E-Mobility? And in general, can you give us an indication of the revenues you are targeting to generate in China? The third question is on the start of production. The company at the six start of production in 2026, in 2025. How many start of production are you targeting for this year? Sorry, I have a lot of question. I'm sorry about this. It's on the inventory side. The company did a very good job on the inventory side. I was just wondering if the company sold the inventories, semi-finished products, in 2025, and if yes, do you expect to further sell out inventories also in 2026? I would say that for the time being, it's all from my side. Thank you. Great. Thank you, Monica. With respect to your first question, yeah, now we are not considering, let's say, the situation to be worse compared to what we have faced so far in 2026. Of course, should, you know, the situation getting worse, of course, this is not reflected in our guidance. With respect to China, well, I let then Marco to make a broader comment on the evolution of the Chinese, on the Chinese market. As you can imagine, we are now focusing all of our efforts with respect to key, what we do consider as the best OEMs to be served in China. I would avoid to disclose the specific names, but as you can imagine, we are putting all of our efforts with respect to the Chinese OEMs, which are interested in having a global partner as this is a key selling point of our proposition. As you can imagine, we are engaging with all of them again, considering the top five Chinese OEMs. I honestly the Chinese OEMs that we are already working with and that we are as well discussing new projects are the key Chinese OEMs. For some of them, we already have businesses that are as well active. Other businesses that are part of the start of production. The total number of starts of production, Matteo has the precise number, so I don't want to say something in this direction. We are progressing, let's say, the penetration in this as well in the context of their interest in creating as well an international footprint. They are for sure looking to Europe, and they are active as well already in Europe in order to set their operation. I think during the last weeks, we heard as well some increase of market share. The Chinese OEM doubled the market share in Europe. They are as well interested in buying plants that the European OEMs are not considering anymore valid. There is a complete dynamic that is moving with them in order to create as well for them the support that they need. With reference to China, I would like to add that we are as well working in the direction for increasing our ecosystem that are always in the same direction. Tooling, R&D and technical activity in China and supply chain that in China is key to secure the competitiveness. These are the three, let's say, streamline that we are progressing in order to increase our impact in China. In terms of SOP in 2026 on a global basis, we do expect 14 new SOPs, of which 10 will be in China. I have to say the vast majority of them will be towards the Chinese OEMs. There was one last question on the inventory. In 2025, we sold approximately EUR 30 million of inventory that we had in excess at the end of the year. We sold EUR 30 million without having a negative impact on the margin. We sold at the cost value. Of course, this is diluting the EBITDA margin. We don't expect any additional inventory to sell in 2026. The guidance is not considering a potential additional sale of inventory in 2026. Okay. Thank you. If I may follow up on the revenues the company is targeting overall to generate in China, if you can give us a rough indication, it could be very useful. I have another general question. I apologize, I do not remember. If you have excess capacity in the E-Mobility, in case, could you use this excess capacity for production in the industrial? Step by step. In terms of total revenues, what we can say that we do expect to slightly increase our local market share in China, representing approximately 3% over the total market. We were below 3% market share in 2025, and now we are targeting 2026 to be above the 3%. This should be a proxy as well to make your, let's say, computation with respect to the total value that we are targeting in China for the auto business. Mm-hmm. With respect to the stator capacity, yes, you are right. I mean, all of, you know, the presses that we installed for the auto business can be used as well for the industrial business unit. Could not be the opposite, but, you know, what we have installed originally for the auto could be used as well for the industrial if needed. I have to say, in terms of saturation, we are running above 65% in China. In Mexico now we are above, we are between 55% and 60%, while in Europe we are as well between 55% and 60% with respect to the auto business. Perfect. Thank you very much. Thank you. Thank you, Monica. Thank you. The next question comes from Emanuele Negri. Please, Emanuele, the floor to you. Yes. Good evening, everybody. Thanks for the presentation and for taking the question. I have a couple. The first one is on your guidance, which in the midpoint targets around 12% year-on-year decline. Could you give us a rough breakdown between volumes and price mix? And the second is, if you can give us a strategic update on India, which is your strategy to increase your revenues in India, and which is the next step for penetrating further the Indian market, maybe also in the automotive market. Thanks. Yeah. Well, in terms of volumes, I have to say we have two different trends between the two business units. For the auto business, in terms of tons to be sold in 2026, we do expect a decrease in the range of 10% approximately, and the rest will be driven by the price and mix dynamics. While for the industrial business, we do expect an increase in terms of volume in the range of 20%. Again, the guidance is a combination of two different behaviors expected for the two segments under which we are operating. There was the second question. Indian market. Oh, Indian market. I have to say we are progressing consistently with our original plans in the development of the local industrial business through our joint effort with the Kumar family. I have to say to you that we are satisfied about the increased market share that we are now reporting in India and as well to the growth of the underlying local Indian market. We are as well now considering to expand as well the business to be produced in India as well abroad. That's another important part of our Indian initiative. It's as well important to emphasize that, you know, through the Kumar acquisition, we entered as well the transformer business. Transformer business will account approximately EUR 20 million of revenues in 2026. This is as well being fully dedicated nowadays to the local Indian market. You know, we are as well now making a CapEx to have a new plant dedicated to the transformer business in India that will be as well used to serve overseas customers from India. On the auto business, we are progressing with respect to the potential discussion targeting a new joint venture with a local Indian partner that will be fully dedicated to the Indian market. Maybe just to say that, we consider India a very potential market and in view of the Kumar experience, but in addition for the opportunities that we see as well in the automotive business. For us, it's a very strategic market. Okay. Thank you very much. Thanks. Thank you, Emanuele. The next question comes from Giovanni Salvetti. Please, Giovanni, the floor to you. Hello, everyone. Can you hear me? Yes, sir. Hello. Hi, thanks for taking my question. I might have missed something because I joined later, but just out of curiosity, I was wondering whether the mid-term targets are still achievable given today's update, especially in 2026 guidance, but maybe I've missed it, like I said, if you already commented on that. Then if you can please quantify exactly what is the change of the order book based on the cancellation in North America. If I heard correctly before, you mentioned about potential $5 million compensation on the back of that. Yeah. Please, Giovanni. Yeah, no, I'm done with the question. Okay. Let's get started from. Midterm from the mid-term. The mid-term guidance will be communicated once, you know, the situation will be stabilized. We are not now in the position to release any update with respect to the mid-term guidance, you know, due to the current scenario, which is very volatile. We do prefer to communicate any update with respect to the mid-term guidance in a later stage once we will be as well in the position to do it. On the $5 million, your understanding is correct. We said that 2026 guidance is embedding $5 million to be accounted with respect to the discussion that we're having with our customers following, you know, the shift, the major shift that we experienced in US MCA due to the evolution of the Trump politics. That's what we said. You know, I have to say, the order book is mostly impacted by the evolution of our business in USMCA. This is a combination of both, you know, projects which were canceled, especially from certain U.S. OEMs that, you know, changed their original plans with respect, you know, to the adoption of new electrified models to be produced and then sold in the area, but as well to the postponements of other projects which were expected to start in our order book. Okay. I have to say. No, Matteo, just trying to derive the number here because if I look at your presentation of the nine months result, the order book was still at EUR 4.2 billion and now is at EUR 2.7 billion. It means a EUR 1.5 billion difference. Of course, some is executed in Q4. Are we talking about more than a EUR 1 billion cancellation in the order book? No. We are below EUR 1 billion. As you can imagine, this is a, you know, order book evolution in USMCA. It's reporting, let's say slightly less than 50% of the total order book deviation versus what we communicated at the end of September. Okay. Thank you, Giovanni. The next question comes from Alberto Jarach. Please, Alberto, the floor to you. A couple of follow-up from my side. The first is on the price effect, because if I do the math, the average selling price of a motor set is more or less -20% compared to 2024. Of course, there is also a mix effect, but if you can help us in identifying the pure price in 2025 and expectation in 2026. A follow-up on the previous question. You mentioned a 20% volume growth in industrial, which seems to me quite high. If you can tell us the drivers and a bit of color on this growth. On the price effect, again, this is to be considered like a mix between the price and mix, because as you can imagine, our shifting towards as well motor cores dedicated to the hybrid application. As you can imagine, the weight is lower compared to a motor core dedicated to a full electric model, and therefore this is as well part of, you know, the price and mix effect. On the auto business, we do expect the price and mix effect to be in the range of 10% approximately, so a decrease of 10% between 2026 and 2025. Whilst for the industrial business, we do expect a lower price effect, which is in the range of -5%. Volume to industrial. Yeah. Well, you want to comment in a broader sense the industrial market. I have to say, we are in terms of geographies in 2026 we are considering growth to be achieved in Asia, as we said, both in China, as well as the development of the discussion, the new pipeline of projects that we are now in an advanced stage with respect to certain of our key European major industrial customers. India, it's expected to maintain its expected growth rate in the range of slightly below 10% on a year-on-year basis. I have as well to say that we do expect as well increasing volumes and revenues in the U.S. for the industrial business due to... This is as well one of the few positive effect of the Trump policies, which is somehow reactivating as well the local industrial manufacturing. Yeah. In terms of segments, we do expect that, you know, what we call energy and as well transformers will be the segment reporting the highest growth rate in 2026 compared to 2025. Okay. Thank you, Matteo. One very last on my side linked to the previous one. If you can recall what is the split between BEV and the hybrid in sales and in the backlog? Yeah, I have to say, let's go step by step. In the order book, we now have BEV, it's accounting approximately. Battery electric vehicles, it's in the range of 80%. So 20% is the part for hybrid application. As you can imagine, we have seen an increased weight for the hybrid application started, I have to say, in the last quarter of 2024, and this has progressed as well in 2025. What we see as well in North America, it switch now from expected BEV programs went to be substituted by hybrid programs starting from the last quarter of 2027 onwards. Now, you know, OEMs will be mostly dedicated to the sale of internal combustion engine and now to take this well time to offer to the market the new projects, mostly on the basis of hybrid applications. No problem. Thank you, Alberto. As there are no further questions, I will now hand back to the speakers for any final comments before bringing this presentation to a close. Please go ahead. Yeah. Thank you very much for all the questions and as well for your attention. 2026 remains a turbulent year, but we confirm that energy transition electrification is a positive trend, remains a positive trend in all the markets. Through the resiliency of our business model that is covering different segments market and as well the flexibility that we can secure, we remain, of course, positive as well for the guidance that we have passed to you with regards to 2026. Thank you, we will remain connected when we will have news to be communicated. Thank you. This presentation will now come to a close. Thank you.