Good afternoon, and welcome to the 2025 full year and fourth quarter presentation of Ahlstrom. My name is David Brilleslijper of the Ahlstrom Investor Relations team, and with me here are our President and CEO, Helen Mets, and Niklas Beyes, our CFO. They will both give an introduction to the figures presented, published this morning. Please, Helen, the floor is yours. Thank you, David. Good morning and good afternoon, everyone. Looking forward to share the full year results and Q4 of Ahlstrom with you all. I describe 2025 as another solid year of performance for us. As you know, throughout the year, we've made a number of different moves in terms of positioning the company around sustainable specialty materials. A couple of things: We acquired Stevens Point operations, so increasing our presence in food and smart packaging. We acquired the EBF organization in our lab and life science. We divested the non-core business of Abrasives, and we created the Performance Materials cluster, which allowed us to focus on the core divisions of Filtration and Life Sciences, Food and Consumer Packaging, and Protective Materials. All of these moves in 2025 have strengthened the company's position in specialty materials. If we actually take a look at the results. In 2025, we delivered group net sales, including our acquisitions of EUR 2.93 billion. That was up 1.4% at constant currency, and we delivered a record high comparable EBITDA margin of 16.1%. Now, that compares with 15.2% prior year, but mainly as a result of the Stevens Point acquisitions. I do want to call out that the underlying core divisions at constant currency, and what I say at constant perimeter, so excluding acquisitions, also delivered solid performance. Comparable EBITDA grew 2% year-over-year, and our EBITDA margin was 18.8%. I think that really shows the specialty nature of those core divisions. If you look at the MOVC, so our margin on variable cost per ton, we continue to grow that, driven by what I think you all know is our strong procurement and pricing engine that we've got in the business. That MOVC, together with the disciplined fixed cost control, offset demand softness that we saw primarily in the second half and some one-time operational inefficiencies that we had in Q4. On the other side, our PMC, so our Performance Materials cluster, was down 190 basis points in comparable EBITDA margin. That was also due to lower market demand, but also higher ramp-up costs for new products that we launched, particularly in our Chirnside plant. We had significantly lower IACs again driving the higher reported EBITDA. We have- The IACs that we had included transaction costs and the minority squeeze-out excess payment. Just outside of the financials, a couple of other key metrics. Innovation, which you know is at the core of the company. Innovation sales were 33% last year. Those are products launched in the last five years, and 66% of our portfolio is now Safe and Sustainable by Design. Not only are we front-running in that space, but we're also future-proofing the business. We had record high metrics in safety, we delivered a TRI of 0.73 and record employee engagement, which for me, shows the underlying health of the organization that we've built in Ahlstrom, and we're on track to deliver our SBTI targets. We got EcoVadis Platinum again in 2025, and we had the CDP rating of A-. As I said, solid performance in 2025. Let me just touch on Q4. Of course, in the quarter, when we look at the portfolio moves, we closed the EBF acquisition. Just a reminder, that is in newborn blood testing and urine testing, a U.S. based company, which we're already seeing the opportunity to scale globally, and we divested Abrasives. Demand in the fourth quarter was softer, especially in December, where we saw customers managing their inventory. Our comparable EBITDA was down due to this softer volume and some one-time operational issues that we had in our Protective Materials division and negative FX. The one-time operational issues were in two sites. One was in Mosinee, where we had turbine generator challenges and some downtime because of weather. We'll come back to that in just a minute. We stabilized both situations this quarter, and we've actually taken structural measures in Mosinee, which I'll share the announcement that we've made this morning. We've also completed the minority shareholder payment in Q4. As I've said, today, we've announced two, I would say, important steps on our strategic roadmap. One is the right sizing of our Mosinee plant in the U.S., and the other is the potential closure of Radcliffe, subject to consultation in the U.K.. I'll share a little bit of the background of that in just a moment. If we can just take a look then at how we think about 2026 and how we come into the year. Extremely well-positioned, I think, with foundations, you've seen this slide before, but foundations that we've had now in place for some time. I always say that, you know, the demand for specialty materials keeps developing, keeps evolving, keeps growing, and we've organized the company around five big trends that need sustainable materials: clean air, clean water, personalized healthcare, sustainable packaging, the decarbonization of buildings, and electrification. This is where Ahlstrom technology is really differentiated. If you look at what we bring, this year we celebrate 175 years as a company, and we've got the widest toolbox in the industry when it comes to fiber laying and surface modification, and combining those technologies and those capabilities to drive performance with materials. We've also got an outstanding reputation in the industry in terms of working together with customers to actually then create what we call our Safe and Sustainable by Design solutions. Every product that we're bringing out to the market now is safer, more sustainable than the product or the application that it delivers or that it replaces, sorry. We're a leading player here, and it's reflected, one, in our market-leading positions. We've got number one and number two positions in most segments. We're exposed to favorable secular tailwinds. You see the compounding profitable growth, strong cash conversion, and top-decile customer satisfaction. Of course, as I always say, with 7,000 people getting out of bed every day around our purpose, to purify and protect with every fiber for a sustainable world. We're extremely well-positioned coming into the year. If we look as we come into 2026, we've also shaped our strategy around three core strategic pillars. The first is choosing where to play, and you're seeing us do a work around our strong portfolio management. When we've chosen where to play, so the segments, the businesses that we're differentiated in, we've got a couple of pillars. One is differentiated products and Safe and Sustainable by Design innovation. This is all about our growth opportunity pipeline, whether it's commercial excellence, whether it's our new innovations, it's all about driving that opportunity pipeline, both the size of it and the closure. The other pillar then is our operational powerhouse, and that's driving safe and efficient, operationally excellent operations. Here we have our procurement operations, so united, we've got our operational excellence. We also have launched initiatives around waste saving coming out of 2025 and into 2026, so really driving operational efficiency. If we can take a look at how that's playing out as we come into the year. In 2025, you saw us restructure the company with a focus on the core divisions that really support specialty materials and the growth opportunities best: Filtration and Life Sciences, Food and Consumer Packaging, and Protective Materials. While I said at constant currency, our group's net sales grew at 1.4%. In 2025, the core divisions delivered a 9.4% growth in constant currency, including the acquisitions, and an 18.8% comparable EBITDA. Those divisions now represent 80% of the total group sales. We also created the Performance Materials cluster, so that is allowing improved resource allocation, and of course, it's allowing us to focus on our core divisions. At the same time, it's really allowing us to drive aggressive cost measures and operational discipline in our Performance Materials cluster. I think really proving our portfolio management as a company. Now, if we go to differentiated products and Safe and Sustainable by Design innovation, I always like to share some of the products that came out of the pipeline every quarter. We had, as I said, 33% of our sales in 2025 were driven by products launched in the last five years. That is an incredible number. Let me just call out one, what I think is a super cool application, which we picked up at the end of last year, and that is the New York City transit cards. Actually, for the last 30 years, those have been plastic-based, and the New York City were looking for ways to reduce their plastic, but also improve their carbon footprint. These are high-volume card productions. After almost 12 months of testing, they chose the Ahlstrom CCK liner, so a liner material, which basically forms the two outer layers of the card, and they're laminated together around the RFID chip and antenna. Replacing the majority of plastic with renewable fiber-based materials and all of the sustainability advantages that go with it. Also, giving the right level of performance, which I think is always an important message here. I think the interesting thing here is there's 19 million cards used on the New York City transit every month. This is a really nice application that feeds into our opportunity pipeline for 2026. If we can go to the next slide and the operational powerhouse. We've announced today some, I think, strong, important announcements in terms of our operational powerhouse. The first is the right sizing of our Mosinee site. We've got an extremely strong footprint now in Wisconsin, I would say, made even stronger by the acquisition of the Stevens Point operations. Today we announced that we will be closing the pulp mill and two of the paper lines in Mosinee. Of course, this gives us significant cost reductions in the latter part of this year and into 2027. Equally important, it allows us to actually effectively utilize more cost-effective assets while continue to invest in our Wisconsin hubs, which, of course, are really important sites for our U.S. business. We also have announced the potential closure, depending on the final consultation, of our Radcliffe site in the U.K., which is part of the Performance Materials cluster, which will also ensure that we're driving the right cost position in PMC. Two important announcements that we've given that actually ensures that we're heading into 2026, well-positioned to ensure strong performance in the year. Let me hand over to Niklas, who will take us into a bit of a deeper dive of the financials. Over to you, Niklas. Yeah, thank you, Helen. Welcome also from my side to today's call for fiscal year 2025 and Q4 2025. I would like to start showing the year-over-year development since 2021 to 2025, looking at the main four financial KPIs here, with also four messages. We start on the left side. In 2025, we have to state no tailwind from the market like we haven't had the last three years then. Despite of the -1.2% on group net sales, at constant currencies, we grew slightly with 1.4%, mainly coming from our three core divisions, and I get back to this. When we come to the comparable absolute EBITDA, it's a record high one. Basically, we were growing by 5%, mainly supported, of course, by our stronger business portfolio with the acquisition of Stevens Point and EBF to land at EUR 473 million, EUR 22 million above 2024. When it comes to our comparable EBITDA margin, it's the third year in a row that we increase our comparable EBITDA margin by 1 percentage point, which shows really times of really not having really tailwind from the market, a very strong performance the last three years, +3.1 percentage points, and this achieved basically in a somehow muted or volatile market environment. Last but not least, cash flow. Another year of solid operating cash flow, even though you see it here on the same level as 2023. However, we had two, let's say, special topics in there. Of course, on the one side, all the transaction costs around the acquisitions we have made in 2025, as well as also the refinancing costs around this. Plus, of course, the minority squeeze-out, which we basically paid out in Q4. As you might have seen, we had an excess payment there to carry, which is also, of course, here in this EUR 45 million. An additional one-timer is basically here in the cash flow. Otherwise, we would have had with EUR 186 million, another very solid operating cash flow here. Let's look further into a little bit deeper into the segments, into our four segments. Helen mentioned that we are talking about the three core divisions here on the left side and on the right side, our cluster. Overall, the core divisions, in terms of comparable EBITDA, grew from 18.2% EBITDA margin to 18.8%, majorly driven, of course, by the two acquisitions, Stevens Point, with EUR 41 million almost, and EBF with round about EUR 1 million, as the main driver to get to EUR 447.6 EBITDA, basically. If you look at the, let's say, sales growth to begin with, of these three core divisions, we see on the left-hand side, of course, Filtration Life Science, with strong continued business growth, basically with 7% in constant currencies in 2025, and strong continuous margin with 23.5%. Even Q4 was above that. We had 24% in Q4, for example, significantly also growing quarter-over-quarter from 2024 Q4 to 2025 Q4, basically coming from price, mix, and cost control. When we look at the Food and Consumer Packaging segment, of course, more or less there the sales increase of 22%, a result of the acquisition of Stevens Point. However, in total, of course, we keep moving there, the portfolio into the specialty direction. Of course, we have also realized synergies, so to say, which we see very nicely then also in the profitability increase from 14.4% to 17.7%. Of course, including a, let's say, a Stevens Point margin, which is on the 25% area. Protective Materials on the other side, you see still also there at constant currency is a slight growth, if you want to say, with 0.3%, but not to the extent, of course, we were hoping for it. Here it's majorly impacted by the weaker, of course, continuously weak building and construction sector, which is impacting basically three of our four business units there with tape and Technical Materials and also glass fiber tissue. That's, of course, together with the, let's say, operational issues Helen Mets was talking already about in the two sides of Billingsfors and Mosinee impacting Q4 very much, but also have a still impacting Q1. Those, let's say, elements brought the, let's say, also the margin down from 16.4% to 15.3%. A temporary downward trend, if you want to say, due to the fact that we had these operational issues and really a very weak building and construction market, with a still very strong, on the other hand, electrification market, for example. Therefore, it's there, the mixture of, let's say, end markets we are talking about here. Last but not least, on the right side, the Performance Materials cluster Helm mentioned also already deteriorated by 1.9 percentage points in terms of sales alone at constant currencies, 10% lower than 2024. This is of course, also driven by the divestments of Abrasives to begin with, we divested Abrasives, one of the business units there at the end of Q3, so to say. Therefore, the Q4 sales are missing here. On the other side, this cluster suffered very much from the lower demand in Release Liners. When it comes to profitability, of course, also the higher ramp-up cost for Beverage & Casing products. On a positive note, on this cluster, Q4 showed an increased volume pickup in Release Liners and also protect, especially Release Liners, so to say. That's a positive note after a difficult 2025. Let's have a look at our main profitability driver. Year-over-year, it's besides, of course, the additional acquisitions we have done, is the MOVC per ton. The margin on variable cost per ton continues to improve, even though you see a little drop, basically, of the, let's say, solid column here, towards, let's say, Q4, which is majorly driven also by the U.S. dollar impact, of course, by the weaker U.S. dollar. If you take this out, look at constant currencies and exclude also the new acquisitions of Stevens Point and EBF, which are from the MOVC, slightly lower, basically. Then you see that we have with EUR 1,141 per ton, again, let's say, achieved a very high, let's say, margin variable cost per ton in Q4, as we have done in all the quarters in 2025. Therefore, very strong major drivers here, as you know, besides the mix, is the pricing discipline and all the procurement savings, so to say, we are generating here on a, let's say, monthly, daily, weekly basis, so to say. It's a well-oiled machine. I will get back to this anyway when we look at adjusted EBITDA. That's, I think, here, the big profitability growth story also majorly impacting the 1 percentage point, again, increase from 2024 to 2025, from 15.2% EBITDA margin to 16.1%. How do the bridges look like? On the next page, for the full year 2025, we start on the left side. It looks a little bit boring, of course, -1.2%, as mentioned, so to say, in terms of sales development. However, at constant currencies, +1.4%, what were the major, let's say, impact factors? On the positive side, of course, the price and mix, I mentioned it. It's also a matter of, let's say, there are strong pricing power, which was basically here driving the price and mix column. On the other side, the M&A. The M&A here column is always a mixture of adding Stevens Point and EBF on the one side, but also on the other side, having not anymore in there Aspa, which we divested at the end of Q3, beginning of Q4, basically, in 2024, as well as Abrasives we have taken out by the end of Q3, 2025. This mixture, of course, nevertheless, it's a positive impact here on our sales side. Somehow, let's say, not fully compensating the volume drop, basically, we have on the other side and the negative FX impact, which is also included here. Nevertheless, you see in the middle, our group comparable EBITDA grew, despite of this, let's say, somehow flat, let's say, sales picture. Our EBITDA grew from EUR 451 - EUR 473, EUR 22 million margin, by one percentage point, as already mentioned. Major positive impacts here, of course, the MOVC we talked about, as well as the, let's say, acquisitions, of course, which is here again, a balance out of our acquisitions and divestments, overcompensating the negative impact of the volume, basically the soft volume, as mentioned, on the Protective Materials side, building construction, and also the, let's say, Release Liners side in our cluster. Of course, also the negative impact of FX we see here, in this bridge. Therefore, I think a strong another one percentage point increase on the comparable EBITDA margin, and it looks even better when we look at the reported EBITDA. The reported EBITDA increased by 2.5 percentage points due to the fact that we had, as Helen also already mentioned, EUR 50 million lower IACs in 2025 compared to 2024. This led, of course, the result, the reported EBITDA result increased by EUR 70 million alone, basically, which is, I think, a very strong and also here record high, basically for Ahlstrom. Yeah. Let's have a look into a difficult Q4 also in terms of rich. Also, of course, we had stable sales, you could say, although helped by the M&A side here again by Stevens Point, EBF, despite of course, not having Abrasives anymore and as far, of course, we showed a stable picture, somehow M&A as well as price mix positive. let's say we're overcompensated by lower volume and the negative FX impact. On the EBITDA side, there's one specific to be mentioned here, because we have EUR 5 million lower EBITDA achieved in Q4. Of course, lower volume, stronger marginal variable cost, strong impact of M&A, and there was another, let's say, negative impact besides also the FX one, and that's that we had in Q4 2024, a EUR 10 million impact, positive impact from insurance reimbursement, which we booked into Q4, which balanced out the higher cost in the first three quarters of 2024. This, if you just look at Q4, of course, this is very much a positive impact. If you take this out, we would have increased also our EBITDA in Q4. On the reported EBITDA side, somehow on the same level, since, of course, the further reduction of IACs, as mentioned already, somehow compensates the slightly lower comparable EBITDA, as mentioned, due to this insurance reimbursement. Of course, some operational issues, as mentioned, we had also in Q4. A little bit of mixture, mixed picture here, from a difficult Q4, but everything is under control, stabilized right now, the operations again. Also, we can say that volume have picked up right now in Q1 compared to Q4 last year. Yeah, let's look ahead a little bit with our view, as always, into the Adjusted EBITDA, looking a little bit ahead, what is coming here. Of course, it starts with our EUR 473 comparable EBITDA, in total 16%. First step, of course, is to look at when we would have pro forma, we would have had pro forma, basically all the acquisitions we did throughout 2025 for the full year in our, in our books, but also the divestments, of course, full year out. On the full year, acquisitions, Stevens Point, we need to add another EUR 29 million of EBF, another EUR 3 million, basically for the three month period. From Abrasives side, since we divested it, after nine months, it's EUR 5 million goes out, and this is as a balance, EUR 500 million, basically as a group pro forma comparable EBITDA, 17%, so to say, very strong, let's say, margin already. Then we look at the initiatives, which is, let's say with EUR 100 million, low, higher than, over the last, you have seen it here in the last year and over the last quarters. That's a mixture right now of EUR 65 million of the initiatives you saw quarter-over-quarter right now coming, basically in terms of procurement savings, where we have a very well-oiled, strong machine, basically, always, let's say, bringing up new ideas, implementing it within the next 24, four months, so to say. That's the one part. On the other side, we have, and that's what Hen already mentioned, three particular projects we have initiated. It is the right sizing of the Mosinee footprint, as already talked about, as announced today, as well as the close, potential closure of the Radcliffe plant, of course, in here, the one with EUR 11 million run rate, the other one with EUR 4 million run rate. Last but not least, also initiated by us, a waste reduction program across the whole group, which will, let's say, generate at least another EUR 20 million over the next 24 months. Those three elements, EUR 35 million, basically, really explicit projects, we have initiated, and which we will, let's say, push through over the course of the year. As said, Radcliffe, within Q1, to be closed, the Mosinee right sizing in the beginning of the second half of the year. Of course, the, let's say, waste reduction program is already at full speed running. That makes us very confident that we will see also continuous growth, let's say in, basically in 2026 and 2027, alone, based on, yeah, these measures. Of course, we need to see what the market does then in parallel. Also included here, not to forgot, is of course, the synergies we get through our acquisitions. We generated already in Stevens Point last year, in 2025, $6 million of synergies. We will have a full run rate of $50 million in 2026, which is, majorly coming from procurement and also lower insurance costs, so to say, and logistics also, lower costs. All of this will help us, of course, also here. We have clearly defined measures, so to say, to get here to the EUR 600 million. Yeah. How does now cash look like on the next page? I think throughout, I mentioned it already, 2025, we saw solid operating cash flow, of course, also impacted by the acquisitions. Starting with the EUR 473 comparable EBITDA, you see that the IACs are still with EUR 70 million. We still, let's say, hit EUR 70 million in the year, EUR 50 million lower than in 2024. Of the EUR 70 million, we had a loan, EUR 30 million roundabout for, let's say, our acquisitions, the transaction costs for acquisitions, as well as also the transaction cost for our financing for the acquisition and refinancing we did here for our Euro Term Loan in 2025. Plus, of course, the excess payment for the minority squeeze-out topic, which was a loan, EUR 40 million, and here partially in interest, additional interest, partially also with transfer tax and consulting costs or legal costs in there. When we then look at our change in operating capital was slightly negative, let's say, year-over-year, due to the fact, of course, that payables were very much down at the end of or lower at the end of 2025. Also, due to the, let's say, slower business we saw in Q4, whereas, also on the other side, inventory and receivables, they are on very good path. I will get to this. On top of that, of course, paying the interest and tax, of course, in a slightly higher, let's say, amount than in 2024. CapEx, which was around EUR 72, also slightly above, let's say, 2024, due to the fact that we acquired Stevens Point, of course, which was not in there in 2024. On the other side, also some additional CapEx we needed for the operation issues we talked about, specifically in Q4. Last but not least, the balance out of our acquisitions and our financing was also slightly negative, with EUR -16. The net cash, net change of cash basically in general was EUR 48 million, majorly driven by the acquisitions and the one-time transaction at minority squeeze-out excess payment cost. If you look at Q4 in particular, we see that Q4 was coming from a lower EBITDA, of course, lower profitability. We had higher IAC, specifically due to the, let's say, excess payment for the squeeze-out and some transaction costs still. The change in the working capital was positive, specifically driven by lower inventories, 'cause we put a high attention on this, as well as also a high factoring rate at the end of the year. This was very positive. Interest cost, as talked about. CapEx, as always in Q4, on a higher level. We will see this also on the next page, that Q4 is always, let's say, significant payout. On the financing side, we had also some payback from Commercial Papers, as well as some dividends. Therefore, that's why we are at, let's say, a negative cash impact. However, when you look at the right side, very stable, solid, let's say, operating cash flow generation, specifically when you take out these, let's say, specific one-time topics. Looking at the next page, on CapEx, as said, Q4 always, let's say, here also making bold the highest payouts of the year. Let's say also, very normal, let's say, in terms of seasonality. When we look on the right side, of course, we see that reducing inventory further, receivables and payables lower due to also slower business in Q4. Overall, I think also they are very much controlled on this side, and therefore, I think a pretty solid picture. This leads us to my last slide, basically in terms of the financial overview, is to look at leverage. As always, you see this here, we increased our indebtedness, and this, of course, the main driver behind the leverage here to EUR 2.6 billion, mainly driven by the financing of the two acquisitions we did with Stevens Point and EBF. I basically put in here in brackets also the comparable figure in terms of adding back the escrow, which was always, let's say, deducted in the last, let's say, quarters and years when we reported. There's comparable numbers you see in the brackets. It's basically more or less EUR 500 million more in terms of indebtedness. On the other side, if you put this into relation to our Adjusted EBITDA, we looked at, we are somehow on the same ballpark of our leverage with 4.3. So to say, a good thing is that we need the minority squeeze-out process is right now being finalized with all the payments we have done in Q4. Last but not least, or not to mention, of course, we did this year the refinancing with our Euro Term Loan in Q4 last year. We have continuously, of course, monitoring the market and remain opportunistic in managing our liquidity, our capital structure, our debt maturities on a timely basis, while of course maintaining and maximizing the flexibility and cost efficiency for our debt. With this, I would like to hand back to Helen for the conclusions. Thank you, Niklas. Just to wrap up then. I think, if we look back at 2025, a year of successful repositioning of the portfolio towards specialty materials, you know, I have to say, both with the Stevens Point operation and EBF, we're extremely happy with those acquisitions. Both on track, as you heard from Niklas, delivering not only growth opportunities, but also in terms of the actual cost opportunities for us. MOVC, our engine continued to increase in 2025. I think it, you know, it's several years now where we just continue to demonstrate our pricing capability, our procurement organization, how those go hand in hand to keep that engine rolling. Strong comparable EBITDA and record high EBITDA margin in 2025, which I think is just reflecting the strength of the business portfolio that we have today. We say market environment remains volatile. It still remains uncertain. However, when you look at how we've come into the year with our strategic pillars, we are laser focused on driving that growth opportunity pipeline. We've got a strong innovation pipeline, strong commercial excellence. Then on the operations powerhouse, we've taken two big steps that we announced today in terms of footprint consolidation, and as Niklas mentioned, also a very strong waste reduction initiative, which is underway. Well set up internally to make sure that we secure a strong 2026. Thank you, Helen. Thank you, Niklas. Now it's time for questions from the audience. Operator, do we have questions? If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Samu Wilhelmsson from Nordea Markets. Please go ahead. Hi, and thank you for taking my question. I have a few. I'll take them one by one. First of all, starting that you mentioned in the report that you would expect a lack of support from the market in 2026, and you obviously mentioned the inventory management situation in Q4. Could you comment on how you saw price versus volume growth at the end of 2025 across your key end markets? Is there any structural drivers that you could highlight from there? Let me start, Samu, maybe, Niklas, you can do the price versus volume. Let me, Samu, just give a little bit of context on how we are seeing the markets develop, and why we always say we don't give an outlook. I always think it's helpful in terms of just saying, "Hey, how has 2026 started for us?" Especially given what we say in terms of the either the volatility or the uncertainty. Let me take it sort of one business unit at a time. Now, our Filtration and Life Sciences, as Niklas showed you, last year anyway, we had strong, pretty strong growth, both from. Well, say, the majority from our opportunity pipeline, helped a little bit by the market. As we come into Q1, the order book for our Filtration and Life Sciences business is solid. It's actually good, both in terms of opportunity pipeline, and I think just in terms of how we see the market starting in Q1. If you look at food, at the end of Q4, we saw QSR, which is the quick service retail, was a bit slower, while the at-home, so our baking, segments, was actually strong. So it was a little bit mixed, but overall, we would say, in general, soft, and then the customer management of their stocking. As we come into then January, what we see is that, our customers have started reordering, let's put it that way, both segments. Cooking and baking appears to come in pretty strong as the start of the year, and actually QSR, partly because of restocking, but also the market seems okay. I think there's still a level of cautiousness, but as our customers are saying, with a little bit more of the optimism around it. Protective Materials, which is where we're more exposed to building and construction, still remains pretty subdued. The electrification, which is still a small part of our portfolio, of course, we see the growth in. I think the Protective Materials business is where we see the Q1 still work for us to do on the opportunity pipeline. Maybe that gives you a little bit of context, Samu, in terms of your question of how we're seeing performance and having the. I can add also with regard to price versus volume. Usually, it's a mixture for us, of course. We are strong in pricing, as you know, therefore, we see both, let's say, somehow equal, providing us additional sales, if you want to say. In 2025 was besides deflation, we have seen, of course. It's more about keeping the prices basically very much in 2025, and where we could, of course, also increase, on a, let's say, individual basis. Therefore, again, coming back to your question, it's more a mixture of both, so to say, we are seeing in our business. Understood. Thanks. Moving bit more on the financial side, can you expand the financial impact of the Mosinee right size and the Radcliffe site consultation? You gave the underlying rationale, but I think those were not fully quantified in the report. I mentioned it, that the full run rate of those two is, which we had recognized or have shown in as part of our Adjusted EBITDA, the plus 11 on the Mosinee site, the plus 4 on the Radcliffe site. Those are the positive EBITDA impacts on a run rate, basically going forward. Of course, there are some one-time, let's say, costs also involved with this. You would say ISE is going forward. We have on the one side in Mosinee, we will have to, let's say we faced there with some one-timers on the Radcliffe side, too, so to say, on a, let's say, more lower level. The Radcliffe project is also since we closed the whole, let's say, location, and it was, yeah, basically supplying Abacus material then to two of our plants. To say internally, this will be also in connection with a significant drop of our net working capital in terms of inventories. Those projects are across the whole board, cash positive, if you want to say. I said, there will be some pre-investments in Mosinee in terms of closure costs, in terms of redundancies, but the return is very quick, so to say, within the year there. All right, thank you. Perhaps, it might have been assessed, but I probably missed it. Can you outline any free cash flow trends, specifically from Q4, especially in the light of cost savings and working capital management, and were there any structural drivers that you could identify? Yeah, in Q4, as mentioned, of course, we had still some one-offs, if you want, with pretty high ISC payouts, starting, of course, with the squeeze-out minority excess payment we had, so to say, plus some transaction costs in relation to our refinancing we had. We had high also CapEx payments outflow, basically, combined then with a, let's say, lower EBITDA, lower profitability. That's why the, let's say, free cash flow is there, say, more on the negative side. All right. Got it. Thanks. No other questions from my side. Thank you. There are no more phone questions at this time, so I hand the conference back to the speakers for any written questions and closing comments. Ok, thank you. We have some questions looking forward to 2026. We don't provide actual outlooks, but maybe there are questions on one-off costs, CapEx, et cetera. Maybe some insights. Thank you, David, for handing over. On the CapEx side, just in general to say, you know, we have a EUR 3 billion business. Usually, we think our CapEx should be around the 5 percentage points, if you 5% roundabout. That's what we are striving for, even though in 2025 was a little bit higher due to the fact, as mentioned, we had some operational topics where we needed some additional CapEx. Plus, of course, Stevens Point also coming into our portfolio. That's on this one. On the one-off costs, if you see it even in 2025, you saw the EUR 71 million. If we take out the minority squeeze-out excess payment, if you take out the specific transaction costs for Stevens Point, the refinancing, you land in the EUR 30 million-40 million area, if you want to say, with our one-time cost, and that's where we see us generally. Of course, right now, not to forget, we have now initiated and started the additional projects in Mosinee, for example. That is some additional, let's say, one-off costs we will be faced with in 2026. Sorry, maybe a bit on the market. Yeah, I think. Just again, I've gone through where we see the market. I think there was a specific question there as well in terms of the Performance Materials cluster. I think which I didn't touch on, and I think looking at the Performance Materials cluster, the question a little bit was, "Hey, how big is the Release Liners part of it?" Release Liners is sort of circa 65% of the Performance Materials cluster in terms of total revenue. Mm-hmm. There we've come into the year actually, again, with a pretty solid order book on Release Liners. Also, some pretty strong contracts there. If you look at Beverage & Casing, this is where, as I said, we've got some new products that have come to market. We've got some, I would say, operational opportunities in the, let's say, the scale-up of those products. So those are I think I've said that a couple of times in the reviews last year. Because we've got now the focus on the Performance Materials cluster, this is really where we're driving both cost and efficiency, and let's say, operational excellence in those segments. A more technical question: Can you explain the change in revenue recognition across the main reporting segments? Is that something you can comment on, or will we come back to that? I mean, we can come back. Maybe we need to take this deeper. We have not changed any revenue recognition methods, basically, in our books. Maybe I need to take this separately, basically, if the colleague comes back to me with the question, then we can do it one to one. Okay, thank you. Explain the increase in maintenance CapEx. As mentioned, we mentioned all the operational issues a couple of times, so to say. This is for one, of course, that we had these, well, we have these operational issues right now in Q4, which are also going into Q1. There's also the question, basically, how much does it impact our EBITDA? There will be some impact, basically, in Q1, also on the EBITDA from this operation. They are under control, specifically the turbine generator issue in Mosinee. We will be back up, basically, with full power, because at the moment, it limits our power in the plant, so to say, we cannot run all the lines in parallel, if you want to say, but this will be back right now in beginning of March, so to say. Therefore, we are going there into more stabilized operations again in these two plants. This will have an impact still. However, of course, it's very much under control, and as I said, limited. Coming back to the CapEx, of course, this is the one reason. The other reason, of course, why the maintenance CapEx increased, I mean, we acquired one more of the very big plants in Wisconsin with Stevens Point. Of course, there is also maintenance CapEx required. It's on a pretty good status quo in terms of technical status quo of the equipment. Nevertheless, I mean, it's, of course, something which we also need to take it into consideration that alone from this plant, of course, our maintenance CapEx is increasing. Sorry. Yeah. Organic EBITDA looks to be down a bit, some EUR 5 million. Can you confirm and also provide explanation on the drivers of the decline? Of course. I mean, we talked about this. If you, we take Stevens Point out, of course, and also, let's say, EBF, we had these operational issues we were talking about, which were impacting us specifically in Q4, so to say. Q4, in general, in specific, of course, we had the insurance reimbursement last year, so to say, of course, which we were basically balancing out the costs we had also for the rest of the year. I mean, those are, you see in terms of margin that we have increased, so to say. Also, when we talk about organic business from 15.2% to 15.6%. There see the quality of the business is very strong, if you want to say, even though there is, let's say, missing market demand or here and there blip, in terms of operational topic. With 36 plants, I think that happens. Yeah. Thank you. You also told something on the initiatives for next year. There's a question, if you mentioned a few of the initiatives. Mm-hmm. Is there anything more you want to emphasize here? Well, I mean, besides those specific ones, of course, we are in general looking at our cost side in our plants, in our functions, in our division level, et cetera, all the time. Therefore, it's a continuous, for us, continuous improvement, if you want to say, also in terms of how we are organized, basically. Are we efficient, so to say? We are using more and more AI tools, of course, to be also become more efficient. All of this, of course, contributes to these initiatives you have seen, which are amounting to EUR 100 million in total to be harvested within the next two years. Okay. A few questions on the Performance Materials cluster and the changes. The question is how well integrated are the assets? The Performance Materials cluster is a pretty standalone cluster, is the way that I would say that. The assets that are required for Performance Materials cluster are actually sitting in the Performance Materials cluster. A pretty independent cluster if we wanted to run it that way. Yeah. When, when we just continue on these questions, I mean, our pulp mill Mosinee, if we, is now we have here three integrated pulp mills. Basically, we would right now, with the Mosinee project, we would close one of those, and our internally produced pulp then goes from 30% to 20% of our overall need. To say we can cover this with our suppliers, of course, in North America, we have here a local for local supply there, so to say. Not at all, we have so much volume, so to say, we have a also good leverage basically on pricing on that. Therefore, it's one of course, also of the, let's say, positive levers around this, let's say, Mosinee project or rightsizing project. Okay. When it comes to factoring, I'm just continuing, right now, David, if you allow me. Yeah, of course. Our factoring program, of course, at the end of this year, EUR 184 million at the end of Q4 on, let's say non-recourse factoring. We have another, let's say, EUR 153 million, as stated here, also on the supply chain financing program, and recourse factoring was at EUR 30 million roundabout. That's the status quo around all around this part of the questions. Plans. What are your plans? Yeah for the 2028 bond refinancing? As mentioned, so to say, we are looking on a continuous basis at the capital markets, at our capital structure, our debt structure, so to say. We have started end of last year in Q4 to refinance, extend maybe, basically, the Euro Term Loan. We are looking on a clear space right now on our, let's say, also Dollar Term Loan, as well as on the bond side, as well as on our RCF. It's all in the making over the next month and weeks, you can expect there that we come back on this. The impact of exchange rates on the Q4 EBITDA, can you shed some light on that? I think it was on the slide, so. Yeah, yeah. I think we have it on the slide. Let me double-check, so to say that we have here the right number. For the negative FX impact for this one was, let's say, a loan on the Q4. Just a moment, that we have there the right number. In a minute. Negative impact from FX, basically, we had, yeah, EUR 2-3 million, let's say it this way, was a negative impact in Q4, basically coming from FX. Okay, good. Mm-hmm M entioned something on insurance proceeds coming from last year. Do you expect anything from what happened to the operational issues this or last quarter? Can you say anything on that? On insurance proceeds, you mean? Yeah. Yeah, insurance proceeds. I mean, we had this as last year was, as I said, you know, balancing out the additional costs we had in the first three quarters. In Q4, we had the reimbursement for this. We have now some operational issues, as mentioned, also going into Q1. We are also looking there, of course, for if it's a major topic, so to say, also from some insurance reimbursements, that are here and there some changes, opportunities, of course, for us also. Yeah, we are going after this on a continuous basis, if you want to say, which then also mitigates the impact on the cost side. Okay. A question on the pro forma items. Mm-hmm in the comparable EBITDA. Yeah. can you give some- Yeah more insight on the actions that you have announced today? Of course. I mean, as I mentioned, the EUR 88 million is via the initiatives which will come into play until 2027. We have EUR 12 million still, basically, so overall EUR 100 million as initiatives. I mentioned EUR 65 million of that are, I would say, the normal well-oiled machines, coming out of procurement initiatives, which we have, yeah, harvest every year, so to say. So that's our on the procurement side. There are also, for example, our Recipe 2.0 project where we are basically with this. We can with data analytics, basically, can choose the best input material, basically, for a new product we are launching, so to say, which brings us, let's say, also savings on a continuous basis. On top of the EUR 65 million comes these EUR 35 million, coming from the additional projects, and that's, as we said, the right sizing of with Wisconsin, so the Mosinee project, EUR 11 million, EUR 4 million coming out of our Radcliffe closure topic, and EUR 20 million alone from our, let's say, waste reduction program. Okay. I think we coming to the last question here. Can you quantify something on the negative impact on the operational issues, or especially on your Q4 EBITDA? I mean, to be clear there, we're talking here about EUR 2 million-EUR 3 million in basically in Q4, which we had there in terms of negative EBITDA impact. I think this was the last question for us now. Back to Helen. Okay. Thank you, David, Niklas, and thank you. Let me just wrap up by saying thanks to everybody for your time today and for the interactive session. Really appreciate it. Looking forward to giving you an update in May on the developments as we when we close out Q1. Thank you, all. Thank you.