Ladies and gentlemen, thank you for standing by. I am Jade, your call operator. Welcome and thank you for joining the Board of Ford Otomotiv Sanayi A.Ş. conference call and webcast to present the Ford Otomotiv Sanayi A.Ş. 2025 full year earnings. At this time, I would like to turn the conference over to Ms. Saibe Gül Ertuğ, CFO, Ms. Bahar Efeoğlu Ağar, Head of IR, Mr. Ünal Arslan, Finance Director. Ms. Saibe Gül Ertuğ, you may now proceed. Thank you very much. Dear investor community, greetings to you all. Welcome to our webcast for the sharing of 2025 financials. As usual in the flow of the day, I'll kick off highlighting achievements of our company. Then give the word to Bahar and Ünal for their respective section details. I like this page very much. It is a very good summary of what we have been able to accomplish in 2025. We are really happy and proud and clear that we concluded a very successful 2025. In recent years, in fact, we delivered on our all of our product launches and ramped up regarding the capacity for both core and product production. While doing so, we broke some important records in the achievements that I would like to highlight. First, let me start with the production. We attained highest level of production, exports and wholesale figures in our history. We hit the adjusted EBITDA margin of our guidance at upper end. We achieved an overall capacity utilization reaching 75%. In fact, later in the presentation also in our documents you will see that especially Q4, we have had much better results improving almost on all fronts. The capacity utilization at Q4 reached 88% level. Especially on the cash leverage working capital funds, the management of the cash, we were very successful. The free cash flow reached EUR 1.6 billion and our net debt to adjusted EBITDA multiplier came down to 1.49x. Over here, I would really like to thank my team, the entire company and my team, because this is really an exceptional result. While doing so, delivering all the results, we also managed to reach the largest dividend payment in our history, and also the largest dividend yield, 7.8% in the last 18 years. Now looking a little bit high level on the market performance. The details will follow through Bahar. I want to touch a little bit on this one. For the domestic market, we experienced quite a strong performance overall reaching 1.4 million units of registration and out of which passenger vehicle sales constitute a significant portion. In this environment, we achieved 117,000 sales, which has been highest in the last decade. Overall, we ranked in the third position in the market with an overall market share of 18%. You know our story. We are in fact the key player in the commercial vehicle. Our undisputed leadership position, we were able to keep with a 28.6% market share. The export market performance was also very significant. We reached record sales of 680,000 units. This is especially important because we managed this in a contracting and a fragmented market with respect to the commercial vehicles in Europe. Overall, this I believe is a very good summary of our performance. While doing that, let me also touch a little bit on the EV sales. In our earlier calls, you will remember, in fact, we have been discussing about the EV penetration in the markets that we operate. The result is 15.8%. However, it is obvious that the EV penetration is still progressing at relatively low ends. Overall, we achieved 8% adjusted EBITDA margin and EUR 1,621 of adjusted EBITDA per vehicle. This concludes my summary page. Let me move on to the next one, please. Another dashboard we feel very proud of. We are holding to 83% of Turkey's overall commercial vehicle production and 87% of Turkey's commercial vehicle exports. Also within the operations we hold in Romania, the vehicles we produce in passenger car sales in Europe is amounting to 100%. For the Ford commercial vehicle production, 79% of the EU sales are coming out of our plants. Having given these highlights, let me now pass the ball on to Bahar so that we deep dive into our market performance, and the details of it. Thank you, Saibe Gül Ertuğ. Hello everyone. Thank you all for joining us today. Now let me continue with the key developments in the domestic market. In 2025, the market performed beyond expectations by reaching all-time high level of 1.4 million units. Car sales exceeded 1 million unit levels, and it makes up around 37% of the total market. This robust performance was mainly supported by intensifying price competition, macroeconomic uncertainties, pull forward demand ahead of increases in Special Consumption Tax, and also a bigger discount eligibility and the increase in Special Consumption Tax base thresholds for EVs, vehicles. Additionally, the wealth effect of increasing both gold and silver prices have had effects on purchasing behavior. If you look at the segment breakdown, all segments contributed to the growth, except the heavy trucks. As a result, passenger cars, light and medium commercial vehicles increased by about 10%, while truck sales fell 3% year-on-year. Next slide, please. In this highly competitive environment, we have maintained our third place in the overall market with an 8.3% share. Our sales increased by 6% year-over-year and reached to 178 units, and this marks our highest sales figure in the past decades. I should say that the main reason for our good growth compared to the market is largely driven by the passenger car segment, where our presence is relatively smaller. Also we could benefit from Special Consumption Tax exemptions for disabled people, as the scope of this regulation requires minimum 50% local production in passenger cars. However, our light commercial vehicle sales were boosted by 24% year-over-year growth, thanks to strong availability of our New Staria model. On the other hand, we had a softer performance in medium commercial vehicle segment compared to the market during this period, primarily due to peers' new model introductions and aggressive sales campaigns. In addition, we did not join the price war in the truck market and also some peers offered favorable financing options. Therefore, our truck sales lagged behind the market. So this performance enabled us to maintain our undisputed leadership in the total commercial vehicle segment with almost 29% share. As a result, all in all, we maintained our retail sales guidance for 2025. Now may we move on to the export performance. In this period, our main export markets experienced a mixed landscape. Commercial vehicle markets, which is our focus area, contracted by 88%. Commercial demand slowed because of home-based activities and low fleet investments. There was also a strong base year impact on this performance. In addition, structural challenges like higher raw material costs and lack of charging infrastructure put pressure on the industry since the EV adoption is still slower than the initially expected levels. Regular transportation is slowly impacting European OEMs' sales mix. On the other hand, passenger car demand was relatively stable. The registration growth in this segment are mainly driven by better vehicle availability in government fleet purchases and improvement in consumer confidence. In this kind of market, Ford achieved strong results and maintained CV leadership for eleventh consecutive year with a record high market share of 17.2%. I should say that Ford Otosan services and our renewed pickup portfolio, including EV variants, were the key drivers of this performance. We are proud to say that 79% of the commercial vehicles and 49% of the passenger vehicle sales of Ford in Europe are produced by Ford Otosan. Considering that we are also responsible for the production of all commercial vehicles for Ford China, our contribution to the European automotive market is in fact even larger. Let me move to the other half part. I would like to conclude my section with some good news from our side. Becoming the first automotive manufacturing in history in Turkey to join the World Economic Forum's Global Lighthouse Network with our Gölcük plant in 2019. Last month, we have been included in this prestigious network for a second time with our İzmit plant, which is the manufacturing hub for medium commercial vehicles. At the same time, Gölcük plant has become one of the few companies worldwide to have two facilities included in the network. Only two with the Ford of Europe. İnönü Plant, a factory of the future with its digital, fully connected and data-driven infrastructure. With this transformation, our effective operating time is maximized and the labor productivity increased by 6% and also we achieved 8% quality improvement. That's all from my side. Now, I will hand it over to Nagihan to share our financial results. Good afternoon, everyone. This is Mehmet Arslan, Group Finance Leader. Thank you for joining us today. I'll walk you through our full year 2025 financial results, which we released yesterday. We closed the year with results largely in line with our expectations for the third quarter, and in several areas, performance even exceeded those expectations. We delivered an all-time high revenue of TRY 831 billion for full year, marking the highest annual turnover recorded in Turkish lira since 2025. Up until now, of course, we announced the financials, supported by 779,000 vehicles sold, also an all-time high. Total revenue grew by 7% year-over-year, driven by 11% increase in export revenues, clearly in line with the rise in export volumes. Domestic revenue, on the other hand, declined 6%. The main reasons of that are weak demand and competitive pricing, although domestic volumes were up by 8%. Strong top-line performance translated into good profitability as well. Full year EBITDA reached TRY 66.6 billion. That's up by 19% year-over-year. I will also talk about quarter financials as well. For full year, a very good performance, and our EBITDA including other items increased 5% to TRY 58.9 billion. Despite inflationary cost pressures that we discussed throughout the year, competitive prices in both domestic and export markets, particularly in the A-segment, and an unfavorable industry mix, we achieved a very good level of EBITDA, as well as also the favorable Euro TL movement, especially in the fourth quarter. Our operating profit increased 12% to TRY 42.6 billion, reflecting disciplined cost control across the year. Operating expenses remained broadly flat despite higher production and sales. Higher net FX income from operations and tax credit utilization further supported our operating profitability, offsetting the modest pressure on gross profit. Moving to PBT and PAT, both declined 19% and 28% respectively. While net interest expense improved by over TRY 60 billion year-over-year, this gain was more than offset by TRY 9 billion of increase in net FX losses. As a reminder, the major part of FX loss relates to cash flow hedge releases that I tried explaining in our previous calls as well on our euro-based investment loans, which are reclassified from gains to the income statement when the payments occur. Another key factor behind lower PBT is reduced monetary gain. While we generated TRY 15.9 billion in monetary gains due to our sizable monetary liabilities position, this is significantly lower than the TRY 29.7 billion recorded last year, reflecting lower inflation, which is 1% this year throughout the year, and it was 4% last year. Our IFRS tax cost was TRY 5.5 billion for this year compared to TRY 5.1 billion for quarter three. We had anticipated positivity from investment-related deferred tax incentives in quarter four, and although this positivity materialized, the tax authority's decision not to apply inflation adjustments in 2025 to legal books resulted in a sizable deferred tax expense and offset the benefits. That's why we won't have separate major tax expense but not a tax expense as well in quarter four. If we move to next page, that's where we see on the margins page with the quarter four performance summary. Our full year EBITDA margin increased to 8%, with an increase of 0.8 percentage points compared to previous year. That's supported by strong quarter four performance, which 2.8 percentage points higher than the same quarter of last year, mainly thanks to the higher sales volume, but most importantly, favorable Euro TL movement. We will have more information in the coming slides. Operating margin rose 0.2 percentage points to 5.1%, again, with the significant contribution of quarter four, while EBIT margin declined 1.4 percentage points. It is 2.8% due to higher FX burden and lower monetary gain. Our EBIT margin is lower in quarter four compared to previous year's last quarter as well, but with a smaller gap of 0.3 percentage points. Net margins on the other hand increased by slightly more than two percentage points, both for full year and quarter four because of reasons I just explained in the previous slides. EBITDA per vehicle rose to EUR 1,821 in performance compared to previous year's EUR 1,758. Looking at quarter four, improvement is much more significant. We don't see this improvement in PBT on the other hand in this period because of reasons, again, I already explained. If we move to next page. Our next page presents the reconciliation of adjusted EBITDA and adjusted EBITDA including other items. Our goal is to enhance transparency of these important items. I'd like to thank you for incorporating adjusted EBITDA into consensus each quarter again this last quarter, and we encourage continued use of this metric. Importantly, other operating income and expenses, such as financial income from credit sales, expenses from credit purchases, and FX results from trade receivables and payables are integral to our operating performance, and we believe they contribute to our overall rating and profit performance. In the next page, operating profit of TRY 32.6 billion, adding back depreciation, amortization, and the embedded lease results in adjusted EBITDA of TRY 66.6 billion, which is a very high number for this year. Regarding embedded leases, just an information from previous quarter again. Leases is primarily for new van investments in Turkey and Puma investments in Craiova, Romania, recognized under other receivables due from related parties on the balance sheet. Lease assets totaled almost TRY 26 billion in 2025, and the embedded lease amount added to EBITDA, here you can see it, is six point eight billion Turkish lira, functionally equivalent to depreciation and amortization. In the next page, we present the EBITDA and interest versus last year. What we see is our EBITDA increased by TRY 10.7 billion in real terms. Gross margin improvement, excluding depreciation, amortization, and embedded leases, contributed TRY 3.7 billion. While operating expenses increased modestly by TRY 0.9 billion. The largest positive contribution is coming from exchange impact from realized export operations, as I also mentioned in the previous slides. Switching to the next slide. Here we see the basic driver of the parity core performance in macroeconomic indicators. That's 13% Euro TL appreciation compared with 13% in the prior year. That supports our export profitability significantly. Lower inflation, on the other hand, reduced our monetary gains weighing on EBITDA. However, both interest rates and inflation are trending downward. This should ease both pressures and support more sustainable conditions for the coming periods. If we move to the next page, domestic sales grew 6%, as I explained in the beginning of the financial section. That's supported by currency and equipment. Our export sales grew 10%, led by a 39% increase in van export, particularly from partner sales. With all those, our exports accounted for 80% of our total volume. In the next slide, we summarize the income statement for almost every element you see I already talked about in the previous slides. As you can see, starting this period, we are presenting additional detail for clarity. I can specifically mention on this slide again that our fourth quarter performance was exceptionally strong. Gross profit, EBITDA, operating profit, and operating income before financing were all over 20% higher than quarter four of last year. In the next slide, we see that our year-end cash and equivalents more than doubled to TRY 64 billion again in real terms. Other balance sheet items basically do not show any major changes this year, but you can see more details in the footnotes of the financial statement published. On the next page, so free cash flow, we see that reached TRY 80 billion, supported by TRY 105 billion net cash from operations, up 139% year-over-year. In that, were a cash contribution of TRY 32 billion free cash compared with negative TRY 13 billion last year, driven by better business execution across the year. Two, efficient working capital management and optimization further contributed to strong cash performance. If you look at the next page where we see our financial indicators, our net financial debt decreased 25%, from TRY 133 billion to TRY 99 billion, resulting in a significant covenant improvement from 2.38 times to 1.49 times. This happened despite a nominal TRY 27.2 billion of dividend payment, which is, the interest equivalent is TRY 28.6 billion. On the other hand, net financial debt to equity improved from 88% to 68.6%, while return on equity declined to 21.7%, primarily due to higher equity and lower net income. Our net debt position, on the other hand, remains slightly above, that's within our desired range. With that, I will now hand the call back to Ms. Gül Ertuğ for our 2020 guidance. Thanks. Thank you very much, Ünal. Thanks for the detailed explanation. Now comes the time for what we are expecting for 2026. For our industry, Turkish industry projections. We concluded this year with 1.4 billion units. When we look into the next year, also starting from a high base plus the order banks data collected through dealers, we expect a sluggish to slightly lower industry. With that, we have constructed our budget and plans looking into the retail sales for domestic market registration. We expect a range of 90K-100K unit sales yearly. While saying this, I must give you an important information. This year, especially on the passenger vehicle sales, we will mostly not have Focus units available for sales because Ford Motor Company is discontinuing its production. Thinking that it's a sizable element in our passenger vehicle demand, we should deduct this in the overall numbers. The registrations. From a volume perspective, we can say that it is a negative reaction. From a profitability view, we have to note that this impact on the mix of the product sales, this is going to have a on our overall profitability. For the export market, again, looking into the environment, currently, we can say that we somewhat constructed a conservative plan, but I would say this is not conservative. I would say this is a balanced plan. Currently in the export markets, there are not key signs that will tell us that there will be a significant improvement in the demand or a rise of the industry. Having said that, we also know that the industry, especially on the commercial vehicle, was going through a contracting cycle. It could come out of that one. However, on top of that, we also know that there are very important regulatory changes, sustainability related changes, some regulatory environment which is still in the ambiguous and uncertain levels. Once those clarifications are in place, and especially regarding the emission levels and the carbon dioxide related levels, the fleet targets. If there is an easing, a relaxation on those targets, you could expect that the constraint on the ICE sales to be uplifted. There could be an upside potential. Currently this is not known. That's why I'm looking into the environment. In the fragmented European markets, every market has its own story. For the case of Germany, yes, we are hearing that there will be more spending, government spending. There could be some boost on the GDP. Further sales could support that. For the time being, because of this regulatory environment and the penalties, the compliance penalties pushed on the OEM, on the fleet regulation, it brings a constraint. That's why in our final planning, we thought that the demand could be on the modest side. However, for our case, when I started my speech, I said that we delivered very well on our commitments. The key success story was for our establishing this huge capacity for our financial company, as a key partner and also the Volkswagen unit. We have delivered on that commitment. Within the year 2023, especially in the first half, there will be some more ways and bundles that we will be delivering on. Which means this is going to be an enabler for some units where we were not able to satisfy the customers this year. Next year we will have the ability to do so. There could be some slight sales traction. But other than that, as the data suggests, we do not see a big demand increase in the export markets just yet. With this thinking, with these considerations, we have constructed our projections for Turkey and Romania. The Turkey levels between the bracket of 390K-420K is showing that the kind of relation of the template I have just mentioned. On the Romanian level, we see a somewhat more relaxed view in between 190-210K brackets. Overall, the wholesale volume we projected to reach a bracket of 670-730K. Within this, the revenue growth we still expect high single digits revenue growth. We can adjust the EBITDA margin levels of 7.58% levels. For the CapEx projections, the CapEx investments, this year we have completed a year with EUR 410 billion of investment. I had mentioned in the earlier calls that some of it had calendarization impact, but some of it also related to the regulatory environment and the demand movement with our key partner, Ford Motor Company. We are looking into our product plan and capacity spending in a very coordinated way and in a very conscious way, such that we make the right spending, right investment at the right levels. That's why for some of those product related investments, we will not hurry. We will take our time and seeing the regulatory environment and the timing changes, then we will look into them. For the general investments, if you look into the breakdown of the CapEx, you see that the general investments we foresee for 2026 is slightly less than 2025. The reason being, while we are creating the capacity and the product launches, in fact, the necessary maintenance and renewal actions have been already put in place. We can say that our products and plants are kind of fresh new. That's why looking to the cycle this year, we do not have to make huge spendings over there. For the product related investment, like the reasons I explained just a while ago, we will be taking a careful view. I have to tell you that the key investment spike on the back in 2019, always in our key story of we were saying that between 2019 to 2025 for those who to electrify in different multi energy versions, electrify its product portfolio fully. We have almost completed that. That's why since we are reaching the end of the cycle, we will not be having that big investment. As you all know, automotive business is a cyclical business, depending on the segment, depending on the life cycle. As the life cycle progresses, you should always expect the new products, new positioning and the next cycle investments. Having said this, I think this concludes our presentation for today. Let's open the floor up for your questions. The first question is from the line of Uzay Tuğ from HSBC Invest. Please go ahead. Hi. Thanks for the opportunity to ask questions. I have one question only. Given that you expect year-on-year flat sales volume, you plan to grow your net sales by high single digits% in real terms. Do you expect some improvement on pricing or is this about improving accounting impact on your export sales revenue? Thank you. Thank you very much. In fact, it's a combination of several things. Let me again highlight the final wave, final bundle delivery for our volume. volume. So that will give us some increased production export opportunity because we will be serving a new set of customers where we couldn't serve because we were missing derivatives. So that will support us. Going into the environment, of course, in these calculations, the movement of the Euro, the movement of the inflation, that will have a play in the game. This year, for domestic market, we expect still the price competition to be in there. Availability, the price competition to be there. But inflation combating measures will also be in place. Even though January inflation came up higher than the earlier consensus, there is the commitment from the economic management to bring it down. The projections we have, we have taken a cautious view. It will be coming down at a smallish pace. It will be trending. Plus the product mix that we have been discussing over here, the inclusion of our improvements in the trucks. That will all, as a combined mix, support our final position. I hope this answers your question. Thank you. You're welcome. The next question is on the line of Ali Can Kasim with Yapı Kredi Yatırım. Please go ahead. Thank you so much for your presentation. I have two questions. As we know that in December, Ford Motor Company, Renault, signed a partnership agreement for light commercial vehicle. How do you position yourself within this collaboration? Should we assume a capacity expansion just like happened in the Volkswagen agreement? My second question will be related to CapEx. You, in your guidance you share that product related investment will be between EUR 100 million-EUR 300 million. Is there any way you share details of this product related investment because as far as known that this highly affect, admittedly. Thank you. Thanks very much. Let me start with your first question. You were mentioning about the December time frame Ford Motor Company releases about their new partnership that they are looking into, especially for the issue released on December first was about the Renault partnership on the passenger vehicle. In fact, for now quite a long period of time, also seeing in our rankings in the passenger vehicle market, you can argue that the passenger vehicle success and how it tracks forward in the market for Ford Motor Company has been equally successful. Looking into the future, Ford made an important decision that both from the affordability and competitiveness side for utilizing the Renault platform, but having a path which makes the look and feel and drive of the vehicle the Ford vehicle. This is going to be the most important step to take in order to have the decision as viable. Maybe you followed Ford discussions earlier, but after Ford had divided itself into three segments, the Pro, Blue and Model e, they were also looking into a European strategy over there, and it's like having the viability of the passenger vehicle was also on the table. Looking into their analysis. Okay. Now we operate in Turkey in order to have the best product portfolio, both for the company OEM and its dealer maybe, to have the best dealer strategy, the benefit of the services, the spare parts revenue, whole life cycle. In order to have your success in the commercial vehicle for Ford, you still need to exist in the passenger vehicle segment also. Otherwise, if you take them out of that section, you will be leaving the space to the competitors, which is something they are trying to avoid. Looking into that, they wanted to have a partnership with Renault, and currently that was just a declaration that they will be utilizing the platform for two EV vehicles, most probably small scale vehicles. But the rest of the declaration was not out. I mentioned that this year there will not be any Focus. It will not be changing the Focus, so one could argue maybe that platform will be looking into Focus type vehicles or smaller like earlier Fiesta. Currently, this is unknown. However, this was a viability action that Ford Motor Company had taken. I believe you are asking that question to you, how does this affect you? Does that have an impact on your position? I would say no, it doesn't, because the vehicle lines, the vehicle segments they exist and our plans, our relationship, our partnership is intact. Over here, this partnership might look similar to a Volkswagen and MEB platform relationship. Going forward, we will be hearing more from Ford Motor Company regarding partnerships because they see that as a successful way forward, especially once the early level electrification, especially in U.S., didn't reveal what they were wishing to have. This brings us to the second declaration they made on the fifteenth of this August. Over there, Ford is moving in the right direction with them, but moving into a healthier space in this area. These two actions will not be having any impact on our timeline. If only I could say they might have a positive impact because with the existence of a possibly a partnership with Renault, more competitive, more appealing vehicles coming into Turkey would support our domestic market passenger vehicle performance. All in all, we see that as from a financial perspective a good item. Also, once that comes, currently we do not know what vehicles will be in the picture, but most probably they will be explained more in this year, and they will be coming to the market in 2028. Once Once that comes, it should be having a positive impact on our market performance. For your second question, you were asking about the product related investments. In fact, we do not have a breakdown on that one. I can tell you that most of them are regulatory related. In my speech, I mentioned a little bit. Now that Mr. Trump, in fact, he has influential effect on U.S., some of the sustainability related targets are now being pushed back. Also in Europe, the ICE vehicle ban related timings have been postponed. That's why I said there is kind of a uncertainty and ambiguity in the environment. Having said this, the Euro 7 emissions and passenger safety related, the global safety related regulations are in the pipeline. They are very important actions for OEMs to fulfill. In the remainder part of our five-year plan, we will be concluding these investments so that our product portfolio is perfectly compliant within the regulatory environment. I cannot give that the detail. I gave you product related investments. Thank you so much. I have one more question actually. Do you share your thoughts on Made in Europe issue? Because we hear lots of, you know, talks with EU and the British government. I want to know what you're thinking about this issue and also the potential impact for Ford Otosan side. Thank you so much. That Made in EU concept is something really very significant. Since currently how the rules are being taken up, and it is not on a very clear route. In fact, In fact, at this point in time, both we as Ford Otosan and our key partner, Ford Motor Company, we do not want to speculate on this. Because the reason being, even if we are not a European Union country, the existence of the Customs Union gave us kind of a privilege, the ability to act in this environment. Over time, when we worked on this, in fact, this gave us the opportunity to integrate the supply chains in between Europe and Turkey. This is something substantial. That's why I would say in the European community, if such a reaction is taken, it will be kind of detrimental to European Union itself. We should maybe think in the first place why the EU wanted to think about this. We all know that the European Union has been subject to Chinese threats, also through the Mr. Trump tariffs actions. They felt that there must be a protection. They shouldn't be dependent on the U.S. If China gets out of those trade wars, what is the way to protect them? If they go with this, and if they have a kind of protection around European side, it, even though it looks like a protection, will not support the innovation and their further world export leadership. Protection will not be in place. Plus, I don't want to say, and I don't want to overcomplicate things, but if such a big supply chain related connection happens, keeping that Turkey has so much integration in its current existing place, there can be a counteraction from Turkey ends to make the things even more complicated. While the discussions are being taken around this, the EU Commission, Turkey, different associations, different parties, also the government or even the presidential forces are talking around this. At this point in time, we do not see this issue as a Turkish issue. We see this as a Turkish issue. Looking into the environment, we think the common sense will prevail because world is very much integrated. Also thinking of our Ford Motor Company operating over here in U.S., in Europe. Also not just the OEMs, but the suppliers. There has been significant investments in tier one suppliers. They are operating from Turkey and supporting EU. That's why, as the authorities look into the details for this study, we believe they will see the impact of the issue, and they will back off from this. Because we do not think that this is going to create a big burden on Türkiye for its neighbors. We think it will be a way to open up the talks to review the customs union in the best support in place, so that all these investments of suppliers in between Türkiye and Europe is going to be protected and everybody's competitiveness will be protected. Sorry it has been a long answer, but I think this is where our minds are. Like you could say, "Are you taking some precautions against this?" My answer to that one would be yes. We are also sharing our point of view with our Ford Motor Company partners, also in CAFE relationship with the Turkish authorities. As we go into the details of this topic, like I said, it is more like a Türkiye issue, not an OEM issue. We are expecting further clarification on this around February timeframe. If I'm not mistaken, there will be an announcement on EU side on February timeframe. Until that time, maybe it's best not to speculate around that one. I believe common sense will prevail. Okay, thank you so much. You can disconnect. The next question is from the line of Gustavo Campos with Jefferies. Please go ahead. Hello. Thank you very much for taking my questions. I have two here. I see that your 2025 CapEx was EUR 400 million. However, in the cash flow statement I see something closer to EUR 600 million, adding you know some intangible asset basis. Could you please provide some guidance on your total CapEx for 2026, just so that I understand the difference. My second question would be around your usage of cash, which increased materially through the year of 2025 to roughly $1.5 billion. Now what are you planning to use with this cash, especially in consideration to your short-term borrowings? And if you could also touch on your refinancing plans or whether you are going to enter the bond market again. Any color on that would be very, very helpful. That's it from me. Thank you. Thank you. Bilal, I think he's mentioning about our payment for the Craiova, the payment installment. Can you help me for the first part of the question? The company's overall CapEx over the year are TRY 410 million. Within the year we have also made Craiova installment payments. I think it must be related to that. Yes, within the year. This year will be. Go please. Yeah. Gustavo Campos, do you have additional question, comment, or should I answer the question? Yes, if you may answer the question I was asking specifically on why do I see something around the $600 million of investment related outflows on the cash flow statement when your actual number in the slide is $400 million. I'm just trying to understand that gap. That is fair play. That includes the intangible, the engineering investment as well in within the cash flow. What we tell as CapEx is the capital spending. In the cash flow, it includes, as Bilgem mentioned, intangible investments. That's why these two numbers are basically different. You also asked us why a higher number for the 2021, which is guidance for the remaining part, the intangible part. We don't give a guidance in technology, but you can assume a similar investment year over year in the intangible side as well. Perfect. That's very helpful. Thank you. We have a follow-up question from Mr. Pavel. Pavel with Jefferies, please go ahead. Hi. Hi, Gül Ertuğ. If you could please answer the second part of my question on how you're planning to use your cash balance and what are your refinancing plans in the context of your short-term bank obligations. If you have any plans to come to the bond market. Any guidance around your financial management on that would be very helpful. Thank you. For the cash management, we have done a real good job this year, and our intention with this is to keep it where it is. We really try to strike a balance in between after our Eurobond issuance, we are now into the debt capital market, and we understand the dynamics happening over there. The net debt over adjusted EBITDA is our permanent multiplier that we are carefully anchoring ourselves on. We were seeing in the earlier talk we were at a higher CapEx cycle. We were saying that we will not have the intentions to exceed 2.5x. Even if this is not a written thing here as a policy, I would say we would be really looking after that. We will really protect that. Having said this, the sweet spot was while doing this, we managed to cash well, and we also were able to distribute our dividends in the, like, in most of the overall distributable value it was shared with our equity investors. Going forward, you can think that we will honor our policies. We will honor our written and management level policies to keep the financial health of our company. While doing so, as we go into the. Currently, we are not in that big huge CapEx cycle, but we will be as product programs, as the regulatory issues may become clear, we will be having certain maybe announceables. Currently not something special to announce just yet, but we will have projects. When they come, we certainly want to come back to the debt capital market because the way we managed our funding, borrowing scheme, we really diversified our portfolio and we saw its benefits. I understand your question. At this point in time, I wouldn't give you a timing because there are certain uncertainties that we would expect to unfold, and only then we could be at a more definitive position. I can just give you a principal answer. As the principal answer, yes, we would come back to the debt capital markets. Thank you. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Ms. Bahar Efeoğlu Ağar to conclude the comments. Thank you. Thank you very much. Thank you for your attention. I would say we really believe we have delivered on our commitments. Just keep on following us. I wish all of us a healthy and successful, less volatile, and more full of peace type of year for 2022. Thanks very much, and take good care of yourselves until next time.