Akzo Nobel N.V. (AKZOF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.503 -- 00:00:04.310 Good morning, everyone, and welcome to Oxinabel's Investor Update for the fourth quarter 00:00:04.310 -- 00:00:09.178 and full year 2025. I'm Jan-Willem Enhuis, Head of Investor Relations. 00:00:09.178 -- 00:00:14.187 Today, our CEO, Greg Pouw-Biome, and CFO, Maarten de Vries, will take you through 00:00:14.187 -- 00:00:18.995 our results. We'll refer to the presentation, which you can follow by webcast or download 00:00:18.995 -- 00:00:21.459 from our website at oxinabel.com. 00:00:21.459 -- 00:00:25.529 A replay of the webcast will also be made available following the event. 00:00:25.529 -- 00:00:28.433 There will be a Q&A session after the presentation. 00:00:28.433 -- 00:00:32.738 For additional information, please contact our investor relations team. 00:00:32.738 -- 00:00:37.084 Before we start, a reminder of our forward-looking statements disclaimer on slide two. 00:00:37.084 -- 00:00:41.069 Please note, this also applies to the conference call and answers to your questions. 00:00:41.069 -- 00:00:45.755 I will now hand over to Greg, who will start on slide three of the presentation. 00:00:45.755 -- 00:00:49.961 Thanks, Ian and Willem. Good morning to everyone on the call. 00:00:49.961 -- 00:00:55.347 In 2025, we made substantive strides towards a stronger Axial Nobel. 00:00:55.347 -- 00:01:00.852 In tepid markets, our progress was rooted in price discipline and the relentless execution 00:01:00.852 -- 00:01:07.676 of our efficiency programs, resulting in a full year adjusted EBITDA of $1,444,000,000, 00:01:08.739 -- 00:01:12.042 adjusted for Forex translation and our Indian divestment. 00:01:12.042 -- 00:01:17.226 This is within 1% of our initial constant currency guidance of $1,550,000 given 00:01:17.226 -- 00:01:22.611 at t...