Aperam Sa Ord (APMSF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.197 Ladies and gentlemen, welcome to the APERAM fourth quarter 2025 results 00:00:05.197 -- 00:00:08.761 conference call. I'm Lorenzo, the chorus call operator. 00:00:08.761 -- 00:00:12.065 I would like to remind you that all participants will be in listen-only mode and the 00:00:12.065 -- 00:00:16.831 conference is being recorded. The presentation will be followed by a Q&A session. 00:00:16.831 -- 00:00:21.637 You can register for questions at any time by pressing star and 1 on your telephone. 00:00:21.637 -- 00:00:24.787 For operator assistance, please press star and 0. 00:00:24.787 -- 00:00:28.873 The conference must not be recorded for publication or broadcast. 00:00:28.873 -- 00:00:34.222 At this time, it's my pleasure to hand over to Sud Sivai, 00:00:34.222 -- 00:00:37.403 CEO. Please go ahead, sir. 00:00:37.707 -- 00:00:40.832 Thank you very much for joining our conference call today. 00:00:40.832 -- 00:00:46.060 All our comments were contained in the podcast that we published this morning, 00:00:46.060 -- 00:00:50.667 which, you know, supports our quarterly financial reporting and where applicable, our 00:00:50.667 -- 00:00:53.508 disclosure of regulated information. 00:00:53.508 -- 00:00:58.776 We also save more time for your pertinent questions during this call. 00:00:58.776 -- 00:01:01.501 Good afternoon to everyone joining this call. 00:01:01.501 -- 00:01:05.808 Together with my colleague, Nicolas Changerot, we're looking forward to answering your 00:01:05.808 -- 00:01:10.015 questions. So let's start straight away with Q&A. 00:01:10.015 -- 00:01:14.161 Thank you. Operator, if you could open the lines. 00:01:14.161 -- 00:01:16.745 We will now begin the question and answer session. 00:01:16.745 -- 00:01:21.149 Anyone who wis...