Befesa S.A. (0RVK) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.137 Ladies and gentlemen, welcome to the BFESA third quarter 2025 results conference 00:00:05.137 -- 00:00:10.784 call. I am Yota, the call operator. I would like to remind you that all participants 00:00:10.784 -- 00:00:14.289 will be in listen-only mode and the conference is being recorded. 00:00:14.289 -- 00:00:17.913 The presentation will be followed by a question and answer session. 00:00:17.913 -- 00:00:22.919 You can register for questions at any time by pressing star and one on your telephone. 00:00:22.919 -- 00:00:26.224 For operator assistance, please press star and zero. 00:00:26.224 -- 00:00:30.136 The conference must not be recorded for publication or broadcast. 00:00:30.136 -- 00:00:35.584 At this time, it's my pleasure to hand over to Rafael Perez, CFO of the company. 00:00:35.584 -- 00:00:38.065 Please go ahead. 00:00:38.628 -- 00:00:44.477 Good morning and welcome to the third quarter 2025 results conference call of Befesa. 00:00:44.477 -- 00:00:49.644 I am Rafael Perez, CFO of Befesa. This morning, I am joined by a group CEO, Asier 00:00:49.644 -- 00:00:51.327 Zarraonandia. 00:00:51.327 -- 00:00:55.332 Asier will start with an executive summary of the period and then he will cover the business 00:00:55.332 -- 00:01:00.106 highlights of the steel dust as well as aluminum salts like recycling businesses. 00:01:00.106 -- 00:01:04.530 I will then review the third quarter financials by business, and we'll cover the evolution 00:01:04.530 -- 00:01:09.574 of commodity prices, of hedging program, and finally cash flow, net debt, 00:01:09.574 -- 00:01:12.177 leverage, and capital allocation. 00:01:12.177 -- 00:01:16.361 As here we'll close this presentation, providing an update to the outlook of the rest 00:01:16.361 -- 00:01:...