Shashi Sekhar
Analyst, Citi
Replay available
Befesa S.A. (LSE: 0RVK) Q4 2025 earnings conference call, held 2026-02-26. Replay captured from the company's public earnings webcast.

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WEBVTT 00:00:00.031 -- 00:00:03.315 Ladies and gentlemen, thank you for standing by. 00:00:03.315 -- 00:00:06.819 Welcome to the preliminary full year 2025 00:00:06.819 -- 00:00:10.884 results conference call. I am Jota, the course call operator. 00:00:10.884 -- 00:00:15.830 I would like to remind you that all participants will be in a listen-only mode and the 00:00:15.830 -- 00:00:20.856 conference is being recorded. The presentation will be followed by a question and answer 00:00:20.856 -- 00:00:26.022 session. You can register for questions at any time by pressing start and 1 on your 00:00:26.022 -- 00:00:30.816 telephone. For operator assistance, please press star and zero. 00:00:30.816 -- 00:00:35.021 The conference must not be recorded for publication or broadcast. 00:00:35.021 -- 00:00:39.487 At this time, it's my pleasure to hand over to Rafael Perez, CFO. 00:00:39.487 -- 00:00:41.987 Please go ahead. 00:00:42.290 -- 00:00:47.417 Good morning and welcome to the preliminary four-year 2025 results conference call of 00:00:47.417 -- 00:00:52.463 BFESA. I am Rafael Perez, CFO of BFESA, and this morning I'm joined by a group 00:00:52.463 -- 00:00:58.426 CEO, Azir Zaronandieh. Asir will start with an executive summary of the period. 00:00:58.426 -- 00:01:02.691 Then he will cover the business highlights for the steel dust as well as aluminum salt 00:01:02.691 -- 00:01:04.954 slag recycling businesses. 00:01:04.954 -- 00:01:09.540 I will then review the preliminary full year financials by business and will cover the 00:01:09.540 -- 00:01:14.546 evolution of commodity prices, our hedging program, and finally cash flow, net 00:01:14.546 -- 00:01:18.091 debt, and leverage and capital allocation. 00:01:18.091 -- 00:01:23.326 Asir will close this presentation providing a...