El. En Spa Ord New (ELEAF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and welcome to any 2025 fourth quarter and full year results conference call hosted by Mr. Claudio Descalzi, Chief Executive Officer. For the duration of the call, you will be in listen-only mode. However, at the end of the call, you will have the opportunity to ask questions by pressing star N1 on your telephone. I'm now handing you over to your host to begin today's conference. Thank you. Thank you. Good morning, everyone. 2025 was a year of exceptional progress. We developed and executed our distinctive strategy, in many cases exceeding our original target. We will discuss in detail our update plan at the forecoming capital markets update in March, but I can say at this point that 2025 provides an excellent guide to what you should expect the future to hold for any. Last year's results proved the value of our consistent strategies, strong operational and financial performance, timely project delivery to support growth, and diversified investment for the short and long term to generate further value for investors. Specifically, looking in detail at the three main business pillars, the successes are compelling. First, global natural resources. We started up six major projects as planned. These supported an underlying production increase of 4%, well above our original full year guidance, and growth above 7% over the 2022-2025 period, leading among our peers. Project execution is a clear strength of ours, and both Agoginangola and Congo LNG are further examples of our leadership in time to market. In addition, we took FIDs on four major new projects, three of which are operated. driving a strong reserves replacement ratio of above 160%, meaning we currently have 500,000 bar per day of production under development, securing our med...