Evonik Industries Ag (EVKIF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.723 -- 00:00:05.749 Thanks a lot and thanks everybody for joining our call today on such short 00:00:05.749 -- 00:00:10.996 notice. We've quite some news for you this afternoon and expect quite a few questions 00:00:10.996 -- 00:00:16.162 from you. So having said this, let's get right into it. 00:00:16.162 -- 00:00:19.046 To start, I would like to highlight three points. 00:00:19.046 -- 00:00:22.991 First, we've achieved our revised outlook for 2025. 00:00:22.991 -- 00:00:28.955 It was a tough finish in the last quarter, but we made it. 00:00:28.955 -- 00:00:33.981 Our EBITDA in the fourth quarter was solid enough to reach around 1.9 billion euros for 00:00:33.981 -- 00:00:39.628 the full year and our cash generation was more than just solid. 00:00:39.628 -- 00:00:45.115 We delivered almost 700 million euros of free cash flow, resulting in a 37 00:00:45.115 -- 00:00:50.362 cash conversion rate, making the upper half of our guidance corridor. 00:00:50.362 -- 00:00:55.529 This demonstrates once more, no matter what the environment, we 00:00:55.529 -- 00:00:57.997 deliver on cash. 00:00:57.997 -- 00:01:03.123 Last year was not a great year, for sure. But given the environment, 00:01:03.123 -- 00:01:06.947 I would say we came away with a black eye. 00:01:06.947 -- 00:01:11.593 So, having said so, let's look ahead from there. 00:01:11.593 -- 00:01:13.856 And second, 00:01:13.856 -- 00:01:19.042 for 2026, we aim for broadly stable earnings at the midpoint of our guidance 00:01:19.042 -- 00:01:23.705 range, in an environment which remains tough. 00:01:24.068 -- 00:01:29.254 With normalizing the signing prices, delivering stable earnings, I guess, is a good 00:01:29.254 -- 00:01:34.360 thing. Klaus will elaborate further on this in a second. 00:01:34.360 -- 0...