Melexis Nv Ieper (MLXSF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.118 Welcome, everyone, joining us today for the Melexis fourth quarter and full year 00:00:05.118 -- 00:00:11.226 2025 earnings call. I'm Philip Ludwig, Investor Relations Director at Melexis, 00:00:11.226 -- 00:00:16.233 and I'm joined today by our CEO, Marc Biron, and CFO, Garen van 00:00:16.233 -- 00:00:17.715 Heeringsveen. 00:00:17.715 -- 00:00:21.841 Earlier today, we published our press release and presentation, which can be found on 00:00:21.841 -- 00:00:23.343 our website. 00:00:23.343 -- 00:00:27.248 We will start with some brief remarks on the business and financials before taking your 00:00:27.248 -- 00:00:33.338 questions, starting with Marc Biron. Marc, the floor is yours. 00:00:33.401 -- 00:00:38.607 Thank you, Philippe. Hello, everyone, and welcome to this earnings call. 00:00:38.607 -- 00:00:43.813 Let me start by sharing some perspective on the full year of 2025 and 00:00:43.813 -- 00:00:48.818 how we see 2026 as of today. Then we will discuss the last 00:00:48.818 -- 00:00:51.319 quarter of 2025. 00:00:51.922 -- 00:00:56.928 Looking back at 2025, at the beginning of the year, we had entered a phase 00:00:56.928 -- 00:01:00.832 of customer inventory correction later than our peers. 00:01:00.832 -- 00:01:06.099 We are now in a period with more geopolitical uncertainties and more short-term volatility 00:01:06.099 -- 00:01:08.242 in demand. 00:01:08.242 -- 00:01:13.289 The period of customer inventory correction was largely completed by the summer. 00:01:13.289 -- 00:01:19.697 As a result, our sales were stable or grew sequentially as the year has progressed. 00:01:19.697 -- 00:01:24.804 High in-quarter ordering has started in Q2, which we could serve from our strategic 00:01:24.804 -- 00:01:26.804 inventory. 00:01:26.97...