Operator

Welcome to the LEM Full Year Results 2025-'26 Conference Call. [Operator Instructions] Let me now turn the floor over to your host, Andreas Hurlimann, Board of Directors.

Andreas Hürlimann

Ladies and gentlemen, thank you for coming here today for the full year results '25-'26 conference of LEM Holding, and a warm welcome from my side, also to the participants who joined us via telephone conference or webcast. I'm Andreas Hurlimann, Chairman of the Board of Directors. I'm here with our CEO, Frank Rehfeld, and our CFO, Antoine Chulia.

'25-'26 once again characterized by market uncertainty, currency headwinds. While conditions remain challenging, including ongoing pricing pressure in China, we saw signs of stabilization supported by mostly normalizing inventory levels and some positive signals in Western markets. Momentum was particularly evident in automation and energy distribution and high precision, supported by data center-related demand. Order intake improved towards the end of the financial year.

Frank and Antoine will provide more details on business development and financial performance in their presentations coming up. From the Chairman perspective, this is important that you know that. In this environment, LEM continued to move forward with its strategy of building a business model that is well positioned to benefit from global megatrends such as data center infrastructure, electrification, energy efficiency, energy transition and e-mobility.

A key focus of the year was the continued implementation of our company-wide transformation program Fit for Growth, aimed at improving competitiveness, enhancing operational efficiency and strengthening our focus on Asia, while making LEM more agile