Michael Willome
CEO & Executive Director

Good morning, and welcome to our 2025 full year results presentation. As usual, I'm here with Lily Liu, our CFO; and Faisal Tabbah, Head of Investor Relations. And together, we look forward to answering your questions at the end.

In terms of the agenda, I will provide an overview of our performance and the further strategic progress we made in 2025 despite an extended period of challenging market conditions. Lily will then walk through the 2025 numbers in more detail and update you on the balance sheet developments before I come back to present the actions we have been taking to deliver our strategy of focusing on differentiated specialty products for attractive end markets. Then at the end, we will discuss what we have seen in terms of trading since the start of 2026 and what we expect for the remainder of the year and beyond.

I have 5 points, starting with our performance in 2025 against the backdrop of a further year of lower end market demand and the additional challenge presented by the global tariff changes introduced during the second quarter, we delivered gross and EBITDA margin improvement and an overall trading performance fully in line with our January 29 winter trading statement. In the face of volatile market conditions, we continue to rigorously prioritize what is