Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Natuzzi S.p.A Fourth Quarter 2025 Financial Results Conference Call and Webcast. [Operator Instructions] Joining us on today's call as usual are Pasquale Natuzzi, Executive Chairman and Chief Executive Officer; Carlo Silvestri, Chief Financial Officer; and Piero Direnzo, Investor Relations. As a reminder, today's call is being recorded.

I will now turn the conference call over to Piero. Please go ahead.

Piero Direnzo
Investor Relations Manager

Thank you, Kevin, and good day to everyone. Thank you for joining the Natuzzi's conference call for the 2025 fourth quarter financial results. After a brief introduction, we will give room for the Q&A session.

Before proceeding, we would like to advise our listeners that our discussion today could contain certain statements that constitute forward-looking statements under the United States securities laws. Obviously, actual results might differ materially from those in the forward-looking statements because of risks and uncertainties that can affect our results of operations and financial condition.

Please refer to our most recent annual report on Form 20-F filed with the SEC for a complete review of those risks. The company assumes no obligation to update or revise any forward-looking matters discussed during this call.

And now I would like to turn the call over to the company's Chief Executive Officer. Please, Mr. Natuzzi.

Pasquale Natuzzi
Founder, Executive Chairman & CEO

Thank you. Good morning, everyone, and thank you for joining us in today's conference call. Our fourth quarter and full year 2025 results reflect a persistent and unfavorable macroeconomic environment. The market conditions we currently face require responsible, timely