Operator

Good afternoon, ladies and gentlemen, and welcome to the Formycon AG Earnings Call Full Year 2025. [Operator Instructions] Let me now turn the floor over to Dr. Stefan Glombitza.

Stefan Glombitza
CEO, COO & Chair of the Executive Board

Yes. Thank you for the introduction, and good afternoon, good morning, and welcome to everyone joining us today. Before we begin, allow me a brief note on timing as this year's publication of our results came later than usual. The transition of our financial system at year-end was a necessary step, but it required additional diligence in close coordination with our auditors to ensure the highest quality and reliability of our financial reporting. We appreciate, therefore, your patience in this process.

Earlier today, we published our full year 2025 results. And before we go into the presentation, let me highlight 3 key messages upfront. Number one, in a dynamically and for sure, demanding market environment, we clearly outperformed our guidance for EBITDA and working capital, which is underlining the resilience and quality of our business model. Even though revenues were lower and partly shifted into the new year. Number two, operationally, 2025 was a highly successful and transformational year for Formycon with multiple key milestones achieved across all 4 pillars of our Fit for Growth strategy, which I will explain later in a bit more detail.