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Operator

Good morning, and welcome to the SigmaRoc plc investor presentation. [Operator Instructions] The company may not be in a position to answer every question it received during the meeting itself. However, the company can review all questions submitted today and publish responses where it’s appropriate to do so. Before we begin, I’d like to submit the following poll.

And I’d now like to hand you over to the management team. Max, good afternoon, sir.

Maximilian Alphonos Vermorken
CEO & Executive Director

Welcome, everyone, to the 2025 SigmaRoc results presentation. We have a slide deck for you, which will run in 4 sections. We’ll give you an update on the group’s performance, operationally focused. Jan will take over for the financial section. I’ll take over again after that for strategic delivery and outlook. The slide presentation was fundamentally run in 2 main themes: theme on the left, integration completed, theme on the right, ready to scale.

What do these mean? Integration completed, we are one group, one culture with, of course, local specificities with 3,000 people strong who have contributed materially to the results we post for 2025. The results of 2025 show us that this group can perform, is resilient with whichever market conditions are in front of us. We have delivered synergies, 2 years ahead of plan with more to come on that front. We’ve optimized our portfolio by selling several assets to owners better placed to make those assets work for them. And we innovate, we invest, we decarbonize, we find further potential through those levers.

And with that, we have a group which is ready for

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Europe’s top central bankers warned that the escalating war in the Middle East would drive up inflation and knock growth.

The conflict is threatening the global economy, but Europe is seen as particularly vulnerable because of its dependence on imported energy. European-natural gas prices have nearly doubled since the conflict began.

“The war in the Middle East has made the outlook significantly more uncertain, creating upside risks for inflation and downside risks for economic growth,” ECB President Christine Lagarde said Thursday.

The European Central Bank and its counterparts in the U.K., Switzerland and Sweden all left rates unchanged Thursday. That follows the Federal Reserve’s decision to keep rates steady a day earlier. The Bank of Canada and the Bank of Japan have made the same call this week.