Metalfrio Solutions S.A. ($FRIO3)

Welcome, everyone, to the results of Metalfrio Solutions for the Fourth Quarter of 2025 as well as the Full Year of 2025. The year 2025 confirm that the strategy is implemented by the company across its different regions were the right ones. Globally, net revenues grew 10% year-on-year. EBITDA increased 17%, and the company achieved a net profit of BRL 21 million reversing a loss of BRL 22.6 million recorded last year. These results reflect a clear improvement in the quality of earnings, supported by consistent volume growth. In Brazil and South America, performance benefited from the to focus on volumes of key accounts and nonkey accounts and to expand exports from Brazil. Mexico is now reaping the benefits of the investments made over the past years to enhance factor efficiency and improve margins as a result of that. That combined with higher key accounts volumes, drove strong growth in the region. Turkey and the broader EMEA, region returned to a significantly improved profitability following a deliberate focus on more profitable markets and customers. although volumes declined as a result of this repositioning, margins have recovered to levels comparable to the company's strongest historical performance. The Services businesses delivered solid growth in both Brazil and Turkey, fulfilling their strategy role -- their strategic role in gaining increasing relevance within the company's portfolio. Finally, discipline and efficient cash management across all regions, reduced the company's leverage measured by net debt EBITDA ratio from 2.72 to 2.25 in 2025. Looking ahead to 2026, the company is well positioned to further capture market opportunities in both key accounts and non-car accounts across all regions while continuing to pursue the deleverage strategy that has delivered strong results in recent periods. Now I kind of invite you to follow the set of 10 slides that we made available in our website, which will serve as a basis for this presentation. In Slide #2, I will start commenting the net revenue for the year of BRL 2.4 million, which is a record figure for the realization. In the fourth quarter, the revenue totaled BRL 557 million, a little lower than the BRL 640 million in Q4. The reason for that being that the fourth quarter in Turkey was particularly weak, not a surprise, but already anticipated but nevertheless, weaker in comparison to previous years. I'd like to call your attention for gross profit and gross margin. We are closing the year with 17.6 percentage points of gross margin, which is a very good number but especially calling your attention to the figure of the fourth quarter of 2025, which is 19.2%, which is a good indication that the starting point for 2026, it's going to be in a better situation in comparison to the average situation of 2025. EBITDA came for the year at the level of BRL 264 million with a margin of 11%, which is again is a record for the region. We see revenues for the fourth quarter 2025 per region. And as anticipated, South America and Central America Central North America contributing with positive growth of $47.8 million combined and the negative contribution of Turkey of BRL 105 million, and that's due to the strategy that I earlier mentioned in -- about concentrating in the best use, best customers, best products, market segments, et cetera. The dropped figure for revenues for the fourth quarter for the company to 5 BRL 557 million. In Slide #4, we see revenues for the full year 2025, where we displayed the BRL 2.4 billion achieved it in 2025, which is a record for the company. And that comes with 10% above 2024, with a contribution of BRL 118 million from South America, BRL 67 million from Central and North America and 28.8% from for Europe, Middle East and Africa. In Slide #5 now, we see the revenues per region with the split between Services and Products and the picture for the quarter here is 1 that in South America, there is a growth of 6.1% in revenues as a whole with Services growing almost 29% and a small drop in Products for the quarter. In Central America, the picture in quarter remarks reflects the picture for the year. Services have been soft there throughout the whole year, which is basically due to the reduction of the demand by 1 of the major clients of the Service organization there. Talking about Europe and Middle East and Africa. You'll see that the whole drop of 41% in revenues for the region in the quarter comes from all on products alone, 1 services even under those circumstances grew 1.5%. Looking at the picture of the breakdown of the revenues, Slide #6, by region for the whole year, starting South America. You see the pretty stable growth in both in Services and Products. 13.5% for the whole region, coming 12.7% from Services and 13.8% from Products. Central America and North America growing 18%, and the whole growth comes from products alone once services had a drop of 6.5%, whereas Europe, Middle East and Africa, there is a growth of 3% for the whole region in the year. And that growth is highly contributed by the Services organization there with a small drop of 1.9% in products. The Service growth in the region comes mainly from growth in -- with the Uzbek operation. In Slide #7, looking at EBITDA figures for the quarter. You see that EBITDA grew by 9.1% quarter-on-quarter year-on-year, whereas volumes in the same period dropped by 9.4%. It pretty much shows the improvement in the quality of the results. EBITDA margins for the fourth quarter for the whole company ended up 12 percentage points, which is a very good number in the industry. Moving on to Slide #8, EBITDA for the full year 2025, reaching BRL 264 million, which is a record for the organization with a margin of 11%, growing 16.9% year-on-year, again, showing the improvement on the quality of the results once revenues grew by 10%. Now the good news is that all regions contributed positively to such a good result. In Slide #9, we show the balance sheet for the company comparing the 2 last quarters of '24 and '25 in which shows the result of the efforts of the company to improve its balance sheet, shows the reduction of total loans and an improvement on shareholders' equity from BRL 435 million to BRL 459 million. Showing now in Slide #10, the operational cash flow. I will start by highlighting the solid operational cash flow generation of BRL 198 million for the full year. Important to say that all regions contributed positively to that result. And as a combination of the reduction of net debt and an improvement on the EBITDA, we managed to reduce the leverage of the company measured by net-debt-to-EBITDA from 2.72x late last year 2024, 2.25x in the fourth quarter 2025. I come now to the last slide of this presentation, showing the working capital evolution across the different quarters, reaching a total cash cycle of 61 days by the end of the year, 2025, which is 1 of the best results we have ever had. I'd like to thank you all for the interest in Metalfrio Solutions. We are looking forward to the year of 2026, where we'll be working hard to continue the pace in the Americas and recover or continue the recovery of the Turkish operation to start bringing it to a much better contribution level in the year 2026. Thank you very much, and goodbye.