Pyrum Innovations AG ($PYRUM)

Good morning, ladies and gentlemen, and a warm welcome to today's earnings call of the Pyrum Innovations AG due to the publication of the results of the financial year 2025. I'm delighted to welcome CEO, Pascal Klein; and CFO, Kai Winkelmann, who will start their presentation shortly. [Operator Instructions] So with this, I hand over to you, Mr. Klein.

Good morning, ladies and gentlemen, and also from my side, a very warm welcome. So I will start with the presentation with more of the data from the plant and the new information we have for you. And later on, Kai, in the second part, will present to you the numbers. So everybody should now see my screen. I hope that is the case. So let's start. So as already said, Kai will be presenting after me and then myself. I would like really to start with the market itself. Those who have already seen those presentations with Pyrum know that slide a little bit, mainly the last part, showing how much tires we have worldwide. It's still about 31 million tonnes per year. In Europe, still 3.4 million to 3.6 million tonnes per year. So not really big changes there, even though we see a slight uptrend here. But what I really would like to emphasize here on that slide, and that is something what makes me extremely proud is that in the last years, we were not visible in the market. But if you see now the numbers for 2025 in Germany, we have a burning rate of 17% of tires, which has been going down. It was 35%. So we see here a clear trend that CO2 emission laws, CO2 cost, et cetera, start to have a real impact in the simple burn of tires. Granulates, which is used for children playground, soccer fields, et cetera, is quite stable. It is with 35%, not moving this much till now. But from a regulatory side, there will be a huge change in 2031. The export has been going drastically up. Why? Because if we burn less, waste has to go somewhere. And one of the biggest and easiest solution like always is simply we export the waste and get rid of it, and it's not our problem anymore. So we went up from 10% to 23%. And what makes me the most concerned is that the unknown part went up to 23% and most of that are illegal exports. And therefore, we have also increasing regulations that will become about that, but I will tell you more about that later on. But in 2025, you see here with 2% of the German market share [indiscernible]. We have done approximately 10,000 tonnes last year, even though the plant was not running at full capacity the full year on. It just started last year with new lines 2 and 3. And even though we were able now to recycle already 2% of the German market. And hopefully, that small green bar on the diagram will go much bigger in the next years. That's what we mainly work on. And it has to because export will be mainly banned already this year, part of it. Granulate will die out due to microplastic regulations. But as said, I will tell you more about that on a separate slide. So here, we still have our flow diagram on what the plant looks like. I'm sorry to repeat that for some people, but there are also mainly new investors in this call. So for those who are brand new, for the first time at the Pyrum presentation, I would really like to sum up again where we are and what the plan does. So we still make 1 tonne of tires per hour as an input stream, which is paid for. So we see the gate fee for that. It is shredded. We extract steel, which is 15% to 25% approximately. And then we extract the textile fiber, which is 0% to 10%, all depending on the input. Bike tires have, of course, more textile in it percentage-wise than the truck tire, for example. At the end, we have an average of 700 kilogram of rubber granulate coming out of 1 tonne of tires. And from here, let's say, the magic begins, our patent and process starts. So we take these 700 kilogram of rubber granulate per hour and transform that into our so-called and newly called TTO, which is with trademark, so thermal tire oil, which gives you 250 kilograms per hour. So if you start from a full tire, you can say it's about 25% of the tires becomes oil. The TTB, our thermal tire black is about 310 kilogram per hour, so about 31%. That is then milled, pelletized, and goes then to the end customers like Continental or Schwalbe and newly also now in the pigment industry and in some applications in OEMs for car door ceilings, window rubbers, et cetera, that is brand new. But sadly, I'm not allowed yet to give you the brands that are behind it. But hopefully, soon, we can publish that. From the reactor comes also out the oil, which is slightly clean, goes to BASF and is used in a multiple type of applications from Vaude from Mercedes-Benz, and I have already told that in many other presentations. You will also find particles of our oil in Ibuprofen capsule when you have your next headache, so you can think about us. And then the gas goes either in turbines, which is our new system in line 2 and 3 to create heat and [Technical Difficulty] the process, which is known since some years now to most shareholders. Now let's go where we're standing -- where we are standing now. So the shredding line is running at 100% stable and reliable. That was not the case a year ago. We had a lot of maintenance stops and a lot of bottleneck situations here, but more about that on the next slide. That is the Pyrum patented process, which is also running stable at 100%, which is what makes me most proud because, in fact, the newest and most modern part of the plant is the most reliable as of today. Then comes the power plant, that is also running stable, but has some minor software issues, but more on that later on. It's nothing critical. But as always, when you build something completely new, there is a learning curve, but it's not something that is blocking the process on a daily basis. Let's say, we have monthly shutdowns of a half day or something like that per month due to that. So it's nothing that is really sensible, but it's something to be solved. And then you have the milling and pelletizing, which was the biggest bottleneck in the plant. It is still a bottleneck, but that has changed now a little bit. So we are now in the continuous and stable operation of the mill and pelletizer, even for those who know it, the dosing system is now running stable, not at full power yet, but it's running stable. We don't need to do the stop on-off system like we did before. And there is another increase of capacity planned in Q3 2026. But as of now, we can produce enough, but more on that on the next slide. So this is again the plant. Just what I explained to you here in real life image. So here, you see the shredder, same color than in the slide before, in orange, the Pyrum unit in green, same as on the slide before. In yellow, the power plant, also same color. And here, you see the mill and pelletizer. What was not on the slide before is here the tank in violet, the control room in red, the storage area, and the maintenance building. So that picture was roughly 1 year ago. So you see it's quite like clean, quite proper. And many people said, okay, that plant is not really running. It's too clean to be running. So that's why this morning, I took a quick decision. I took the drone, went out and made a picture of this morning. So that's what the plant looks like just right now. So on that slide here, you see a comparison sky view April '25 against sky view of today, 8th of May, that picture is just 1 hour old. You see on the left last year and today, you see it changed a lot. First, you see the white smoke coming up, very intense. That shows that the reactor are running at a very good stack. You see here that our tire storage is now completely full, which is good. We have now a certain tire stock for several weeks. And beside of that, due to the more stable operation of the shredder, we also have a very good storage of rubber granulate, but later on. And here in the back, you see a lot of big bag standing around that is recovered carbon black that is finished or rubber granulate that is stored for in case there's anything with the shredder. So you see there's really a lot going on, on the side and really it's now busy outside. But let's go now on the facts about the different parts of the plant. So let's start with the shredding unit. So as already said, it's running at full performance only since second half of last year before we had some struggle mainly with crushers. So we did a lot of modification on the shredding line, and we added a night shift for maintenance because key in the shredding plant is to have always good knives and sharp knives. And the best to do that is to do it overnight. We are not allowed to shred overnight due to noise limitations, but you can do the maintenance overnight. And that has really drastically improved the throughput. So the performance of the shredder was about a year ago, 40 to 50 tonnes per day. And today, it is 60 to 70 tonnes per day. And now we are really in the area what we need. So the new weekly average is 300 to 350 tonnes per week. And before it was around 200 tonnes per week. That was quite often an issue why we had to reduce the throughput on the reactors. So the reactors -- the pure reactors were not really the bottleneck of the plant. The bottleneck was the shredder who was sometimes not producing enough granulate. And with this well-running shredder now, we were able to build up rubber granulate storage of 16 days. So that we call it now crasher proof. Sometimes, and that is sadly the reality in the recycling plant, you have things in the waste that don't belong there, like for tires, for example, a brake disc or a big piece of metal. And if that falls into the shredder, that causes a crash and meaning that the shredder needs to stop. And depending on what broke inside the shredder, the crash can take up to 14 days, so 2 weeks. So even if we now have a crash and last year, we had 3 crashes, even if now we have a crash, we can continue to operate the Pyrum plant nonstop. And that is only something that we are ready to do right now. We build up that storage only in the last month, so in 2026. So all that's to prove stability of the process and, of course, increasing revenues afterwards. So about the Pyrum plant itself, so our reactors and the power plant. So TAD2 and TAD3 are running stable at serial production daily basis. As most of you know, TAD1 is in refit to catch up with the volumes of TAD2 and 3. And we were able -- and that is a very proud new evolution. TAD2 and 3 have no longer maintenance intervals, meaning when the plant was designed and planned, we were planning to stop each reactor after 3-1/2, 4 weeks for 3, 4 days maintenance stop. And then again, we run 24/7 for 3-1/2, 4 weeks. Now the result is that we are more in the area of 8 weeks nonstop production before we need to do a maintenance stop, which has approximately the length that we have planned before. So we are more than happy with that. The power plant is composed of 5 micro turbines. We have to admit that the turbines cause almost no problems. They are running stable 24/7, and it really has a satisfactory performance. The only issue we sometimes have is that the power plant is so complex. There are -- every month, there is something happening that did never happen before. That has also been the case in the Pyrum reactors with a huge difference that in the Pyrum software, we, as Pyrum with our own programming team, we can react immediately. So if something is not doing as it should in the Pyrum plant, our programmers are entering the source code 24/7 and can quickly do modification. Sadly, the power plant software was not done by ourselves. So we depend always on the external company to do modifications, and they are not working 24/7. So if something happens overnight, we need to stop the production for several hours overnight until the next morning, they can access the software. And in order to do so, we have solved a lot of the software issues. Before we had weekly issues. Now it's more monthly issues. But we are now planning to do our own software for the power plant so that we are also quicker in acting in that and also have our own capacities available 24/7 for that, making it more stable. And now that what people are interested most in, I think, is the mill and pelletizer status quo. The good news is that we finally passed the internal approval for regular operation accomplished end of April '26. You have to know that in the VDA 6.3 permitting or auditing, it's the automotive auditing, there has to be first internal auditing with all Pyrum members. So the Plant Director, Director of Production, the Board members, our quality and maintenance head, and we need all to vote for the proven of stability and continuous quality. And that is a hard document, which is controlled then by the auditors, by the external ones. And that was, in fact, the last missing document so that we were allowed to produce in serial and send out RCB from the new and biggest mill and pelletizer for recovered carbon black on earth. So we are now on a stable daily production with in-spec material output of 750 kilograms per hour. And today's capacity is, for the moment, enough to fulfill the orders now from Continental and Schwalbe and one new customer. So since last week now, we are packaging finished product in big packs. And another good news is we had the audit by Continental this week, on May 6. We expect the result end of May. And if we pass, then we can finally start serial deliveries from MAD2. And what has been done in the last month was a lot. I can tell you, we have spent day and night in the mill and pelletizer to solve all the issues we had. So on the mill and pelletizer, we were able to, as said, stabilize the process and the quality so that everything that comes out is in spec and stable. And we were able to, together with the supplier, of course, to increase the capacity to the guaranteed capacity. So in fact, the mill for itself and the pelletizer for itself are producing enough as it was guaranteed by the supplier. The only bottleneck that is still in the plant is the transportation and dosing system between the mill and the pelletizer, where we found out that the dosing system itself is not really the bottleneck. The bottleneck is the transportation between the mill and pelletizer. That has now been tested in industrial scale. Engineering is done and the pieces are ordered. So we will get now a triple transportation system between the mill and pelletizer. So not just 1, but 3 transportation system in between, which are quite easy to install because they are not so big, and that will then increase again the throughput drastically in Q3, hopefully. And I added here a picture so that everybody can see it because most people don't believe it, to me. The picture you see here on the right corner is the recovered carbon black in the bunker between the mill and the pelletizer. And that is like a boiling soup. I really like -- it's not a moving picture, but you see all these quakers, all these small volcanos, it is really boiling inside. And that is not because it's hot, because the material -- it's not hot and it's cold, it's the air, the air that is trapped inside the freshly milled material that is boiling out. It really looks like if you're cooking a soup and it's starting to boil, that is how it looks in the bunker in between. And by changing the dosing system, we are not adding oxygen in the bunker, but we are taking out the oxygen between the mill and pelletizer, which is extremely increasing the density and afterwards also the throughput. That has, as said, been tested now in industrial scale and works. So it's not -- yes, there are no questions left, in fact. And so we are very confident that everything is done shortly. But as I said, we start now serial production and deliveries. So allow me to sum up our major USPs that we were able to accomplish last year. Most of them, some of them have already been started the year before. But what have we really on paper now and hard submitted in the last 2 years, that is mainly that we have now TRL9 certificated. So we have technical readiness number 9 out of 9. So that makes a company like us, for the first time, bankable. So that is an achievement that we achieved only last year. Last year, we also created the new -- 2 new product names or beginning this year, TTO for the oil and TTB for the black. Now we know that our oil has a biogene content of up to 50%, which allows us theoretically to make green fuels or green jet fuels. That was theory last year. But now since beginning of '26, we have the ISCC EU certification for the oil, which was very hard to get. And honestly speaking, we were not thinking to get it, but it was a hard journey to get to it. But now with the ISCC EU certificate, we are allowed to sell the fuel in the fuel market and even for green jet fuels and things like that. And the TTB can now really replace carbon black that's also now proven with the audits on the mill and pelletizer. And yes, we all have to remember that 60% to 70% of the European market for carbon black still depends on supplier like Russia. Full energy sustaining is proven with the big power plant that is running since last year. And we all have to keep in mind, even though that the BASF contract is a little bit older, what makes us really unique compared to some of our competitors in the market is that we have a long-term 10-year offtake agreement with BASF. We have a 10-year offtake guarantee for the carbon black with Continental. And since last year, 2025, we also have a 10-year offtake agreement for the carbon black with Schwalbe and delivery of bike tires, which is, by the way, ramping up quite quickly recently. So we are getting more and more bike tires in. And thanks to some modifications on our old trading line, we are really now recycling a lot of bike tires for Schwalbe and Schwalbe recycling system. And another big achievement last year is that for the first time, we were able to get an IEF (sic) [ EIF ] European Investment Fund, funding for the project in Greece of EUR 29.4 million in November '25. And that is now the proof that all the other projects, and I can tell you, there are already 2 other Pyrum projects in Europe that have now applied for the same grant because we have been encouraged by the European Union to apply with all of our plants now for that grant, which will change the financial stability of each plant drastically if now each plant is getting such a support. So what else can I say? The biggest German tire brands, the biggest recyclers in Europe, the biggest tanking operators in Europe and worldwide, and the biggest chemical company on earth, they cannot all be warmed by working with us. So -- and that is, I would say, really a good summary on what we have really achieved in the last 2 years. But now let's look at the future because there's a lot of coming in the future, mainly on the regulatory part. And I have to tell you that mainly over the last half year or a little bit more than the last half year, we as Pyrum and mainly also myself spending a lot of time with politicians and lobbyists in Bristol to find out what we can do and what is about to come. And there's a lot that concerns us, like, for example, the Circular Economy Act, the EU Waste Shipment Regulation, Ecodesign, and End-of-Life -- ELVR, End-of-of-Life Vehicle Regulation, REACH for micro plastics, et cetera. And the good thing about all that is it's all playing towards us. So it's really a fact if we could have a wish list on what should the regulatory side do for us, that would be the wish list. And to give you more insights about that on the next slide, we have the details about some of these things. I'm not really speaking about all of them, but just about the major ones. So we have the EU Waste Shipment Regulations from 2024 that is coming into place now, that is limiting the export of tires. And as we have seen on the very first slide, a lot of tires are exported. And now we have already a ban starting this year for non-OECD countries. And experts are concluding that about 800 that will come that export ban, which starts in May 21 this year already, so already in 2 weeks, less than 2 weeks, that will keep 800,000 more tonnes of tires here in Europe, and that ban will be extended. So politicians have understood that tires or rubber waste or any kind of waste is not a waste, is a resource. You just need to transform it properly. So as we are resource depending, it needs to stay here. And another mind shift that I have seen in the last months in the political area is Pyrum is not seen anymore as a simple waste collector and waste treatment or recycling company. Now we are seen more and more as supplier of critical raw materials. And that is the core goal in the European Union for the next 5 years is make Europe independent from critical material imports, and we are seen now as a supplier of critical raw materials, which we are, by the way. End-of-Life Vehicle Regulation that comes in force now in '26 according to what we know. So the goal behind that is that cars are recycled and new cars need to contain more circular content. And the last text that we have is that, it's not published yet, but it is market news, 15% after 6 years and 25% after 10 years need to be recycling content in a new car. And that's what we do. We take old tires, old rubber waste. We also do test ones here in our lab with dashboards and other things, change that into recovered carbon black and oil that goes into BASF or tire manufacturers, and they make parts for the new cars. So with the ELVR, fuel is becoming more -- less an obligation for the car industry to use our raw materials to make new cars. So what is better than that, making it more or less an obligation to use raw materials made from waste in Europe and waste from cars. That is -- that should come into place now this year in 2026. So Circular Economy Act, that is more in the area of more secondary raw materials, so increased demand for recycling materials. And the EU microplastic directives pushes down the microplastic content. So particles will be banned under 5 millimeters, and that is really being a big issue for the whole rubber granulate market, which has still 35% of the used tire market. And that will again be a hard hit for the children playground, soccer fields, and all that stuff. That market is really under pressure from the regulation side. So that is again a big opportunity for us and our market. So many people are also asking where we are with our second plant with the Perl-Besch Project, GreenFactory II. So the news there is that the site is prepared that we had our -- as you see it on the picture here, our groundbreaking ceremony end of '25. You can all imagine that in the deepest winter, you cannot build so much. But we have used the time now to go into the architectural detailed planning of the roads and foundation and also of the road that will be bringing trucks towards the plant because there's still a part of road missing there. We are in the call for tenders. And sadly, you all know the geopolitical situation worldwide. Prices are going drastically up that we have also seen now in the call for tenders and the offers we have received from every area. The point is here simply and shortly that things are getting more expensive. We have worked now some years to get the financing. And it's not so good if the reserves you have, so the contingency are eaten already at the beginning. So that has pushed us to a decision beginning of this year to review the steel and tubing engineering to counter cost explosion. We expect, we have hired external companies to review our steel structure, our tubing. And the good thing is they quickly told us that it's possible to reduce costs up to 20%. That's not meaning that the plant is now getting 20% cheaper, but that means that we stay in the area where we plan to build the plant. So -- but this reduction of costs keeps the budgets in place, which for most people know that many public building projects never stay in the budget, but our goal is really to stay in the budget. And we said we have to do that beforehand because once everything is launched, you cannot reduce price anymore. So we reduced costs. But on the other hand, maybe we lose now 3 to 4 months, but that was something that was planned since years already to redesign the building. What we have done in the past is we did build in front of our own door, that took a long time, a lot of cranes, a lot of people on site, and the building took a long time. And we've hired now external specialist steel building company to redesign the steel structure to make it more modular, meaning that the idea behind that is to reduce the building time of the plant by half. And even though we are losing now 3 to 4 months for redesigning that and reducing costs, we will catch up that time in the building time, which will be strongly reduced afterwards. So the investment volume is still EUR 62 million, thanks to the cost reduction we are working on. The building side has not changed and the revenues needed. So that's where we are with GreenFactory II. And from my perspective, I hope that now in May, we have the final planning and that we can finalize the bank contracts and start the final orders, which are missing. So about the projects that are running. So we have the map. Most of you know already. We have more than 20 plants in pipeline, 10 have started, 2 joint ventures now in 6 countries, 4 plants are in the permitting process, 3 permits have been granted. And we have to say that all these 3 permits have been granted in 2025. And as we are here in the call about our numbers of '25, that is really very important number to remember that the Perl-Besch Project, the [ Vresova ] in Czech Republic and Thermo Lysi in Greece, all these 3 have received their building permits, all of them end of the year, so all of them end of '25. And now they are all in the call of tenders, preparation, site preparation, et cetera, et cetera. So sadly, when you build so huge structure, so huge plant, things are not done in a week. This is even the call for tenders is a process that takes some months. Here I have made a summary or we have made a summary of where all the projects or the major projects are standing. We are not speaking about all the 10 projects. We have taken out here the most advanced ones and the most promising early-stage projects and even some new projects, never heard -- which you never heard about and which we still cannot give you the names. So the SUAS reTIRE project, engineering is accomplished, FID is taken. We are in the final phase with the bank closing. So here's really missing things like Board decisions or Supervisory Board decisions that have to be taken. We have to sign them and send them to the bank. That has been done right now. We are in the call for tenders. Most of them have already been done and negotiated. And the contracting phase is right there now and the first groundworks have started. We even have a camera on which we see the building side in life if you want to see -- if we -- anyone want to see where we're standing at. The Thermo Lysi project in Greece, they have secured the financing with the -- also with the grant they have received from the EIF. They have now hired a local coordinator for the project, which was a very good idea of Thermo Lysi to have somebody on site who is coordinating on a daily basis all the different suppliers and engineering offices that are working in the plant because we are not doing everything, of course. We are doing the pyrolysis part, and we are helping with the shredder and the mill and pelletizer, but there are still local work to do like groundwork, roads, buildings, et cetera, and there are a lot of, yes, entities to handle there. So we have then very big news from this year, finally created a joint venture called UniPyrum together with UNITANK, founded to build up to 10 plants. And imagine that with a big partner like UNITANK, who has the financial strength and, us, we have the technical knowledge. Together we can -- we will build now 10 plants in Europe and Pyrum has a 49% share in that. So the company is created, the engineering contract for our first plant in Emleben has been signed and started. So the teams are working on the engineering there already with very high speed. And we even had already our first steering committee in April in which some of the major decisions have already been made on how will the plant look like and where we place what and so on so that we can now enter soon in the definition phase. VTTI, the biggest LNG operator on earth is one of our customers. There we have finished, beginning of this year, Phase 1, which is the pre-feeds accomplished, which gives you all the documents to make the permitting. And the permitting request phase has now started there and the next phase will be the feed phase, and that should start soon. That is now subject to VTTI approval. We have given our offer for that. And we are expecting, in fact, the order from VTTI as soon as they have the internal approval for the budget. On the early-stage projects with REMONDIS, that was a bit slowed down, not due to us or it was -- they had some restructurations internally and which branch of REMONDIS will do the thing or build the plan together with us. I think they found a very good solution that was presented to us not so long time ago. And now the engineering we start here with new ideas, and I think it's a very good path forward. They have presented now. So some good things take a little bit longer, but once the decision are made with partners like REMONDIS have the budget and the sites and the team behind, then things go much quicker. The GreenTech project in Sweden has applied for a major grant also. If that grant decision is positive in Q2 '26, they plan to get already FID in 2026, which we were not expecting. But if it happens, it's very good. And we have 2 new things. We have a new tire manufacturer, a big one with whom we are negotiating. And hopefully, we can soon announce the signing of a tire recycling contract and a new big recovered carbon black offtake agreement. More about that in the next weeks. And we have an MoU now with one of the -- one major European recycler with a project planned to start in 2027 with the engineering. So the pipeline is filling up already for the next steps. So let's hand over to Kai for the finances.

Yes. Hello, everybody. A warm welcome also from my side. We today published our annual and consolidated financial statements for 2025. And for the first time, we also included our first sustainability report into the annual report. Coming to the figures, we had revenues at EUR 4.1 million. That is more doubling than compared with the previous period. This was mainly driven by consulting and engineering service, but also by revenues from expanded plant operations. However, the original communicated revenue forecast was EUR 4.5 million to EUR 6 million. That was not fully achieved, and this was primarily due to the lack of revenues from ThermoTireBlack, as explained by Pascal, especially in the fourth quarter of 2025, we had expected that it will already be at a good level. These delays, yes, came to the lack in the revenues. The group generated a total output of EUR 11.1 million after projected range of EUR 10 million to EUR 15 million despite a decline in own work capitalized due to the largely completed commissioning and construction work for the expansion of the plant in Dillingen in the previous year. It was -- that was at EUR [ 11.7 ] million was maintained, thanks to the increase in revenue. In total, own work capitalized was at EUR 6.8 million, after EUR 9 million in the previous year. The consolidated EBIT, earnings before interest and tax, were at EUR 8.7 million, slightly better than in 2024 and on the upper level, within the forecast range of minus EUR 8.5 million to minus EUR 10.5 million. The consolidated net results for the year amounted to EUR 10 million after -- to minus EUR 10 million after minus EUR 10.1 million in the previous year. This continues to reflect the start-up and ramp-up phase of the expanded plant operations as well as ongoing expenses for capacity expansion and our project development. For the outlook, we expect consolidated revenues in the range of EUR 6.5 million to EUR 9.5 million for 2026. Total consolidated output in the range of EUR 12 million to EUR 18 million and the EBIT is expected to be between minus EUR 8 million and minus EUR 10.5 million. We anticipate that the successful ramp-up of the TTB processing, the further increase in capacity utilization of existing facilities and progress, especially in the project pipeline, will create the continuous for sustainable improvement in earnings in the coming years. Due to the delay that we mentioned already in the TTB production and in some of our planned construction projects, unfortunately, the expected return to a balanced EBITDA is shifting from 2026 to 2027. But nevertheless, we are very positive, backed by the given solution for the pelletizer. So now we are focusing on increasing our production by extending production times of our TTB. Then the modification of the transfer system of the milling and pelletizing in Q3, and we expect successful signing of planned purchase agreement, as example, with SUAS reTIRE. Regarding capital in 2025, we performed 2 capital increases and have strengthened our financial position. So the available liquidity at end of 2025 was EUR 17 million after around EUR 12 million for the end of the previous year. And the equity ratio went up to 41.6% after 34%. We had 2 capital increases, one in July, of 200,000 new shares. We proceeded 5.6 million to institutional at a price of EUR 28. Afterwards, to the end of the year, we decided to do a capital increase with subscription rights. And in our point of view, it was very successful. The proceeds were EUR 13 million and the issuing price at EUR 27.5 million. Current shareholder structure, Pascal Klein and Amel Holding or the family of Pascal Klein are still the biggest shareholders at 7.2%, respectively, 7.4%. Benifin, one of our business angels from the beginning, still at 6.2% -- is at 6.2%, and Jurgen Opitz at 6.4%. So they participated in both of the capital increases and showed their support. BASF Antwerpen is actually at 6%. Schwalbe Holding also supported us quite good and hold now 5.6%. Continental around 0.8%. And we have a free float of 60.4%, backed by more than 6,000 shareholders actually. So we come to the highlights and outlook, and I hand back to Pascal.

Yes. So I will close the presentation. So what are the next steps? So now finished the financing for mainly the Czech project and the Greek project and the project in Perl-Besch. In fact Perl-Besch is just waiting for the final tenders, which we expect to get hopefully now in May, June. Once we have the final tenders, we can give them to the authorities for the grant from [indiscernible]. And then we have everything to give to the bank and then the financing in Perl-Besch should be done. Czech project is a big further advance on the bank side. And yes, we are still speaking with investors. It is never bad to speak with investors and to have new solutions in mind and backup plans in case we need them. Increased TTB production. That is one of the core points now to increase our revenues. As said, we have now the green light from the internal auditing. And if everything goes well, we have now also the green light end of this month here from Conti, from the automotive auditing. Then we will finally be able to sell huge volumes. Yes. And we will do, as said, a smaller modification work on the mill and pelletizer to increase some volumes during our -- mainly our annual stop. Yes, Perl-Besch plant and as I said, the SUAS plant is very important for us to start there quickly and with full speed, but everything is prepared there. And we will also have to pass a lot of time in the next months in Brussel or in Berlin to get all these new laws and regulation really in place so that we are on track. And we were also pushing them a little bit forward so that they come earlier. For example, the ELVR should be in place already since 2025. So sometimes you need to push things a little bit also on the political side. This slide is more or less just a summary of the biggest highlights of '25. For those who didn't listen, I don't like to say that. So that's a summary page. I said we got the funding in Greece, groundbreaking ceremony in Perl-Besch. We're really transiting right now from a start-up that was just testing things to a rollout that is worldwide. We have secured all offtake agreements. And really -- and that is something that you really shouldn't underestimate. The ISCC EU certification, which opens the oil to the fuel market and even to the green fuel market, and everybody knows the Strait of Hormuz, everybody is speaking about it everywhere. Imagine we can produce green -- even green oil out of waste. And of course, we cannot deliver all the oil needed in Europe, but it can be a substitution, which can have some percentage. So thank you for the attention. And I think now we will start with answering questions.

Yes. Thank you very much. [Operator Instructions] Mr. [ Renaut Meckel ] is asking, the funding in Greece was after all subject to certain time limits. Will those deadlines be met?

As of now, yes. So we are on track here in the planning. Yes. The Greek customers together with their engineering office have been here just 2 weeks ago, a big meeting with all of our engineers, in which we worked again on the timeline and the deadlines for the documents. And, yes, from -- I was in that meeting and from what I can tell, it looks all good.

And we move on with a follow-up from Mr. Meckel. Can you give us some idea about how the proceeds from the capital increase will be used?

Yes. We -- it's the same as we announced during the capital increases. So we used already some of this money for the project in Czech. So for bringing in EUR 8.6 million equity, we needed some money and not all of that was refinanced. We used some of this money for a new reactor on TAD1. So there is already a project that has been started, but there are huge modifications that needs to be done. So it's not that quick that we can just, let's say, plug and play. For all who have been here, I think they understand, if they remember how this tower looks like. It's not that shorter than the new ones. And of course, we need to use some of the money for the cash burn rate, which should slow down shortly when the mill and palletizing is in full production. And yes, for the rest of, let's say, also for preparation works for the next projects and the ongoing projects.

And before we get to other participants, Renaut Meckel just had a follow-up. Do you plan another capital increase in the next 2 months -- 12 months, excuse me?

Actually, there are no plans for another capital increase. It depends, let's say, on the speed of the projects. As we have shown, let's say, we want to build up to 10 plants, as example, with UNITANK. And of course, these plants would need to be financed, but we don't expect that it's that quick. So we don't expect another capital increase for now.

And we get to another participant, Mr. Holger Steffen asked, what is the current status of the replacement of Reactor 1?

Yes. Our engineering team is working on that. In fact, there are 2 solutions. Solution one is we take the reactors as we have them now. So the same reactor as in Line 2 and 3. These have also been ordered for Perl-Besch. That would be the easiest way if we were able to fit that one in the tower #1. But for that, our team is working right now on how to modify the tower internally to fit the new reactor, which is bigger, in the old tower. The result is, hopefully, we have that soon. And if that works to fit the new reactor in the -- in this -- in a much smaller tower, then it can be very quick to change it. Otherwise, we need to redesign the reactor a little bit. And yes, in the middle of the process with our engineering team, which they have weekly brainstormings about it. But the main issue now is to find how can we change the interior of the tower quickly to fit, to not change the reactor.

And a follow-up from Mr. Steffen. Why was an unscheduled write-down of EUR 250,000 recorded on the grinding and pelletizing plant of the first production line?

Yes. We already did write-downs, let's say, in the past on that one, but we had a recalculation together with our auditor during the preparation works for the annual report. And we made a new calculation based on the experience that we had on especially repair and maintenance. And the finding was that it was higher than -- the need is higher than expected also in the future. So the consumables within that machine are higher. So the unit economics are worse. So we decided that we write down another EUR 250,000 on that part.

If I may add here, the new mill is different. So one of the main reasons why we changed from an impact mill to a jet mill is the fact that it is consuming a lot of -- it is producing a lot of OpEx costs. The [indiscernible] and the mill internally needs to be changed every 6 months, and that is almost EUR 100,000. You don't have that in the jet mill. So it's also a learning curve on -- our carbon is extremely hard, and nobody was expecting that. And that's also why we changed the type of mill.

And there was one question, considering the cost of the replacement of a reactor.

It's about EUR 2 million.

So that was pretty clear, and we move on to the next participant. What is the current status of the development of the industrial facility for recycling CFRP? It's a question from [ Matias Harling ].

We are -- CFRP, we have the prototype, which is still used constantly to get new knowledge about it. We have applied for a grant to develop a bigger line. But honestly speaking, the CFRP, we are lacking a little bit of stuff on that side. We have so many, many projects running, and I've seen another question asking if we have enough stuff. What was the question, is Pyrum's engineering consulting covering for all the projects currently in implementing phase? Yes. Why? Because we have switched also some guys from R&D to our project development department because the projects are taking so much time and so much energy from the engineering that we have. Also for cost reasons, we cannot hire endlessly people to fulfill the project, for the moment, a bit more important than the development of new input streams. But that will switch again in the future, but that is needed right now.

And the planning in our internal business plan is always linked to the number of projects in parallel because the idea, of course, is that from face-to-face documents can be handed over and can be modified to the explicit needs of a dedicated plant site. And so in the future, there should be some possibilities to strengthen that part.

And we move on to another participant. Mr. [ Linton Hart ] asks, is it your view that grant funding is likely required or incentives of some kind for the system to financially feasible?

I hope I understand the question properly, but Kai, if you want?

Yes. I also don't completely understand. For me, it sounds as if the question is if the business plan would fit the needs without grant funding. If it's that, yes, but it would make, let's say, financing much easier and the commercials better. And what we see is, let's say, that the playground in the European countries around us is much better supported than in Germany. We cannot apply for the EIF fund as example, in Germany because you can just apply once in a country when you come to a country with a new technology. And that's why our Greek partners have decided that they want to double the initial throughput that was intended. And in Czech, we see that there is some tax benefits. In Germany today, we -- yes, only can apply for creating workspaces. And it's a very -- if you are in the ramp-up, coming from a start-up and still make losses, it's quite positive. If you see that on the European level, there are some measures, and of course, we ask for them.

So maybe to sum up, the project is -- the finances work also without grants. But of course, you have much higher IRRs if you have a grant on the plant.

Yes. And considering the financing, have you been considering crowd funding at last as a marketing instrument? It's a question from [ Johan Javas ].

Yes. We have considered that in the past, but we have decided that it makes no sense. What we figured out was that it is not possible, let's say, above EUR 5 million. And so let's say, the stage in that Pyrum is already, in our opinion, it is not the right instrument to ask for crowd funding.

But I have never asked myself, honestly, the question if it is a marketing instrument crowd funding because, yes, I don't know. Let's think about it, but I've never seen it as a potential marketing instrument.

So some ideas coming up on that space, and we move on to the next participant. Can now the second tranche of the BASF be drawn? Have respective conditions be met is a follow-up question from Mr. [ Steiger ]?

So for now, we have taken EUR 19.3 million from the first tranche and EUR 5.7 million is agreed in for the projects that we actually have. We will discuss with -- there is not an automatism because it's always that you are talking also about securitization of the funding. In theory, we see it that it is possible. Some of that, let's say, second tranche was reserved also for the REMONDIS project. And as this one should move on now, again, we are in discussions with BASF. But let's say, there has also been some internal, yes, things within BASF that are public, but they are in discussions.

And a question from Mr. [ Aleksandr Obukhanich ]. Is there significant progress on Pyrum's research and developments regarding the recycling of carbon fiber and/or other plastics?

I would say the carbon fiber question, answered it already. The other plastics, we are getting on a weekly basis, new requests for other plastics. And we have a lab. Our lab is also working on that. But you have to know that we have just one lab. In that lab, we have 5 people working and the lab is also doing the quality control. And with now increasing RCB deliveries now with the green light, our internal green light for the serial production and the daily oil analyses for the BASF deliveries, we are juggling a little bit on how much time can we invest in new input streams. The most important procurement and that should be in the mind of everybody here is now to make profits. And profits, we can only make them by selling what we have. We are quite advanced with new projects, and I think we can pull them quite quickly out of the box, but it's not the right moment for that, I would say, no. That would -- my grandpa always told me, better make 5 things right than 10 things wrong. And that is the risk that we are entering here. We do too many things at the same time.

And a question from Mr. [ Simon Agas ]. Is the mill and pelletizer unit MAD capable to process the additional output of the new TAD1 reactor?

I would say it's a bit too early to say. Let's wait for the final modification by the supplier of the mill and pelletizer for the transportation system. And yes, the design, let's say, for TAD1 is not completed yet. So I think it's too early to say. As a backup, there is still MAD1 or TAD1.

And another question as a follow-up from Mr. Meckel. Personnel turnover looks rather high at 20% in 2025. Is that a one-off thing? And are you able to get the personnel you need?

So first of all, we get and got all the personnel we need. You need to understand that we do shift work 24/7 and the biggest fluctuation is, let's say, in the plant itself on the -- the workers. So it looks high, and we decided that we publish it even though we would have had the right not to show, but we want to have a good basis for comparison in the running year. It is as it is, but yes, in the shift, I think, is the most.

From our core staff, let's say, so the engineers, the programmers, the project leaders, there's almost no fluctuation, that is nearing 0, I would say. It's really working in a plant where you recycle tires and it is sometimes a bit dirty also sorting tires. There are people who start that because they have no solution or because they just lost their job. There are many people who are losing their jobs in our region. So yes, sometimes you need to take somebody for a job and you have to place that 3 or 4 times and then you have somebody who stays. So those who are aware what the job means here outside the plant, they stay.

And a question from Mr. [ Macca -- Philip Macca ]. How long will the final conversion of the milling and pelletizing plant take now? And will production be halted during this period?

Our goal is to do that in the annual maintenance. So really to avoid any -- as many product losses as possible. The range goes from 3 to 6 weeks. Of course, we will do our best. We have proposed now to go on 24/7, only -- also night shift for the modification and that we will help [indiscernible] with the modifications. So yes, I can tell you, we reduced the time to do that already almost by half in the last 2 weeks just by reducing ordering times drastically. So believe us, we are doing everything we can. But as said, today, it's not even needed. What we can produce now is good for the orders we have. And if it's Schwalbe or if it's Continental or if it's the 2 new ones we have, they ramp up quickly. They don't go from 0 to 100% in 1 week. They go up from 0 to 100% of what they need in 2, 3, 4 months. So that will now slowly go up. So we also have the time to take average that. We cannot go from 0 to 100 in 2 weeks. That will never work. And therefore, we have coordinated that with our annual maintenance stop.

And we now move on, considering the time to the last question of today's earnings call, Mr. [ Alexander Lindner ] asked in German, but I will translate it. When will you think of getting the breakeven?

We expect breakeven now in 2028.

That was pretty precise and shorthanded. So we now come to the end because there are no questions left in the Q&A chat box. And we come to the end of today's earnings call. Thank you very much to all the participants for their shown interest in Pyrum Innovations, and thank you very much to you both answering all the questions and taking the time for the presentation. If there are any further questions in the near future, please feel free to contact Investor Relations. And for some final remarks, I hand over to Mr. Klein and wish you all a lovely weekend. Thank you, and bye-bye.

There's not a lot to add. I wish you also a lovely weekend, hopefully, nice weather, which is expected at least for here in Saarland. So thank you all for your attention, and I wish you all the best.