Thank you, Julia. Good morning, everyone.

Thank you for joining our conference call for the earnings of the fourth quarter 2025. We concluded the quarter and the year with consistent results, and this shows how resilient we are and our business model, too, even in an economic environment that remained challenging throughout 2025.

Our consolidated order backlog reached 750 million reais at the end of the quarter, and that is up 15% quarter-over-quarter. We highlight the machines BW unit, and this unit is an important growth factor, adding predictability for the next fiscal years.

This result means a demand for higher-complexity solutions that are also customized with greater technology content. The diversification strategy is still very sound.

Our Romi Machines business still has solid results. This is a result of machine rental especially, which has become increasingly more relevant in expanding our relationship with our clients, especially in a scenario of greater caution as far as investment is concerned.

In BW in Germany, we delivered the projects that were scheduled for the quarter following our plan. We have a robust portfolio of 495 million reais that will be executed along 2026 and 2027.

This performance shows how assertive our strategy is in high-complexity niches and how close we are to clients in international markets. The casting and machining unit has, in an environment of more pressure, especially in wind and automotive sectors.

We are focused on gradual recovery of a productivity level, reviewing processes and developing solutions that have greater added value, keeping a mid- and long-term perspective. Although the macroeconomic scenario still requires caution, we believe that Romi is really well positioned.

We have a leaner, more flexible structure with a order backlog that is healthy, and we follow a consistent innovation, AI, machine generation, and developing our team. In 2026, we are confident that these pillars will let us go through this cycle with discipline making or keeping our focus on execution work, cash generation, and above all, the success of our clients.

I'd also like to thank everyone, all our employees at Romi for being committed to our goals throughout 2025 and also our clients, business partners, and shareholders for trusting us continuously. I now turn it over to Fabio, who will give you details about our financial results and our earnings for the quarter and the year.

Thank you.

Thank you, and good morning, everyone. Let's start with the highlights.

We had an adjusted EBITDA of about 66.2 million, and this represents a EBITDA margin of 17%, and that results the evolution of our BW Machine business unit. As we said before, throughout 2025, this machine had greater results quarter-over-quarter, and it finished this year ready for 2026.

Our order backlog at the end of 2025 also grew about 15% quarter-over-quarter. The highlight is the growth of BW because of the order intake in 2025, and we will give you further details later on.

Our consolidated revenue is 388 million, even when you consider a smaller number than Q4 2024. As a result of a better BW revenue distribution throughout the semester, we got better gross margin results, which grew about 1.9 percentage points as compared to the Q4 2025.

Now, business units. We are a little below December 2024, but the levels are still high for what is delivered at the beginning of 2026.

Now, BW Machines, both the order backlog and order intake and also the annual performance, these were really positive. The highlight is the portfolio of about 495, almost 495 million reais, up 39% with regard to BW's portfolio in December 2024.

In the last quarter, we also had the distribution of interest on equity that will be paid in 2026. Now, other highlights in terms of governance, we have updated our integrity guide, also for prevention and anti-corruption of Ethos Institute, and we have a score of 7.9 points.

Now, on November 20th, during that week, we had our anti-racism week as a reference to Black awareness to encourage reflection and increase awareness of this topic. Now, our circumstantial indicators, what we can see here in this chart, especially the gray line that reflects gross fixed capital formation, that it has been slowing down relatively in 2025, and this shows, as Cassiano mentioned, that the current economic situation requires caution on the part of clients in general, and this, of course, means a reduction of investment growth year-over-year.

Now, when you analyze another two indicators, one is the installed capacity utilization in 2025. In the first half of the year, it was very similar.

The two years were very similar, as we can see since 2020, in fact. In the second half, it had a trend for slowing down, albeit a small trend, but it reflects all industrial production indices that we have followed of in the second half of the year.

There's been this cool-down. Finally, our industrial entrepreneur confidence index.

This index in the last three years, since 2022 and beginning of 2023, it has been a little below 50 points, and this is a defining line between a more optimistic environment and a more contracted environment, less optimistic. Throughout 2025, the level was between 49 and 50 points, and the most recent data shows that it is at 48.5 points, and this shows clearly that this is a moment for caution when you consider the economic perspective for 2026.

Anyway, we should stress that the solutions that we have developed for growth, these solutions include the rental of machines. I'm sorry, just a minute.

We had a little sound problem. We'll be sorting this out.

Sound check. I apologize for the inconvenience.

Let's resume. We are now on the economic indicator slide.

When you look at our installed capacity, in the first half of the year, we had similar levels since 2020 and 2024, but there's a slow-down trend in the second half of the semester, and that shows also industrial production indices. There was a cooling down of industrial production, but sales are still satisfactory.

Now, another index we analyzed was the Industrial Entrepreneur Confidence Index that in the last three years has been close to 50 points. This line divides more attractive and less attractive investment environments.

At the beginning of 20 2026, we are at 48.5%, and this shows a environment of greater caution on the part of entrepreneurs when it comes to investing. I believe we should stress that this trend has been there for the last three years.

The solutions that we developed and made available for our clients, I should highlight two solutions. One of them is machine rental, and also the reselling of these machines with financial agreements with Pods, that's one of Romi's subsidiaries.

This has encouraged alternative means helping our clients purchase equipment and modernize their facilities and also keeping competitive even in a more volatile and unstable economic environment since 2023, by the way. As Cassiano said, machine rental has increased and has become increasingly more representative in Romi's operations, and this has been consolidated throughout the years with significant growth.

When you consider the markets that consume and purchase our machines and our parts, first, Romi Machines, again, we are still doing good with machines and equipment and service providers, there's a diversity of segments that other segments in the industry where these segments act and supply, where we can do business with, we can provide equipment and we can also provide services. That in the Romi Machine business, we are really present in many different industrial segments, and in 2025, we had that same result.

BW Machines has greater added-value solutions, and they are more in a niche in some particular industrial segments. The part about engines and systems has been a highlight in the last few years, in fact.

Engines and systems include both movement and also power generation. These segments have a very positive outlook.

Now, construction and mining, this segment has also great business opportunities for us, for BW. Now, machines and equipment, last year, there was a greater retraction.

We are in a more normalized level, if you will, and we also have aerospace, that's something new, a segment that BW Machines had an important history with very competitive solutions. Now, energy, that we just had one specific client, we sold a solution to this particular client.

In terms of rough and machined cast iron parts, the growth was in agricultural machinery. We had a worse base.

Since 2023, this segment has been reducing its demand volume for rough and machined cast iron parts, so that they resumed sales along 2025 and are expecting to grow even more in 2026. Now, commercial car parts, it's cooled down, and now it is remained flat.

Now, civil construction, we had a good volume in 2024, and this trend continued along 2025. Again, as mentioned before, energy, and these are parts that are extra heavy.

In this segment, in the last few years, this segment has known a very low demand level. However, we have some perspective for improvement in the following years.

Now, net sales per business unit, the winner this year is BW Machines, because of the revenue growth. It grew over 45% in terms of revenues, but it's not the only one that grew.

It grew, and it also diluted the other results, its share was smaller in consolidated revenue numbers. Now, sales distribution per geographical region, BW is the one that grew the most.

BW's revenue is, of course, mostly outside Brazil. Brazil was losing some of its share, and Europe and the United States were the markets where there was more delivery.

It increased its share and relevance in consolidated revenue. Latin America remained stable this year with some improvement, especially in Argentina, but it's still a little shy.

Then Asia. Asia is a major market for us, and that is a BW business 100%.

This fall means more projects in a particular year than other years, but Asia, especially China, has a good order intake. We have good business outlooks for BW there in this region.

In terms of order intake and backlog, when you consider our capital in the domestic market, especially the confidence of industrial entrepreneurs, this is reflected in more orders for Romi Machines. In quarter four, there was a retraction of about 36.5% quarter-over-quarter throughout the 2025, this reduction was 12.8%, and this shows that we are now in an environment where there's greater caution when it comes to new investments.

Part of this reduction of these smaller figures is, in a way, set off by new business, as mentioned before, especially machine rental. BW, throughout the quarter, there was a reduction in the order delivery, but this is a result of more concentration.

If you should consider the entire year, and the year of 2025 was greatly favorable to BW, generating new business. It grew about 54% with regard to 2024, especially in large-size engines, especially power generation machines.

Throughout the year, it was stable. The part of castings and machining, it remained quite stable and throughout 2025, there was no major resumption of this segment.

Now, our order backlog, again, Romi Machines, there was a reduction in order intake in the last quarter, but it finished the year with solid numbers, about 200 million reais. Then for 2026, this is for the deliveries that will be made in the next few months.

Now, BW, there was a substantial growth of about 40% quarter-over-quarter, and this portfolio means that in 2026, part of it will be delivered also in 2027. Again, rough and machined cast iron parts, as we saw, There was a reduction, the number is 55 million, and it does not show any recovery with regard to previous years.

Now, the consolidated figure, the order backlog is 750 million, and that's 15% growth, up 20 15% with regard to the fourth quarter of 2025, sorry, four. Now, margins, or profitability, we had an evolution in our gross profit, and that means because BW's margin improved, they delivered all the projects that we had committed with our clients, and that led to great productivity levels with a good margin that had a very good impact in our consolidated figures.

There was a slight fall along the year comparing to other years, and this came from the castings and machining unit with less capacity. This means also lower productivity levels.

As a result, for 20 what we see in 2025 is a reduction of their operating margins in this particular business unit, Castings and Machining. That means a reduction of their gross margins.

Now, EBIT, the reduction was 1.5, sorry, 1.4 when you compare the fourth quarter 2024 and 2025, but there was a growth of our gross margins, there were lower sales figures. That had an impact on our EBITDA, too.

It will be seen more details later. When you look at the entire year, what you can see again is that there was a decrease especially as a result of our casting and machining unit performance.

The EBITDA is slightly lower than 2024, especially as a result of the performance of the castings and machining unit throughout the year. In terms of net income, our net margin came from 10.8 to 10.4%.

The reduction was 49 to 40 million, that is the reduction in the quarter. For the end of the year, the reduction was .9%, and the financial earning in 2025 was better than 2024, although we have a very controlled debt, we have less profitability.

Our earnings ended up being positive with a good impact on net income. Now, performance per business unit, Romi Machines is stable in terms of revenue with a gross margin that is slightly above what was expected.

We have a good profitability level for this business unit. As a result, we've also achieved a growth of .5% in the EBITDA margin of that particular unit, Romi Machines.

BW, growth of revenue was substantial, and this had a positive impact on operating margins. Again, you see an evolution of our gross margin with greater productivity and, as a result, with an expansion of our EBITDA margin.

Finally, Castings and Machining, unlike BW, the productivity level is still low, and a low utilization of its capacity means a lower productivity level, and over a longer period of time means lower operating margins. We see a reduction both in the gross margin and the EBITDA margin.

Now, our financial position, we are still very very sound with 135 million net debt. We raised significant investment funding, that was 200 million in the last quarter, and the goal for this is to support growth for the company, especially in the Romi Machines unit.

For 2026, we have about 130 in debt to be paid off, with a cash that is enough after our financial obligations are addressed. In the last quarter, we had cash generation with a better performance, both in terms of EBITDA generation, and we also deallocated capital from the inventory, and so we reduced our net debt.

Now, capital market performance, our shares, in the last two years, our shares have performed really below the Bovespa index as a whole. This is the end of our earnings results presentation of 2025.

Thank you, everyone, for joining the call, and we will now available for our Q&A session.

I'll answer the first question, and then Cassiano will talk about BW. The loan that we raised at the end of the year, this was part of the Brasil Soberano program, Sovereign Brazil program.

The major goal is to support growth of our exports, Romi exports, in the next few years. Yes, this was part of the Brasil Soberano, Sovereign Brazil program.

Now, Cassiano, over to you. Sorry,

good morning, Antônio. BW, for 2026, BW has a very sound portfolio, and the one that we are releasing also includes 2027 projects.

Throughout 2025, BW had good projects that were closed, good deals, and for 2026, we have a challenging activity, challenging performance, and we want to deliver this in 2026. For 2026, BW is expected to have a very good result, consolidated result.

Now, for 2026 in Brazil, with a weak scenario, it is already challenging. It's been challenging since 2025, in 2026, we're working hard to have new orders month after month.

In the last few years, when you consider Romi Machines, is that by renting machines, we deliver better margins. We can reduce volatility in a more challenging investment environment in this country with machine rental solutions and also with our fintech solutions to fund part of these machines that come back from their renting.

It's really hard to predict what will happen in 2026 in detail. We are lean, we're able to react to whatever happens, and in the Romi Machines unit, we have a great prospect.

Again, we suffered in 2025, the two major investments. We tried to increase automation and productivity in order to generate value or income even with very low volume.

We've already have that for the fourth quarter. We're working on this since quarter four, we are confident that in 2026, we need to show a production turnaround with better execution, okay?

Thank you.

Thank you." We don't have that limit by contract, but we will have that in our explanation notes, that's 3.75 times our EBITDA.

Good morning, Adriana. Let me start with the accounting, or bookkeeping, for rental contracts and also resales of used machines.

This is closely linked to the Romi Machines business unit, the bookkeeping is in the operating revenue of that unit, and the costs also in the same business unit. Machine rental, this is a 12 to 24-month contract, and the price is fixed.

There's only inflation adjustment. At the end of the contract, the machine is sent back to Romi.

This client can renew that machine rental contract or rent another machine. The machine will come back to Romi anyway.

It will be reviewed, overhauled in detail, and then it will be put on sale as a used machine, but with all the Romi guarantee, and also the customer service that Romi provides for the new machine. These used machine clients enjoy the same benefits as a new machine buyer.

In these used machines, there's no funding provided, in order to help or encourage clients to buy these used machines is to have a fintech that's called Pods, and this fintech, Pods, provides funding to help sales or purchase of these machines by these clients. This segment has grown consistently in the last few years.

Our machine rental business grew almost 30% in 2025 as compared to 2024.

Yes, we do have a major impact on Romi Machines, as the exports of Romi Machines to the US, they now have a 50% tariff, that's 10% plus 40%. We will still try to work on that.

We've made some adjustments, and we're expecting to mitigate this impact. We're also hoping for the best and working with all the agencies to remove that additional 40% tariff on our machines.

Anyway, the US market is an important market for our exporting. When you consider the entire Romi Machines market, it's not that relevant.

For BW, American tariffs are 15%, but they're all negotiated with clients before you close projects to avoid impacting BW's earnings. That's it.

Our strategy is to produce in Brazil Romi Machines, machine tools, plastic injectors and blowers. You need a lot of R&D, and we have a tradition of investing consistently in R&D.

We have over 100 engineers doing research and development in Brazil, being close to the client both in direct sales and also for services, we get instant feedback so we can improve our products time after time, and we can improve fast. This is not a business where it's just about production cost.

The value chain is much more complex than that, and it requires much more than production cost reductions. Our strategy, then, is to keep producing in Brazil and also to export from Brazil to other countries, preserving our brand and showing that our machines are much more robust and with a really great technological quality.

We are in a high-end market, that's where we work with more robust and higher-technology machines, rather than a low-end market. In the low-end market, we use machines that are rented and then sold again as used machines, also for lighter machines.

Thank you.

I don't know about this FBRASA contract. We don't have that limit of 25% in terms of net income distribution.

Of course, cumulative profit has restrictions, but that's a very small number. This is what we have on our agreement.