Good morning, everyone, and thank you for taking the time to attend today's call. As previously announced, we published our 2026 First Half Results earlier this morning, together with the presentation that will support this conference call.

We encourage you to access the webcast available through our website or alternatively to have the presentation at hand. With that, I will now hand over to Inigo.

Thank you, Unai. Before we start, let me briefly introduce Galo Alvarez, our Director of Sustainability and Corporate Development, who is joining this call as part of the evolution of our Investor Relations function.

Welcome, Galo. Please, go ahead with your introduction.

Thank you, Inigo. Let me start with a brief reminder of what Vidrala is today.

We are a focused glass packaging multinational, clearly organized around 3 business units: Europe, U.K. and Ireland, and South America.

We operate 12 sites, around 10 billion containers a year we are producing, and serve more than 1,600 customers, including leading global brands and key regional customers. We also combine that with strong sustainability financials.

Recycled glass represents 55% of our raw material mix, and our CO2 intensity is 0.321 tons per ton of metal glass, 25% lower than 2019 and one of the lowest in the industry. Our 3 strategic pillars are customer, cost and capital, and they reinforce each other.

Our goal is to serve global customers in key regional accounts in the most competitive and sustainable way. Our industrial model and cost discipline allow us to meet their requirements at scale and sustain resilient margins and strong cash conversion.

We allocate that cash with discipline, reinvesting through smarter CapEx designed to lower OpEx while also delivering sustainable shareholder returns. That reinvestment further strengthens our footprint and the value proposition we offer customers.

Moving to Slide 4, let me translate our footprint into how the group is organized. Again, we have 3 clearly defined business units: Europe, U.K.

and Ireland, and South America. Europe remains around half of the group sales and EBITDA.

U.K. and Ireland business represents roughly 1/3 of sales and 1/4 of EBITDA.

And South America already contributes to almost 1/4 of group EBITDA. We are now a more diversified group, but not a more complex one.

Each business unit has a clear accountability close to customers and markets, but all 3 operate under the same industrial model. With that context, Unai will take you through the first half figures.

Thank you, Galo. Before walking through the key financial figures, it is worth noting that the Chilean acquisition has been consolidated into our results as of 1st of January of 2026.

To show comparability, we have included breakdowns on a like-for-like basis, incorporating the results generated by the acquired business into 2025 figures. So turning back to the presentation, let's begin with an overview of the main financial figures.

For the first half of 2026, Vidrala delivered revenues of EUR 754 million, EBITDA above EUR 225 million, and a net income equivalent to an EPS of EUR 3.36. At the end of June, net debt stood at EUR 252 million, including the Chilean acquisition at an enterprise value of EUR 75 million, which translates into a low leverage ratio of 0.6x over the last 12 months pro forma EBITDA.

So let's take a closer look at revenue. In this chart, we have broken down the year-on-year movement on a comparable perimeter basis arriving at reported sales of EUR 754 million.

This represents an organic change of minus 3.8% at constant exchange in comparable perimeter. The variation just reflects the expected price adjustments of minus 1.8% and the ongoing progressive improvement in volume trends.

Moving on to EBITDA, we apply the same breakdown to understand the year-on-year evolution. First half 2026 EBITDA amounted to EUR 225.5 million, showing a positive performance at constant currency and like-for-like growth.

This highlights the benefits of diversification while ongoing cost-focus actions continue to strengthen our competitiveness. This operational performance translated into a solid EBITDA margin of 29.9%, reflecting an expansion of 110 basis points compared to the same period last year, underlining the resilience of our business model in challenging market conditions and ongoing inflationary pressure.

Top-line performance continued to improve sequentially, with volumes progressively recovering and turning positive in Europe during the second quarter. This sustained momentum reflects the strength of our commercial strategy and our ability to adapt swiftly to evolving market conditions.

At the same time, EBITDA growth accelerated with margins remaining resilient despite ongoing market headwinds, underpinned by operational excellence and continuous focus on cost discipline. We now turn to sales and EBITDA by business units: Europe, U.K.

and Ireland, and South America, which includes operations in both Brazil and Chile. Performance was driven by the recovery in Europe and sustaining momentum in South America, where margins evolved in line with expectations, underpinned by the execution of our competitive actions, our ambitious investment program, and the complementarity of our industrial footprint.

Now I will hand over to Inigo, who will provide more detailed insights on our balance sheet position and shareholder remuneration.

Thanks, Unai. Let's look at the evolution of financial position.

At the end of the period, net debt stood at EUR 252 million, equivalent to a net debt-to-EBITDA ratio of 0.6x. This reflects the strength of our cash generation capabilities and our disciplined approach to capital allocation, while at the same time supporting several strategic initiatives undertaken during the period.

In particular, this net debt figure incorporates, as already mentioned, the acquisition of Vidrala Chile completed at an enterprise value of EUR 75 million. And in addition, it reflects the interim dividend paid in February, the execution of our ambitious investment plan, and the ongoing share buyback program.

Despite these significant cash outflows, our balance sheet remains solid and continues to provide substantial financial flexibility. Finally, turning to shareholder remuneration, this chart highlights the consistency of our distribution policy.

Vidrala has increased its dividend every year, extending this track record through 2026. This year, we are making an extraordinary effort to enhance shareholder returns.

In 2026, the dividend has been increased by 15%, bringing total dividend payments to more than EUR 62 million. In addition, we have expanded our share buyback program, initially launched to repurchase shares equivalent to 1% of the share capital.

The program has subsequently been extended twice by an additional 1% on each occasion. As a result, we will repurchase up to 3% of share capital, equivalent to a maximum amount of EUR 90 million.

Taken together, dividends and share buybacks will represent more than EUR 150 million returned to shareholders this year, underlining the strength of our financial position, our confidence in the long-term prospects of the business, and our continued commitment to deliver attractive and sustainable returns to shareholders.

Thank you, Inigo. Let me now turn to the outlook for the full year.

The first half performance was consistent with our expectations, and we therefore reiterate the guidance announced in April. First, EBITDA above EUR 450 million, consolidating operating profits and margins despite challenging macro conditions and intense competition.

Second, EPS growth above 5%, supported by strong operational performance, the contribution from our broader geographic footprint, and the ongoing share buyback program. Third, underlying free cash flow of around EUR 200 million, excluding restructuring costs, while continuing to execute our strategic investment program.

Raul, over to you for the closing remarks.

Thank you, Galo. Thank you, Inigo.

Thank you, Unai. And thank you all for your time in attending today's call.

We know that it's a busy day for all of you. We really appreciate your time.

Well, our first half of 2026 reflects much more than solid financial performance. It demonstrates the resilience of our business, built on disciplined industrial execution, operational excellence, and a clear strategic geographical vision.

Vidrala delivered earnings growth despite a quite challenging, complex environment. And that was supported by our ambitious industrial investment program, the contribution of our new expanded South American business platform, and our different operational initiatives to further enhance our cost efficiency.

And finally, the continued strength of our customer value proposition. The combination of these factors positions us well to deliver on our performance expectations for this year, as Galo reiterated before.

Beyond this number and beyond this year, we remain focused on the future and firmly committed to our 3 strategic pillars: customer, cost, and capital. We will invest and we will deploy our industrial model, maintaining a strict financial discipline, and we will allocate capital selectively and strategically.

This is part of our DNA. We will remain focused on cost and competitiveness.

And so as a result of this, we will do our best for our customers, make our products, and serve our markets in the most efficient, competitive, and sustainable way possible, returning value to our shareholders progressively. At the end, we are proud of what we are building.

The future belongs to us. Glass is a unique packaging material, and consumers will prefer glass everywhere in the future.

Thank you, Raul. This concludes our presentation.

We will now move on to the Q&A session.

Our first question comes from Inigo Egusquiza Castellanos from Kepler Chevreux.

I have 2 questions, if I may. The first one would be if you can elaborate a bit the better volumes that we have seen in Q2 versus Q1, especially the recovery that we have seen in South of Europe, which has been positive in Q2.

And how is the trend for the summer for July as we are almost ending the month of July? And what are your expectations for the summer season?

This is the first question. And the second question would be more on 2027.

You are reiterating the guidance for 2026, but my question would be more on 2027 pricing strategy what can we expect after 3 years of price moderation in the industry with the pickup in natural gas pricing, again, what can we expect for pricing still soon, but any thoughts would be much appreciated.

Thank you, Inigo. This is Raul.

I will take these points. First, regarding the trends that we are seeing in our sales volumes, I think that the trends that we have seen in the second quarter give us the credentials or the confidence to reaffirm our initial expectations.

If you remember our message 3 months ago at the time of our first quarter results publication. That gives us the confidence for the remainder of the year.

And this is basically the result of flat demand context in Europe, including the U.K. We are seeing some growth in South America.

This is very evident since the beginning of the year. And we are combining this, let's say, organic demand context with some efforts to recover market share.

And this give us the confidence to reaffirm our expectations for the remainder of the year. Also answer what is happening today in terms of the seasonality we are seeing, okay?

Let us repeat -- probably repeat that this summer in Europe that we entered in South America. It's peak season in Europe, low season in South America.

The peak season in Europe is performing as expected, not significantly worse or better. And the peak season in South America performed at the beginning of the year better than expected, and we hope this to maintain for the rest of the year.

Volumes -- sales volume is not giving us any sense of surprise. Regarding prices, well, first, we should say that we are seeing persistent inflationary pressures, mostly due to the energy factor, something that is particularly evident today the events that we are seeing in the Middle East and the in Iran.

And despite we are widely protected in our energy exposure, we will see a number of collateral inflationary effects. So we will need to adapt our prices consistently as much as possible, depending on the competitive landscape.

And so the message will be clear from our side, even after the selective efforts that we will make to recover some businesses with customers on market share, we do not foresee any risk of negative pricing movement for the remainder of the year even in '27, and more than this, we don't foresee any risk of margin degradation due to any potential negative spread between prices and cost in '27. We will do what we need to do.

Our next question comes from Natasha Brilliant from UBS.

My first question is just on the South American business. You showed the pie chart now that South America is now almost 20% of revenues.

Is that the right mix? Or do you see further scope for acquisitions in the region?

Can you talk a bit about the pipeline and your thoughts there? And then my second question is just looking at working capital.

I think it's ticked up quite a lot versus last year from what I can see. So could you just remind us of the dynamics and anything that we should bear in mind there, please?

Thank you, Natasha. I will take the second question regarding working capital and its impact in our free cash flow generation.

So free cash flow for the first half has been almost EUR 30 million, an evolution fully in line with our expectations for the full year. And as already anticipated, this figure reflects the seasonality of working capital, where stock levels are pretty much under control and where movements are also under control.

So the main explanation comes from CapEx seasonality, where execution in the first half of the year has been more intense as already expected. And therefore, we are expecting robust free flow generation in the second half of 2026, underscoring our differential free cash flow profile to reach approximately EUR 200 million free cash flow as announced our full year guidance and today, reiterating.

And I will take the first question, Natasha regarding South America. Well, let me remind that we entered South America basically some days ago, okay, 2 years ago.

So we are at the beginning of building the platform for future growth that we foresee. Things are going well so far.

South America is wide region. Even Brazil is a continental country.

So I'm sure that you will probably agree with me that we will unavoidably see a number of potential interesting opportunities, okay? And we will explore.

You can be sure that we will explore any of them. But for the time being today, what we are really trying to consolidate our new business in Chile, trying to consolidate our very solid business in Brazil, trying to analyze any potential opportunities to expand capacities and attack new customers in our existing perimeter.

So it's time to keep coming for a while.

Perfect. That's very clear.

And if I could just ask one final one, if we could get the usual breakdown of volume and pricing by region for Q2, please?

Sure, Natasha. So let me provide first volumes and in pricing, okay?

So for the first 6 months of the year at group levels. Sorry, Natasha...

Sure. whatever is easier?

Okay. I'll give you Q2.

So volume trends in Q2 at the group level has been slightly negative by minus 0.6% and going to a break down by business unit. Volumes in Europe have been positive as we anticipated, by 1.5%.

Volumes in U.K. and Ireland have been negative, improving for Q1 by minus 7% and volumes in South America continue performing well, growing by more 4%, okay?

If we go to pricing, pricing at the group level evolved as expected, down by minus 1.7%. And going to breakdown by region.

In Southern Europe, pricing was down by minus 3%. In the U.K.

and Ireland business was slightly negative also by minus 0.4%. And in South America, we continue to see some inflation prices going up by 3.5%.

Next question comes from Luis de Toledo Heras from ODDO.

Just one regarding the U.K. and Ireland market and import trends.

Obviously, you have provided a figure about volumes, but prices seem to be resilient. I don't know if you have any reading on the import pressure and the construction, if you could also elaborate a little bit on the restructuring measures.

You provided in the last conference call, the potential savings. I don't know if you have provided any approximation to restructuring costs.

Thank you, Luis. Well, it's true that we lost a number of businesses or volumes with customers in the U.K.

some months ago, probably a year ago, due to what I should consider abnormal levels of competition, mostly from -- but not only from imports. And as we are getting adapted.

We are under a straight process of restructuring, process of cost reduction, and the result of this is becoming evident in our margins, okay? This is progressing well, but there is still some work to do.

But let me insist that our margins are proving that we are doing the rising and we are going in the right direction to make our future belongs to us. And so we will progressively see some recoveries on the volumes that were lost, okay?

This should become progressively evident during the next -- of this year, the remainder of this year and probably more in the next year in '27. Meanwhile, that means is profits and margins, profit levels even in value and margins relative to sales are broadly safe in the U.K.

And that makes me think that the U.K. is a core, the U.K.

and is a core business for us, really core business for us.

My apologies, the next question comes from Manuel Lorente from Santander.

Yes. Okay.

No problem. So I have 3 questions, if I may.

The first one is for Raul. You mentioned some specific market gains throughout the entire year in order to offset somehow these muted volume backdrop.

Raul, do you have the perception that you are gaining market share from key large competitors or smaller competitors/

Thank you, Manuel. Let me say that the perception I have is not a perception.

It's a conviction that I can't share with you now in this conference call, okay? What we are doing is something that you will prove seeing the numbers of some of our competitors is something that we are doing intensively with a real financial discipline.

And okay, we are just progressively and modestly recovering what belongs to us.

And so my second question is on U.K. You also mentioned that we should see some progression in terms of volumes throughout the second half of the year.

This -- do you have the perception or the conviction that this improvement progression is volume, it's mainly because of easier comps as you have a more benign comparable basis as part of the clients that you loss on last year? Or is, let's say, new clients?

This question is a key topic for us today, okay. It will take some time for us to recover the volumes that we lost in the past few years, okay?

No more than 18 months, but this won't be fully captured this year, okay. But from now in the future, we will see a progressive better trend in the sales volumes in the U.K.

And why? Because our costs are getting adapted because we are being able to get our prices adapted as well, and we are seeing that the level of competition is less intense than it was in the past, mostly to the renewed, probably the renewed inflationary pressures that of our competitors, particularly importers in the U.K.

are suffering. So that gives us the confidence that our sales volumes will recover in the U.K.

Organically, demand still on what negative, probably performing slightly, but only a slighter or modestly worse than in Continental Europe. But that won't be an excuse, probably demand or demand will end this year on a flattish point, okay?

And we are not foreseeing demand recovery significantly in '27. And if that happens, that will -- nothing but positive for us, but we are not betting or depending on any still unexpected or organic demand recovery..

Okay. Great.

And then my last question, it's on M&A. There is an intense restructuring from several of your competitors, your strategic fit on the last year has been out of Europe into Lat Am.

But due to the fact of the mounting opportunities that are arising in Europe do you keep this mantra of LatAm versus Europe? Is it still valid?

Or you might see some tactical opportunities here and there in Europe?

Well, first of all, let me remind that we are fully aware of the fact that the world is dynamic. The world entirely, not only the glass container industry.

And so we are forced to remain dynamic as well. It's evident that our financial position should give us some advantages.

But in terms of M&A, the message remains the same for us. We will actively analyze, explore and in some cases, build the opportunities that we consider interesting.

Today, we are fully focused on all our current perimeter. We cover sales volumes.

We need to maintain our margins under control. We will invest, and we will keep our priority on cost competitiveness.

But we are always somewhat involved potential opportunities. Today, it's not an extension.

But I will repeat the same message. Whatever happens in the future, you can be sure you won't be surprised.

Our next question does now come from Fraser Donlon from Berenberg.

Good morning. Can you hear me?

Yes, we can hear you.

Perfect. I just wanted to ask about Chile, could you maybe give an update on how the business performed specifically in Q2?

And also, I know you had done some -- you had some ideas to increase a lot the kind of internal efficiency of that division. So any update you could give on the progress there since you acquired the asset?

Thank you very much.

Thank you, Fraser. Well, you know that Chile is a significant step for us because we are entering a new country and a new business, but it's financially less relevant, okay.

Let me say that since the beginning, we are trying to make and deploy our industrial model in Chile, and we will see some benefits on our cost competitiveness there. There is a lot of competition in Chile.

This is not surprising us. It's probably surprising for people from out of Chile, but this is the reality in Chile today and we are battling under this reality with delivering better margins, better profits, and better sales.

So that makes me think that we are performing well in this very preliminary first stage of our strategic cycle in Chile. Everything is going well so far, but this is just the beginning.

The next question comes from Ashish Khetan from Citi.

Hello, I just wanted to check on capital allocation plan with respect to medium term. So currently, your net leverage remains very low.

So how are you thinking about the balance between M&A, dividends, buyback going into 2027? Are we going to see more cash -- more buybacks?

Or like we see more M&As?

Well, thank you very much. It will be probably a combination of both, okay.

Let me say first -- okay, our solid financial position, our low levels of debt is not a target in itself, is the result of the target. The target is to generate our ambitious level of sustained free cash flow.

As long as we are delivering well in this target, our debt levels are solid. We are reducing debt, and this will nothing but put an additional -- I agree with you, an additional and accepted and positive level of pressure to return cash to our shareholders.

And we will -- we promise that we will deliver well on this, okay? This year is not an exception.

If you remind of Inigo's explanations during the preliminary speech or the preliminary introduction, we are making effort this year, combining cash dividends with share buyback programs, and this is an example of what we will do in the future, okay? We will try to increase cash dividends if this -- if the business performs as expected, we will try to increase cash dividends with purpose in mind because we want to maintain a sustained level of dividend growth.

And we will combine cash dividends with other tools, really like share buybacks. As long as we have capital to allocate or to return to our shareholders.

Our last question comes from Inigo Egusquiza Castellanos from Kepler Chevreux.

Two additional questions, if I may. The first one would be on the on the guidance that you reiterate today, Raul, which is EBITDA of more than EUR 450 million.

The question is, if I am right, consensus has something in the region of EUR 450 million, EUR 451 million EBITDA for 2026. I don't know how do you see this number because making the numbers after the strong first semester this EUR 450 million annual EBITDA implies that H2 EBITDA would be lower than 2025.

So I don't know how to use this consensus number. It seems a bit conservative for me.

This is the first question. And the second question would be more on a midterm perspective on the free cash flow that you mentioned this EUR 200 million.

The CapEx, the last few years and this year is being slightly higher EUR 170 million, EUR 180 million compared to the normalized CapEx. So my question is, when can we expect the CapEx to be more normalized level and to see a stronger free cash flow if we normalize this CapEx to it to a more normalize level of around 10% over sales.

Thank you.

Thank you, Inigo. I think by your second question is true, and we have certain message that our level of CapEx is abnormally high.

This is purely intentional, okay? We are investing more than pure replacement, and we are doing this for a reason.

And the reason is progressively becoming real in our cost competitiveness. And this is a final result in our margins resilience, okay?

And we are set in Vidrala that we do have a challenge to deliver results after this level of our normal CapEx. CapEx will get normalized future, but not yet in '27, okay?

But this won't distort our levels of free cash flow. That means that free cash flow should even grow in the future even after this abnormal high level of strategic and intentional high level of CapEx, if we are able to grow on operating profits.

The first question regarding the -- our guidance. Well, it's true that -- and I agree with you.

And this message pass to surprise us that our second quarter results probably will give us more confidence, credentials to make our full year guidance on EBITDA, real, possible. But it's also that mathematically, it look to you that the second half is probably extensively conservative.

But let me remind that this is still too soon. And the business is still full of complexities.

Take a look at what is happening with energy cost in Europe. You can see that there is still a specific level of competition, something that we have suffered a lot.

And we are still trying to deploy some restructuring action plans, particularly in the U.K. and Chile.

So we will maintain the same approach so far, and I will invite you to consider that, okay. This year guidance is realistic and to keep an eye on the next year.

Thank you. There is only one question through the webcast.

A couple of ones but it's the same question, which is regarding our hedging -- energy hedging for 2026 and 2027. Maybe, Galo, you can take this one.

Thank you, Inigo. So I would say that before turning thing into our energy exposure, it is worth recalling that one of the most effective case we have to protect ourselves against energy price adjustment formulas.

So this formulas are mostly secured through long-term contracts with customers, and this allows us to pass through cost inflation. But in addition to energy, parts or present formulas, we have a hedging policy with a mix of derivatives and options as you are very much aware.

South America is different in this case because energy prices are less volatile and mostly covered through adjustment formulas with customers. And as a result, approximately 70% of the energy exposure for 2026, and 60% of 2027 is hedged through derivative instruments.

And this means that almost all of our energy exposure in Europe and including the U.K., is fixed for the remainder of the year and a larger part for 2027, both at reasonably competitive levels.

Thank you. Before ending this call, I would like to take a moment to share a personal note.

As some of you may already know, after almost 10 years with the company, Inigo will be leaving his role as Corporate Finance Director to pursue a voluntarily voluntary 2 carrier opportunities. I would like to thank him for his contribution over these years and wish him all the best in his next chapter.

At the same time, we are evolving our Investor Relations function and which will now be integrated within the corporate development area led by Galo. This will allow us to continue strengthening our engagement with investors with the help of Unai, and ensuring consistent communication of our strategic priorities.

Inigo, we will miss you a lot. Investors and analysts, you will be treated with transparency, implication and dedication as always.

Thank you.

So with that, we have answered all the questions sent to the webcast and by telephone. So you have more questions or need more details, please feel free to contact us any time.

That's all for today. Thank you very much for joining us.

Ladies and gentlemen, thank you for your participation. You may now disconnect.