Financial Data and Key Metrics Changes - In fiscal year 2025, the company generated EUR 468 million in free cash flow, an increase of over EUR 200 million year-over-year, reflecting a focus on capital discipline [4] - Revenue reached EUR 7,524 million, representing a 7% increase over the previous year and a 9.1% increase on a like-for-like basis [4] - Adjusted EBITDA reached EUR 1,825 million, a 5.6% year-over-year increase, while on a like-for-like basis, it increased by close to 12% [5][36] - The leverage ratio improved to 4.2 times, a reduction of 4 points from the prior year [6] Business Line Data and Key Metrics Changes - The Biopharma segment grew 8.4% for the year on a reported basis and 10.9% on a like-for-like basis, driven by the immunoglobulin franchise, which saw a 14.7% year-over-year increase [12][13] - Albumin revenues declined by 5.1% year-over-year due to market pressures in China, although positive momentum was noted in the U.S. and other regions [16] - The Alpha-1 and specialty proteins portfolio saw a full-year growth of 1.4% or 3.8% on a like-for-like basis [18] Market Data and Key Metrics Changes - In China, albumin demand declined amid government cost controls, but the company managed to outperform the market through a partnership with Shanghai RAAS [7] - The U.S. remains the most important IgG market, with the company being the only scale plasma company with a fully integrated end-to-end value chain [10] Company Strategy and Development Direction - The company aims to prioritize profitability and cash flow generation while reducing leverage, with key projects in Egypt and Canada expected to redefine the plasma industry [10][23] - The focus for 2026 includes balancing growth across key proteins and enhancing margin improvements [9][50] - The company is committed to a localized business model to mitigate geopolitical risks and ensure supply chain resilience [11][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate complex geopolitical and macroeconomic environments, highlighting the strength and resilience of the business model [3] - The company is optimistic about achieving margin expansion goals and continues to advance differentiated therapies to the market [8][54] Other Important Information - The company successfully launched Prufibry in Europe and plans to launch FESILTY in the U.S. in the first half of 2026 [8][20] - The strategic partnership in Egypt has achieved EMA approval for Egyptian-sourced plasma, marking a significant milestone for the company [28][30] Q&A Session Summary Question: Is 2026 a specific year where growth is differing from the capital market target? - Management clarified that the focus is on optimizing the quality of EBITDA growth rather than prioritizing revenue growth for 2026 [56][58] Question: What are the internal levers to improve profitability? - Management indicated that balancing growth in IG and albumin, along with driving efficiencies in manufacturing and plasma collection, are key levers for improving profitability [69][72] Question: What is the status of the Haema BPC buyback? - The timing of the Haema BPC buyback will be determined by the board, with potential execution expected in 2026 or 2027 [73]