Adinolfi also explained that 2025 profitability benefited from timing effects tied to tariffs and pricing. He said price increases were in place for much of the second half of the year while lower-cost, pre-tariff inventory still flowed through the income statement. He described the impact as peaking in the third quarter, moderating in the fourth quarter, and expected it to be fully normalized in the first quarter of 2026.Adinolfi said 2025 performance was achieved in a challenging market backdrop, noting t ...

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