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Birgit Seeger: Very warm welcome to all of you. Good afternoon, good morning to this year's earnings call 2025 for NORMA Group. With me today, I have Okan Celiker, our acting Group CFO. Very warm welcome to you, Okan. It's Okan's second day. So I'm convinced Okan will present the financials in a very good manner and will ask your -- and answer your questions. Please be patient with Okan. So today, we will include basically 3 points. We will review our results 2025. We will provide the outlook for 2026. And we will, number three, give a sneak preview for our strategy for the new NORMA Group. So on the next page, you see our usual disclaimer. One important thing to note is that we have continuing and discontinued operations due to our divestment of the Water business, and we have marked this clearly as former NORMA or new NORMA in the presentation going ahead. So we will see here a summary of our achievements in 2025. So basically, we see the closing of the water management, the divestment on the top right corner, which really marks a milestone for us at NORMA Group, where we achieved EUR 650 million of net proceeds, and this is a great enabler to build new NORMA. We will propose a dividend of EUR 0.14 per share at the next AGM this year. Also, we delivered on our guidance. However, it was a very tough and challenging year for new Norma, what we will review shortly. We have conducted this public share buyback. You are aware, and this was successfully concluded. Tonight, we will publish the results on our Internet, and you can review them. So we enter 2026 with a net debt-free situation after the water management sale, and we give significant return to our shareholders. So this is a sharp focus what we have now, this strategic realignment and it opens the doors and gives the foundation to become really an industrial powerhouse for connecting solutions. The preview of the strategy will come later in this presentation. So let's now start with a brief recap of our financials. You have received the preliminary results in February this year already. Okan will later on give you some more details on the financials. So again, new Norma reflects the perimeter without water management going forward and the 2024 revenues, we have restated accordingly for new Norma. So let's look at the summary. Net sales totaled to EUR 821.7 million, lower than last year. The adjusted EBIT at EUR 6.3 million, again, significantly lower than last year and the adjusted EBIT margin at 0.8%, also lower than last year. Of course, this is not what we want. This was a very tough year. And from this, we have to reset in this year to build new NORMA and to really go forward and grow in all our parameters here. Net operating cash flow, again, this is the formal NORMA view. So we achieved EUR 95.8 million in 2025. So also we have delivered in guidance. Again, this is challenging for us. It was very challenging. However, now with the divestment, with the new situation with the new strategy, we will have a good basis for new NORMA, and therefore, we are going to reset and start with this new setup. For the next financial topics, I will hand over to Okan, please. Okan Celiker: Thank you very much, Birgit, and hello also from my side, a very warm welcome. I'm very excited to take over this role, and I'm also very much looking forward to engage with all of you going forward. So let's look at the details of our financial development on the next slide. Starting with our net sales, our jump of base in 2024 for new NORMA was at EUR 882 million throughout the year, we saw a volume impact of EUR 37 million as well as a price impact of EUR 4 million, mainly coming especially the volume impact from a weakening market demand. Then on top of that, we had a negative impact from the currency and the exchange rates here primarily impacted by the euro-U.S. dollar exchange rate totaling to EUR 18 million -- or roughly EUR 19 million, which overall got us then to EUR 822 million for the full year, new NORMA, which is in line with our guidance given in October last year. Let's look at the next page, please. So again, we are looking at the net sales this time focused on the strategic business units. Also, again, of course, new NORMA. I'm starting with the left side, the Industry Applications business unit. Our net sales in the Industry Applications business increased year-over-year by 8%. However, this includes a reallocation of the Mobility and New Energy business of EUR 34 million roughly. On a like-for-like basis, this means our sales declined by 6% to EUR 252 million. Also inside this development is a volume and price impact of EUR 8.7 million and a currency impact of EUR 6 million. Now moving on to the right side to the Mobility and New Energy business. Our net sales year-over-year declined by minus 12%. Of course, again, also here, including reallocation this time from the other way around, basically from mobility to industry application. That means like-for-like, the sales reduction was at 7% in the Mobility and New Energy business and the corresponding volume and price impact was at EUR 33 million, currency impact, EUR 13 million. This gets us to the EUR 570 million 2025 net sales Mobility and New Energy business. All right. Next page. So on the next page, we are looking at the breakdown by regions. Again, we are looking at obviously new NORMA. I'm starting with the left side, Americas region. The net sales declined in the Americas region by 8% year-over-year. We've been able to counteract and balance that a little bit due to initiated cost improvement initiatives in order to cover the inflation. Overall, that got us then to an EBIT margin -- adjusted EBIT margin of 3.8% for the Americas region. Moving on to the EMEA region in the middle of this chart. In the EMEA region, our sales declined by 7% year-over-year. And the adjusted EBIT margin declined by roughly 5%, mainly impacted by extraordinary impacts in the EMEA region in the year 2025. The APAC region, the net sales development was at minus 6% year-over-year with a stable, basically very positive adjusted EBIT development from 9.5% to 10.8%, mainly driven by positive product mix impacts in the APAC region. Also important to mention here, in the future, we will focus more on the strategic business units and also the reporting of the strategic business units. This is just as an FYI here in our presentation. And with that, we can also move to the next slide. So on our next slide, we are looking at our adjusted EBIT development. Our jump off base adjusted EBIT New NORMA 2024 is EUR 33 million. Throughout the year, we saw already mentioned strong volume and price impact reflected in the EBIT margin with minus 18%. However, we've been able to balance that a little bit with positive developments in the material cost area due to sourcing effects -- positive sourcing effects basically that supported a positive development of the material costs. On the other hand side, we also had our first transformation program savings kicked in, in the personnel cost area, but this was negatively overcompensated especially in the direct area of our personnel costs. Other OpEx and depreciation and amortization have been largely stable. And with an FX rate impact of minus EUR 6 million, we achieved a total adjusted EBIT of EUR 6.3 million in 2025. So let's move on to the next slide. On the next slide, we see the EBIT margin development. So the EUR 33 million that we saw on the previous page is in percentage 3.7%. And with all the impacts that I've just described on the previous slide, we achieved a -- consequently achieved an EBIT margin of 0.8%, which is also in line with our guidance given in last year, which was between 0% to 1% EBIT margin. All right. So let's look at our operational adjustments in 2025 and 2026. I'm going to start with the EBITDA. The adjustments on EBITDA level full year 2025 are mainly related to transformation -- to our transformation program and in that area related to primarily the severance payments and amounts to EUR 32 million. For 2026, we expect another adjustment on EBITDA level, again out of our transformation program of another EUR 24 million, which basically represents an acceleration of our transformation program. So we are basically pulling forward initiatives defined in our transformation program that we initially planned to conduct in the outer years into 2026. On the EBIT level, we see an adjustment of in total, roughly EUR 90 million on top of the EUR 30 million that I've just mentioned in 2025, we have here another EUR 55 million of PPA amortization, of which EUR 50 million is related that we undertook in the EMEA region and communicated also in November last year. In 2026, we are expecting another EUR 29 million approximately. In addition to the EUR 24 million that I've mentioned earlier, this includes EUR 5 million of additional PPA amortization out of historical M&A transactions that we undertook. We expect this EUR 5 million to stay with us for the next couple of years, but on a slightly declining level. Net profit overall -- on a net profit level, the adjustment is a total of EUR 80 million roughly, which includes a EUR 10 million tax impact compared to the adjustment on the EBIT level. For the earnings per share, then consequently, we achieved EUR 2.45 in the full year 2025. And due to the fact that we are currently planning a capital increase, which is subject to the approval during the Annual General Meeting, we decided to pause the earnings per share guidance for 2026. Okay. So next page is we can see our dividend development. So for dividend purposes, we are looking at our adjusted net income of former NORMA so that includes the continuing and the discontinued business as well as the adjusted earnings per share, again, for former NORMA. So the adjusted net income in 2025 for former NORMA was at EUR 14.3 million, and the adjusted earnings per share was at EUR 0.45. And with the dividend of EUR 0.40 that we proposed that was mentioned initially by Birgit, this results in a payout ratio of 31% for our dividend 2025, which is, again, in line with our dividend policy of 30% to 35%. So on the next slide, we see the cash flow development for full NORMA or former NORMA, again, important to mention here. So we are starting with our adjusted EBITDA of EUR 125 million for the continuing and discontinued business 2025, which already represents a reduction compared to 2024 of roughly EUR 19 million. From there, our net operating cash flow for the full year 2025 is at EUR 96 million, which basically is just a decline of 9%. So how did we manage to reduce the decline compared to the EBITDA decline, primarily to a positive trade working capital impact, which is resulting from a positive impact out of the inventory management and also a lower supply chain financing program, roughly EUR 5 million, which also contributed here in that area. And related to our CapEx, we've been quite disciplined, and this also helped us to reach that net operating cash flow of EUR 96 million. Together with the payments for interest and for tax, we achieved for the former NORMA in 2025, an external free cash flow of EUR 52 million. Let's look at the next page, where we will walk you through our full year net debt development. Important to mention here in the beginning, on the left-hand side, we are looking at former NORMA. On the right-hand side, we are looking at new NORMA. So starting with the left side, our net debt in the beginning of 2025/end of 2024 was at EUR 330 million. Roughly, we've managed to reduce our net debt despite, let's say, the challenging environment we've been in by roughly EUR 13 million. This was supported again by the external free cash flow that I've just walked you through of EUR 52 million. On top of that, we had dividend payouts and also other developments, let's say, within our net debt that got us ultimately then to the EUR 316 million. So if we now move to our expected net debt for 2026. We adjusted in the first step our baseline for 2026. And why is that? Because we had a net debt portion that we deducted, which is attributable to the Water business amounting to roughly EUR 10 million. And with that, our new baseline is at EUR 306 million. Based on our guidance, which Birgit will share in a few with you, we also expect an external free cash flow in a range of plus EUR 10 million to minus EUR 10 million in 2026 and another dividend payout that we've just described. of EUR 4 million. And then, of course, we have the big impact out of the net proceeds from the Water management sale of EUR 650 million as well as the shareholder return of EUR 260 million, which then overall gets us to a positive net cash position expected for 2026 in the range of EUR 70 million to EUR 90 million. And with that, I hand over again to you, Birgit. Birgit Seeger: Thank you, Okan, sharing with us. And with this, we leave the year 2025 behind us. It was a really challenging year for NORMA, and we move ahead looking into 2026. What have we organized for 2026? What have we planned for '26? It was a very good start with the divestment and the closing of the Water management. We could reset our balance sheet and the whole year 2026 is a year of reset. So what will this look like? So let's look at the outlook. So we see here the net sales. So we foresee a growth in the area of 0% to 2%, so very slight growth. We look at the adjusted EBIT margin, and we see the range of 2% to 4%. So -- and we are confident to run this. This is based on our forecast, our internal forecast. We have the full 2 months in this year already completed and March is actually by to date and also completed. So this was leading us to this adjusted EBIT margin outlook. Looking at the net operating cash flow, we see the range of around EUR 10 million to around EUR 20 million. If you compare with 2025, please reconsider, as explained before that this is not comparable with the new NORMA, but it's based on the former NORMA basically. So we think this is also a reasonable and good range for us. In terms of dividend policy, I want to make you aware that in the first sentence, we confirm the dividend policy. We have added one important point for us that this dividend is subject that the NORMA Group SE reports a net profit in its annual financial statements. And this together brings us the updated dividend policy. In terms of target vision for the outer years, we will provide a strategy update in the second half of 2026. This will include the content of our strategy and also our target ambition for the outer years. So we move on now to the assumptions we have taken to come to our guidance. So starting with the top line. So we looked at the markets, and we are all aware of the situation in passenger cars and commercial vehicles, passenger cars slightly negative. Commercial vehicles slightly positive. Mechanical, a flat market and in construction, some moderate growth depending on the regions. So we have also included net sales from our business between industrial applications and ADS. This is the buyer of our Water management business in 2026, which is really planned to end by the end of the year 2026. A further important assumption is that stable geopolitical impacts like tariffs and so on. Of course, it's the question what is coming this year, but we concluded that this is the best assumption we can take for the moment. Of course, we are watching and monitoring very careful and very diligently what's going to happen, and we will manage in our best possible opportunity any changes which are coming. Looking at the bottom line, we see the EUR 16 million one-off cost from 2025 which we have reported. So we see also the EUR 15 million from the transformation program, as you are aware, and we have reported the personnel cost inflation, we kept on a stable level compared to the last year, and we also assume stable energy and raw material prices. Again, here, we see maybe some impact, but this was the best assumption we could use for our outlook for this year. We have some cash flow drivers. So the net operating cash flow is lower than in 2025 because of the closing of the water management sale. And also important, we have now lower effects from supply chain financing, again, due to the water management sale compared to last year. And of course, we have cash-related expenses from the transformation. FX assumptions are stable. So same FX rate in our planning for the U.S. dollar and the CNY basically. So with this, we move on to some housekeeping topics. I'm not going through all the details here. Maybe one point is important. The interest income, we have an income of EUR 5 million. However net it's EUR 1.5 million as a result of the net debt-free position and depending on the interest rate, the others, I think you will read yourself. And basically, we have explained the mechanism already for this one. Now we are moving on, and this is really the new NORMA update. New NORMA being the strategy for the outer years. And here, we are very excited to see on the next page, what we have done for the foundation. So basically, we focused our business. We focused our business towards this industrial powerhouse, which is industrial application and M&E, mobility and new energy. What does this mean? We can deliver our connecting solutions to a very wide range of industries, and we have huge potential. So the focus makes absolute sense. We have an improved capital structure, as we've just explained, and this gives us very good flexibility to build new NORMA. We are simplifying our organization. Are we there yet? No, we are on a good way. We are making very nice progress. So this means that we reduce our SG&A to a competitive level, which is very important. And we also bring our organization in a situation that we can make fast decisions, and we have a very business-oriented steering for new NORMA. Our footprint optimization, which has delivered very good results. We closed 2 factories in China already, and this is a great outcome here. We see very good operations. We are in the process and focusing our operations in Mexico further, and we will go on and continue our footprint optimization. So we see on the next page, what are our enablers. This is the strategic focus. So we prioritize attractive markets. Now you may say, what are these markets? And we are in the evaluation, just to give you some insights, we are talking about white goods. We are talking about aerospace. We are talking about life sciences, data centers, all of these markets, very attractive markets. And I can say we have the right products. And maybe to give you some insights about my first months in NORMA, I've met many of our customers in the meantime, and they confirm that we have the right products, which is very good for us. However, for many of these industries, we have currently very low market share. So why is this the case? Because our focus was before not on these industries. Now with new NORMA, we focus on the right markets, and I'm absolutely confident we will have great results and great progress there. Execution discipline, so cost management and the cost management for all our cost elements is what we are improving, what we are driving daily, of course, working capital focus and operationally to have accountability, to have a performance culture in our operations will really contribute to new NORMA. Implementation speed, again, with the reshaped organization, we will accelerate our decision-making, and we will focus on the SBUs. This means we will take business-driven decisions. We will take market and customer-oriented decision where we also focus our decision-making, our responsibilities on the business units. So what does this mean now coming really to the core of our strategy? You see 4 pillars. And these 4 pillars are the core basically and to give you some early insights. So to the left, you will see restructuring. You are aware of our transformation program as we have communicated and we are fully implementing and we will go on with SG&A improvements. We currently know that our SG&A are not so much competitive. So we will bring them with the restructuring program on a really competitive level and we will bring performance orientation inside new NORMA. The second pillar is the footprint. And with the footprint, we talk about plants and we talk about sites. So as just mentioned, we are on a good track here. However, we will go ahead. So end of the day, we will have for NORMA plants and sites, which fits to our business to the size of our business and also to the nature of our business following our customers and our products. So we will have a target operating model, again, which really fits the new NORMA with our connecting solutions. The third pillar is a sales push. So we will and we want to have new business wins. This means to grow our order book. So with this, we have been working already and we will further work on our commercial situation, our pricing strategy and with this to increase the plant utilization across new NORMA. So focus really on the customers, on the end markets, and we have started already to bring a target costing live in NORMA, meaning that we are competitive. We understand the markets very nice, and we have target costs and we run the measures to meet these targets. The fourth pillar is about growth. So currently, we are evaluating markets and market segments where we foresee a very good growth, organic growth and inorganic growth. And this is currently again in evaluation. An update will come in the second quarter for our strategy update. So with this, we go ahead and talk about the time line because I'm sure you are curious when this will be all executed. This year 2026 is the year of the reset, we strengthened, this foundation and we build it. As Okan also said, we are working also on reporting on steering the business, really focusing on the customers, on the markets on our business will be detailed in the strategy update next half of 2026. The year 2027 will be the year of optimizing. So we will see performance improvement already there and the year 2028 and further out will be the years of growth where we have really positioned our structural opportunities. And then we go ahead, and I say a big thank you for listening to us, and we are looking forward to receive and answer your questions. Operator: [Operator Instructions] And our first question is from the line of Nikita Papaccio from Deutsche Bank. Nikita Lal: I would have 3, and we will go through them one by one. The first one, thanks for clarifying on the restructuring program and the higher cost this year because of you pushing forward the measures, as I understood. Could you maybe elaborate a bit more which measures these are and how the time line is then for 2027 and beyond, especially also on the savings side? Birgit Seeger: Okay. So I will start with the restructuring program. There's basically the transformation program as we have announced already, this is in full execution sort of -- and we will really in the strategy, look at the whole restructuring requirements and answer this then in the second half. For the known transformation program, we can give already the numbers. And maybe, Okan, you give us some insights. Okan Celiker: Yes, exactly. So as already mentioned, we achieved savings according to our plan that we've communicated last year with regard to the transformation program. In terms of savings in 2025, EUR 4.5 million, and in 2026 EUR 15 million. That's what we are planning -- what we are expecting. And yes, to add to Birgit's answer for 2027, yes, due to the pull forward of specific initiatives, of course, we do also expect a slightly earlier kick in for certain initiatives. And as also mentioned by Birgit, we will bake that into our planning, which will be the new basis for us going forward and will be presented in H2 this year. Nikita Lal: And the second question is on your midterm outlook. I mean, I understood fully that you are giving us a strategy update in H2. But I was thinking about your -- especially on your Mobility business. For now, you are seeing no growth in this business. I understood that you are trying to gain more market share, especially in the APAC region. Any indication how to achieve 10% margin or more in this segment? I mean, with the increase in volume, potentially you would see a decline in prices, right? Birgit Seeger: I just repeat your question because it was a little bit broken. So I understand that you are asking especially for our midterm outlook, especially focused on the APAC region where we see a 10% margin. So I mean, yes, as you rightly saw, we have currently a good margin in the APAC region. In 2025, we had really some improvement, and we are very happy about this. For the midterm outlook, we are still working on this. Regions are all different. The markets are different. They are going in different direction. So we will get the midterm outlook then as part of our strategy update to ensure we have a good evaluation of data we are giving and then we can present this with a high confidence level to you. Nikita Lal: The question was regarding the Mobility segment and its target of 10% margin overall. So it's not on APAC in specific, but globally. Birgit Seeger: Okay. Okay. Thanks to clarify this. For the Mobility segment, I mean, it's the same. It's also one of our industry segments. And there, we are also assessing this. There is also an impact what we will achieve with the restructuring, what we will achieve with the footprint. This all has an impact, of course. Also our commercial update has an impact on the offerings on our competitiveness. So -- and this will also have a significant impact, of course, on the margin level also in the Mobility segment. So here, we are also in a very detailed and deep evaluation and we'll give an update also here in the second half of 2026. Nikita Lal: Okay. Understood. Final question for me. I mean you mentioned that you're assuming stable supply chains and tariffs and so on. What is the current situation with regards to Middle East? Any impacts you're seeing indirect or direct? Birgit Seeger: So thanks for this question. The impact in the Middle East. So basically, we have no own operations in NORMA. In Middle East, we have a business which is roughly EUR 1 million of revenue. So we see, for sure, in the freights and so on, some impact, some delays, which is getting more complex, some increased cost, of course, also in the energy. But further on for the moment, we do not see any severe impact on our operations. However, we are monitoring very closely, and we are also preparing the different scenarios, what we can do and how we can manage the situation. Operator: [Operator Instructions] We have a question via text message. I'm just going to read that for you. It is from Harald Eggeling from ODDO BHF. What are the underlying assumptions for the upper and lower end of the guidance ranges? Okan Celiker: Let me take that. So yes, I think we've, of course, consciously decided to give our guidance with ranges this year, of course, due to the, let's say, situation we see on the geopolitical side and also on the economical side. I think in general, our expectations and assumptions, Birgit just shared in the housekeeping part of the presentation. So there is not really something that we have to add to these assumptions that we took and baked into our guidance. So it includes stable material prices. It includes stable FX rates. We've been, however, a little bit cautious, as said, due to the developments that we see, especially geopolitically these days. But other than that, we feel very confident with our guidance and all the 3 elements of our guidance. Operator: [Operator Instructions] We have just received another question. And your next question comes from the line of Andres Gujan from Carnot Capital. Andres Gujan: Can you please describe what the situation is in the discussions with the unions in your factories and what the main discussion points are and how confident you are to achieve an agreement? Birgit Seeger: Yes. Thank you for this question. It's about what is the discussion with the unions. First of all, we have, of course, different situations in different sites, in different plants, there's different unions. I start about Maintal about our plant in Germany, where we have achieved just before Christmas in 2025, a very good agreement with the union, with our works council on this voluntary leaver program, and I can share also the process a bit. It was a very constructive, a very positive process where we all shared basically the same targets and also the time line until we could conclude was very positive. It was concluded, obviously, before Christmas. So we could get all our employees, our colleagues the opportunity to take the time over Christmas, and it's going extremely well. So this is basically fully booked. So this is a very positive result. So -- and some other plants in some other sites, we are also in good discussions on the way ahead with the unions. However, it's very individual and in very different stages. Operator: [Operator Instructions] And the follow-up question comes from Nikita Papaccio from Deutsche Bank. Nikita Lal: Can you hear me now? Okan Celiker: Yes. Nikita Lal: Okay. Perfect. So another question is on your share buyback program. It just concluded, you said. Any indications for the cash return going forward in 2026? Birgit Seeger: Well, so as you said, yes, it was just concluded, and we met the target here. We will -- and we plan currently to propose to the AGM a capital reduction so that it totals together with the share buyback in the range of up to EUR 260 million. So this is what we are currently planning. Operator: Thank you. I will now hand the call back to Birgit Seeger for closing remarks. Birgit Seeger: Thank you. Thanks for attending our this year's call. Thanks for your interest and your great question and looking forward to have the discussion in other forums or on our next Q1 call, which I'm looking forward to, and have a great day, and thanks for your interest and for contribution to New NORMA. Thank you. Okan Celiker: Thank you very much.
Operator: So much appreciate for everyone's patience. We should get started. Thank you for joining us today for OSL Group 2025 Annual Results Presentation. My name is Kenrick, Director of Corporate Development, and I will be your moderator for today's session. Today's call will begin with remarks from our senior management team. I'm pleased to have with us Kevin Cui, Executive Director and CEO; Ivan Wong, CFO; and Gary Tiu, our Executive Director and Head of Regulatory Affairs. [Operator Instructions] In the first half of the call, our management team will provide an overview and update on our annual results. This will then follow with a Q&A session. [Operator Instructions] As a disclaimer, this presentation is for informational purposes only and do not constitute any financial advice or offer to buy or sell a security. During the presentation, we will cover 3 key areas, including the OSL Opportunity, the business highlight, financial and operational update. So without further ado, I'm pleased to introduce Kevin, our CEO, to start presenting the OSL Opportunity. Kevin, please go ahead. Kevin, I think you might just unmute yourself first? I think you might be muted. Sorry about that. Song Cui: Okay. Sorry about that. Thank you, Garrant. Good morning, everyone. Let's start with the OSL Opportunity. Our mission is to take -- sorry, our mission is to make money move as freely as information. To achieve this, we are scaling OSL into a global stable coin payment and trading platform. Guided by being open, secure and licensed, we will continue to provide the essential payment rails for our partners and users, bridging the gap between the traditional and the digital assets ecosystems. As the first public listed platform, which obtained license to operate digital asset trading platform in 2020, we leveraged our first-mover advantage to achieve rapid growth since then. In 2025, our total transaction volume increased by 201% as compared to the last year over HKD 200 billion. With stable coin transaction volume accounted for 60%, consequently, our non-IFRS income increased to HKD 534.1 million, representing a robust 150% year-on-year growth. Evolving from HK, Hong Kong-based digital asset exchange into a global stablecoin payment and trading platform, to date, we have secured over 50 licenses and registrations across 11 regions, primarily in Asia Pacific, Europe and North America with overseas market contributing 67% of our total IFRS income. Last year, 2025, we secured aggregated USD 500 million equity financing from leading global institutional investors in the past year, representing one of the most sizable equity financing in Asia's fintech sector. We were also proud to be included in the KPMG China Fintech 50 list and to be the only Hong Kong-based company being recognized in the CMBC World Top Fintech Companies 2025 list. Thanks to strong recognition from investors, which resulted in record-breaking market cap and high trading volume, we have been included in the Hang Seng Composite Index and the FTSE All Cap Index for the first time and have remained in the MSCI Index since 2024. We are currently facing a once-in-a-generation opportunity as the financial world shifts from the fiat-based financial market infrastructure to a stablecoin-based one. While traditional financial infrastructure remains using the legacy SWIFT rails, which is a system largely unchanged since 1973, that remains manually fragmented and burdened by long settlement cycles. OSL is bridging the structural gap by pioneering a modern financial alternative. By transitioning to stable coin based, we facilitated 24/7 instant assumption settlement and a fully automated rule-based and programmable execution. It is also a native support for the emerging AI-driven agent payments. In 2025, there are 2 megatrends, stable coins and the AI agent economy. OSL is well positioned to capture these opportunities. Firstly, the stablecoin market is projected to reach USD 2.25 trillion by 2029, expanding at a remarkable about 62% CAGR, while this growth trajectory is impressive. Yes, stablecoin currently represents about only 1% of U.S. 2025 U.S. M2 money supply. This consistent upward trend confirm that we are still in the early stages of a massive multitrillion dollar opportunity that OSL is uniquely positioned to capture. Secondly, we are witnessing the explosive emergence of the AI agentic economy in less than 1 year, enterprise adoption has already fueled over more than 140 million agentic transactions with global volume projected to reach a staggering USD 3 trillion by 2030. OSL is positioning ourselves as the foundational settlement layer for this autonomous future. AI world machine-to-machine commerce [indiscernible] on-trend payment rails are no longer an option, but a critical requirement. They are the core drivers of our evolution. OSL has evolved from a Hong Kong-based digital asset exchange in 2024 into a multi-market digital asset platform in 2025 and finally, into a global stablecoin payment and trading platform today. OSL is the next-generation financial infrastructure, providing the critical rails built specifically for the stablecoin and AI-driven future. This rapid evolution was fully realized in 2025, empowered by the strategic integration of Banxa alongside the launch of OSL BizPay and our proprietary stablecoin USDGO with [indiscernible]. Our global stablecoin payments and trading platform has definitely infrastructure to make money move as freely as information. OSL access the bridge between fiat currency and stablecoins we achieved through our 4 core capabilities: global connectivity, global license, instant settlements and deep liquidity. These capabilities are the foundation of our 3 core products. Through OSL BizPay, we facilitate end-to-end cross-border payments. Through Banxa, we provide one-stop on and off-ramp solutions. Through our local exchanges, we ensure compliant last mile delivery globally. The reach of this infrastructure is already unparalleled. We now integrate with over 80 blockchain networks, support pay-in and payout operations in over 150 countries, facilitate more than over 30 fiat currencies. OSL services is reaching over 1.5 billion global users through our enterprise clients and partners. Today, OSL is enabling money to be moved across any currency, anywhere, anytime and in any size. Now let us zoom in on the 4 core capabilities that differentiate OSL from our peers. These capabilities translate our strategy into results. First, global connectivity. We act as the primary bridge between fiat and digital assets. By supporting over 30 fiat currencies and connecting over 30 banks and payment networks, we provide seamless on and off-ramps that global capital requires. Second, global licenses. With over 50 licenses and registrations across 150 countries in 11 jurisdictions, we have built the foundations of institutional trust. We have unified our KYC, KYB and compliance framework to operate securely wherever our clients need us. Third, instant settlement. We have engineered agentic-ready rails that enables machine speed of efficiency. We operate 24/7 to facilitate high frequency automated micro payments of the future. Finally, a deep liquidity. We aggregate liquidity across vast network of partners and regions. By combining our local exchange capabilities, we ensure every transaction happens with maximum efficiency and minimal slippage. With the next generation of financial market infrastructure in place, OSL is accelerating our road map. We are focusing on these 5 growth strategies to ensure our expansion to both rapid and capital efficiency. Firstly, we are broadening our stablecoin product offerings. We are enhancing the capital efficiency for institutional clients across treasury workflow. In parallel, we are accelerating USD adoption and solidifying our position as a definite global stablecoin payment and trading platform. Secondly, we are further investing in next-generation market infrastructure. We are expanding our global licensing and compliance footprint across key jurisdictions by scaling bank connectivity in high-growth corridors, and we are eliminating traditional frictions to enable seamless field access and high velocity across cross-border settlements. Thirdly, we will pursue accretive global M&A opportunities. We are executing a disciplined strategy to acquire compliant high-quality assets in the stablecoin payment and trading space, especially in emerging markets. It allow us to rapidly consolidate our leadership while building deep technology and licensing modes. Fourth, we are scaling operation in selected markets, building on our solid 2025 presence in Europe, Indonesia and Hong Kong, we are moving into a phase of driving trading volume in these selected markets. This creates deep liquidity that is reducing hedging costs and delivers great pricing for our institutional clients. Finally, we are actively embracing the AI-driven agentic economy and taking a leading role in shaping its development. We are pioneering agentic's stablecoin payment solutions that enables autonomous and programmable value transfer. At the same time, we are leveraging AI to scale transaction volumes linearly and unlocking significant operating leverage. Kenrick Day: Yes. Thank you very much for the insightful sharing. I think that's definitely very helpful. Thank you very much. So now let's move on to the business highlights. So Gary, our Head of Regulatory Affairs, will shine some light on the subject. So Gary, passing over to you. Ka Chun Tiu: Thank you, Kenrick. Thank you, Kevin. 2025 was a year when we saw the conviction in stablecoins as a defining use case for the digital asset industry. And that conviction during the year was the strongest and clearest we had ever seen. For us, it was a year we invested and built infrastructure, and it was a year of transformations and strategic evolution. I will elaborate one by one in the next few slides, 5 of our highlights from the year. Firstly, strategic evolution and transformations of OSL and our journey to becoming a market leader in the stablecoin industry in Asia. Thirdly, our accelerating global expansion through strategic M&A and scaling our connectivity between fiat and crypto and finally, also how we are positioned and capitalized for market dominance. So firstly, our strategic evolution. To kick off, the strategic evolution of OSL is now in full motion. In 2025, we successfully transitioned from being a Hong Kong-based digital asset exchange into a multi-market digital asset platform, laying the foundation to become a global stablecoin payment and trading platform. During the year, we aggressively scaled our payment services and our global footprint to building the essential foundations. The future of OSL is a unified next-generation financial market architecture to provide the widest stablecoin payment network coverage and the deepest liquidity to enable seamless value exchange. Leveraging our core capabilities, we are removing the friction from global finance. And to explain what friction is, imagine this, any currency moving anywhere, anytime, in any size. Your money can move as freely as your information. This is what drives OSL's strategic evolution. And the second highlight from the year. In 2025, we saw stablecoins accounting for approximately 60% of our transaction volumes. We are now one of the market leaders in the stablecoin ecosystem in Asia. We have achieved this through vertically integrating our product suites to cover each significant part of the stablecoin payment use case and product life cycle, including stablecoin conversions, to stablecoin issuance, to cross-border payments to merchant acquirers. To dive a little bit deeper, OSL BizPay is our stablecoin payment platform to enable instant 24/7 cross-border payments. It's designed to solve the pain points of friction and high intermediary costs in traditional SWIFT rails. And leveraging our stablecoin architecture programmability, OSL BizPay provides native support for agentic payments. Banxa is our stablecoin on-off-ramp solution to bridge fiat and stablecoins seamlessly via API. Think of this as your Stripe for stablecoins. Banxa provides the essential on-off-ramp rails for our partners and operates as a unified gateway with a single API connection, solving the pain points created by the fragmentation and complexity in cross-border payments. StableHub is our stablecoin conversion product, allowing users to exchange multiple stablecoins and fiat with 0 slippage. It's designed to address the pain points from the liquidity fragmentation in the stablecoin industry that has effectively been a bottleneck against large-scale institutional adoption. USDGO is our compliance-first flagship stablecoin issued in partnership with Anchorage. It provides the transparency and monthly verified reserves that institutional players demand. And it's been created to address the institutional trust gap for many users when they have to choose between stablecoins in a fragmented and opaque sector. To sum up, the vision that drives our vertical integration of stablecoin products and use cases is simple. We are enabling any currency at any time to move as freely as information. And turning to our M&A. During the year, our global expansion significantly accelerated through our disciplined and strategic M&A approach. As a result, we have secured a massive regulatory moat across key jurisdictions. We have one of the broadest global regulatory footprints amongst our peers, spanning key markets across Asia, Europe and North America. Today, we hold over 50 licenses and registrations across 11 jurisdictions. Collectively, these markets represent approximately 84% of global GDP and 82% of global trade flows. Alongside organic growth, our accretive M&A strategy has played a critical role in expanding our global reach. Notably, we completed the acquisition of Target in Japan, Italy and Indonesia in 2025. And early on in the year, we completed the acquisition of Banxa, which gained us license footprints in Asia, Europe and North America. And these licenses are enabling us to operate anywhere as a global stablecoin payment and trading platform. And turning to scaling our connectivity. In 2025, OSL strategically scaled connectivity between fiat and crypto, especially stablecoins. We have engineered the best-in-class fiat on off-ramp capabilities. We launched our own on-off-ramp services in Europe through our VASP license acquired in Italy. Our expansion into Europe and payment services was immediate and impactful. We identified areas of high demand in the industry, and this led us to Banxa. We executed the acquisition of Banxa, a global leader in on-off-ramp services. The Banxa acquisition overnight expanded our global reach with a portfolio of over 40 global licenses, a quantum leap for our on-off-ramp capabilities. Today, our unified network offers unparalleled global connectivity. We cover more than 150 countries and regions, supporting over 30 fiat currencies, integrating 200 different digital assets and connecting to more than 100 blockchain networks. Equipped with our top-tier global connectivity, supporting any currency anywhere as a global stablecoin payment and trading platform is becoming a reality. And finally, on our capitalization. With the confidence and support of our top-tier global investor base at OSL, we are well capitalized, and we are primed to lead this market. Successfully completing 2 major equity financing rounds, we raised USD 300 million in September 2025 and USD 200 million in Feb 2026. This $500 million ticket, USD 500 million is significant for various reasons. It's not just one of the largest equity financing in Asia's fintech sector. We are now a business with a healthy and diversified investor base. We are also a strong balance sheet capable of scaling up business, and we are executing on sector strategies that are closely aligned with our global investors vision for this sector. With this solid capital foundation, we are well positioned to execute on our growth strategy. We are deploying capital across strategic M&A, consolidating our growing global business footprint, strengthening our product and technology infrastructure as well as for our general corporate purposes. And coming back to our vision, any currency moving anywhere, anytime and in any size. And in financial transactions, size matters, and we are uniquely scaled for size. We are not just well capitalized. We are strategically equipped to capture market share and lead the next phase of growth in the digital asset industry. Thank you. Kenrick Day: Yes. Thank you very much, Gary. I think that's definitely very insightful. So for our next session, we will cover the finance and operational update. So let me hand over to Ivan, our CFO, to go through the progress that we have made in 2025. So Ivan, over to you. Kwun Wong: Thank you. Next, I will walk you through our key financial and operating updates. Unless otherwise stated, all figures are in Hong Kong dollars. 2025 has been a landmark year for OSL. We delivered record high revenue and strong growth across all key performance metrics. This includes our core operating cash revenue measured as non-IFRS income, which adjusts for noncash fair value changes in our coin inventory, our reported IFRS income, total transaction volume and also the growing importance of stablecoin within our business. Before I deep dive into the financials, let me briefly explain to you our revenue recognition approach on the next slide. The digital asset industry is still evolving and so are the accounting standards. For some peers, including Gemini and Galaxy, they report revenue on a gross basis, recognizing total transaction value as revenue. In contrast, OSL, we adopt a net basis under the International Financial Reporting Standard, where we only recognize our actual economic benefits such as spreads and commission as our revenue. To illustrate the difference, if a client trades $100 of digital asset, we recognize roughly $30 as revenue. Whereas on a gross basis approach, our peers will show the full $100 as revenue, and there is a very significant difference in reporting standard. There's no right or wrong answer to whether a company choose a net reporting or gross reporting of the revenue. The approach depends on listing requirement, regulatory guidance and also the prevailing industry practices. We will continue to review our accounting policies to ensure they remain appropriate and relevant. That said, 2 points are very clear. First, for investors and analysts, it is essential to normalize revenue across peers when making comparisons, and the devils are always in the details. Second, we are committed to full transparency. We are explicit about our accounting policy choices and how we recognize revenue. We will continue to be fully transparent with all our stakeholders on accounting policy choices should there be any changes in the future. Next, let's move on to the numbers. Our adjusted non-IFRS income or our cash revenue surged over 150% year-over-year to $534 million, validating our transformation strategy to a stablecoin-centric business model. Such strong growth is no longer confined to a single region as our overseas operations now accounts for roughly 76% of our reported income, proving our ability to grow our business in international markets as a Hong Kong headquartered business. Importantly, stablecoin now accounts for roughly 60% of our transaction volume. We have moved beyond just being a Hong Kong-based digital asset exchange, which is the OSL of yesterday to OSL of today, where we are now a global stablecoin payment and trading platform. Moving on. As we know, 2025 was a volatile year for the broader crypto market. However, OSL demonstrated strong resilience. As shown in the green line, Bitcoin prices experienced sustained downward pressure and volatility in 2025. Despite this, our performance decoupled from the broader market trends. We delivered revenue growth and strong transaction volume growth with performance improving quarter after quarter. This resilience is driven by a forward-looking strategy to focus on payments and stablecoins. As market evolved, stablecoins are becoming a foundation layer of digital asset industry, and we are well positioned to capture that shift. Moving on, while revenue growth reached record levels, we continue to proactively invest to support our long-term scalable growth. Staff costs increased as we expand our global footprint with continued hiring across product, technology, compliance and frontline operations alongside the integration with our acquired teams in Japan, Europe and Indonesia. Technology expense also rose, primarily driven by investments in cloud infrastructure and security. These investments are essential to support our rapid growth in transaction volume while helping us to maintain a secure, resilient and scalable tech platform. Legal and professional fees increased mainly due to M&A activities and global licensing efforts. Much of these costs are one-off in nature, reflecting strategic investments to strengthen our regulatory position with a global license network. Moving on to the next slide. Here, we present our adjusted P&L to better reflect the underlying operational performance of our company. We started with cash revenue of $534 million and adjust for reporting operating costs as well as noncash and nonrecurring item. This will include fair value changes in-house coin inventory, ESOP expense, depreciation and amortization and one-off legal and compliance costs related to M&A and licensing efforts. On this basis, our adjusted operating loss was reduced to below HKD 300 million. Importantly, operating loss as a percentage of cash revenue remained broadly in line with 2024 despite the increase in staff and IT costs. With that, I now hand over back to our moderator. Kenrick Day: Thank you very much, Ivan, and thank you for all our management team for the informational -- so informative presentation. So I think that should conclude our formal presentation for this year of annual results, and we will now open the floor for Q&A session. Kenrick Day: [Operator Instructions]. So we are seeing numerous amount of inquiries shooting in. So for the first question, we saw a question from Amy Chen from [ CITIC ]. So the question is with the increasing industry participation in RWA, real-world assets and tokenization, what is your view and position in regard? Let's see. So for these questions, let's pass to Gary. Gary, are you here? Ka Chun Tiu: Yes. Kenrick Day: Okay. So I think maybe hand over to you. I think maybe you can try to address the audience inquiry. Ka Chun Tiu: Sure. So -- and thank you for the question. So the question about increasing industry participation in real-world assets and tokenization. I guess from our perspective, there are a number of key considerations. First of all, we see our role as a facilitator for institutions, for example, via our Tokenworks platform. So rather than being a primary issuer, we are a facilitator of issuers. We also want to anchor on our core competencies in our compliance for this particular asset class or for this particular sort of industry interest because RWA projects and tokenizations typically do revolve around more highly regulated asset issuance and transactions. So we are leaning into our core strengths here, namely security and compliance. We want to create a safe harbor for institutions to hold these assets. So it's not just to facilitate the issuers, but also on the buy side for the people who actually would become investors and users of these assets. And thirdly, we want to be led by our partners. We let our strategic partners lead asset side innovation so that from their perspective, we are a provider of the underlying technology, connectivity and distribution channels. And finally, we also want to be led by demand. Our scaling in RWAs is typically passive in the sense that it should be driven by demand and also what our clients want. This is to ensure that we only deploy resources as tangible institutional adoption materializes. So hopefully, this gives you some color on our view on RWA and tokenization. Kenrick Day: Gary, I think that's definitely indeed insightful. Okay. Let's move on to the second question that is more related to the business. This is raised by Stephen from Daiwa. Noticing OSLs strategic shift from a regional digital asset platform to a global stablecoin payment and trading platform, what are the key driver behind this transition? And how do you envision OSL shining the market position in this space? So for this question, let's hand over to our CEO, Kevin, to address it. Kevin, passing over to you. Song Cui: Okay. Thank you for questions. I think, first of all, I think the key driver or the main reasons behind this transition could be outlining 3 key drivers. The first of all, I think there's a massive TAM expansion in global payment versus crypto trading. We are looking far beyond the confines of pure crypto trading. Compared with crypto trading market, the global payment market represents a multitrillion dollar opportunity that dwarfs the traditional trading -- dwarfs the traditional crypto exchange volumes, trading volumes. The stablecoin market alone is a project to reach USD 2.25 trillion by 2029 and expanding at a remarkable 61.9% CAGR. While impressive stablecoins currently represent about 1% of the 2025 U.S. M2 money supply, confirming we are still in the very, very early stage of a massive opportunity that OSL is uniquely positioned to capture. That's like we said in the presentation, it's like once in a generation opportunity for OSL. The second is the technological superiority of blockchain. The pivot is fundamentally driven by the technology's ability to solve real-world financial frictions. Legacy infrastructure like SWIFT is slow, expensive and hindered by the T+2 to T+5 settlement time window or delays. Blockchain solves the actual underlying technology problem, delivering a system that is 10x faster, cheaper and fundamentally better via 24/7 instant settlement and programmable execution. The third one, I think, is the AI agent economy imperative. Looking ahead, the current legacy banking architecture is fragile, siloed and simply useful for the AI future. And we are witnessing the explosive emergence of the AI agentic economy, which filled over -- for now, it's already 140 million agentic transactions in less than 1 year. And with the global volume project to reach more than USD 3 trillion by 2030, this all 24/7 on-chain payment rails are no longer just an option. Their crypto requirement for the machine-to-machine companies. We are positioning OSL as a foundational settlement layer for this autonomous future. Furthermore, to capture such market trends, we are actively executing on 4 core capabilities that differentiate us from peers and translate our strategy into results. The first one, the global connectivity, the fiat bridge. We act as the primary bridge between the fiat digital assets by supporting over 30 fiat currencies and connecting over 30 banks and payment networks, we provide a seamless standard of [indiscernible] global capital requires, and we are going to cover more and more than 100 payment networks currency we're going to support in the next few months and years. And the global license, the compliance mode to capture trillion institutional flows, compliance and last mile is paramount. With over 50 license and registration across 150 countries in 11 jurisdictions, we have built an unmatched foundation of institutional trust. We have unified our compliance frameworks to operate securely wherever our clients need us. The third one, the instant settlement. Yes, we are engineering the agentic ready rails that enable machine speed efficiency. And we are operating 24/7 to facilitate other high-frequency automated payments and micro payments in the future. And the fourth one is the deep liquidity. We aggregate liquidity across a vast network of partners and the regions. By combining our local exchange capabilities, we ensure every transaction happens with maximum efficiency and minimum slippage, offering the industry's best execution. These 4 core pillars, our capabilities not only define our competitive advantage, but also form the foundation of product suite, including the OSL BizPay, the Banxa and our local exchange and the compliance infrastructure. Through OSL BizPay, we facilitate end-to-end cross-border payments. And through Banxa, we offer [indiscernible] solution. And through our local exchange network, we ensure the compliant last mile delivery in the global scale. We have integrated with over blockchain -- 80 blockchain networks, support pay-in and payout operations across more than 150 countries and the facility over 30 fiat currencies. And accordingly, we are highly confident in our capability and our ability to capture and capitalize on this prevailing market trend. Kenrick Day: Yes. Thank you very much, Kevin. It's definitely very sure inspiring from the public. Okay. So let's move on to the third question. It's related to the M&A. So it's raising by Mr. [indiscernible]. So congrats on the successful completion of the Banxa acquisition. And given USD 500 million capital raise in the past year, could you share how OSL's future M&A strategy is expected to look like? So for this question, I will hand over to our CFO, Ivan, to address it. Ivan, please? Kwun Wong: Sure. Thank you for the question. As Kevin shared before on our growth strategy, M&A is one of our core growth pillar. We will continue to be very acquisitive down the road. And when we look at the M&A strategy, there are a couple of criteria that we are thinking and evaluating. One is on the markets, right, which market we would place our bet. Now if you look at our licensing scope and the countries that we have an operation, we actually built-up a pretty good global coverage already. And what's remaining perhaps will be a couple of selected emerging markets in Asia. We don't really have a presence in LatAm yet. We don't really have a presence in Africa yet. So those emerging markets will be one of our clear focus going forward. And secondly will be on the sector, what type of assets that we think will be complementary to our business and also to our strategy. And it's very clear. It will be on stablecoin payments. It will be on building up our on-ramp capability to connect between traditional finance and also the web3 space. And lastly will be on licensing. So these are the 2 key directions that we will look for when we consider our M&A strategy. Kenrick Day: Yes. Thank you very much, Ivan, for the sharing. That's definitely super helpful as well. So let's move on to the third -- sorry, the fourth questions. It's related to the licensing. So it's raising by [indiscernible] from GF Securities. So with OSL's footprint expanding to over 50 license across 11 jurisdictions, how does OSL management meet the diverse regional compliance requirement while maintaining the consistent high standard? So for this one, I'll pass over to Gary, our Head of Regulatory Affairs, to address it. Gary, please? Ka Chun Tiu: Thank you, Kenrick, and thank you for the question from GF Securities. So on the number of licenses and registrations and number of jurisdictions, sometimes I guess it's easy to just look at them as numbers. And we're almost tempted to sort of instinctively say more is always better, but it's actually more about our underlying operating model and our philosophy. So firstly, we do recognize the diverging global regulations is -- that's a reality. But it also presents to us a valuable and strategic opportunity to actually build a moat to protect our competitive advantage. So we don't see, for example, diverging global regulations as a barrier to our expansion plans. We do see it actually as a competitive advantage. And we are also leveraging what we've done in the past as a solid foundation for what we're doing in the future. We've been operating under Hong Kong's stringent regulatory model. And it's a model that has actually been quite closely scrutinized globally by other regulators. And this does help us to establish an exceptionally high baseline. And it does ease our way into a lot of other areas and a wide range of different regulatory models in different jurisdictions because of the recognition by international regulators of the Hong Kong operating framework. And I guess, thirdly, on things like anti-money laundering and prevention of terrorist financing and other kinds of prevention of financial crime obligations. We implement a unified KYC, KYB transaction monitoring and risk management framework globally whilst at the same time, maintaining a certain degree of modularity to adapt nimbly to specific local rules in other jurisdictions where we operate. And we do see a very rapid maturing of other regulatory frameworks in other places where we operate as well, for example -- and this is a very good example, for example, MiCA being implemented across a whole range of EU jurisdictions, and we see that maturing very quickly. And fourthly, we do see our compliance framework as being hard coded into our DNA. We manage diverse requirements across different regions by embedding compliance directly into our technology and exchange workflows and transaction workflows, ensuring that we can scale automatically with the increasing in transaction volumes and sizes. And largely, as a company, obviously, we value our people. And on the compliance front and in terms of operating within our regulatory frameworks, we structurally integrate money laundering reporting offices and compliance offices into our organization. And we attract top global legal and compliance talent across different regions to help us meet the high standards that we expect ourselves to comply with. So irrespective of growth and scale, we can always ensure that we meet the same high standards wherever we operate and whatever businesses we are operating. So hopefully, this answers the question. Kenrick Day: Yes. Thank you, Gary. Indeed, it does. Appreciate it. So -- okay. So we have a few -- I think we have some time for a few more questions. So I also see another question relating to our competitive advantage or position in the market. The question was raised by [indiscernible]. So given OSL's global licensing footprint, how defensibility is your competitive position as more players entering into the space? So for this one, I think I can actually hand over to our CEO, Kevin, to give more color on top. Kevin, handing over to you. Song Cui: Yes. Thank you for the question. Yes, I think the -- first of all, I think the regulators, they talk to each other. So I would say we will see our defensibility through 3 key pillars. The first of all is the network effect of the regulatory trust. Just I said, regulators, they talk with each other. The regulators globally, they do not operate in silos. They are very well interconnected as we know. The rigorous compliance track record we have established such as being the first licensed VATP listing in Asia since 2020 creates a powerful halo effect. Our ongoing compliance efforts continually compound, helping us earn and maintain the trust of the new regulators worldwide. This deep-rooted institutional trust requires years of transparent operations and [indiscernible] validate. It simply cannot be bought and replicated overnight by new entrants. The second, when you get more and more license, you have -- you need to put into the operation in scale. So that we call that scalable operation infrastructure. Crucially, we have transformed this regulatory burden or regulatory requirements into an operational advantage. Rather than treating compliance as a bottleneck, we have unified compliance frameworks into incredible efficient technology-driven system. And this framework, we have built an operational engine that this is fully capable of scaling seamlessly as we can expand to our global connectivities and process higher transaction volumes, our compliance infrastructure scales alongside it, ensuring machine speed efficiency without ever compromising our high standards. The third one is we say the proprietary know-how in the emerging future. Digital assets compliance is a highly complex vertical. Our first-mover advantage translates directly into proprietary operational know-how. We have seen years navigating the nuances of fragmented global networks, giving us a salable edge over unproven competitors or traditional financial institutions that are only just beginning to grapple with the crypto native compliance challenges. I think those are 3 key pillars that we -- our -- what our -- can operate very efficiently in a global regulatory framework. Kenrick Day: Yes. Thank you very much, Kevin. Okay. So for the next question, it is from -- actually raised by [ Robin Chen ] from [indiscernible] Securities. So how should we think of the sustainability and predictability of OSL's revenue going forward? For this question, I will pass over to Ivan, our CFO, to address it. Ivan, over to you. Thank you. Kwun Wong: Thank you for the question. If you look at our track record history, especially in the past 2 years, overall, the management team managed to deliver sustained high growth for our platform consistently for the past 2 years. Now -- and second point I make is that if you look at our strategic initiative in the past year, we actually spent a lot of our resources and time to build up our global platform. And many of these initiatives actually take front-end or front-loaded investment, while it may not be able to deliver immediate revenue. For example, our acquisition of the Indonesian license, which we acquired last year. And now we start to turn it to fully operationalize the business. And I would say, right now, we are -- we have sufficient geographical coverage. We also have a good size of a team. And with these resources, with the license that we have, we are confident that we should be able to continue to drive top line revenue growth for a business. And if you look back into 2024, Hong Kong is our only market where we can grow our revenue, but that is no longer the case, right? And in 2025, we have the on-off-ramp business from Europe. And this year, we -- apart from our on-off-ramp business, we also have Banxa. We also have our stablecoin cross-border payment business, the BizPay, our Indonesian local operations. And hence, the pockets of growth opportunity that OSL have today is a lot more diverse than 2024 and 2025. And with that, we are confident to continue to deliver growth to our shareholders. Kenrick Day: Yes. Thank you very much, Ivan. That's definitely very insightful. I believe we are -- still have time for one more question. Let's see. So -- okay. So we have one more question related to the stablecoin raised by the public. Regarding the Hong Kong stablecoin regime, especially the Hong Kong government is aiming to release the first batch of stablecoin license, hopefully, this year. What is OSL's position and perspective in regard. For this question, let me hand over to Gary, our Head of Regulatory, to give us some more color. Gary, over to you. Thank you very much. Ka Chun Tiu: Thank you for the question. And I'm sure the market -- most market participants have been watching this space very closely. And I guess the OSL senior management team were no exception to that. We see ourselves as a very important player in this space in Asia because as we said at the beginning, stablecoin as a use case, I think, has become a defining feature for the digital asset sector globally. And this is not just us saying it, it's actually our clients and our partners saying this. And I guess our strategy on this is somewhat similar to what we shared earlier on about the question of RWA or tokenization of financial assets. We see our role in this sector in many different ways. But one of the key values that we add to the sector is we work with top quality partners, upstream or downstream or horizontal partners. And we work with top partners in each aspect of the different product ecosystems that are -- that we see significant demand in and stablecoins is no exception. And stablecoins is in itself, is a very interesting instrument because the value of any stablecoin in itself is relatively limited. But the most valuable aspect of any stablecoin comes from its use cases. And that means the efficiency of transactions in a particular setting or the cost effectiveness of those transactions in those specific settings and the quality of the experience for the users using them. And in the case of our stablecoin partners, what do they care about? They care about the scale of the reach. So it's a combination of the efficiency, effectiveness and quality of the use cases and the scale of the reach of these use cases. So our strategy is to deliver the most valuable use case for our clients and for each of our partners, whatever our role may be in this space. And I think this is how we see the value of what we have built in this ecosystem. So hopefully, that answers the question. Kenrick Day: Yes. Thank you very much for the insightful sharing, Gary. That's super helpful. So thank you for all our management team for the response as well as the inquiry from the audience. And that should conclude our Q&A session for the day. So before we wrap up, I think I would like to take another chance to thank you, everyone, for the participation for today. We greatly appreciate your continued support and interest in OSL. I'm sure you have any further questions, please feel free to reach out to us. And the presentation material will be available on our website shortly. Thank you again, and have a nice day ahead. Bye. Thank you.
Birgit Seeger: Very warm welcome to all of you. Good afternoon, good morning to this year's earnings call 2025 for NORMA Group. With me today, I have Okan Celiker, our acting Group CFO. Very warm welcome to you, Okan. It's Okan's second day. So I'm convinced Okan will present the financials in a very good manner and will ask your -- and answer your questions. Please be patient with Okan. So today, we will include basically 3 points. We will review our results 2025. We will provide the outlook for 2026. And we will, number three, give a sneak preview for our strategy for the new NORMA Group. So on the next page, you see our usual disclaimer. One important thing to note is that we have continuing and discontinued operations due to our divestment of the Water business, and we have marked this clearly as former NORMA or new NORMA in the presentation going ahead. So we will see here a summary of our achievements in 2025. So basically, we see the closing of the water management, the divestment on the top right corner, which really marks a milestone for us at NORMA Group, where we achieved EUR 650 million of net proceeds, and this is a great enabler to build new NORMA. We will propose a dividend of EUR 0.14 per share at the next AGM this year. Also, we delivered on our guidance. However, it was a very tough and challenging year for new Norma, what we will review shortly. We have conducted this public share buyback. You are aware, and this was successfully concluded. Tonight, we will publish the results on our Internet, and you can review them. So we enter 2026 with a net debt-free situation after the water management sale, and we give significant return to our shareholders. So this is a sharp focus what we have now, this strategic realignment and it opens the doors and gives the foundation to become really an industrial powerhouse for connecting solutions. The preview of the strategy will come later in this presentation. So let's now start with a brief recap of our financials. You have received the preliminary results in February this year already. Okan will later on give you some more details on the financials. So again, new Norma reflects the perimeter without water management going forward and the 2024 revenues, we have restated accordingly for new Norma. So let's look at the summary. Net sales totaled to EUR 821.7 million, lower than last year. The adjusted EBIT at EUR 6.3 million, again, significantly lower than last year and the adjusted EBIT margin at 0.8%, also lower than last year. Of course, this is not what we want. This was a very tough year. And from this, we have to reset in this year to build new NORMA and to really go forward and grow in all our parameters here. Net operating cash flow, again, this is the formal NORMA view. So we achieved EUR 95.8 million in 2025. So also we have delivered in guidance. Again, this is challenging for us. It was very challenging. However, now with the divestment, with the new situation with the new strategy, we will have a good basis for new NORMA, and therefore, we are going to reset and start with this new setup. For the next financial topics, I will hand over to Okan, please. Okan Celiker: Thank you very much, Birgit, and hello also from my side, a very warm welcome. I'm very excited to take over this role, and I'm also very much looking forward to engage with all of you going forward. So let's look at the details of our financial development on the next slide. Starting with our net sales, our jump of base in 2024 for new NORMA was at EUR 882 million throughout the year, we saw a volume impact of EUR 37 million as well as a price impact of EUR 4 million, mainly coming especially the volume impact from a weakening market demand. Then on top of that, we had a negative impact from the currency and the exchange rates here primarily impacted by the euro-U.S. dollar exchange rate totaling to EUR 18 million -- or roughly EUR 19 million, which overall got us then to EUR 822 million for the full year, new NORMA, which is in line with our guidance given in October last year. Let's look at the next page, please. So again, we are looking at the net sales this time focused on the strategic business units. Also, again, of course, new NORMA. I'm starting with the left side, the Industry Applications business unit. Our net sales in the Industry Applications business increased year-over-year by 8%. However, this includes a reallocation of the Mobility and New Energy business of EUR 34 million roughly. On a like-for-like basis, this means our sales declined by 6% to EUR 252 million. Also inside this development is a volume and price impact of EUR 8.7 million and a currency impact of EUR 6 million. Now moving on to the right side to the Mobility and New Energy business. Our net sales year-over-year declined by minus 12%. Of course, again, also here, including reallocation this time from the other way around, basically from mobility to industry application. That means like-for-like, the sales reduction was at 7% in the Mobility and New Energy business and the corresponding volume and price impact was at EUR 33 million, currency impact, EUR 13 million. This gets us to the EUR 570 million 2025 net sales Mobility and New Energy business. All right. Next page. So on the next page, we are looking at the breakdown by regions. Again, we are looking at obviously new NORMA. I'm starting with the left side, Americas region. The net sales declined in the Americas region by 8% year-over-year. We've been able to counteract and balance that a little bit due to initiated cost improvement initiatives in order to cover the inflation. Overall, that got us then to an EBIT margin -- adjusted EBIT margin of 3.8% for the Americas region. Moving on to the EMEA region in the middle of this chart. In the EMEA region, our sales declined by 7% year-over-year. And the adjusted EBIT margin declined by roughly 5%, mainly impacted by extraordinary impacts in the EMEA region in the year 2025. The APAC region, the net sales development was at minus 6% year-over-year with a stable, basically very positive adjusted EBIT development from 9.5% to 10.8%, mainly driven by positive product mix impacts in the APAC region. Also important to mention here, in the future, we will focus more on the strategic business units and also the reporting of the strategic business units. This is just as an FYI here in our presentation. And with that, we can also move to the next slide. So on our next slide, we are looking at our adjusted EBIT development. Our jump off base adjusted EBIT New NORMA 2024 is EUR 33 million. Throughout the year, we saw already mentioned strong volume and price impact reflected in the EBIT margin with minus 18%. However, we've been able to balance that a little bit with positive developments in the material cost area due to sourcing effects -- positive sourcing effects basically that supported a positive development of the material costs. On the other hand side, we also had our first transformation program savings kicked in, in the personnel cost area, but this was negatively overcompensated especially in the direct area of our personnel costs. Other OpEx and depreciation and amortization have been largely stable. And with an FX rate impact of minus EUR 6 million, we achieved a total adjusted EBIT of EUR 6.3 million in 2025. So let's move on to the next slide. On the next slide, we see the EBIT margin development. So the EUR 33 million that we saw on the previous page is in percentage 3.7%. And with all the impacts that I've just described on the previous slide, we achieved a -- consequently achieved an EBIT margin of 0.8%, which is also in line with our guidance given in last year, which was between 0% to 1% EBIT margin. All right. So let's look at our operational adjustments in 2025 and 2026. I'm going to start with the EBITDA. The adjustments on EBITDA level full year 2025 are mainly related to transformation -- to our transformation program and in that area related to primarily the severance payments and amounts to EUR 32 million. For 2026, we expect another adjustment on EBITDA level, again out of our transformation program of another EUR 24 million, which basically represents an acceleration of our transformation program. So we are basically pulling forward initiatives defined in our transformation program that we initially planned to conduct in the outer years into 2026. On the EBIT level, we see an adjustment of in total, roughly EUR 90 million on top of the EUR 30 million that I've just mentioned in 2025, we have here another EUR 55 million of PPA amortization, of which EUR 50 million is related that we undertook in the EMEA region and communicated also in November last year. In 2026, we are expecting another EUR 29 million approximately. In addition to the EUR 24 million that I've mentioned earlier, this includes EUR 5 million of additional PPA amortization out of historical M&A transactions that we undertook. We expect this EUR 5 million to stay with us for the next couple of years, but on a slightly declining level. Net profit overall -- on a net profit level, the adjustment is a total of EUR 80 million roughly, which includes a EUR 10 million tax impact compared to the adjustment on the EBIT level. For the earnings per share, then consequently, we achieved EUR 2.45 in the full year 2025. And due to the fact that we are currently planning a capital increase, which is subject to the approval during the Annual General Meeting, we decided to pause the earnings per share guidance for 2026. Okay. So next page is we can see our dividend development. So for dividend purposes, we are looking at our adjusted net income of former NORMA so that includes the continuing and the discontinued business as well as the adjusted earnings per share, again, for former NORMA. So the adjusted net income in 2025 for former NORMA was at EUR 14.3 million, and the adjusted earnings per share was at EUR 0.45. And with the dividend of EUR 0.40 that we proposed that was mentioned initially by Birgit, this results in a payout ratio of 31% for our dividend 2025, which is, again, in line with our dividend policy of 30% to 35%. So on the next slide, we see the cash flow development for full NORMA or former NORMA, again, important to mention here. So we are starting with our adjusted EBITDA of EUR 125 million for the continuing and discontinued business 2025, which already represents a reduction compared to 2024 of roughly EUR 19 million. From there, our net operating cash flow for the full year 2025 is at EUR 96 million, which basically is just a decline of 9%. So how did we manage to reduce the decline compared to the EBITDA decline, primarily to a positive trade working capital impact, which is resulting from a positive impact out of the inventory management and also a lower supply chain financing program, roughly EUR 5 million, which also contributed here in that area. And related to our CapEx, we've been quite disciplined, and this also helped us to reach that net operating cash flow of EUR 96 million. Together with the payments for interest and for tax, we achieved for the former NORMA in 2025, an external free cash flow of EUR 52 million. Let's look at the next page, where we will walk you through our full year net debt development. Important to mention here in the beginning, on the left-hand side, we are looking at former NORMA. On the right-hand side, we are looking at new NORMA. So starting with the left side, our net debt in the beginning of 2025/end of 2024 was at EUR 330 million. Roughly, we've managed to reduce our net debt despite, let's say, the challenging environment we've been in by roughly EUR 13 million. This was supported again by the external free cash flow that I've just walked you through of EUR 52 million. On top of that, we had dividend payouts and also other developments, let's say, within our net debt that got us ultimately then to the EUR 316 million. So if we now move to our expected net debt for 2026. We adjusted in the first step our baseline for 2026. And why is that? Because we had a net debt portion that we deducted, which is attributable to the Water business amounting to roughly EUR 10 million. And with that, our new baseline is at EUR 306 million. Based on our guidance, which Birgit will share in a few with you, we also expect an external free cash flow in a range of plus EUR 10 million to minus EUR 10 million in 2026 and another dividend payout that we've just described. of EUR 4 million. And then, of course, we have the big impact out of the net proceeds from the Water management sale of EUR 650 million as well as the shareholder return of EUR 260 million, which then overall gets us to a positive net cash position expected for 2026 in the range of EUR 70 million to EUR 90 million. And with that, I hand over again to you, Birgit. Birgit Seeger: Thank you, Okan, sharing with us. And with this, we leave the year 2025 behind us. It was a really challenging year for NORMA, and we move ahead looking into 2026. What have we organized for 2026? What have we planned for '26? It was a very good start with the divestment and the closing of the Water management. We could reset our balance sheet and the whole year 2026 is a year of reset. So what will this look like? So let's look at the outlook. So we see here the net sales. So we foresee a growth in the area of 0% to 2%, so very slight growth. We look at the adjusted EBIT margin, and we see the range of 2% to 4%. So -- and we are confident to run this. This is based on our forecast, our internal forecast. We have the full 2 months in this year already completed and March is actually by to date and also completed. So this was leading us to this adjusted EBIT margin outlook. Looking at the net operating cash flow, we see the range of around EUR 10 million to around EUR 20 million. If you compare with 2025, please reconsider, as explained before that this is not comparable with the new NORMA, but it's based on the former NORMA basically. So we think this is also a reasonable and good range for us. In terms of dividend policy, I want to make you aware that in the first sentence, we confirm the dividend policy. We have added one important point for us that this dividend is subject that the NORMA Group SE reports a net profit in its annual financial statements. And this together brings us the updated dividend policy. In terms of target vision for the outer years, we will provide a strategy update in the second half of 2026. This will include the content of our strategy and also our target ambition for the outer years. So we move on now to the assumptions we have taken to come to our guidance. So starting with the top line. So we looked at the markets, and we are all aware of the situation in passenger cars and commercial vehicles, passenger cars slightly negative. Commercial vehicles slightly positive. Mechanical, a flat market and in construction, some moderate growth depending on the regions. So we have also included net sales from our business between industrial applications and ADS. This is the buyer of our Water management business in 2026, which is really planned to end by the end of the year 2026. A further important assumption is that stable geopolitical impacts like tariffs and so on. Of course, it's the question what is coming this year, but we concluded that this is the best assumption we can take for the moment. Of course, we are watching and monitoring very careful and very diligently what's going to happen, and we will manage in our best possible opportunity any changes which are coming. Looking at the bottom line, we see the EUR 16 million one-off cost from 2025 which we have reported. So we see also the EUR 15 million from the transformation program, as you are aware, and we have reported the personnel cost inflation, we kept on a stable level compared to the last year, and we also assume stable energy and raw material prices. Again, here, we see maybe some impact, but this was the best assumption we could use for our outlook for this year. We have some cash flow drivers. So the net operating cash flow is lower than in 2025 because of the closing of the water management sale. And also important, we have now lower effects from supply chain financing, again, due to the water management sale compared to last year. And of course, we have cash-related expenses from the transformation. FX assumptions are stable. So same FX rate in our planning for the U.S. dollar and the CNY basically. So with this, we move on to some housekeeping topics. I'm not going through all the details here. Maybe one point is important. The interest income, we have an income of EUR 5 million. However net it's EUR 1.5 million as a result of the net debt-free position and depending on the interest rate, the others, I think you will read yourself. And basically, we have explained the mechanism already for this one. Now we are moving on, and this is really the new NORMA update. New NORMA being the strategy for the outer years. And here, we are very excited to see on the next page, what we have done for the foundation. So basically, we focused our business. We focused our business towards this industrial powerhouse, which is industrial application and M&E, mobility and new energy. What does this mean? We can deliver our connecting solutions to a very wide range of industries, and we have huge potential. So the focus makes absolute sense. We have an improved capital structure, as we've just explained, and this gives us very good flexibility to build new NORMA. We are simplifying our organization. Are we there yet? No, we are on a good way. We are making very nice progress. So this means that we reduce our SG&A to a competitive level, which is very important. And we also bring our organization in a situation that we can make fast decisions, and we have a very business-oriented steering for new NORMA. Our footprint optimization, which has delivered very good results. We closed 2 factories in China already, and this is a great outcome here. We see very good operations. We are in the process and focusing our operations in Mexico further, and we will go on and continue our footprint optimization. So we see on the next page, what are our enablers. This is the strategic focus. So we prioritize attractive markets. Now you may say, what are these markets? And we are in the evaluation, just to give you some insights, we are talking about white goods. We are talking about aerospace. We are talking about life sciences, data centers, all of these markets, very attractive markets. And I can say we have the right products. And maybe to give you some insights about my first months in NORMA, I've met many of our customers in the meantime, and they confirm that we have the right products, which is very good for us. However, for many of these industries, we have currently very low market share. So why is this the case? Because our focus was before not on these industries. Now with new NORMA, we focus on the right markets, and I'm absolutely confident we will have great results and great progress there. Execution discipline, so cost management and the cost management for all our cost elements is what we are improving, what we are driving daily, of course, working capital focus and operationally to have accountability, to have a performance culture in our operations will really contribute to new NORMA. Implementation speed, again, with the reshaped organization, we will accelerate our decision-making, and we will focus on the SBUs. This means we will take business-driven decisions. We will take market and customer-oriented decision where we also focus our decision-making, our responsibilities on the business units. So what does this mean now coming really to the core of our strategy? You see 4 pillars. And these 4 pillars are the core basically and to give you some early insights. So to the left, you will see restructuring. You are aware of our transformation program as we have communicated and we are fully implementing and we will go on with SG&A improvements. We currently know that our SG&A are not so much competitive. So we will bring them with the restructuring program on a really competitive level and we will bring performance orientation inside new NORMA. The second pillar is the footprint. And with the footprint, we talk about plants and we talk about sites. So as just mentioned, we are on a good track here. However, we will go ahead. So end of the day, we will have for NORMA plants and sites, which fits to our business to the size of our business and also to the nature of our business following our customers and our products. So we will have a target operating model, again, which really fits the new NORMA with our connecting solutions. The third pillar is a sales push. So we will and we want to have new business wins. This means to grow our order book. So with this, we have been working already and we will further work on our commercial situation, our pricing strategy and with this to increase the plant utilization across new NORMA. So focus really on the customers, on the end markets, and we have started already to bring a target costing live in NORMA, meaning that we are competitive. We understand the markets very nice, and we have target costs and we run the measures to meet these targets. The fourth pillar is about growth. So currently, we are evaluating markets and market segments where we foresee a very good growth, organic growth and inorganic growth. And this is currently again in evaluation. An update will come in the second quarter for our strategy update. So with this, we go ahead and talk about the time line because I'm sure you are curious when this will be all executed. This year 2026 is the year of the reset, we strengthened, this foundation and we build it. As Okan also said, we are working also on reporting on steering the business, really focusing on the customers, on the markets on our business will be detailed in the strategy update next half of 2026. The year 2027 will be the year of optimizing. So we will see performance improvement already there and the year 2028 and further out will be the years of growth where we have really positioned our structural opportunities. And then we go ahead, and I say a big thank you for listening to us, and we are looking forward to receive and answer your questions. Operator: [Operator Instructions] And our first question is from the line of Nikita Papaccio from Deutsche Bank. Nikita Lal: I would have 3, and we will go through them one by one. The first one, thanks for clarifying on the restructuring program and the higher cost this year because of you pushing forward the measures, as I understood. Could you maybe elaborate a bit more which measures these are and how the time line is then for 2027 and beyond, especially also on the savings side? Birgit Seeger: Okay. So I will start with the restructuring program. There's basically the transformation program as we have announced already, this is in full execution sort of -- and we will really in the strategy, look at the whole restructuring requirements and answer this then in the second half. For the known transformation program, we can give already the numbers. And maybe, Okan, you give us some insights. Okan Celiker: Yes, exactly. So as already mentioned, we achieved savings according to our plan that we've communicated last year with regard to the transformation program. In terms of savings in 2025, EUR 4.5 million, and in 2026 EUR 15 million. That's what we are planning -- what we are expecting. And yes, to add to Birgit's answer for 2027, yes, due to the pull forward of specific initiatives, of course, we do also expect a slightly earlier kick in for certain initiatives. And as also mentioned by Birgit, we will bake that into our planning, which will be the new basis for us going forward and will be presented in H2 this year. Nikita Lal: And the second question is on your midterm outlook. I mean, I understood fully that you are giving us a strategy update in H2. But I was thinking about your -- especially on your Mobility business. For now, you are seeing no growth in this business. I understood that you are trying to gain more market share, especially in the APAC region. Any indication how to achieve 10% margin or more in this segment? I mean, with the increase in volume, potentially you would see a decline in prices, right? Birgit Seeger: I just repeat your question because it was a little bit broken. So I understand that you are asking especially for our midterm outlook, especially focused on the APAC region where we see a 10% margin. So I mean, yes, as you rightly saw, we have currently a good margin in the APAC region. In 2025, we had really some improvement, and we are very happy about this. For the midterm outlook, we are still working on this. Regions are all different. The markets are different. They are going in different direction. So we will get the midterm outlook then as part of our strategy update to ensure we have a good evaluation of data we are giving and then we can present this with a high confidence level to you. Nikita Lal: The question was regarding the Mobility segment and its target of 10% margin overall. So it's not on APAC in specific, but globally. Birgit Seeger: Okay. Okay. Thanks to clarify this. For the Mobility segment, I mean, it's the same. It's also one of our industry segments. And there, we are also assessing this. There is also an impact what we will achieve with the restructuring, what we will achieve with the footprint. This all has an impact, of course. Also our commercial update has an impact on the offerings on our competitiveness. So -- and this will also have a significant impact, of course, on the margin level also in the Mobility segment. So here, we are also in a very detailed and deep evaluation and we'll give an update also here in the second half of 2026. Nikita Lal: Okay. Understood. Final question for me. I mean you mentioned that you're assuming stable supply chains and tariffs and so on. What is the current situation with regards to Middle East? Any impacts you're seeing indirect or direct? Birgit Seeger: So thanks for this question. The impact in the Middle East. So basically, we have no own operations in NORMA. In Middle East, we have a business which is roughly EUR 1 million of revenue. So we see, for sure, in the freights and so on, some impact, some delays, which is getting more complex, some increased cost, of course, also in the energy. But further on for the moment, we do not see any severe impact on our operations. However, we are monitoring very closely, and we are also preparing the different scenarios, what we can do and how we can manage the situation. Operator: [Operator Instructions] We have a question via text message. I'm just going to read that for you. It is from Harald Eggeling from ODDO BHF. What are the underlying assumptions for the upper and lower end of the guidance ranges? Okan Celiker: Let me take that. So yes, I think we've, of course, consciously decided to give our guidance with ranges this year, of course, due to the, let's say, situation we see on the geopolitical side and also on the economical side. I think in general, our expectations and assumptions, Birgit just shared in the housekeeping part of the presentation. So there is not really something that we have to add to these assumptions that we took and baked into our guidance. So it includes stable material prices. It includes stable FX rates. We've been, however, a little bit cautious, as said, due to the developments that we see, especially geopolitically these days. But other than that, we feel very confident with our guidance and all the 3 elements of our guidance. Operator: [Operator Instructions] We have just received another question. And your next question comes from the line of Andres Gujan from Carnot Capital. Andres Gujan: Can you please describe what the situation is in the discussions with the unions in your factories and what the main discussion points are and how confident you are to achieve an agreement? Birgit Seeger: Yes. Thank you for this question. It's about what is the discussion with the unions. First of all, we have, of course, different situations in different sites, in different plants, there's different unions. I start about Maintal about our plant in Germany, where we have achieved just before Christmas in 2025, a very good agreement with the union, with our works council on this voluntary leaver program, and I can share also the process a bit. It was a very constructive, a very positive process where we all shared basically the same targets and also the time line until we could conclude was very positive. It was concluded, obviously, before Christmas. So we could get all our employees, our colleagues the opportunity to take the time over Christmas, and it's going extremely well. So this is basically fully booked. So this is a very positive result. So -- and some other plants in some other sites, we are also in good discussions on the way ahead with the unions. However, it's very individual and in very different stages. Operator: [Operator Instructions] And the follow-up question comes from Nikita Papaccio from Deutsche Bank. Nikita Lal: Can you hear me now? Okan Celiker: Yes. Nikita Lal: Okay. Perfect. So another question is on your share buyback program. It just concluded, you said. Any indications for the cash return going forward in 2026? Birgit Seeger: Well, so as you said, yes, it was just concluded, and we met the target here. We will -- and we plan currently to propose to the AGM a capital reduction so that it totals together with the share buyback in the range of up to EUR 260 million. So this is what we are currently planning. Operator: Thank you. I will now hand the call back to Birgit Seeger for closing remarks. Birgit Seeger: Thank you. Thanks for attending our this year's call. Thanks for your interest and your great question and looking forward to have the discussion in other forums or on our next Q1 call, which I'm looking forward to, and have a great day, and thanks for your interest and for contribution to New NORMA. Thank you. Okan Celiker: Thank you very much.
Operator: So much appreciate for everyone's patience. We should get started. Thank you for joining us today for OSL Group 2025 Annual Results Presentation. My name is Kenrick, Director of Corporate Development, and I will be your moderator for today's session. Today's call will begin with remarks from our senior management team. I'm pleased to have with us Kevin Cui, Executive Director and CEO; Ivan Wong, CFO; and Gary Tiu, our Executive Director and Head of Regulatory Affairs. [Operator Instructions] In the first half of the call, our management team will provide an overview and update on our annual results. This will then follow with a Q&A session. [Operator Instructions] As a disclaimer, this presentation is for informational purposes only and do not constitute any financial advice or offer to buy or sell a security. During the presentation, we will cover 3 key areas, including the OSL Opportunity, the business highlight, financial and operational update. So without further ado, I'm pleased to introduce Kevin, our CEO, to start presenting the OSL Opportunity. Kevin, please go ahead. Kevin, I think you might just unmute yourself first? I think you might be muted. Sorry about that. Song Cui: Okay. Sorry about that. Thank you, Garrant. Good morning, everyone. Let's start with the OSL Opportunity. Our mission is to take -- sorry, our mission is to make money move as freely as information. To achieve this, we are scaling OSL into a global stable coin payment and trading platform. Guided by being open, secure and licensed, we will continue to provide the essential payment rails for our partners and users, bridging the gap between the traditional and the digital assets ecosystems. As the first public listed platform, which obtained license to operate digital asset trading platform in 2020, we leveraged our first-mover advantage to achieve rapid growth since then. In 2025, our total transaction volume increased by 201% as compared to the last year over HKD 200 billion. With stable coin transaction volume accounted for 60%, consequently, our non-IFRS income increased to HKD 534.1 million, representing a robust 150% year-on-year growth. Evolving from HK, Hong Kong-based digital asset exchange into a global stablecoin payment and trading platform, to date, we have secured over 50 licenses and registrations across 11 regions, primarily in Asia Pacific, Europe and North America with overseas market contributing 67% of our total IFRS income. Last year, 2025, we secured aggregated USD 500 million equity financing from leading global institutional investors in the past year, representing one of the most sizable equity financing in Asia's fintech sector. We were also proud to be included in the KPMG China Fintech 50 list and to be the only Hong Kong-based company being recognized in the CMBC World Top Fintech Companies 2025 list. Thanks to strong recognition from investors, which resulted in record-breaking market cap and high trading volume, we have been included in the Hang Seng Composite Index and the FTSE All Cap Index for the first time and have remained in the MSCI Index since 2024. We are currently facing a once-in-a-generation opportunity as the financial world shifts from the fiat-based financial market infrastructure to a stablecoin-based one. While traditional financial infrastructure remains using the legacy SWIFT rails, which is a system largely unchanged since 1973, that remains manually fragmented and burdened by long settlement cycles. OSL is bridging the structural gap by pioneering a modern financial alternative. By transitioning to stable coin based, we facilitated 24/7 instant assumption settlement and a fully automated rule-based and programmable execution. It is also a native support for the emerging AI-driven agent payments. In 2025, there are 2 megatrends, stable coins and the AI agent economy. OSL is well positioned to capture these opportunities. Firstly, the stablecoin market is projected to reach USD 2.25 trillion by 2029, expanding at a remarkable about 62% CAGR, while this growth trajectory is impressive. Yes, stablecoin currently represents about only 1% of U.S. 2025 U.S. M2 money supply. This consistent upward trend confirm that we are still in the early stages of a massive multitrillion dollar opportunity that OSL is uniquely positioned to capture. Secondly, we are witnessing the explosive emergence of the AI agentic economy in less than 1 year, enterprise adoption has already fueled over more than 140 million agentic transactions with global volume projected to reach a staggering USD 3 trillion by 2030. OSL is positioning ourselves as the foundational settlement layer for this autonomous future. AI world machine-to-machine commerce [indiscernible] on-trend payment rails are no longer an option, but a critical requirement. They are the core drivers of our evolution. OSL has evolved from a Hong Kong-based digital asset exchange in 2024 into a multi-market digital asset platform in 2025 and finally, into a global stablecoin payment and trading platform today. OSL is the next-generation financial infrastructure, providing the critical rails built specifically for the stablecoin and AI-driven future. This rapid evolution was fully realized in 2025, empowered by the strategic integration of Banxa alongside the launch of OSL BizPay and our proprietary stablecoin USDGO with [indiscernible]. Our global stablecoin payments and trading platform has definitely infrastructure to make money move as freely as information. OSL access the bridge between fiat currency and stablecoins we achieved through our 4 core capabilities: global connectivity, global license, instant settlements and deep liquidity. These capabilities are the foundation of our 3 core products. Through OSL BizPay, we facilitate end-to-end cross-border payments. Through Banxa, we provide one-stop on and off-ramp solutions. Through our local exchanges, we ensure compliant last mile delivery globally. The reach of this infrastructure is already unparalleled. We now integrate with over 80 blockchain networks, support pay-in and payout operations in over 150 countries, facilitate more than over 30 fiat currencies. OSL services is reaching over 1.5 billion global users through our enterprise clients and partners. Today, OSL is enabling money to be moved across any currency, anywhere, anytime and in any size. Now let us zoom in on the 4 core capabilities that differentiate OSL from our peers. These capabilities translate our strategy into results. First, global connectivity. We act as the primary bridge between fiat and digital assets. By supporting over 30 fiat currencies and connecting over 30 banks and payment networks, we provide seamless on and off-ramps that global capital requires. Second, global licenses. With over 50 licenses and registrations across 150 countries in 11 jurisdictions, we have built the foundations of institutional trust. We have unified our KYC, KYB and compliance framework to operate securely wherever our clients need us. Third, instant settlement. We have engineered agentic-ready rails that enables machine speed of efficiency. We operate 24/7 to facilitate high frequency automated micro payments of the future. Finally, a deep liquidity. We aggregate liquidity across vast network of partners and regions. By combining our local exchange capabilities, we ensure every transaction happens with maximum efficiency and minimal slippage. With the next generation of financial market infrastructure in place, OSL is accelerating our road map. We are focusing on these 5 growth strategies to ensure our expansion to both rapid and capital efficiency. Firstly, we are broadening our stablecoin product offerings. We are enhancing the capital efficiency for institutional clients across treasury workflow. In parallel, we are accelerating USD adoption and solidifying our position as a definite global stablecoin payment and trading platform. Secondly, we are further investing in next-generation market infrastructure. We are expanding our global licensing and compliance footprint across key jurisdictions by scaling bank connectivity in high-growth corridors, and we are eliminating traditional frictions to enable seamless field access and high velocity across cross-border settlements. Thirdly, we will pursue accretive global M&A opportunities. We are executing a disciplined strategy to acquire compliant high-quality assets in the stablecoin payment and trading space, especially in emerging markets. It allow us to rapidly consolidate our leadership while building deep technology and licensing modes. Fourth, we are scaling operation in selected markets, building on our solid 2025 presence in Europe, Indonesia and Hong Kong, we are moving into a phase of driving trading volume in these selected markets. This creates deep liquidity that is reducing hedging costs and delivers great pricing for our institutional clients. Finally, we are actively embracing the AI-driven agentic economy and taking a leading role in shaping its development. We are pioneering agentic's stablecoin payment solutions that enables autonomous and programmable value transfer. At the same time, we are leveraging AI to scale transaction volumes linearly and unlocking significant operating leverage. Kenrick Day: Yes. Thank you very much for the insightful sharing. I think that's definitely very helpful. Thank you very much. So now let's move on to the business highlights. So Gary, our Head of Regulatory Affairs, will shine some light on the subject. So Gary, passing over to you. Ka Chun Tiu: Thank you, Kenrick. Thank you, Kevin. 2025 was a year when we saw the conviction in stablecoins as a defining use case for the digital asset industry. And that conviction during the year was the strongest and clearest we had ever seen. For us, it was a year we invested and built infrastructure, and it was a year of transformations and strategic evolution. I will elaborate one by one in the next few slides, 5 of our highlights from the year. Firstly, strategic evolution and transformations of OSL and our journey to becoming a market leader in the stablecoin industry in Asia. Thirdly, our accelerating global expansion through strategic M&A and scaling our connectivity between fiat and crypto and finally, also how we are positioned and capitalized for market dominance. So firstly, our strategic evolution. To kick off, the strategic evolution of OSL is now in full motion. In 2025, we successfully transitioned from being a Hong Kong-based digital asset exchange into a multi-market digital asset platform, laying the foundation to become a global stablecoin payment and trading platform. During the year, we aggressively scaled our payment services and our global footprint to building the essential foundations. The future of OSL is a unified next-generation financial market architecture to provide the widest stablecoin payment network coverage and the deepest liquidity to enable seamless value exchange. Leveraging our core capabilities, we are removing the friction from global finance. And to explain what friction is, imagine this, any currency moving anywhere, anytime, in any size. Your money can move as freely as your information. This is what drives OSL's strategic evolution. And the second highlight from the year. In 2025, we saw stablecoins accounting for approximately 60% of our transaction volumes. We are now one of the market leaders in the stablecoin ecosystem in Asia. We have achieved this through vertically integrating our product suites to cover each significant part of the stablecoin payment use case and product life cycle, including stablecoin conversions, to stablecoin issuance, to cross-border payments to merchant acquirers. To dive a little bit deeper, OSL BizPay is our stablecoin payment platform to enable instant 24/7 cross-border payments. It's designed to solve the pain points of friction and high intermediary costs in traditional SWIFT rails. And leveraging our stablecoin architecture programmability, OSL BizPay provides native support for agentic payments. Banxa is our stablecoin on-off-ramp solution to bridge fiat and stablecoins seamlessly via API. Think of this as your Stripe for stablecoins. Banxa provides the essential on-off-ramp rails for our partners and operates as a unified gateway with a single API connection, solving the pain points created by the fragmentation and complexity in cross-border payments. StableHub is our stablecoin conversion product, allowing users to exchange multiple stablecoins and fiat with 0 slippage. It's designed to address the pain points from the liquidity fragmentation in the stablecoin industry that has effectively been a bottleneck against large-scale institutional adoption. USDGO is our compliance-first flagship stablecoin issued in partnership with Anchorage. It provides the transparency and monthly verified reserves that institutional players demand. And it's been created to address the institutional trust gap for many users when they have to choose between stablecoins in a fragmented and opaque sector. To sum up, the vision that drives our vertical integration of stablecoin products and use cases is simple. We are enabling any currency at any time to move as freely as information. And turning to our M&A. During the year, our global expansion significantly accelerated through our disciplined and strategic M&A approach. As a result, we have secured a massive regulatory moat across key jurisdictions. We have one of the broadest global regulatory footprints amongst our peers, spanning key markets across Asia, Europe and North America. Today, we hold over 50 licenses and registrations across 11 jurisdictions. Collectively, these markets represent approximately 84% of global GDP and 82% of global trade flows. Alongside organic growth, our accretive M&A strategy has played a critical role in expanding our global reach. Notably, we completed the acquisition of Target in Japan, Italy and Indonesia in 2025. And early on in the year, we completed the acquisition of Banxa, which gained us license footprints in Asia, Europe and North America. And these licenses are enabling us to operate anywhere as a global stablecoin payment and trading platform. And turning to scaling our connectivity. In 2025, OSL strategically scaled connectivity between fiat and crypto, especially stablecoins. We have engineered the best-in-class fiat on off-ramp capabilities. We launched our own on-off-ramp services in Europe through our VASP license acquired in Italy. Our expansion into Europe and payment services was immediate and impactful. We identified areas of high demand in the industry, and this led us to Banxa. We executed the acquisition of Banxa, a global leader in on-off-ramp services. The Banxa acquisition overnight expanded our global reach with a portfolio of over 40 global licenses, a quantum leap for our on-off-ramp capabilities. Today, our unified network offers unparalleled global connectivity. We cover more than 150 countries and regions, supporting over 30 fiat currencies, integrating 200 different digital assets and connecting to more than 100 blockchain networks. Equipped with our top-tier global connectivity, supporting any currency anywhere as a global stablecoin payment and trading platform is becoming a reality. And finally, on our capitalization. With the confidence and support of our top-tier global investor base at OSL, we are well capitalized, and we are primed to lead this market. Successfully completing 2 major equity financing rounds, we raised USD 300 million in September 2025 and USD 200 million in Feb 2026. This $500 million ticket, USD 500 million is significant for various reasons. It's not just one of the largest equity financing in Asia's fintech sector. We are now a business with a healthy and diversified investor base. We are also a strong balance sheet capable of scaling up business, and we are executing on sector strategies that are closely aligned with our global investors vision for this sector. With this solid capital foundation, we are well positioned to execute on our growth strategy. We are deploying capital across strategic M&A, consolidating our growing global business footprint, strengthening our product and technology infrastructure as well as for our general corporate purposes. And coming back to our vision, any currency moving anywhere, anytime and in any size. And in financial transactions, size matters, and we are uniquely scaled for size. We are not just well capitalized. We are strategically equipped to capture market share and lead the next phase of growth in the digital asset industry. Thank you. Kenrick Day: Yes. Thank you very much, Gary. I think that's definitely very insightful. So for our next session, we will cover the finance and operational update. So let me hand over to Ivan, our CFO, to go through the progress that we have made in 2025. So Ivan, over to you. Kwun Wong: Thank you. Next, I will walk you through our key financial and operating updates. Unless otherwise stated, all figures are in Hong Kong dollars. 2025 has been a landmark year for OSL. We delivered record high revenue and strong growth across all key performance metrics. This includes our core operating cash revenue measured as non-IFRS income, which adjusts for noncash fair value changes in our coin inventory, our reported IFRS income, total transaction volume and also the growing importance of stablecoin within our business. Before I deep dive into the financials, let me briefly explain to you our revenue recognition approach on the next slide. The digital asset industry is still evolving and so are the accounting standards. For some peers, including Gemini and Galaxy, they report revenue on a gross basis, recognizing total transaction value as revenue. In contrast, OSL, we adopt a net basis under the International Financial Reporting Standard, where we only recognize our actual economic benefits such as spreads and commission as our revenue. To illustrate the difference, if a client trades $100 of digital asset, we recognize roughly $30 as revenue. Whereas on a gross basis approach, our peers will show the full $100 as revenue, and there is a very significant difference in reporting standard. There's no right or wrong answer to whether a company choose a net reporting or gross reporting of the revenue. The approach depends on listing requirement, regulatory guidance and also the prevailing industry practices. We will continue to review our accounting policies to ensure they remain appropriate and relevant. That said, 2 points are very clear. First, for investors and analysts, it is essential to normalize revenue across peers when making comparisons, and the devils are always in the details. Second, we are committed to full transparency. We are explicit about our accounting policy choices and how we recognize revenue. We will continue to be fully transparent with all our stakeholders on accounting policy choices should there be any changes in the future. Next, let's move on to the numbers. Our adjusted non-IFRS income or our cash revenue surged over 150% year-over-year to $534 million, validating our transformation strategy to a stablecoin-centric business model. Such strong growth is no longer confined to a single region as our overseas operations now accounts for roughly 76% of our reported income, proving our ability to grow our business in international markets as a Hong Kong headquartered business. Importantly, stablecoin now accounts for roughly 60% of our transaction volume. We have moved beyond just being a Hong Kong-based digital asset exchange, which is the OSL of yesterday to OSL of today, where we are now a global stablecoin payment and trading platform. Moving on. As we know, 2025 was a volatile year for the broader crypto market. However, OSL demonstrated strong resilience. As shown in the green line, Bitcoin prices experienced sustained downward pressure and volatility in 2025. Despite this, our performance decoupled from the broader market trends. We delivered revenue growth and strong transaction volume growth with performance improving quarter after quarter. This resilience is driven by a forward-looking strategy to focus on payments and stablecoins. As market evolved, stablecoins are becoming a foundation layer of digital asset industry, and we are well positioned to capture that shift. Moving on, while revenue growth reached record levels, we continue to proactively invest to support our long-term scalable growth. Staff costs increased as we expand our global footprint with continued hiring across product, technology, compliance and frontline operations alongside the integration with our acquired teams in Japan, Europe and Indonesia. Technology expense also rose, primarily driven by investments in cloud infrastructure and security. These investments are essential to support our rapid growth in transaction volume while helping us to maintain a secure, resilient and scalable tech platform. Legal and professional fees increased mainly due to M&A activities and global licensing efforts. Much of these costs are one-off in nature, reflecting strategic investments to strengthen our regulatory position with a global license network. Moving on to the next slide. Here, we present our adjusted P&L to better reflect the underlying operational performance of our company. We started with cash revenue of $534 million and adjust for reporting operating costs as well as noncash and nonrecurring item. This will include fair value changes in-house coin inventory, ESOP expense, depreciation and amortization and one-off legal and compliance costs related to M&A and licensing efforts. On this basis, our adjusted operating loss was reduced to below HKD 300 million. Importantly, operating loss as a percentage of cash revenue remained broadly in line with 2024 despite the increase in staff and IT costs. With that, I now hand over back to our moderator. Kenrick Day: Thank you very much, Ivan, and thank you for all our management team for the informational -- so informative presentation. So I think that should conclude our formal presentation for this year of annual results, and we will now open the floor for Q&A session. Kenrick Day: [Operator Instructions]. So we are seeing numerous amount of inquiries shooting in. So for the first question, we saw a question from Amy Chen from [ CITIC ]. So the question is with the increasing industry participation in RWA, real-world assets and tokenization, what is your view and position in regard? Let's see. So for these questions, let's pass to Gary. Gary, are you here? Ka Chun Tiu: Yes. Kenrick Day: Okay. So I think maybe hand over to you. I think maybe you can try to address the audience inquiry. Ka Chun Tiu: Sure. So -- and thank you for the question. So the question about increasing industry participation in real-world assets and tokenization. I guess from our perspective, there are a number of key considerations. First of all, we see our role as a facilitator for institutions, for example, via our Tokenworks platform. So rather than being a primary issuer, we are a facilitator of issuers. We also want to anchor on our core competencies in our compliance for this particular asset class or for this particular sort of industry interest because RWA projects and tokenizations typically do revolve around more highly regulated asset issuance and transactions. So we are leaning into our core strengths here, namely security and compliance. We want to create a safe harbor for institutions to hold these assets. So it's not just to facilitate the issuers, but also on the buy side for the people who actually would become investors and users of these assets. And thirdly, we want to be led by our partners. We let our strategic partners lead asset side innovation so that from their perspective, we are a provider of the underlying technology, connectivity and distribution channels. And finally, we also want to be led by demand. Our scaling in RWAs is typically passive in the sense that it should be driven by demand and also what our clients want. This is to ensure that we only deploy resources as tangible institutional adoption materializes. So hopefully, this gives you some color on our view on RWA and tokenization. Kenrick Day: Gary, I think that's definitely indeed insightful. Okay. Let's move on to the second question that is more related to the business. This is raised by Stephen from Daiwa. Noticing OSLs strategic shift from a regional digital asset platform to a global stablecoin payment and trading platform, what are the key driver behind this transition? And how do you envision OSL shining the market position in this space? So for this question, let's hand over to our CEO, Kevin, to address it. Kevin, passing over to you. Song Cui: Okay. Thank you for questions. I think, first of all, I think the key driver or the main reasons behind this transition could be outlining 3 key drivers. The first of all, I think there's a massive TAM expansion in global payment versus crypto trading. We are looking far beyond the confines of pure crypto trading. Compared with crypto trading market, the global payment market represents a multitrillion dollar opportunity that dwarfs the traditional trading -- dwarfs the traditional crypto exchange volumes, trading volumes. The stablecoin market alone is a project to reach USD 2.25 trillion by 2029 and expanding at a remarkable 61.9% CAGR. While impressive stablecoins currently represent about 1% of the 2025 U.S. M2 money supply, confirming we are still in the very, very early stage of a massive opportunity that OSL is uniquely positioned to capture. That's like we said in the presentation, it's like once in a generation opportunity for OSL. The second is the technological superiority of blockchain. The pivot is fundamentally driven by the technology's ability to solve real-world financial frictions. Legacy infrastructure like SWIFT is slow, expensive and hindered by the T+2 to T+5 settlement time window or delays. Blockchain solves the actual underlying technology problem, delivering a system that is 10x faster, cheaper and fundamentally better via 24/7 instant settlement and programmable execution. The third one, I think, is the AI agent economy imperative. Looking ahead, the current legacy banking architecture is fragile, siloed and simply useful for the AI future. And we are witnessing the explosive emergence of the AI agentic economy, which filled over -- for now, it's already 140 million agentic transactions in less than 1 year. And with the global volume project to reach more than USD 3 trillion by 2030, this all 24/7 on-chain payment rails are no longer just an option. Their crypto requirement for the machine-to-machine companies. We are positioning OSL as a foundational settlement layer for this autonomous future. Furthermore, to capture such market trends, we are actively executing on 4 core capabilities that differentiate us from peers and translate our strategy into results. The first one, the global connectivity, the fiat bridge. We act as the primary bridge between the fiat digital assets by supporting over 30 fiat currencies and connecting over 30 banks and payment networks, we provide a seamless standard of [indiscernible] global capital requires, and we are going to cover more and more than 100 payment networks currency we're going to support in the next few months and years. And the global license, the compliance mode to capture trillion institutional flows, compliance and last mile is paramount. With over 50 license and registration across 150 countries in 11 jurisdictions, we have built an unmatched foundation of institutional trust. We have unified our compliance frameworks to operate securely wherever our clients need us. The third one, the instant settlement. Yes, we are engineering the agentic ready rails that enable machine speed efficiency. And we are operating 24/7 to facilitate other high-frequency automated payments and micro payments in the future. And the fourth one is the deep liquidity. We aggregate liquidity across a vast network of partners and the regions. By combining our local exchange capabilities, we ensure every transaction happens with maximum efficiency and minimum slippage, offering the industry's best execution. These 4 core pillars, our capabilities not only define our competitive advantage, but also form the foundation of product suite, including the OSL BizPay, the Banxa and our local exchange and the compliance infrastructure. Through OSL BizPay, we facilitate end-to-end cross-border payments. And through Banxa, we offer [indiscernible] solution. And through our local exchange network, we ensure the compliant last mile delivery in the global scale. We have integrated with over blockchain -- 80 blockchain networks, support pay-in and payout operations across more than 150 countries and the facility over 30 fiat currencies. And accordingly, we are highly confident in our capability and our ability to capture and capitalize on this prevailing market trend. Kenrick Day: Yes. Thank you very much, Kevin. It's definitely very sure inspiring from the public. Okay. So let's move on to the third question. It's related to the M&A. So it's raising by Mr. [indiscernible]. So congrats on the successful completion of the Banxa acquisition. And given USD 500 million capital raise in the past year, could you share how OSL's future M&A strategy is expected to look like? So for this question, I will hand over to our CFO, Ivan, to address it. Ivan, please? Kwun Wong: Sure. Thank you for the question. As Kevin shared before on our growth strategy, M&A is one of our core growth pillar. We will continue to be very acquisitive down the road. And when we look at the M&A strategy, there are a couple of criteria that we are thinking and evaluating. One is on the markets, right, which market we would place our bet. Now if you look at our licensing scope and the countries that we have an operation, we actually built-up a pretty good global coverage already. And what's remaining perhaps will be a couple of selected emerging markets in Asia. We don't really have a presence in LatAm yet. We don't really have a presence in Africa yet. So those emerging markets will be one of our clear focus going forward. And secondly will be on the sector, what type of assets that we think will be complementary to our business and also to our strategy. And it's very clear. It will be on stablecoin payments. It will be on building up our on-ramp capability to connect between traditional finance and also the web3 space. And lastly will be on licensing. So these are the 2 key directions that we will look for when we consider our M&A strategy. Kenrick Day: Yes. Thank you very much, Ivan, for the sharing. That's definitely super helpful as well. So let's move on to the third -- sorry, the fourth questions. It's related to the licensing. So it's raising by [indiscernible] from GF Securities. So with OSL's footprint expanding to over 50 license across 11 jurisdictions, how does OSL management meet the diverse regional compliance requirement while maintaining the consistent high standard? So for this one, I'll pass over to Gary, our Head of Regulatory Affairs, to address it. Gary, please? Ka Chun Tiu: Thank you, Kenrick, and thank you for the question from GF Securities. So on the number of licenses and registrations and number of jurisdictions, sometimes I guess it's easy to just look at them as numbers. And we're almost tempted to sort of instinctively say more is always better, but it's actually more about our underlying operating model and our philosophy. So firstly, we do recognize the diverging global regulations is -- that's a reality. But it also presents to us a valuable and strategic opportunity to actually build a moat to protect our competitive advantage. So we don't see, for example, diverging global regulations as a barrier to our expansion plans. We do see it actually as a competitive advantage. And we are also leveraging what we've done in the past as a solid foundation for what we're doing in the future. We've been operating under Hong Kong's stringent regulatory model. And it's a model that has actually been quite closely scrutinized globally by other regulators. And this does help us to establish an exceptionally high baseline. And it does ease our way into a lot of other areas and a wide range of different regulatory models in different jurisdictions because of the recognition by international regulators of the Hong Kong operating framework. And I guess, thirdly, on things like anti-money laundering and prevention of terrorist financing and other kinds of prevention of financial crime obligations. We implement a unified KYC, KYB transaction monitoring and risk management framework globally whilst at the same time, maintaining a certain degree of modularity to adapt nimbly to specific local rules in other jurisdictions where we operate. And we do see a very rapid maturing of other regulatory frameworks in other places where we operate as well, for example -- and this is a very good example, for example, MiCA being implemented across a whole range of EU jurisdictions, and we see that maturing very quickly. And fourthly, we do see our compliance framework as being hard coded into our DNA. We manage diverse requirements across different regions by embedding compliance directly into our technology and exchange workflows and transaction workflows, ensuring that we can scale automatically with the increasing in transaction volumes and sizes. And largely, as a company, obviously, we value our people. And on the compliance front and in terms of operating within our regulatory frameworks, we structurally integrate money laundering reporting offices and compliance offices into our organization. And we attract top global legal and compliance talent across different regions to help us meet the high standards that we expect ourselves to comply with. So irrespective of growth and scale, we can always ensure that we meet the same high standards wherever we operate and whatever businesses we are operating. So hopefully, this answers the question. Kenrick Day: Yes. Thank you, Gary. Indeed, it does. Appreciate it. So -- okay. So we have a few -- I think we have some time for a few more questions. So I also see another question relating to our competitive advantage or position in the market. The question was raised by [indiscernible]. So given OSL's global licensing footprint, how defensibility is your competitive position as more players entering into the space? So for this one, I think I can actually hand over to our CEO, Kevin, to give more color on top. Kevin, handing over to you. Song Cui: Yes. Thank you for the question. Yes, I think the -- first of all, I think the regulators, they talk to each other. So I would say we will see our defensibility through 3 key pillars. The first of all is the network effect of the regulatory trust. Just I said, regulators, they talk with each other. The regulators globally, they do not operate in silos. They are very well interconnected as we know. The rigorous compliance track record we have established such as being the first licensed VATP listing in Asia since 2020 creates a powerful halo effect. Our ongoing compliance efforts continually compound, helping us earn and maintain the trust of the new regulators worldwide. This deep-rooted institutional trust requires years of transparent operations and [indiscernible] validate. It simply cannot be bought and replicated overnight by new entrants. The second, when you get more and more license, you have -- you need to put into the operation in scale. So that we call that scalable operation infrastructure. Crucially, we have transformed this regulatory burden or regulatory requirements into an operational advantage. Rather than treating compliance as a bottleneck, we have unified compliance frameworks into incredible efficient technology-driven system. And this framework, we have built an operational engine that this is fully capable of scaling seamlessly as we can expand to our global connectivities and process higher transaction volumes, our compliance infrastructure scales alongside it, ensuring machine speed efficiency without ever compromising our high standards. The third one is we say the proprietary know-how in the emerging future. Digital assets compliance is a highly complex vertical. Our first-mover advantage translates directly into proprietary operational know-how. We have seen years navigating the nuances of fragmented global networks, giving us a salable edge over unproven competitors or traditional financial institutions that are only just beginning to grapple with the crypto native compliance challenges. I think those are 3 key pillars that we -- our -- what our -- can operate very efficiently in a global regulatory framework. Kenrick Day: Yes. Thank you very much, Kevin. Okay. So for the next question, it is from -- actually raised by [ Robin Chen ] from [indiscernible] Securities. So how should we think of the sustainability and predictability of OSL's revenue going forward? For this question, I will pass over to Ivan, our CFO, to address it. Ivan, over to you. Thank you. Kwun Wong: Thank you for the question. If you look at our track record history, especially in the past 2 years, overall, the management team managed to deliver sustained high growth for our platform consistently for the past 2 years. Now -- and second point I make is that if you look at our strategic initiative in the past year, we actually spent a lot of our resources and time to build up our global platform. And many of these initiatives actually take front-end or front-loaded investment, while it may not be able to deliver immediate revenue. For example, our acquisition of the Indonesian license, which we acquired last year. And now we start to turn it to fully operationalize the business. And I would say, right now, we are -- we have sufficient geographical coverage. We also have a good size of a team. And with these resources, with the license that we have, we are confident that we should be able to continue to drive top line revenue growth for a business. And if you look back into 2024, Hong Kong is our only market where we can grow our revenue, but that is no longer the case, right? And in 2025, we have the on-off-ramp business from Europe. And this year, we -- apart from our on-off-ramp business, we also have Banxa. We also have our stablecoin cross-border payment business, the BizPay, our Indonesian local operations. And hence, the pockets of growth opportunity that OSL have today is a lot more diverse than 2024 and 2025. And with that, we are confident to continue to deliver growth to our shareholders. Kenrick Day: Yes. Thank you very much, Ivan. That's definitely very insightful. I believe we are -- still have time for one more question. Let's see. So -- okay. So we have one more question related to the stablecoin raised by the public. Regarding the Hong Kong stablecoin regime, especially the Hong Kong government is aiming to release the first batch of stablecoin license, hopefully, this year. What is OSL's position and perspective in regard. For this question, let me hand over to Gary, our Head of Regulatory, to give us some more color. Gary, over to you. Thank you very much. Ka Chun Tiu: Thank you for the question. And I'm sure the market -- most market participants have been watching this space very closely. And I guess the OSL senior management team were no exception to that. We see ourselves as a very important player in this space in Asia because as we said at the beginning, stablecoin as a use case, I think, has become a defining feature for the digital asset sector globally. And this is not just us saying it, it's actually our clients and our partners saying this. And I guess our strategy on this is somewhat similar to what we shared earlier on about the question of RWA or tokenization of financial assets. We see our role in this sector in many different ways. But one of the key values that we add to the sector is we work with top quality partners, upstream or downstream or horizontal partners. And we work with top partners in each aspect of the different product ecosystems that are -- that we see significant demand in and stablecoins is no exception. And stablecoins is in itself, is a very interesting instrument because the value of any stablecoin in itself is relatively limited. But the most valuable aspect of any stablecoin comes from its use cases. And that means the efficiency of transactions in a particular setting or the cost effectiveness of those transactions in those specific settings and the quality of the experience for the users using them. And in the case of our stablecoin partners, what do they care about? They care about the scale of the reach. So it's a combination of the efficiency, effectiveness and quality of the use cases and the scale of the reach of these use cases. So our strategy is to deliver the most valuable use case for our clients and for each of our partners, whatever our role may be in this space. And I think this is how we see the value of what we have built in this ecosystem. So hopefully, that answers the question. Kenrick Day: Yes. Thank you very much for the insightful sharing, Gary. That's super helpful. So thank you for all our management team for the response as well as the inquiry from the audience. And that should conclude our Q&A session for the day. So before we wrap up, I think I would like to take another chance to thank you, everyone, for the participation for today. We greatly appreciate your continued support and interest in OSL. I'm sure you have any further questions, please feel free to reach out to us. And the presentation material will be available on our website shortly. Thank you again, and have a nice day ahead. Bye. Thank you.
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