Leading with resilience in a changing environment

Dear Metalsa family and stakeholders,

The global economic environment remained highly uncertain, shaped by evolving trade policies, geopolitical dynamics, and shifts in customer strategies, particularly regarding the pace of electrification. These conditions, combined with the inherent cyclicality of the commercial vehicle market, resulted in a slight decline in revenues, especially within this segment. Nonetheless, through disciplined execution and a clear strategic focus, we strengthened our profitability and cash generation, demonstrating the robustness of our operating model and our ability to adapt in complex environments.

Throughout the year, we faced significant challenges, including the risk of tariff changes and the accelerated withdrawal of Battery Electric Vehicle programs in North America. In response, we intensified our focus on operational excellence, procurement optimization, and commercial recovery actions. These efforts enabled us not only to mitigate external pressures, but also to enhance our performance and reinforce our financial position.

At the same time, we continued to advance our sustainability agenda, integrating environmental, social, and governance considerations into our core decision-making processes. Sustainability is no longer a parallel initiative; it is a fundamental pillar of our strategy. In 2025, this integration guided our investments in emissions reduction, operational efficiency, workplace safety, and talent development, ensuring that our short-term actions are fully aligned with long-term value creation.

A key milestone in this journey was the strengthening of our strategic approach to sustainability through the adoption of a double materiality perspective. This enables us to better understand both the impact of our operations on society and the environment, as well as the financial implications of sustainability-related risks and opportunities. By embedding these insights into our Enterprise Risk Management, strategic planning, and capital allocation processes, we are building a more resilient and forward-looking organization.

We are redefining our strategic roadmap with a renewed emphasis on sustainable and profitable growth. Our strategy builds on our core strengths, our industrial capabilities, strong customer relationships, and global footprint, while positioning us to navigate multiple future scenarios with agility and discipline.

This year, we laid the foundations for the next phase of our evolution, where sustainability will continue to guide how we grow, compete, and create value.

We remain firmly committed to driving sustainable growth, creating long-term value for our stakeholders, strengthening our partnerships with customers and suppliers, empowering our people, and contributing positively to the communities where we operate.

Sincerely,