The company's website, ri.dex.co. This presentation will also be available there for download. This call is also available in English. If you would like to listen to the English version, please click on the globe icon at the lower bar at Zoom and select English. You may also mute the original audio. During the company's presentation, all participants will be in listen-only mode. After the presentation, we will begin the questions and answers session when further instructions will be given. Before we continue, I would like to underscore that any statements made about the future are based on the company's assumptions and beliefs. This is all based on the information that is currently available for the company. These statements may involve risks and uncertainties as they refer to future events that therefore depend on circumstances that may or may not occur.
Investors, analysts, and journalists should take into account that events related to the macroeconomic scenario and to the industry and other factors may lead these results to differ materially from those expressed in these forward-looking statements. We have with us in this conference call the company's executive directors and the investor relations team. We will now hand it over to Ms. Lucianna Raffaini, CFO, who will begin the presentation. Go ahead, Luciana.
Hello. Good morning. Welcome, ladies and gentlemen. My name is Lucianna Raffaini, CFO at Dexco, and it's a pleasure to be here with you to present our results for the fourth quarter and for the full year of 2025. Today, we're also going to talk about our perspectives for 2026, which is a very special year for Dexco, in which we will celebrate our 75th anniversary.
We'll go into some of the things we intend to do. I'll start by presenting some of the main highlights for 2025. Starting with Dexco, our net revenue in 2025 was BRL 8.249 million, an adjusted recurring pro forma of BRL 2,468. If we look at the equity in LD Celulose, the company added BRL 2.468 billion . I have a few highlights from our last quarter. In the fourth quarter, the ceramic tiles division continued to be pressured by high inventory levels and ongoing price deterioration. Sanitary ware were in line with expectations for the quarter with mix and price gains.
The wood division posted another solid performance with strong panel demand. LD Celulose reported a recurring EBITDA of BRL 350 million in the fourth quarter, of which Dexco's share was BRL 171 million. Our adjusted and recurring EBITDA was BRL 588 million, including equity income effects. Continuing with our cash flow. 2025 was marked by higher need for working capital, especially due to an increase in our inventory in metals. In the tiles division, inventory levels are still high. We had some interruptions in the reverse factoring program as we reported in the previous quarter. There's a high level of interest rates which continue to pressure us and our CapEx was 5% below last year. This is due to our forestry industry, which is responsible for 67% of these investments.
Our sustaining cash flow was positive at BRL 191 million for the year of 2025, of which BRL 136 million was a positive generation in the fourth quarter. It's important to underscore that we are at the end of our investment cycle, from 2021 - 2025, and we will see a reduction year-on-year in projects of 23%. Looking at these impacts, our cash consumption was BRL 382 million and 18% working capital to net revenue. Cash generation is our priority for 2026. Let's talk a bit about our corporate debt. We advanced with a successful plan to extend and reduce the average cost of our debt. That reduces our need to capture new debt until 2029, which will generate liquidity.
Our debt amortization program is 8% short term and 92% long term, which places us at a very comfortable position. Our current net debt is at BRL 519 million, with an average cost of 9.52% of the CDI, a reduction in comparison to September 2025. Our average term was also extended to five point four years. Considering leverage, we had a reduction of 13 basis points versus the previous quarter, which signals that we will continue to be stronger in reducing our debt. Our final leverage was 3.35x net debt to EBITDA. After January 5, our leverage will be 3.22x net debt to EBITDA, and this will continue in our priority to deleverage the company.
We will talk a bit about ceramic tiles to give some context to the industry and then talk about our results. The ceramic tiles industry is stagnated. The market is fragmented over capacity and with a strong price pressure, which has led to losses across the entire industry. The industry continues to be at 72% capacity utilization according to Anfacer, and we can see that it has been flat since 2023 with the same volumes, 230 million m² per year. In comparison to the post-pandemic year of 2021, the market has contracted by 22% of its volume. We are seeing a gradual recovery, but this is still insufficient to normalize inventories and the entire chain is still very idle.
Our results in the tiles environment was impacted by our competition. We finished the year at 67% capacity utilization. Our strategy in this division is to reposition our channels commercially, optimize our portfolio, and prioritize higher added value segments, focusing on cash generation and price discipline. Our results had a reduction of 4% in our volume in the fourth quarter. For the full year of 2025, we were at 16.6 million m² in volume. Net revenue dropped 13% in the fourth quarter and 9% for the full year of 2025, concluding at BRL 812 million or 20% gross margin with an adjusted and recurring EBITDA at BRL -14 million.
As a result of this environment and due to the company's internal decisions, our results for the fourth quarter was an adjusted and recurring EBITDA of BRL -6 million for the fourth quarter. Now we will talk about the metals and sanitary ware division. The sector has been pressured by price inflation, especially due to raw materials, inventory levels and interest rates, as this segment is deeply connected to civil construction. According to combined ANFAMAS data, we are seeing a reduction in gross revenue in the entire industry of 3.6%, this does not include imported materials. If we add that to this, we can consider that the market is flat. The sanitary ware market has gained 6% in its gross revenue. Our performance.
In the fourth quarter, the performance of metals and sanitary ware has been in line with expectations, considering the seasonal impacts typical of the sector, collective vacations, maintenance shutdowns, and higher material costs. Volumes dropped 6.5% in the fourth quarter, a reduction of 3.6% in 2025, excluding electric showers and faucets. Net revenue was flat for the fourth quarter at +0.2% and had a reduction of 3.7% for the full year of 2025. The highlight here is our unit revenue, an increase of 10.2% in the fourth quarter of 2025 and 20.2% in the full year of 2025, which reflects price implementation and a premium product mix.
Our adjusted and recurring EBITDA was BRL 23 million for the fourth quarter and BRL 92 million for the full year of 2025. This was impacted by inflation and costs in metals and operational efficiency challenges in sanitary ware, which have been partially offset by price adjustments and optimization in our factories. Continuing with wood, starting with our sector environment. In wood panels, the fundamentals continue healthy with a high capacity occupation. Exports continue to contract, a reduction of 6.5% versus the previous year, the demand has been reactivated in the domestic market. There is a lower volume being exported to the U.S. In the year, the entire market grew 0.2%, the total panels decreased 1% quarter-on-quarter. About our performance.
2025 was a record nominal adjusted and recurring EBITDA in the Wood Division, which highlights our resilience in the panels business. We had a small reduction in volume in the fourth quarter and in the year due to a higher level of inventory in the chain. Our operational recurring revenue reached BRL 5,520 million. Adjusted EBITDA was at BRL 1.572 million, a growth of 3.8% with a margin of 28.5%. Recurring net revenue in the fourth quarter was up 4.6% to BRL 1.387 million. We can now observe the capture of the price increases that we saw in the previous quarter. This was aligned to a better mix and resulted in this level of growth in our unit revenue.
In the fourth quarter, the adjusted and recurring EBITDA was BRL 400 million, an expansion of 14.4% versus the previous year, with margins of 28.8% and a utilization of 97% of our capacity. We will talk about LD Celulose. The highlights that we had for this division were the numbers for the quarter and for the year. These results are related to 100% of the operation. In 2025, LD finished with a volume shipped of 604,000 tons, up 3.3% versus the full year of 2024. Net revenue was BRL 3.150 million, up 5.9%, which resulted in an adjusted and recurring EBITDA of BRL 1.669 million, with a net income of BRL 448 million.
This reflects our strong operational performance and a very positive yearly comparison, even though it was influenced by foreign exchange effects in our financial results. In the fourth quarter, the adjusted and recurring EBITDA was BRL 350 million, which shows these effects and a reduction of DWP prices in the international market. 2025 had a historical productivity level and showed our strong productive capacity, operational efficiency, and consistent quality. We will talk about our transformation plan as presented during Dexco Day in November. We continue following this plan, and it still guides Dexco's agenda. As we shared then, we have five priorities. I'm going to start with financial deleveraging, which is our main priority. In this case, we issued debentures and ECPRs, which helped us with our liquidity.
We also had some recent land and forestry monetization initiatives. We sold non-operational assets, which added BRL 115 million to our cash until the end of December. These were consistent actions. This is our shared commitment, as we said, to analyze operational and non-operational assets. This continues to be a strong agenda for 2026, and we are focused on sustaining and positive cash generation with working capital initiatives and reducing expenses in CapEx. Let's talk about our go-to-market front. In go-to-market, we redesigned our strategy to service channels and our priority segments, reaching seven points in our share in the medium luxury metals division and one point in sanitary ware. We also were pursuing a higher ROI in our sales.
In metals, we have some products that were double digits and mitigated inflationary effects, adding more profits to our market investments, adjusting our list of salespeople. In 2025, we opened 12 stores, Casa Dexco, and reinforced our relationship with specialized channels. In 2026, our focus will be to accelerate growth with new sales governance, a new service model, and pursuing new price opportunities. We're also going to consolidate our presence in strategic channels with a strong portfolio and an attractive relationship program which boosts our brands and makes us more profitable. Continuing with our turnaround lever, this, without a doubt, is our biggest challenge. In the fourth quarter of 2025, we simplified our portfolio, delisting 600 SKUs, which has given us a significant write-off to our inventories in these results.
We also reorganized our factory capacity, closing plants, excuse me, closed our unit in Botucatu. We still have a lot to do. We have some initiatives mapped and ongoing to be implemented. In the wood innovation front, we are exploring new initiatives aiming at increasing our expertise at this unit. We created DNF, which stands for Duratex Forestry Business. A section that will help us grow in wood beyond panels. These are new growth avenues that include trading wood, adding profit to forest residues such as wood chips, forestry expansion, and some other initiatives connected to our de-leveraging agenda. The last lever is competitiveness in metals and sanitary ware. In metals, we recovered some of our market share by increasing or improving our portfolio.
This has allowed us to expand in comparison to our main competitors and has ensured a higher flexibility in supplying the national and international markets. In sanitary ware, we have significant sales in industrial initiatives which have contributed to a higher performance. This includes the optimization of our factory, closing the plant in Paraíba, which has given us a recurring EBITDA that was eight points higher than the third quarter of 2025. We have a robust, consistent strategy, that's why the company is focused on executing these projects with excellence. Now some future perspectives for 2026. We will continue on our transformation plan, in the case of de-leveraging, we will continue to monetize forestry assets, we will provide tax credits besides having operational and non-operational assets.
We are going to reduce our leverage to around 2.7 net debt to EBITDA until the end of the year. In our turnaround for the tiles segment, we will still have a challenging year. We will continue executing and improving our mix and channels, focusing on high added value, automation, and operational and asset optimization. In metals and sanitary ware, we can increase prices as we have done in December and February. We can consolidate our service level and reduce operational costs through automation in sanitary ware and through operational efficiency in assets. In sanitary ware, we have increased cost competitiveness, and this will probably be reflected in our P&L for the next months.
In metals, we have increased service levels, which have helped us to capture more market share, and for 2026 we expect to continue that. At the same time, we are accelerating some efficiency working capital optimization initiatives. We are improving prices and we're being more flexible in delivering, which are impacting our prices. In wood, our expectation is to maintain this strong demand in the panels market and to generate complementary businesses through Duratex Forestry. LD Celulose is poised for another year of high productivity and a solid operational performance. In go-to-market, we will have a structured plan with a broader growth vision focusing on the top line. We're also reviewing our channel strategy, the commercial policy, investments in trade and priority contracts.
We continue to simplify our portfolio and use more technology for our performance management and for sales execution with RGM possibilities. We're also seeing a gradual rollout of the new Casa Dexco franchise stores. This concludes our presentation, and we are now available for our Q&A. Thank you.
Thank you. We will now begin the questions and answers session for investors and analysts. If you would like to ask a question, please click on the Raise Hand button. If your question has already been answered, you may remove yourself from the queue by clicking on the Lower Hand button. The first question will be asked by Mr. Matheus Meloni from Santander.
Hi, good morning, everyone. Thank you for taking my question. I have two. First, I'd like to understand this issue in the ceramics division, the rationale there, and if you have done everything or if there's still more initiatives to come. My second question is about LD Celulose. How much do you expect, or when do you expect payments to be made, dividends? Are you trying to advance this to help with leverage? That's all. Thank you.
Matheus, thank you for your questions. I'm going to let Lucianna Raffaini answer both of these questions. Go ahead.
Hi. Thank you for that question. Starting with the first one about impairments. With all the changes that we had, closing a few sites, in Deca, for example, we had BRL 30 million in our inventory, an additional BRL 30 million in sanitary ware in Paraíba.
This is all part of our factory footprint adjustment that was made at the end of the year. In ceramic tiles, this was BRL 94 million in inventory. Out of this 94, we have a GM revision to optimize our portfolio. You can consider those. With the closure of RC1 and RC2, we have an additional BRL 102 million, which have been redirected to the immobilized base. That's an overview of our impairments for the year. That answers your first question. For LD Celulose, without a doubt, we've been having very good performance. Our expectation is that we will consolidate and sustain this performance because we have accelerated. If you look at the performance that LD had, we are deleveraging at 2.6 x due to that good performance that we've been having.
I think that's it. Henrique, anything to add?
No.
Wonderful. Let's continue with the next question.
The next question will be asked by Mr. Matheus Moreira from Bradesco.
Hi, everyone. Good morning. Thank you for taking my questions. I have two. First, I'd like to ask about Deca, which was the most striking division this quarter. Its results were far below what we expected. I understand that the company is adjusting its strategy for a more, a higher added value mix, which has helped in price, but the cost has been much higher. What should we expect for the future? Should we expect costs to normalize in this division? What do you believe the results will be for Deca from now on? My second question is about ceramic tiles. It drew my attention that the volume for next quarter was below the market level this quarter.
I understand that some of that can be explained by the production adjustments that you made throughout the last year, but I would like to know if there might be any other reason, if you're facing a more challenging competitive environment. Still on ceramics, if you can tell us a bit about how you see margin levels for the future. With Botucatu coming online and with some less competitive plants being removed, should we expect better margins in the next quarters? Sorry to ask a follow-up question to Matheus's question about dividends in LD Celulose. I saw that you received around 70 million BRL in dividends at LD in the last quarter. Is there any flexibility to maybe make these payments in 2026? These payments are supposed to be made for the next two years.
How do you what is your take on the debt level from now on?
Thank you, Matheus. Luciana will answer LD, this is a statement for dividends payable for the next two years, referring to our results in 2025. Luciana will explain this, then Raul will answer your question about Deca and about ceramic tiles since he was the VP at the time in 2025.
Thank you for your question. To answer your question about dividends, what we currently have in our plan, according to the obligations that we have connected to our debt and our bonds, is that we have the potential to unlock in 2026, $5 million in dividends according to our projections. Of course, this is a huge potential that LD has been providing, so we're looking at alternatives to see if we can do something different and pay these dividends in advance, but it's still early to say.
Hi, Matheus. Thank you for your question. Excuse me. Speaking about metals, this is a division that really suffered from the costs at the end of last year. I think you saw the increase in the price of copper that took place at the end of the third quarter. It always takes some time to pass these costs in our prices. We readjusted, but it wasn't so fast as we saw in the cost increase. Added to that, we also had some scheduled owntime.
Our production readjustment. You know, with new products and new product lines and portfolio this made our production system less optimized, and that also impacted our costs, which have now been adjusted for this year. It's important to say that copper continues to go up in the fourth quarter. We have had an increase in the fourth quarter of 2026, and we're starting to capture that at the end of the first quarter. We did adjust costs for metals in sanitary ware. We are still consistent and aligned to what we said we were going to do. We are improving competitiveness, costs, and we've been very fast at that, especially after closing Paraíba. There's also a ramp up there. When you bring one production to a different place in sanitary ware, this is much more complex to be adjusted.
There was a learning curve, and we are finishing the year at the best productivity, historical levels, and production costs for sanitary ware. We also increased in the main categories in sanitary ware, and the market has followed with some delays. In 2026 we're going to see much healthier margins in sanitary ware in metals. We will continue without interruptions or without any major changes in course in comparison to what we had planned for this division.
Continuing with ceramic tiles. Yes, we did lose a part of our volume, and this was embedded in our strategy. As we look at this low as we see this low occupation rate, as we see the market contracting and new capacities, we came to the conclusion that there's a part of the market that is addressable and where we can work.
It doesn't make sense to continue to produce and sell products at the lower part of the market. We can't cover our costs that way. We can't have operational margins by doing that. When we stepped away from this, we created a very clear effect because we had lower occupation. We adjusted for that at the end of the year. We adjusted our capacity temporarily. Since we did that, we started seeing better costs, and we were able to sell less with a better margin. The game in tiles is to leverage all the space we have in the specialized store, all the go-to-market effort that we made with a smaller capacity and leverage the brands that we have, which are market leaders.
The truth is that, as Luciana said, this is a process that goes beyond 2026, but we will certainly start seeing much healthier margins now throughout 2026. Ceramic tiles are an integrative part of our strategy at Dexco. You can't think of, you know, Dexco without it. We're in retail. We're finding that ceramic tiles represent nearly 50% of a combined sale. We want to continue in that industry with, of course, a much better strategy, a more fine-tuned strategy to work in segments where we have a better and winning value proposition in the market.
Great. Thank you.
The next question will be asked by Ricardo Monegaglia from Safra. Mr. Ricardo? He may be having some technical issues, so let's continue with Marcio Farid from Goldman Sachs.
Hi, everyone. Good morning. Thank you.
Just a couple points from me. I know that Iran is a supplier of urea. What alternatives have you been finding to them, and how are you offsetting these possible price increases? When it comes to forests and panels, results have been very strong in the last year. It was great to see, especially in the second quarter, a cleaner result with some clean results. I'm just trying to understand what you're seeing on your end. Obviously, the macro scenario in Brazil seems to be slowing down. Interest rates are still high. It's an election year. What are you seeing on your end in demand? If there's anything from the supply side, if you could tell us a bit more about that. Thank you.
Thank you for your question, Farid. I'm going to hand it over to our wood VP, Henrique Haddad, who's going to tell us about urea and future perspectives for the wood division and for wood panels.
Hi, Farid. Thank you for that question. Good morning, everyone. Considering urea, although Iran is really an important player in this market, the two main variables that we have to look at are the consumption in India and supplies coming from China. China is a country that produces a lot of urea but consumes all of it. These are the two variables that we have to look at. Our supply base is not from Iran, but it can be impacted due to transportation because it does come from the Middle East and from the opposite side. In the middle of last year, we started diversifying our suppliers.
Through a multiple sourcing strategy, we were able to hedge and unlock some of the cost variations for urea. Of course, on the short term, there might be some balance issues, but we have been effective in managing these costs, which for us are a very important differentiator. It's important to say that we have planned the return of some urea factories in Brazil that used to be led by Petrobras. Despite not having huge volumes, we understand that this can also be helpful in rebalancing prices on the long term. About the panels market, I think Luciana raised an important point. We're very happy with the panels operation remaining at a very positive level.
In volume and profitability, we're coming close to or surpassing the results that we had during the COVID pandemic, which was a special moment for the market. We see that maybe one of the main factors to rebalance the market is to effectively find some stability in the supply. You might remember the time in which we had a huge amount of new capacity being brought to the market, which doesn't seem to be true anymore. There are two factors behind that. We have to take some things into account when it comes to that. First, the investment for a factory unit continues to go up because of the global dynamics. Besides all of that, we now have some pressure in the availability of wood. It's not trivial for someone to create a new capacity if they don't have a predefined forestry base.
What we see is that the wood panels market has been very stable, very flat. It does fluctuate, but at a much smaller proportion. Considering that we have some stability on the supply, we see this as a positive perspective. Why? Because there's no big movement. The market has been advancing slowly without any major peaks or without major highs or lows.
If I could ask a question about strategy. When you look at your current portfolio, do you need to make any aggressive adjustments? Obviously, we know that electric showers was an operation that had low profitability for a long time before you removed it from your base. I know that in the last 12 months you've been having several internal strategies to discontinue some operations, product lines, reduced SKUs. My question is if there's anything that can be more aggressive that you're taking into consideration, or are you only expecting to continue in the same direction and, you know, are you expecting any of the businesses to be at a better position?
Thank you, Farid. We've been saying for some time that, yes, we do look at many alternatives for operational and non-operational assets. This is what we've been saying. The fact is that you're right. We are starting to do that structurally. What we did in investments this year was not trivial. Reducing product lines, that's 30% of the products that we use. When we make that clear to the market, when we position ourselves as a high-end segment with capabilities in Botucatu, this is a very important structural change.
What I can tell you is that, yes, we are assessing this. We're talking about this in the company. We're exploring possibilities, but right now we don't have anything concrete to tell you. These options are definitely all on the table.
Great. Thank you.
The next question will be asked by Guilherme Rosito from Bank of America.
Hi, everyone. Good morning. Thank you for taking my question. I have two. The first one is a follow-up to Matheus question about Deca. Your EBITDA is much lower than that BRL 50 million that was discussed during the Dexco Day, which was your goal for the year. Of course, there's a seasonal pattern, but when you look at cost drivers, copper and aluminum has gone up. How confident are you that you will reach this EBITDA level? How much does it depend on price? I'd also like to ask for an update to your initiatives. How much do you want to raise by the end of the year? Just to give us an idea of how conversations are going.
Thank you, Guilherme. Before I pass it over to Raul and Daniel, let's just place everyone on the same page. During Dexco Day, we were very clear in saying that that number would not repeat in the fourth quarter due to some issues such as collective vacations, programmed downtimes, and a seasonal pattern. We didn't expect that, at least for Dexco and the Deca division for the fourth quarter for those reasons. I'll pass it over to Raul and Daniel.
Besides these three things, what changed was the speed in which copper prices were raised. We didn't expect that in our analysis then. We were very fast in increasing our prices, but of course, this was not reflected in the quarter. Now let's bring in Daniel. You ask a very important question about the future perspective. Let's talk to Daniel and [Menegon], which are the two new or not so new market leaders that are being brought to take care of ceramics and metals and sanitary ware. Daniel, over to you.
Thank you, Guilherme. First of all, it's a big pleasure to be here today. Thank you for inviting me to be here at Deca. Yes, we're very confident because we started the year with a cleaner base, a much better prepared asset base to reposition our price and mix.
To be direct about the pricing initiatives for the fourth quarter, as Raul said, we're going to get the full potential of that in the second quarter. You know, recomposing prices and renegotiations is slower, but price increases were between 12% and 20%, depending on the SKU and the competitive strength that we have in each one of them. Yes, that will become more material soon, and we should see the effects of that in the short term. We'll see our margins going up. We're also depending less on super competitive products since we reviewed the factory footprint by closing one plant. We have an organic mix gain effect in sanitary ware. As Luciana said, there was also a delist in metals. We repositioned our portfolio, and we believe that this represents what Deca intends to be.
This mix is going to create more value, but when you have movements like this, that can have a negative impact. In 2026, we'll start with a more solid base to capture the value of the initiatives that we implemented.
Let's continue with the next question, which will be asked by Mr. Pedro Melo from Citibank.
Hi, everyone. Good morning. Most of my questions have been answered, I'll just ask a follow-up question about ceramic tiles. I'd just like to understand what is your degree of confidence that this vertical will recover in the medium term, maybe in 2027 with the measures that you're using, and also with this reduction in interest rates after the elections. What might your results be for ceramic tiles in the medium term if we see a recovery in 2027? We know that this year will be a bit more challenging.
Thank you for your question, Pedro. I'll hand it over to Raul.
Thank you, Pedro. We've been trying to give some clarity on since Dexco went into this industry, the fundamentals of this market changed significantly. We also had increased capacity going into Botucatu. Our entire process in retail, Casa Dexco is a major element. We are becoming closer to that segment of specialized stores. All of that makes it so that this adjustment going to a more profitable product line and unlocking all of the potential that we built with Botucatu, and also the possibility of operating with more efficient lines, which will lead to higher costs, but will also depend on full factories.
This equation between occupying space and the luxury segment at the same time as we ensure that we have good factory occupation levels, all of that takes time. We can also say that the impacts of high interest rates also made retailers keep an eye on their own working capital. When you look at the volumes from 2022, no growth, or slightly below what we saw in the COVID pandemic, it's not that the market disappeared. There's also the effect of the inventory and throughout the chain. Since our service level is very good, our inventory can be much lower. In that sense, 2025 and 2026 is still the last part of this process of adjusting our inventories throughout the chain. We're also finalizing this adjustment.
Imagine what it means to reduce 30% of your portfolio selling these products. We're not going to put it to waste. We're also going to sell it and reposition it without contaminating the premium markets. In 2026, we will consolidate this change. In 2027, we hope to have double-digit margins in ceramic tiles.
This concludes the questions and answer session. We will now hand it over to Mr. Raul Guaragna, CEO, for the company's closing remarks.
Thank you, everyone. Like Luciana said, this will be a very important year for Dexco. Dexco will be 75 in March, like Itaú, which had its 100th anniversary, and Itaúsa. This is a part of our strategy, a long-term vision and belief in the Brazilian market. That's the spirit that we carry in this important date.
We want to continue having a long-term vision, responsible turnaround, conserving our ability to grow so that we can continue to be relevant and continue to lead across all the industries in which we work with a very strong cash generation perspective. At the end of our investment program, we're finding a tougher market on one hand, which has made returns more difficult. On the other hand, it's giving us an asset that is our plant infrastructure that is extremely competitive. This is much tougher than we had imagined earlier due to so many moving parts. As Farid said, so many things are changing. We're focusing right now. We're continuing to reduce leverage. This is something that we will do with diligence. We need to continue looking at cash and generating cash consistently. That's a second element.
Making our culture stronger, our way of working, our way of being with a renewed infrastructure. Besides the people we have here, we also have Glaucia in HR, Marina, Jordana. A very strong team. We're looking at ceramic tiles with the same focus that we had in the past. Itaúsa, Portinari, all of that gives us a much more independent role without losing sight of our fundamentals, which is solutions for better living and being in people's homes, and they're finishing from Vinilex to metals and wall tiles and wood. That's the most important thing. This year also marked our improvement in LD Celulose. I think this is also a very important division. This year, we will need to focus. We will need to be very responsible in how we allocate our capital and generate cash.
We are starting 2026 strong and confident that we will post very good results aligned to our strategy of retaking the position that we've always had. Thank you, everyone. It's a pleasure to share these results with you for 2025, and we will continue available.
This concludes Dexco's conference call.