Thank you. Good morning and welcome to Vallourec's Q3 2025 result presentation, hosted by Philippe Guillemot, Chairman of the Board and Chief Executive Officer, and Sascha Bibert, Chief Financial Officer. For the first part of the conference call, all participants will be in listen-only mode. During the question-and-answer session, you may ask questions by joining the conference call and dialing the pound key five on your telephone keypad to enter the queue. I would like to hand the call over to Connor Lynagh, Vice President of Investor Relations. Please go ahead, sir. Thank you. Good morning, ladies and gentlemen, and thank you for joining us for Vallourec's third quarter 2025 results presentation. I'm Connor Lynagh, Vice President of Investor Relations at Vallourec. I'm joined today by Vallourec's Chairman and Chief Executive Officer, Philippe Guillemot, and Vallourec's Chief Financial Officer, Sascha Bibert. Before we begin our presentation, I would like to note that this conference call will be recorded. A replay will be available following the call. You can find the audio webcast on our Investor Relations website. The presentation slides referred to during this call are also available for download here. Today's call will contain forward-looking statements. Future results may differ materially from statements or projections made on today's call. The forward-looking statements and risk factors that could affect those statements are referenced on slide two of today's presentation. These are also included in our universal registration document filed with the French financial market regulator, the AMF. This presentation will be followed by a Q&A session. I will now turn the call over to Philippe Guillemot. Thank you, Connor. Welcome, ladies and gentlemen, and thank you for joining us to discuss Vallourec's third quarter 2025 results. In the third quarter, we delivered solid results once again, with group EBITDA margin rising to 23%, the highest level since the first quarter of 2024. With this, we have now maintained our EBITDA margin around the 20% level and generated positive cash flow every quarter for the last three years. Our strategic initiatives are paying off, demonstrated this quarter by the closing of the tubes profitability gap versus our primary peer. You can see today's agenda on slide three. I will move to slide five to discuss the highlights of the third quarter. Our third quarter results were in line with our expectations. EBITDA of EUR 210 million was at the midpoint of our guidance range. We recorded a very strong net income of EUR 134 million. Our net income has recently been added by the execution of strategic projects, in this case, the sale of Serimax. Group EBITDA margin was 23%, driven by the robust performance in tubes. Tubes EBITDA per ton improved by more than 25% sequentially to EUR 621. Total cash generation was positive for the 12th straight quarter. We reduced net debt to EUR 140 million. Looking ahead, we expect fourth quarter EBITDA to range between EUR 195 million and EUR 225 million. Our full year outlook confirms the expected second half versus first half EBITDA improvement. We have seen some positive trends in the business despite a volatile microenvironment. In the U.S., our fully integrated domestic operation is benefiting from high levels of customer demand. Recent bookings have been strong. In Brazil, we secured a major contract with Petrobras, which will expand our OCTG market share. This contract further demonstrates Vallourec's ability to deliver high-value solutions from our domestic manufacturing base. Meanwhile, in select markets in the Eastern Hemisphere, we have seen delays in some customers' activity. These delays will result in some orders being invoiced in 2026 later than initially planned. This delay is embedded in our fourth quarter outlook. Turning to capital allocation, we further optimized our capital structure in the quarter, redeeming 10% of our 2032 senior notes. In addition, today, we announced a special meeting for holders of Vallourec warrants. The key proposal will be to allow Vallourec to satisfy its warrants obligation with existing or new shares. The current terms of our agreement only allow the delivery of new shares. This will enable maximum flexibility in our capital return options over the next year. Let's move to slide six. The two goals of the new Vallourec plan were to crisis-proof our business and deliver best-in-class profitability. Today, I am pleased to announce that Vallourec has achieved another major milestone. In the third quarter, we fully closed the margin gap versus our primary peer. This is thanks to our core principle of value over volume and our relentless focus on operational excellence. We also continued our strong trend in return on invested capital in Q3. I assure that our journey will not stop here. We have many initiatives underway to further improve our return on invested capital. Let's turn to the current market environment on slide eight. We start here with the U.S. OCTG market. While crude prices remain volatile, oil drilling activity bottomed in August. The oil rig count increased modestly through the third quarter. Gas-directed drilling has stabilized at the low case level after rebounding in H1. Recent strength in U.S. gas pricing could drive higher activity. OCTG consumption per rig is also a tailwind. Since 2015, OCTG intensity per rig has increased nearly 5% per year, as shown on the right-hand chart. The drivers are clear. Our customers are drilling longer laterals, and rigs are drilling at faster rates. The push towards long laterals has driven strong demand for our high-torque connections. Because of this, one of our return-enhancing initiatives is the construction of our new threading line in Ohio, which we announced earlier this week. This line will serve the strong and increasing market demand for high-torque connections with a high return on capital. Let's move to slide nine. On the left side, you can see the import trend. While recent data is unavailable due to the U.S. government shutdown, we believe imports have started to decrease. This is particularly true for seamless products. Our order intake has been robust in recent months, reflecting healthy demand levels and an improvement in our market share. This is likely at the expense of some of these imports. Seamless post-pricing was stable in Q3, with the latest survey showing a slight increase. We have seen divergence in welded versus seamless pricing in some recent industry surveys. This validates the differences in import economics we highlighted last quarter. Let's move to the international OCTG market on slide 10. Demand, as measured by the rig count, remains at the low case level in most regions. On the left, we highlight that activity trends have not been uniform across key geographies. Middle East activity, particularly offshore, has shown a downward trend over the past several months. This was particularly driven by activity reduction in Saudi Arabia. Our premium portfolio is outperforming the overall market. Still, we have seen some delays in customer activity in select countries, especially in the Middle East and North America region. Meanwhile, activity in other international markets has moderated very slightly. Many of our core markets, such as Brazil, have been stable and look set for further growth. Market prices, according to Rystad Energy, are consistent with a change in activity. There has been softening in the Middle East relative to offshore markets like the North Sea. Our product mix is skewed toward more premium grades and connections as this index. Our pricing has remained more stable, including in the Middle East. Looking at the long term, our key international customers continue to advance ambitious capacity growth plans. This will inevitably lead to higher drilling activity and higher OCTG demand well into the future. The structural shift towards increased gas and unconventional fields and the resilient development of deep water basins is a tailwind. These resources require high-tech solutions, including new fit-for-purpose solutions that we are developing today. Before I hand over to Sascha for his last participation to Vallourec's analyst call, I would like to warmly thank him for his contribution next to me to the successful execution of the new Vallourec plan, which I announced in May 2022, and that Sascha will recap in his presentation. We all wish him the best for his future challenge in Germany. Good morning, everyone. Thank you, Philippe. Yes, I'm leaving with a lot of gratitude and also some pride when looking back on what we have achieved as a team. Under your leadership, Philippe, we have executed the new Vallourec plan, including the closure of plants and implemented a change in the business mix towards high-value-add products, which allowed us to generate cash consistently. This opened the door for the refinancing and the initiation of shareholder returns. Meanwhile, our shareholder base has transitioned from Apollo and SVPGlobal towards ArcelorMittal and many global investment funds. Similarly, we have established a new banking group and are now fully transitioning towards an investment-grade balance sheet. In short, a chapter has closed and a new one is opening. The Vallourec team will go towards the next level of efficiency, continuing to further optimize our return on capital. This will offer new opportunities but will also benefit from new skills and fresh energy. I will join the BASF group to support them with the carve-out and IPO readiness of the agricultural solutions business. It was a fantastic journey with Vallourec, and I thank you all for your support during those years. Let me also highlight important changes in our investor relations team. Connor will continue to lead the team until early 2026. However, then transition the IR leadership to Daniel Thompson, who recently joined us from Exane BNP Paribas. I think many of you know Dan. Sometime in the first half of 2026, Connor will then fully concentrate on his new responsibility as finance head for our North American operations. Furthermore, we have another addition to the IR team, Igor Le Blan, who brings with him lots of valuable experience from his former Vallourec roles, including for sales in Northern Africa. Let's start with page 12. This slide shows the impact of the new Vallourec plan. As part of our premiumization strategy, we have changed the business mix and increased prices. We also worked hard on our cost, reducing fixed costs and thereby increasing our resilience to market cycles. The combination of higher prices and higher efficiencies has contributed to an EBITDA margin that is now consistently around 20% for the last three years. We additionally focused on the bottom line, both in the P&L and managed for cash. With diligent work in capital management, we have improved contractual payment terms with our suppliers, focused on the cash profile of our customer contracts, and are continuously optimizing our inventory levels. This has led to a balance sheet with basically zero net debt and ample liquidity, giving us the flexibility to operate successfully in any market environment and allowing for attractive shareholder returns. On page 13, you have the group KPIs. Q3 was another quarter that added to the execution track I just referred to. Our EBITDA came in right at the midpoint of our guidance, though again, we had some foreign exchange headwinds. Let's look at our tubes segment on page 14. Tubes volumes increased sequentially, and so did the average selling price. We have recently recorded some important customer wins, for example, in Brazil. The new LTA with Petrobras will lead to revenues starting at H2 2026 and then fully from 2027 onwards. Tubes profitability is shown on page 15. In line with our value over volume strategy, based upon a clear selection of where to play while making use of our premium capacity, we also increased profitability in the tubes segment to one of the highest levels in recent quarters. As Philippe outlined, we are now also closing the margin gap with best-in-class peers, though there are many more performance initiatives to come. Over to page 16. Mine and forest earnings reduced sequentially but are still higher than the normal run rate we have guided at our Capital Market Day. Volumes were slightly down sequentially, while the quality of the ore sold remained high. As expected, costs went up slightly, though still leading to an attractive EBITDA margin for the segment of more than 40%. Moving to net income on page 17. Net income was strong, additionally supported by a capital gain recorded as part of the Serimax disposal and a favorable tax rate. Looking at the right side of the chart, Vallourec has clearly moved away from being a company with a predominant capacity and top-line focus towards managing for the bottom line, both in the P&L and in cash. Page 18 shows our cash flow. Total cash generation came in at EUR 67 million, despite a EUR 43 million increase in working capital. Restructuring charges and asset disposals offset each other in the quarter following the disposal of Serimax. Cash conversion was once again high. Page 19. In line with positive cash generation, net debt improved, and also gross debt came down following the repurchase of 10% of our outstanding bond. The reduction in gross debt will continue in the next quarter as accrued interest will then reduce subsequent to the payment of the coupon. Philippe, back to you. Thank you, Sascha. Let's turn to slide 21 to discuss our outlook. Starting with our tubes business, in the fourth quarter, we expect volumes to increase slightly sequentially. EBITDA pattern should remain similar to Q3. For mine and forest, we expect production sold to be around 1.4 million tons in the fourth quarter. The sequential decline is in line with typical seasonal patterns. We expect full year production of around 6.2 million tons. EBITDA in the mine and forest segment will be contingent on market prices for iron ore. That said, we have aged a portion of our production, so our results will not be fully exposed to further price developments from here. At the group level, we expect our fourth quarter EBITDA to run between EUR 195 million-EUR 225 million. Looking at the full year, we confirm our prior year guidance for EBITDA improvement in the second half. Based on our Q4 outlook, full year EBITDA is expected to run between EUR 799 million and EUR 829 million. Let's conclude on slide 22. We remain focused on improving our profitability and return on invested capital as we drive Vallourec towards operational excellence. We were very pleased to close the profitability gap versus our primary peer in the third quarter, but we will not stop there. Our vertically integrated U.S. footprint is paying dividends, with customer demand remaining strong. Finally, we strive to be one of the most shareholder-friendly companies within our peer group. Today, we announced a key step to improve flexibility in our shareholder returns. By allowing our rounds to be satisfied with existing shares, including treasury shares, we can approach our shareholder return in 2026 in a more holistic way. Thank you again for your attention. Sascha and I are now ready to take your questions. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. Now we have a question from Matt Smith from Bank of America. Please go ahead. Hi there, good morning guys. Thanks for taking my questions. I had a couple of pleas, both reflecting on some of the prepared remarks. I mean, the first one would be around the international business. You commented on some delays to customer activity, so orders from Q4 into 2026. I guess I just wondered if your confidence level, this is sort of simply order deferrals. I guess you already have visibility on that, but perhaps that sort of leads into some wider comments on the international business for 2026. Might be useful if you could, and you could talk to the visibility that you already have there from the order book. I think that would be useful. Thanks. Secondly, coming back to the warrants proposed in those modifications to the terms today, I just wondered if you could talk to sort of the intention and what you would see as the sort of ideal outcome and resolution from all of this, please. Okay. Thank you for the question. First, as you know, our long-term agreement with customers does not have quarterly volumes commitment. We must make an estimate of our activity levels. In certain countries, activities have been slower than forecast. In addition, customers have some control over when we deliver and invoice orders. We have some highly contributed orders that push out of the year. It is just a question of time. We have these orders. It is just a question of when customers will need the pipe so we can invoice them. That is why what we do not invoice as expected in Q4 will be invoiced somewhere in 2026. Overall, about the market we are in, I think we are confident. I think our customers have a capacity increase plan they are executing. We have no reason to think they will not do so, especially as you have seen that OPEC+ is ramping up production. That is for your first question. As far as the second question, as we indicated, we want maximum flexibility in our return to shareholder. With the change of terms of the agreement with the warrants holders, I think we really open the door, obviously, to potentially buy shares in order to have treasury shares that could be used at the time warrants will be exercised and not only to use new shares. Now we have a question from Guilherme Levy from Morgan Stanley. Please go ahead. Hi, good morning, everyone. Sascha, wish you, of course, all the best in your next steps. I have two questions, please. The first one, if I may, you commented on your perception of lower imports into the U.S. recently. I was just curious to see how quickly you think that inventory levels can fall in order for you to see a more significant increase in terms of prices and margins on the back of the recent import tariffs in the country. The second one, thinking about this new investment in the threading line in Ohio, could you perhaps share with us more examples of small-scale investments that you have in mind that you could make over the coming quarters, and how should we see your maintenance CapEx and also your total CapEx, including these small initiatives over the coming years? Thank you. Yeah, what we start to see is the impact of the tariff on the U.S. imports. Even though there is no statistic available, it looks like imports are decreasing. By the way, one of the European players who used to sell to the U.S. has announced yesterday that they will go from three shift to two shift, so lower volume, which is a first clear indication that importing pipes in the U.S., given the tariff, may not be as viable as in the past or as profitable as in the past. This, as a consequence, favors domestic players. I remind you that 100% of what we sell on the onshore market in the U.S., we make it in the U.S. from seam making to finishing. We are the second player on the seamless pipe OCTG business in the U.S. As far as inventory is concerned, yes, they were up because of the imports in anticipation of the tariff, but now they are obviously slowly but surely depleted. We think that we will see even more of this happening in 2026. That is the reason why, as I said, we see strong demand for our product and premium product, as I mentioned earlier. Threading line. The threading line investment in the U.S., $48 million, we announced on Monday. We had, by the way, a groundbreaking ceremony in Ohio to do so. It is a clear illustration of what we are doing. First, value over volume. Here, we are talking about increasing capacity to deliver high-torque connection to help our customers to generate productivity gains. We are really at the heart of their success. Second, we invest with, obviously, a state-of-the-art line. I can guarantee you that this is a good example of an investment that will further improve our return on invested capital. As far as CapEx is concerned, we stay very disciplined. What we have in mind does not mean that we are going to increase the CapEx envelope in the next few years. I think we are in the EUR 200 million range, and we have no intent to exceed this amount. By the way, talking about return on invested capital, which is a key metric we are focused on, we will be even more focused in the next few years. Another example is our investment in Thermotite do Brasil, the thermo insulation business in Brazil. We more than doubled the value we can sell to customers. I can already tell you that this acquisition, this new plant, is already fully loaded for next year to thermo insulate Vallourec pipes. Another good example of an investment we are making to further improve our return on invested capital. Just adding one addition to what Philippe said on CapEx. For the current financial year, looking at what we have spent at the nine-month stage, and acknowledging there is only the fourth quarter left, I think we will come out quite a bit below the EUR 200 million, i.e., in the Capital Market Day, we have mentioned maybe a long-term average of EUR 175 million. I think we will be closer to that in this fiscal year. And thanks for your wishes, Guilherme. Now we have a question from Kévin Roger from Kepler Cheuvreux. Please go ahead. Yes, good morning. Thanks for taking the question. First of all, Sascha, well done for everything that has been done in terms of financial, but also in terms of communication. Frankly, it has been very appreciated by anyone. Good luck also for the next journey. Wishing the best. The first question, if I may, just going back on the shifting of the volumes from Q4 to 2026, I was wondering if you can provide a bit of magnitude, the impact on Q4 in terms of volumes. Making some maths, I'm finding that maybe we are thinking about 30,000 tons of tubes that will be missed in Q4 compared to the previous expectation. Maybe some words around that, please. The second one, sorry for this stupid accounting tax question, but implicitly, with the new mechanics on the warrants you are telling us that potentially you would buy back some shares. In the current French tax environment that is evolving every day, can you just try to summarize and, of course, understand that it would be subject to what we have in terms of budget in the coming weeks, but what it would imply for the tax payment on any buyback for you, notably related to the difference between the cash payment and the book value, etc., please? Going back to Q4 volume and invoicing, first, I remind you that we will invoice more in Q4 than Q3. I will not give you any indication of how much we could have invoiced if customers asked to be delivered as we forecasted. Again, it is only a forecast. Every quarter, we have to forecast what customers will ask for. Again, I am talking about orders we have. As far as warrants are concerned and tax treatment, I remind you that the tax in France is such on share buyback that if we do not cancel the shares, so we use them, and as an example, we can use them for management incentive plan, they are not taxed. We are immune to this. As far as the amendments that have been voted at the Parliament, what I understand is that it's not likely to be in the final budget as it is totally incompatible with European laws and other regulations. Okay, thanks. Now we have a question from Guillaume Delaby from Bernstein. Please go ahead. Yes, good morning. Thank you, Sascha, for all your help over the past few years, especially if I remember between Christmas and New Year's Eve a few years ago. Three questions, if I may. First, the first one is the two first ones, in fact, are for Philippe. So I've been impressed by your average selling price, which is up 8% sequentially, while globally, OCTG prices have still remained flattish. We did not have yet an increase in OCTG prices. What has been your secret sauce during Q3? Is it a question of mix, more connection? If you can elaborate a little bit. That is my first question. My second question is on your 2026 outlook. Many services companies have provided a much more constructive 2026 outlook as of Q3 than what could have been expected. Just curious to see whether or not your view on 2026 has evolved. You mentioned probably more drilling at some stage. The third question is about the warrants. Sorry to be long. Just to fully understand, what is going to happen? The warrants are going to be exercised, so you are going to get some cash with additional shares. Am I understanding correctly? If not, please correct me. Thank you. Okay. Our secret sauce, but now I think you start to see it in the numbers. Value over volume. We are very serious about it. What we sell is high value-added product, which obviously gives us some pricing power. Again, we do not only sell tubes. We sell solutions. We sell tubes and service associated. This is a combination of all this. As I have said since I joined, our focus is to develop the right portfolio of customers and markets that are in need of this high value-added product. Yes, definitely, what we sell, and that is what I mentioned when we compare our average selling price to the Rystad index, nothing to compare. We are much more stable than what you see on that chart. It is just evidence that the strategy and the change of strategy I made when I joined is working. 2026, I won't guide for 2026, but as I said, U.S. market is good. We see demand, very strong demand, months after months. So far, no reason to think it won't continue that way. As far as drilling activity is concerned with some international customers, you see that Petrobras is obviously very active. They're even talking about exploration of the Amazonian area. In the Middle East, I think Aramco has seen some decrease in their rig count, but it may increase next year again. So far, I think demand is still there for our high premium solutions. As far as warrants, the question was? Yeah. Guillaume, your principal understanding is correct. Provided that the conditions are satisfied in the summer of 2026, the warrants will convert, and this will lead to a capital inflow to the tune of EUR 300 million and a bit to Vallourec. There is no change to that. The change, if any, that we have announced today is that we want to create flexibility in how we serve the warrant holders with shares. The existing documentation allows us to create new shares and new shares only, while after the approval from the warrant holders, we would then also have the opportunity to deliver existing shares. Again, we stick to our return policy. We said we would return to shareholders between 80% and 100% of the total cash action of the year before. As you have noticed, we have year-to-date generated cash, and obviously, even more at the end of the year. All this cash is available, and obviously, it is supposed to be returned to shareholders within our policy. With the warrant agreement terms changed, we have the flexibility to use existing shares once warrants will be exercised at the latest end of June next year. Obviously, we may decide to buy back shares in order to have them available in due time. Philippe, when it comes to the secret sauce, maybe you also want to just remind people about the current stage of our North American onshore business, which I think is also doing quite well and added to the ASP development that we have seen. Yeah, on the U.S. market, as you see, when we announced investment on the high-torque connection, it means that, yeah, the mix we are selling in North America is more high value-added than it used to be. As a consequence, it leads to higher average selling price too. What we see on the overall group average selling price is true in all regions. Same thing for Petrobras. The long-term agreement we have signed with Petrobras that will start to fall in our numbers in the second half of 2026 is obviously with mix of product of high value-added, including larger diameter, 18 inch and above, that we in the past were not able to produce in Brazil, but now we are able to produce in Brazil thanks to the investment, which were part of the new election. Maybe just to follow up on the warrant, it means that practically, you are likely or you have the option or the flexibility to buy back and to reduce some of the dilution which will be caused by warrants. Am I correct? You are correct. If all warrants are exercised and we deliver only new shares, it's roughly 15% dilution. If we buy back shares and we use existing shares, obviously, we will reduce the dilution. That's obviously the option we want to have. Okay. Okay. Now we have a question from Paul Redman from BNP Paribas. Please go ahead. Yeah, thank you very much for your time, guys. I just wanted to delve a little bit down into the shareholder distributions for next year. You have been paying out dividends for the past couple of years as part of the 80%-90%, 80%-100%, sorry, of total cash generation paid out to shareholders. Is this new buyback possibility part of that 80%-100%, or does it go beyond it? If it is part of the 80%-100%, do you have a minimum level of dividend you would like to guide us towards and the rest possibly coming through buybacks? Sascha, I just wanted to ask you, you have been at the company, and the company has changed a lot over the past few years. I wanted to ask, have you got any key highlights that you can say have been your biggest successes over the past few years? Before I hand over to Sascha, yeah, again, we will stick to our return policy. We are very disciplined, as you know, in everything we do. We will stick within the 80%-100%. We will see how much total cash will be generated in 2025, and we will use this to potentially execute any share buyback to, as I said earlier, reduce dilution at the time of warrant execution. As you rightly said, we will cash in more than EUR 300 million at the end of June. This cash, obviously, will have to be returned to shareholders within the same return policy. I stated earlier, 80%-100% of total cash generation. Sascha, hand over to you. Yeah. Thanks for the question, but to be honest, I'm not sure whether I had too many successes, but as a team, we had a lot, and that's what we are proud of. I think ultimately leading to the establishment of a track record and therefore the recreation of trust, I'd say, with many stakeholders, equity, and credit alike. I think it's the sum of many of the operational initiatives from the team, the refinancing, some work on the financial infrastructure that we have been doing that ultimately led to the stage where we are. Again, we don't get tired of hammering the point home that we have done a lot of good, but there's more to come. Vallourec will go into the next phase of optimization. This is why, for me, the story is ending, but for Vallourec, it's just the beginning. Maybe Sascha is too modest, but remember, we have refinanced our balance sheet in 2024. It was obviously good to see that we managed to refinance it the way we did. On top, you remember that Fitch has awarded an investment-grade rating, and I hope more to come. For a company that was almost bankrupt in 2021, being where we are today with all the, obviously, the opportunity we have to further create value through a much higher return on invested capital than our weighted average cost of capital is very rewarding. I thank Sascha for having been next to me to deliver this super performance so far. Now we have a question from Baptiste Lebacq from ODDO BHF. Please go ahead, sir. Yes. Good morning, everybody. First, Sascha, congrats for the very impressive job you have done, even if it's a team job, but very impressed by the way you did it. And good luck for the future. One question regarding, let's say, working cap in Q4. You mentioned some delays in terms of deliveries. We have seen some tension in working cap already in Q3. How should we think about, let's say, working cap at the end of the year? Second question regarding your, let's say, optimization of Brazilian assets. Is it now fully on stream? If I'm not wrong, you could sell some, let's say, lands in this country. How is it evolving? Thank you. As far as Q4 working cap, we expect a modest increase. No big deviation versus where we are. As you know, since the beginning of the new Vallourec plan, I think we have been very focused on working cap. As shown by Sascha in one of his slides, I think you can see that the working cap expressed in days has steadily decreased over time, and we continue, and we see room for further improvements in the future. You refer to maybe, yeah, some first, as we are very focused on this, this is what's going to drive the next five years in 2030, return on investment capital. We challenge every asset in Vallourec. That's part of the challenge. The forest, obviously, is an asset, as you know, that doesn't generate EBITDA, but is used to produce vegetable charcoal. Again, as any asset in Vallourec. You remember when I said when I joined, there is no room for asset which is not generating cash. Each asset in Vallourec is challenged. That is what we do again and again. Oh, okay. Thank you very much. Now we have a question from Jean-Luc Romain from CIC Market Solutions. Please go ahead. Good morning. Thank you for taking my question. Congratulations to Sascha and to Connor for his promotion. My question relates to the second phase of investment in the mine in Brazil. Could you update us on where you are there and when it should start, and what are the benefits you are expecting from this second phase of expansion? Yeah. On the mine, thank you for the question. You remember at the Capital Market Day in September 2023, we gave you some numbers on what we were doing and what we were expecting. I'm glad to tell you that we delivered exactly what we said, even better, especially in H1, where we had the opportunity to extract high-quality iron ore from our mine. The expansion is well on track, phase one, phase two. We expect to deliver the EBITDA we mentioned at that time, up to EUR 125 million, between EUR 100 million-EUR 125 million as we go. Very pleased with the progress of the mine. On the mine, I insist that we are applying the same secret tools that we do on the tube business, value over volume. That's the reason why tonnage may be less, but quality is higher. The way we operate the mine enables us to extract more iron ore from existing room. Again, another good example of a value over volume strategy impact. As a follow-up, do you have in your mind kind of what your geology says, better, enough resources of better quality ore which can help you continue increasing the value? That's what we should understand. No, we are. Yeah, obviously, iron ore is what it is in the mine, and it may change from where we extract room over time. But the way we process the iron ore, the room may lead to higher iron ore content, so sellable value at the end of the day. That is exactly what we are doing. I will not go into the details, but okay. Jean-Luc, just remind. Thank you very much. That we are externally selling the vast majority of our ore production. Yes, yes. No, no. Very clear. Thank you very much. Just deliver what we said we would deliver. Again, applying the secret sauce, value over volume, so less tonnage, but same EBITDA. Okay. Now we have a question from Jamie Franklin from Jefferies. Please go ahead. Hi there. Thank you for taking my questions. Two from me. Firstly, you mentioned the divergence between seamless and welded. Looking at the historical data, it actually appears to be the highest point on record, the gap between the two. Can you maybe talk about whether you see any risk here in terms of substitution of welded for seamless, given that the differential is so high? Secondly, if I can just push one more time on the Middle Eastern volumes. I think previous expectation was that Q4 volumes would be substantially up on the third quarter in order to reach around 1.3 million tons in 2025. Now, if we assume that Q4 is only slightly better than Q3, we are going to get closer to 1.2 million for the full year. Can we assume that the entire delta there shifts into 2026? Thank you. Sascha, congrats on the great job you've done at Vallourec. Wishing you all the very best in your new role. Thank you. Yeah. I assume when you talk about divergence between seamless versus welded, you talk about the U.S. market. Yeah, dynamic is again, we illustrated in our last quarterly communication how these two markets diverge. Seamless imports are in proportion less than they are in welded. At some point, it becomes non-economical. With the tariff, it becomes faster, non-economical to import seamless and welded in a nutshell. That is why we see in our business, which is only seamless, faster, the impact of the tariff on our business. Substitution, we do not think so, because as we said, the market is more and more premium. These high-torque connections are seamless pipes, and they will continue to be seamless pipes. As far as volume are concerned, yes, we again, I insist, we have a slight increase in volume, maybe not as much as we could have expected, thanks to our forecast. There are delays because customers ask us to deliver pipes later in 2026. This will happen in 2026. We will see what the volume will be. As I said, we see drilling activity being back on the increase with some customers, to name one, Aramco as an example in the Middle East. We will see. Again, it is always a question. Every quarter, we have to forecast how much volume customer will call up from the orders we already have. It is the question of just delivering the order to match their needs. Okay. Thank you. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Thank you again for joining us for today's call. We are very pleased with the track record of execution since the launch of the new Vallourec plan in May 2022. We see further room to drive higher returns in our business. We will continue to optimize our capital allocation and capital return framework to deliver maximum value to our shareholders. Thank you again, operator. You may close the call.