Good afternoon, and welcome to the Somero Enterprises Interim Results Investor Presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged, and they can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. Before we begin, I would like to submit the following poll. I would now like to hand you over to CEO Tim Averkamp. Good afternoon. Welcome, and thank you for joining us. We are pleased to be here with you today to review our first half 2026 results. I am Tim Averkamp, CEO of Somero, and presenting alongside of me is Enzo LiCausi, our CFO. Here is how we will run through the slide deck today. I will open with some context on the business and our key messages, then cover our governance update. Enzo will take you through the first half financials in detail. I will come back to the strategic plan update and then close on the outlook. We have kept time at the end for questions. Before we get into the numbers, a brief word on our 40th anniversary. Somero was founded in 1986, and this year marks 40 years of continuous operation. Very few businesses in our industry reach 40 years, and fewer still while defining the category they operate in. That longevity isn't sentiment, it is evidence. We have sustained a global business that has successfully navigated through multiple construction cycles, and the standards that customers build to today are the standards that Somero helped create. That legacy is the foundation for the next 40 years. The discipline, innovation, and closeness to the customer that got us here are exactly what delivered this first half. This is what we are investing behind today through new products in our strategic plan. With that as the backdrop, let me briefly frame who Somero is. For those newer to this story, here is a quick overview of Somero. We created the Laser Screed category and still lead it. Our promise is three words: faster, flatter, fewer. Our equipment lets contractors place better floors with higher productivity and fewer people. That reach is global with customers in more than 90 countries, served from six locations, including our headquarters and training institute in Florida and manufacturing operations in Michigan. That model goes well beyond the machines. Parts, service, and training keep customers productive and give us aftermarket recurring revenue alongside the equipment sales. There is more information on our products and financial profile in the appendix. That is who we are. Let me turn to the key messages we want you to take away with today. Three things stand out from the first half. First, a strong return to growth. Revenue is up 22% to $48.7 million. Markets did stabilize, but this result is above all about our own execution. Winning new customers, converting the pipeline, and holding price and cost discipline as we scaled. Growth was broad-based across every region and most product lines, and it dropped through to the bottom line. Delivering 22% growth against ongoing macro uncertainty is genuinely strong outcome and reflects the actions this team has taken. Second, our strategy is firmly in action, and it is working. Fortify, Innovate, and Amplify are how we run the business day to day, and the results are measurable. New customers are now 28% of direct machine revenue, up from around 21% a year ago. That is deliberate share gain, not a market effect. Recent launches are gaining traction across the range, and proactive shareholder engagement has strengthened our governance and our Board. This is the execution engine behind the numbers you just saw. Third, that momentum gives us the confidence to upgrade our full year 2026 guidance to around $95 million of revenue, delivering $19.5 million of adjusted EBITDA. Customer activity is steady and customer backlogs are healthy, and we enter the second half with real momentum behind us. We stay alert to tariffs, interest rates, and geopolitical conflicts, particularly in Europe, but we are managing through them. The fundamentals are firmly intact, and we are well-positioned to outperform as conditions improve. Let me start with governance, because that's the foundation that everything else sits on, and it's been a real focus for us this year. At the end of August, we published an RNS announcement regarding the governance and Board update. We announced a review of our governance arrangements and legal constitution in June, then consulted directly with shareholders, including our largest holders. That consultation is complete, and I want to thank them. Their feedback has helped us shape where we landed. Two changes came out of that consultation. First, moving towards majority voting in uncontested director elections. Second, moving from a three-year staggered term to a two-year staggered re-election. Both raise the bar in accountability. These will go to shareholders for a vote at a special meeting to be scheduled soon. Alongside that, a Board refresh is in process with a search for a new independent non-executive director wrapping up very soon. We are deliberately shifting the balance towards independence while maintaining continuity and deep industry knowledge around the table, as our shareholders have asked. The point I'd leave you with is this. It's a very positive one. We listened, we acted, and now we have a framework with stronger accountability and a more effective Board. Let's walk through the changes in Board evolution. As previously announced, Larry Horsch will step down as Non-Executive Director. Howard Hohmann takes on the role of Chief Commercial Officer and transitions off the Board as a director. This is a deliberate move to put his commercial experience where it drives the most value, closer to the customers, the channel, and our growth initiatives. I want to thank them both. Larry, for many years of service and counsel, including his time as Chairman, and Howard, for his contribution around the Board table, which continues in his new executive role. There are two seats in play. As I mentioned, the search for a new independent non-executive director to succeed Larry is expected to wrap up in the coming weeks. We're also working towards filling the seat that Howard vacates. We will update the market on both of these as they conclude. Taken together, these moves strengthen the Board. Rob Scheuer as Chairman, with Tom Anderson and Anne Ellis, brings continuity, industry knowledge, and a track record of independent oversight. The two additions noted will add fresh perspective and lift the non-executive share, sharpening independence and accountability. Enzo and I continue as executive directors, and the executive team is otherwise unchanged. The result is a Board equipped to steward the strategic plan and to hold the management team accountable for delivering long-term shareholder value. With the governance work in good shape, let me hand it over to Enzo to take you through the highlights of the first half. Thanks, Tim. The first half saw growth return across every territory and most product lines, with recent new and next-generation products contributing meaningfully to revenue. That growth came with real operating leverage reflected in the increase in profit margin, which converted efficiently into operating cash flow. With a strong cash balance and disciplined allocation framework, we returned over $9 million to shareholders while continuing to invest in the business. In looking at the overall market, the stabilization trend we pointed to in late 2025 has continued. Project activity and customer backlogs have picked up, with some customers reporting backlogs well into 2027 and broad leading market indicators continuing to signal improvement, albeit gradual. As you can see in the graphic on this slide, the market is bifurcated between growth and data center-related work, which today accounts for approximately 7%-10% of total private non-residential construction, and ongoing declines in most other segments. We expect that demand for AI-led infrastructure will continue to translate into demand for our products. While the other segments have not yet returned to growth, the declines are lessening and excess industrial capacity is shrinking. We believe that this sets the stage for continued market expansion in the coming years. That said, we balance the market outlook with lingering uncertainty around interest rates, strict immigration policy, tariffs, and geopolitical conditions. While our customers report a positive outlook, they remain cautious. Lastly, we have not seen any changes in the competitive landscape, and we maintain a dominant market share. With that backdrop, we'll now turn to the financial highlights for the first half of the year. H1 2026 revenue was up to $48.7 million, up 22% compared to the prior year, and that is the primary driver of all the improvements on this slide. We held gross margin at approximately 53%, and through significant operating leverage, increased profitability, and operating cash flow. After returning over $9 million to shareholders through dividends and share buybacks, we ended the period with a healthy cash balance just under $30 million. This positions us well to continue organically funding our strategic initiatives and capital allocation priorities. Moving on to the regional performance, North America remains by far our largest market at 80% of group revenue. Revenue increased 22% to $38.9 million, led by our Boomed and Ride-On screeds. Those are the machines used for larger projects that were most heavily impacted during the down cycle. It is encouraging to see that volume return. Our customers report steady activity and robust backlogs, and we are seeing improvement in large project starts. Aside from the data center work driving demand, as I mentioned, we also benefited from a broadening of our customer base. Direct machine revenue from new customers was 28% of total direct machine revenue in North America, up from 19% in H1 2025. The introduction of the Hammerhead, which is intended to target customers at the broader end of the market, and expanding our dealer network have also contributed to new customer acquisitions, with 65% of Hammerheads sold through dealers going to new customers. Tim will cover this a bit more later in the presentation. Turning to Europe, revenue increased 41% to $ 4.9 million. That was driven by increased activity across approximately 12 countries in the region. Although data center activity is also up in Europe, the underlying market remains somewhat constrained and private investment cautious as macroeconomic and geopolitical concerns continue. Nevertheless, Europe remains a focus with significant long-term growth potential as wide placement flatness specification spreads across the region and as we deepen penetration in existing countries. Direct machine revenue from new customers was 28%, against 38% a year ago. Due to the relatively modest size of the business in this region, a small shift in volume can have a significant impact on this ratio. Although the competitive landscape is more intense in Europe, there is no evidence that our market share has changed. On the dealer side, of the Hammerheads sold to dealers in Europe, 45% went to new customers, again, demonstrating that the Hammerhead design and dealer strategy are materializing into a broader customer base. Our service center in Belgium continues to support local repair, service, parts, and training, which underpins the aftermarket sales and keeps us close to customers. Moving on to Australia. Revenue increased 12% to $ 2.4 million. The market continues to face severe shortages of skilled tradesmen, persistent inflation, and tight monetary policy. Against that backdrop, the growth in the first half was solid. Direct machine revenue from new customers was 16% compared to 25% a year again. Like Europe, given the relative size of the business in Australia, a couple of machine sales can skew the ratio from period to period. Our focus remains on broadening market awareness and expanding the dealer network, and we continue to see opportunity to deepen penetration of our small line machines converting manual labor. Finally, rest of world. Rest of world includes Latin America, India, China, Middle East, Korea, and Southeast Asia. Revenue increased 7% to $ 2.5 million, driven primarily by higher sales in Latin America. We have a relatively small base of business in each individual geography. As such, trading will fluctuate from period to period, which is further exacerbated by the geopolitical conditions in the Middle East. Moving on to product performance, this slide sets out comparable sales by major product category. The headline is growth across most all product categories. Boomed screeds and Ride-On screeds increased 33% and 45% respectively, primarily driven by volume benefiting from improving market conditions and contributions from new and next-generation products. Our large line Boomed screeds have been on a decline as larger scale projects were most affected by higher interest rates and tariffs. Therefore, it is encouraging to see that that downward trend has reverted back to growth. The 3-D Profiler System, which expands our machines' capabilities to screed contours, grew similarly. Increasing recurring revenue is a strategic focal point as we look to offset cyclicality in machine sales. Although the increase in aftermarket parts and service is modest, we are in the midst of implementing a number of initiatives aligned with our strategic framework, which are at various stages, and all geared at driving recurring revenue. Tim will discuss this more in the presentation. Next, we will take a look at revenue through the P&L. Picking up with gross profit, which increased 22%, we held gross margins at around 53%, overcoming supplier steel and aluminum surcharges and tariffs through manufacturing efficiencies and component sourcing actions. Total operating expenses were $17.6 million, up only moderately in the context of the revenue growth, which underscores the operating leverage of our variable cost structure and resulted in an increase of 72% in operating income. Other income, which is primarily favorable foreign exchange impact and net interest income, took income before taxes to $9.1 million. The effective tax rate was 26.3% against 47%, reflecting the non-recurring deferred tax valuation charge last year. This all nets down to $6.7 million on net income against $2.6 million last year. Now turning our attention to the balance sheet. The balance sheet remains very healthy. We ended the first half with net cash of just under $30 million against $33 million at the end of last year. That movement is entirely a return of capital, which we will cover in the coming slides. Accounts receivable fell 20% to $5.6 million on strong collection. The majority of our sales are paid in advance, so generally receivables stay low relative to revenue. Inventory increased 5% to $22.2 million, supporting new product introductions and second half demand. Stockholder equity stands at $79.8 million against total liabilities of just $12.5 million, remaining unlevered and flexible to deploy capital to maximize returns. Turning to the cash flow, the business is generally highly cash generative, and the first half bears that out. Strong profits coupled with efficient working capital led to a 76% increase in operating cash flow. The net working capital outflow was largely the inventory build I mentioned earlier. Capital expenditures remain modest against our typical run rate of around $2 million a year, and we have no major capital projects planned. On financing, we paid $3.4 million of dividends, which was the 2025 ordinary dividend. The prior period also included supplemental dividend, which we have shifted to share purchases in 2026. This segues into the next slide about our capital allocation framework. We first prioritize a strong balance sheet, ensuring sufficient cash to support our cyclical business. Secondly, we invest in the business where we can get the greatest return on invested capital. Being a capital-light business, investments in the business are primarily in the form of strategic hire and initiatives. Next, we consider options to create shareholder value either through strategic acquisitions or returning capital to shareholders via dividends or share buybacks. Weighing a number of factors including acquisition prospects, market conditions, and our share price, just to name a couple. Our ordinary dividend policy has remained unchanged, and that is 50% payout of adjusted net income. The Board has declared an interim dividend of $0.05 per share, which is up from last year at $0.04 a share, and is payable on October 16th to shareholders of record as of September 18th. As we assess alternative options for deploying capital, at present, we believe that we can maximize shareholder value returns by buying back shares. As such, we completed $5.8 million in the first half against $800,000 in the prior period, reducing our outstanding share count by 4.5%. We added a further $6 million to the authorization for the rest of 2026. Stepping back a moment, through the end of H1 2026, we've returned a total of $180 million to shareholders over the company's lifetime while maintaining a strong balance sheet. That is a track record behind this framework, and it leaves us with the capacity to keep investing. In summary, the company financial health remains robust and cash generative. I'll hand it back to Tim for the strategic plan update. Thanks, Enzo. Let me turn to our strategic plan and where we stand today. We introduced Somero 3.0 to investors last September and walked through it again with our full year results in March. Now I want to focus on execution. The three pillars, Fortify, Innovate, and Amplify, are deliberately unchanged. That's important. The pillars drive consistency and focus. What has changed is the depth. The plan is now embedded in how we operate day to day, owned by leaders and teams across the organization, and it drives where we spend our time and our capital. The first half gave us a clearer read on that execution. With volumes recovering, despite some of the pressures, we can see the initiatives working. Let's start with the first pillar, Fortify. Under Fortify, our focus is on reinforcing the foundation of the business. Starting with operational excellence. We have a highly successful operations team that demonstrates great agility while also embraces continuous improvement. Lean visual management, 6S, and workplace organization are now part of how we run the plant rather than initiatives we talk about. The balance scale on the left-hand side of the slide shows one example of that output. On one side are the cost pressures, input inflation, supplier surcharges, and to a lesser extent, tariffs. On the other side are the actions that are within our control. Efficiency gains on the floor, sourcing and supplier negotiations, and aligning our cost to demand. As you can see, the two pans of the scale sit level, and that's the point. We were able to counterbalance the pressures deliberately, holding gross margin around 53% while volumes grew. The pressure did not reach the bottom line, and the margin profile you expect from us is unchanged. Two things I would emphasize. First, this is repeatable rather than a one-off cut because it comes in how we run the operations every day. Second, we did it without hollowing out the business, which is why we could respond as quickly as we did when activity picked up. The second area is organizational development. Strategy does not execute itself, our people do. We treat investment in them with the same discipline as investment in the plant or in new products. That means continued investment in training and development, structured cross-functional collaboration so teams solve problems together rather than in silos, and succession planning that builds bench strength at every level, not just at the top. We are deliberately developing the next generation of leaders internally. For investors, the point is engagement and retention. This is a specialized business, and the know-how sits with our people. An engaged, well-trained team is what has allowed us to respond quickly when activities picked up. It's what protects continuity of execution through the cycles. Every element of the strategic plan runs through the organization. This is the capability that makes the rest of it deliverable. Staying with Fortify, let me turn to how we support customers. Customer support is foundational to Somero and one of our most notable competitive advantages. Our customers are on job sites where downtime is expensive. Our 24/7 technical support, training, and field service teams matter enormously to them. We've been expanding what we offer around the machine. Service agreements and fleet management let customers plan for preventative maintenance around their job site calendar rather than reacting to a breakdown. Telematics gives both sides visibility on machine health and uptime. That shifts the relationship from reactive repair towards partnership. This feeds a broader area of focus, growing our aftermarket recurring revenue. Service and parts are less dependent on the capital equipment cycle. They carry attractive margins that deepen the customer relationship. Training sits alongside that. Our on-site contractor training is now complemented by a structured education through the Somero Concrete Institute, which we've now extended into Europe with facilities in Belgium and Chesterfield in the U.K. Belgium is worth a word because it has evolved. We set it up around Brexit as a staging location for machines, and we are now building out the parts, service, and training there. Coursework is underway at Chesterfield, and over time, we expect this to support higher utilization for customers and dealers and stronger aftermarket engagement for Somero. From a broader perspective, globally in the first half of the year, we ran nearly 60 classroom courses for more than 270 participants. In addition to delivering on-site training to crews at more than 90 companies across five regions. Anyone can sell a machine. Very few can support that machine globally, around the clock for the life of the machine and across the customer's fleet. This is where we separate from the competition. That's Fortify. Let's move to Innovate. Innovation has been core to Somero since our inception, and it's the second pillar. We cover both of these Boomed screeds in detail with our full-year results, so I'll focus on how they have been received. The next generation S-15EZ launch in the summer of 2025 builds on a proven platform with advanced automation and precision control, superior maneuverability for tighter job site access, and higher uptime. The S-22EZ+, launched at World of Concrete in January, is a significant advancement of our flagship platform. With more than 30 new features focused on automation, ease of use, and connectivity, it came directly out of our customer feedback. What matters now is the market response, and it has been strong. Boomed Screed sales were up $17.6 million, 33% versus one year ago. These next two generation products were a meaningful part of that increase. That's innovation at the top of our range. Let me show you what we've done at the other end of the market. We've talked about these two products before, so I'll focus on why they matter strategically. Historically, Somero has served the larger end of the market. These two products are deliberately aimed at the other end. Hammerhead opens the small to mid-size segment with a more accessible entry point. Viper, which debuted at the World of Concrete, goes lower still, a compact walk-behind built for small pours and tight job sites. That expands our total addressable market. There are more than 40,000 concrete contractors in the U.S. The large majority have historically been below the size where our traditional products made sense. These two products bring that group into the reach of Somero without competing with our core range. We are already seeing it in the numbers. Ride-On screed sales were up 45% in the U.S. 65% of the Hammerheads sold through our dealers went to customers who had never bought from Somero before. In Europe, 45% of dealer units went to new customers. The photo on the bottom left brings that to life. This is taken from the job site of the contractor who was the winner of the Hammerhead raffle at the World of Concrete this year. They are a small operator in the Northwest United States who had been focused on residential work. They were considering stepping up to a screed to take on larger, more efficient jobs, but had difficulty with the return on investment. That pour is for a 40 by 40-ft carport. Before the Hammerhead, they would have screed this job by hand. Straight feedback from the contractor is, "The Hammerhead is a game changer for a small business like ours." The important point is that these are entry points, not end points. The arrows on the pyramid show this. New customers come in at the residential and light commercial end and move up the range as their work grows, not only with a Laser Screed, but with our parts, service, and training alongside of them. Underpinning all of this range is technology, and that's where I'll go next. I touched on telematics when we talked about customer support, and it's worth a moment here because it's becoming a genuine part of how we serve customers. Telematics is now standard in the large Boomed Screeds, so every machine that goes into the field adds to a connected install base. It is still in early-stage, but the base grows with each delivery. To add to this, we are currently underway with the development of a small machine offering. That technology turns machine data into insight. We can see what a machine may need before the customer has to give us a call. We can diagnose that machine remotely rather than sending a technician to the site. For a contractor with a pour schedule, support is in minutes and hours, not days. The value shows up in two places. First, improved uptime and utilization, because our customers make money when the machine is running. Second, as a direct enabler of Fortify, it strengthens our 24/7 support. It allows us to have proactive conversations about parts and preventative maintenance. This is a long-term build, and the value compounds as the connected fleet grows. Now, let's turn towards our innovation pipeline. The products we have just discussed did not appear overnight, and they are not the end of the story. Our pipeline is active and robust. We continue to invest in research and development across all of our platforms, focused on our customers' needs and where they are going. We've also strengthened the capability behind it. We've expanded product management. We've added depth in software engineering, which matters more each year as our machines become more automated and connected. A launch is just the beginning of a product's life, not the end of the project. We stay with the product in the aftermarket, supporting customers and refining it as we learn how it performs in the field. What underpins all of it is the engagement, the years of R&D experience, and the direct input from customers and dealers behind each product. There is more to come. That covers Innovate, so let me turn to Amplify. We've spoken about Amplify before, so I want to focus on what we've added and what those additions are producing. We have grown the global dealer network by 23% to 37 dealers. 16 dealers with approximately 50 locations in North America, 14 dealers in Europe, and the balance across Latin America, Australia, and Southeast Asia. Seven were added this year, five in the first half. We've been deliberate about it. We want genuine reach, proximity, and real aftermarket support, not a longer list of names. Our dealers largely carry the Ride-On and walk-behind screeds, S-940s, the S-485s, Hammerheads, and Vipers, where local coverage and quick response matters most, while the larger machines continue to be sold direct. We have also expanded our product specialist group to accelerate Hammerhead adoption. Coverage is how you win territory. More boots on the ground means we are closer to the contractor and respond faster where local competitors have a proximity advantage. On the outputs, new customers now represent about 28% of direct machine revenue, against 21% last year. Aftermarket parts and service revenue was $9.1 million, up 9%. And we have an e-commerce platform in development for parts. The intent is simple, easy, anytime ordering, so our customer can find and order what they need whenever they need it. That improves our connectivity to them and is a direct driver of aftermarket growth. Everything I've described here is organic. The other way we can Amplify our reach is inorganic through acquisition opportunities. So I'll hand it over to Enzo to set out the bar that we would apply I set out our capital allocation priorities earlier, so I won't repeat them. What I want to share with you now is how we think about acquisitions. As you know, Somero has grown organically for the most part and dominates a niche market. While opportunities to continue to grow organically remain, we want to be mindful of other opportunities that can help curb our cyclicality or accelerate expansion of the total addressable market. However, we're not looking to scale for the sake of scale. Anything we look at must be synergistic and pass strategic filters, some of which are presented in this slide. In addition, it must make clear financial sense and be accretive to our existing business over time. Importantly, we will not excessively lever the balance sheet up to do a deal. As I mentioned, our top capital allocation priority is to maintain a strong balance sheet. Over the past year, we have built the process to source, screen, and diligence opportunities against these filters, and the discipline to say no when something does not clear them. Nothing proceeds on management's judgment alone. Any opportunity we believe clears this framework and our financial hurdles goes to the Board to be reviewed and tested before any decision is made to proceed. Although no transaction is imminent at this time, we've established the capacity, the process, and governance to act, and we will be patient and selective about when we do. With that, I'll hand it back to Tim to close the prepared presentation. Thanks, Enzo. Let me pull this together. Number one, the first half delivered a clear return to growth. The growth was broad-based across our regions in most product lines rather than driven by any one area. Revenue was up 22%, and because that growth came with real operating leverage, Adjusted EBITDA was up 59%. Growth that converts to profit is what matters. It also converted to cash. We remain debt-free with net cash of $29.6 million. In the first half, we returned $9.2 million through $5.8 million of buybacks and $3.4 million of dividends. Number two, our strategy is in action rather than on paper, between our new products and a broader dealer and customer coverage, we are reaching contractors we simply were not reaching before. We have strengthened our governance with the consultation complete. The constitutional changes go into a shareholder vote, and the Board refresh is in process. Lastly, number three, looking ahead, we are upgrading our full year 2026 guide into approximately $95 million of revenue, delivering $19.5 million of adjusted EBITDA, and $29 million of year-end net cash, assuming the additional share repurchase is fully executed. That implies a second half broadly in line with the first at a similar margin. As such, this is an upgrade built on momentum rather than a back-end weighted assumption. Before we close, I want to thank our employees. These results are a direct reflection of their contribution, and I'm grateful for their effort and commitment. Let me finish with one last slide on why we believe Somero is a compelling investment. Our investment case rests on six core strengths. They reinforce one another, and they have been built and tested over 40 years across multiple construction cycles. We lead the category we created. We keep that lead through innovation and protected technology built around what contractors face on the job site across more than 20 products. We go to market as a total solutions provider. Equipment and expertise with parts, service, and consultative support is one model, which is what keeps customers with us over the long term. Behind all of it is a long-tenured leadership team. That depth is a large part contributor as to why the initiatives that we have covered today have moved as quickly as they have. We sell into markets worldwide. Certainly, the U.S. is the largest market, but we do get balance when any one market slows. All this shows up in strong and consistent financial performance. Highly cash generative and debt-free with a track record of investing in the business while returning cash to shareholders. Disciplined execution and an expanding opportunity, that's how I'd summarize this first half. With that, Enzo and I are happy to take questions. That's great. Thank you very much indeed for your presentation. Ladies and gentlemen, please do continue to submit your questions using the Q&A tab situated on the top right corner of your screen. While the company take a few moments to review those questions submitted today, I would like to remind you the recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via Investor Dashboard. Tim, Enzo, if I may now move us straight onto the Q&A session. We have received a number of questions on capital allocation, so let's start with these. What minimum cash balance does the Board consider appropriate, and how does it balance share buybacks, ordinary and special dividends, and capital investment? How does Somero share valuation and existing capacity influence those decisions? Thank you for the question. I'll take that. We're continuously assessing our cash balance based on our outlook of cash needs to invest in the business organically and potentially inorganically. We do want to maintain a very healthy dividend. That's one of the attractive investment themes for Somero over the years, and so we will continue that. At the same time, we also recognize that share buybacks are becoming a greater preference for shareholders in general, and reflecting on the stock price, where it is, it's an attractive opportunity for us to maximize returns. In terms of cash balance, and what we'll maintain, again, that sort of depends on market conditions, outlook. Historically, we've maintained a minimum of $20 million- $25 million on the balance sheet, in part to have some cash reserves to offset or prepare for any downturns. Now we also want to maintain that reserve to take advantage of any opportunities from an M&A standpoint that might arise. I'll just add to that, really continued very deliberate on our approach and conservative on how we look at things, and it's a dynamic scale that we look at over time. Perfect. Thank you. Switching gears to questions on acquisitions, could you outline the strategic and financial criteria a potential acquisition would need to meet, including how you define the cost of capital used for the ROIC test? Can you also comment on the current pipeline of opportunities? Yeah, certainly. So, in our presentation, we laid out some broad stroke criteria from a strategic standpoint and from a financial standpoint. First and foremost, any opportunity that we consider needs to be synergistic, and would be complementary to our business. We're not necessarily looking at any transformational types of acquisition. Obviously, Somero has a great business. We want to protect and grow that business going forward. So anything we would consider would be complementary, be it expanding our addressable market or introducing new technology to our products, geographic expansion. So a number of benefits that we could augment our existing business and drive or accelerate growth going forward. Financial criteria, obviously, we've always been very disciplined and conservative in our ways. So, it would also need to pass financial criteria, be it accretive to revenue, cash flow. In terms of our working capital or cost of capital, excuse me, generally in the range of 10%-15% is where we seem to fluctuate. Any deal would have to at least exceed that threshold, if not above that as well. We laid out the financial and strategic framework to allow us the flexibility long-term, and give us sufficient leeway. I think there was a question on pipeline. I think Enzo did a good job laying out in the presentation overall, our focus over the past year has really been building the process and the discipline behind it. We continue to look at opportunities. There is nothing that is imminent right now. We will continue to focus and be ready if an opportunity shows itself. Thank you. Moving on. Where are you seeing the strongest demand today? Data centers, manufacturing, warehouses, infrastructure, or other commercial construction? Which end markets do you think have the longest runway? Yeah. In the presentation, we provided a market update, and clearly data centers and data center-related facilities is certainly a tailwind. That segment has grown 22% year-over-year. Although some of the other segments have not returned to growth yet, there is activity around warehousing, establishing facilities for that final mile of delivery. Speed to customer is obviously an ongoing theme. Long-term, certainly AI is going to continue as a trend, and our customers are generally agnostic to the end application. The same customer will do a warehouse or a manufacturing facility or a data center. So at the end of the day, we are agnostic to the end application. But we do see that some of these other markets that have been slower in the past couple of years are starting to bottom and should start entering recovery here, hopefully in the not too distant future. Thank you. Understood. Next question here asks, if you look through the unusually strong post-COVID period and the soft environment more recently, how do you think about a normalized mid-cycle level of revenue and profitability for Somero? Yeah, it is a good question. I will start with that, and Enzo, you can add to that. I think very difficult really to predict what the new cycle looks like. If you go back even before the financial crisis in the 2008 timeframe, it was historically a very repeatable construction equipment cycle, probably over three cycles. As we know during COVID, that has really changed as well beyond that. I think as where we are today, we certainly see upside. Enzo talked about some of the end markets that our customers are using the product for. So we see growth there. Certainly from a profitability perspective, we have demonstrated that as the business grows and we scale with that, we can add directly to the bottom line overall. Yeah. I guess the other element that I would add to that, aside from market growth, really entering a new customer segment for us, which is sort of at the bottom end of the market, which is much broader. Historically, Somero has served the very top of the market, customers that are doing data centers or Amazon warehouses, real high profile, complex projects. The folks at the bottom end of that pyramid, the entry point in terms of price and ROI just was not enough there for them to make an investment. So with our recent launch of the Hammerhead, which is priced to target this customer segment and designed for simplicity so it is less complex, and the expansion of our dealer network, really is getting us to a new customer segment that we would not otherwise attract. As I mentioned in the presentation, our percentage of revenue from new customer increased in the first half of this year to 28% from 19% the same period last year in the U.S. So that is indicative of that strategy kind of materializing and bearing fruit. That's a great point. So really expanding our overall total addressable market that would exist today. Thank you both. Next up. With your very high market share, what do you believe is the hardest part of the business for a competitor to replicate? Yeah, I think what we talked about through the presentation is really our customer service support and our intimacy with the customers. The knowledge that we have and how we support customers is really key. I talked about in the presentation, our customers are doing these jobs in the middle of the night in a lot of cases, and it's critical for them to be up and running. So, the service and support, really the efforts that we have around Fortify, improving our service agreements, improving fleet management, really making it even closer, adding to our training portfolio. And on the Amplify side, adding more dealer coverage, more boots on the ground to serve those customers is really key. So I think we've got a moat around the business today, but we will make that even stronger. It's difficult to replicate with the years of experience that we have in the field. Thank you. Following from that, an investor asks, "Provide an update on competitive position of the company relative to its competitors, including market share and margin profile." If there's anything there that you'd like to add. Yeah, I'll take that one. We haven't seen any significant changes in the competitive landscape period over period. As we had mentioned in earlier reports, a couple of years back, some of the Chinese manufacturers were making their way into European countries, in Spain and Portugal in particular. That really hasn't changed ever since then. The moat around the business that Tim referred to, the barrier of entry, is really difficult for a competitor to replicate. That's where Somero, aside from the products, the quality, but where Somero shines is that consultative service that we provide to customers, their support. A lot of these cores occur overnight because of weather conditions and other factors. If a machine doesn't perform as intended on a job site and the machine needs to be pulled, that delays the entire project, and can cause the contractor significant financial ramifications. Therefore, having a company like Somero that's available 24/7, seven days a week, you can have a technician on the line within 10 minutes, and we can troubleshoot 85%-90% of problems in the field, just by the phone. If we need to deliver a part, we can do so overnight. No other competitor can provide that level of service. Then you add on top of that, the training, the level of expertise that we have. It's a pretty deep moat, and we continue to focus on it to make it even deeper and wider, to make that barrier of entry for our competitors even more challenging. We continue to focus on being the technology leader, right? Making sure we stay ahead of the game, which is really key for us. Great question. Thank you. Perfect. Thank you. Another one here asks, "What is the typical payback period for a contractor purchasing a Somero machine, and how important is ROI in the purchasing decision? Great question. I'll take that in reverse. The ROI is very important. I mentioned earlier when we talked about the Hammerhead and targeting a new customer segment where they couldn't justify an ROI on our other equipment that could range, say, $300,000-$600,000. So coming out with a product that's properly priced, where, depending on their utilization, they can justify that ROI. Generally, it's one to two year. Again, it depends on utilization in terms of payback, or it could even be less. It really depends on the utilization, the size of the project, and obviously the type of product it is. That's really where our strength shows. Again, we have over 20 different products that are available. When our teams work with the customers, we can help them define what the right solution is, right? We're not just selling them X or Y. We've got multiple alternatives that really fit the application and what their needs are. Thank you. Next question here asks, "I appreciate you assemble your machines in the U.S., but wondered if you imported parts from China and have therefore been hit by tariffs? Yeah, good question. We have been hit by tariffs, but to a lesser extent than a lot of the other OEMs. 85%-90% of our components are sourced domestically. We do bring some components in from Canada, Mexico, and some electronics from China, but the vast majority are domestic. Therefore, through some other cost-saving initiatives and increasing our price on the equipment, which we do on an annual basis, we've been able to mitigate some of the incremental tariff and surcharge costs. Thank you, and staying on equipment here, "How much of equipment demand is replacement demand versus customers adding capacity? What does the normal replacement cycle look like? Yeah. The majority of our sales are fleet additions. We do obviously have quite a bit of replacements. Generally, the life of a piece of equipment, again, kind of depends on utilization, but it ranges between seven and 10 years. The smaller equipment at the bottom end of that range, the larger equipment at the higher end of the range. It also depends on geography. In the U.S., customers like to keep their fleets fresh, and they're more adept to upgrade to new technology. Whereas outside the U.S., customers will hold the equipment a little longer, and they'll only buy when they absolutely need to. Thank you. Perhaps a couple of more questions as we reach the hour. "How much was gross margin change driven by pricing versus costs? We typically put through a low single-digit price increase year-over-year, really intended to mitigate typical inflation from year to year. We did the same for this year. We were able to maintain gross margins at about 53%, similar to last year, as we were able to garner some cost savings, engineered savings, process improvements, lean manufacturing, which will be an ongoing process for us. It's not a one-and-done program. Thank you very much. The last question is, "The guide assumes a slight sequential decline in revenue and profits, yet the messaging has been very positive on momentum and market. What is the disconnect? Yeah. We're setting out a conservative estimate. There's a question mark around second half performance in Europe as we reflect on the impact of the Middle East and the cost of fuel trickling throughout that region. The U.S., we think, is going to be very strong. The first couple of months here of the second half have been very strong. We consider the guidance that we've issued conservative, and we'll update the market when we're confident that it may be any different. That's great, Tim, Enz o. Thank you for addressing those questions from investors today. Tim, before I redirect investors to provide you with their feedback, which I know is particularly important to yourself and the company, could I please just ask you for a few closing comments? Yeah. Thank you. Thanks for all of your interest today in Somero and for joining us today. We are encouraged by our strong first half performance and the positive momentum we continue to see across the business, while remaining mindful of the broader macroeconomic environment. With strong financial performance, a solid balance sheet, disciplined execution of our strategic priorities, and a clear focus on long-term value creation, we believe Somero is well-positioned for the future. Thanks again. Fantastic. Thank you once again for updating investors today. Could I please ask investors not to close this session, as you will now be automatically redirected to provide your feedback, which will help the company better understand your views and expectations. On behalf of the management team, we would like to thank you for attending today's presentation, and good afternoon.