It's two minutes past 6:00. Good evening, everybody. Thank you for joining the call. Just to inform everybody, the call will be recorded as usual for our internal purposes. We will be presenting BasicNet half-year results, as reviewed and approved by the board of directors this morning here in Torino. I will be sharing the presentation, which is already available on our website. Before getting into the details, the semester we will be commenting today has been, as you can understand and imagine, a very peculiar one. It's the first semester in which we integrate our latest acquisitions, Woolrich and Sundek, whose integration process is still underway. The group now has a very different phase, which is not yet the landing one. We are in the middle of an integration process which, of course, we expected and forecasted. We expect to see the results from the end of this year. Very short, the semester we will present and comment together today, has been characterized by a strong and a positive commercial activity, especially compared to the environment we move inside. It also reports a lower marginality than usual basically for the reason I was mentioning before. We are still in between a process which has actually been a little bit faster than we expected in the actions we put in place. This, of course, also resulted with an increase of debt, which comes from our strong seasonality. For those who are familiar with the group and know the group, in general, our brands, I am talking about those pre-acquisition, are mostly H2 brands, and especially K-Way, as you can imagine, is a very strong fall/winter brand. Kappa has a very strong back-to-school and a sport component, which comes in a commercial perspective in Q3. Sebago and Superga are still relatively small brands. Woolrich is definitely a very H2 brand, and Sundek is a summer brand which means its commercial activity is focused across the Q2 and the Q3 for the retail activity, especially the brick-and-mortar. Getting into the figures, the aggregate sales of licensees, together with our direct sales, have been up 15% compared to last year. Here including also, this is not a totally like-for-like comparison because we start integrating the sales from Woolrich and Sundek as well, which together combine for roughly EUR 39 million in the first semester. That goes equally for the consolidated revenues, which are the combination of our direct sales, royalties coming from commercial licensees, sourcing commissions coming from the production licensees, and a very small portion of the real estate revenues that comes from third parties. EBITDA, as I mentioned as a first thing, is down compared to last year. Here we are comparing two pro forma figures, both for 2026 and 2025. In 2025, as you may remember, our P&L included several costs, I would say transaction costs related to the K-Way transaction. Our sale of 40% circa of the shares in K-Way to Permira, which, for comparison purposes, were eliminated in a pro forma view. The one-off non-recurring costs related to the severance of a high number of people from Woolrich headquarter will not move here in Torino from Bologna. The costs of leaving the headquarter itself. In here, we prefer not to pro forma, and so to leave the costs here, we still have some costs which will not be repeated in a run rate. Basically, the current cost for all these resources, and the same goes for the building and the store we closed, the showroom we closed, is still within the EBITDA. Okay. On a run rate basis, this figure is significantly higher. Net financial position, the comparison with H1 last year is a bit complicated. Last year we had just completed the K-Way transaction, which brought EUR 170 million within BasicNet Group. None of the acquisitions, which were all focused through year end, so across November to December, meaning Woolrich, Sundek, and also Sebago France, our big licensee for Sebago brand in France. We also kept investing with a large portion of investments and thus the cash out on the real estate as we've been renovating the building here in Torino. Also, for the integration of the new brands requiring additional space. Plus, we purchased a new building just across the road, the one where basically our presence started its entrepreneurial life. Plus, we kept investing on the retail channel with openings, especially for K-Way and Sebago. When getting into each of these indicators, the aggregated sales have reported a varied performance across different brands and different geographies. Europe is steadily our most relevant market. That was the case before the acquisitions. As you know, in the case of Woolrich, we only own the IP for the European market, which, of course, even increases the weight of Europe on our overall revenues. For Sundek, we do have worldwide rights, but again, the activities is mostly focused in Italy, France, and Spain. In terms of performance, we had overall a positive performance from Kappa, especially from its European licensees. A growth from K-Way, which basically comes from our direct activity. As you probably remember, we basically directly manage all of Europe. Sebago has reported an extremely positive growth, I would say basically a double-digit in all the markets we are in, partly thanks to the market conditions. You have certainly seen all brands putting on the markets both shoes and loafers, which is our bread and butter, so the brand clearly had a benefit from these general conditions. Plus, we tend to believe several activities we put in place to make it palatable for the consumers. Then, as I was saying before, Woolrich and Sundek contribute together EUR 39 million. In the case of consolidated revenues, we report direct sales of EUR 189 million and royalties of EUR 27 million. Royalties include both royalties from commercial licensees and sourcing commission from our production licensees. In the case of royalties, we have a slight decrease from Kappa, mostly related to one licensee will have its activity, mostly in H2 for this year. For K-Way, we had some discontinuation on the Asian market, causing a little reduction in the royalties stream. When it comes to sourcing commission, again, we have a small negative sign, partly due to K-Way. You probably remember that last year, we ended the year, especially at a certain point in Q3, we ended up with a big trade working capital, mostly inventory, because for K-Way, we put in place some exceptional purchases related to carryover styles and within a program of never out of stock. This program was clearly not repeated, was not necessary this year. So our lower purchases, which are positive on the inventory of the brand, on the other hand, did generate lower sourcing commissions. Whereas Kappa is some slightly reduced sourcing commission, mostly due to a different calendar in terms of purchases. EBITDA, as I was saying before, at EUR 9.1 million. This has been cleaned of the exceptional costs. Out of these exceptional costs, we are basically talking about EUR 7 million in Woolrich, including all the one-off activities related to moving the headquarters from Bologna to Torino. Closing the labor contracts with more than 90 employees who will not move here, whereas circa 20 people will move into our headquarters starting from September. We closed down the flagship store in Milan. Actually, it's also part of the performance, so we didn't leave it here in the EBITDA. We made a little profit from the sale of this contract. Just to mention it, we're not just closing down the store, leaving the brand without a DOS, but we are moving the activity into another store which is already within the group. Then last but not least, we closed the agreement for the showroom in Milan. Since, as you know, we have the Basic Village in Milan, so it was redundant, not necessary. We already have the space with no incremental cost within the group. In terms of net financial position, we probably mostly discussed, so I will leave it for later on as we go through the change in net financial position. Okay. Moving into the network activity. We already spoke about the sales of commercial licensees, which we reported as a first figure. In previous call, we received this comment from some of you that it was more interesting to see just the aggregate sales of licensees without those outsourcing centers. Anyway, here for information purposes, we still reported the decrease in aggregate sales of sourcing centers, which, as I said before, basically comes from a combination of Kappa, different purchasing calendar, and K-Way, lower purchases by BasicNet itself. Other than that, our direct sales and sales of commercial licensees are up even without the contribution of Woolrich and Sundek, which we tend to believe is a very good commercial result given the overall condition of the market. In terms of markets and geographies of our presence, you can clearly see what I was saying before, so the relative importance of Europe and the relative weight of Europe over all geographies. Here, just to give a little bit more color on the various signs, the plus and the minus. In Europe, we had good performances in Kappa from several countries. I would mention Poland, Germany, Russia, and from the new eyewear license. We had a positive performance on our directly operated market for both K-Way and Sebago, plus the contribution of the new brands. Americas suffered a bit from the lower performance in Argentina. You will understand and imagine the market scenario in Brazil. In Middle East and Africa, the positive sign comes from a very good and probably a little bit unexpected performance from our Middle East licensee. Despite the political situation, it still managed to report a growth as compared to last year. In Asia, again, we had a very good performance from Kappa in Vietnam. Just to go quickly into what we believe is key to our brands to foster the growth on the mid and the long-term, which is the marketing and the promotional activities. Kappa's been active over the semester with a few collabs. Here we decided to mention, report Hollister, Snipes, and Budweiser, and especially for Hollister and Snipes, we believe these are two key brands to associate with thinking about younger consumers. The brand was at the World Cup with Tunisia national team. The result was probably not the best, but still the brand had its visibility. For those of you who might be a little bit more into fashion, you might have seen that Junya Watanabe brought the brand back for its fashion show. The brand was back on the catwalk, which also makes us very positive on the fact that the brand has its cycle. Maybe we are back at when it comes on the market for all brands. Superga, which is still going a deep rethinking process. Again, when we talk about cycle, Superga is probably the brand which is the strongest one. We are still in a moment when a canvas is definitely not moving. We think it will be back soon, and also seeing how other brands are moving, this makes us pretty confident and we prepared ourself basically getting into a direct distribution on all markets worldwide other than really a couple of licenses which have been left. In the meanwhile, we had some activities to keep the brand liked by its diehard followers. We had several activations related to the 1925, so the shoe totally made in Italy, which basically sets the standard we see for the brand. A higher brand with a better positioning, maybe for a more niche market, but with a higher price and better materials, and a better and selected distribution. K-Way has been extremely active as always. In relation to Italy, we just reported the various activation done across the Salone del Mobile as K-Way was one of its official sponsors, we put installations across Milan, bringing the colors of K-Way around town. A few activities in London as the brand is now working hard for its expansion in the U.K. You will remember we opened the first store in Kings Road, and it's a store that K-Way shares with Sebago and partially with Superga. The second store has been opened, the first activation that you see flocked together is related to the Kings Road store. We opened the second one in Carnaby Street, which is already working, in addition to its commercial activity, it has a very strong promotional meaning, as you can imagine. We are now underway to open in the next months with another London store in Covent Garden. We will move in Manchester to have a retail presence in the streets that we believe can foster and support also the wholesale business, adding credibility to the brand. The second activation reported here, Chelsea in Bloom, has been done with Petersham Nurseries, which for those of you more familiar with London, is close to Covent Garden. A few activities related to the marine world. We signed a partnership with Wakeparadise in Milan, plus we had a strong activation in Marseille, where we had a store relocation. In addition to that, this is not a new activity, but some of you might have seen that our historical endorsee now, Leonardo Fioravanti, has become the number one surfer in the world. According to the world rankings. Sebago is celebrating its 80th anniversary, and this was celebrated in several ways. The boat tour has touched a few towns. You might have seen our shoe boat, either in Milan on the Navigli, in Amsterdam, in Florence for Pitti, or in Paris, where we had the final event on the Seine. We presented and we put in stores a made in U.S.A. capsule to bring the brand back to its roots, with, of course, Docksides, our most iconic shoe, plus a few accessories. Other than that, we went on with a few small and selected co-brandings, with brands we really want to associate ourselves in, small niche and very cool brands. Plus the retailer activity is going on, and in the next quarter you will see new Sebago stores in Catania and Bologna in addition to those which are already operating. For Woolrich and Sundek, we probably already mentioned because these activities were being prepared at the time. During our Q1 call, we were with a very good response in Pitti for both brands, where Spring-Summer 2027 collections, the first collection we actually worked on were presented, and collection which are having a good commercial response now as we are during the sale season. Woolrich has worked on the Mountain Blankets project. Clearly, the homeware category is potentially a very strong one. We started associating with some luxury key alpine destinations. Sundek, after the shooting, we probably talked about in Q1 that was made in California, back where the brand was born, had a new one in Costa Rica. Again, working on the aesthetics of the brand that we want to bring back. Moving into our interim results. We already spoke about the three components that make up our consolidated revenues, direct sales, net royalties, and real estate revenues, with a very positive direct activity, which is always the first thing we look at, and we tend to believe the most important one on the mid and long term. Also because this was achieved in a very careful way, avoiding any activity that could harm the brands. On the other hand, doing the very opposite. Being always extremely selective with our customers, improving the distribution network, working on the retail, and here a big work of right-sizing optimization has been done. We have closed down a few stores, especially for Kappa. Willing to focus on those which we believe are more profitable or more in line with the image that we want for the brand. We kept relocations in K-Way, especially in France, to have bigger stores where to put the full line on display. As I was saying before, we opened a few new locations with the Sebago, but always going for the right stores and not just opening for the sake of. On top of that, we reported a very strong performance on e-com. Here the contribution of the new brands, and especially Woolrich, has been massive. Still on the other brands and on all the other brands, we have a double-digit growth on all of those. This was achieved strengthening our team here, working on the front end, back end, and operational marketing and all the activities around the channel. All of these are translated, as you can see and probably have already seen, on a strong contribution in terms of consolidated margins. We achieved an additional EUR 36 million. Royalties, here we have altogether the decrease of royalties in and also royalties out, so the royalties we basically pay to teams. Fulfillment costs, so all the variable costs increasing the activity have also increased. Whereas in terms of labor, the increase is partially on the new perimeter. A little bit less than EUR 13 million out of that has been brought by the new brands. As I was mentioning at the beginning of the call, this is not the run rate cost because a significant portion of Woolrich workforce will not move here in Torino. Whereas we have basically already enrolled all the new people we will need to run the brand. We have, in several cases, a double cost for several position in H1 which will not be there in H2, certainly not in Q4, and in most of the cases, not for Q3. On sponsorship and marketing, we reported different figures compared to the brand. We had a net saving overall, despite the addition of Woolrich and Sundek, and this was mostly achieved with a very careful activity performed on Kappa, and especially on the sponsorship agreement, in order so to focus on those which not only grant the visibility of the brand, but also a reasonable marginality or a reasonable cost. You will remember we closed the relationship with the U.S. Ski Team after the Olympics, and now we are moving to the French national team. When it comes to G&A, is mostly related to the new brands. Again, we see an important saving coming into Q3 with the progressive integration of Woolrich. In terms of changes in net financial position, as we normally report, H1 tends to absorb cash, is mostly because of trade working capital. As we were speaking before, our business, our commercial activity is mostly H2. That means that at the end of H1, we need to have already collected the goods that are either, and most I would say, in our inventory or on a boat to Europe. We still have not delivered, if not for a very small portion, and even for that, we clearly and certainly have not cashed in yet. The sign here will significantly, dramatically change in H2. In terms of CAPEX of the period, I mentioned we bought a building here in Padua, so it is just across the road from here. We still need to completely decide what it will become. If we are using it for internal purposes, rent out a part of it. We thought it was a very good deal to complete and to consolidate. We have basically completed the renovation works at Basic Village, those required almost EUR 4 million investment. Another couple were invested in our retail expansion across the several brands. We had then a couple of cash outs linked to acquisitions that were made in the previous years. We paid the last installment of the K-Way France earn-out. It was a EUR 5.3 million, and that relates to the performance of K-Way France in 2025, plus a portion of its performance in the previous years. We paid the settlement, the number on closing figures of Sebago France. On that one, we still have an earn-out which is based on the 2026 performance of Sebago in France, which has been very positive. Our expectation is that we will be paying in full the EUR 1 million due to the previous shareholders. Keeping IFRS 16 payments, that is basically rents being paid out. We also had the payment of dividend, here in this figure, this 9.6, actually we put two different payments. One is actually BasicNet payment of dividend, it is the 7.6. On top of that, a distribution made by K-Way. K-Way paid a dividend of EUR 5 million. 60% of that stayed within BasicNet Group, it went to our parent company, EUR 2 million were paid out to the other shareholders. Okay. I think we have been through all the significant figures. Now if there are questions from your side, I will be happy to reply. Okay. I see Mr. Lustig raising his hand. I would let Stefano begin with the questions. Go ahead, Matteo. I have to go back to something you already mentioned. The first element is a strong decrease in sales of sourcing centers. It looks like the worst performance since the COVID crisis. I would like to better understand the dynamic there. Okay. The second question, if you want, it's complicated to understand for me, also because at the same time direct sales are quite strong. Organic, if I'm not wrong, is up 9%. Theoretically, they should drive, let's say, orders maybe later on, but you will tell me. About this point, if I can ask you, the 9% is the organic in the first half. Can I ask you if it was positive in the second quarter, the organic direct sales dynamic? Then the third is on the EUR 7 million extraordinary cost. Just to be sure to understand that the meaning is that the reported EBITDA could have been, let's say, EUR 7 million better. Actually, there are these costs, so we cannot avoid to consider them. Let's say some of them for a portion of EUR 7 million in the semester will not be present in second half, which is the result of the action you are doing in implementing a reorganization of the two new companies. Okay. May I go with the answer, or do you have? Yes. Thank you very much. Okay. Thanks, Stefano. First for the sales or sourcing centers, just to be clear, there are no sales to Woolrich and Sundek. Okay? We are comparing just, let's say, the old brands when you look at the chart. Maybe I can put it back on the screen so that makes it a little bit easier. Share. Okay. When we look at that column of 141, this is just the old brands. It's fully comparable to last year and to the years before. Here, I would say the decrease is basically Kappa and K-Way. It's very limited to these two brands, it's also quite easy to read about. As I mentioned, K-Way purchased EUR 10 million less than last year, and it's our purchases. It's not affecting in any negative way the commercial activity. On the other hand, revenues at K-Way are still growing. It's rather 2025, which was extraordinary in purchasing. We ended 2025 with a high level of inventory because we purchased a lot, especially in France, and then at a lower extent in Italy. It's just a matter of our own inventory absorption. For Kappa, it's a mixed one. It's a portion of our slightly reduced purchases. Same reasons. We have inventory, we didn't push a purchase just to generate a few sourcing commissions, and a couple of big licensees which made strong purchases in 2025. It's again another one with a different purchasing calendar. It was very strong in purchasing H1 2025 and not in 2026, and the deliveries will be in H2. If I have to look at it in not even the long term, but in the midterm, and if that's your question, do we need to worry that there is less product we will have lower revenues? That's not the case. It's rather a matter of rationalization of inventory. It was just combined for two brands and our two biggest brands in the same year. Other than that, it's actually dynamics that we always had in the past. It's just that in some way they always offset each other, whereas this year we had the same sign for both K-Way and Kappa in the very same direction. In terms of organic growth, you are right with the matter, I can confirm the positive performance of the brands. Probably you were asking why it didn't translate in a higher marginality, am I right, Stefano? No, sorry. Just to understand first, if this 9%, which is for the semester. Yeah. Is it possible to determine what was Q1 and Q2 dynamic? If it was positive, the Q2 dynamic too? I don't have the figure here. I calculate, but it was positive. Yes, I don't have the exact one. Okay. I will tell you later on. It's a positive one. Yes. Okay. The third- EUR 7 million Okay. The third question was on the EUR 7 million extraordinary. Okay. Here I go back to the EBITDA. Okay. The EUR 7 million are not in here. Okay? They've been taken out. If we were to leave the EUR 7 million cost, that would be a lower amount. Okay. Okay. What we left in these EUR 9 million, the EUR 7 is the one-off. It's the severance payment to close the contract. You probably remember we talked about that at the time of the acquisition- Yes. We were negotiating with the labor unions and, of course, the workers themselves to give a different compensation, basically based on their seniority and their seniority within the company. Okay. Actually, before acquisition, we had even factored in higher than that amount. The EUR 7 million is not in the EUR 9 million. You would have actually a EUR 2 million. Okay. What's in the EUR 9 million is the cost of labor of all these people, all these resources in H1. Even though we already enrolled here at BasicNet, the additional people we will need to keep the brand working in H2 as all, well, not really all, but most of Woolrich Bologna workforce leaves the company. Okay. That's the one that at run rate we wouldn't have. It's a little bit lower than EUR 7 million, but when we put the labor cost and the G&A, we are not far from there. Okay. The EUR 9 million is a sort of adjusted, let's say. It's a light adjusted, okay, I would say. Yes. Okay. All right. It will be more similar to two, let's say action already planned could make savings not far from EUR 7 million in the second half. Exactly. Okay. Can I. Please, Stefano. Go ahead. First of all, I go back to the issue of sourcing center. Theoretically, if the top line will confirm a decent or more than decent trend, we should experience an acceleration, even a remarkable acceleration of sourcing center in the coming quarter. That's a very reasonable expectation. Yes. Okay. Talking about that, can we have some color about the beginning of Q3? Well, actually the beginning of Q3, I would say, has been positive. Especially last year, I'm thinking about all the brands, we were a bit slow with the delivery of our wholesale, especially K-Way started out very slow, whereas this year we are very, very far ahead compared to last year. We're reviewing this morning, I would say that we already delivered some EUR seven million more than we did in July last year, just for K-Way, okay? It's just one brand. Actually, we think that's extremely positive, not just in terms of phasing of the revenue, because at the end of the day, what's important is delivering the full season. Under a certain point of view, delivering July or August or September doesn't make a huge difference. The big difference, I would say, stays in the fact that when you are the first to come in the store, you are the one with the highest chances to get a repurchase from the retailers, and so to be there for the consumer. That's been very positive. Stores have been working. Thinking about all the brands, Sundek is clearly a very summer-exposed brand in terms of retail, and it did good, in line with expectations. Sebago kept a very good pace. K-Way, a little bit slower. We have not been helped by the weather, as you can imagine, and also by the fact that we are not in shopping malls. Over the last couple of weeks, people clearly prefer going places with AC, whereas e-commerce has kept working for all brands at the same pace we had in H1. All in all, putting all brands together, it's a good vibe, and also we were reviewing during the board, it's still not closed yet, but the trend of the sales campaign for spring/summer 2027, which is also very encouraging in terms of commercial performance. Okay. A final question on profitability. We are commenting a sort of light adjustment, let's say, within the EBITDA margin, single-digit. Well, I will have some calculation, but what is your opinion on the evolution? Do you feel on track of going back at least to low double-digit than we are commenting the first semester, which is not the strongest one, but what I mean is that do you feel on track On gaining a regular profitability in, let's say, a year. I would say definitely. In a certain way, we put ourselves, and this was our decision, in the position to accelerate all the activities, especially in the case of Woolrich, to have it fully integrated, moved here. If we were looking just at shorter profitability, we could have made different decisions, both in terms of moving people, closing down offices, and so on, but also in terms of commercial decisions on what to sell, at which discount, through which channels. Basically, and also we have factored almost two years to complete the integration of Woolrich, and by the end of September, it will be basically done. It's been a very busy semester. If we look at the full year at the backlog we have, we have some really massive and huge deliveries to be made over the next three months. For our colleagues in operations, it will be a busy summer. We don't see ourselves far away from last year overall. Yes. If I'm not wrong, last year, in 2025, EBITDA margin was something like 8%, 9%, something like that. We will have probably a slightly lower marginality. In absolute terms, we will be there. Okay. Yes. If we do a sort of hard adjustment. Okay. 2026, we are almost there. Yes. We are starting point, which is very negative, the one of Woolrich. The point is that we are not that far theoretically with a hard adjustment. Exactly. We just started. That's it. Okay. Thank you very much. Welcome, Stefano. Okay, if there is any other question. Okay. If there are no other questions, I would like to thank everybody for being with us this evening. First of all, good holidays to everyone. Hope you can enjoy the summer and we will catch up again end of October for Q3 presentation. Thank you, everyone