Good afternoon, this is the Chorus Call conference operator. Welcome and thank you for joining the De'Longhi full year 2024 consolidated results. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Fabio de' Longhi, Chief Executive Officer of De'Longhi. Please go ahead, sir. Thank you very much. Good afternoon, ladies and gentlemen, and welcome to the De'Longhi Group full year 2024 results conference call. Today, together with me, are Nicola Serafin, Group General Manager; Marco Cenci, Chief Planning and Control Officer; Stefano Biella, Chief Financial Officer; Samuele Chiodetto, Investor Relations Director and M&A Manager; and Sara Mazzucato, IR Specialist. I'm extremely pleased with the Group 2024 results, which show a significant improvement in all the financial key performance indicators. These results reflect consistent organic growth combined with an acquisition-driven turnover expansion, a record EBITDA level, more than EUR 400 million in free cash flow before dividends and M&A, establishment of a professional coffee hub, and a straightened market position. As can be observed on Slide Five, the Group revenue growth has been consistent and solid throughout the year, with the household business experiencing robust organic expansion for the sixth consecutive quarter, thanks primarily to the structurally trending coffee and the renewed consumer focus on nutrition driven by consumer changing habits. These trends, combined with La Marzocco consolidation, have supported a 14% turnover increase, which accelerated to 18% in the fourth quarter, equal to 11% on a like-for-like basis. We have sustained this upward trend over the years by investing continuously in innovation and communication, resulting in market leadership and growth. Specifically, in 2024, we spent more than EUR 430 million in A&P, EUR 40 million above previous year, backing new product launches and established brand awareness across regions and categories. Furthermore, in the recent months, we've been working on the new Perfetto campaign, which will once again feature Brad Pitt as a coffee ambassador in the global advertising campaign. Looking ahead to 2025, these investments, combined with the new products introduced in recent years, are critical for driving categories expansion and capitalizing on market opportunities, giving us confidence in a growth year. In terms of profitability, as shown on Slide Six, we were able to significantly improve the level of EBITDA margin over the last two years, thanks to volume growth, stabilization of production costs, and a positive product mix effect, indicating that consumers' interest in the premium segments of our product portfolio keeps increasing. In particular, when considering the last 12 months, the like-for-like margin enhancement and the accretive professional coffee consolidation has allowed the Group to target a record EBITDA. Looking ahead to 2025, we believe that expected volume growth and improved product mix will offset the impact of current tariffs regarding goods produced for the U.S. market, as well as ordinary investments in organizational structure, resulting in an increase in EBITDA. Finally, Slide Seven, the Group ended 2024 with a positive net financial position of more than EUR 600 million, roughly equivalent to the previous year, but after funding approximately EUR 100 million in dividends and more than EUR 300 million for the business combination of La Marzocco and Eversys. This solid financial position enables us to maintain full flexibility on capital allocation for potential external growth opportunities, as well as shareholder remuneration, as demonstrated by a substantial increase in the proposed dividend for 2025. The past 12 months have been extremely fruitful for us in terms of the accomplishments made. Consumer preferences and awards for distinctive design and innovation have been rewarded our products in the key areas, reinforcing our position as an industry leader in our core categories. Sustainability remains a fundamental element of our company's strategic vision, and in recent months, we have been working on a number of initiatives, including pioneering eco-design guidelines for coffee makers and original product refurbishment projects and commitment to science-based target initiatives. Lastly, let me remind you that the business combination between La Marzocco and Eversys has accelerated the Group's growth rate, strengthened its margin profile, and increased business diversification. This has reaffirmed the Group's capacity to identify successful companies in the market for innovation and brand, which is consistent with the strategy implemented in recent years. After less than a year, we began putting in place a stronger governance system with the goal of further leveraging the market leadership and superior technological innovation capabilities of Eversys and La Marzocco. This will be done by making the most of shared resources and exchanging best practices and knowledge to enhance value creation. Now, let me focus on the quarterly and full year results. The Group achieved a robust increase in turnover of 14% in the 12 months due to a considerable 6.6% growth on a like-for-like basis, as well as the consolidation of La Marzocco. Specifically, in 2024, the Group recorded a positive trend in all geographical areas, with Europe experiencing significant growth in all the quarters under analysis and America accelerating the second part of the year in more detail. In Western Europe, the turnover grew 10.4% over the year and 6.8% on a like-for-like basis, accelerating to 10.5% in the quarter, with countries such as Germany, the Iberian Peninsula, Austria, and Switzerland leading the pack. The solid expansion of Northeast Europe persists in the fourth quarter, recording an increase of 14.1% on a like-for-like basis, thanks to considerable contribution of markets such as the United Kingdom and Czech Republic, Slovakia, Hungary, with experienced like-for-like growth at around a mid-teen rate. MEA achieved a significant recovery in the fourth quarter with a performance of 47.3%, 38.1% at consistent perimeter, resulting in a 12-month growth of 9.2% despite geopolitical tensions and macroeconomic uncertainty. The Americas recorded growth of 19.2% in 12 months, equal to 5.9% at consistent perimeter, accelerating to 14.3% in the fourth quarter, benefiting from the double-digit progression of fully automatic coffee machines and the new NutriBullet personal blenders. Finally, the Asia-Pacific region benefited from the consolidation of La Marzocco, achieving a 10% increase of turnover compared to quarter four 2023. However, like-for-like revenues show a partial decline in both periods analyzed. In both periods under analysis, all key categories except comfort showed a positive trend, with the nutrition and food preparation sector accelerating in the second half of the year. In detail, at the end of 2024, the overall incidence of the coffee area on the Group turnover was approximately 62%, also thanks to the consolidation of La Marzocco. The significant increase of the home coffee was driven by the growth of fully automatic coffee machines. Regarding the professional sector, we note the continued progression of La Marzocco that consolidates the strength of its brand, both in the semi-automatic professional coffee machines and in the home premium segment. Nutrition and food preparation segment recorded a major acceleration in quarter four at a rate higher than high teens. We emphasize the evolution of the blender category, personal blenders, hand blenders, and blenders through the year, together with the return to growth of the more traditional products such as kitchen machines. Concerning the home care sector, let me highlight the significant expansion of Braun brand ironing products, which experienced a double-digit growth in the 12 months, while unfavorable weather conditions in both summer and winter, as well as the tail end of the discontinuity of the mobile air conditioning in the American market, affected the comfort sector in 2024. Looking now at the evolution of the operating margins, the net margin stood at 50.6% of revenues compared to 48.9% in 2023, benefiting from volumes and mix increase and the easing of inflationary pressures on product costs. The EBITDA adjusted was EUR 559.8 million in the year, or 16% of revenues compared to last year's 14.4%, with quarter four highlighting margin of 17.7% versus 16.6% in 2023. Aside from La Marzocco consolidation, profitability has been enhanced by a significant volume effect, cost stabilization, and a positive price mix contribution. I'd like to point out that the margin improvement occurred despite a 42% increase in investments in media and communication A&P, which accelerated in the second half of the year to support the launch of the new products and new NutriBullet geographical expansion in Europe. As to balance sheet, the Group ended the quarter with a positive net financial position of EUR 643 million, following the distribution of more than EUR 100 million in dividends to shareholders and EUR 327 million net absorption in relation to the closing of the business combination between La Marzocco and Eversys. For free cash flow before dividends and acquisitions amounted to EUR 416 million for the year, demonstrating the Group's exceptional ability to maintain a high cash conversion rate, which in the last 12 months was around 74% on adjusted EBITDA. This enables us to be more flexible in terms of capital allocation, resulting in a significant higher dividend proposal for 2025. The proposal implies a distribution of a dividend of EUR 1.25 per share and an 87% increase over the previous year, resulting in a payout ratio of around 60% compared to the standard 40% defined by the dividend policy. In summary, we are extremely satisfied with the latest achievements, which underline the Group's ability to deliver results. The SDA market has shown positive dynamics across the quarters, with our categories benefiting especially from the structural trend in coffee and a renewed focus on nutrition. These consistent growth trends, combined with industrial cost stabilization and the mix improvement, have enabled us to significantly improve the Group's profitability, which, combined with the expansion of the perimeter in professional coffee, has resulted in a record EBITDA level. Thanks to these results, we were able to generate important cash flow once again, allowing the Group to maintain full flexibility on the capital allocation to promptly exploit potential external growth opportunities, as well as in terms of shareholder remuneration. Despite the increased volatility that characterizes the current geopolitical backdrop, we believe that the overall outlook for our key sectors and markets remains favorable. We expect a turnover increase between 5% and 7% for the new perimeter in 2025, based on the recent growth trends in the market and product launches supported by communication investments. In terms of margins, we anticipate an adjusted EBITDA in the range of EUR 550 million-EUR 600 million new perimeter, given the current situation with tariffs on new products inbound for the American market. Now, we can open the floor to Q&A. Thank you. Thank you. This is the Chorus Call conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. To remove yourself from the question queue, please press star and two. We kindly ask to use handsets when asking questions. Anyone who has a question may press star and one at this time. The first question is from Niccolò Storer, Kepler. Please go ahead. Hi, Fabio. Hi, everyone. Thanks for taking my questions. Three. The first one is on your EBITDA guidance. I was wondering how big is the impact of tariffs and where are you in the process of moving sourcing to Indonesia? The second question is on working capital evolution. Also, this year, you ended with negative working capital, broadly in line with previous year. Should we expect this to continue in the future, or also this year? I mean, this year, we had some exceptional positive impacts, which will not be recurring. Last question is on cash flow. If we go to presentation Slide 18, if you comment on what is the other for positive EUR 57 million. Thank you. First question, Nikolaos, was on EBITDA guidance. Yes, EBITDA considers the tariffs that have been announced. We think the impact would be between EUR 15 million and EUR 20 million net of actions, which means that in the plan, we have some price mix effect as well as volume effect, but the net impact, which would be offset, would be around EUR 15 million and EUR 20 million. We were moving, yes, indeed. The plan is still in place. We're moving into Indonesia and Southeast Asia, and we think by September, we will have about 80% of the NutriBullet production moved to Southeast Asia. Second question is about net working capital. It's negative. It's a number of years that we end the year with a negative working capital. I think this is, I would say, a new normal. You can expect working capital to be around this level as a percentage of sales in the next year or years. Third question was about the cash flow. Cash flow, yes. For. Yeah, maybe, Nicola, you want to add on. Exchange rate is more related to exchange rate effect. On balance sheet. Yes. Exchange rate effect on balance sheet. On balance sheet, yes. This is. Say it again. It was more the exchange rate effect on balance sheet. Thank you. The next question is from Natasha Brilliant, UBS. Please go ahead. Hello. Good afternoon, everyone, and thank you for taking my questions. Three as well, please. The first one is just on current trading. We've seen some negative signals from other consumer companies in the last couple of weeks. Can you just give us an update on current trading so far this year and any changes, particularly also to the sell-out rates that you might be seeing? Second question is on capital allocation. Obviously, a higher dividend with the strong cash flow. Is this a signal together with the small buyback about higher ongoing shareholder returns, or is M&A still the top priority and any updates on the pipeline there? Question number three is around the overseas contract with Starbucks. If you could just give us an update as to where we are with the trial and the rollout. Thank you. For Nicola Serafin, maybe you can handle current trade. I can take the question on current trading. For the time being, on the first two and a half months, we see still a positive momentum in this moment. Yeah, guys. That is in line with the forecast and in line with the guidance that we have provided. Market is positive in this moment, so we do not have a major concern, if not the impact that we have spoken before about the tariffs in the U.S., but in general, in all the other geographies, is a positive trend. Good. Thank you, Nicola. Yes. Second question is on capital allocation. No. M&A is still a priority, still our top priority for the year. They say the new or extra initiatives that we have announced, which are the buyback and the increased dividend, are just a consequence of the superior cash generation that we experienced in the final part of the year, which is, in the end, leaving unchanged our firepower with regards to acquisition, with a cash position of net financial position of EUR 640 million. Even if we have announced a EUR 60 million increased dividend, the firepower remains almost unchanged. The third one is on overseas. Yes, we are moving on with good news. I mean, Starbucks is extremely committed, and we have maybe slightly accelerated the plan. Thirty units would be invoiced in the month of March, which is good news. This is, say, the final test, and we are now discussing the 400 units that we had already announced, and will be invoiced before year-end, in the second part of the year. Starbucks has confirmed that cold brew is at the top of their priorities, and they're pleased with the project, and we are moving on. Super. Thank you very much. The next question is from Isacco Brambilla, Mediobanca. Please go ahead. Hi. Good afternoon, everybody. Thanks for taking my questions. I have two. The first one is on A&P. Fabio, you mentioned briefly the commitment to work on a new Perfetto campaign. How should we figure out the impact on A&P on sales this year compared to last year, if we have any specific impact meaningful for that? Second question is on the Americas region. Many concerns over the past weeks over deterioration of the U.S. consumer environment. Actually, the final quarter of the year for you was very positive. Could you just comment on the approach both by consumers and distributors you are seeing over the past weeks amid growing tariff news flow? First question is about A&P. Maybe I will leave the no. Nicola, just a minority that the marketing team just returned from New Zealand, where we have shot the new infomercial with Brad Pitt starring. We will kick in by mid-year with a new campaign. We're very excited about that and the continued relationship with Brad, which has been very effective in the past years and helped the company to have more visibility globally and improve its position in the marketplace, exploit good share performance. Having said so, maybe, Nicola, you can handle what are the investments that we expect for the year. Thank you, Fabio. Yes. As you're seeing, we have invested more in 2024 compared with 2023, and then we have the plan also going on, growing the investment also in 2025, supporting also the new campaign that will be launched soon. Obviously, A&P is a growth driver for us. We build growth on this, and so we want to support this, keeping more or less the same incidence on revenue. We need to consider that now that we are consolidating the professional business, you can see a bit of dilution. If we look at the incidence on the household business, we are keeping the same level incidence. A&P will grow with the growth of the business. Nicola, you can also elaborate a bit about. Thank Thank you. Sales, Nicola, you said they are in line with our guidance. In this moment, yes, overall in the geographies. Obviously, in the U.S., for the time being, we did not have major effect. Obviously, we are managing duty in terms of impact in P&L. We are in strict contact with all the retailers and customers to minimize and keep momentum with consumers. Obviously, we could expect a bit of softening in the market, but we will put all the necessary action to keep. Espresso is not a highly penetrated category, so it could be even not that effective. We want to be still positive, and we will work to have all possible actions with the retailers. Yeah. Okay. Many thanks. The next question is from Alessandro Cecchini, Equita. Please go ahead. Hello, everybody, and thank you for taking my questions. The first one, actually, it's on the pipeline of new products, product launches. In particular, we saw last year, so 2024, that manual machines were actually down year- on- year. Just to understand if you expect 2025 to be a good year in terms of product launches, in particular in the coffee business and the manual machines business in order to support the top-line expansion. This is my first question. My second question is instead on the professional business. I mean, last year was all in all probably up versus down. La Marzocco up, but it's larger, so overall, probably it was up. What are your expectations for this year for the professional business, considering that probably overseas is turning around? If you can elaborate a little bit more on these. Finally, on the net income, we saw that you had very small negative financial expenses. Probably there are some one-off forex, something negative to smooth the total figures. Thank you. Maybe, Nicola, you want to comment on the launch? On the new product launches, pump machine had, let's say, had overall a slightly negative year, but there was a fourth quarter very strong double digit. This is already giving a signal of the momentum that is already there also in the current trading. This is on the back of a couple of important launches that we had on the Specialista range. We had launched a digital machine, and also in the pump range, we had a mainstream product that is very successful in this moment, so it's keeping momentum. We had a robust pipeline of launches also in, we have some novelty coming, fully auto machine in NutriBullet and Braun, and also in a premium kitchen machine. We are quite positive and optimistic in the contribution of the new launches for the next month. Professional business, no, we are very positive for professional business. Last year was a very good year for La Marzocco. Unfortunately, it was a weak year as anticipated for Eversys, in particular with suffering from weakness in Asia, in particular in China. This year, we have expectations to see both companies positive, in particular with the bounce back at overseas, also on the back of significant contract in China and continued positive performance in the key markets, namely North America, United States, and U.K. and Ireland. Positive on both businesses. With regards to the final expenses, do you want to handle that? T he next question is from Luca Bacoccoli, Intesa Sanp aolo. Please go ahead. Hello. Good afternoon, everyone. Can you hear me? Yeah, yeah. Sorry, Luca, can you turn on the moment? We have to comment on the financial equation on the financial expenses. Excuse me for that. Yeah. Sorry. Mr. Michele will handle this question. Sorry, Mr. Biella will handle this question. There will be interest income deriving from the cash that we have on hand. Therefore, if we continue to have positive cash, we have also positive income from investment. Can you hear me? Yeah, yeah. You can go. Okay. Okay. Because I'll follow up. Thank you for these. In particular, I would like to be back a little bit on the U.S. coffee. You will probably launch Rivelia also in the U.S. You are addressing manual machines. Can you provide maybe more granularity of what you are seeing now in this moment in the coffee business U.S. market? Actually, you said that it is not so well penetrated. I would like to understand if actually the momentum that you had in the fourth quarter is continuing in the US also driven by these kind of products in this market. Okay. Yeah. We are launching Rivelia and fully automatic is a good momentum in this moment. They are not affected by any tariffs. This is definitely a good potential growth pillar for us. The capsule machine are going still pretty well. The major area of attention in this moment can be eventually other categories. For the time being, we are positive on coffee in the U.S. Thank you. The next question is from Luca Bacoccoli, Intesa San paolo. Please go ahead. Yes. Thank you. First of all, congratulations for the very strong results. Some follow-up questions. The first one is on duties. I was wondering if can we expect some positive impact once you have completed the relocation of the production to Southeast Asia, let's say starting from 2026, given the EUR 15 million-EUR 20 million net impact that you are expecting in 2025? Also still on duties, if you can help us in quantifying what could be the impact if Trump were to impose similar tariffs on European products. The other question is on capital allocation. I understood that this, let's say, extraordinary dividend is because of the massive cash flow generation that you delivered in the last quarter last year. Is it fair to assume a 60% payout ratio going forward in the absence of any M&A, or is this too optimistic assumption? Finally, on the professional coffee, you're expecting both the two brands or companies, so La Marzocco and Eversys, contributing positively to the growth. In terms of cost, should we expect some savings given that, if I understood correctly, you have started to really integrate the two companies? Thank you. Yeah. The first question is about duties. On tariffs, to expect positive, I think, is too early. I mean, we are very happy. In the end, we think that the longer equity story and the longer ability to be a successful player in the industry, given to a stronger industrial diversification, will be improved after this initiative with, no, to offset the tariffs. I think to have another area of sourcing, namely Indonesia and Southern Asia, in the long run, will be an asset. It is too early to be positive. I think new factories will be up and running. We are confident that we can offset the incremental cost due to the tariffs. To have positive expectations is a bit too early to say. I think this is something that we will certainly look at, but probably maybe next year we'll be in a different position to see what is the opportunity arising from the relocation to Southern Asia. The second question is about Europe. Europe. Nicola, I mean, maybe you want to handle that? More or less, we have a balanced cost of goods and supply from Europe and from China and Europe. Obviously, the impact on Europe for the time being will be fully, while in China, it's partially mitigated going to Indonesia and Thailand. In Europe, it could be a bit higher for the same level of tariffs. The major concern at the time could be really the consumption level of the U.S. if also goods from Europe can be imported. Yeah. This will affect all players. On the fully automatic coffee machine, that's because all fully automatic coffee machines are coming from Europe. Capital allocation. We think that the increased dividend is, in the end, a small increase compared to the cash that we have generated. Frankly, we could have increased the dividend easily to EUR 400 million-EUR 500 million given the net financial position. Our priority remains M&A, and we will just have a small allocation to improve the remuneration of our shareholder, but maintaining intact the firepower on M&A, which in the end, we think that maybe the complexity in the world due to the current commercial war between the United States and China will maybe give an extra opportunity to the ones that have a more solid position from a financial standpoint as De'Longhi with a strong cash position. We want to maintain M&A as a priority for us. Although we continue to utilize potentially initiatives as the buyback eventually in the short term. Last question on professional. Yes. I think I commented before. Both brands are also growing the short term. I think we had a positive January and February for both brands. We think that this will continue the good momentum, probably with a stronger acceleration for Eversys, which will bounce back after a very weak 2024, in particular with sales back to growth in China. With the professional, we discussed about the coffee hub and the new division. We do not like to talk too much about integration. We think we have two companies with a very different identity, culture, and focus. We want to leverage opportunities together. We are already starting initiatives in the commercial side. In particular, we have announced that a company that is controlled by La Marzocco in Australia will start the distribution of the overseas machines and also support overseas with after-sales service. We have a new commercial organization in Asia in place, which is now starting to follow both brands in Japan in particular. We have initiatives now with the teams in terms to extract synergies on purchasing and on the cost side. We are at the beginning, and we think that probably by June we will start explaining what are the results of this initiative to you. Okay. Thank you very much. The next question is from Héla Zarrouk, Oddo BHF. Please go ahead. Yes. Good afternoon, everyone. Thank you for taking my questions. I have two. The first one is on the professional coffee. Could you please give us the contribution of the professional coffee segment in 2024 in terms of revenue and EBITDA? Maybe if you can have, we can have the split between overseas and La Marzocco. My second question is on NutriBullet. Could you give us the contribution of NutriBullet in full year 2024 results? You talked about the geographic expansion of NutriBullet in Europe. Could you give us more details about this? Thank you. In terms of, yes, we will give visibility to the division for next year. At the moment, the revenues for the professional division will be about 10% of total sales and around EUR 330 million for the 12 months, which include only 10 months for La Marzocco. About NutriBullet, let's say it was a great year for NutriBullet because the brand has grown 20% plus overall, with, let's say, a pretty consistent growth both in the U.S. thanks also to a couple of new important listings with some relevant customers and the international expansion that was 25% plus. Okay. Thank you. Thank you so much. The next question is from Francesco Brilli, Int ermonte. Please go ahead. Yes. Good evening, Fabian Teams. And thanks for taking my questions. I have three questions. The first one is just a clarification on the guidelines and the relative impact on tariffs. I'm not sure to catch it correctly. Just if you can go through again to if the guidance includes some mitigation actions that you could take to mitigate part of the impact on tariffs, or it's something that should be added to these in case and the amount and magnitude of tariffs that you have assessed in this analysis in terms of impacts. The second one is on a follow-up on NutriBullet. If you think that, I mean, the international expansion is on the way and sustained revenues in Western Europe, do you think that further tariffs between Europe and U.S. can be detrimental to these, so to the expansion of NutriBullet in Europe? The last one is on CapEx. I saw a slightly declining percentage on sales of CapEx. Should we expect the same going forward for the next year? Thank you. I will make a without the EUR 20 million of tariffs, probably Agada would be closer to EUR 600 million-EUR 620 million. Given the extra cost, that net effect of about EUR 20 million, the guidance now is EUR 580 million-EUR 600 million net. Just to give you an idea. It's incorporated. The net effect of the negative effect of the EUR 20 million is in the numbers. Of the current. Yeah. On the current number. On the new guidance. Yes. Perfect. Okay. Indeed, it's including the mitigation effect that you can put in place. Yes. Exactly. Exactly. Exactly. Okay. Exactly. Perfect. Thank you. The next question. NutriBullet, Nicole, you can go ahead. About NutriBullet, we do not see major risks that the current situation can affect the international expansion. International expansion is on track. As I mentioned, it's in between 25%-30% of growth year- on- year. We see this also from a market share point of view in blending. Outside of the U.S., we are heading to close to a leadership position that is very promising in this moment. There is a positive momentum on this. Yeah. It is a very fragmented market. We are just monitoring about 30-plus markets around the world, including China, where blenders are usually cooking blenders and not traditional blenders as we know them. Excluding also North America, where in the end, NutriBullet has by far a leading position in the personal blending segment. We have a market share now around 10% globally, which makes us one of the leading brands. Yeah. Great. Well done. The third question is about CapEx. Yes, slightly negative. Nicola, you can add on. Yeah. Yeah. Yeah. Let's say we are building also we had some investment in the past few years. As you know, we have expanded also our manufacturing capacity to support volumes. 2024 was a bit lower, and we see more or less the same trend also for 2025. At this moment we are exploiting the capacity that we have gained. That is there and sustain growth that is coming. Thank you. Thank you very much. The next question is from Andrea Bonfà, Banca Akros. Please go ahead. Hello. Good afternoon to everybody. Most of my questions have already been answered. I would like to know if it's possible to expand a little bit, let's say, the competitive situation of your—sorry, again, the repetition—competitors in the U.S. market as far as industrial production is concerned. For what I know, your industrial footprint, or better, your, let's say, exposure of Chinese products to the U.S. is lower than your competitors. If you can comment on that and what's the state of the art in terms of local production, if there is any, or if that is essentially manufactured in Mexico. Thank you very much. Yeah. Let's say that our competitor situation is going in different categories by category. For the categories that are relevant to us, let's say that I don't want to say that we are ahead of the curve, but we are in a similar position. Some of our relevant key competitors are falling behind. For example, in blending, there is still a competitor, and probably the major one that has most of the production still in China. In terms of coffee machine, there is limited production for the time being outside of China. We are leveraging on our internal competencies also to build capabilities outside of China. I would say that, more or less, we are in a slight advantage, and there is no competitor that can have, in our category, in the category relevant to us, advantage compared with us. There are some other categories that are not relevant to us, where probably you can have news of competitors that are well-positioned but not relevant to us. Thank you very much. The next question is from Geoffrey d'Halluin, BNP Paribas Exane. Please go ahead. Yes. Good afternoon, gentlemen. Two questions, please. Just a follow-up on the competitive environment. Just curious if you've seen some changes in terms of competitions, but much more on the European markets and much more on the coffee machines category, especially given the success of the coffee business. I have seen some players being a bit more aggressive into these categories. My second question is related to your comments on M&A. I got you've said M&A is the top priority for the company. Any thoughts regarding which categories or which geographies you are looking for and which might be interesting to delve into? Thank you. First question about coffee, I would say then maybe I will handle the answer to Nicola. In coffee, we have grown our shares last year. In the fully auto, the competition landscape is exactly the same. Maybe a newcomer is in the pump and grinder, which is just a specific segment with Ninja in the United States and China. I would say that it's more or less unchanged, the landscape. Yeah. We don't see major changes. I would say that with espresso, for instance, we are consolidating. We are now winning four new markets. We have announced that. We're very busy with France, Belgium, Netherlands, and U.K. I would say that, in principle, there is more consolidation on the contrary on the capsule market. A new player, to sum up, on the pump and grinder, a fairly stable environment. When the market is expanding, new player means also opportunity. Market is expanding and fairly stable on the fully automatic, which is 60% of the De'Longhi revenues in home coffee machines. Second question on M&A. Coffee, we said, provided there is no issue in antitrust, priority. Professional, maybe in the coffee in adjacent segments. Stealing the kitchen or more typical appliances. U.S. was a top priority. Maybe it still is, but probably for the moment, it's a very unclear situation also what's going to happen to U.S. players after the tariff. I think we are in a better position as most of our sales are outside the U.S. Probably there is an opportunity in the U.S. market, maybe a player with a specific interesting product or segment and leadership. Maybe in the new geopolitical situation, there are opportunities which will come up. That's clear. Thank you very much. Gentlemen, Mr. de' Longhi, there are no more questions registered at this time. I turn the conference back to you for any closing remarks. No. Thank you so much for attending the De'Longhi Full Year 2024 Conference Call. Thank you. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephone.