Good afternoon, this is the Chorus Call conference operator. Welcome and thank you for joining the De'Longhi First Half 2025 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 the telephone. At this time, I would like to turn the conference over to Mr. Fabio De'Longhi, Chairman and Chief Executive Officer of De'Longhi. Please go ahead, sir. Thank you. Good afternoon ladies and gentlemen and welcome to the De'Longhi Group Quarter 2 2025 results conference call today. Together with me are Nicola Serafin, Group General Manager, Marco Cenci, Chief Planning and Control Officer, Stefano Biela, CFO, Samuele Chiodett o, Investor Relations Director and M&A Manager, and Sara Mazzocato, IR Specialist. I'm delighted to report that the first half of 2025 showed a continuation of the positive trends established over the past two years with widespread revenue growth across all main categories. This performance, characterized by robust growth and top-tier margins in both the Home and Professional Divisions, reaffirms the effectiveness of our strategy for delivering sustainable medium-term growth. With regard to the Professional Division in detail, the Professional Division delivered outstanding results with pro -forma growth over 20% in both Quarter 1 and Quarter 2 and an adjusted EBITDA margin above 25%. These metrics position the business combination among the leading high-growth and high-margin companies in the mid-cap space. The division, now representing 14% of total revenues and 24% of the Group EBITDA, benefited from double-digit growth from both of its brands. This is mainly driven by the ongoing premiumization of the coffee quality and experience in the out-of-home market where our portfolio leads. In addition, La Marzocco iconic home products are redefining the market with remarkable success, leveraging outstanding brand awareness and unique partnerships. About the Household Division, the division grew over 7% at constant FX in the first half notwithstanding a more challenging geopolitical and tariff environment. Our growth is driven by a portfolio of market-leading brands consistently strengthened by award-winning product launches. Recently, we unveiled our exciting product pipeline developed through the end-to-end made by De'Longhi approach, which integrates consumer insights, distinctive design, and proven manufacturing excellence. The strategy will be supported by significant investment in marketing communication across all brands and channels. Specifically, as recently disclosed, I'm quite excited about the upcoming launch of the third Coffee Global campaign starring Brad Pitt as an ambassador. Building on a proven track record, this will be the Group's most extensive campaign to date in terms of consumer reach across traditional channels and social media. Leveraging these investments and considering the resilience and attractiveness of our categories, we are confident in our ability to maintain strong consumer preference even in case of challenging future scenarios. Lastly, on coffee visibility and engagement in the first half of 2025, our brands boosted their global profile through high impact activations of premier events like Milan Design Week, the London Coffee Festival, and the World of Coffee in Geneva, connecting with tens of thousands of consumers and professionals. Now let me focus on the quarterly results. The group achieved remarkable growth across both divisions in half one 2025 despite negative currency headwinds. On a constant currency basis, growth would have been 11.8% in the first half and 10.3% in quarter two. The first half of the year saw positive performance across all areas, heightened by widespread geographic growth, a dynamic that continued into the second quarter with the Asia Pacific region leading the pack. In more detail, Europe positive momentum continues with a growth of 9.1% in the quarter, backed by the solid results of both divisions. The Household Division was up 7.2%, with Italy, the Iberian Peninsula, the Nordics, Benelux, and Czech Republic experiencing double digit growth thanks to the strong sales of home coffee and a positive contribution of nutrition led by Kenwood kitchen machines and the international expansion of NutriBullet. The Professional Division was up double digit, supported by both brands. MEIA was up by 3.6% despite significant FX headwinds in the quarter, plus 8.7% at constant FX. Household Division was slightly positive, while the Professional Division recorded significant growth with Saudi and UAE in the lead. The Americas grew by 6.3%, plus 11.1% organically in the second quarter. Specifically, in the U.S., only the Professional Division and the home coffee categories recorded a strong performance, more than offsetting the weakness in the nutrition area and the negative currency effect. Asia Pacific recorded another positive quarter, growing by 10% compared to 2024 despite the strong FX headwinds. On a constant currency basis, growth would have been plus 16%. The Household Division led this performance with a low teens growth rate, driven by a strong double digit increase in the Chinese market, up double digit in both quarters, and solid results in Japan. As regards the division, the Household Division reported turnover of EUR 1,364 million, plus 6.5% increase over the previous year, while the Professional Division recorded revenues of EUR 222 million, up plus 53.5% compared to 2024, corresponding to a pro forma growth of 23.5%. In detail, concerning the Household Division, we highlight as follows. The home coffee segment continued to lead growth, posting a mid to high single digit increase in the second quarter. This performance was driven by strong sales of pump machines, boosted by recent product launches and the continued robust performance of the Nespresso products. The nutrition and food preparation segment was flat. A strong double digit growth from air fryer and continued gains from Kenwood kitchen machines, up for the fourth consecutive quarter, were offset by declines in the smaller categories and the U.S. nutrition market. Concerning the other categories, the Braun ironing brand again achieved a double digit growth, while the comfort category's performance was flat. During the quarter, the Professional Division delivered another quarter of remarkable growth, with revenues expanding by 25%. This performance was fueled by significant year over year rebound for Eversys, which was driven by strong growth in all major markets. Additionally, La Marzocco maintained its robust positive momentum, expanding sales in both its out-of-home and home segments. Looking now at the evolution of profitability in the first half of 2025, the group operating margin expanded significantly, driven by a greater contribution from the Professional Division and volume growth in the Household. Specifically, the Household Division generated an adjusted EBITDA margin of 13.3%, while the Professional Division achieved a margin of 26.4%. Regarding the total group in the second quarter, the net investment margin stood at 53.4% of revenues compared to 51.2% in 2024. Thanks to the increase in volumes, certain cost efficiencies, and a better mix, the adjusted EBITDA was equal to EUR 124 million, 15% on revenues, improving by 50 basis points with respect to last year. This improvement was primarily driven by higher exposure to the Professional Division and operating leverage from the Household Division growth, which more than offset increased media investments, approximately EUR 10 million, higher logistic costs, and tariffs. Price mix contribution was positive in the quarter and in the first half, while the currency effect was flattish. Regarding the tariff uncertainty over the past months, our teams have been working on a comprehensive tariff mitigation strategy focused on sourcing diversification, commercial actions, and cost control to minimize the potential effect. As a result, we can now rely on sourcing from Europe, China, and Southeast Asia, and we have successfully fine-tuned commercial actions with retailers in the U.S. market. In the last conference, we disclosed a potential net impact of approximately EUR 50 million for the full year. Although the situation remains dynamic, the effectiveness of our actions and our current inventory level allow us to reaffirm the potential net impact of approximately EUR 50 million for the year, even with potential scenario changes in the coming weeks. In June 2025, the Group net financial position was positive at EUR 346 million, an improvement compared to EUR 305 million in June 2024. With regards to the cash generation, the cash flow before dividends, buyback, and acquisitions was positive for EUR 286 million in the first half. Cash flow before dividends, buybacks, and acquisitions was negative for EUR 46 million, mainly due to the effect of the cash absorption related to the increase in inventory, absorbing EUR 221 million due to inventory buildup in the U.S. and the usual business seasonality. To summarize, we delivered another period of strong growth in the first half of the year. Our proven diversification strategy and the power of our brands portfolio allowed us to successfully navigate a dynamic consumer environment. As a result, we once again outperformed the market and maintained our industry-leading margins, extending our track record of delivering best-in-class results and preserving our financial flexibility. The Household Division posted excellent H1 growth over 7% at constant currency, reflecting our effective approach of product innovation and targeted communication. The upcoming global campaign featuring Brad Pitt will further amplify this strategy. The Professional Division once again delivered outstanding results, posting over 20% in pro forma growth and has adjusted EBITDA margin above 26%. This performance confirms the value of our strategic hub in the professional segment and places us firmly amongst leading high-growth and high-margin companies. While uncertainty in tariffs and geopolitical landscape persists, we are upgrading our 2025 guidance on the strength of these solid results. With foreseen revenues growth between 6% and 8% and an adjusted EBITDA of EUR 590 million to EUR 610 million for the new perimeter. We now welcome your questions. 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 the touch-tone telephone. To remove yourself from the question queue, please press star and two. We kindly ask you to use the handset when asking questions. Anyone who has a question may press and one at this time. First question is from Niccolo'​ Storer, Kepler. Good afternoon and congratulations on the results. First of all, I have a few questions. First one about guidance. If you can share with us which are the FX assumptions embedded in both revenues and EBITDA guidance. Second one is on A&P. If you can quantify the amount of A&P costs you borne in H1. The third question is about the acceleration you've had in growth in the Americas in Q2. If you can comment and expand a bit about that, and the last one is on the profitability you disclosed regarding your professional business. Should we imagine this 25, 26% level as something holding true also for the full year, meaning m uch less s easonality compared to your traditional household business? Thank you. Okay, the guidance. Okay. We again posted two solid quarters now. We see continued growth for us in the next couple of quarters, although we see a more uncertain macroeconomic scenario both in Europe and in the U.S. with the tariff impacting on global economies. We also have a challenging comparison with last year. I remind you that last year half two was extremely strong. Therefore, we think that we can continue growing, but you should expect a lower growth rate compared to first half 2025. With regard to AMP, we think that AMP continues to be a very important element in our strategy. It can fuel our growth and our sales. We had a EUR 10 million investment in the first half, which is in line with the plans we have said that we want to grow in absolute value. The investments in the second half, we will roll out the Brad Pitt campaign. We will continue to invest more than last year in absolute value, but will be fairly in line with the incidence of AMP that we had in the previous year. The third question is about the acceleration in quarter two in the U.S.A. coffee was brilliant. Unfortunately, nutrition a bit weaker, but after a record year for NutriBullet. Try also to highlight that NutriBullet has record market share in the personal blending segment in a crowded market where we continue to lead the market with increased market share. In the U.S.A. actually also, despite the entrance of Ninja, we have delivered a strong growth with our product portfolio from pump grinder to fully auto and Nespresso as well. The success of the U.S. market is very much linked to the success of our coffee machine despite the higher competition in the market. The fourth question is the professional margin. It looks like the Professional Division is going strong. We see a nice order portfolio which makes us comfortable with our guidance. The margins are record. We spoke in the past about 23% plus margin for the division we have achieved thanks to the great performance of both brands. Both companies record results with a 26% EBITDA. That is somehow scary as a comparison, but we feel comfortable that we can continue to maintain these levels probably for the remainder of the year. Maybe some uncertainty around the tariff impact in the U.S. which we are managing, but confident on the back of an incredible performance in both the out-of-home and home professional business with La Marzocco. Thanks. Next question is from Geoffrey Darwin, BNP Paribas Exane. Yes. Good afternoon everybody. Thanks for taking my questions, please. I will have three questions, please, if I may. The first one is related to your EBITDA guidance because it seems, you know, your guidance implies margin to decline in the second half of the year compared to the second half of last year. I just would like to get what should trigger the margin decline in the second half of this year compared to last year. My second question is related to the so you confirm the EUR 15 million negative EBITDA impact for the full year. Should we expect an additional impact into 2026 given the timing of the tariffs and measures you have taken and put in place in order to mitigate the impact? Thirdly, regarding the U.S., could you maybe comment on what are you seeing in terms of, let's say, you know, selling and sellout? Are you seeing some discrepancy between selling and sellout in the U.S.? Thank you. The first question about EBITDA is partially answered by your second question. I would remind you that now in the second half we're going to face the tariffs in the U.S. We have to offset EUR 15 million, which is affecting our profitability in the second half. We also expect the tariff potentially to slow down a few markets directly or indirectly because I think that Europe might suffer from a geopolitical standpoint and economic scenario. We think that probably the tariff is the main reason and a weaker economy. We will continue to outperform last year despite the tough comparison. Also, we highlight again that last year was a record half for the group and we have already announced that we will invest more in absolute value in advertising, as said before. It is a combination of a number of elements. Tariff is first, macroeconomic scenario, increased advertising spend to support our position, our brands, and last but not least, the tough comparison with last year. With regards to the EUR 15 million, we confirm the EUR 15 million, the negative impact for 2025. Next year, probably this year we have a six months impact on total sales, let's say the imports. Next year we will have the full impact, but at the same time we will have the pricing offsetting that for the first six months. We think that it's maybe too early now to elaborate, but you shouldn't expect a major impact on next year. We will elaborate on that maybe later on during the year. It is a very complicated situation to manage, but we have passed on the price increases. So far so good, which is leading to your last question. What we have seen probably is a slowdown in the sell-in probably in certain categories in the first six months as some of the retailers were a little bit reluctant to accept the price increases. We don't think that there is a high stock level at trade at the moment and we actually think that sell-in should have been fairly in line with the sell-out for the moment. Actually, probably a little bit stronger sell-out versus the sell-in due to these ongoing negotiations and difficulties in passing on pricing, which we have just recently completed. Thank you very much. Next question is from Isacco Brambill a, Mediobanca. Hi, good afternoon everybody. Thanks for taking my questions. The first one is a follow-up to the point on price increases. If you can recap or give us a sort of order of magnitude of the price increase you introduced in the United States. Second question is on the split of performance between household and professional. Thanks for the additional granularity you have been giving. I probably lost the detail on Americas. If you can repeat performance of a household division versus professional in the Americas. Last question is on net working capital. Clearly you made significant investments in the first half. If you can help us assess the trajectory to be expected by end of the year on net working capital or inventory if you have an internal target by December? The first question, maybe Nicola you want to handle the first question from Isacco about. The magnitude of tariffs. Yes. For this year we have an estimate, let's say gross impact of tariffs in the ballpark of $25-30 million. Obviously, we have worked with a lot of mitigation actions, including some preloading of stock in the U.S. You see also from our stock level in this moment, a large part of the stock level was planned to mitigate tariffs impact. On the net effect, I would reiterate what Mr. Fabio De'Longhi has already told you. We are expecting something in the ballpark of $15 million because we have applied price increase more recently. They are planned to be enforced across last month and this month, but there will not be a full mitigation and compensation of the tariffs effect. This is something that we are expecting better position as looking forward on 2026 in terms of performance of the household vessels. Professional in the U.S., was the question? I think household was slightly positive with coffee offsetting a decline in nutrition. 2024 was a record year for NutriBullet. This year the market has slowed down a bit. Coffee performed very well. Strong performance across the different product lines for household business. Also strong growth on coffee with our professional business. Professional, if you will, outperforming household on the back of the success of both brands in the U.S., but still a very positive scenario for our coffee machines where we perform well in all three product lines from pump to automatic to Nespresso. Okay, thanks. There was also a question on net working capital. If you can help us understand where it may land by the end of the year. Sure. Yes. Nicola, maybe you want to hand i n? In this moment the net working capital is affected by the stock anticipation that we have created mostly in the U.S. If we look at comparison year on year with June last year, we have $70 million, $80 million of more stock in this moment. Let's say that 90% of this is related to the U.S. and we have obviously a plan to mitigate, to reduce this and to be in the level of, in the operative level that we had also last year. There will be a bit more related to the growth, to sustain the growth. This is our goal. Okay, clear. Thank you. Next question is from Alessandro Cecchini, Equita. Hello. Thank you for taking my questions. The first one is on China. China seems to me and also for you, very booming market for the coffee business. Do you think that also some other competitors, Australian competitors, are of course focusing on this market, but it seems you are really well performing. Could you elaborate a little bit more how much China now is weighted on total sales? I mean, if you are continuing to see maybe a change in attitude of the Chinese consumer versus coffee given fiscal incentive that are prompting people to acquire goods, etc. I just want to understand because China market is relevant. My second question is instead on capital allocation. Do you think that by year end you can execute something on the professional M&A or if not you can maybe restart buyback? Could you elaborate a little bit more on these? Finally, on the professional business, do you see these high double digit to continue given the backlog, given the ordering take? Thank you. China. A few comments on China. In China, new coffee bars are popping up everywhere. There is a growing appreciation for coffee-related drinks, cold drinks, bubble tea, and coffee. The out-of-home consumption is very strong. Increased competition between Chinese chains and Starbucks might have resulted in some margin compression for retailers. It is enormously growing the out-of-home market. The more people are exposed to coffee, the more they want to replicate it at home, in particular new generations and middle class with available income, supported also by the government incentives. We see that probably China is now going through some different consumer spending patterns, and from what we are seeing in other industries, I'm thinking of luxury goods or other industries, we see sometimes a slowdown in China. This is not happening in the household market, and actually in the coffee segment we see still a strong growth. We are benefiting from that. This is also probably increasing the appetite from competition that are entering the market. For the moment, I have to say that De'Longhi is by far the leading brand in China. We have a very strong position and we have some few Chinese competitors for the moment that might also see the entrance of other international players. For the moment, we can rely also on a strong range which may go from pump to pump grinder to fully automatic, and where we retain a strong leadership. We feel strong about the Chinese development, although the market, as said, is changing quite rapidly. The second question is about the capital allocation. There is no commitment from us in M&A before year end. We are certainly attracted by the professional coffee market. We're very pleased with the developments of our Professional Coffee Division and we will certainly want to play a more important role in the industry in the future. Although we keep open all different options of capital allocation, it can be acquisitions as a priority. If they don't happen, we will continue considering buybacks as an alternative or returning dividends to the shareholders, with always a priority to M&A because this is where we are creating value. I think we have, I believe, a quite good track record of acquisitions and integration with La Marzocco, Eversys, and NutriBullet as well in the last six years. The growth in professional is sustainable. I think that it's sustainable because we have a very unique product portfolio and a brand portfolio. Also, looking at some competition, they posted quite weak results in the first half, both in top line and margins. I think that the success of our results relies on the positioning of La Marzocco, the ability of La Marzocco to manage social media and becoming a brand attractive for home consumers of espresso. Passionate home consumers of espresso who are now spending a lot in order to have their home La Marzocco equipment. That, as well as the unique position of Eversys, which is high ticket, high productivity, very reliable heavy duty equipment, and probably is a smaller business compared to competition. We think that we can definitely grow our position in a large market in the high end of the market. Okay. In terms of profitability, the growth rate we posted a plus 20% growth. There is no reason why we're not seeing any slowdown for the moment. The thing is wiser to stick. We have outperformed our expectation in the first half in both top line growth and profitability. We reached record profitability levels, which we think are sustainable. Probably on the top line we would feel more comfortable with a double digit growth for the remainder of the year. Okay, thank you. The last point, if I may, on the U.S. because to me it seems that you changed the approach to the U.S. market in the coffee business. You are more marketing, more products, more launches, so you are more aggressive in the market. This is a payoff because, as you said, you have a new competitor, but now you are delivering much better than when this competitor was not in the market. Just to elaborate a little bit more, these new, to my analysis, a new approach to the U.S. market on the coffee business, and then finally China on total sales now in the first half. Thank you. No, Minister, the strategy is not changing, is probably evolving. I think the American espresso market is getting bigger and bigger in size and probably there is not one system that is prevailing on all. There are many different systems which are probably appealing in a different way to different consumer clusters. We see that now the fact that the market is growing is helping growing every single segment of our offering. We see that pump grindage is growing and is becoming more significant. Nespresso is growing and the capsule market is growing. At the same time, we are investing and we stay a lot behind our bean to cup solutions which are also growing. I think now we are probably starting seeing that the market is becoming bigger and every single segment of the market is becoming more relevant, more. It's just, it's great that we see that there is growth there, not in one segment, in many different segments. We think that the strategy that we always had to focus in every single cluster and segment of the special coffee machines is hectic. I have to say that also La Marzocco is doing very well in the out-of-home and in the home segment in the U.S. as well. We think that we have a great brand portfolio and product portfolio to capture this growing interest in the U.S. for espresso at home. With regards to China, there was a question about the weight of our China business. It is approximately 6% including national and household. Okay, thank you. Next question is from Francesco Brilli, Intermonte. Yes, good evening. Thanks for taking my questions. Congratulations for the results. I've had three questions. The first one is trying to understand the impact of FX on EBITDA going forward. I was wondering if the impact we saw in the first two quarters, we saw kind of no impact on EBITDA in the first quarter with more or less $7 million positive from FX on revenues and minus $15 million on revenues in the second quarter and being flattish impact on EBITDA. Is this something reasonable to assume also this proportion to assume also in the remainder part of the year? The second question is on the impact of tariffs and the phasing of the impact of tariffs in the second half of the year. Based on the fact you built up inventories to prepare for that, is it fair to assume some more impact more suited to the year end as you can use your inventories built up in the third quarter? The last one is still on the Asia Pacific region. I was wondering if you can provide us with some more color on the different segments of the business to which you are exposed there. I mean, it's still coffee, the very vast majority of the business in the Asia Pacific, and then the relevance also of other segments and how much the La Marzocco have boosted the growth in the last few quarters there. Thank you. Okay, so three questions. FX, you're right. There is a top line impact but no impact at EBITDA level. For us going forward it makes more sense to speak about organic growth rather than actual growth in certain regions given the fluctuations in currency that can go up and down. In particular, U.S. now, it appears that the U.S. Dollar now is trashing back, so might be a different impact in the next months. However, we are now at the EBITDA level, which really is what matters most. The second on tariffs, we had a minor impact. Now we expect the majority of the impact, around $10 million in the next six months, in the second half. With regard to APA, APA, Asia Pacific is a very diverse geography where you have countries like Japan, Southeast Asia, China, and Australia. In China, we are mainly focusing on coffee. I would say coffee is almost a totality of our sales, while in the other markets we still have a major role for other categories. Japan, to name one, heating is still relevant, while in Australia we sell almost the totality of the catalog, from Kenwood to Braun to Comfort to other cooking and food preparation products. And last quarter, was the impact of La Marzocco in that time? The impact in Asia. Yeah, La Marzocco has a strong position in Australia. In China for sure is a growing presence. They have established recently in Singapore a new headquarter for the region, a new branch, which is helping, but still is representing just 14% of the total group sales. Okay, thank you very much. Next question is from Natasha Brilliant, UBS. Thank you very much for taking my questions. I have three. Firstly, on pricing, if I understand it correctly, you've put price rises through in the U.S. from June. Can you just remind us of the sort of average price increase by category, and have you raised prices anywhere else, any other geographic markets? That's the first question. Second question, has the promotional environment changed at all, particularly in Q3? Has there been an increase in promotional activity in any categories or anything to talk about there? The last question is on Eversys and if there's any updates, if you're having any more conversations with Starbucks around that potential contract? Thank you. Okay, thank you, Natasha. Maybe, Nicola, you want to handle the first question. On pricing, about price increase. Obviously, this is still an ongoing dynamics because still we are waiting for the settlement of some of the tariffs from some countries. Some news about Thailand are happening as we speak, and obviously there are some geographies that are relevant for us. Obviously, we have the supply from Europe that is significant for coffee, but for about the nutrition, China, Indonesia, Thailand, and Cambodia are relevant as well to us. For the time being, what we have done in June, it is something on the ballpark of high single digit on the 10% space for coffee and something similar for nutrition. Probably in nutrition, there is a bit more of pressure in this moment. Despite this, it's very likely that will be affected by higher tariffs because Indonesia, Thailand, and China as well as higher tariffs than Europe. The market trend in this moment is putting a lot of pressure in terms of costs. We are looking to go above 10% in terms of price increase to offset the 19% to 30% of tariffs, but there will be a bit of challenge. For the time being, we are more or less on the part of the 10% of price increase. In terms of promo environment in Q3, it's challenging. Promo is there, promo has been already significant pressure also in Q2 and Q1. We have to say that Prime Day time, if we consider Prime Day in the start of Q3, early July, Prime Day was a bit extended through all retailer. It was not anymore an Amazon event, and it has built up a bit of promo pressure. We are expecting back to school and then Prime Day 2 and Black Friday as a significant extension of the promo time and days. Prime Day was more days, four days instead of two, and it went across all the retailer landscape. So p romise there, and growth can come also from some activities on the promotions. The last question was on Eversys with Starbucks. No, the discussions with Starbucks have ended. They said we should resume discussions at a point in 2026 when they start thinking of 2027-2028. No, for the moment I have very little expectations on the Starbucks deal and contracts. I would like to highlight that despite that, Eversys has refocused on the core business, we have strengthened the management lineup, and we post a very strong result. I think that looks like there is an enormous potential for the Eversys range, in particular with Cameo and the E line that have been very successful. We are now launching the new upgraded version for Legacy, which is opening an opportunity in new channels of distribution like Horeca or smaller locations. At the same time, I think that the know-how that we have built with Starbucks on cold drinks will be exploited in a new launch that will be announced at the Milano Fair soon. We feel strong about the opportunity offered by cold. It probably won't happen with Starbucks as of now as we had previously hoped, but the company will benefit from the significant know-how that we have built and will capitalize on that throughout the launch of innovation in the next months. Okay, got it. Thank you. If I can just come back on Niccolòs points about the pricing. Just to confirm that's just U.S. You were talking about the high single digit 10%. There hasn't been any other price increases outside of the U.S.? No, we didn't apply and, honestly, full transparency, we do not see space on price increase in any other geographies to compensate us. Okay, got it. Thank you. Next question is from Héla Zarrouk of Oddo BHF.. Yes, thank you. Good afternoon and thank you for taking my questions. I have two follow up questions if I may. The first one is on the professional coffee segment. Could you please give us the split of growth between Eversys and La Marzocco in Q2? The second one is on NutriBullet. Could you please give us more color about the U.S.? Apart from the high comparison basis, did you see a slowdown in demand and have you lost market share in the profit of your main competitor Ninja, who is gaining market shares, and what should we expect for NutriBullet going forward? Thank you. No, on Professional both brands posted pro organic growth. I think that just as a guidance Eversys has outperformed in the first six months La Marzocco, but both were very strong, very strong in NutriBullet. We had a negative sales for NutriBullet in the U.S., but NutriBullet won market share versus Ninja in the segments where we compete and also grew the market share in Europe, and to a point that we can probably claim that also outside of the United States we are excluding China where blenders are different because our blenders that are used to make soybean milk. If we exclude China, which is a total different technology, we can claim now the number one position in the liquidizers thanks to the nice growth in most of the geographies of NutriBullet. Okay, thank you very much. Next question is from Luca Bacoccoli in Intesa Sanpaolo. Hello, good evening everyone. To follow up, question from my side and then one straightforward question regarding the follow up on tariff. I was wondering if you can just elaborate a bit on the assumptions when you say that in 2026 tariff headwinds won't be so relevant. Are you assuming tariffs at 10% in Europe, 30% in China, 32% in Indonesia? Just to understand because this is a moving part scenario and it's better to know how all the elements are moving. The other follow up is on, you mentioned basically two drivers behind the booming demand which is happening in the last two quarters actually. One is the fiscal incentives and the other one is the consumer behavior changes. Which of those two elements is prevailing on the other, if any? Finally, the third question regards the Kenwood brand which is doing very well since the last four quarters. The question is how do you explain this comeback from Kenwood? Is this because previously it was performing not very well, because you renewed the category product, a mix of those two elements, or something else? Thank you. Thank you, Luca. On the tariff, maybe Nicola, you want to handle this? You already have a few tariff answers. No, the point is that we are assuming the current level of tariffs is 15% in Europe, 30% in China, now Indonesia, and it seems that Thailand is just getting 19% as we speak. This is the assumption that we see. Obviously, the impact in 2026 can be a bit softer than 2025, aiming to have a good carryover of pricing. Obviously, the challenge of pricing, as I mentioned before, is there. There was a question about China. The fiscal incentive is there and it has helped, but consumer changes are probably more long lasting than the fiscal incentive. I think there is no incentive. They c an convince people to buy products they d on't need or they don't want. The fiscal incentive is, let's say, high, let's say is a double digit, but it's still there. We know how much it is, and in any case, is eventually testing a different price point and a relevant possibility to address a larger volume of consumers. We are positive from this point of view about Kenwood. Definitely, there's been a few product launches that are igniting new opportunities. Go collection that is going beyond the food processor now, it expanded to 3 segments of products, is performing well, received by the trade and performing well, getting back shelf space at trade level, and we have also an important program in premium kitchen machines where we are getting, we see signal of a positive response from the market. Okay, thank you. Mr. De'Longhi, there are no more questions registered at this time. Okay, as there are no more questions, I want to thank you all for attending the De'Longhi First Half Results Conference Call. Thank you so much. L adies and gentlemen t hank you for joining. The conference is now over. You may disconnect your telephones.