Afternoon. This is the CarsCode Conference Operator. Welcome and thank you for joining the De'Longhi Q3 2025 Consolidated Results Conference Call. 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 Fabio De'Longhi, CEO of De'Longhi. Please go ahead, sir. Good afternoon, ladies and gentlemen, and thank you for joining the De'Longhi Group Conference Call for our Q3 2025 results. With me on the call today are Nicola Serafin, Group General Manager; Marco Cenci, Chief Planning and Control Officer; Stefano Bella, Chief Financial Officer; Samuele Chiudetto, Investor Relations Director and M&A Manager; and Sara Mazzucato, IR Specialist. Very pleased once again with the strong set of quarterly results delivered by the Group, confirming the positive momentum of the recent periods and strengthening of our position as an industry leader. The solid performance in the quarter is evidenced by robust 11.5% growth at Constant forex and a record Adjusted EBITDA margin of 16%. The Household Division continued its strong trajectory, achieving 7.6% growth at constant FX and outperforming the market, while the Professional Division further accelerated its expansion across both its brands. Providing a detailed breakdown, the Professional Division again posted solid results with remarkable Organic Growth of over 40%. This was sustained by strong market dynamics for the business combination, reinforcing the position for both La Marzocco and Eversys as leading High-growth, High-margin companies in the Mid-cap space. This solid pace of growth seen over the recent quarters is the result of the ongoing premiumization of coffee quality and experience in the out-of-home market, where our portfolio leads, along with the reactionary and unique connection our brands have built within the Coffee Community over the years. This was clearly demonstrated by our enthusiastic reception for Eversys' versatile innovations launched at Host, particularly the Next Generation Legacy Machine, capable of brewing cold coffee, tea, and matcha. Further evidence was the outstanding success of La Marzocco Iconic Event, Out of the Box, a celebration of coffee culture, design, and innovation, which over the years has become an international meeting point for the Coffee Community. The event was also an opportunity to celebrate key collaborations with partners like Porsche, RIMOWA, and Aimé Leon Dore, and featured new ones like the Victorinox for La Marzocco Barista Tool. The Household Division maintained its strong momentum, growing 7.6% at constant FX in the quarter, consistent with the previous performance and outperforming the market despite the challenging environment. This positive performance was mainly driven by the coffee category, which is benefiting from resilient trends, including the growing penetration of Espresso at home, the expanding drinks variety, and the continued premiumization of the range. These factors continue to foster growth in a market that, however, remains under-penetrated and under-represented globally. We are thrilled with the early results from our Q3 Perfetto campaign. In just two months, we have seen a significant increase in social media mentions and search interest for the De'Longhi brand. This campaign marks a next step in our strategic evolution toward a Full-funnel marketing strategy, which manages the entire consumer lifecycle from inspiration to post-purchase engagement. The campaign launch was supported by bold activations over the last months at high-profile events, including Milano Design Week, the F1 Movie Premiere in New York, and the Venice Film Festival. The objective is to generate a multiplier effect capable of balancing the weight of paid and earned media. The strategy is designed to move beyond simple audience reach but inspires them to talk, share, and create content themselves. These efforts are strategically aimed at accelerating market expansion while cementing De'Longhi's reputation at the high-end quality benchmark in the coffee industry. Now, let me focus on the quarterly results. The Group delivered an excellent performance in both divisions during the first nine months and the last quarter, with widespread growth across geographies. In more detail, for the Q3, the Europe area confirmed the positive momentum, growing 9.3% plus 9.2% at constant currency, driven by both home and professional coffee. Spain and Portugal, Belgium, Hungary, and the Nordic countries area achieved a mid-teen growth rate. Media was up 24.8% at constant currency in the quarter, supported by both divisions, with professional coffee achieving sound results and home coffee and home care categories driving the growth for the household business. The Americas recorded an 8.2% increase in revenues at constant currency, led by the strong professional and the home coffee performance, with a negative currency impact from the weak dollar. Finally, as the Pacific region achieved another positive quarter, growing by 20.2% at constant currency, both divisions contributed positively to the growth, with the Chinese market driving the region's performance. Regarding the divisions, we are very satisfied with the performance of both, as they have realized a solid and resilient pace of growth in the recent quarters. Concerning the Household Division, we highlight what follows. The home coffee segment confirmed once again its leading role in the division growth, posting a high single-digit increase, in particular thanks to the contribution of Pump machines and Espresso products that reiterate the positive performance recorded in the first half. The nutrition and food preparation segment was down by a mid to high single-digit% in the Q3. This contraction is mainly due to a negative currency effect and a challenging year-over-year comparison for personal blenders in the U.S. market, which had achieved significant double-digit growth last year. Regarding other categories, products in this group achieved a mid-teen expansion driven by the Brown ironing segment, which once again drew a mid-teen rate, continuing its solid expansion over the last two years. In the accessory category, a business mainly linked to coffee machines, which posted significant growth compared to last year. The professional division delivered another strong quarter with revenue growth of over 40%. These results bring the pro forma expansion for the nine months to approximately 30%. The solid performance was widespread across regions and is driven by the continued premiumization of coffee quality and experience in the out-of-home market. The brand's high-quality positioning allows La Marzocco and Eversys to capitalize on the growing opportunities in this segment. Looking now at evolution and profitability, the Group margin improved in the first nine months of 2025, mainly supported by the growth of the professional division and margins above Group average. In detail, in the Q3, the Adjusted EBITDA was equal to EUR 148.8 million, 17% on revenues, improving by 70 basis points with respect to last year, supported by increased volumes in both divisions and a better household Product mix. Price mix contribution was slightly positive in both the nine-month period and the quarter, while the currency effect was neutral. Investment in the media and communication increased in absolute terms but remained stable as a percentage of turnover for both the quarter and the nine-month period. In the quarter, we faced higher logistic costs and a negative impact stemming from the additional Tariffs in the U.S. market. As regards Tariffs, we displayed on slide 6, we were able to manage the situation and minimize the potential net impact thanks to our mitigation plan, which was based on inventory build-up, price increases, and supply chain reorganization. We confirm our expectation of an approximate EUR 15 million net impact on Adjusted EBITDA in full year 2025, which is already incorporated in our full-year guidance. In September 2025, the Group net financial position was positive at EUR 309 million, an improvement compared to EUR 266 million in September 2024. With regards to cash generation, the cash flow before dividends, buybacks, and acquisitions was positive for EUR 298 million in the 12th month. In the nine months, cash flow before dividends, buybacks, and acquisitions was negative for EUR 82 million, mainly driven by a planned increase in inventory stemming from two factors: ordinary business seasonality and strategic build-up in the US earlier this year to mitigate duty impacts. The inventory level is expected to normalize during the next months, as per usual seasonality, generating cash in Q4, as it did last year, in line with our expectations. In summary, the Q3 continued on a positive trajectory. We again confirmed and outperformed the market and sustained our industry-leading margins, delivering best-in-class results. Crucially, we also preserved our financial flexibility for potential external growth or to optimize shareholder remuneration. The Household Division continues to deliver on its medium-term goal, consistently achieving mid to high single-digit growth, as shown on slide 5. We expect positive contributions from the division to continue in the fourth quarter, despite a challenging comparison. This will be driven by structural trends, robust product launches, and media investments, where our Q3 Perfetto campaign marks a strategic shift towards a full-funnel marketing approach. The professional division was a key driver, delivering significant Organic Growth in the recent quarter. The performance was supported by strong market dynamics for both La Marzocco and Eversys, as they capitalized on the Premiumization of out-of-home coffee and the strong engagement of the Coffee Community, as clearly demonstrated by the success of the brand's event participation. Given our strong performance, we are raising our full-year guidance, even as we continue to closely monitor geopolitical uncertainties. We now project revenue growth for the new scope of operations to be between 7.5% and 8.5%, reflecting positive contribution from both divisions. Accordingly, we are raising our Adjusted EBITDA guidance to a range of EUR 610 million-EUR 620 million, which is inclusive of the tariff effects and increase in average investment to support growth. Now, welcome your questions. Thank you. Excuse me, this is the call's 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. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Nicolas Toller from Kepler. Please go ahead, sir. Good afternoon. Congratulations on the results, and thanks for taking my few questions. The first one is on your new guidance, in particular on EBITDA. It seems implying a quite weak fourth quarter. Is there any reason why we could see margins declining in Q4? Are you planning to step up significantly your advertising and promotion, or do you expect a mix which is very much different from year to date, in particular related to, of course, professional, because we have seen this very strong performance? Maybe it's a business which goes more in waves, and we should expect or could expect this elevation in Q4. Second question is on growth in the Americas, 8% in Q3. Could you tell us which is the price effect and the volume effect of this high single-digit growth, and more in general, which is the sentiment in the region? Thank you. Thank you, Nicolas. The new guidance, I don't think, is a weak guidance on Q4. We don't look at quarterly results. We look at long-term sustainability, long-term sustainable growth. I would highlight a very tough comparison with last year. Last year was up 12%. Second, I would remind that we're going to have a major tariff impact in the quarter. We had anticipated a EUR 15 million full-year impact. We expect a EUR 10 million alone to impact Q4. Number three, advertising phasing will be such that most of the Perfetto campaign will kick in in the last quarter. Also, I would like to say that the markets are probably even further posticipated from Q3 to Q4 advertising, so we're going to have a negative, let's say, comparison for the advertising growth. All in all, we have raised our guidance, which is suggesting that we are more confident than we were, although we raised already before their guidance for the year. We keep seeing a positive development of De'Longhi growth, the success of our products, our market share expansion in general. I would say that I do not consider, under all these circumstances, a weak quarter at all, just a final of the year in which we focus more on investing in the long-term growth pillars rather than watching to the short-term margin performance, which in the end is already above the initial plan and the former guidances. The second question was about United States price mix. Maybe I go into your question about the sentiment. The sentiment is not negative in North America. I would say that the consumer keeps buying. Probably we are witnessing more price pressure than we would have expected. I mean, we have all increased prices, but at the moment, there is a strong promotional initiative to maintain volumes, which is offsetting the positive effects of the price increases in the short term. We also see two different dynamics. In, let's say, the traditional products, where we also include the NutriBullet range and blending, we see consumers are more concerned, aiming more to lower prices and bargains and promotions, while on coffee, we still see a strong momentum, which is also suggesting the opportunity in the long term for the group to grow our presence in North America. Having said this, I would say there is a positive mix effect with coffee growing faster, positive price effect in coffee. Probably neutral, more say, was initially positive, is now going to neutral in food preparation to try to boost sales and support volume growth. Thank you. Thank you very much. The next question is from Isacco Brambilla of Mediobanca. Please go ahead. Hi. Good afternoon, everybody. Thanks for taking my questions. I have two. The first one is on food preparation nutrition. Without looking at this simple, say, quarterly performance, how do you see, directionally speaking, this division contributing to growth next year, so in 2026, just on a qualitative basis? Should it be possible for the division to come back to growth next year? Second question is on professional coffee. Performance has been amazing, I guess, above any more optimistic expectation for this year. Can you walk us through the lever to deliver growth next year on top of this very strong performance of 2025? Thank you, Isacco, for your questions. Absolutely, food can go back to growth next year. I think that we are witnessing an unexpected or maybe an extraordinary event, which is major Tariffs in the U.S. The U.S. is a major market for NutriBullet. The Tariffs have been really changing the market trends and the growth rate of nutrition, and therefore, as a result, in a negative year and in a strong, sudden stop to our growth plans. However, we believe that next year things will stabilize. Once the United States will go back to normal, maybe even in weaker context, I think that we'll be able to fully exploit the international growth of our NutriBullet products. We're also seeing some positive signs from KENWOOD with a return to growth for our kitchen machines. We are also accelerating our acceleration plan with Braun in both hand blenders, which will probably materialize next year, and continue growth in iron. We are a bit disappointed, all in all, by our performance in food preparation after a positive year, 2024. However, it's obvious that the magnitude of the tariff impact in the U.S. has been such that resulting in a major game changer in the U.S. market. We are now more confident that once this will be absorbed, probably in the next quarter, next year, we'll maybe stabilize that, and we'll be able to show our growth potential internationally. Second question on professional coffee. Yeah, it's going strong. Tremendous performance for La Marzocco in the coffee bar segment across all geographies. Incredible success with the home line, also across the markets. Super visibility, very successful partnerships, resulting in an amazing opportunity in the future. On that, I wouldn't be surprised if in the long run, home professional coffee machines will enormously surpass the results of the really good result of our coffee machines for professionals in the bar. All well at La Marzocco. We understand the compare will be tougher, but we are very confident about the prospects for the brand. Everything is also very strong. Very strong. We have a great pipeline of products, and we think that the performance will continue in positive results. We continue to be shown in Q4 and beyond. China, we have good prospects. United States is not slowing down, and we see traction with the major distributors. We do not see why we should not continue with the double-digit growth with these professional segments. Thanks, Fabio. That is very helpful. Maybe just one follow-up on my side. Can you remind us even a broad split between our professional coffee and bar coffee machines as of now? Value, okay. La Marzocco is approximately two-thirds of the professional division. Eversys is obviously representing one-third of the professional division. Of the two-thirds, the majority is still the bar machines. Probably, I would say, all in all, it's less than one-third of total professional sales. Okay. Many thanks. The next question is from Natasha Brillant from UBS. Please go ahead. Thank you very much for taking my questions. I've got three. My first one is just on current trading. If you can give us any color on how the business is performing into Q4, given the important holiday period, and anything on sell-in versus sell-out rates. My second question is just coming back to the upgraded guidance, and particularly on the margins. Is it just better revenues that's kind of driving those better margins, or anything on the costs as well that's coming down? Just to help us understand that. And then just on NutriBullet, if you can give us a bit more color or quantify the performance in the U.S. versus ex-U.S. in Q3, so just so we can see the different performance there. Thank you. Okay. Yeah. On the current quarter, I think October has been a positive month from a sales perspective in line guiding to achieving the year-end guidance. I would also underline that we have negative forex, which now is getting closer to 3%, probably for Q4. We have this tough comparison with last year where we grew about 12%. Happy about sell-in. Sell-out, I would say that, yeah, we're still confident to—again, we're very confident in achieving the guidance for the year. It's a bit too early to—I think the fall, we can get more visibility after probably November. We feel comfortable about achieving the Q4 guidance. In terms of margins, Nicola, you want to handle this? I would say that this quarter, okay, in terms of growth, obviously, it has a strong comparison with the high growth that we had last year. In terms of margin, what is mainly affecting and incorporating the guidance is a bit of extra Advertising investments compared with last year, as we are, say, pushing a bit of investments on the Perfetto 3.0 campaign. Obviously, it is incorporating the guidance, a bit of the effect of the Tariffs in the U.S., because, as Fabio has mentioned before, there is a bit of price pressure on the promo, in particular on NutriBullet, coming also to your third question, Natasha. We are expecting a bit of more net effect of Tariffs in the fourth quarter than it has been in the third quarter. About NutriBullet, definitely the international growth of NutriBullet is progressing, but it's not enough to offset the negative impact as of today in the US NutriBullet was sitting on a great growth, robust double-digit growth last year. Let's say we are a bit going back on this growth this year, and mostly this has been driven by the segment softening of the market impacted by the initial price increase that most of the players put in the market, that now has been pulled away, in particular from the promotion of the Black Friday. Let's see in the next weeks how the market will react also to this situation. Very clear. Thank you so much. The next question is from Gianluca Pediconi from MOMentum Alternative Investments. Please go ahead. Good afternoon, gentlemen. I have just a quick question, which comes from how confident, happy Fabio was about the performance of professional coffee. The question is, have you come up with any further thought that obviously you can share with us on how and when to unlock the true value of this business? Gianluca, thank you for the questions. No, very happy about the performance of the professional division. We have been working very hard in the last years to create this division. Super proud of the quality of our brands and the superiority of our products. This year is putting really under the spotlight the incredible potential of the division. Really super happy. I think that in a way, this exceeded our expectations. Rationally, I think that looking into the opportunity offered by the home segment for La Marzocco and the opportunity that we have with Eversys, which through its range and its products can really elevate the quality of Espresso and Cappuccino and capture also opportunities in the cold segment, will offer many chains the opportunity to upgrade their equipment. We see the penetration in the U.S. Despite all the concerns about the U.S. market and the weakness that they've seen in the U.S., the result is brilliant. Therefore, we think that we will continue to perform well with our division. The visibility for the remainder of the year also is suggesting this. The second question, thank you for the tricky question, but it's an incredible opportunity. When we combine the businesses with De'Longhi, it is because we like to be global players. At the same time, there was an agreement with the partners and shareholders to have an exit for them. It was clearly stated also in our PR and in our communication that going public was an opportunity. We think that at the moment, that's the plan. That's a plan. It is not in the short term. We have to really consider from a holistic point of view what is best for all the shareholders. For the moment, it is a bit too early to say. We can be open to several options. I would say that the important thing is that both divisions perform very well for the moment. I'm very glad with this. Fundamentals and the business perspectives are more important than, let's say, financial aspects. However, we think that we certainly have an opportunity to exploit better the potential thanks to the fact that professional divisions tend to have a much higher multiple. Marzocco and Eversys, due to their margin profile and growth profile, should also have premium multiples compared to the professional peers. I would like really to, I mean, the shareholders of the group to fully benefit from the potential offered by our businesses. Fabio, thank you very much for your very straightforward answer. I have just a quick follow-up because I know that there were some M&A deal, private deal in the professional coffee business. Can you just confirm if you heard that they were in the mid-teens in terms of EV/ EBITDA? I'll say 15-17, and even more times. Marzocco, the acquisitions? No, not yours. No, no. Other deal in the industry. Yeah, in the professional coffee business. If we look back, probably the largest M&A transaction was WMF, which also was including a major portion of Cookware. That was a deal at, yeah, probably a multiple which was above 15% for the professional business and a low single multiple for the Cookware division. Very often, I think also Wilbur Curtis for SEB was in that range and many other deals. Also, Lelit was acquired by Breville at a similar multiple. I can confirm it. Very kind of you. And congratulations again. Thank you. The next question is from Alessandro Cecchini of Equita. Please go ahead. Hello everybody, and thank you for taking my questions. The first one is on nutrition business. You expect for 2026 to return to grow of the division. Can you elaborate a little bit more on potential new products, new categories, new activation in order to support, I mean, the return to growth? I know that personal blender, you are leaders, etc., kitchen machines. Maybe just if you can share if you are planning to broaden or to enlarge the category also from a product point of view. This is my first question. The second question is instead on logistic costs. This year, you are highlighting that there is some headwinds, I believe, also due to some negotiation that at the beginning of the year. Just if you can elaborate a little bit more if you can spend for next year, I mean, some costs to maybe to slow down a little bit, also consider plastic, etc., could be helpful. Finally, my understanding is that this contest M&A activity is so not sparkling. Targets like the targets that you follow probably are not for sale or it's not the right moment to buy. You made already extra dividends. I go to the point. Why not buy back? Are you considering given the valuation of the stock? Thank you. Okay. Maybe I can handle the third question first, and then I give the word to Nicola. We'll get back to you on nutrition US and the cost and the logistic costs. No, on M&A, yeah, we're always chasing opportunities. For the moment, there is nothing that will be announced shortly. Our priority will go to improve our capital allocation through buybacks and extra dividends. I don't rule out that you might see in the future more buybacks. I think that would be, first of all, it's the cheapest acquisition we can make. Maybe with no synergy, but certainly a cheap acquisition. At the same time, it has been highly appreciated from the market because it helps creating more liquidity. It can be counterintuitive because we are just slightly reducing our free float, which now is around 46%, but it is creating more volumes traded on a daily basis. That might potentially bring us to new indexes. Indexation is becoming a very important element for fund managers, and we think that we have to take this into consideration and try to become more relevant as a company under that perspective. Alternatively, paying back dividends to our shareholders will continue to be a tool that will be used. As I said, no M&A in the short term, but you can trust that we keep working on M&A opportunities, and that is strategically our first option always. I think something about the nutrition business and why we are confident on 2026 to be back on growth. Definitely, we have a robust plan on the international expansion of NutriBullet. This is definitely a growth driver that will continue on 2026. That obviously, this year, as I mentioned before, it was a bit offset by the declining in the U.S., where we are confident that the pipeline of products that we have just launched or in the launch phase in the next few months will reboost growth also in the U.S. We have just launched an important launch of portable blenders that is happening just this month, and next year will be there for all year. It is an important segment still growing where we were not fully present with a full range. We have also a launch on full-size blenders, where that is still an underrated segment for NutriBullet, where definitely in blending NutriBullet has a right to win and potential. This is. On top of this, we have also a product that will come along next year, probably in the second part of the year, in frozen preparation ice cream making. This is a bit of the plan for nutrition in the U.S. and beyond. On top of this, another growth driver that is there, and we do not mention that much, is the performance of ironing, where we have a robust double-digit growth for the second year in a row. This is something that will progress also next year as we have a robust pipeline of innovation coming in the market. About logistic costs, there is softening a bit the freight, but what we are experiencing now is the road transportation is definitely increasing, where housing costs are increasing. There is a lot of pressure also because of, in general, retailer behavior. There is a bit of concentration of orders along the promotional events where, let's say, distribution is becoming a bit crowded, and there is an extra cost that is going there. We are experiencing a bit of logistic cost headwinds. I wouldn't say that in raw materials I see headwinds. It's too early to say if there will be tailwinds, but something can be there. Okay. Thank you. Finally, just to go to a historical performance of the small business, air conditioning is probably second year, two years of negative business. The rule of thumb is two negative, one good. Next year could be some, I mean, restocking by clients. It's correct, my interpretation, that given the bad weather condition of 2024. I would say that last year was negative. This year was still low, let's say, not positive. We are ready to capture opportunity. Are we ready to overinvest because it's a seasonal product that can have also a lot of inventory risks, but we are ready to capture opportunities if they will be there. Thank you. The next question is from Andrea Bonfà of Banca Akros. Please go ahead. Hello. Good afternoon to everybody. Most of my questions have been already answered. I got my curiosity on the professional. Sorry. When the new products that you presented at Host with Eversys will contribute to your revenues, is that from Q4 or from 2026? And the second one, if you can give us some more color on the top-line performance of the two brands, Eversys and La Marzocco. Thank you very much. Oh, sorry. What do you mean by color on the two brands? I mean, more on the sales side or on the marketing? On the sales side. And if you can remind us what's the EBITDA margin combined. You mentioned 26% in the first half, but with a 40% like-for-like increase, might be higher now. I don't know. Thanks. Okay. With regard to the professional, the launch, it will be Legacy. Legacy is a product that will allow the group to enter in a price band where the group is not playing yet at the moment. This is highly potential. I think that you will probably see that we will fully exploit this product probably in three years. I think that also given the experience we had in the past, all new product introduction must be done very, very slowly and carefully. These are high-performance products which need to properly work. If any issue may arise, it may result in a major drawback from customers. The four next year will be just the beginning. I would say in three years, we will reach full potential. It can become potentially even the most meaningful product line for Eversys because it's entering the segment where we are not present. We'll probably open the doors also to Germany, which is a market where Eversys is underperforming, and which is probably the largest fully automatic professional coffee machine market, and also the most aggressive in terms of price positioning. We open the door in a new segment in potentially new markets, and this can, in the midterm, become the most relevant, most important product line for La Marzocco or Eversys. I would also highlight that this product is also aimed to have more versatility. We mentioned cold and matcha. You will see that we are starting from capital lines from the results of the developments of the venture with Starbucks, which in the end did not result in a product extension, active product extension, but is resulting in know-how that we can now start capitalizing on our existing products. For La Marzocco, I would say that an incredible opportunity with the existing range. We are going to launch also extension in the grinding business, which is small to us but is new. Then also innovation will be with the extension of the Strada and upper-end professional equipment. Major, major business growth to capture with the home line, although you don't have to expect new launches in the short term, just capitalizing on the existing range, which is performing extremely well. Double margins. Margins are above 25%. So given the volumes, slightly above 25%. Very, very healthy margins. Thank you very much. The next question is from Luca Bacoccoli of Intesa Sanpaolo. Please go ahead. Hi. Good afternoon, everyone. Can you hear me? Yes. Yeah, yeah. Okay. Good. So a few questions from my side. The first one is a follow-up on the profitability of the professional and the household. You said that the EBITDA margin is very healthy, above 25%. So I was wondering what is the EBITDA margin trending in the third quarter for the household division on a standalone basis. Then the other question is on Tariffs. If you can, please refresh your guidance on what should we expect the headwinds from Tariffs in 2026. On the nutrition still in the U.S., it seems that there's a strong elasticity to the pricing in this category, and you are promoting the products in order to sustain the volume. What should we expect in 2026 on this side? I mean, can the carryover effect of the price increase through this year be fully offset by the promotional activity? Finally, on the free cash flow generation, last year in the fourth quarter, the free cash flow generation was really amazing, close to EUR 400 million. You mentioned in the press release some normalization of the inventory level in that part of this year. The straight question is, can the EUR 400 million free cash flow generation seen last year be replicated in 2025? Thanks. Okay. Okay, Luca. The first question is about the professional division. Right. Yeah. And the household, I would say that you should expect for the remainder of the year, the profitability to fairly align with last year for the household division. With regards to professional, we said before it would be north of 25%. So very strong contribution from the professional division. With regard to the Tariffs, EUR 15 million for this year. Maybe I would say we gave a guidance of zero for next year. Maybe there is some carryover, but will be very, very small. The issue is probably what you mentioned is about the promotional initiative. I would say that probably we will have some margin compression due to the tariff impact on the lower pricing, but we're going to have probably positive volumes. All in all, I do not expect a major change in the absolute term contribution, but we will probably be more keen on having more volumes and maybe at a slightly lower margin, but still with accretive margins for the group. Last question on free cash flow. We expect a strong cash. I am not sure we had a EUR 400 million cash flow next year. Maybe Samuele can check it, but I think that we should expect between EUR 250 million and EUR 300 million cash flow for the year, which will materialize almost entirely in the last three months. Why? Because if you recall, we had excess inventory in 2022, and basically that absorbed the cash, and the normalization of the inventories resulted in creating, generating extra cash in the following two years. Last year was still benefiting from this normalization of inventories. This year we had a different curve. The curve went higher. We had more inventories also in anticipation to the U.S. in the peak. We expect this will probably push back a bit the cash generation to the last quarter, and we expect to have a generation not dissimilar from the one that you have seen in the last quarter of last year. Okay. Thank you. The next question is from Francesco Brilli of Intermonte. Please go ahead. Yes. Good evening. Can you hear me? Yes, we can. Hello. Yes. Thanks for taking my question. A lot of answers already made. Just a quick one on going back to the answer and the efforts on the valorization of professional business. Within this context, you mentioned that the home professional or La Marzocco has huge potential and wide room to grow. In the case of a valorization of the professional, should we imagine this segment still within the professional perimeter or should it flow within the households? Yes. I mean, it's part of the core range of La Marzocco. Those are products that are sold directly from La Marzocco going to homes, but are professional equipment to the full extent. In some cases, those products also are used by the professionals. In particular, Linea Mini goes in restaurants, small restaurants, small carts, small coffee bars across the world. Okay. Thank you. As a reminder, if you wish to register for a question, please press star and one on your telephone. For any further questions, please press star and one on your telephone. Fabio De'Longhi, there are no more questions to register at this time. As there are no more questions, I want to thank you all for attending the third quarterly De'Longhi results. Thank you. Ladies and gentlemen, thank you for joining. The conference is now over. 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