Afternoon. This is the conference call conference operator. Welcome, thank you for joining the De'Longhi First Half 2026 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 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. Good afternoon, ladies and gentlemen. Thank you for joining the De'Longhi Group conference call for our first half 2026 results. With me on the call today are Nicola Serafin, Group General Manager, Stefano Biella, CFO, Sandro Magnino, Group Planning and Control Director, and Samuele Chiodetto, Investor Relations Director and M&A Manager. I'm really pleased with the strong set of results we delivered in the first half of 2026, driven by exceptional momentum in the Professional division and consistent positive organic growth in the Household division. Despite ongoing market and geopolitical uncertainties, we successfully overcame these headwinds, delivering solid revenue growth and higher profitability. In light of these achievements, it was a great honor to celebrate our 25th anniversary as a public company last week. Over the past quarter-century, the group has built an extraordinary track record, scaling revenues from under EUR 1 billion to an expected record near EUR 4 billion in 2026, expanding net profits tenfold. These longstanding achievements have been driven by sustained, robust organic growth, combined with pivotal high-impact acquisitions. We have continuously adapted our strategy to meet evolving market dynamics and consumer needs, transforming the group into a global powerhouse with a unique portfolio of iconic lifestyle brands and broad international reach. We are truly grateful to the financial community as our ongoing dialogue constantly challenges us to deliver top-tier performance while staying ahead of strategic market trends. Now, back to quarterly results. Starting with the Professional division, the integration of La Marzocco and Eversys is delivering exceptional results, unlocking remarkable growth opportunities, and validating our original rationale. Our product line-up is uniquely positioned to capitalize on the structural shift toward specialty espresso and premium coffee experiences. Driven by the strategic positioning, the division has sustained its remarkable trajectory, delivering four straight quarters of top-line growth above 30%, alongside industry-leading margins. Over recent months, Eversys strengthened its customer portfolio compared to half 1 2025, driven by ongoing partnerships with the key accounts in the U.S., alongside the new customer wins in Europe and in Asia. At the same time, La Marzocco has continued to expand its presence, not only as a benchmark for sturdy, durable professional equipment, but also as an iconic lifestyle brand. This has been underlined by high-profile collaborations, such as capsule lifestyle collection with Frescobol Carioca at Pitti Uomo, and the custom KB90 created by Officine Fratelli Bambi, inspired by Mexico's football temple, Estadio Azteca. Last but not least, I am proud to share that La Marzocco is the first manufacturing company in the espresso machine industry to achieve B Corp certification, joining a global community of businesses committed to supporting people and protecting the planet. Turning to the Household division, the quarter marked a return to its historical mid-single digit growth trajectory, navigating a macroeconomic environment defined by ongoing uncertainty for consumers and retailers alike. This organic expansion was sustained by new product launches, expanded commercial reach, and increased media investment. Specifically, the group communication strategy has evolved into a full funnel approach that drives consideration, conversion, and long-term advocacy, powered by a holistic paid plus earn plus owned media ecosystem. Through our Social Officina, we are building a scalable network of influencers to drive sustained earned media. This acts as a powerful multiplier for our paid campaigns, delivering a higher return on our marketing investment. This strategy drives year-round brand awareness while fostering distinct identity and deep customer engagement, driving top-line growth while significantly enhancing brand equity. This impact received a major vote of confidence at the 2026 Cannes Lions International Festival of Creativity, where the brand won both the Grand Prix for Industry Craft and the Gold Lion in outdoor for the Milan Design Week activation, the world's smallest coffee shop. Let me focus on the results. In the Q2 of 2026, the group growth was broad-based across the main geographies, with a significant contribution from the European countries and Americas area. In more details, Europe growth accelerated in the Q2, delivering a 9.4% revenue increase. The Household division achieved a high single-digit expansion driven by a market improvement of the prior period across the U.K. and key continental markets, including Germany, France, and Benelux. This performance was underpinned by a solid trend in coffee, stabilization in nutrition, and a strong recovery in comfort products, boosted by favorable weather conditions. Meanwhile, the Professional division maintained its robust growth momentum in line with Q1 levels, further supported by new contract wins. MEIA revenue declined to 12.2%, heavily impacted by critical geopolitical and macroeconomic backdrop in the Gulf region. The solid performance of the Professional division in the key markets, including South Africa, was not sufficient to offset this trend, leaving the half-year performance in negative territory at constant exchange rates. Americas, the region delivered strong top-line momentum, expanding 20.8% at constant exchange rates, partially offset by a 4% Forex drag, albeit lower than in the first quarter of the year. The Household division contributed to the results with organic expansion at a low teens rate, driven by strong performance of coffee machines and stabilization in nutrition. Professional coffee maintained a double-digit growth momentum throughout the reporting period. Asia Pacific, revenue grew 4% at constant exchange rates, with the robust performance of the Professional division across the region and a partial slowdown in the Household division, which consolidates the exceptional results of the previous year. Looking at divisional performance in detail, the Professional division expanded significantly with half 1 2026 revenues reaching EUR 303 million, up 36%, plus 40% at constant exchange rates, and quarter two revenues rising 33% plus 35% at constant exchange rates to EUR 164 million. This outperformance was driven by broad-based organic growth across both brands and regions, capitalizing on the espresso premiumization trend and prosumer growth. The household division accelerating its organic growth in the Q2 compared to the start of the year. First half revenues reached EUR 1,379.8 million, up 1.2% year-on-year, +3.1% at constant exchange rates, while quarter two revenues rose 4.5%, +5.1% in constant exchange rates to EUR 739 million. This marks a return to growth rates in line with historical trends, overcoming early year trade destocking, and broader market uncertainty. Coffee achieved mid-single-digit growth driven by solid expansion in automatic and manual machines, alongside accelerating demand for coffee accessories. Nutrition recorded a low single-digit decline at constant exchange rates due to personal blender headwinds, despite strong performance from Braun branded hand blenders. Home care grew mid- to high-single-digit, propelled by Braun ironing systems. Comfort achieving strong double-digit growth, bolstered by high seasonal temperatures across continental Europe. The first half of 2026 delivered further margin expansion across the group, benefiting from volume growth and a favorable product mix driven by the professional division outstanding performance. By division, Professional achieved an adjusted EBITDA of EUR 96.9 million, expanding its margin to 32%, up from 26.4% in half one 2025. While Household delivered an adjusted EBITDA of EUR 186.8 million, representing 13.5% margin versus 13.3% in half one 2025. Q2 profitability, adjusted EBITDA reached EUR 157.7 million, 17.6% of revenues, representing a 260 basis point increase year-on-year. Margin expansion was driven by the high margin professional division and accelerating household momentum. Quarter two results also reflect a EUR 15 million net positive impact from custom duty refunds. Within the household division, price mix had a EUR 12 million net negative impact following a selective repositioning of price lists in certain geographies aimed at maximizing market support, media and communication investments. Rose by EUR 15 million due to increased activities and campaign timing phasing in the first half. On the positive side, industrial costs held steady through the quarter, and volumes returned to positive territory. Net profit attributable to the group rose 34.5% year-on-year to EUR 79.7 million, representing 8.9% of revenues. As of June 30, 2026, the group net financial position was EUR 686.6 million, a significant improvement over the EUR 346 million reported in the prior year period. Regarding cash generation, free cash flow before dividends, share buyback and acquisitions was positive at EUR 78.3 million in the first half of the year. This result was achieved thanks to the excellent contribution from operating activities, which offset the usual seasonality of net working capital related to inventory rebuilding following fourth quarter sales. On a trailing 12-month basis, cash flow before dividends, share repurchases, and acquisitions amounted to EUR 508 million, a remarkable achievement that allows us to maintain a flexible and attractive capital allocation strategy. In summary, our first half performance reinforced our key financial KPIs, delivering 8% organic revenue growth, organic margin expansion, including and excluding duty effects, and exceptional trailing 12-month cash flow. We remain focused on rigorous cost control while preserving our strategic investment in product innovation and brand communication, ensuring we continue to fuel our future growth. These results and strategic measures lay a solid foundation for achieving our full year targets while maintaining the flexible and value-driven capital allocation strategy demonstrated in recent years. Therefore, taking into account both our momentum and the current macroeconomic scenario, we confirm our full year revenue growth expansion of mid-single digit and raise our adjusted EBITDA guidance to EUR 670 million-EUR 690 million, reflecting the immediate benefit of EUR 15 million duty refunds and a strong professional growth while factoring in expected cost pressures. We now welcome your question. Thank you. Thank you. This is the 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 touchtone 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 Cheuvreux. Good afternoon, and thanks for taking my few questions. The first one is on your EBITDA guidance. Again, how much of the increase, if I understood well from your comments, is linked to tariff reimbursements? Is it just EUR 15 million, or you are expecting something more to come in the second part of the year? Second question, again on tariffs. If you can, let's say, tell us how much of the tariff reimbursement is linked to the professional business, and so how that 32% margin is influenced by tariff reimbursement. The third question and last question is about price mix. On slide nine, you show negative, let's say, contribution to EBITDA by EUR 16 million. If you can maybe elaborate on how much is linked to price and how much is on the other end mix. Thank you. Okay. Thank you, Niccolò. EBITDA, I confirm that we booked EUR 15 million in tariff refund in the six months. We don't foresee any increase in tariffs to lead you to the new guidance. If new tariffs will be refunded, we'll be on top of that. The second tariff were approximately EUR 4 million in professional and EUR 11 million in household. We reported in professional EUR 96+ million in EBITDA adjusted. This incorporates EUR 4 million of tariffs and other extraordinary items. We have, let's say, clearing EBITDA of these exceptional items, EBITDA should be in the range of EUR 91 million for the division. Last question is on the negative price mix of EUR 16 million. Yes, we have highlighted that due to the competitive market. In our bridge to EBITDA, there is a negative price mix of approximately EUR 15 million-EUR 16 million. Maybe a quick follow-up again on the professional business. Apparently, the earnings going to minorities are pretty high compared to the level of EBITDA reached. I was wondering if net result of the professional business in the first semester was impacted by any positive item inflating in a way, earnings. Thank you. This is about, minority are approximately 38%. This is how these have been calculated. Probably, last year, we have reversed, in 2026, a stock option plan which has affected the comparison. Okay. Thank you very much. Congratulations on the results. The next question is from Ope Thani, Goldman Sachs. Hi. Good afternoon, Fabio, Nicola, Stefan, and Sam. Thanks for taking my questions. The first one is, do you mind just talking through trends in July so far, what you see in the professional coffee, and just give an indication of how you see growth shaping out in Q3, Q4? Thank you, Ope. July, we confirm the trends. It is early to give a guidance, but it's pretty much in line with our expectations. To summarize again, we have expectation for household, full year low to mid single digit growth, and we confirm for professional, full year double digit growth with now probably a more normalized growth for professional in the second half, which can be high single digit. More than double digit. Okay, that helps. Do you mind just talking through the margins, above 30% professional was quite strong. How should we see normalized margins near term? I think you answered this in the last question. How much of that 30% was tariffs as opposed to just normalized margins from professional profit gains? Obviously, thanks to the operational leverage and some exceptional items, EBITDA stood around 33%. Probably 30% is a more correct midterm and normalized EBITDA level for the near future. Okay. Just on use of cash, I suppose, you kind of talked about buying out the minorities. You have the buyback going on and special dividend from last year. Do you mind just maybe guiding on how you see use of cash for the rest of the year as we approach H2? Yeah. Capital allocation is one of our priorities. Obviously, operational focus is top priority. In allocation, we put as a priority the buyback, which is in place, and obviously, very happy about the performance of the professional division. This would be one of our most preferred options to allocate capital. Also, we might look at acquisition in both the professional space or in household in the priorities would be North America, or adjacent categories. Again, yes, we think that being so happy about the performance of household, we will consider the opportunity to increase our shareholding in the professional division. Okay. Sorry, lastly, just to follow up on organic growth, how are trends shaping up in nutrition, especially just in NutriBullet in the U.S.? Nutrition was weaker probably. Nutrition was weaker in the first half. We see more positive signs and stabilization, and we hope that we can show soon improvement also in nutrition in the quarter to come. Great. Thanks very much for taking my questions, have a good summer when it comes. The next question is from Francesco Brilli, Intermonte. Yes, good evening. Congratulations for the results, thanks for taking my question. I have a couple of questions. The first one is on the household division. I was wondering if we can see now a more normalized growth, close to the one that we saw in the Q2, so low to mid single digits also going forward. If you have some color on the development of this division going forward. The next one is on professional, more general question. You delivered another quarter above 30%, even comp-based is increasingly demanding. I was wondering if, looking forward in the second half or even next year, how do you think is the normalized growth for this division, if you can comment if you think you will grow together with the market or continue to gain share in this space? The last one is on competitive environment. If you can comment on pricing pressures, especially in North America. Great. Thank you. The first question on household. Yes, we confirm that we expect a growth in the second half, say, low to mid single digits. Professional, we are going to have, obviously, a tougher comparison in the second half. We still expect, thanks to the stronger order backlog and order portfolio and initiatives, to expect a continued growth also in the second half. As a more long-term growth rate for professional, we expect the growth rate to be, let's say, in the low double digit for the division. Probably, we can have maybe in the short term, a tougher comparison next year. The opportunity for the division continue to be growth rate around low double digit. Nicola, you want to take the question on price pressure? About the competitive environment overall, obviously, we have a lot of action in place to support the market trends in this moment. We have been along this quarter with a bit of a price impact, as we have reported before. You asked about the U.S. Let's say, not really. The U.S. coffee is doing pretty well from pricing point of view, a bit more when it comes to nutrition, that is a more elastic category. Overall, we do not see something that will go on deteriorating along the next month. We have also action in place to improve and eventually offset also with a bit of positive mix, this trend. We see this something that will stabilize going forward. Okay. Thank you. The very last one, if I may. What you see as the main risk in the second half, preventing to reach the top end of the guidance, in your opinion? Let's say, given the current situation of the geopolitical, if something can become worse than it is today. In the guidance, we have definitely incorporated the current scenario, the new tariffs scenario for the U.S., also, we have incorporated a bit of cost pressure that we have in terms of logistics and material trends. Definitely, a worsening situation can prevent from achieving this. If the situations are not going worse than they are, we are pretty confident. Okay. Thank you very much. The next question is from Alessandro Cecchini, Equita. Hello, everybody. Can you hear me? Hello? Yes, we can. Okay. Thank you. Thank you about this. My first question is actually on your Americas performance that you said about low teens organic in the household. That was very great. Just wondering if you can highlight to us what are the actions that you are making in order to improve also market share, because if you are growing low teens organic, you are gaining market share in the business. If you can elaborate a little bit more on this performance in the U.S., could be great. This is my first, I go with the others. Okay. The first question is, in America, coffee machines is the key driver because, again, in North America, we play within household with two product lines, the espresso coffee machines, and the second is NutriBullet blending. NutriBullet blending is a bit weaker, as we said, but coffee is still very strong. The performance is due to the success of our range. Fully auto are doing very well, but also we keep being our market share in pump and pump-driven, despite also the new entrances in the market. Yeah, we are maintaining our shares pretty well. Thanks also to our marketing investments. Launches. New product launches. Yeah, the new product launches. We are maintaining our market share. Nicola, you want to add something on that? Obviously, the innovation, we came with a bit of innovation that has strengthened our portfolio. We have a robust coverage in this moment of price points, and we gain also distribution. We are in new doors with important customers. Okay. Many thanks. My second one is about, you have launched recently some new categories for you, like pizza, like ice cream. That is something that has not been covered so far. Just a feeling about the feedback, the results. Just to understand if this could be, through a strategic positioning to improve your overall portfolio and then to gain space in these areas that are very Italian, but you didn't, in the past, have a presence in these. I would say that is a bit early to jump to a conclusion. Tests are positive. There is a lot of interest around the products. Let's say that more than we have launched new categories, we have launched one product in a category. Probably the category needs to be strengthened, and we have a pipeline of other products coming to build really a category. We will need a bit of range of products before coming to something that can become significant. The news for today is that we are encouraged to go further with the new product that will come in 2027 on these categories. Probably we need to spend a few months to turn this in something that can be a success. Okay. My second question is about a clarification. It seems to me that, answering to my colleague previously, you basically said that this price adjustment that you made seems to me a sort of temporary or, I would say, one-off adjustment. It's correct, my interpretation, or not? If you can elaborate a little bit more. I would say that more than price adjustments, it is more expanded promo windows in this moment. We didn't have done really price adjustments, as probably as consumer, you are experiencing, the promo windows are becoming larger and larger. This price effect is more Prime Day has been moved from two days to four days. This means that supporting these expanded promo windows is coming to a bit of a price effect as we incorporate promo support in the pricing. Okay. Finally, my question is in your Forex exposure, it's a small impact, but was a negative Forex, considering that you are, at the end, short on some Forex. Just to have an idea that you expect a neutral impact for the year in term of Forex at the EBITDA level. If it's right, this interpretation. I would say that exchange rate, it has marginal impact at EBITDA level as we speak, and also in our forecast for the year. That a significant impact, in particular in Q1 at top line, but not at EBITDA level. Okay. It's not zero, but it's marginal, I would say. Not material. Okay. Thank you. The next question is from Luca Bacoccoli, Intesa Sanpaolo. Yes. Hello, good afternoon, everyone. First of all, congratulations for these exceptional results. Moving to my questions. The first one is on the nutrition business. You said that there's a sort of a normalization on this category. Should we think about an inflection point from an operational point of view? Should we see a flat issue or slightly negative trend also in the coming quarters? Related to this category, the Kenwood kitchen machine, if you can elaborate a little bit more on the trend in these last two quarters. On the free cash flow generation, the rolling 12 months free cash flow generation before dividends and buyback is slightly above EUR 500 million. Is there any headwinds or element that we should take into account for the rest of the year that may affect these strong free cash flow generation? I don't know, maybe some weird, let's say, movement on the networking capital. Finally, on the capital allocation, during the last conference call, you mentioned the minorities buyback has top priority in the capital allocation. I was wondering if there any news that you can share with us on the process to get to the conclusion of this deal, if any. Thank you. Yeah. We already answered the first question about nutrition. We should expect going flattish to improving in the next quarter. Kitchen machine, we confirm that we had a positive first half, probably stronger the first quarter than the Q2. I have to say that the very high temperatures in Europe have probably shifted some of the purchases from certain traditional kitchen appliances into comfort for a few weeks, really, the heat has been so strong. Again, we feel positive still about the growth opportunity with Kenwood again in the second half. With regard to free cash flow, we cannot commit to a EUR 500 million free cash flow for the year. I think we have a proven track record. We have strict management of inventories and stock. We feel comfortable in a cash flow generation in line with our, let's say, average in the past years. Nicola, you want to add on something? No, I would say that. On capital allocation, yes, I confirm priority go to buying out the minorities. We have no news. Okay. Thank you. The next question is from Andrea Bonfà, Banca Akros. Hello, good afternoon to everybody. I got some, let's say, residual question. The first of all is an account seek clarification if the EUR 50 million duties have impacted sales or they were just a cost rebate. Just a clarification on that. Still on the duties topic, will the new, let's say, duty framework now put in place by the, let's say, U.S. administration, will help the price category, like NutriBullet, where they were close to, let's say, price limit strategy $99, $119. Because from what I understood in the past, the duties have impacted this kind of products as the new positioning were basically putting them out of market in term of pricing, and then you were forced to take a hit if you want to maintain sales. I hope I've been clear. Finally, a clarification, on the B2C coffee performance in the Q2. If I understood correctly, the Q2 performance and the growth rate were better than the Q1. If you can remind us the number, also take into account the impact on Forex. Thank you very much. The first question on duty. Yes, we got EUR 15 million refund for IEEPA. These have been booked on the cost. Also good. It's an improvement to the margin. Operating cost. In the operating cost. The second question is about New duty. the new duty. It's pretty neutral. No, I think that duties have been substituting duties, we keep having new sort of duties, which are in the bold range 10%-12% are around between 10%-12%. We expect no operational relief, but at the same side, no worsening of conditions as well. Pretty stable. This is more compared with the initial part of this year than more than the second half of last year, where duties were a bit different. The coffee trend. The coffee trend, yes. We had a stronger Q2. Okay. Q2, January usually is a smaller month for professional, is a shorter month in general. You see a stronger sales for the professional division in the Q2. I think that is difficult to give exact guidance on the next quarters. I confirm that growth is expected for the professional division, also in the second half, in the area of at least the high single digit. Okay. Fabio, my question was more on the B2C coffee. Sorry, B2C. Sorry. Nicola, you want to handle that part? I would say yes, Andrea Bonfà, you are right. The Q2 was stronger and it is also what supported overall the performance of the household business. It was stronger than the first quarter. Okay. Thank you very much. The next question is from Hela Zarrouk, Oddo BHF. Hello, you hear me? Yes. Yes. Yes. Hello, good afternoon. Congratulations for the strong set of results, and thank you for taking my question. Most of the question I've been asked, I have two follow-up. The first one is in the household. You mentioned the slightly negative price mix and higher marketing investments in the quarter. As we move into H2, do you see room for further margin expansion in the division, or should we expect this investment to continue waning on profitability in the near term? The second question is on innovation. Over the past few years, innovation has been a key differentiator for De'Longhi, and looking ahead, where do you see strongest innovation opportunities across your portfolio, and should we expect a similar pace of product launches in 2027 as in recent years? Thank you. Okay. Thank you, Hela. Nicola, you want to handle both questions? Yes. I would say that this slightly negative price mix that we have is something that we had across both the quarters. As mentioned before, we see this stabilizing along the next month for these larger promo windows that are in the market. We do not see this as something that can become larger. One of the countermeasure in the second question is about innovation. Definitely, we have a robust plan to look for offset the price effect with a positive mix, with a robust launch of innovation that is coming across the full time in 2027. We have just had, a few weeks ago, our sales and marketing conference where we have unveiled an unprecedented pipeline of innovation, new product launches. A lot is coming on coffee, on fully auto coffee machine and beyond on espresso. But as well as in nutrition. We have mentioned before some categories. It's early to say, but in 2027, this category, when it comes to food preparation, will be strengthening. As well as in more traditional products as it is kitchen machine. We have two kitchen machine that will be launched. Also under the Braun brand, we have a significant number of products. Overall, we have definitely a robust pipeline of products coming. Very clear. Thank you very much. Thank you. The next question is from Isacco Brambilla, Mediobanca. Hi. Good afternoon, everybody. Thanks for taking my questions. I have two. The first one is on A&P. If you can disclose the amount spent on A&P in the first half and either EUR million or percentage of sales, and comment a bit on the outlook for the full year. Apologies if you mentioned in the presentation and I missed it. Second question is on the comfort segment. Just if you can comment on current trading in July. I know it's a few weeks, but just wondering if the strong trends in the Q2 is continuing in July considering the weather we saw in Europe. Well, no, Nicola, in terms of current trading of July is pretty in line with what we have incorporated in the guidance. We see this low to mid single digits that is with the improvement that has been also in Q2 progressing along the next month. About air conditioning, I would say that Europe is stock out and we cannot expect further benefits in July. About A&P, we have invested more or less EUR 15 million more in the first half than last year. We are in the ballpark of EUR 200 million expected along the year. Thank you, Nicola. Thanks very much. The next question is from Natasha Brilliant, UBS. Hi, everyone. Thank you very much for taking my questions. I've got a couple on professional. You talked about winning some new contracts. I just wondered if you could give us some more color on those, any particular geography, is it both brands, and are there any more in the pipeline? Linked to that, back in February in Florence at the deep dive, I think you talked about some revenue synergies and some sales or joint sales between the two brands. Are you seeing any evidence of that? Is that something that's supporting the very strong performance that we've seen in the first half? My final question is just to come back on your comments on capital allocation. You were very clear in terms of priorities. When it comes to M&A and you looking at other assets to buy, is there anything more concrete? Has the pipeline changed or is it just the same comment that you're sort of always on the lookout in case there's something of interest? Thank you very much. Thank you, Natasha. First of all, is a general comment. The performance of professional division and both brands is so strong that it cannot be driven by one customer, one geography. It's really strong growth, strong success across the regions, across many customers. La Marzocco is still very fragmented. They have some more important customers, but really, the sales performance is driven by many customers. Very fragmented. While fully automatic, we usually are sold to chains, and it's where maybe we have a stronger impact of new additional customers. Also for Eversys, we won substantially a great number of new customers across different regions. We highlighted a couple which are more significant, and we expect a strong rollout in the next year or couple of years. One, especially in Europe, new customer, very relevant, and I would like to highlight another one in North America. These are probably the Plus, a sustained success with key customers also in China. I would say these are probably the three regions where we have more significant new customer for Eversys. With regard to the synergy, we're working on the synergies. We started some joint projects, but probably the sales performance is more driven by the work that has been done before. The synergies are yet to come. Last question, M&A. I confirm what I said before. Priority would go to buying out minorities, but as I said, we have nothing new to share with you today. Perfect. That is very clear. Thanks so much. The next question is from Fraser Donlon, Berenberg. Hi, Fabio and team. It is Fraser here from Berenberg. Congratulations on the good results. I just had two questions. The first was about household coffee. If you could maybe articulate a little bit the trends you saw within the segment in Q2, e.g., Nespresso against Full Auto against manual. The second question was just to ask about how you see capital investments in the second half of the year and into 2027, given the quite well-controlled number in the first half of 2026. Thank you very much. Nicola, maybe you want to now give some details and colors around the coffee developments. Let's say that the coffee developments in Q2, it has been definitely improving compared with Q1, it is what has sustained the household result, together with air conditioning, in full transparency. It was pretty good across all the product segments, fully auto pump, and also accessories that are becoming an important add-on to the coffee business. I will say that this is stronger. It has been stronger in the U.S., in most of the European geographies, West and East Europe, and also in the Asia geography. I would say with few exceptions, it's pretty consistent, and this is a good baseline looking forward. On capital investment, it's a priority, as said. Nothing to add today. Again, it's really something we are willing to complete something soon. Obviously, at the moment, we have no news. Otherwise, we would have announced already. Sorry, just to clarify. It wasn't clear. I meant CapEx specifically, how you're thinking about CapEx in the second half of the year? CapEx is. In 2025 rather than M&A. In this moment, we have a pretty strict control in terms of investments, but I would say that is in line Okay, thanks a bunch. The next question is a follow-up from Alessandro Cecchini, Equita. Hello, thank you for my follow-up. It's very quick on buyback. I would say, if you can update us, how much is missing to the full amount? Given also the strong cash flow, probably just wondering if you round up, if any opportunities can emerge in the next months. If you can elaborate a little bit more on this. Thank you. We are halfway through the buyback. Just to remind you, it was about EUR 60 million, so EUR 30 million have been spent. For the moment, there are no discussions to increase it. It is no secret that we like buyback as a capital allocation option, and we will eventually reconsider in the future. 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. Mr. de' Longhi, there are no more questions registered at this time. I turn the conference back to you for any closing remarks. Ladies and gentlemen, please hold the line. The conference will resume shortly. Hello, everyone, and thank you for attending the De'Longhi First Half 2026 results conference call. Bye-bye. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.