Thank you for joining the Industrie De Nora full year 2024 results and midterm view presentation. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions by pressing star and one on your telephone. For assistance, please press star and zero. At this time, I would like to turn the conference over to Ms. Chiara Locati, IR and ESG, of Industrie De Nora. Please go ahead, madam. Good morning, ladies and gentlemen, and welcome to our full year 2024 financial results and midterm view presentation. I'm Chiara Locati, Head of Investor Relations and ESG in De Nora. With me today, Paolo Dellachà, our CEO, and Luca Oglialoro, our CFO. They will walk you through the full year 2024 business and financial achievement, and they are going to give you an overview about the midterm scenario for our business and our end markets. In addition, we will also provide you with a quick update related to our sustainability journey. I would like to remind you that you can find the slide we are going to share with you on our website in the investor relations section. After the presentation, we will open up a Q&A session. With that, I would like to hand it over to Paolo. Please, Paolo. Thank you, Chiara. Good morning, everyone, and thank you for joining our video call today and for your interest in De Nora. Let me start with a quick overview of the last quarter of 2024. We finished the year strongly with sound business performance, which brought the full year results in line with the guidance in terms of revenues and above guidance in terms of operating margins. All our business units contributed positively to this performance. Excellent execution was the name of the game. Despite a demanding schedule based on our customer needs, the execution of our production plants was flawless. For this, I would like to thank all of our invaluable people working in various plants worldwide. Revenues in the quarter grew by 15% year on year, with the core business of electronics and water technologies increasing by over 17%. The energy transition division experienced growth in line with expectations, bringing the total production of green hydrogen technologies to over 2.4 GW since 2022, a global milestone. We are proud to highlight that, just as in 2023, the energy transition business unit achieved positive profitability in 2024 as well, despite expenses related to research and development. This sets us apart from other players active in the same market. Additionally, in the quarter, the order intake recorded an increase of more than 45% year on year, supported by dynamic commercial activities in the core businesses, which are expected to continue into 2025. As a direct result of the strong performance, operational cash generation was positive at EUR 60 million. Turning to our full year achievement on page five, 2024 was full of successes and achievements. Despite at times challenging macroeconomic and geopolitical contexts, De Nora continued to pursue and achieve sustainable and profitable growth in all the regions where it operates, thanks to the solid performance of all our business segments. Revenues grew by 2.6% at constant exchange rates, and the Adjusted EBITDA margin reached 18.2%, exceeding guidance of 17%. Commercial dynamics throughout 2024 were positive across all business units, with total orders exceeding EUR 800 million, up 15% compared to 2023. Additionally, the solid profitability led to an operational cash generation of approximately EUR 118 million, which more than covered the investments of the period and allowed us to deliver value to our shareholders of about EUR 50 million through dividend distribution and the completion of the buyback plan. All segments reported solid performances, confirming the resilience of our business model. Electro technologies reported stable revenues at constant exchange rates, with an EBITDA margin of 22%, making a significant contribution to the group operating cash generation. The water segment capitalized on the positive market momentum, which we expect to continue in the coming years, achieving mid-single-digit revenue growth and 190 basis points increase in EBITDA margin. As for energy transition, the revenue expansion of approximately 3% was in line with the guidance and project scheduling. The operating margin of the segment was positive despite our ongoing commitment to research and development activities and some cost inefficiencies typical of innovative production processes which we already flagged during the year. In addition to the excellent financial results, De Nora has continued to lay the groundwork for sustainable short and medium-term growth. In particular, the company has focused on developing innovative technological solutions, such as the new Dragonfly electrolyzers, dedicated to small-scale green hydrogen generation and launched in 2024. Moreover, we continued investing in research and development activities aimed at evolving our portfolio of sustainable technologies, which currently comprises 278 patent families and over 2,800 territorial extensions. Finally, we expanded and optimized our production capacity across various business segments involving facilities in China, Japan, and Germany. In Italy, work is progressing on the construction of our Gigaf actory, one of the largest plants in Europe, scheduled to start operations in 2026. Once operational, the plant, supported by an IPCEI funding granted by the Italian government, will have a production capacity up to 2 GW dedicated to green hydrogen technologies. Additionally, the site will host also facilities related to our traditional business, electro technologies and water technologies, optimizing our production footprint within the national territory. To develop new technologies and strengthen commercial relationships, De Nora has entered into new strategic partnerships with major international players in different geographies, such as Asahi Kasei in Asia, ACWA Power and Saudi Water Authority in Saudi Arabia, in the Middle East, and other strategic alliances for which we cannot disclose the details. Meanwhile, the group's global organization has continued to evolve, with our workforce exceeding 2,000 employees and maintaining a balanced presence across all major regions. In 2024, De Nora started the implementation of the 2030 Sustainability Plan, approved in 2023, aimed at generating sustainable value and positive impact across the entire value chain. All activities and initiatives planned for 2024 were completed for the introduction of circular design guidance in research and development processes, to the definition of sustainability scorecards to be applied to all our products by 2027, to the development of decarbonization plans for our production facilities in various geographies. Finally, the adoption of a policy on diversity, equity, and inclusion. De Nora's clear commitment to ESG was recognized by several external ratings and acknowledgments. Notably, MSCI, a leading global ESG rating agency, confirmed the double-A rating for De Nora. For the second consecutive year, we received the Great Place to Work award in Italy. Additionally, De Nora received validation of its climate targets related to greenhouse gas emission reduction by 2030 from the Science Based Targets Initiative, SBTI. Finally, based on positive financial results, the Board of Directors proposed today the distribution of EUR 20.7 million of dividend, or about EUR 0.104, to provide consistent remuneration to our shareholders. In the next slide, we present the main KPIs of our full year 2024 financial performances that Luca will comment on later. Now, moving to our business unit performances, let's start with the electro technology business. In the last quarter of the year, the segment experienced an acceleration in new orders, which grew by over 45% compared to the same quarter of 2023, primarily driven by the chlorhexidine line, bringing the total orders for full year 2024 broadly in line with those of 2023. Positive momentum in order intake is expected to continue in the coming quarters, based on the dynamic commercial activity we are already observing in these initial months. Indeed, as already anticipated in our last conference call, we expect production capacity in the chloralkali market to expand moderately over the next years, driven by new build and large conversion projects. Our joint venture, Nucera, is working on basic engineering and design packaging for potential projects in the U.S., in China, Central Europe, and the Middle East. With regards to the latter region, there is a huge project in the Emirates with the potential to become one of the largest chloralkali plants in the world, promoted by TA’ZIZ Industrial Chemical Zone, that is a JV between ADNOC and ADQ. The growth drivers for orders and revenues include aftermarket services and technological upgrades of existing plants aimed at improving production and energy efficiency, as well as overall sustainability. The main commercial development geographies in 2024 were Asia, particularly in China, and the Americas. However, positive prospects are also emerging in the Middle East, as mentioned before. As far as the backlog is concerned, we highlight once again that the end-of-period data does not fully reflect our true revenue growth prospects due to the rapid in-for-out dynamics of some contracts, including those related to aftermarket services. The commercial growth prospects for 2025 are positive, and we are confident that we can achieve stable revenues this year compared to 2024, also thanks to a recovery in the electronics segment. Finally, during 2024, we optimized the production setup of some of our plants following the expansion of production capacity that took place between 2023 and 2024. This optimization process led to some cost inefficiency in the first quarters of the year, which we will largely overcome in the last quarters. Currently, our flexible and technologically advanced production footprint is ready to promptly and efficiently serve our global customers across our different business units. We are now at slide eight. Water market momentum was supportive, allowing us to achieve excellent results both for the pools and for the water technology systems segments. As of December 2024, the business unit saw a 20% year-on-year boost in orders, reaching EUR 313 million. In terms of geographies, the growth was mainly driven by North America, with 56%, followed by Asia, 13%, and the Middle East, 12%. Revenues in both WTS, so water technology systems, and pools segments were in line with guidance, growing 5% year-on-year. The EBITDA margin reached 16.5% and increased 119 basis points compared to the full year 2023. In particular, I'm particularly pleased with the evolution of the pools lines in 2024. Revenues grew by 15% compared to the previous year, thanks to EUR 110 million of new orders, up 44% year-on-year, driven by the American and European markets. The WTS division reported over EUR 200 million new orders, up by about 10% year-on-year, with a balanced distribution between industrial and municipal projects. Worth mentioning that 75% of the latter was drinking water. 60% of orders are related to new installations, while in terms of geographies, the growth was mainly driven by North America, the Middle East, and Asia. The total business unit backlog grew by 5% compared to December 2023. Let me proudly underline that the mid-single-digit expansion of our business unit backlog exceeded the increase in the market, improving our positioning thanks to our brand recognition of our products, a track record of excellent execution, and recent efforts to further strengthen our sales network. The outlook for the WTS segment remains positive. We expect continued order growth in the coming quarters, together with new attractive opportunities in the Middle East and GCC countries, both in the industrial and municipal sectors. The outlook for the pools segment remains strong, and we confirm mid-single-digit growth expectations for the full year 2025 and beyond. In the bottom right-hand corner of the slide, you can see two flagship projects we were commissioned in 2024: Al Jubail and Tubli. The first major project completed involved the second phase of the Al Jubail desalination plant upgrade in Saudi Arabia, an initiative by the Saline Water Conversion Corporation. This project led to the creation of the world's largest seawater reverse osmosis desalination plant, capable of treating up to 1 million cubic meters of seawater per day, with the help of De Nora's technology to produce potable water. In this project, De Nora provided three proprietary technologies, including SEACLOR, a system for biofouling control of seawater intake through electrochlorination, De Nora Tetra under drain filters, and Capital Controls underwater chlorine dioxide generators for the final disinfection of the potable water. Another flagship project completed in 2024 was phase four of the Tubli sewage treatment plant expansion in Bahrain, one of the largest public sector ozone plants built in the Middle East. The project was launched in response to rapid population growth in the area and now includes three dedicated lines of Capital Controls ozone generators to accommodate the increased flow of wastewater, bringing the average daily flow capacity to 400,000 cubic meters per day. The high-quality effluent will then be reused for irrigation and agricultural beautification purposes throughout the Bahrain service area. During 2024, we won several contracts both in the municipal and industrial sector. On the left-hand side on the slide, you can see three key projects in the U.S. and Mexico, based on different technologies provided by De Nora in the last quarter: ClorTec, ozone, and SEACLOR technologies. The first one is a replacement project that upgrades an existing 1950s plant with modern technology to meet the growing water supply demand in Atlanta, United States. The new plant, with a capacity of approximately 150,000 cubic meters per day and a permitted production of up to 400,000 cubic meters per day, supports the water needs of the area. By expanding on-site generation and introducing new chemical feed buildings, the project emphasizes innovation and efficiency in water treatment. Throughout the second project, we acquired two key customers: Micron Technology, the semiconductor giant, and Exyte, the world's leading EPC/EPCM engineering company. The project aims at achieving superior disinfection performance results by replacing traditional chemicals and offering efficient water treatment without harmful residues or byproducts. The last project relates to the construction of a new ammonia plant in Topolobampo, Mexico, which will have a production capacity of 2,220 tons per day. The project is crucial for addressing the growing demand for fertilizers, particularly in Mexico, to ensure agricultural productivity and food security. With regard to the new PFAS regulation in the U.S., as already explained during the last conference call, the regulation requires municipalities with higher than allowable PFAS content 4 ppt, parts per trillion, to have specific treatment in place within five years. Until June 2026, the activities will primarily revolve around the identification of locations with PFAS issues, securing funds to pilot and test the ideal solutions, properly sizing the technology, and finally placing the orders. As you know, De Nora has a solid track record in contaminant treatment. Our SORB solution has more than 25 years of demonstrated effectiveness in treating complex organic and inorganic contaminants, such as arsenic, iron, manganese, and many others, are reliable references also for PFAS treatment. Our pipeline of identified opportunities is growing. As of the end of December, we had 13 initiatives in place: seven benchtop treatability studies in research and development, four completed and three ongoing, four field pilots deployed in the U.S. for municipal drinking water and potable reuse applications, with one completed already in the Pacific Northwest, U.S., and three underway in Ohio, Ohio River Valley, southeastern U.S., and southwestern U.S. One new pilot in Italy for a chemical customer, and finally one new pilot in Saudi Arabia for the Saudi Water Authority. In conclusion, we are very excited about the growing opportunities in the water space worldwide and are well equipped to capitalize on them thanks to our comprehensive portfolio of technologies. Let's move now to our energy transition segment. In 2024, this division results were truly impressive. In a global context of market slowdown and uncertainty, our solid backlog based on concrete projects carried out by reliable partners and customers allowed us to record revenues over EUR 100 million with a production of approximately 1.1 GW of technologies dedicated to green hydrogen generation projects. We are particularly satisfied with the performance both in terms of production execution and financial results, as well as the overall profitability of the business unit, which was positive despite some slowdowns related to temporary supply chain delays and inefficiencies linked to the scale-up of production capacity. In the left corner of the slide, you can see a graph showing that our production and delivery progressively increased from 300 MW in 2022 to 1.1 GW in 2024. We have about 1.1 GW in the backlog, which will mainly be completed in the course of 2025. Overall, the total produced technology since 2022, including the backlog, stands at approximately 3.5 GW equivalent technologies, positioning De Nora by far as leader in the sector. Regarding the main contracts in our backlog, which you can appreciate at the bottom right of the slide, NEOM in Saudi Arabia is proceeding on track, and we expect to complete our delivery by the first half of 2025. The STEGRA project in Sweden, which involves the construction of a green hydrogen plant with a capacity of over 700 megawatts for the steel industry, was initiated in the last months of 2024. The construction of the plant is ongoing, as evidenced by the photos on the right-hand side of the slide. This project will mainly contribute to our revenues of 2025. In addition to these flagship contracts, let me introduce another interesting project we are involved in, which relates to the recovery of lithium from exhausted batteries. You know De Nora is already an active participant in the lithium battery supply chain, providing electrodes and anodic coatings specifically designed to produce a special copper foil as a current conductor in the lithium battery packs. The rapidly growing demand for lithium batteries, however, is straining lithium availability and necessitating the development of efficient recovery solutions to further reduce the carbon footprint of these batteries. De Nora Japan has partnered with a leading Japanese corporation and secured a contract in December of 2024 for the supply of a comprehensive full-scale demo plant designed for the recovery of lithium hydroxide from spent batteries. This plant will comply fully with European regulations and international best practices. Once completed and operational, the plant will demonstrate De Nora's advanced solution for lithium recovery from spent batteries, exemplifying circular economy principles. The process will offer additional benefits, including approximately 30% water consumption reduction versus the traditional chemical route, decreased use of chemicals, and minimized waste production, while delivering lithium in a form directly usable for the new battery production. This new contract marks a significant milestone for De Nora, which aims to expand its scope of action in the energy transition, developing innovative solutions to meet the dynamic needs of the market and leveraging its unique technological and research and development positioning. The combined execution of the NEOM and STEGRA projects, along with other smaller contracts already in the backlog, provides significant visibility on 2025 revenues. These revenues are expected to grow high single digits compared to 2024, accounting for approximately 97% of the current backlog. Although we are aware that the speed of development of the green hydrogen industry has significantly slowed down, De Nora remains focused on maintaining its competitive position based on its undisputed technological leadership. To achieve this, as already mentioned, we continue to develop strategic alliances in various parts of the world, such as Saudi Arabia with ACWA Power, and in Asia with Asahi Kasei, with which we have signed a partnership dedicated to small-scale solutions. Speaking of small-scale technologies for green hydrogen, on slide 11, we highlight the five contracts we signed for our Dragonfly solution, successfully launched in 2024. It is a small containerized electrolyzer between 1 and 7.5 MW. This solution naturally relies on De Nora's alkaline water electrolysis technology, ensuring high performance and reliability. The HyTecHeat project, in partnership with SNAM and TENOVA, was installed at the customer site in 2024, connected in recent weeks, and is now operational. The other projects, mostly funded by European funds, are at various stages of development and will be completed between 2025 and 2027. They will produce hydrogen for different uses, from mobility to energy to decarbonizing hard-to-abate sectors, meeting the demand for decentralized hydrogen production on a smaller scale. Regarding the prospects of this product, which will be manufactured from 2026 in the Gigaf actory in Italy we are building, we observe growing market interest at the European level and beyond. De Nora aims to continue developing this market segment, also leveraging the strategic partnership with Asahi Kasei, which has both commercial and technological innovation purposes. The Dragonfly technological solution is centered around the stack, which forms the core of the electrolyzer and is based on De Nora high-performing electrodes. Looking ahead alongside the development and commercialization of the complete containerized electrolyzers, De Nora will also commercialize the stack separately. In conclusion, 2024 was very positive in terms of business development, despite the progressively complicated macroeconomic and geopolitical conditions. De Nora's core business has shown resilience thanks to its undisputed competitive positioning and high differentiation of industrial and geographical markets. We believe that in the next three years, these core businesses will ensure resilience and value for all stakeholders. Alongside the progressive materialization of the pipeline related to green hydrogen and the capitalization of the other technologies we are developing in the energy transition space and the other businesses. With that, and before walking you through our midterm view, I leave the floor to Luca for a quick results overview. Luca. Thank you, Paolo, and good morning to you all. Execution was the name of the game in the fourth quarter. The approximately 15% revenue growth in the quarter reflects the excellent performance of all business segments, which successfully delivered on the various projects in the portfolio despite a particularly challenging production schedule. Revenues were in line with the full year 2024 guidance. The little technology segment's year-on-year growth of more than 17% was primarily driven by the chloralkali line, with the execution of several significant projects initiated in the second half of the year. The share of after-market revenues remained high at over 40% of total sales. The positive momentum in the water market remained strong. The year-on-year growth in the water technology business, which also exceeded 17%, reflected the solid performance of the pools line, which grew by 20% compared to Q4 2023. In addition, the acceleration of projects execution in the water technology system line led to a significant increase of around 16%, bringing full-year revenues in line with those of 2023. The energy transition business grew by 4%, driven by the accelerated execution of projects in the backlog. Almost all of the delays accumulated between the second and the third quarters, caused by temporary slowdowns in the supply chain, were recovered. We are now on slide 14, where you can see the positive impact that the volume increase had on profitability in the fourth quarter. In fact, Adjusted EBITDA in Q4 rebounded strongly compared to previous quarters. With respect to the electrical technology business, the evolution of the Adjusted EBITDA margin compared to Q4 2023 still reflects a different revenue mix, both geographically and by product. The cost inefficiencies related to the optimization of production setup, which impacted the first three quarters of the year, were almost completely resolved in Q4. In water, Adjusted EBITDA grew 8% year-on-year, driven by water technology system volume development and a particularly strong performance in pools. Finally, in energy transition, the EBITDA increase was mainly due to volume recovery and lower than planned costs related to the Gigaf actory. Turning to the full-year results, revenues, which were broadly in line with guidance, grew by 2.6% at constant exchange rates, excluding the negative impact of the Japanese yen, which amounted to approximately EUR 16 million in total. The solid performance was driven by the stability of the electrolyzer business at constant exchange rates, mid-single-digit growth in water technologies driven by the strong recovery of the pool segment in 2024, and low single-digit growth in the energy transition business. The latter was driven by the successful execution of the two main projects in the backlog, NEOM and STEGRA, which will continue to support revenue growth in 2025. After-market accounted for approximately 33% of total sales, with electrical technologies accounting for 45% and water technology systems for 38%. The geographical distribution of sales was balanced. The APAC region increased its share in 2024, driven by the electrolyzer business, which also continues to perform well in the Americas. The Americas and the Middle East remain the most important region for the water business. Finally, energy transition revenues are currently concentrated in the Middle East and Europe. On page 16, we highlight our backlog at the end of December 2024 that Paolo has already commented on. Now, turning to slide 17, which provides an overview of our operating cost structure. Cost of goods sold as a percentage of revenue increased in 2024 compared to 2023. This was primarily due to a different revenue mix, mainly in the electrolyzer technology business. In addition, as previously mentioned, the optimization of the expanded production capacity resulted in certain cost inefficiencies that impacted the electrochemical technology and the energy transition businesses in the first quarters of the year. These inefficiencies were largely resolved in the last quarter. The increase in G&A and corporate costs reflected the strengthening of our corporate structure to support business management and growth worldwide. Finally, R&D expenses remained stable as a percentage of revenues, averaging around 2%. This slight decrease in absolute terms reflects the optimization of certain fixed costs, despite the increase in the number of researchers, which exceeded 110 in 2024. The Adjusted EBITDA margin at the end of 2024 was 18.2%, exceeding our guidance of 17% by more than one percentage point. The evolution compared to 2023, as explained in the previous slide, still reflects a different revenue mix, both geographically and by product, within the electrochemical technology business. This revenue mix might continue to impact 2025 results. On the other hand, the costs related to the optimization of the production setups, as previously described, will no longer affect the profitability in 2025. I would like to highlight that the water technology business reported adjusted EBITDA growth of approximately 19%, mainly driven by volume expansion in the pool segment and positive contract development in water technology systems. In the energy transition, positive EBITDA reflects the acceleration of volumes in the last quarter of the year, as well as lower expenditures related to the Gigafactory. The change in profitability compared to 2023 is mainly due to a different project mix and the aforementioned production inefficiencies that occurred in the first quarter of 2024. Finally, at the group level, some one-time items related to the negotiation and settlement of certain contracts contributed to better-than-expected profitability. In conclusion, on slide 19, let's take a look at the evolution of our net financial position. In 2024, we generated approximately EUR 118 million in cash from operations, driven by satisfactory economic and profitability results. The EBITDA cash conversion rate was over 75%. Operating cash flow covered capital expenditures for the period, as well as dividends and share buybacks of approximately EUR 50 million. The share buyback program launched in 2023 has now been completed. Excluding shareholder remuneration, free cash flow for the period would have been approximately EUR 49 million. Investments to develop the group's operating structure were lower than expected in the previous plan, thanks to the careful evaluation of initiatives in light of recent market developments. In 2024, about 40% of investments were taxonomy-aligned, with a primary focus on activities related to climate change mitigation objectives. I would like to emphasize that the investments made in 2023 and 2024 have significantly upgraded our plans in terms of production capacity and technological innovation. We will be able to leverage these upgrades to drive business growth. This, combined with reduced capacity expenditures, will allow us to generate a healthy level of operating cash flow. In conclusion, the group's solid financial structure puts us in an optimal position to take advantage of internal and external growth opportunities and to manage a challenging short-term scenario in energy transition while maintaining resilience in our core business. With that, I would like to hand over to Chiara for the update on our ESG journey. Thank you, Luca. Let's play a short video to show you our achievement in the ESG environment in 2024. In 2024, we started the execution of the 2030 Sustainability Plan. All the activities we had planned to carry out were completed, and in particular, we successfully implemented 24 initiatives across the various pillars of our strategy. Many of the 2024 objectives involved the setting up processes and initiatives, such as preparing the carbonization plan for our plants worldwide, adopting key policies like those related to diversity, equity, and inclusion, and setting up the framework of the sustainability scorecard that will be applied to all our products by 2027. Additionally, after a careful analysis of the group's historical data, some new quantitative objectives have been selected and defined, such as the percentage of female presence in the new hires over the next three years, set at 40%, and the percentage of waste to be recycled by 2030, set at 55%. De Nora has continued to implement plans for self-production of energy from renewable sources by installing photovoltaic panels at various production sites. By the end of 2024, the installed capacity reached approximately 3.6 GWh across plants in Germany, Italy, and Brazil. The renewable energy use at the group level increased to 29% in 2024, up from 3% in 2023, supporting an overall reduction in emissions, scope 1 and 2, of approximately 15% compared to the baseline 2022. De Nora's clear commitment to generating positive impacts has been accredited by various ratings and external recognition, as already Paolo told you. In particular, MSCI has confirmed De Nora's AA rating for the second year in a row. We received the Great Place to Work recognition in Italy and for the first time in China. Finally, De Nora obtained validation of its climate targets related to the reduction of greenhouse gas emissions by 2030 from the Science Based Targets Initiative. This year, we have almost completed the setup of our sustainability framework, and let me say, machine. Now, we must continue working to achieve our targets by 2030. Please remember De Nora's commitment to creating sustainable value for its stakeholders remains strong and unchanged. Now, before I hand the floor back to Paolo for the midterm view, please allow me to present to you our taxonomy disclosure and our contribution to the UN SDGs. Regarding the EU taxonomy this year, the total aligned revenues climbed to 19%, up from 9% in 2023. The aligned revenues are related to our green hydrogen activity and also include after-market revenues in the electrochemical technology business, typically recruiting activities that the EU taxonomy recognizes as contributing to circular economy targets. As you can see, considering the eligible percentage of revenues, we can further improve our share of aligned revenues, and we will work on that in 2025 and beyond. Additionally, the percentage of aligned CapEx and OpEx increased in 2024, reaching approximately 40% and 29%, respectively. Regarding our contribution to the SDGs, this year, we have worked to identify KPIs that effectively reflect our efforts, as shown on the slide. Also, in this area, we aim to improve disclosure, particularly with reference to the KPIs related to the water business unit, for which we are working to provide more comprehensive disclosure regarding revenues. We are confident that these KPIs will improve. With that, I would like to hand the floor back to Paolo. Thank you, Chiara. Thank you, Chiara. Our midterm view reflects the resilience consistently demonstrated by our business model, particularly in the core business of electrolysis and water technologies. De Nora is the leading global player in electrochemistry, boasting technological leadership, efficient and flexible production capacity, an international footprint, and a unique global market diversification. This strategic positioning has enabled the group to navigate complex market conditions and capitalize on favorable opportunities. The group has achieved steady revenue growth and maintained healthy operating profitability, underpinning a robust financial structure. The group has 278 patent families supported by a geographically widespread research and development structure, with more than 100 researchers that foster a high level of innovation in our product portfolio. Over the past two years, our vitality index, a measure of R&D efficiency, has increased by approximately 6 percentage points. Our extensive geographical presence, with 24 operating companies and 14 production plants in four continents, is another key strength, allowing us to be close to the target market and respond promptly to our customer needs. Amid the complex macroeconomic and geopolitical challenges of recent years, the extensive diversification of our end industrial markets has strengthened the resilience of our business model, allowing us to effectively navigate temporary slowdowns in specific segments. Next, I will present an overview of how our business units are positioned across various markets, along with their development projects as detailed in the upcoming dates. Let's begin with the electrode technology business, which currently accounts for approximately 53% of our total group revenues. De Nora holds a leading position across all segments in which it operates, with an average market share exceeding 50%, with a well-recognized and reputable brand in chloralkali, in electronics, in mining, and many other applications. The chloralkali segment primarily serves many chemical industries, such as PVC, pulp and paper, and other markets, mining. While the long-term prospects for this sector appear promising, the short to medium-term outlook is expected to remain stable. The key growth drivers include the service demands of a large, well-established customer base, global GDP growth spurring additional installed capacity, and technological upgrades initiatives aimed at reducing energy costs and improving plant efficiency, particularly in China and the United States. In the U.S., in particular, forthcoming technological advancements will focus on the shift from diaphragm technologies to safer, more efficient membrane technologies. In the electronic segment, weak demand and overcapacity in China adversely impacted the electrode business in 2024. However, the market is anticipated to gradually recover beginning in 2025, primarily driven by the growth in the computer and communication sectors, for example, artificial intelligence and data centers. Technological trends and electrification incentives will be the key drivers for this market, which is expected to grow at a high single-digit rate over the next three years. Asian markets are the primary areas of interest for this business. In the metal refining segment, the installed capacity for nickel and cobalt electro winning is expected to remain stable over the coming years. Electrode demand will continue to be driven by maintenance cycles and technological upgrades. However, current sanctions on Russia are creating challenging market conditions for the European players. Our strategy for this business unit is centered on maintaining our position as a global leader by reinforcing our competitive advantage in key markets. We plan to achieve this through continuous innovation and improvements in electrode performances and quality, leveraging our extensive product portfolio, global footprint, and strong partnership with key customers and stakeholders. Our strategic focus includes advancing the development of our state-of-the-art electrodes to deliver enhanced efficiency and sustainable performance. While we aim to strengthen relationships with our customers and partners, we do not foresee additional capacity expansion at this time, thanks to recent plant upgrades in China and Japan. We are committed to expanding aftermarket services globally, with a particular emphasis on Asia. This initiative will capitalize on the new coating line in Suzhou, China, to better serve electronics customers who prioritize performance and quality. From a geographical standpoint, in addition to our established markets in the U.S., Asia, Europe, and India, we anticipate new growth opportunities in the Middle East. We are now on slide 27. The water technology business accounts for approximately 35% of total group revenues. This unit is divided into two key segments. There is a residential pool segment, which currently makes up 33% of the business unit, and the water technology systems segment focused on water disinfection and filtration for municipal and industrial applications. This segment leverages various technologies, including electrochlorination, an innovative solution designed for both disinfection and filtration purposes. In the pool segment, De Nora is an undisputed global leader, holding a global market share of around 80%. Its presence is particularly strong in the United States, followed by Europe and Australia. Among emerging markets, Latin America, in particular Brazil, shows significant growth potential. Electrode replacement services will remain the primary growth driver, supported by an expanding installed base and technological conversions. The shift to sole chlorination, so-called sole chlorination technology, is primarily fueled by its superior sustainability, water quality, enhanced disinfection performances, and cost advantages in chlorine use. Our strategic focus is to sustain strong, broad, and deep relationships with all key customers while securing long-term contracts. This segment is projected to grow at a mid-single-digit rate over the next three years. Regarding the water technology systems, De Nora is among the top three players in all the specific segments, providing a cutting-edge, complete portfolio of solutions and a strong brand recognition supported by high performances and aftermarket services. Factors such as climate change, water scarcity, drought, and urbanization have made sustainable water management a top priority for the world. De Nora clearly plays a central role as our water technologies are dedicated to ensuring access to clean and safe water for communities and to develop more sustainable industrial processes worldwide. Our water technologies are unique by design for their superior quality, durability, and their proven ability to meet customer needs. Our strategic focus is on the electrochlorination business, which is expected to grow in several geographies, both in the municipal and industrial sectors. Following the replacement of treatments based on chemicals with electrochemical systems for on-site production of solutions containing active chlorine, these systems offer a more sustainable, secure, and cost-efficient approach by addressing the challenges associated with the transportation, the storage, and handling of chemicals, while also mitigating issues related to chemical disinfection byproducts. Furthermore, we have entered the emerging contaminant sector by designing and delivering solutions for the treatment of PFAS, addressing one of the most pressing environmental challenges of our times. The water technology segment is overall expected to grow at a mid-single-digit rate, and the main geographies of interest are North America, Europe, the Middle East, and Asia, in particular China. Finally, with reference to the water technology systems, we are exploiting external growth opportunities that could accelerate the development of the business unit, integrating technologies along the value chain or providing access to new markets. Let's now take a look at our energy transition business, particularly focusing on the green hydrogen market. The green hydrogen market is expected to play a key role in the decarbonization processes of hard-to-abate sectors with significant growth prospects in the medium to long term, and De Nora is very well equipped to ride this wave. However, the short-term scenario remains uncertain. As mentioned before, regulatory uncertainty has resulted in slowdowns in the final investment decisions of green hydrogen projects globally. The development of the sector requires greater clarity on regulatory frameworks and related subsidies, particularly in geographies where the overall cost of green hydrogen production is not yet competitive compared to the hydrogen produced with fossil fuels. As of today, based on projects that have already reached the final investment decision and those planned globally, it is expected that by 2030, the installed production capacity will be around 30 GW. However, an acceleration in the development of market-supporting regulations in both Europe and America could increase this forecast to 100 GW. Additionally, in Europe, a small to medium-sized market is progressively developing, and in Italy, it is estimated to reach about 0.4 GW by 2030 in terms of installed capacity. Among the other main drivers of market development, the setup of an appropriate infrastructure to transport the hydrogen, the cost of renewable energy plays a key role. Electricity cost is the most significant factor in determining the levelized cost of hydrogen, the so-called LCOH, accounting for about 50%-60%. As long as renewable energy remains expensive, producing hydrogen at a competitive cost will be challenging. It is worth noting that there are geographies where the favorable cost of renewable energy could already make the production cost of green hydrogen almost competitive with that of the gray hydrogen. For example, in the Middle East and North Africa, as well as in some areas of the southern and northern Europe, which are respectively favored by the presence of sun and wind, we expect that the next project will progressively begin to develop and materialize in these areas. Other geographies expected to play a significant role include China, India, and Australia. Finally, with reference to the United States, it is noted that the current political situation has at least temporarily suspended the growth prospects for the sector, pending a clearer understanding of the practical implication of the famous Chapter 45(v) of the Inflation Reduction Act. With reference to technologies, alkaline water technologies are expected to continue playing a predominant role even in 2030. In this context, De Nora, with 2.4 GW realized and an additional 1.1 GW in the portfolio, is a leader in the sector with a market share above 50% in the medium and large-scale plant market. Regarding the small-scale segment, in 2024, we launched our proprietary solution, the Dragonfly, which has already garnered significant interest. All in all, we remain strongly positioned in the green hydrogen space, and let me give you some color on that on the next slide. De Nora enjoys several key competitive advantages versus other market players. First, the experience and know-how in the production of high-efficiency coated electrodes stemming from over 100 years of leadership in the chloralkali market. Second, a structured and continuous research and development activity that allows us to keep improving our technology with limited financial efforts, leveraging once again the cross-functional skills developed in the various segments in which we operate. These two elements enable us to guarantee our customers' competitive plant management cost, durability of products, and aftermarket services in the face of an absolutely unique operational efficiency in the market, which is three to five times higher than the solutions offered by competitors. Our global presence and production footprint, along with the continuous development of strategic alliances, complete our unmatched competitive positioning at a global level. Our development strategy in the energy transition segment includes strengthening our partnership with key players such as Nucera and Asahi Kasei for the small-scale plants and developing new strategic alliances globally. With reference to small-scale solutions, we are considering complementing the commercialization of the entire containerized systems with the production and commercialization of stacks, high-value-added products where De Nora expertise is concentrated. Finally, we aim to lead innovation by enhancing and making existing technologies more sustainable and by exploring new adjacent opportunities such as anion exchange membrane (AEM), lithium refining, and liquid organic hydrogen carriers with the methyl cyclohexane. Let's now have an overview of our pipeline. Our project pipeline continues to provide significant growth opportunities in Europe, in North America and the Middle East, India, and Australia. Europe remains the most promising region for final investment decisions in 2025. Actively pursued projects grew consistently in the last three years with increasing average project size. However, in the short term, final investment decisions for new projects are taking longer than expected, as already commented before. In 2025, we expect to see clarification on many policies and regulatory schemes, which is crucial for unlocking the potential of green hydrogen. The Clean Industry Deal, recently launched by the European Commission, aims to strengthen industrial competitiveness and support net-zero goals with a dedicated focus on hydrogen. Key measures include the third hydrogen bank auction scheduled for Q3 2025 with a EUR 1 billion budget, while the results of the second auction, amounting to EUR 1.2 billion, are expected in Q2 2025. The resilience criteria applied in the second EU hydrogen bank auction include the limitation of the sourcing of electrolyzers from China to a maximum of 25% of a project's capacity. In addition, compliance with European and international safety and cybersecurity standards is also mandatory. These rules will clearly support European manufacturing and supply of electrolyzer equipment to the awarded projects. Additionally, the Low Carbon Hydrogen Delegated Act is expected to be published in March 2025, so this month, providing greater regulatory clarity for investors. Other key regulations and developments include EUR 2.4 billion from the Innovation Fund for Decarbonization Projects expected in Q3 2025, the IPCEI initiative to accelerate the development of hydrogen across Europe. On the infrastructure front, EUR 1.25 billion has been allocated to 41 cross-border initiatives, including the South H2 Corridor and H2Med. In the United States, the situation is currently at a standstill. As commented before, it remains to be seen how the situation will evolve in the coming weeks and months. In Spain, which, thanks to low energy costs and the recent removal of the windfall tax, significant investment opportunities have arisen with a rapidly expanding project pipeline. In addition, the second auction of H2 Global funded by Germany and the Netherlands has been launched with EUR 2.5 billion allocated. Finally, on the national front, Italy presented its new national hydrogen strategy in November 2024 with a goal of 3 GW by 2030, and the tariff decree is ready for Brussels review. We are now at slide 32. Before leaving the floor to Luca for the financial guidance, let me briefly remind you of our distinctive production footprint. We have a world-leading production capacity with a well-balanced presence across America, EMEA, and Asia. With 14 plants strategically located in the Americas, EMEA, and Asia, we ensure proximity to our customers, which is also key for aftermarket activities. Another main characteristic is the high flexibility of our production capacity, allowing us to switch between production lines within the same plants. This applies to all technologies based on electrochemistry, including those dedicated to chloralkali, to electronics, pools, energy transition, enabling us to quickly adapt to short-term changes in our end markets. Additionally, as you know, in 2023 and 2024, we made a series of investments that expanded our production capacity, particularly in Asia, China, Japan, and Germany, with technology upgrades. In the U.S., we are going to inaugurate a new innovation research center focused on chloralkali energy transition pretty soon. As such, our global production footprint allows us to size growth opportunities in our target markets without the need of major additional investments. This will be reflected in our CapEx plan for the next three years, which is approximately 30% lower than that of the previous plan. We will, of course, pursue the construction of our gigafactory in Italy, which we expect to start production in 2026. Initially, this will enable an expansion of our energy transition capacity by 0.5 GW. The production side will also be dedicated to our core businesses, water technologies and electro technology, in line with the flexibility, allowing us to optimize the national production setup. Regarding the IPCEI funds, we have been allocated EUR 63 million. Considering the current condition of the green hydrogen market, we are reassessing the economic and financial flows related to the project, as Luca is going to explain to you later. To conclude, our international footprint is an asset that sets us apart from other global peers. It enables us to respond quickly and effectively to evolving market dynamics with minimal investments. With that, I leave the floor to Luca, who will present our financial guidance. Thank you, Paolo. In 2024, the global macroeconomic and geopolitical landscape was defined by several factors of instability and uncertainty, which most likely will persist throughout 2025. However, due to the good revenue visibility provided by our backlog, particularly in the water and energy transition businesses and the promising commercial dynamics we are observing in the first months of the year in the electro technology business, we expect 2025 to be another year of growth with healthy profitability and operational cash generation. Regarding revenues, electro technologies will be impacted by the interruption of the business with a Russian customer, which resulted from the issuance of the latest sanctions package against Russia. On the other hand, we expect a slight recovery in the electronics line in the second half of the year. For the water technologies business, thanks to the solidity of the backlog and the positive order trend expected to continue in the first quarters of 2025, we anticipate a mid-single-digit growth supported by both the pools and the water technology systems, notwithstanding the disposal of the marine business occurred in 2024 and the decision to exit the fracking business line. Finally, regarding the energy transition business, the projects in the backlog provide visibility of a high single-digit growth compared to 2024. In terms of profitability, we expect an Adjusted EBITDA of around 17%, slightly lower than 2024, which benefited from some positive one-offs in Q4, mainly related to the electro technology business. In addition, we expect an impact from the above-mentioned interruption of the electro winning business in Russia, which was characterized by good profitability. The Adjusted EBITDA margin for the energy transition is expected to be positive and broadly in line with 2024, although including recurring costs for the Gigafactory of approximately EUR 2 million and R&D costs for about 10% of revenues. Moving to slide 33, let's analyze our outlook for the next three years. Despite global macroeconomic and geopolitical uncertainties, the outlook for our core business, including water treatment, chlorine production, electronics, and non-ferrous metal refining, remains intact and positive. Our robust positioning, supported by broad geographic and industrial market diversification, confirms the resilience of our business model. As a result, we expect revenues of our core business to grow at low single-digit rates over the next three years. This forecast includes stable performance in the electro technology business and mid-single-digit growth in the water business. With regard to the energy transition, as highlighted on several occasions during this call, visibility on the pace of development of this market is very limited, in particular with regard to the final investment decisions on projects in the pipeline. Indeed, while our pipeline is rich and growing, its materialization depends on external factors, in particular regulatory ones, over which we have no control. For this reason, for what concerns 2026 and 2027 revenues, we will progressively update the market on the evolution of the backlog and refine revenue forecasts based on green hydrogen market developments and as and when appropriate. Currently, with the good visibility we have on our core businesses, which certainly set us apart in the market, we are projecting stable to low single-digit group revenue growth through 2027, with a lower annual contribution from the energy transition division versus the level achieved in 2025. With regard to the Adjusted EBITDA margin, it should be noted that the reduction in volumes related to the energy transition business will lead to a temporary decline in margins at the consolidated level. Therefore, the group-Adjusted EBITDA margin is expected to be between 15% and 17% in 2026 and 2027. For what concerns the evolution of margins linked to the temporary decline in volumes of the energy transition segment, it is noted that De Nora, although always focused on optimizing operating costs, intends to maintain and retain industrial, operational, and technological skills during this transition phase in order to capture opportunities related to the next new growth phase of the green hydrogen market while accepting temporary industrial inefficiencies. Allow me to provide some further insights on profitability by segment. The water business is expected to maintain profitability in line with 2024. For electro technologies, we expect a slight reduction in operating margin linked to the reallocation of industrial and general operating costs as a consequence of the lower volumes in the energy transition segment. Regarding the energy transition, we highlight that with a revenue level in line with 2024, our business model allows us to achieve a positive margin that sets us apart from other players in the sector. It goes without saying that in 2026 and 2027, with lower volumes, we project a negative profitability. Finally, with specific reference to the gigafactory project, which has received a grant from the Italian government in the form of a contribution to expenses from the IPCEI Hydrogen One Funds for a total amount of EUR 63 million, it is noted that the plan incorporates economic and financial assumptions and hypotheses reassessed in light of the evolution of the hydrogen market, which will be shared with the competent authorities. From an accounting perspective, starting in 2024, we have separated recurring costs related to the gigafactory project from those considered non-recurring. Non-recurring costs, which are eligible for IPCEI, are mainly R&D and manufacturing expenses aimed at technological development. The above-discussed EBITDA for the period 2024-2026 includes only recurring costs and excludes non-recurring costs, which net of the respective IPCEI contribution will be accounted for in the reported EBITDA. In 2025 and 2026, the net non-recurring costs are expected to have a limited impact, not exceeding EUR 1 million, while the recurring costs are anticipated to be about, on average, EUR 2 million per year. From 2027, all gigafactory costs will be reported as recurring. On the next slide, you can see our projections for the 2025-2027 investment plan. With reference to the CapEx plan 2025-2027, as already mentioned during this conference, the investments completed in 2024 and 2025 have allowed us to achieve an optimal production setup for business growth through 2027 and beyond, while retaining the agility to adapt to future market dynamics. From this moment onwards, we expect that the group will be able to operate with a level of operational investments which includes maintenance and industrial optimization, corporate structures such as IT, R&D, equipment, and others, amounting to approximately EUR 40 million annually. The remaining extraordinary investments included in the plan are the construction of the Gigafactory in Italy and the Milan headquarter expansion, which are going to be carried out mainly in 2025 and partially in 2026. Indeed, it should be noted that the temporal distribution of investments will not be linear during the planned period, but there will be a higher concentration in 2025, followed by a decreasing trend in the following years. As a result, we expect the financial position at the end of 2027 to remain in line with 2024. In addition, we confirm our dividend distribution policy, which guarantees an annual payout up to 25%. I now hand it back to Paolo to conclude this presentation. Thank you, Luca. Before concluding this presentation, allow me to share some additional thoughts on our medium-term outlook and beyond. While our business plan prioritizes organic growth, De Nora is also exploring strategic expansion through M&A to accelerate value creation. Our M&A strategy focuses on strengthening our presence along the value chain, for example, in water treatment and expanding into new markets. We target acquisitions that enhance our technological capabilities, broaden our customer base, and generate synergies that drive operational efficiencies and margin improvements. We take a disciplined approach to M&A, prioritizing financially accredited transactions that align with our long-term growth objectives. Our focus is on business with strong fundamentals, complementary technologies, and scalable operations that integrate seamlessly into our existing footprint. Our reputation and unparalleled technological leadership define us as an attractive and respected collaboration partner for target companies. With over 100 years' track record in industrial excellence, as well as by leveraging our financial strength and capital allocation discipline, we aim to create sustainable value for our shareholders while enhancing our ability to serve customers with innovative, high-quality solutions. This approach will not only enhance our growth trajectory but also confirm our status as a tech leader in the industry. In the second half of this decade, we aim to unlock new value streams by exploring untapped opportunities and fostering innovative value creation. We are preparing the next phase of expansion by leveraging global strategic alliances, many of which cut across different business segments that, as you know, are interconnected. While confidentiality often prevents us from disclosing the identities of our partners, we are confident that these alliances will yield significant positive results in the medium term, extending our global reach and diversifying our product categories. We maintain a strong focus on continuous product innovation and pioneering new solutions by leveraging our electrochemistry expertise in emerging opportunities such as circularity. For example, as already mentioned, we are involved in initiatives related to lithium recycling from spent batteries and lithium refining from sellers and salt lakes using electrolysis-based technologies. For over a century, our commitment to developing state-of-the-art solutions aligned with the market trends and customer needs has been the cornerstone of the De Nora business model. We remain committed to upholding this legacy of excellence. In parallel with these efforts, we are continuing to build on our proven track record as pioneers ready to lead the next wave of green hydrogen innovation. Let's now move to the final remarks before we open up our Q&A session. Now, to wrap up, here are our final remarks. Exceptional execution in Q4 leading to above-guidance profitability. The 2024 order intake provides strong revenues visibility for 2025. 2025 will be another year of growth and solid cash generation. The midterm outlook for our core businesses remains robust. The midterm outlook for energy transition is uncertain. Acceleration in regulatory certainty could provide upside. Beyond 2027, strategic alliances, technology developments, and potential external growth will drive performances. Now, let's open for the Q&A session. Thank you, everybody. Thank you, sir. This is the Chorus Call conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. To remove your question, please press star and two. We will pause momentarily while participants join the queue. The first question is from Isacco Brambilla of Mediobanca. Hi. Good morning, everybody. Thanks for taking my questions. I have two. The first one is on the margin outlook. Just wondering to understand a bit better the range, the building blocks of the range you gave for 2027. Could you provide a bit more color on the headwinds from the interruption of business in Russia? How much is it impacting your guidance in 2025 and later on? Also the impacts of the reallocation of costs to electro technologies. Just for modeling purposes, what we should assume for electrode, maybe margins going towards 20%, something like that. On top of this, a more general question. Should we look at this 15%-17% Adjusted EBITDA margin as a sort of worst-case range, assuming no contracts at all are awarded in energy transition? The second question is on the odd deals pipeline. This line has sort of disappeared from the presentation, if I'm not mistaken. Just wondering why that and if we should assume these initial agreements have been canceled or just a different approach on communication by you. Thanks. Thank you, Isaac. The interruption in Russia is, let's say, part of the electro winning business. From 2025, compared to 2024 and onwards, let's say, a reduction of around EUR 20 million of turnover. We have very good profitability because the electro winning, on average, has a better profitability than the rest of the business. This is one of the reasons why we have this, let's say, reduction of profitability both in 2025 and onwards. The other reason is the allocation of cost, as you mentioned, of the ETR business to electro business. You know that these businesses are sharing production capacity, and therefore some of the industrial costs are, let's say, we want to retain some of the people that work in our plant in order to be ready for the possible, let's say, additional revenues that might come from 2027 onwards. This will impact both at the consolidated level and on energy transition and on, sorry, electro for around 1 percentage point of EBITDA. The 15%-17% of EBITDA is a kind of floor, I might say. This is calculated on lower, as we said, revenues from ETR both in 2026 and 2027. Additional orders that might come will provide additional contribution margin that will go directly to the EBITDA. Therefore, this 15%-17% range is definitely a floor. Other reason for this, let's say, decline in the EBITDA are in 2025, 17%, we said, compared to 18% of 2024, is also the one-offs that we had in 2024 for around EUR 4 million that are not forecasted in 2025 and in the following years. In terms of product and geographical mix, we might say that in 2026 and 2027, there will be this reduction in electro winning, as we said, that will be lower in terms of contribution to the group. This will be partially offset by an increase in the electronics segment. These are the drivers of the profitability of the following years. Yeah. The odd deals, let me say, we decided to represent in a different way. For sure, there are odd deals, one of which could be even closed pretty soon. But considering the current scenario, we prefer to represent the so-called actively pursued project, meaning the project that we are really actively working on, even though, as we said, it's not clear when they will be finalized, even though there's a lot of activities that you also can see from all the media going around with a lot of initiatives at the European level in other countries that are pushing into that direction. Makes sense. Thanks, both, for the answers. The next question is from Chris Leonard of UBS. Yeah. Hi there. Can you hear me? Hopefully, you can. Yes, sir. We hear you. Thanks. Yeah. Just a few questions from me, please. Just to follow up on 2025 margins, I think the commentary on the call was that there were costs on production setup that won't repeat in 2025. Obviously, you just said about the one-off costs or one-off benefits of EUR 4 million that came through in 2024. Are these two factors sort of messing up against each other, or actually, could the cost of production that's going away in 2025 be more of a benefit? That's the first question. Second question is on the electrode business as well. I think you said on the call that electronics should be rebounding in the second half, and historically, that's been a higher margin element for you. Should that potentially, if that comes through, lead to a higher margin in 2025 for the electrode segment, or are we in a position that electrode winning being weaker is going to mitigate that electronics getting stronger? Third question, if I can, was on the water guidance, mid-single-digit growth given, but I think the WTS backlog is very strong, and swimming pool exposure increased 15% year over year in 2024. Should we be expecting a similar swimming pool growth rate in 2025, particularly as the aftermarket comes through from the installations back in 2019 to 2020 during the COVID years? If so, could that drive higher revenue growth if that comes through and equally higher margins? Those are the three questions. Thanks. Thank you, Chris. Yeah. We have in 2025, the production setup, as we said, has been resolved at the end of the last quarter of 2024. Therefore, we do not expect additional negative impact for this reason. The one-off effect of EUR 4 million in Q4, we cannot forecast these events that are related to, let's say, mostly, let's say, past years' negotiation with clients that had impact in 2024 for the release of provisions. We cannot expect these kinds of events in 2025. We do not forecast at least this kind of event. There is an offset of these two events. On top of this, as we said, due to the sanctions against Russia, we lost EUR 20 million of turnover with high profitability. That's why 2025, let's say, again, the flow that we expect is 17% in terms of it's circa 70% in terms of EBITDA. With regard to the electrode business, yeah, the electronics will grow, will gain, let's say, shares in our turnover. We have a slightly higher profitability versus the rest of the business of the electrodes. This will start in the second part of 2025, but the impact in 2025 in terms of additional turnover is not huge. We do not expect a great impact in 2025 from electronics. It will be probably in the next years. This, again, is offset by the electro winning effect, so the decrease in terms of percentage on our turnover of the electro winning sector. Water, this is the guidance that you saw. It's flat. It's a mid-single-digit grow and flat in terms of profitability, in terms of percentage. The first months of 2025, especially on pools, let's say, have been good. It's early to say if this is a potential upside towards this guidance, but first months are promising on the pool side. As a reminder, if you wish to register for a question, please press star and one on your touchdown telephone. For any further questions, please press star and one on your touch-tone telephone. Gentlemen, Ms. Locati, there are no more questions at this time. Thank you very much for attending our presentation. As investor relation team, of course, we are available for any additional information you would need. Thank you again. Thanks, everybody. Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephones.