Good afternoon. This is the conference call operator. Welcome, and thank you for joining the Industrie De Nora first half 2026 results presentation. 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 0 on their telephone. At this time, I would like to turn the conference over to Ms. Chiara Locati, investor relations and ESG executive director of Industrie De Nora. Please go ahead, madam. Thank you. Good afternoon, ladies and gentlemen, and welcome to our first half 2026 financial results presentation, and thank you for joining us. I'm Chiara Locati, investor relations and ESG executive director, and with me on the call there are today Paolo Dellachà, CEO of the group, and Luca Oglialoro, our CFO. They will guide you through financial and business performance for the first half of the year, and following the presentation, we will open up the floor for a Q&A session. I would also like to remind you that the slides accompanying today's presentation are available in the investor section of our website. With that, I'm pleased to hand the call over to our Chief Executive Officer, Paolo Dellachà. Paolo, the floor is yours. Thank you, Chiara. Good morning, everyone, and thank you for joining today's call. We're pleased to present the results of a fruitful first half of the year, both in terms of financial performance and the execution of our growth strategy. Our solid results, shown on the right-hand side of the slide, were driven by a marked improvement in the second quarter, leading to performance that, in some areas, exceeded our expectations. Beyond the numbers, we are particularly satisfied with the development of our business. Order intake remained robust, growing year-on-year, including BW Water on a pro forma basis, backlog reached over EUR 650 million, providing greater visibility for the coming periods and further supporting the execution of our growth strategy. We also achieved a number of important strategic milestones during the period. We successfully completed the acquisition of BW Water on July 1st, a transformative step for our water business. By the way, just a few days after joining De Nora group, BW Water secured a new contract to provide water treatment solutions for a semiconductor project in Southern Europe. In energy transition, we were awarded and booked the full orders of Moeve, Southern Europe largest green hydrogen project. In addition, our Italian gigafactory continues to progress in line with the plan and with the IPCEI framework. Construction activities are now nearing completion, while the first operational activities are already underway. Finally, we advanced our sustainability roadmap by defining the ESG targets for our sustainability-linked loan. Thanks to the strong performance delivered in the first half on an organic basis, we are confirming our revenue guidance of EUR 830 million-EUR 850 million at the upper end of the range provided in March 2026, and increasing our adjusted EBITDA margin guidance to 18%-20%. On top of this organic performance, BW Water is expected to contribute approximately USD 90 million in revenues in the second half of the year. In this slide, we present the main KPIs of our H1 2026 financial performances that Luca will comment on later. Reviewing the performance of our business units, let me begin with the Electrode Technologies. H1 2026 showed strong commercial momentum, with order intake increasing by 28% year-on-year to approximately EUR 240 million, driven by growth across all product lines. The chloralkali business, which accounted for 71% of total orders, recorded growth of more than 20%, supported in particular by the award of a large-scale chloralkali project in the Middle East. Electronics and electrowinning, which represented 16% and 13% of total orders respectively, also delivered strong commercial momentum. Electronics recorded growth of more than 40%, primarily driven by robust demand in Asia, while electrowinning grew by more than 30%, mainly reflecting solid commercial activity in the Americas. New applications accounted for 60% of total order intake, with the remaining 40% generated by the aftermarket service, reflecting both continued customer investment and the resilience of our installed base. Orders were also well diversified geographically, with Asia accounting for 44%, followed by EMEA and the Americas. Backlog reached EUR 284 million at the end of June 2026, up 13% compared to the year-end 2025, and remaining close to the record levels achieved in the first quarter. Overall, our core Electrode Technologies business remains solid, and we maintain a positive outlook for the short and medium term. Before reviewing the commercial performance of our water business unit, let me first remind you of the strategic significance of the BW Water acquisition, which we completed on July 1. By combining De Nora products and technology leadership with BW Water turnkey capabilities, we are creating a global integrated platform that strengthens our position across the value chain. This new platform dedicated to water treatment will operate through three complementary growth engines. Water Technology Systems, so-called WTS line, will continue to provide De Nora proprietary technologies and water treatment systems, while the Integrated Water Solution, so IWS line, formerly BW Water, will deliver turnkey water treatment solutions worldwide. Together these business lines will serve municipal and industrial customers, leveraging proprietary technologies, system integration expertise, and full project execution capabilities while capturing cross-selling opportunities and cost synergies across the business unit. In addition, Pools will remain a key growth driver for the water business. Together, WTS, IWS, and Pools will form a highly diversified growth platform. BW Water acquisition, with the transaction completed on July 1, our focus has now shifted to integration. We have already launched a comprehensive program aimed at capturing both revenue and cost synergies, accelerating growth across the group, and further strengthening our competitive position. Looking ahead, BW Water's strong backlog provides solid visibility for 2026 and 2027. As of June, backlogs stood at approximately EUR 150 million, reflecting a diversified mix of contracts across the semiconductors, municipal, and desalination sectors. This positive momentum has continued following the closing. In July, BW Water secured a new contract worth approximately EUR 9 million for a semiconductor water treatment project in Europe with a major international player, further enforcing its position in one of the most attractive segments of the water industry. Let me now provide an update on order intake and backlog development within our water technology business during the first half of the year. Order intake increased by 8% year-over-year to EUR 198 million, driven by the strong performance of Pools, which grew by 55% compared to the first half of 2025. Performance in the WTS business was softer during the period, mainly due to the delays in customer investment decisions related to the certain project in the Middle East, reflecting the current geopolitical environment. We expect these conditions to persist through the second half of 2026, with order intake in the region remaining relatively subdued. As of this project related to critical water infrastructure, the delays are temporary in nature and reflect a postponement rather than a cancellation of the investment. The current geopolitical environment has further reinforced the strategic importance of water or water treatment as a critical asset of economic development, resilience, and regional and global security. The long-term fundamentals of the water treatment market are solid, therefore we expect demand to globally grow meaningfully over the medium term. Turning back to the order intake analysis within WTS, orders remain well-balanced across both municipal and industrial end markets, as well as between new installation and aftermarket services. From a geographical perspective, North America remained the largest contributor to order intake, accounting for approximately 63% of the total, largely driven by the Pools business, which alone represented around 46%. This was followed by Asia, the Middle East, and Europe, reflecting the broad geographical diversification of the business. Turning to backlog, the pro forma backlog, including BW Water, exceeded EUR 330 million at the end of June, representing approximately 1.9 times the level recorded at the end of 2025. On an organic basis, backlog remained broadly in line with December 2025 levels. The commercial trends in both the WTS and Pools lines remain fully aligned with our 2026 revenue organic guidance. This slide shows some key project wins secured during the second quarter of 2026. During the quarter, we were selected for the third phase of the North Field West LNG expansion project in Qatar, which consists of the delivery of two trains for a mega LNG production facility. De Nora will supply its CECHLO electrochlorination units to treat approximately 93,000 cubic meters of water per day. This follows our successful execution of the first phase in 2021 and the second expansion phase in 2024, further enforcing our leadership position and track record in this strategic market. We also secured a UV modernization project for PUB's Johor River Waterworks in Singapore. Originally commissioned in 2011, the existing UV systems have operated successfully for more than a decade. The systems approach the later stage of their operational life, PUB launched a tender for their replacement. De Nora Sentinel UV technology was selected based on its proven reliability in medium pressure applications, ease of maintenance, and ability to be retrofitted into existing infrastructure without the need for a full system replacement. Finally, we were awarded a new greenfield water treatment facility in Alabama in the U.S., supporting growing seasonal water demand linked to summer tourism. PFAS also continued to gain momentum. The award of our first PFAS project in Sweden marks our entry into one of Europe's most advanced PFAS treatment markets. As a result, the total number of PFAS contracts awarded since the beginning of 2025 has reached 11 projects. Supported by 10 active field pilots across the Americas and EMEA, we continue to see strong customer interest and a robust pipeline of opportunities. Our water technology business remains a key growth driver for the group and is well-positioned to play an increasingly important role in the years ahead, supported by the strong long-term growth prospect of both municipal and industrial water markets. Moving now to energy transition. As anticipated during our Q1 results call, we secured all orders for Moeve green hydrogen project in Spain, with a total value within EUR 30 million-EUR 40 million range previously indicated. These orders relate to the first phase of the Onuba project, part of the broader Andalusian Green Hydrogen Valley initiative, one of the largest green hydrogen developments currently underway in Europe, with a planned expansion over time to up to two gigawatts of electrolyzer capacity. Once operational, the green hydrogen produced at the site will support the production of renewable fuels for road, maritime, and aviation applications. Following these orders, our energy transition backlog increased to approximately EUR 42 million, strengthening revenue visibility. We expect the Moeve project to begin contributing to revenues from 2027 onwards. Looking at our pipeline, around 1.6 gigawatts of large-scale green hydrogen projects involving our joint venture thyssenkrupp nucera are currently advancing through FEED activities across Europe and India, reflecting the gradual progress of the market and growing interest in large-scale hydrogen solutions. Before moving on, let me briefly touch on lithium refining. In the near term, the two lithium refining projects in Japan remain on track. At the same time, we are working to finalize a contract worth more than EUR 10 million with Tuleva in the U.S. for the development of the largest electrochemical lithium hydroxide plant in the U.S. We see the lithium refining market as a key medium-term growth pillar for De Nora. Global investment in the sector, excluding mining activities, is expected to double over the next decade, reaching approximately EUR 50 billion by 2035. Splitting processes based on membrane electrolysis can play a transformative role in downstream lithium refining. Compared with conventional technologies, they enable the production of battery-grade products with lower capital investment, reduced dependence on chemicals, significant cost savings, and lower water consumption, and a reduced CO2 footprint. Leveraging its leadership in electrochemical technologies, De Nora continues to invest resources and capital in electrochemical solutions that support the circularity of critical materials, strengthening its ability to capture the significant growth opportunities emerging in this fast-growing market. Let me now provide an update on our Italian gigafactory project located within the new facility we are developing in Cernusco sul Naviglio, near Milan. We are very pleased with the progress achieved so far, and all major project activities remain on track. Construction of the gigafactory section has been completed and initial operations are already underway while work on the broader Cernusco facility is progressing according to the plans and is expected to be completed by year-end. We are progressing on the initiatives carried out under the IPCEI framework, which supports the development of innovative technologies for green hydrogen production. In June 2026, we installed the production capacity required to meet the PNRR milestone and submitted the relevant documentation to MASE, the Italian Ministry of Environment and Energy Security, to demonstrate the achievement of the target. In parallel, we have launched the first operational and validation activities envisaged under the IPCEI program, and we remain on track to complete all planned initiatives by the end of 2026. More specifically, current work is focused on advancing our green hydrogen solutions for small-scale production. A dedicated team of researchers is already operating at the gigafactory, supporting engineering, validation, and industrialization activities. Looking ahead, the Cernusco facility has been designed to serve as a key industrial hub for De Nora. In addition to the gigafactory, it will host manufacturing activities currently carried out at two other Italian sites in the greater Milan area. We have already defined the relocation plan and are planning the exit for the related lease agreements and properties. This will further enhance operational efficiency and optimize our industrial footprint in Italy. With regard to hydrogen-related manufacturing capacity, we continue to see the most significant growth opportunities emerging over the medium term. In the meantime, we will maintain a lean cost structure with capital deployment remaining fully aligned with business development and green hydrogen market demand. As a reminder, with reference to the IPCEI Hydrogen funding award by the Italian government in March 2025, we informed the market of our intention to reassess the project economic and financial assumptions in light of the evolving green hydrogen market, in consultation with the relevant authorities. Discussion with the relevant authorities have made significant progress, and we are currently awaiting formal communication from the Italian Ministries of Enterprise and Made in Italy, MIMIT, regarding the updated industrial and technological plan, which reflects volumes and activities aligned with the current market environment. Before moving on, I would like to briefly highlight some of the open innovation initiatives that are helping shape De Nora future. Innovation remains a key pillar of our long-term strategy, and we are currently advancing two complementary open innovation initiative aims at accelerating technology development and supporting our long-term growth ambitions. First, following the commitment announced in December 2024, we are leveraging our participation in the EUR 170 million 360 LIFE II climate tech fund, where De Nora has invested EUR 10 million. This give us privileged access to a broad pipeline of European climate tech companies and allows us to monitor emerging technologies that could shape the future of our industries. Second, in April 2026, we launched the EDGE Innovation Hub, a new program designed to orchestrate our global innovation ecosystem and accelerate collaboration with the deep tech startups. The first challenge launched through EDGE focused on redesigning industrial operations, an area that is directly linked to operational excellence, productivity, and sustainability. We have already selected five promising startups to enter an 18-month-long collaboration with our teams to validate, grow, and integrate their technologies in our industrial processes. We believe that combining strategic venture exposure with a structured startup collaboration model allows us to accelerate innovation while maintaining a disciplined approach to value creation. This initiative strengthen our ability to identify new technologies early, enhance our competitiveness, and support sustainable growth over the long term. Overall, the first half of the year has been marked by solid business momentum and continued strategic execution, laying the foundations for the next phase of our mid and long-term growth journey. With that, let me hand over to Luca for a review of our financial results. Thank you, Paolo, and good afternoon, everyone. As expected, the second quarter marked an acceleration in revenue growth. Revenues up 4.4% year-on-year, and excluding the impact of foreign exchange headwinds, underlying growth was close to 8%. Within Electrode Technologies, revenues returned to levels broadly in line with the second quarter of 2025, following the double-digit decline reported in the first quarter. This recovery was mainly driven by double-digit growth in the electronics and electrowinning product lines, together with a partial recovery in chloralkali, reflecting the execution of orders secured over recent quarters. Our water business delivered a strong performance, with revenues increasing by more than 40%, driven by the continued momentum in Pools, primarily reflecting pricing actions as a consequence of raw material inflation, alongside higher volumes. WTS also returned to growth, with revenues increasing by around 10%, supported by favorable project execution timing. Energy transition performed in line with expectations, reflecting the scheduled evolution of the order backlog. Moving to the first half performance, revenues grew by more than 2% at constant exchange rate. As shown on the slide, adverse currency movements, primarily related to the EUR-USD exchange rate and the Japanese yen, continued to weigh on reported revenues, which declined by a low single-digit percentage year-on-year. Geographically, the Americas increased their contribution to 37% of group revenues, up from 33% in the first half of 2025, mainly driven by the strong performance of the water business. APAC accounted for approximately 34%, broadly in line with last year, while EMEA contributed 29%, down from 33% in the first half of 2025. This mainly reflects the completion of the NEOM project, which has supported the revenues in the region, particularly during the early quarters of 2025. Turning to our business unit. Electrode Technologies delivered a solid recovery with the year-on-year decline halving compared with the first quarter, as anticipated, supported by the strong execution of the order backlog. Aftermarket services accounted for approximately 44% of revenues. We expect the recovery to continue over the coming quarter. The water technology business reported a revenue growth of 27%, or 33% at constant exchange rates. This performance was supported by the pool segment, where revenues increased by more than 60%, driven by raw material inflation dynamics and a low single-digit growth in volumes. As already discussed, while water technology systems remained broadly stable at constant exchange rates due to project execution timing. Aftermarket services represented 47% of water technology systems revenues. Looking ahead to the second half of the year and assuming raw material prices remain stable, we expect Pools revenues to be broadly in line with the first half, while WTS is expected to continue its recovery, with execution mostly concentrated in the fourth quarter. On the geopolitical front, we continue to closely monitor developments in the Middle East. The conflict could temporarily affect the execution of certain projects, particularly within our water technology solution business, potentially resulting in delays. The impact of such delays has already been factored into our 2026 organic guidance. Energy transition revenues reflected the evolution of the order backlog. Looking ahead to the second half of the year, we do not expect an acceleration in this business, as orders recently awarded by Moeve are expected to begin contributing to revenue from 2027 onwards. Overall, our first half revenue performance keeps us firmly on track to deliver full-year revenues in the EUR 830 million-EUR 850 million range, consistent with the expectations we outlined during our last call. We are now at slide 17, where you can see our backlog by business unit, which Paolo has already commented on. Let me just highlight that De Nora's organic backlog, including all orders related to the Moeve project, exceeded EUR 500 million, up approximately 12% compared with December 2025, reflecting positive momentum across all business units. On a pro forma basis, including BW Water's backlog as of July 1st, the figure exceeded EUR 650 million, representing an increase of approximately 46% compared with the organic backlog as of December 2025, and providing strong visibility on revenue development in both 2026 and 2027. Turning now to our operating cost structure. As discussed during our first quarter results, in anticipation of the expected slowdown in the energy transition business and the temporary softness of the Electrode Technologies segment, we have implemented a number of measures to increase the flexibility of our production cost base, particularly with respect to the labor cost. This approach helps preserve product profitability, supported by a more favorable revenue mix. Turning to our G&A and corporate cost, this remained broadly in line with the first half of 2025, despite inflationary pressures. De Nora remains firmly committed to research and development, with recurring R&D expenses slightly higher than those recorded in the first half of 2025. Let's now move to operating profitability. The first half closed with adjusted EBITDA of approximately EUR 82 million, slightly up compared to EUR 81 million in the first half of 2025. This improvement was primarily driven by stronger profitability, with adjusted EBITDA margin reaching 24.4%, around 80 basis points higher than in the same period last year. The margin expansion was largely driven by the water technology business, which delivered an EBITDA margin above 25%. This improvement reflects both revenue growth and a more favorable revenue mix, with the Pools product line accounting for 57% of segment revenues, compared with 43% in the first half of 2025. Regarding the Electrode Technologies business, the reduction in adjusted EBITDA margin compared with the first half of 2025 reflects both a different geo and product mix and lower absorption of indirect cost resulting from reduced volumes in the energy transition segment. Profitability proved more resilient than initially anticipated, supported in part by the cost containment measures implemented across the business. As expected, the energy transition business reported a negative adjusted EBITDA margin. This mainly reflects lower revenues combined with our continued commitment to technological development and project innovation. With R&D spending remaining broadly unchanged in absolute terms compared with the first half of 2025. The strong performance of the Water Technologies business, together with the group's solid first half profitability, give us the confidence to upgrade our full-year organic guidance. Turning to slide 20. The bridge from EBITDA to net income highlights the key factors impacting net income evolution. Starting from a reported EBITDA slightly above the level recorded in the first half of 2025, net income was primarily influenced by two elements, net financial expenses and the contribution from our TK-Nucera joint venture. Looking first at net financial expenses, we delivered an improvement of more than EUR 5 million compared with the prior year. This performance was mainly driven by the optimization of the group's financial structure and treasury management activities, including the reorganization of intragroup business-related financial flows. These initiatives reduced our exposure to foreign exchange risk and consequently lowered the associated Forex and hedging costs. The second factor relates to the contribution from our joint venture, which had a negative impact of more than EUR 16 million on reported net income in the first half of 2026. Excluding this effect, net income as of June 30th would have increased by approximately 25% year-on-year, reflecting stronger operating profitability together with the benefits of a significant lower financial expense base. Turning to the evolution of our net financial position, the bridge illustrates the main drivers of the change during the first half of the year. As you can see, the change in net debt primarily reflects the seasonal working capital dynamics that typically characterize the first half of the year. In 2026, this effect was further amplified by the sharp increase in critical raw material prices, particularly noble metals. As these purchases are generally settled upon delivery, they result in a significant cash outflow, as discussed during our main conference call. As expected, cash absorption was largely concentrated in the first quarter, while operating cash flow began to recover in the second quarter, returning to a slightly positive level. Looking ahead, we anticipate a gradual improvement in operating cash generation during the second half of the year, driven by the normalization of the working capital dynamics and the collection of receivables. This should enable us to fund our planned capital expenditure and restore a balanced cash position, excluding the impact of BW Water acquisition. Let us now move to the guidance for fiscal year 2026. Starting with our organic guidance, we confirm that we expect revenues in the range EUR 830 million-EUR 850 million, placing us at the upper end of the EUR 750 million-EUR 850 million range previously communicated. At the business unit level, we expect Electrode Technologies to deliver a low single-digit decline, an improvement on our previous guidance, supported by a higher backlog, strong project execution, and positive pricing effects linked to raw material inflation. Turning to Water Technologies, we confirm that we expect performance at the upper end of the previously communicated guidance range, implying low double-digit growth. This outlook already incorporates the expected impact of the current geopolitical situation in the Middle East on WTS during the second half of 2026. Finally, in Energy Transition, based on the current backlog schedule, we expect revenues in the range EUR 15 million-EUR 25 million. Supported by the strong profitability of our core businesses in the first half, as well as the expected backlog execution and favorable product mix in the second half, we are raising our full-year adjusted EBITDA margin guidance to 18%-20% from our previous guidance of an adjusted EBITDA margin at the upper end of the 15%-18% range. Our guidance for capital expenditures remains unchanged. Turning to BW Water, now our integrated water solutions line, whose financial results will be consolidated starting from the second half of 2026. Let me remind you of the financial estimates provided when we announced the acquisition. This indicate approximately $90 million for the second half of the year, with a positive low single-digit adjusted EBITDA margin. Therefore, for full year 2026, the total group revenues could reach between EUR 900 million and EUR 930 million. I will now hand over to Chiara for an update on our. Thank you, Luca. Our commitment to sustainability, as outlined in our 2030 ESG plan, is increasingly translating into tangible financial benefit for the group. Over the past few months, we have selected and agreed with our lending banks on three ESG KPIs and related targets. From 2026, these KPIs will be linked to our financing margin through an ESG-linked adjustment mechanism. The facilities concerned are the revolving credit facility signed in November 2025, and the term loan facility aimed to finance the acquisition of BW Water. Two of the KPIs are environmental, focusing on the reduction of Scope 1 and Scope 2 emissions, the first, and the reduction of the Scope 3 emission intensity, the second. The related targets are fully aligned with our SBTi-validated 2030 decarbonization plan. For the sustainability-linked financing framework, we have established the annual milestones that follow a broadly linear path toward our 2030 objectives. The third KPI relates to the average gender pay gap, which De Nora is committed to maintaining within a defined range over the coming years. This reflects our commitment to an inclusive workplace and to ensuring equal opportunities for all employees. We are particularly pleased, as you can imagine, to have linked our ESG objectives to the group financial resources. This marks an important step for De Nora and provides further evidence of our commitment to delivering on our sustainability goals. Given the nature of our business and the central role sustainability plays in our growth strategy, we believe this is an approach we will continue to build on in the years ahead. I will now hand over to Paolo for his closing remarks. Thank you. To conclude, the first half of 2026 has been a successful period for De Nora. Despite a challenging market environment, we continue to advance our growth strategy, delivering solid profitability, strengthening our backlog, expanding our water platform through the BW Water acquisition, and further reinforcing our leadership positions across our key businesses. At the same time, we are seeing encouraging signs of momentum in energy transition markets for green hydrogen and lithium refining. We enter the second half with confidence, supported by a stronger backlog, positive market momentum, and a clear execution plan. With that, thank you for your attention. We are now available to take your questions. Thank you. This is the quarter 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 telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Daniele De Florentis, Equita SIM. Hi, good evening, and thanks for taking my question. I have just three. The first question is about the new guidance on EBITDA margin. You raised the midpoint of the EBITDA margin. The second question is about BW Water. We have a change in the pro forma for the full year contribution in revenues for the BW Water, because in the second half of 2026, you guided for EUR 9 million revenues. The third one is if you can give more color on price volume contribution behind the strong revenue growth in Pools business. Thanks. Thank you for the question. With regards to the upgrade of the EBITDA guidance, after the strong performance in H1, we expect the second half to continue with the same trend. Also because we will have higher sales in H2. We expect a good profit mix in the second half, in both electrodes, given the strong performance of the electronics and the high order intake that we just secured, and also strong water performance due to the favorable mix given the Pools performance. On top of this efficiency we play, that we are let's say extracting from cost, we expect a good contribution also from efficiency cost in the second half. These are the main drivers for the upgrade of the guidance. With regards to BW, there is no change in what we communicated because the expectation is still to have $130 million of guidance in terms of revenues for BW. That sees a concentration of sales, especially in the second half of the year. The $90 million is coherent with the $130 million already communicated. This is due to the scheduling of the activities related to the orders already secured in BW. Exactly in line with what we communicated in the previous call with regards to BW. For the Pools, the drivers of the growth are still according to what we just said. Increasing volumes, so low single digit and a good, let's say, price increase, given especially the raw material inflation. Thank you. Thank you. As a reminder, if you wish to register for a question, please press star and one on your telephone. Once again, if you wish to ask a question, please press star and one. The next question is from Vincenzo Antonio Di Buono, Banca Akros. Hi, guys. Good afternoon and congratulations on the results. I have two questions. First one is on the revenue guidance. The midpoint implies around EUR 440 million of revenues in H2, which would still be lower than last year. Is this mainly due to delays in some water projects in the Middle East or are there other reasons, or are you a bit conservative on this? Second one is on BW Water. Can you give us an update on revenue synergies also in the next year? Should we include any revenue synergy in our estimates, or should we currently consider only the cost synergies already announced? Thank you. Yeah. With regard to revenue guidance, H2 is lower than last year due to the poor performance that we expect in energy transition, given the short visibility that we have on order. This is the main reason of the reduction of the guidance. The rest is, let's say, performing well. With regard to BW, we expect, as we said during the acquisition call, to have a couple of EUR million of cost synergies from now to the end of the year on BW, and it is too early for the moment to expect revenue synergies from the combination of the businesses. Okay, thank you, and congratulations on the results. Thank you. For any further questions, please press star and one on your telephone. Ms. Locati, gentlemen, there are no more questions registered at this time. Thank you very much. Thank you for attending our conference call. Of course, as investor relation department, we are at your disposal for any kind of information or deep insight you need. Thank you. All the best. Thank you. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones. Thank you.