Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Industrie De Nora nine months 2026 results presentation conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Ms. Chiara Locati, IR and ESG Executive Director of Industrie De Nora. Please go ahead, madam. Thank you. Good afternoon, ladies and gentlemen, and welcome to our financial results presentation for the first nine months of 2026, and thank you for joining us. I am Chiara Locati, Investor Relations and ESG Executive Director at De Nora, and with me on the call today, we have Paolo Dellachà, CEO of the group, and Luca Oglialoro, our CFO. They will guide you through our financial and business performance for the first nine months, and then following the presentation, we will open up the floor for a Q&A session. I would like to remind you that the slides accompanying today's presentation are available in the Investor Relations section of our website. With that, I am pleased to hand the call over to our Chief Executive Officer, Paolo Dellachà. Paolo, the floor is yours. Thank you, Chiara. Good afternoon, everyone, and thank you for joining today's call. This year continues to be characterized by a highly complex macroeconomic and geopolitical environment, creating challenges across some regions and some markets. Inflation continues to have mixed effects, supporting revenue growth in some areas while putting pressure on costs in others. Against this backdrop, we continue to manage our businesses worldwide with discipline. Our diversification across geographies and end markets, the critical nature of our solutions, and our leadership position remain key competitive advantages. Our organic results are largely in line with the guidance communicated in July, supported by strong order momentum across all business segments. Meanwhile, IWS, so De Nora Integrated Water Solutions, formerly BW Water, acquired with effect from July 1st, 2026, is further strengthening both our revenues and our backlog. Let me briefly highlight the key development. Third quarter performance was positive, with revenue growth driven by Electrode Technologies, Pools, and IWS, while the adjusted EBITDA margin remained solid, in line with our expectations. Strong commercial momentum was visible across all business segments, including Electrode Technologies, Water Technologies, and Energy Transition. Organic orders increased by 23%, and by 30% including IWS, reaching EUR 760 million and resulting in a book-to-bill ratio of 1.2x. As a result, our total backlog exceeded EUR 720 million, up approximately 61% compared with the end of 2025. This strong order intake is building momentum for 2027. The integration of IWS is progressing according to the plan. We expect the first profitability benefits, including cost synergies, to begin materializing in 2027. in the third quarter alone, IWS secured an additional $47 million of new orders. Turning to the Gigafactory project, a few weeks ago, we announced that, in agreement with the Italian Ministry of Enterprises and Made in Italy, the total amount of public funding granted had been revised to EUR 50 million, based on an updated industrial and technological plan featuring volumes and activities aligned with the current market environment. Importantly, the revised funding structures will cover 100% of eligible project costs, compared with 70% under the previous decree. As anticipated at the time of our half-year results, execution of the activities envisaged under the IPCEI plan is already underway and fully aligned with the revised industrial and technological framework agreed with the ministry. Furthermore, the capacity required under the PNRR had already been installed by June 2026. Finally, supported by our solid nine-month performance, we confirm our 2026 organic revenue guidance and expect the adjusted EBITDA margin to be towards the upper end of the range communicated to the market in July. Including IWS, we expect total revenues to be in the range of EUR 880 million-EUR 900 million, with an adjusted EBITDA margin of between 17%-18%. This slide presents the main KPI for our financial performance in the first nine months of 2026, which Luca will discuss later. Reviewing the performance of our business unit, let me begin with Electrode Technologies. During the first nine months of the year, Electrode Technologies delivered a strong commercial performance, with order intake increasing by 23% year-on-year to exceed EUR 380 million, including growth of more than 10% in the third quarter alone. This positive development was supported by all product lines. The Chlor-Alkali business, which accounted for 72% of total orders, recorded growth of approximately 20%, supported in particular by the award of a large-scale Chlor-Alkali project in the Middle East during the first quarter, as well as the contribution from a major Chlor-Alkali project in Northwest China for Hongniu Lanzhou. Secured through our joint venture, thyssenkrupp nucera. This project further strengthened De Nora install base and market position in China. The electronics product line, representing 17% of total orders, also delivered excellent commercial momentum, with order intake increasing by approximately 45% year-on-year. Growth was driven by continued investment in 5G infrastructure and artificial intelligence-related applications, both in Asia and across all other regions, including the Americas and EMEA. Finally, the electrowinning business, which represents the remaining 11% of order intake, recorded growth of more than 16%, supported by aftermarket service demand in North America. New equipment sales accounted for 61% of total order intake, while the remaining 39% was generated by aftermarket services, reflecting both continued customer investment and the resilience of our install base. Orders were also well diversified geographically, with Asia accounting for 47%, followed by EMEA and the Americas. Compared with the same period of 2025, we saw an increased contribution from both Asia and the Americas, supported by growth across all product lines. As a result, backlog reached EUR 303 million, up 21% compared with the end of 2025, surpassing the record levels achieved at the end of the first quarter. Overall, Electrode Technologies continues to demonstrate solid underlying fundamentals, confirming our global leadership position in electrochemical technologies. Let me now provide an update on our Water business, which, as you know, has been strengthened since the third quarter of 2026 by the addition of the Integrated Water Solutions, or IWS, product line. Commercial momentum remained positive throughout the first nine months of the year, supported by the strong performance of Pools, where order intake increased by 64% year-on-year, also benefiting from price increases, as well as by a EUR 41 million contribution from contracts secured by IWS. With regard to Water Technologies Systems, or WTS, the softer order intake reflects delays in the development of certain projects in the Middle East. It is worth emphasizing, however, that given the strategic nature of this project, this should be viewed as a time shift rather than a loss of demand. We therefore expect these opportunities to translate into meaningful business growth once conditions in the region stabilize. Looking at the geographic distribution of new orders, the Pools product line was primarily driven by the Americas, followed by Europe and Australia. For Water Technologies and Solutions, as shown in the chart of the top right-hand side of the slide, the main areas of growth were Asia, supported by the contribution from new IWS orders, and North America, where we continue to maintain a particularly strong market position with our WTS products line, especially in the municipal segment. Middle East and Europe followed. Turning to backlog, it reached nearly EUR 380 million at the end of September, almost twice the record level reported at the end of December 2025. This increase reflects the resilience of both the Pools and the WTS product lines, together with the contribution of more than EUR 180 million from Integrated Water Solutions. The chart of the bottom right shows the backlog mix by end market across our Water Technology Systems and Solutions product lines. Municipal applications account for approximately 28% of the backlog, while desalination represents 4%. Semiconductor solutions account for more than 45% of the total, reflecting the significant orders secured by IWS during the first nine months of the year. Energy and oil and gas together account for approximately 14% of the backlog. Overall, the strong backlog, solid commercial momentum, and favorable market trends continue to support our confidence in the future growth trajectory of the Water business. We are now at slide nine, which highlights some of the flagship projects secured during the third quarter of 2026, alongside further progress in the PFAS treatment. Starting with Hong Kong, we secured a contract to supply our CECHLO on-site chlorine generation technology for the expansion of the Ngau Tam Mei Water Treatment Plant. The project will support the development of Hong Kong Northern Metropolis and meet increasing water demand linked to urban expansion. Upon completion in 2030, the plant's treatment capacity will nearly double from 230,000 cu m to 440,000 cu m per day. This award builds on our long-standing relationship with Hong Kong's municipal water sector, where we have supplied on-site chlorine generation systems to 10 water treatment plants since 2018. Beyond the initial equipment supply, the project also creates opportunities for long-term aftermarket support and services. In the United States, we have secured a project supporting wastewater treatment for a large and critical photovoltaic facility in Texas. This represents De Nora largest ozone-based advanced oxidation project globally. Our Capital Controls ozone technology will support the project. The solution combines ozone and hydrogen peroxide to treat concentrated brine with an ozone generation capacity of 50 kg per hour. Strategically, this project establishes an important reference for our ozone-based technologies in photovoltaic and semiconductor water and wastewater treatment. We also secured two water treatment and recovery projects for semiconductor plants in Southeast Asia and Europe. Our scope extends from design and procurement through delivery, installation, testing, and commissioning, providing end-to-end solutions for the treatment and recovery of wastewater generated by semiconductor manufacturing. These wins are an important milestone for IWS, coming just a few months after the acquisition. They demonstrate how the acquisition expanded our ability to provide integrated solutions for industries with demanding water treatment requirements, such as semiconductors. Turning to PFAS. A key project in Alabama will deploy our SORB FX contaminant removal system at the world's largest steel rolling and recycling plant, further extending our presence in industrial PFAS treatment. The total number of PFAS contracts awarded since the beginning of 2025 has now reached 13, covering customers in the United States, Italy, and Sweden. These awards comprise 10 municipal and three industrial customers. Supported by 11 active field pilots across the Americas and EMEA, we continue to see strong customer interest and a robust pipeline of opportunities. Overall, this project highlighted the breadth of our Water Technologies offering, from large-scale municipal disinfection to industrial wastewater treatment and recovery, together with an expanding track record in PFAS removal. Let's go to Energy Transition. We confirm what we discussed during our previous conference call. The 300 MW Onuba project awarded by Moeve, representing the first phase of the Andalusian Green Hydrogen Valley, brought our Energy Transition backlog to approximately EUR 40 million. Around 90% relates to green hydrogen, with the remaining 10% linked to the lithium refining contracts. The majority of the green hydrogen backlog is associated with the Onuba project, which we currently expect to execute in 2027. As for our lithium refining projects, we made good progress during the first nine months of the year, and they are now well advanced. These contracts also generated almost all of the business unit's revenue during the period. Looking ahead, around 1.9 GW of large-scale green hydrogen projects across Europe and India, involving our joint venture with thyssenkrupp nucera, are currently progressing through front-end engineering and design activities. These are projects where customers have already committed funding and resources, providing greater visibility than early-stage opportunities. Based on the visibility provided by our joint venture, some of these projects could convert into orders between late 2026 and early 2027. Finally, I would like to reaffirm our commitment to developing our lithium recycling and refining business and, more broadly, our salt splitting capabilities. We are completing two projects to recover battery-grade lithium from spent batteries in Japan. In addition, we are finalizing the contract with Tuleva for the largest lithium refining plant in the United States using electrochemical technologies. Overall, we are working to accelerate our entry into this promising market, leveraging our electrochemical expertise to unlock opportunities in new applications and end markets. We look forward to sharing further updates in the near future. With that, I will hand over to Luca for financial review. Thank you, Paolo, and good afternoon, everyone. Let me start with quarterly revenues. It is worth recalling that starting from the third quarter of 2026, our reported results include the contribution of the former BW Water business, now Integrated Water Solutions, or IWS, which was not part of our perimeter in 2025. On an organic basis, without the contribution from IWS, third quarter revenues declined year-on-year, in line with the assumptions underpinning the full-year guidance updated at the end of July. Including the contribution from IWS, revenues increased by 4.3% year-on-year. I am also pleased to report that currency effect turned broadly neutral in Q3 for the first time in three years. Turning to the individual businesses, Electrode Technologies revenues increased by 16% year-on-year. Chlor-Alkali delivered a sequential improvement as expected, reflecting the scheduled execution of the backlog. In addition, all three product lines benefited from price increases, reflecting higher critical material costs. Within Water Technologies, organic revenues grew by 11%, driven by continued momentum in Pools, primarily reflecting price increase as a consequence of raw material inflation alongside resilient volumes. WTS reported softer performance as geopolitical conditions slowed some projects in the Middle East. For these projects, we agreed on revised schedules with some of our customers, with no impact on project margins. While delays affecting certain Middle East projects are expected to continue into the fourth quarter, we nevertheless expect a significant acceleration in project execution across the rest of the portfolio, consistent with the typical year-end seasonal pattern. The newly acquired IWS business contributed EUR 16.4 million in revenues in the quarter, bringing total Water Technologies growth to over 30% year-on-year. Following the acquisition, the timing of selected projects was rephased in coordination with customers. We expect project execution to accelerate significantly in the final quarter of the year. Finally, Energy Transition revenues remained in line with expectations, reflecting the existing backlog. We do not expect a meaningful acceleration in the fourth quarter for the business line, as production for the Moeve order is expected to begin in 2027. Moving to the nine-month view, revenues grew 2.8% at constant exchange rate, including IWS, while on an organic basis, the performance was broadly stable. Currency headwinds, mainly from the U.S. dollar and Japanese yen, weighed on reported revenues, although their impact progressively eased during the second and third quarters. Geographically, the Americas increased their contribution to 37% of group revenues, up from 33% in the first nine months of 2025, mainly driven by the strong performance of the Water business. APAC accounted for 35% of revenues, up from 33% in 2025, while EMEA contributed approximately 27%, compared with 33% in the prior year, mainly reflecting the completion of the NEOM project at the end of 2025 and the mentioned delays in the Water business. Turning to our business units, Electrode Technologies reported revenues of EUR 321 million, up 1.8% at constant exchange rates due to the same dynamics already highlighted for the third quarter. Aftermarket services represented approximately 44% of revenues. Water Technologies delivered revenues of EUR 291 million, up 29% year-on-year, including IWS, or 32% at constant exchange rates, driven by the factors discussed on the previous slide. Pools grew by 58%, supported by higher prices and resilient volumes. IWS contributed EUR 16.4 million, while the softer performance in WTS reflected the Middle East project delays. Aftermarket services accounted for approximately 46% of WTS revenues. As already mentioned, Energy Transition revenues reflected the execution of the order backlog, reaching EUR 16 million. We are now on slide 14. As Paolo noted at the start of the call, our organic backlog and orders continued to grow steadily over the first nine months of 2026. At the end of September, excluding IWS, the backlog was approximately 19% higher than at year-end 2025, confirming continued growth across our existing businesses. In addition to this organic growth, IWS contributed EUR 186 million, bringing the group's total order portfolio to over EUR 720 million, up approximately 61% compared with December 2025. The pie chart on the right highlights our full revenue visibility for 2026 and strong visibility for 2027, supported by the quality and duration of our backlog. Turning now to our operating cost structure for the first nine months of 2026. As discussed during our first half results presentation, we have implemented measures throughout 2026 to increase flexibility in our production cost base, particularly with respect to labor costs. These measures have helped us manage the expected decline in Energy Transition revenues and the temporary softness in Electrode Technologies while preserving product profitability. A more favorable revenue mix also supported our cost of goods sold as a percentage of revenues. Turning to SG&A and corporate costs, these were slightly higher due to strong inflation effect and the consolidation of IWS and the addition of its organizational structure. While integration is progressing according to plan, the first tangible benefits from cost synergies are expected to materialize from 2027 onwards. Finally, De Nora remains firmly committed to research and development, with recurring R&D expenses exceeding EUR 13 million, including the eligible costs under the IPCEI project, with an incidence on total revenues in line with 2025. Let's now move to EBITDA. In the first nine months of 2026, we maintained solid profitability with an adjusted EBITDA margin of 19.7%, broadly in line with the prior year, despite the inclusion of IWS, whose margin contribution was slightly negative during the period. Let me provide some additional color on IWS. The performance of the newly acquired business incorporates the reassessment of the margins of certain projects in execution signed before the acquisition to align them with the overall expected profitability of the contracts. Net of this effect, IWS EBITDA is at breakeven. Going back to the group results, on a like-for-like basis, excluding IWS, adjusted EBITDA margin improved to 20.9%, reflecting the combination of stable profitability in Electrode Technologies and higher margins in Water Technologies, which more than offset the expected softer performance in Energy Transition. Continued cost discipline, operational efficiency, and overhead optimization also supported this result. In Electrode Technologies, adjusted EBITDA margin remained solid at 20.8%, supported by a favorable revenue mix, while Water Technologies expanded its organic margin to 25.6%, up from 21.8% last year, benefiting from the continued growth of the Pools side business, which now represents 53% of the segment revenues. Within Water, the WTS product line delivered lower profitability due to temporarily lower volumes. We expect activity to accelerate in the fourth quarter with a corresponding positive impact on profitability. Including IWS, the Water Technologies business recorded an EBITDA margin of 22.8%, still higher than the first nine months of 2025. Finally, as expected, the Energy Transition business reported a negative adjusted EBITDA margin. This mainly reflects the lower volumes, lower revenues, combined with our continued commitment to technological development and product innovation, with R&D spending accounting for approximately 44% of revenues. Turning to slide 17, the bridge from EBITDA to earnings highlights the main drivers of net income in the first nine months of 2026. Reported EBITDA reached EUR 125.9 million, compared with EUR 121.4 million in the same period of 2025. Net income was primarily influenced by two elements: net financial expenses and the contribution from thyssenkrupp nucera. Starting with the net financial expenses, these improved by EUR 3.2 million compared with the prior year, decreasing from EUR 7 million to EUR 3.8 million. This performance was mainly driven by the optimization of the group's financial structure and treasury management activities, including the organization of intra-group business-related financial flows. The improvement is even more significant when considering the evolution of net debt over the first nine months of 2026, mainly reflecting higher noble metal prices and the IWS acquisition, as I will explain in more detail on the next slide. The second factor relates to the contribution from our joint venture, which had a negative impact of EUR 15.9 million on net income, compared with EUR 1.2 million in the same period of 2025. Excluding the associate results in both periods, net income would have reached EUR 69.4 million, up 12.6% year-on-year from EUR 61.6 million in the first nine months of 2025, reflecting solid operating profitability and the benefits of a significant lower financial expense base. Turning to our net financial position, excluding M&A cash outflows, debt accounted for approximately EUR 53 million, and the buildup of receivables related to the public funding remained broadly neutral, with only a marginal negative balance. This was achieved despite a challenging environment, including continued increase in noble metal prices. Looking at net working capital cash absorption, it is worth noting, recalling that alongside the typical seasonal dynamics that characterize the first part of the year, working capital was significantly impacted by the sharp increase in critical raw material prices, particularly during the first months of 2026. Regarding the IPCEI public funding, during the period, we accrued approximately EUR 32 million in related receivables, bringing the total outstanding amount to EUR 44 million as of September 30th, 2026. As these receivables are not yet being collected, they have temporarily weighed on cash flow generation and the net financial position. Looking ahead, we expect a gradual improvement in operating cash flow generation during the fourth quarter, supported by the normalization of working capital dynamics due to lower raw material-related cash absorption and the collection of commercial receivables. This should enable us to restore a double-digit positive net financial position, excluding the impact of the IPCEI receivables and IWS acquisition. Let us now move to our 2026 full-year guidance. Based on our nine-month results and the continued strength of our order backlog, we expect full-year group revenues in the range of EUR 880 million-EUR 900 million, confirming our organic revenue guidance. With regard to IWS, we expect a significant acceleration in the fourth quarter, bringing the second half revenues to between EUR 50 million and EUR 60 million. The revenue shortfall relative to our previous estimate of around $90 million is now expected to shift into 2027, reflecting the rescheduling of certain projects and further strengthening our revenue visibility for next year. As a result, the Water Technologies business as a whole is expected to deliver revenue growth in the mid-30s for the full year. Turning to profitability, we expect the organic adjusted EBITDA margin to be between 19% and 20%, towards the upper end of the range communicated in July. Including IWS, we expect the group's adjusted EBITDA margin to be between 17% and 18%. IWS' slightly negative results reflect the one-off effects already discussed. Excluding this impact, IWS would be at breakeven. Lastly, we have reduced our CapEx guidance to EUR 70 million, mainly reflecting delays in the expansion of our Milan headquarters. Finally, let me briefly address the revised IPCEI public funding framework announced on September 21st. This grant will cover 100% of eligible costs and is not intended to finance the construction of the Gigafactory building. Rather, it is primarily designed to support R&D activities and the cost associated with achieving the minimum production volumes required to validate the manufacturing process and qualify the production line. Importantly, there have been no reduction or resizing of the plant's planned production capacity. The project's capital expenditure therefore remain unchanged, and the project is expected to be completed by the end of 2026. I will now hand over to Chiara for an update of our sustainability journey. Thank you, Luca. Let me highlight a few of the sustainability initiatives we are implementing in 2026, focusing on selected topics from this slide. For 2026, our 2030 sustainability plan calls for the completion of 21 initiatives across the four pillars shown on the slide, including a number of specific quantitative targets. Starting with green innovation, one of our key targets is to train 50% of our white-collar employees globally on the sustainability scorecard we are developing for our products. The training sessions are already scheduled for completion in the fourth quarter of the year. We are also making progress in reducing the use of noble metal in our products. Year-to-date, we have already exceeded the target shown on the slide, as we did in 2025. In addition, we aim to ensure that over 80% of our R&D expenditure contributes to the SDGs targets in line with our circular design guidelines, and that 50% of our revenues come from solutions that have a positive impact on the SDGs targets. We are currently analyzing the data for the current financial year and remain confident that we will be able to achieve both targets, as we did last year. Moving to the climate pillar, our 2026 target is to source 40% of the energy consumed across our plants from renewable sources, a level that we have already reached year-to-date. At the same time, we continue to reduce Scope 1 and 2 emissions in line with our 2030 sustainability targets, supported by intermediate milestones that are also embedded in our sustainability-linked loans. Turning to circularity, we are maintaining the share of reused wood packaging in line with our target, which was achieved ahead of schedule last year and is expected to be confirmed again in 2026. We are also measuring and disclosing the contribution of products designed for a second life, identified according to the circular design guidelines embedded in our R&D processes. During the first nine months of this year, these products, I mean the products designed for the second life, accounted for approximately 35% of the Electrode Technologies business revenues from new installations. Looking at our social initiatives, we have selected and trained one mental health first aider at each major site, and more than 25 of our employees have already completed our mental health training, meeting our target for this year. In line with our diversity, equity, and inclusion strategy, we obtained the Italian gender equality certification for the third consecutive year and remain committed to maintaining the gender pay gap within a range of ±5% through 2030. In addition, by the end of the year, we will release the global policies aimed at strengthening recruitment process and improving inclusion opportunity for candidates with disabilities. Finally, under our supply chain and community pillar, we have planned a supplier day for the first quarter of 2027 to engage with our high-risk and strategic suppliers and further strengthen our sustainable supply chain strategy. Let me conclude highlighting that implementation of our sustainability plan is progressing well, and we have already achieved several targets. We are now working at updating the plan to also include IWS, the former BW Water, in our sustainability initiatives. We plan to present the updated plan to the financial community in the first half of 2027. With that, I will now hand the floor over to Paolo for the final remarks. Thank you, Chiara. Let me close with a few remarks on our outlook. Although we operate in a complex global environment, order momentum continues across all our businesses, providing visibility on revenue growth and supporting the group growth outlook. At IWS, integration is ongoing, while new orders are increasing in the fast-growing semiconductor industry. Looking beyond this year, our investment cycle will conclude by year-end. This will leave us with ample capacity to support the next phase of business growth. For 2026, we expect low to mid-single-digit revenue growth with solid profitability. The resilience of Electrode Technologies will support this performance alongside growth impulse and the contribution from the IWS acquisition. Overall, healthy demand reinforces our outlook and our confidence in the strategy. We remain focused on creating long-term value. Let me thank you for your attention. We are now happy to take your questions. Excuse me, this is the Chorus Call conference operator. We will now begin the question-answer section. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Isacco Brambilla of Mediobanca. Please go ahead. Hi. Good afternoon, everybody. Hope you can hear me well. Two questions on my side. The first one is on Electrode Technologies. So just a clarification here whether your indication on the full year for low single-digit decline is including or excluding forex. The reason for asking is that we had a great rebound to EUR 120 million quarterly revenues. Wondering whether this is fully sustainable or we should expect more return to, say, between EUR 100 million and EUR 110 million revenues per quarter. Second question is more generally on raw material and prices. It looks to me that recently prices of some of your key noble metals have started to increase. So just curious to understand whether you see an impact from that on your pricing strategy, discussion with clients, and even net working capital over, say, the next quarter, but more notably 2027. [Non-English content], Isacco. With regards to ET, the guidance includes the effect of the FX, so it's all in. If we move into the raw material question, there has been during the past quarters a continuous increase in the price of the most important raw materials for our production, which is, let's say, in the region of a few percentage points compared to the previous quarters. This doesn't change too much the situation. As you know, we have an agreement with the majority of our clients to pass the majority or to pass the entire value of the increase to our clients according to the contracts that we have. So this shouldn't change materially the shape of our business for the next quarter. Thanks, Luca. You are welcome. The next question is from Matteo Bonizzoni of Kepler Cheuvreux. Please go ahead. Thank you and good afternoon. Some questions. New guidance, 17%-18% EBITDA margin, which 19%-20% at constant perimeter, which has been, let's say, nudged up compared to the previous 18%-20%, and slightly negative for IWS. I was doing some calculation that probably after a 19.7% margin in the nine months, you can maybe target more the mid to high point of the range compared to the mid-low. Can you comment on that or provide some sensitivity? Second question is, what about the timing of the cash-in of the IPCEI credit, EUR 31.5 million? Is it by the end of the year or in 2027? Do you have an approximate net financial position for the end of the year? You have already commented, Luca, in the call about that, about the approximate net financial position, now excluding the cash-out for the acquisition in IPCEI, but I wanted to maybe have a clarification. Backlog, third question is backlog. Backlog is solid because it is up 19% since the beginning of the year at organic level. We know that you provide the guidance with the full-year results, absolutely, we know. Do you have maybe to share with us some preliminary expectation for the next year, given this solid backlog evolution? If you want, but if you do not have time, no problem. IWS, what kind of revenue growth and margin level do you expect for 2027, including the initial synergies? Thanks. Well, thank you, Matteo. With regards to the EBITDA guidance, hopefully we will be able to manage the company towards the upper side of the guidance. This is our target. We do our best to position ourselves in that part of the range. With regard to the crediting from the IPCEI, it's highly unlikely that we receive this cash in 2026. Highly unlikely. I would position ourselves more on the 2027 and probably the remaining part in 2028. With regards to the backlog— [Non-English content] Ah, okay, this is the same. Okay. With regards to the backlog, we cannot provide now a guidance for 2027, but the situation of the backlog give us confidence to, let's say, position ourselves in a very good situation for the first part or the initial part of the 2027, given the strong visibility that we have on revenues for the new year. We will be more precise of the guidance in the next calls, obviously. IWS, we expect— this is not a guidance, first of all. For the moment, we can only reiterate what we communicated during the acquisition when we stated that the expectation is to bring IWS to a low single-digit profitability level sooner rather than later. This is what we can communicate now. You know that most of the synergies will come starting from 2027. Finally, talking about the net financial position, as we said, the net financial position is expected to become positive at the end of 2026 in the double-digit level without IPCEI and the M&A. If you consider both these items it will go probably to a double-digit level negative, considering that the sum of these two amounts is equal more or less to EUR 100 million. Okay. Mid double digit, so sort of EUR 50 million debt, EUR 40 million-EUR 60 million? We might say from EUR 30 million -EUR 50 million up positive to EUR 30 million-EUR 50 million negative— Okay. —being the two items around EUR 100 million. Okay, thanks. The next question is from Vincenzo Antonio Di Buono. Please go ahead. Hi. Can you hear me? Yes, we can. Okay. Thank you for taking my question. I have three, maybe four. First one is on the backlog. How much do you expect to convert into revenues in 2027 and also in Q4 maybe? Second, both Water Technologies and Electrode Technologies benefit from higher prices. How much of this pricing benefit do you expect to carry over into 2027? Finally, on Electrode Technologies, following the 60% revenue growth in Q3, do you expect this growth momentum to continue also in Q4, but also in 2027? Thank you. The backlog will be executed. There is a slide on slide 14. You can see the percentage of, let's say, the execution of the backlog across the next quarter. Only 38% will be in 2026, and the 44% will be in 2027, and the rest, nearly 16% from 2028 onwards. The second question was— [Non-English content] The price effect at this level of raw material is embedded in our prices, and therefore it is expected to remain with the same effect in the next quarter, given the same level of raw materials. [Non-English content] For the electrodes in Q4 2027, we expect more or less, in 2026, we expect more or less the same level of revenues than in Q3. [Non-English content] 2027? 2027. Yeah, in 2027, we cannot provide any kind of guidance now. Sorry for that. Okay, thank you. You're welcome. The next question is from Daniele De Florentis of Equita SIM. Please go ahead. Hi, good evening, and thanks for taking my question. My question is about, the first one is about IWS and the one-off on the 2026, which are the driver of this negative one-off, and like the first question. The second question is about the trend on Pools, on order intake on Pools, because Pentair and Fluidra highlighted during their conference call that they have a normalization in the after-demand and inventory demand. Do you see a normalization also on your order intake or not? Thanks. Yes, thank you. With regard to IWS, when we entered the company, we started the assessment of the existing contracts signed before the acquisition, and we agreed on a specific contract with a specific client, but in general, most of the impact is on one contract. We agreed with the customer on a reassessment of the scheduling of certain activities. According to this, we revised the profitability of this contract that, again, was signed before the acquisition. This led to the decision to post within our P&L a loss that leads to this level of the EBITDA that you saw in the third quarter results. We do not expect additional impact in the fourth quarter, because now all the contracts seem to be in line with the expected profitability. Moving to the question with regard to the Pools, we have a clear visibility on volumes for Q4 2026 and first Q of 2027. According to what we see, and confirmed by the results reported by our main customers, we do not expect a change in the market. We expect the market to remain healthy. As you saw, the stock level of our main client is healthy also. Therefore, we expect the trend that we've seen in the last quarters to remain for the next quarter of the year. Assuming the same level of raw material, the expectation is to have more or less the same level of revenues on Pools. Sorry, you said expecting the same level of PGMs or an increase on PGMs? No, no. We expect more or less to have the steady, the same level of Pools across the next quarters. Okay. Not a further increase. So same quantities, same prices, more or less, given the same level of raw materials, obviously. Okay. Thank you so much. As a reminder, if you wish to register for a question, please press star and one on your telephone. The next question is a follow-up from Isacco Brambilla of Mediobanca. Please go ahead. Yes, hi again. Two follow-ups on my side. You are not at the driving seat on none of these two, but maybe you can help us a bit. First one is on the recent placement by Snam. Just if you had any discussion with them, if you have any consideration on their potential willingness to further reduce their stake in the short term. Second point is on green hydrogen pipeline. Looking at that 1.9 GW pipeline, just wondering if you have any additional color you feel comfortable in sharing on potential to convert some of this pipeline, say, over the next 18 - 24 months in actual orders for nucera and subsequently for De Nora side. Isacco, from Snam side, there are absolutely no additional information or discussion beyond what the CEO of Snam already declared officially that they consider themselves a strategic investor staying in the existing stake of De Nora for quite a long time. No news from that side. And we don't expect any in the near future. On nucera, yes, the projects are moving ahead, for sure. There is a good dynamics in the market. There's something that could be announced soon, but we cannot disclose so much. We can only say that, yes, there is the possibility to convert some of these projects in pipeline into orders in the next month. Okay. Many thanks, Paolo. Thank you. Once again, if you wish to ask a question, please press star and one on your telephone. For any further question, please press star and one on your telephone. Management, there are no more questions registered at this time. Thank you very much for attending this call and for your questions. We remain as Investor Relations team at your disposal for further clarification, of course, and looking forward to speak with you again. Thank you. Thank you. All the best. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.