Good morning, everyone, and welcome to EuroGroup Laminations FY 2024 financial results presentation. Before I hand over to your host today, please be advised there will be an opportunity to ask questions at the end of the presentation. In order to do so, please use the raise hand function on your screen, or for those dialing in, it is star nine on your keypad. I have now a pleasure handing over to Ilaria Candotti, Head of Investor Relations. Please go ahead, Ilaria. Good morning, everyone, and thank you for being here today at our conference call on EGLA FY 2024 results and the strategic plan for the period 2025-2028. I would like to remind you that, as always, both the presentation and the press release are available on the EGLA Group website under the Investor Relations section. I'm here today with Sergio Iori, Chairman of EGLA, Marco Arduini, CEO, Isidoro Guardalà, Deputy CEO, and Matteo Perna, our CFO. Today's agenda will be structured as follows. Marco Arduini will open the presentation with the 2024 highlights. Then Matteo Perna will follow with the description of the financials for the year. Afterwards, Marco will introduce the new plan with the current market scenario and the strategic guidelines for the midterm period. Matteo Perna will then conclude with the 2024 outlook and the 2025-2028 financial guidelines. At the end, we will open the usual Q&A section. At this point, I'm pleased to leave the floor to Marco. Please, Marco, the floor is yours. Thank you, Ilaria. Thank you to everyone to be part of this day. We can start with the highlights. For us, 2024 remains a positive year with robust results. The driver of these robust results is for sure the EV and automotive growth that was very strong in China and allowed us as well to increase our market share in both North America and Europe. The industrial business was impacted by a negative price effect due to the raw material, and Europe, the European market, remained a weak market. The profitability is resilient thanks to the contribution of the EV and automotive EBITDA and thanks to the flexibility that we were capable to introduce in our cost base. The total revenues of the year were EUR 869 million, and the EBITDA adjusted results was EUR 116 million. Moving to the most important part in terms of outlook, we still have a robust and strong order book. The order book is now for $5.3 billion, and the pipeline is $4.8 billion. These two data are reflecting the increase of the automotive electrification that is remaining firm for the future, where China is, of course, the leader, and we see as well in the short term in Europe and North America a readjustment. The strong focus that we have in our next future is concentrated in the Chinese OEMs that are leading, let's say, the market in China, but as well the automotive evolution in the rest of the world. With regards to the strategic initiative, we have, of course, already started many activities that are Asia-centric. We have closed the deal and executed the deal related to our Indian project with Kumar Precision Stampings, and we acquired the control. We are as well moving in the assessment for the Indian mobility market. In addition to this, we have as well finalized the acquisition of the 30% for the minorities of the minorities that we have in our joint venture in China. This is preparing us for a new partnership opportunity in the Chinese market. I now pass the word to Matteo so that he can enter in the financial highlights. Thank you very much, Marc. A snapshot on the 2024 full year results, revenues EUR 869 million. This is implying a 4% increase compared to 2023. This is the result of the different evolution of the two segments. EV and automotive growth was in the range of approximately 18%, whilst the industrial business decrease was 14%. EBITDA adjusted in line as per 2023, implying a margin of 13.3%. The total amount of adjustments is approximately EUR 5.7 million. EBIT, EUR 66 million. The evolution of the EBIT is, of course, impacted by the evolution of the D&A. D&A has increased by approximately EUR 11 million compared to 2023. Net working capital, EUR 233 million, including EUR 13 million related to the consolidation of Kumar as of the end of December. Capex, EUR 86 million, of which 80% is the part related to the EV and automotive. Finally, net debt, EUR 226 million, including as well approximately EUR 28 million impact related to the acquisition of Kumar Precision Stampings and as well the consolidation of their net debt. The net leverage ratio based on adjusted EBITDA is in the range of 1.9 times. If we move to the next slide, please. You see the total amount of revenues for the EV and Automotive business in 2024 was EUR 562 million. That is an 18% increase compared to 2023, whilst the Industrial business was EUR 307 million. Over the last quarter, we have generated approximately EUR 220 million total revenues, of which EUR 147 million was the part related to the EV and Automotive, whilst EUR 74 million was the part related to the Industrial business. In terms of business mix, you see that now EV and Automotive is representing approximately 65% over the total amount of revenues. Just to let you know that industrial was more than 60% as of the end of 2022. We have sold approximately 3.8 million motor cores over 2024. I have to say that we have as well increased our market share in both Europe and North America. If we move now to the next slide, you see the contribution of the EBITDA adjusted by segment. EV and Automotive total adjusted EBITDA was EUR 80 million, implying a 14.2% EBITDA adjusted margin over revenues, whilst the margin expressed by the Industrial business unit were almost in line as per 2022. We are in the range of 11.8%. We have already spoken about the increase of the D&A, which is the result of the execution of the Capex plan that we are executing, and we have made approximately EUR 86 million Capex in 2024. Therefore, we can move to the next slide, please. In terms of net debt evolution, you see as of the end of December, we started our net debt with EUR 111 million. This is based on EUR 51 million related to the financial lease liability, so the IFRS 16 effect, whilst the EUR 59 million was the part not related to IFRS 16. In this bridge, we are showing to you simplified evolution of our cash flow. You see the vast majority of the cash was absorbed by the execution of the Capex, EUR 86 million. EUR 54 million was the part related to the change in net trade working capital. Again, this is as well including the part related to the consolidation of Kumar. Finally, we have as well highlighted the part of the net debt impacted by the Kumar acquisition, the consolidation of Kumar net financial position, as well as the completion of the buyback program, which was completed as of the end of June 2024, and the dividend distribution that we made in 2024. Over approximately 65% of the total long-term debt is hedged. The higher financial costs were mainly related to the increase of our financial debt, long-term financial debt. I think that we can move to the next section. Yeah, thank you, Matteo. We want to, of course, introduce our strategic plan 2025 and 2028. It's important to underline that the need for this strategic plan is coming from the market evolution that we experienced in the last time. We saw in the last two years a major shift from West to East, where China emerged as a global technological hub, not only for the automotive, but as well for all the new technologies that are key for the future of technology. We experienced as well a major shift in the ability to supply electrical steel production. North America and Europe did not make the same investment that were made in Asia and in the rest of the world. The Russian supply chain has been disrupted. We have as well noted an increase of competition from Chinese and Korean players that entered in Europe and North America. The inflationary pressure that was created and experienced in Europe and North America as well created a larger gap of competitiveness between this region and Asia. In addition to this, all the volatility and uncertainty that was as well created in geopolitical changes and as well in the shift in the regulatory frameworks created differences that have to be considered and have to be as well accepted as basis for our plan. What we want to confirm is our commitment because the energy transition and the world electrification is a clear direction supported by all the macroeconomic trends. Our strategic plan wants to reflect this shift with the objective to maintain this leadership. If you move to the next page. The first consideration is about our business model. Our business model has to be updated, improved based on the fact that we have new focus. New focus for the businesses. The EV and automotive is, of course, remaining a clear trend, but when we approach a new region, we have to enlarge and extend this concept to the e-mobility solution. Just as an example, when we go to India, India is a market where the two and three-wheelers are dominating the market, and it's important to be capable to support and to take the opportunity of this market. The extension of this focus is bringing us to define the e-mobility solution. Another important focus is related to the infrastructure. This is covering a new segment that are the power and distribution transformer. With regards to the geographical focus on top to the three regions that we covered already in our previous strategic plan, in this plan, we want as well to concentrate in India, and we want as well to concentrate in the upgrade that we want to make in China. Next page, please. What it is important is to remind the potential markets in which we operate. It's important to restate that the penetration of the electrification in the automotive industry is progressing. It's progressing at a different rate in all the regions. In Europe, by 22%, in North America, by 26%, and in Greater China, by 11%. Of course, the actual size is different in China. The number that China is covering are almost superior to the combination between Europe and North America. You see as well the market share that the electrification is reaching in 2028 in Europe, in North America, and in Greater China. When we relate to the electrification, we consider not only the BEV, but as well the plug-in and the full hybrid. 49% in Europe in 2028 versus 23% that was last year, 46% in North America versus 18%, and in Greater China from 42% to 66%. This is an important element for our strategy plan. The next page is concentrating in as well the rest of the open industrial segments, including transformer. You see that as well in all these segments, the market is foreseen to have a growth that is, let's say, less sexy than the EV and the automotive, but is related again to the energy transition that is a driver for the West economies and as well in the emerging markets. It's important to say that we are capable to monitor and to follow very carefully all these segments across all the region. Next page, please. Based on these considerations that are related to the markets, we see three activities that are done that are the strategic direction that we want to follow in the development of our work. First of all, is to be capable to be close to the market and unlock any opportunity of growth covering the region and the segments. We want as well to increase our diversification in order to be capable across the region and segments to reduce all the risk and with the ability to develop solutions to the customer that are increasing our added value and as well preserving our marginality. A last point of activity is this step-up in China operation that we have already, let's say, announced and that we are implementing. With regards to the activity that are internal in this strategic plan, we want to continue to invest in our technological leadership by investing our resourcing in new solutions and new developments in all R&D and innovation activities. In addition to this, we have a clear focus to improve our efficiency in our operation and as well maximizing the flexibility and the standardization and the saturation of our asset. Last point that is extremely important for all of us is, of course, to maximize our cash flow efficiency. This has two main focuses: is, of course, to secure the right return in the right investment, and, of course, optimize our working capital. If we move to the next page, we have created this strategic framework image that wants to summarize the focus and the guideline that we are following in the next years. We plan to grow in the e-mobility business and maintaining our market position following the development of the market in Europe and North America. In China, in the next years, we want to exploit the penetration in this market. Of course, we are preparing our launch and development for the Indian market. With regards to the open industrial solution, in EMEA, we are, of course, optimizing all our activity commercially and as well operationally, while in North America, we see the opportunity to preserve our ability to grow. Of course, the big opportunities are again in China and in India, where we see the possibility to grow in the next year. With regards to this new business focus that is part of the open industrial segment, we have, of course, a very strong plan that is supporting our expansion in the transformer business thanks to our Chinese operation, but as well to use our Indian operation, but as well to use this operation in order to grow our volume in North America and in Europe. These are all the activities related to the market and at corporate level, following the strategic guideline that we mentioned, we want to, the keywords are strengthen, organize, streamline, and innovate. Speed is as well another word that we have and want to lead our future. At this point, I'll pass to Matteo the last page. Yeah, thank you, Marco. We're on the basis of the updated strategy and all the job that we have made to support our new business plan. We do think that there are four key strategic pillars underlying our guidance for both 2025 and for the midterm. One, growth. Growth is still embedded in our plan. It's a double-digit growth, so approximately 10% expected for 2025 and between 10-15% over the midterm. Two, we have to secure as well our margin. In light of the pressure that we're feeling, especially in Europe, and as well in light of the uncertainty, let's say, current market scenario, we decided to remain very cautious on 2025. Therefore, we do think that our margin adjusted would be in the range of 12%, whilst we confirm our 14% over the midterm. CapEx. We are now, let's say, in the tail of the CapEx plan that we started in 2022, which was aimed to basically more than triple the installed capacity. CapEx this year will be in the range of EUR 70 million. Whilst going forward, we do think that in light of our current installed capacity and as well the experience that we have made in increasing the flexibility of our installed capacity for between 4% and 5% in terms of CapEx intensity would be the amount of CapEx that we will execute going forward. The last point, it's as well very important, it's with respect to the cash generation. We do think that in 2025, our operating free cash flow will be above zero, so will be positive. Of course, this is the result of the execution of our top line, but as well all the actions that we are taking in order to optimize our net working capital, which is an essential part of our budget for this year and as well for the new business plan. Again, for the target that we are considering for the midterm outlook, our objective is to have a ROCE, gross of taxes, in the range between 15% and 20%. Of course, it will be the result of an increased EBIT and, therefore, you know, a more selective approach on CapEx, reducing as well the part to the fixed asset. Finally, the execution of our optimization of the working capital program, which will be focused mostly in Europe and in North America. On the basis of this, we have defined the set of guidance that we are now presenting to the market. Thank you, Matteo. I think now we open the Q&A section. Thank you. Thank you to the management team. We now have an opportunity to ask questions. Our first question today comes from Mr. Jegra. Please, the floor to you. Good morning, everybody. Can you hear me? Yes, we can indeed. My first question is on the 2025 guidance, how much is the perimeter effect? Without M&A, can you tell us what should we expect in the automotive and in the industrial segment? Your top line seems to me a bit conservative compared to what you showed us as the current market expectation for the EV market. It seems that you are going to underperform the market. If you can comment on that. Last, on 2025 margin, if you can give us more color on the moving parts that lead to the 12% margins in 2025. Thank you, Alberto. On M&A impact in 2025, we are considering more than EUR 50 million of revenues deriving from Kumar. Therefore, the rest, it is organic and 100% is in the industrial business. On our top line estimate for 2025, I have to say that our estimate is considering a robust growth both in China and in USMCA, while a reduction in Europe. This is based on the latest visibility that we have on the market, plus as well the prudence that we have as well embedded in our guidance. On margin, 12%, yeah, 12% is basically the result of if we divide between volume and the price effect, the volume are accounting approximately EUR 14 million compared to the part of the EBITDA lower to the consensus, whilst approximately EUR 11 million is the part related to the price and the mix. I had to say that, again, in light of the current market scenario and the current volatility, we have been very cautious in the definition as well of the prices for the European market. This is well made to secure our market share in light of an increased competitive landscape in Europe. We can, let's say, add some color on this. On the other side, I had to say that we have as well embedded certain additional costs which can be incurred in case of potential impact deriving from the tariff. Thank you. Thank you, Matteo. Thank you, Mr. Jegra. Next question comes from Mr. Emanuele Negri. Please, the floor to you. Yes, thank you. Can you hear me? Yes, we can indeed. Okay, thank you. Thank you for the presentation and for the Q&A. I have a couple of questions. The first one is on your CapEx plan. You said that you are in the tail of your CapEx cycle. What should we think about the focus of the investment for 2025 and the year ahead? The second one is more of a strategic question. Your new focus will be more and more on China. Do you have any update on the memorandum of understanding you signed last summer? Thank you. Yeah, let's get started from the second question. We are in the full execution of the program that we had defined to penetrate the Chinese market. Two days ago, we announced the signing of the buyback of the 30 out of the total 31% stakes in both Euro-Misi Electric and Euro-Misi Laminations Jiaxing. The two Chinese companies, one Euro-Misi Electric related to the automotive business, whilst the other focused on the industrial business. That was, let's say, an essential part in order to fully deploy and the possibility to secure as well the local partnership with the partners that we have already, let's say, disclosed to the market. We are proceeding, let's say, consistently to our plan, and we are moving forward as well now in the definition of the next step of such program. Emanuele, the other part was on CapEx. Yeah. This year, we are considering approximately EUR 70 million of CapEx, of which more than EUR 20 million will be executed in Europe. This is related to two main new SOPs for auto in Europe, which are expected to start in the last quarter of this year. I have to say that following the execution of these two CapEx, we are fine with the target installed capacity that we have currently in Europe. We have as well slightly less than EUR 20 million in Mexico. This is related to the new important ramp-up and new project that we are considering for this year and as well for 2026 in USMCA. Finally, the rest is China. Of course, China as well moving forward will be, let's say, the only geography which will have a significant amount of growth CapEx consistently with expected market penetration that we are targeting as well in our plan. Maybe just to add to the point related to China, to reiterate that we are progressing our plan to upgrade our ecosystem in China. All the moves that we are doing are a step in this direction. The latest information that was disclosed was about the share that we bought by our Japanese partner. As underlined in my slides, this is unlocking the possibility for potential partnership in China. Okay, thanks. Thank you very much. Just a clarification on this. These EUR 70 million CapEx of target you gave for 2025, does this include the cash out for the minorities in China or these are on top? No, no, no, these are on top. These are not included in EUR 70 million. Okay, okay, thank you. Just to let you know that the cash out, it's in the range of EUR 13 million, EUR 13 million. Thank you. Thank you very much. Thank you, Mr. Negri, for your questions. Currently, we do not have any questions queued, so we will wait just a few moments to give everyone the opportunity to raise their hands. As a reminder, kindly use the raise hand function on your screen or for those dialing in, it is star nine on your keypad. Thank you. We do have a follow-up question from Mr. Jegra. Please, the floor to you. Yes, I have a few additional questions. On the Indian mobility market that you mentioned at the beginning of the presentation, should we expect an acquisition? If so, which kind of size are you looking at? Or will it be more another JV, something similar to a Chinese operation? On cash generation in 2025, if you can better give us a sense of what could be the improvement on your working capital in particular and its moving part. A final question, if you can provide some comments on the start of the year because we are seeing, for example, very weak data from Tesla. On the other side, registration of EV in Europe are doing quite well. What are you seeing in this first quarter so far in the automotive and maybe also some comments by end market for the industrial? Okay, let's get started on the India e-mobility. You want to cover it, please? Yes. For the Indian e-mobility, we want to go in a direction of a joint venture with a local partner because the Indian market is a very, let's say, unique market that requires a strong presence, strong heritage. The view is to go through a JV and not through an acquisition. This is the first point. I can add to the outlook in the first months. Of course, the news and the information are visible to everyone. We have to say that what we have seen in these months is in line with our budget. The situation in North America is as well in some way impacted by this tariff discussion that is creating on the operational level some concern, problem to the customer. This is, of course, requiring the right level of prudence, as Matteo underlined before. We are following every day the evolution of the market that in terms of medium-long term remains clear. Of course, this kind of volatility that we see in the market in these months is taken into consideration in our guidance for 2025. On the cash flow side, I had to say you had to consider the EBITDA that we as well declared. In terms of tax rate, the tax rate was in the range of 22%. We are considering as well a tax range in the range of 23% for 2025 in light as well of the evolution of our earning before taxes due to the consolidation of Kumar and as well, let's say, the full part related to the Chinese operation. In terms of net working capital, we are targeting a net working capital which is below EUR 200 million. You have to compare it to the current EUR 233 million. The vast majority of the reduction will be derived by the inventory. The inventory is expected to be optimized compared to 2024 and as well in light of the evolution that we're having a discussion with certain key suppliers. Thank you. Thank you very much, Mr. Jegra. Next question comes from Mr. Renato Gargiulo. Please, the floor to you. Mr. Gargiulo, kindly unmute your line. Yes, can you hear me? Yes, we can indeed. Thank you. Okay, perfect. Thank you. Yes, I have a question on China. You started production for your first Chinese OEM in the last quarter of last year. Could you give us an indication about how much of your projected annual sales this year or if you want also your mid-term targets could be generated by local Chinese OEMs? Also in terms of order book, if you can give us any indication about the weight of China's customers and when these orders could translate into revenues for you. Related to this question, in terms of condition of the contracts, for example, in terms of payment terms or profitability, do you see any major difference between the Chinese customers versus your European ones? A second more general question on the macro outlook. In your outlook, you were referring to clearly also to the European regulation. What impact do you expect in Europe from the proposed change in the regulation on CO2 emissions with targets for carmakers to be achieved over a three-year period or for any potential new incentive schemes on BEVs? On U.S. tariffs, if you can remind us if you have, let's say, a material direct exposure or that is mainly indirect in terms of volumes for your customers. Thank you. Okay, so many, many questions. Let's get started from China. On China, you're right. We started in the last quarter of 2024, the first production for a so-called C-OEM, so a Chinese OEM. Just to let you know that over the total amount of revenues that we generated for the traction business, such customer represented less than 1%. We do expect Chinese OEMs to represent approximately 4% in the 2025 budget. On the order book side, China is representing approximately EUR 1 billion of the total EUR 5.3 billion that we have in the order book. On the other side, I had to say that over the pipeline, we have seen a decrease both in North America and in Europe. Whereas on the other side, I had to say that the evolution of the pipeline in China has been very strong over the last weeks. There was as well a question on the tariff and Mark, I do not know if you want to answer on this. The tariff in North America are not impacting us directly, but are impacting directly the customer that is importing the material that is produced in Mexico in the U.S. This is totally on the customer side. With regards, maybe if we go back to China, there is as well one question on the condition that we have with the Chinese OEMs. I had to say that in light of the discussion and as well the job that we have made for the support of the local team, we have been able so far to secure conditions which are basically in line compared to the conditions that we have with Western OEMs. It is important to consider and to let you know that in our plan, we are considering to penetrate Chinese OEMs with an average selling price which is slightly lower compared to what we are currently reporting towards Western OEMs. Of course, it is embedded in our plan. We do think that this is going away in order to penetrate the local market. With reference to the changing regulatory and as we discussed already, I think in the last call, of course, this kind of new situation is shifting from BEV to PHEV and FHEV. We see the penetration of the so-called xEV that is increasing, as I show in the data, with a major portion than in the past considered from the full hybrid and the plug-in hybrid. This kind of segments will, of course, have a major weight than foreseen in the past. Okay, thank you. If I may, just a quick follow-up on one of the previous questions. Yes, we have seen, let's say, a mixed outlook from carmakers from Volkswagen, which has been a bit more positive on a good start to the year and others less. We know about the weaker trend for Tesla. Do you have an indication about the potential sequential trend between the first half of the year and the second half sequentially? Do you expect a different trend and an improvement over the year? Thank you. Yeah, we do think that there is going to be an acceleration in the second part of the year. Okay, perfect. Thank you. Very clear. Thank you. Thank you, Mr. Gargiulo, for your questions. Next question comes from Mr. Giovanni Selvetti. Please the floor to you. Hello everyone. Can you hear me? Yes. Yes. Thank you. Hello. Thanks for taking my question. A quick one maybe again on the guidance point to the 10% growth. You said before that the impact should be around EUR 50 million, 50 from M&A or 15? Just to have a sense of how much is going to be organic and how much is going to be M&A. Then again, maybe a question on the two-end markets. How should we think about this 10% in the sense of what is the growth that we should think about, EV or automotive or what is called now e-mobility solution and industrial? What kind of growth should we think of? Organic, I mean, of course, should we think about the industrial segment? The other question is maybe on the order book that I can see that it came down slightly. I was wondering if here you can provide maybe a bit more color on if the Chinese order book is still going up with the, let's just say, the negative delta being Europe or Western clients in general postponing or canceling some orders. The other question is, you said now that the average selling price in China with Chinese OEM is a bit lower. Is it the production price there also a bit lower? Meaning that is it like should we think that going forward, the more you penetrate Chinese OEMs compared to Western OEMs, the more in a way dilutive is at the profitability level? Thanks. Okay. Question number one, 50, so 50 is the part related to the Kumar consolidation. We said above 50, 50. If you want to, let's say, divide 2025 guidance by business unit, just to let you know that we are considering all of the growth basically deriving from the industrial business to be achieved through the consolidation of Kumar. The rest in our guidance is expected to remain somewhat red. Whilst this is as well including an additional approximately 5% price decrease expected in Europe in the first quarter. Auto will be the rest in order then to match the 10% CAGR that we are considering as a target. On order book reduction, you're right. Compared to the latest data that we disclosed in November, China order book has increased. You see the geographic which has experienced the biggest reduction compared to November is USMCA. I have to say that for USMCA, we have been very cautious in light of the current scenario, the current market dynamics. We are applying overall 40% discount compared to the volumes which were part of our order book. On every selling price in China, I mean, this is as well related to the fact that we want to penetrate the local market versus the Chinese OEMs in order as well to secure any potential additional business coming from Chinese OEMs as well in Europe. That's one consideration. On the second consideration, it's of course, we do think that through the execution of our local partnership, we will be able to maintain our margin and as well increase, frankly, our margin in China going forward. Okay. Thank you. Thank you, Mr. Selvetti. Our next question today comes from Mr. Michele Baldelli. Please the floor to you. Hi, good morning to everybody. I just wanted to analyze a little bit the guidance that you gave one year ago to the current results and to discuss what was negative compared to those ones. Because to me, it is mostly driven by the industrial division. But if you can comment a little bit about this, it could be useful. Still referred to the slides one year ago disclosed that there were motor cores that, and by the way, you reached 3.8 million core sets above the 3.6 promised last year. My question is on financial year 2025, you said that you expected at that time seven million core sets. In 2025, what we shall assume if we can have some color around the volumes expected for 2025? Lastly, on the industrial division for this year, you said that price declines should be only in Europe. Just to clarify why only in Europe and not also in the other regions, given that still costs for the time being until at least H1 probably will be down. If we can expect an improvement of the pricing in the second part of the year, given that the steel pricing has rebounded strongly after the Trump administration's tariffs debate. Thank you. Okay. Do you want to address the first part of the question? Yeah. Of course. Maybe just to say on the industrial, for sure, the industrial situation last year was, let's say, not recovering in the second half of the year. We were considering at the beginning of the year a slight recover that did not realize in Europe. With regards to the steel price, of course, the steel reduction that we have seen in Europe in these first months is specifically to this region in terms of our business. The impact that we can see generated by the tariff or the geopolitical discussion is, of course, all not clear yet. There are many things that are happening, but so far there is not a clear trend in order to say this is already clear. These months, in view of this, let's say, changes that in the geopolitics discussion requires to wait what will be the final result for all the discussion. This is for me the point. There was as well one part to the number of motor cores. Last year, we saw approximately 3.8 million, of which 1.8 million was in Europe and 1.2 million in USMCA and the rest in China. In light of the evolution of the targeted top line, we do think that in 2025, we will sell more than 5.5 million motor cores. Okay. Thank you very much. If I may just follow up on the adjustments that you do at a group level, can we know specifically on the two divisions how much was the adjustments for each division? Yes. For 2024, we said 5.7, of which more than 4 for the industrial business, given that the vast majority of, you know, the external cost related to M&A were part of the industrial division, whilst slightly more than one million was the part related to the EV and auto business. For 2025, we are as well considering a five million adjustment, of which three million approximately for EV and automotive and two for the industrial business. It is included also in the guidance, these adjustments? Yes. Yes. Okay. Thank you. Thank you very much, Mr. Baldelli. Thank you everyone for joining today. I will now hand back to the speakers for any final comments before bringing this presentation to a close. Please go ahead. Thank you very much to all of you for the interest and the questions. We have clearly reported the results and the performance of 2025 that we consider positive and strong. We have as well highlighted the plan for 2025-2028 that is a robust framework with clear guidance and direction that will reinforce the EGLA leader position in the market in the electrification. Thank you to all of you, and we remain available to do all the follow-up that are needed in order to give you the comfort that you need. Thank you again for all the questions and the participation. Thank you. This presentation will now come to a close.