At this time, I would like to turn the conference over to Mr. Massimo Scagliarini, CEO. Please go ahead, sir. Thank you very much. Good morning and welcome, everybody, to the full year 2024 result presentation. Another year is gone, and let's see a quick highlight of the number. A growing revenue of 1.5%, and that brings us to nearly EUR 430 million, and a very nice grow in the EBITDA of nearly 10% to EUR 104 million, with the margin that goes up 24.3%, with an additional 190 basis points versus the previous year. What I love more is a very nice net income that grew 52% versus the previous year, bringing our net to nearly EUR 50 million. A very nice result in this area. This brings the margin to 11.1% versus the previous year of 7.4%. Of course, with a so strong cash generation, the net financial position decreased to 2.1% in terms of leverage. With such strong cash generation, it has been easy to return under our Safety margin that we classify at 2.5%. Some more detail on this number. As you can see on the left side of the graph, the growth has been driven healthcare & Life Sciences and Safety, respectively, with 1% and 9.1%. Energy & Mobility is suffering the period with a minus 4.4%. In reality, Energy & Mobility is accounting less and less in the whole group. Moreover, after the last acquisition that we made in January of the blood division, Transfusion Medicine, let me be correct. As I mentioned, Adjusted EBITDA from EUR 95 million to EUR 204 million, with a growth of nearly 10%, and the margin from 22% up to 24.3%, confirming that we are good in industrial reorganization, and we are doing the right move and the right activity to keep growing our EBITDA versus our target of 27%. What I love more on the right side, a very nice graph of our net financial position. I would say that is impressive because if you look at it in 2022, we were at EUR 375 million with a leverage of 4.4%, and today we are at 2.1% with a total of EUR 219 million. This was a quick presentation. We enter in other detail, and I will leave the speech to Guido. Thank you. Thank you, Massimo. Now, please comment on the finance analysis of the sales, of the yearly sales. As Massimo already anticipated, our organic growth has been 1.5%, and it's been mostly driven by pricing, the $6 million, $6.2 million contribution by pricing and a small contribution by volume. This has been partially offset by negative FX, $2.7 million of negative FX. This is linked to a mixed bag of currency, not on the U.S. dollar, but mostly on Chinese yuan, Brazilian reais, Japanese yen, and Korean won. Moving to the next slide, we see the contribution by each single division. Healthcare & Life Sciences reported 1% organic growth in the year. The best contributor is the Air & Gas division, plus 13.4%. The growth in Air & Gas has been consistent across the different quarters. Laboratory segment reported 1% growth, while the Liquid posted a small decrease of 0.2%. Moving to Energy & Mobility, the organic performer was minus 4.4%, and this has been linked to the weak automotive sales, in particular linked to thermic engine vehicles in Western Europe in particular. Moving then to Health & Safety, 9.1% organic growth. Again, this division posted a very consistent growth across the different quarters, and we expect this to continue in 2025. Now I'll leave the floor to Marco to comment about EBITDA. Thanks, Guido. Hello, everybody. Okay. EBITDA went up from last year, 95, to 104 in 2024. The EBITDA margin went up by 9 million. In Q4, the EBITDA was equal to the EBITDA in Q3, so around EUR 26 million. EBITDA margin in the full year is equal to 24.3%. We improved by around 200 basis points versus the previous year. It is the second year in a row that we have improved by around 200 basis points. In 2022, the EBITDA was 79 in absolute terms, and it was 20.4% as a margin of the revenues. In two years' time, we have improved the EBITDA margin by 390 basis points. The increase in 2023 and 2024 was mainly driven by pricing. In 2024, as a matter of fact, we improved pricing by 1.5%, and we expect the same trend also in 2025. You see a slight mixed positive mixed impact has generated the strong improvement, the strong overall improvement of the EBITDA. As already said by Massimo, we are continuously reducing variable costs, so we are continuously improving our plant's efficiencies. These efficiencies are offset by the investments on the organization, on the staff people and sales and marketing people to support the launch of new products. Let's go now to the adjusted net income. Massimo already said plus 52% year over year from 31.4% to 47.7%. If we adjust that KPI, taking into consideration the FX impact generated by the intercompany loans in U.S. dollars, you see you have anyway a strong improvement from 39.5% to 44.8%. 44.8% translated as a percentage of revenues gives you 10.4%. This means that we are more or less translating, converting 10% of our revenues into cash. This KPI is a very good proxy of the ability of our capability of generating cash. Please let's remember this EUR 45 million. I said our capability of generating cash because when you look at the net financial position, you see we are going from EUR 329 million to EUR 219 million. We improved our net financial position by around EUR 110 million. There are two main factors. The conversion of the shareholder loan into equity, the impact is EUR 75 million. Then you have the cash that the company is able to generate on a, let's say, on a steady state, around EUR 40-45 million, partially offset in 2024 by extraordinary efforts for the new plant in China, EUR 8.5 million. The EUR 75 million coming from the conversion of the shareholder loan, the cash, operating cash that we ordinarily generate based on last year's revenues around EUR 40-45 million, the extraordinary coverage gives you the delta, the change, the improvement of the net financial position. I want to highlight one more thing that Massimo already said. The leverage ratio two years ago was 4.4%. We improved the leverage ratio in 24 months by 2.3%, of which only 0.7% is generated by the conversion of the shareholder loan. 1.6% came from the improvement of EBITDA and from the cash generated. Now for the conclusion, I give the floor again to Massimo. Thank you, Marco. Okay. A quick view on 2025. Of course, we are super busy in integrating the new division of Transfusion Medicine. That means a lot of job, regulatory job, a lot of job in the sales to contact all the customers and to creating the power to bring back this business to what was 10 years ago. So nice and very hard job by our new Vice President, Luca Bacchelli, in this area. Finally, we are seeing new products that are coming out in 2025, and this will impact all the three divisions. Of course, we were anticipating this two years ago in our industrial plan presentation, but finally, during 2025, we will see this new product hitting the market. Do not expect too much in 2025 by the new product because the full power will be deployed during 2026. A new organization that we will restructure, healthcare & Life Sciences division, will be more oriented toward the sales channel versus the product as we were in the past. We will see this in the next slide. Now, guidance. Mid-high single digit growth for this year, and we will see an acceleration after the second quarter because this is the timing that the new division of Transfusion Medicine will need to pass all the regulatory approval. Adjusted EBITDA. Keep moving on and growing again, 150 to 250 basis points because our target is the 27% is there that we want to go, and we are moving and working in this direction. Leverage ratio below two times, and so absolutely no problem. A quick view, yeah, this is how we will present the new organization. In reality, as I mentioned just a few seconds ago, it's more that we need to be oriented towards the sales channel instead of the product. In healthcare & Life Sciences, three subdivisions, Liquid, Air & Gas, and Labs. Now this has changed to MedTech that principally are B2B type of sales or industrial sales, let me say. Transfusion Medicine, we have to the blood bank, hospital, and distributors, and Life Sciences that is all through distributors. As you can see, it's again more focusing on the sales channel to improve our contact with the market. I believe that this was the last slide. We are now open to the Q&A section. Thank you. Thank you. We will now begin the question and answer session. To enter the Q4 questions, please click on the Q&A icon on the left side of your screen and then press your raise your hand button. Via telephone, press star and one for questions. The first question is from Anna Frontani of Berenberg. Hi, good morning, Massimo, Marco, Guido. Thanks for the presentation. I would have three questions. First one, if we can have a clarification on the sales guidance for 2025. This mid to high single digit growth, I assume that it factors in the contribution from the Haemonetics business, which should come progressively over the year. From an organic perspective, what are the assumptions? Is this only assuming pricing? That is the first question. Second one, I appreciate that, Massimo, you mentioned the contribution from new product launches. If we can maybe deep dive a little bit on these, if you could provide some examples, and maybe if you can help us quantify the impact on 2025 and 2026, maybe. The last question, given that the significance of the leverage, if you have any thoughts on capital allocation, can we maybe start talking about dividends for next year? Thank you very much. Thank you, Anna. The question for you, Massimo. Yeah. The first one is related. This started 2025, the contribution from Haemonetics and the organic growth. I know that nobody will be very happy because I will not enter into number and detail about our mid-high single digit growth for next year. We want to be prudent. We have a lot of potential in the Haemonetics business, Transfusion Medicine, as we have interesting potential also on the organic. More specific on the new product, depending when they will hit the market, how the market will appreciate that, and will react to this. We can have really a lot of variation on our growth on next year. We really give you today just the real bottom number that will guarantee us a lot of prudence and, more importantly, to be the number quarter by quarter. I know that I do not exactly answer your question, but I hope you understand our position and how we want to publish the number. The impact of the new product for next year, in reality, will be marginal. You know better than me. When you launch a new product, the market can react slowly and then accelerate by the time, or it can be an immense success from the first day. Of course, you will have a completely different impact in 2025. I just give you this number. Historically, the new product accounts for 2% when they are fully deployed. In 2026, we are expecting an impact of 2% by the new product launch. In 2025, I really do not want to give you any number because I prefer to consider this marginal again to be on the prudent side. Yes, absolutely yes. Returning to dividend or having buyback, for sure, that would be something to be considered at the end of this year. Thank you, and I hope I answered all your questions. Yes, thank you very much, Massimo. The next question is from Emanuele Gallazzi of Equita. Good morning, everybody. Two questions from my side. The first one is a follow-up on the guidance and specifically on the EBITDA guidance. Basically, considering the dilutive impact of the recent acquisition, it seems to me that you are expecting a very strong margin expansion for the organic perimeter. Basically, in 2025, we should be close to 27%. Can you better elaborate on this, maybe providing some visibility on the key initiative to reach this guidance? The second one is on healthcare & Life Sciences. basically, we have seen some more, let's say, supportive indication about business outlook in 2025 from leading companies in this sector. I was wondering if you are, let's say, seeing any sort of change in order pattern from your client or if demand is staying at this level. Thank you. Okay. I will answer to your first question, Emanuele. You are right that in 2025, for the year, the acquisition could be slightly dilutive, which means that like for like, as already said by Massimo, into 2025, our target is 27% Adjusted EBITDA margin. Which means improving the current last year EBITDA margin by around 250 basis points. How? There are two main factors. First factor, pricing. We have improved, we have increased pricing in 2024 versus the previous year. The impact was around EUR 6 million, 1.5% of our revenues. We expect the same impact next year. The second crucial point is Puerto Rico because we have just closed the plant at the beginning of January. There are just a bunch of people there, 13 people, if I'm not wrong. We are moving the production to Mexico. We are not losing a single euro of production and revenues. The overall impact of the reduced fixed cost gives you another EUR 5 million-EUR 6 million saving. The two elements I have just mentioned give you the explanation of the year-on-year expected EBITDA improvement. I hope I was clear. If not, Emanuele, please tell me. No, very clear. Thank you. Life Sciences, it's slowly going back to its normality. Again, with the geopolitical mess that we have right now, I will be absolutely prudent also because Life Sciences is a global market. A lot of things are produced outside the U.S. and not in the U.S. The geopolitical situation might affect this market drastically. I will just be prudent on any type of forecast for this year. In terms of consumption, in terms of marketing, it's slowly returning to normality. The next question is from Alessandro Tortora of Mediobanca. Yes, hi, good morning to everybody. Let's say I have four questions, okay, but they are brief. The first one is on, let's say, you already mentioned, let's say, your outlook for the Life Sciences for this year with this kind of gradual return to normality or moderate growth. Can you also comment a little bit on the other two divisions? The Health & Safety, your expectation for this year because you mentioned a good order momentum for this division. Secondly, also the Energy & Mobility with, let's say, barred by, let's say, the automotive performance. If you can elaborate a little bit more on your expectation for this year for these two divisions. That's the first question. Thanks. Okay. Safety will keep going at double-digit growth. This is our vision. Energy & Mobility, the backdoor will be to maintain the position. Let me put it like this. Try to defend the result that we have reached in 2024 and maintain the same number. Okay. Okay. Thanks. Coming back to your comment on the old blood business and this gradual ramp-up in terms of, let's say, sales contribution, can you give us or simply confirm your expectation in terms of sales, but also EBITDA? I remember all the cost synergies, you mentioned these. If you can just, let's say, confirm, what is your view on this old blood contribution, let's say, at full-speed regime, okay, in the coming years? Thanks. Okay. The first part is we are expecting an acceleration from the second quarter on. This is because there are regulatory rules to be respected. The customer has to register GVS into their database, pass audit, etc., etc. In terms of EBITDA for the current year, you can take the official number that we gave before, and then Marco and Guido can give you the detail. My expectations are much stronger. I will say absolutely prudent on this side. For the future, my expectation is that Transfusion Medicine will be absolutely aligned in terms of EBITDA margin with the rest of the group at 27%. If you want to give some more detail. Yeah. We already said that in 2025, the EBITDA margin just for the acquisition is slightly dilutive. The EBITDA margin is around 10%. Just for the current year because the ramp-up is expected in the second part of the year. Next year, with the increase in sales, and also with the efficiencies up and running, we are close to our, let's say, normal group profitability. Okay. Okay. Thanks. The third question relates to, let's say, all the tariff risk announcements, postponements that we are reading in this day. Do you have any thoughts you would like to share with us regarding any kind of plan B flexibility you may apply in case tariffs are going to take effect? Thanks. It's a super complex situation and more for the industrial product because if, for example, you produce in Mexico, but all the components are from different origins or are U.S. origins, you may have a specific treatment. If you re-export the product, you import in the United States and then re-export, it's again another picture. There is still a lot of fog, still a lot of uncertainty. It's absolutely very difficult today to have a clear prediction on what will happen and where we will go. The third thing is we have seven plants in the United States. They are all flexible. For us to convert some of this production to existing production that we are doing outside the U.S. is very easy and very quick. We are flexible. We see the window. We see where the geopolitical will go, and we will adapt as we have done in the past very quickly to the new situation. I believe that, and everybody can recognize this to us, we have always demonstrated in every situation maximum flexibility and adaptability to the change in the environment. This is giving us a great advantage versus competitors. Okay. Sorry, follow-up on this. Is it fair to say that the maquiladora, let's say, regime maybe could not protect totally, but should give you some kind of protection or marginal protection in case of tariff adoption? On a maximum considering on a medium-long term. Massimo, to keep it short, we're seeing that the company is very flexible, more flexible than our competitors. On a medium-long term, we are not concerned about a different tariff scenario. It's different if you are referring to a very short term because before moving production, we need a stable and certain scenario. Just to give an example, Alessandro, if tomorrow there is a new announcement, we do not immediately move the production because maybe the week after the announcement is reverted. We are able to, on a medium term, it's not concerned for us. We need a stable scenario. Of course, if the scenario is different, why we are not concerned? Because we can increase pricing because we have friends all around the world. We will not react a week after a new announcement of the tariffs. I understand that. I'm not sure I was clear. On a very short term, we might have a negative impact. On a short term. If you consider the competitor's environment where we are, the majority of them are Sartorius or Millipore. They are European. They are exactly in the same page where we are. Again, we are at the window. We are looking, but we are not particularly stressed because we have different big plans to be adopted. Okay. Okay. Thanks for the answer. The last one are, let's say, just some quick comments on items like expectation for CapEx for this year, working capital on sales trend. Lastly, I remember, let's say, some negotiation also on the debt side of conditions. If you can also give us an indication of net financial charges for this year. Thanks. Net financial charges. Okay. Okay. We said average generation will be down. We said below two. The assumption behind is CapEx at 7% of turnover. Working capital stable, like for like, but we will strongly reduce the stock we got from Haemonetics because we got around EUR 30 million stock. We will reduce at least by EUR 14 million that stock. Net financial charges expected with today's year-over-year on average 3.3% of the financial debt, which means EUR 3 million less than last year, which means EUR 13 million. Okay. Okay. Thanks for all the answers. Thanks. Thank you. As a reminder, if you wish to register for a question, please press Q&A on the left side and raise your hand or press star and one on your telephone. For any further questions, press Q&A on the left bar and raise your hand or press star and one. The next question is from Christian Hinderaker of Goldman Sachs. Yes. Good morning, Massimo, Marco, Guido. Thanks for the opportunity. I just wanted to come back on the bridge comment about MIX. If you could perhaps elaborate on what was driving that. Welcome some comment there. Then I'll come back to the second question. Sorry. The MIX. As we mentioned before, we don't want to disclose too much onto the MIX because we have no sense due to the actual complex situation in one side, geopolitical, in the other side, an acquisition just done. Trying to give a perfect number will just be punitive to us. I believe that Mihai single-digit is a very prudent figure, and it will be composed one part by organic and one part, of course, by the globe. We don't want to disclose more in terms of MIX. I hope you understand. Sorry, Massimo. Maybe I wasn't clear. What I was referring to is in your EBITDA bridge, the contribution to margin from MIX rather than the guidance growth MIX, if you will. I can understand that. Thank you. Okay. It is the last part of the MIX. Massimo. Okay. No, no, no. That's all. Because Guido said that revs went up mainly thanks to pricing. He said volume MIX, more or less zero compared to the previous year. I said EUR 3 million of volume MIX on the EBITDA. Why? Because you know that the MIX and EUR 3 million is, let's say, not such a big figure. The MIX is not usually having a strong negative or positive impact because our profitability by division tends to be more or less constant. Okay, on top of that, I'll tell you that we, as you know, Health & Safety sales went up. We improved by around 10% year over year. The increase of the weight of the Health & Safety gave us a slightly positive MIX. That's the story. Mix is generated by Health & Safety going up. That's clear. Thank you. Maybe just coming back to we've obviously entered a new year. I appreciate pretty volatile demand backdrop still. Obviously, inventory sort of destocking has been an issue for the market for some time. Where do you think customers are with this as we move through 2025? Do we think we're in a sort of more normal environment for sell-in, sell-out dynamics? Also, at the third quarter results, you talked about a distinction in growth between U.S. and European Liquid filtration markets. Any comment on how that's evolved? Appreciate that's maybe two questions. Two questions. The first question is where we are with the inventory destocking? The destocking is already gone. I mean, every customer has already absorbed the overstock that they made in 2023. The truth is that everyone pays a lot of attention to the stock. Everyone is very lean. Everyone towards the end of the year wants to reduce their stock to improve the working capital. This year, the real drive is due to the fact that in Europe, mostly we are still under the MDR registration. It is not a real moving market in terms of new product, new project, etc. It is still a little bit slow. On the other side, in the U.S., there are a lot of new opportunities. The two markets are moving at two different speeds. That is why. Of course, now we have the tariffs and all this geopolitical pressure. That, of course, is influencing the decision of the company to invest in new projects or new ventures. I hope I answered your question. Can you repeat the third question, Christian? Yeah. I think the second part was covered. It was more about the relative growth dynamics for healthcare Liquids that were called out between Europe and the U.S. last quarter and whether that's changed. Sounds like that. Thanks. Thanks for clarifying. For any further questions, please press Q&A on the left bar, raise your hand, or press star and one on your telephone. Gentlemen, there are no more questions registered at this time. Thank you very much to everybody to participate at our conference, and see you at the first quarter presentation conference. Thank you very much. Thank you. Bye. Thank you. Bye.