Good afternoon. This is the conference operator. Welcome. Thank you for joining the GVS first half 2026 results web call. All participants are in listen-only mode. After the presentation, there will be a Q&A session. At this time, I would like to turn the conference over to Mr. Massimo Scagliarini, CEO. Please go ahead, sir. Thank you. Good afternoon. Good morning to everybody. Welcome to the first half presentation of GVS. A quick snapshot on the numbers. A +3.3% organic growth versus the previous year, with sales at EUR 215 million. EBITDA at EUR 55.4 million, +2.2% versus the previous year, with a 27% margin. An improvement of 62 bps versus the first half of the previous year. Interesting to notice that we have an acceleration in Q2 at EUR 29.5 million, with a 26.8% margin. Of course, Q2 is always one of our best Qs, but it's interesting to see this movement. EUR 23.8 million of adjusted net income with 11.1% margin. A net financial position at EUR 239 million, with a leverage ratio of 2.2. Now we are going to the division. We can see a nice growth in all the divisions. We have a +2.1% on healthcare, +2.4% in energy and mobility, +8.2% in safety. That brings our sales at +3.3%. Adjusted EBITDA, as I mentioned, EUR 55.4 million, +2.2% versus the previous year. 25.7% margin, a 62 bps margin expansion versus previous year. Net financial position from EUR 268 million decreased to EUR 239 million, with a leverage of 2.2. Now I leave the speech to Guido for some more detail on these numbers. Please go ahead. Thank you, Massimo. Good afternoon to everyone. Let's comment now on variance analysis of revenue in the first half of 2026. The first effect we comment is the FX. We have a negative impact of EUR 7.7 million negative FX. This is mostly related to depreciation of the US dollar. The US dollar accounts for $6.5 million out of the $7.7 million. It's mostly related to the effect we already registered in the first quarter. In this second quarter, the negative FX impact is just EUR 1.3 million. We expect this trend will revert into positive in the second part of the year. We already have a positive print in the month of July 2026. Volume grew EUR 2.7 million, +1.3%. We had the positive impact of pricing of approximately two percentage points. Marco will comment in the following slide the reason of this extra price performance. If we move to the next slide, we have the performance of the single division. First positive remark is that all the three divisions posted a positive organic growth in the first half. Energy Mobility, that got back to positive growth in this half. Starting from Healthcare, the most main contributor for the growth of Healthcare and Life Science is the Transfusion Medicine that recorded a growth of almost + 11 percentage points, +10 percentage points, + 9.9 percentage points, and is also in acceleration the trend of Transfusion Medicine compared to the Q1 of 2026, where the growth was 7.9%. Safety is always very stable, well above 8% year-on-year growth. Continuing the performance that registered in the first quarter of this year and in the previous quarter. As already mentioned, Mobility division is back to organic growth and registered in the first half of 2026 a positive performance, excluding effects, of + 2.4%. I leave the floor to Marco to discuss the EBITDA. Thanks, Guido. Good morning, good afternoon, everybody. EBITDA, we said we went from 25.1% on the left of the slide to 25.7% on the right portion of the slide. We increased by around 60 bps our margin. The EBITDA, in absolute terms, went up from EUR 54.2 million to EUR 55.4 million. Being the main reason, pricing. In the first half, pricing went up year-over-year by 2%. It was 1.5% in Q1. The reason of the increase was that we reacted immediately to offset raw material pricing going up due to the geopolitical scenario, which in the end, is not affecting our P&L and our cash generation due to our strong and fast reaction. You see other minus 2.4%, there you have the impact of the raw material going up, and you have also some production inefficiencies generated by the movement of the Transfusion Medicine products production from the Haemonetics plant into our Mexican plants. We can go to the second slide dedicated to the financials. On the right part, you see the adjusted net income, excluding the impact of the FX, which is mainly a non-cash item, linked to the intercompany loans. You see, we are going from EUR 26.2 million to around EUR 24 million, and the margin is 11.1%, which is slightly lower than the previous year. This is due to the depreciation going up, because we have opened, built two new plants in the second part of the year, of the previous year, U.K. and China. This trend will be reverted over the next few quarters. Now the third slide on the financial is about net financial position. If you look on the left side, the net financial position 12 months ago was EUR 268 million. Now we are at EUR 239 million, which means that we improved our net financial position over the past 12 months by around EUR 30 million. It would have been EUR 40 million, but as you probably remember, we invested EUR 10 million through a buyback of our shares in the second half of the previous year. Let's say only generation of cash was over the past 12 months, EUR 40 million. If you compare the end of June net financial position with the net financial position at the end of 2025, you see it is broadly flat from EUR 240 million- EUR 239 million. The reason is that our net working capital, as usual in the first half, went up. You see a EUR 21.7 million deterioration of increase of our net working capital, which is mainly due to the stock. We are going to recover that as we have always done over the next six months. Net financial position is now Sorry, the leverage ratio is now 2.2, as it was at the end of the previous year. As for the net financial position, you will see in a few moments, we are not going to change our forecast for the year. We will recover, net of the impact of the voluntary tender offer we executed. We are going to recover, and we are estimating to close the year with a leverage ratio of 1.8, excluding the impact of the voluntary tender offer. Now I can give the floor to Massimo. Just to comment. It is important to remember that this year the stock has grown also because we protect ourselves from the fast increasing of all the raw materials. We closed contract with the supplier to keep stable the price, at least in the first half of the year. That is also one of extraordinary reason why this year. We recovered that. Yeah, absolutely. We recovered that before the end of the year. Absolutely. Strategic focus and guidance. Nothing has really changed from the last conference. The guidance are confirmed. The news is that the 24th of September, we will present our new business plan, so from 2026- 2028. In this occasion, we will share with you our vision for the action and the focusing of the next two and a half year. Just to, again, for maybe eventually who was not in the last conference. The MedTech, we are focusing on the subdivision and we are focusing on the reorganization of the sales team so that we can be more effective on the niche where we believe we have higher growth potential Transfusion medicine, the platform is complete. We now need to, step by step, accelerate on the sales as we are doing. Safety is continued expansion through new product and new geography, life science expansion through new customer and new distribution agreement. Mobility, the focus is to keep stable the revenue and grow into the EV-related solution. Say that sales are confirmed at low single-digit growth, adjusted EBITDA from 20 bps-50 bps of margin expansion, and leverage ratio in region of 1.8, as Marco said, excluding the voluntary partial tender offer on treasury share that will increase a little bit this number. I know that this will be a question that you will make when we open the Q&A session. The principal reason why we want to keep the guidance beside the result that we had in the first half, it's because the geopolitical situation is still very complex. Plus, third quarter is always a very important quarter for us in term of results. We prefer, before to do any change, to have more visibility on the third quarter. I believe that now we have finished, we can move to the Q&A question. Thank you. We will now begin the question and answer session. To enter the queue for questions, please click on the Q&A icon on the left side of your screen. When announced, please click continue on the pop-up window. If you are connected in audio only, please press star and one on your telephone. The first question is from Christian Hinderaker, Goldman Sachs. Hi, Massimo, Marco, Guido. Thank you for the time. I want to start on transfusion medicine, where you've internalized production, but also been ramping up in terms of new products. I guess, curious as to what was the bigger driver of the growth acceleration quarter-on-quarter in terms of the commercial and also the industrial actions you're taking, how you see those developing as we go forward. Well, consider that it's really a question of time. Moving the machine and moving everything and starting the production in our plant from the plant of Haemonetics, it's just the first step. You have to validate it and to certify all the product code one by one. That takes times. More product code, more SKU we have validated, more we can accelerate our growth. This is the reason why you see the difference between Q1 and Q2. In Q2, we have more product code certified and approved, and they can go out for sales. Sorry, do you want to take the next question? The next question is from Matteo Bonizzoni, Kepler Cheuvreux. Thank you. Good afternoon. Two question. One is on the margin protection, which, as you said, was pretty effective both in Q1 and even more in Q2, because we have seen a slight acceleration of the margin progression in Q2, if any, notwithstanding the more tense environment on the input cost. The pricing, as you said, has accelerated from around 1.5% in Q1 to 2% in the first half. My question is, what's next in terms of protection, your visibility on the protection of the margin also for the remaining part of the year? If I may also, second question is on the trading conditions. On the organic growth, you are performing, I would say, decently, because you have done 3.3%, slightly above in Q1 and slightly below in Q2, but more or less 3% plus in both quarter, let's say. I was looking my Excel, Q3 last year was not particularly strong year-on-year in terms of organic. Was, I think, down. I don't think the comparison in Q3, which is what you are currently observing, is particularly challenging. Do you want to share with us in general, you have low single-digit guidance. You are at +3, 3.3. Do we have any specific reason apart the prudence on the geopolitical situation, which remains dense, but do we have specific reason to identify or to expect a slowdown maybe, for example, already in Q3 or not? Thanks. No, I don't have a specific worry about the Q3 or the Q4. It's just question of prudence. The geopolitical situation is very tense. Transfusion medicine is a brand new division. I really prefer to move with prudence and protect and confirm the guidance at least until the end of the third quarter when we will have a very clear and solid visibility before to bet on a better final result. The first question was about pricing raw material and how we are offsetting. I see no risk on that, because we monitor daily raw material pricing, and we adjust immediately pricing for customers. In Q3, for sure, the gains are already negotiated the raw material pricing for Q3, and we have also done the same job for pricing to customers. Matteo, we have demonstrated our ability to react fast. Don't expect any margin acceleration or deterioration due to the geopolitical situation. No impact I'm expecting on the margins due to the geopolitical scenario. If I may, Marco, on this point, how it works, the pricing revision? You go to your customer with a sort of objective delta on your input cost, so they are sort of forced to recognize the price increase because you go with the hard data or not? Yes. With the data, we give them the right justification. Okay. They know the market. They know plastic going up. It's something very, let's say, open. We just explain to them how our costs are affected by the raw material trend. We adjust it. If I can add, and if I understand the question of Matteo, is just with few customer of energy and mobility that we need to go with physical paper to show them the increase of raw material or the increase of the labor cost, et cetera. Majority is just an open negotiation where we explain when necessary the increase and negotiate the increase with the customer. Again, it was not really a discussion. Everybody was expecting this price increase, and everybody made price increase to their customer. It was, let's say, a very common topic on the first half of this year. Yeah. Thank you. The next question is from Emanuele Gallazzi, Equita. Good afternoon, everybody. Two questions from my side. One is a follow-up on the guidance. It's clear that you do not expect any impact from the geopolitical scenario on your margin. I was wondering if there is anything else that could impact the profitability in the second half. Otherwise, with this 60 basis point margin expansion in the first half, I think that the high end of the guidance could be the target. Correct me if I'm wrong. The second one is on the energy and mobility, basically because we saw a return to growth in the second quarter. Can you just comment a little bit more on this, and do you expect this division to stabilize going forward? Thank you. The first question is on the guidance. Let's be clear on that. We are not adjusting our guidance because we are waiting for Q3, this does not imply that we are concerned about the geopolitical scenario or that we are concerned about the comparison versus last year. We gave you the guidance a few months ago. We said, "Okay, we are going to revise probably guidance at the end of Q3." We are not envisaging a specific risk. I perfectly understand what you're saying. You're saying that our margin year-over-year is on the upper part of the range, it's going up 62 points. Our guidance is between 10 and 15. I understand your point. Now we are prudent. We are waiting for Q3. I just want to bring an example. We have a customer in Middle East, we had a few containers delivered to this customer, and this container were delivered exactly when the Strait of Hormuz was closed. All the sales delayed because the ship had to be discharged on the land. All the product had to be loaded on truck and driven to our customer. This, it might be EUR 2 million, EUR 3 million delayed in terms of sales, and that can impact the results. Again, geopolitical situation, it's very complex, we just prefer to be prudent and wait the Q3 where we have a more clear visibility. Of course, if nothing is changing, everything remains correct. I mean, at the same standard. We believe that it can be for sure versus the high part of the— We know we are doing well. Yes. We know we are doing well. We know we are doing well. Exactly. The second question was about energy mobility. Yeah. The driver of the trend. Yeah. Well, what we have seen is that after the almost channel, we had a very strong reshoring in U.S., when before with just the tariffs was just mentioned, but was not exactly happening. Now we see a more concrete reshoring, this for sure has impacted the result of the energy and mobility. Very clear. Thank you. The next question is from Anna Frontani, Berenberg. [Non-English content], Massimo, Marco, Guido. Just a quick one on sales trajectory, please. Could you give us a sense of the sales growth monthly shape within Q2? Was growth relatively even across April, May, and June, or maybe did you see the trend building or fading as the quarter progressed? Also, what about July? Was it better or worse than the exit rate of Q2? [Non-English content], Anna. Hi, Anna. Okay. No, it's a constant acceleration. If I have to be extremely clear on this, yes, month by month, we have seen an improvement in sales. Of course, you have to consider that we had a nice result on transfusion medicine, a +10%, that influence the result. We are expecting improvement on this division because, again, as I mentioned before, more product code we are validating and certify with the customer, more sales we can expect in term of expansion. In general, also on the MedTech side, I see definitely more reactive market. Let's say that I am quite positive on what I am seeing now. July has been a good month. Yep. Okay. Thank you very much. Yeah. The next question is from Alessandro Tortora, Mediobanca. Yes. Hi. Good afternoon, everybody. I have three question, okay, if I may. The first one is just linked to what you said before on the MedTech performance, because as you mentioned before, the healthcare and life science was driven the performance by the transfusion medicine. On the other side, on MedTech, basically is low down. If you can comment a little bit about the reason behind this, let's say, underperformance of this segment, and how do you see going forward this division? This is the first question. Thanks. Okay. Well, for what regards the healthcare, so the MedTech, the core business, again, remember that we still have some influence from the assembly line don't allow to read correctly the performance of this subdivision. In reality, subdivision is performing positive with a nice growth compensating, let's say, better than what we expect the assembly line is. Okay. Sorry if I understood well, it was related, let's say, the performance to the contract manufacturing agreement you had, that's your point? Yes. Okay. Excluding this, sorry, the MedTech, which kind of performance would have done? I don't have the pure number. I don't know if, Guido, you have calculated. I think it would be low single-digit growth, so more in line with overall performance of the divisions. Okay. Thanks. If we step back a little bit to the transfusion medicine, as you said before, there is an acceleration. I understood that you are not, let's say, totally happy about these inefficiencies that the ramp-up of the production had. Can you give us a sense of how these, let's say, these processes proceeding? If you believe that all these, let's call it inefficiencies are overall solved, or, let's say, in the end, if you're happy or you see large room to improve the profitability for this segment? Thanks. Well, inefficiency is never resolved in an industrial business. Inefficiency is something that you have on your back for all your life. It's something that you fight every day. This is completely a brand new production. It will bring more inefficiency compared with a new one. Just the learning curve of all the operator, the setup of all the automatic machine, et cetera, that brings definitely a higher inefficiency compared with a consolidated business. Yes, my expectation is that step by step, we will improve this inefficiency, and we will improve the marginality, also, related to this transfusion medicine division. Correct me if I'm wrong, today, transfusion medicine is basically dilutive, right? Sorry. Slightly dilutive. Yes. In terms of margin. Yes. Slightly. Alessandro, these inefficiencies are expected. Okay. Agree. It is true that, okay, compared to last year, we have some, let's say, slightly negative impact on the margins. We knew it. Probably it is going to take at least up till the end of the year. Probably you will not hear of that anymore. Okay, okay. Understood. The third question is on the tariffs. The first question is if you are, let's say, still paying tariff in this context. Secondly, have you applied or are you assessing any possibility to ask for the refund? Thanks. Yes, we already got some money back. In the first half, $700,000. We expect the expectation around $800,000 in Q3. We didn't make comments on that because the positive impact of the tariffs was offset in the first half by U.S. government contribution going down by EUR 1.2 million. Last year, in the first half, we got some money from the U.S. government, COVID-related. Okay. Last year we got EUR 1.2 million for the COVID. This year, we got $700,000 for the tariffs. The impact of the two is negative, and it's embedded. If you look at the adjusted EBITDA variance analysis, it's the last box, the minus EUR 2.4 million other. There you find what I have just described. Okay. Understood. Just sorry, if I may follow up, on the financial expenses that, you know, you had the impact on the FX gain. Can you, let's say, give me an idea of some kind of guidance for the full year in terms of operating, regarding net financial charges? Thanks. For the net financial charge. Sorry, I didn't get your question. You're referring to? Net interest. The net financial— Net interest. Excluding the impact on the intercompany loans? Yes. Okay. They are slightly going down each quarter. You can assume $200,000, $ 300,000 each quarter because the gross debt is going down. Okay. Thanks. Okay. You're welcome. The next question is a follow-up from Christian Hinderaker, Goldman Sachs. Yes, apologies, gentlemen. I had one follow-up, and then just a clarification, if I may. Just in terms of the recent depreciation increase, is that a fair run rate we should be assuming now in terms of the foreseeable quarters? Okay. Yes, if you look at the P&L, that's the rate you should forecast. Yes. Great. Thank you, Marco. Welcome. Massimo, your comments on the Middle East shipment challenges were helpful, case study. I just wonder if that delay happened from 1Q into 2Q, or from 2Q into third quarter. That was— In February. —in February, and moved it from Q1 to Q2. Yes. They have delayed it. Yes. Yeah. Yes. Understood. Thank you. The next question is from Alberto Chiandetti, Fidelity International. Mr. Chiandetti, your line is open. Okay. [Non-English content] [Non_English content] [Foreign language]. Okay. Thank you very much. Just two details. The first one is, could you quantify the euro revenue decline from the dialysis contract in the first half? No, I don't have the— Second. Yeah, I know, but I just— Okay, that would allow us to understand the organic growth from everything else. Yeah. The second point is that there's been an acceleration in pricing. The effect has been 2% in the first half, which is great to see. You've been much faster than in 2022. While you've been fast to act, I want to just understand whether this is something that you were able to contractualize in the meantime since then, or this is just your, let's say, commercial action on clients, and clients being quicker in agreeing with those pricing. It would make a difference to me. Thank you. Well, consider that we don't have a great number of contract, because due to our position, it's much better for us to not contractualize our relationship with the customer. I remember to you that in the healthcare business in particular, when you are in, you are linked to the customer for the life. Having a contractualization normally take you out a lot of flexibility in price increase and in commercial action. Generally speaking, the relation with the customer in this case is a communication where we increase the price. We have, of course, a negotiation with the most important one, and only where we have a fixed contract that allow us to move the price only, for example, at the beginning of the year or at the end of the year, we have to wait the window of the contract to execute this price increase. I don't know if I answer your question. How come that this time around, the effect has been seen quicker than in 2023? Has the percentage of contract that can be refined just once a year changed and reduced, and therefore now you are able to change the contract four times a year? I don't know. With the shorter time periods? In 2022, we were sleeping. We were technically slow in acting in the right way. We have learned a lot from the 2022 lesson, now we are much more quicker, even as a process and procedure on how to act and how to move, and how to control the result versus the 2022. We have learned something in these years. I go back to the dialysis questions. Is it right to assume that you still had around, let's say, between EUR 10 million- EUR 15 million of that product that would have had a long tail fading that we need to take into account? If so, in how many months or years do you think that is going to be zero? It will never be zero, as I mentioned in other conference, because we want to support our customer. It will not be so important as is today. I don't recall exactly what was the decline that we were mentioning. I think we will be more precise in September. Yeah. When we're going to come back to the business plan, because this will be something that we're going to comment. Make more sense. Yes. [Non-English content] As a reminder, if you wish to ask a question, please click on the Q&A icon on the left side of your screen, or press star and one on your telephone. Once again, if you want to ask a question, please click on the Q&A icon or press star and one. Gentlemen, there are no more questions registered at this time. Thank you to everybody. A nice summer to everybody, and we will meet in September for the business plan. Thank you. Thank you very much. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your devices. Thank you.