Good afternoon. This is the conference operator. Welcome and thank you for joining the Indel B first half 2026 financial results web call. All participants are in listen-only mode, and after the presentation, there will be a Q&A session. At this time, I would like to turn the conference over to Ms. Elisabetta Benazzi, Investor Relator of Indel B. Please go ahead, madam. Thank you. Good afternoon, everybody, and thank you for joining our call today on Indel B first half 2026 financial results. Before starting the presentation, I need to remind you that this presentation may contain certain statements that are neither recorded financial results nor other historical information. Any forward-looking statements are based on Indel B current expectations and projections about future events. By their nature, forward-looking statements are subject to risks, uncertainties, and other factors that could cause results to differ materially from those expressed in or implied by the statements, many of which are beyond the ability of Indel B to control or estimate. Consequently, no forward-looking statement can be guaranteed, and actual future results, performance, or achievements may vary materially from those expressed or implied by such forward-looking statements. Let me now turn to our CEO, Mr. Luca Bora. Good afternoon, everyone, and welcome to Indel B first half 2026 results conference call. Let me start by sharing a few comments on the performance of the first half of the year. Revenues were broadly in line with our expectations, despite a progressively more challenging geopolitical environment and weaker consumer confidence, particularly in the leisure segment. Our diversified business model once again proved effective, allowing us to offset weaker demand in the most affected markets through the growth and resilience of the other business segments. At the same time, the ongoing market environment led to a further shift in our sales mix towards automotive, and in particular towards the OEM channel. This mix effect had a negative impact on margins and was one of the main factors affecting profitability in the first half. Despite this, the group maintained a solid balance sheet and financial position, supported by our continued ability to generate cash. Overall, we believe these results confirm the effectiveness of the actions taken and the resilience of our diversified business model. On page five of the presentation, you can find a summary of Indel B results achieved in the first half 2026. In the period, the total revenues amounted to EUR 118.2 million compared to EUR 108.1 million in the first half of 2025, with 9.4% increase at current exchange rates plus 10.3% at constant exchange rates. The sales of products amounted to EUR 116.1 million compared to EUR 105.1 million in the first half 2025, with 10.4% increase at current exchange plus 11.3% at constant exchange rates. The EBITDA adjusted amounted to EUR 13.8 million compared to an EBITDA adjusted of EUR 13.5 million in the first half 2025, with an increase of EUR 0.3 million. EBIT adjusted amounted to EUR 9.1 million compared to an EBIT adjusted of EUR 10.1 million in the first half 2025, with a decrease of EUR 1 million. Net profit adjusted amounted to EUR 6.1 million compared to a net profit adjusted of EUR 6.6 million in the first half 2025, with EUR 0.5 million of decrease. Net debt position amounted to EUR 19.1 million compared to net debt position of EUR 17.1 million as of December 31st, 2025, and EUR 28 million as of June 30th, 2025. The next page is showing our group structure. Indel B, Condor B, Autoclima Group, Indel Marine, and Indel B USA and Lindel S.r.l. are consolidated line by line, while the results of our joint venture Elber is consolidated under the equity method. The pro quota interest of Indel B in their net income is accounted at EBITDA level. It should be noted that on June 13th, 2025, it was finalized the acquisition of the remaining 50% of the shares capital of Indel Webasto Marine S.r.l., of which Indel B already owned a 50% stake, bringing Indel B's ownership to 100%. Indel Webasto Marine was then renamed Indel Marine S.r.l. and Indel B USA. Given the immateriality of the transaction recorded by Indel Marine and its subsidiary, Indel B USA, from the date of acquisition of the remaining 50% to the end of June, the board of director assumed June 30th, 2025, as the date of first consolidation using the full consolidation method. Therefore, at the economic level, the results for the first half 2025 of the Indel Marine sub-consolidated entity were accounted for using the equity method, while the balance sheet totals as of June 30th, 2025, were fully consolidated. On July 28th, 2025, the Turkish company, INDEL B ISITMA VE SOGUTMA SISTEMLERI LTD. STI., was established, 60% owned by Autoclima S.p.A. and the remaining 40% by a local partner. Let's move to page nine, 2026 sales. Product sales increased from EUR 105.1 million in the first half of 2025 to EUR 116.1 million in the first half 2026, up by 10.4%. This is related to for -0.5% to the negative effect of the currency translation of sales, for +3.9% to the organic growth, and for +7% to the contribution of the new companies, Indel Marine, and its subsidiary, Indel B USA, acquired mid of 2025 with effect from July 1st, 2025. Move now to page 10, sales by distribution channels. In the first half of 2026, OEM increased by 4.9% to EUR 52.1 million, contributing to 45% of consolidated sales. The growth is primarily attributable to the automotive market, thanks to strong sales of air conditioning products by the Autoclima Group, as well as first sign of a recovery in truck sales. Aftermarket channel, generating 40% of total sales, increased by 16%, thanks to the contribution effective from July 1st, 2025, of sales by Indel Marine and its subsidiary Indel B USA, in the leisure market and in particular, in the marine sector. The others, I mean, components and spare parts, generating 15% of total sales, booked an increase of 13.4%, driven mainly an increase in components and air conditioning spare parts sales, especially in Italy and Europe. Let's move now to page 11, sales by market. Automotive increased by 9.2%, generating EUR 71.7 million, equals to 62% of the group's consolidated sales. The increase is primarily linked to OEM products and is attributable to the recovery of truck market and the rise in sales of air conditioning system, both in the European market. Leisure shows an increase of 52%, generating EUR 17.2 million, equals to 15% of the group's consolidated sales. This performance is largely attributable to the contribution starting from July 1st, 2025 of the sales of Indel Marine and its subsidiary, Indel B USA Inc., in which Indel B acquired full ownership on June 30th, 2025. Within the segment, growth was driven in particular by marine sector, +49.4%. The RV market also showed a positive trend with an increase of 55.9%. The contribution from the two acquired companies amounted to EUR 6.8 million. Components and spare parts showed an increase of 6.6%, generating EUR 13.5 million, equals to 12% of the group consolidated sales. The increase is mainly due to a positive trend of the sales of components and also of spare parts in air conditioning, recorded by Autoclima Group. Hospitality booked a decrease of 8%, generating EUR 8.5 million, equals to 7% of the group consolidated sales. Both the hotel and cruise sector posted declines of 8.7% and 5.8% respectively. Cooling appliances showed a decrease of 17.4%, generating EUR 5.1 million, equals to 4% of the group consolidated sales. The decrease is due both to the decline in the professional markets with regard to sales of mid refrigeration products, -7.9%, and to the decline in home market with regard to sales of wine cellar, -34.4%. Let's move now to page 12, sales by distribution region. The European market, excluding Italy, our most mature market, booked an increase of 15.8%. The increase is concentrated mostly in the automotive market, thanks to strong sales of air conditioning products by the Autoclima Group, as well as the first sign of a recovery in truck sales. The leisure market also performed well, thanks to the contribution of Indel Marine, which was acquired in mid-2025. On a like-for-like basis, the increase in revenues from product sales in Europe, excluding Italy, would have been EUR 5 million, +8.7%. No changes in market share. Sales in Europe, excluding Italy, contributed to 57% of consolidated sales, equal to EUR 66.4 million. In Italy, sales decreased by 4.8%, contributing around to 25% of the consolidated sales of the group, equals to EUR 28.6 million. The decline is mainly concentrated in the cooling appliances market due to a decline, both the professional and out sector. The Americas booked an increase of 15.6%, contributing around to 15% of consolidated sales of the group, equals to EUR 17.8 million. This increase is solely attributable to the inclusion, effective July 1st, 2025, of Indel B USA sales in leisure market and, in particular, in the marine sector, which contributed an amount of EUR 3.9 million. Sales in the rest of the world showed an increase of 37.6% due primarily to the positive effect performance of the leisure market, driven by sales in Oceania from Indel Marine, the company acquired in mid-2025. Let's move now to page 15, adjusted figures. In this slide, we show adjusted figures. Full reported figures are in the appendix. In first half of 2025, non-recurring income mainly included a gain of EUR 14 million generated by the fair value revaluation of the 50% stake in Indel Webasto Marine S.r.l., already held by the group, and reevaluated in accordance with IFRS 3 in the context of step-up acquisition following the acquisition of the remaining 50% on June 30th, 2025. This gain is partially offset by non-recurring expenses, exclusively relating to consulting cost and cost relating to long-term incentive plan bonus for executives. In the half year ended of June 30th, 2026, non-recurring expenses amounted to EUR 1.1 million, representing the portion of fair value allocated in accordance with IFRS 3 regarding PPA to the inventory of acquired company Indel Marine S.r.l. for the first half of 2026. Specifically, this amount reflects the release of the income statement of the inventory revaluation recognized at the time of acquisition for the portion attributable to the first half of 2026. Other non-recurring expenses relate primarily to consulting fees and costs associated with the long-term incentive plan bonus for executives. In the first half 2026, profitability showed an increase with consolidated EBITDA adjusted equal to EUR 13.8 million, +1.6%, compared to EUR 13.5 million in the first half 2025, with an increase of EUR 0.3 million. However, the EBIT adjusted margin declined from 12.5% of consolidated revenues in the first half of 2025 to 11.6% in the first half 2026. This percentage decrease, despite the increase in revenue, is attributable to a different sales mix that is more heavily weighted toward the automotive market, as well as to the greater impact of international logistic costs resulting from geopolitical tension between Iran and the U.S., and to a lower portion of the results from equity method investments. The group net profit adjusted amounted to EUR 6.1 million, 5.2% on total revenues, compared to a net profit adjusted of EUR 6.6 million, 6.1% on total revenues, in the corresponding period of 2025, with a decline of EUR 0.5 million, and is essentially due primarily to the reasons described above. Move now to page 16, cost structure. Our cost basis is mainly characterized by variable cost. Fixed cost represent about 31% of our total cost and about 28% of our total revenues. The largest amount of cost refers to raw material and production cost, affected also from tariff. We have been able to manage this cost to mitigate the impact of labor cost and transportation cost increase, and pressure on prices asked mainly from main OEM automotive customer based on existing contract in place and partially arriving from the customer of actual weakest market. Another effect for what concern difference in production cost with a bit higher fixed cost, it comes from the product mix and from price management according to the different market situation and to each specific customer based on the rigidity or flexibility of the price and relation in place. We will continue to work on cost side and on adapting our pricing to compensate or mitigate for the possible increase of cost arriving not only from raw materials, but also from renewal of national labor contract and especially from sea freight cost, raw material, and U.S. tariff and all what is related to. Let's move now to page 17, CapEx. Our business model is lean and flexible. Our CapEx are quite limited, and despite the investment in new production facilities, we still have an interesting cash conversion rate, about 88%. On top of our normal investment on products and on production process, there are no other significant investment to report. Let's move to page 18, net operating working capital. As of June 30th, 2026, net operating working capital amounted to EUR 82.2 million, 38% of total last 12 months revenues, compared to EUR 76.2 million as of December 31st, 2025, 37% of 2025 revenues. The changes in the amount of the inventory, account receivable, and account payable amount is mainly due to the consolidation of the Indel Marine and Indel B USA balance, in addition to the seasonality of some of our business. In any case, the inventory has not slow-moving or obsoletion problems. Move now to page 19, net financial position. As of June 30th, 2026, net debt amounted to EUR 19.1 million, compared to net financial debt of EUR 17.1 million as of the end of 2025. The net financial position got worse by EUR 2 million. I just remember you that the net financial position also includes the debt related to IFRS 16, corresponding to the obligation to make lease payment for EUR 3.9 million. The worsening in the group's financial position is linked to the seasonality of group revenues. We also note the payment of a dividend of EUR 0.6 per share. A short outlook. Looking ahead, the second half of 2026 is expected to remain challenging, with continued geopolitical uncertainty and limited visibility on evolution of global markets. However, the automotive market is expected to maintain its positive performance throughout the second half of the year, driven, in particular, by the North American OE truck segment. Consequently, the sales mix is projected to remain stable, confirming the significant shift toward the automotive sector already observed in the first half of the year. Compared with the situation at the end of last year, we believe that the group is entering this phase from a position of greater resilience. Our solid financial structure, low leverage, and strong cash generation provide a sound foundation to manage potential volatility. We will continue to closely monitor the evolution of demand, as well as the broader macroeconomic and geopolitical environment, maintaining the flexibility to adapt our actions where necessary. At the same time, we remain confident in the group's medium to long-term prospect. Our focus will continue to be on the development of the automotive, hospitality, and cooling appliances business, while strengthening our international presence and investing in production capabilities and organizational development. Overall, while visibility remains limited, we believe that our diversified business model and solid financial position put us in a strong position to navigate the current environment and continue to capture the opportunities ahead. I have now completed my presentation, and I am available for your question on results. 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 one on your telephone. The first question comes from Milo Silvestre with Equita. Please go ahead. Good afternoon, everybody. Two questions from my side. The first one, you mentioned the outlook. I am just wondering if you can provide some figures about the full-year EBITDA that you expect. The second one, if you can elaborate a little bit on the issues that we are facing in terms of mix. I am aware that automotive is seeing, I think, strong tailwind, but I do not know if you are experiencing, let us say, some difficulties in leisure time or in hospitality, and if you expect them to be present also in the second half of the year. Okay, thank you for the question. About the outlook for the second half, we said that we believe the automotive market will continue to performance properly because mainly, as you know, we have several forecasts from our main automotive OEM customers. All of those forecasts show number that are continue to increase. Of course, there is anyhow a risk due to the geopolitical situation that something can be even worse tomorrow, and then forecasts will be revised completely. T oday, those forecasts are updated on a weekly basis, and we are still continuing to see interesting numbers for the rest of the years. W e do not expect that something will change. We strongly believe that our sales will continue to perform well on the automotive segment, especially in North America, where there is also the EPA 2027 situation. During 2027, there will be a new restriction related to the emission of the heavy-duty truck. This is pushing the fleet to renew the truck now before this new restriction will enter in place. We believe not only that 2026 second half will be good, but due to that, we believe, forecasts from customer and also from third data provider show also next year quite interesting. Then if it will realistic or not, we don't know. For what concern also the rest of the automotive, mainly the Autoclima business, the situation of climate change is pushing the business of air conditioning in general. There are more demand of air conditioning, there are more demand of spare parts for air conditioning. Also this geopolitical critical situation that is pushing the investment on defense is also helping Autoclima, because we do business also in the defense segment, providing air conditioning for military vehicle or for the electronic that are installed in military vehicles. Also, this specific situation make us confident that also that part of the automotive business will continue to perform properly. For what concern the other market, like leisure and hospitality, especially leisure, we see not a super good, super healthy situation in both recreation vehicles and both marine. They are suffering, both in Europe and in North America. Most of the RV producer in North America and those in Europe, they are producing not five days a week, but they are reducing the production capacity, working just four or three days a week. We do not see a possible change near in front of us. Also the marine segment, talking with them now, we have been just in Cannes exhibition. There will be then Genoa, then we will go to Tampa at IBEX, and then to the other exhibition. We will have a better, more clear situation going forward. T he sign that we are collecting now from the market, from the main operator, are not the best. They are not worsening too much, but also there is no signal that the marine market could recover shortly. Also a bit of a critical situation is also right now, not only in the small, medium boat, for small, medium boat of where we are mainly concentrated, but also, let's say some of the producer of the super yacht are facing some difficulties going forward, with the order book going to shrink a bit compared to the past. Okay. About the figure we expect for the second half, about your research, the same value of turnover, more or less. A little bit less due to the mix about the EBITDA, just a little bit less. A good improvement about the financial position, we think about EUR 10 million. 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 one on your telephone. For any further questions, please click on the Q&A icon on the left side of your screen or press star one on your telephone. Ms. Benazzi, gentlemen, there are no more questions registered at this time. Okay. First of all, thank you for participating to all of you. I just give you a quick reminder for the next release on October 23rd about the nine-month consolidated revenue. If you have any follow-up, do not hesitate to contact me or Mirco Manganello, the CFO of Indel B. Thank you very much. Bye-bye. Bye-bye. Ladies and gentlemen, thank you for joining. The conference is now over, you may disconnect your devices. Thank you.