Afternoon, this is the CorusCall conference operator. Welcome and thank you for joining the Interpump Third Quarter 2025 Financial Results Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Ms. Elisabetta Cugnasca, Group Head of IR. Please go ahead, Madam. Thank you. Good afternoon or good morning, depending on your time zone, and welcome to this Interpump Third Quarter 2025 Financial Results Conference Call. As usual, I must draw your attention to the disclaimer inserted in the annex part of the presentation that I hope you were able to download from our website. Now, I would like to leave the floor to Mr. Marasi, Group Chief Executive Officer. Thank you, Ms. Cugnasca, and thank you to all of you for joining our call. We are here to speak about the third quarter 2025 results and 2025 expectations. Starting from the results of the third quarter 2025, I would like to underline two numbers, plus 3.4% and almost EUR 87 million. Plus 3.4% is the organic growth recorded by the Hydraulics Division in the quarter, a long-awaited growth after seven consecutive quarters of organic decline. EUR 87 million is the free cash flow generation of the quarter, the best achievement in one single quarter in Interpump Group's history. Moving to 2025 expectations, I have to underline that the acceleration in summer of hydraulics recovery signal is a strong support and allows us to increase both our sales and profitability guidance for the year to the highest part of the range already provided, that was minus five to plus one and 22.5% regarding EBITDA margin. After this first overview of this quarter, let's focus with more details on the most important third quarter 2025 financial KPIs, and in particular, sales, EBITDA, and cash flow generation. Regarding sales, in the second quarter of 2025, after six consecutive quarters of declining sales, we recorded a revenue growth with a 1% organic increase. In the recently concluded quarter, not only did we achieve growth again, but this growth accelerated from plus one to plus 2.3%. Same result, growth, but different drivers. While in the second quarter, growth was driven by the Water-J etting Division, in the third, it was driven by the hydraulics one. Once again, this is the confirmation of the strength of the group, the diversification. I was very pleased with the 19% growth posted by the Water-J etting Division in the second quarter, which led to the plus one percent consolidated, but I cannot deny that I'm even happier with the plus 3.4% of the Hydraulics Division that contributed to this quarter plus 2.3% consolidated. The normalization process for this division began exactly two years ago, following the first signs of the slowdown in sectors applications such as agriculture and lift, which resulted in a 6% organic revenue decline in the last quarter of 2023. Finally, after seven consecutive quarters of decline, we have recorded a growth. We cannot deny, once again, the benefit of a favorable comparison, considering that in the third quarter of 2024, we had the toughest of the seven, with a revenue drop of nearly 17%. The data is nonetheless encouraging. In the previous quarter, Agri was the only market application growing. Now, in a multi-phased scenario, other ones within the division are up, from generic dealers, more than 4%, to lift, more than 8%, to air moving machine, with a 15% growth. By the way, Agri is up by almost 18%, a very comforting number. Moreover, in the third quarter, sector applications representing over 50% of division revenues posted growth, and among the remaining ones, the most significant are showing only a low single-digit decline. Of course, we cannot yet say with certainty that we have reached the end of the normalization process that began two years ago, but we can certainly say that early signs of recovery seen in the previous quarters have strengthened, and that all the conditions are in place for further improvements. Moving now to the Water-J etting Division, I believe I'm not mistaken in assuming that this result, in line with last year, could be the least appreciated figure of the entire quarter, especially considering the delightful plus 19% achieved in the second quarter. As we often emphasize when commenting on this division performance, this trend is less linear than that of hydraulics because of the presence or absence of individual high-value contracts that can distort the comparison base. This is exactly what happened this quarter. In 2024, the division recorded organic growth of nearly 9%, thanks in particular to two orders invoiced in September 2024 for an accumulated value of EUR 10 million, one contract in Turkey related to the marine market application and another in China related to the oil and gas sector. As clearly shown on Slide 8, last year's strongest quarter was the third one. We hope that this volatility in the division results does not come as a surprise for those who know us for some time, but because of our frequent explanations, I always underline that group performances and, moreover, water jetting division ones should be judged and evaluated on a yearly and not a quarterly basis. Because of the evidence available in the annex of our financial results presentation for several years now. In this presentation, let's see Slide 23. After discussing the results of the two divisions, let's analyze the performance of the main geographical areas in which we operate, naturally at constant exchange rates. The key regions in Europe, Italy, and Germany delivered the best results with increases of more than 10%, while China, that has returned to account for almost 5% of organic revenues for group revenues, grew by more than 20%. Our most important country, the U.S., once again recorded a decline around 5%, but this figure represents a clear improvement compared to the nearly double-digit or higher declines seen in previous quarters. Let's move to EPDA now. As with revenue, profitability in 2025 has also been marked by continuous improvement. In the first quarter, which was still affected by significant weakness in the Hydraulics Division, with revenues declining organically by around 14%, thanks to the measures implemented to protect profitability and improvements in the Water-J etting Division, the drop in profitability was only slightly greater than the one of the revenue, less 12% compared with minus 8% in sales. Subsequently, in the second quarter, the first sign of recovery in the Hydraulics Division and the strength of the water jetting one led to a 1% increase in revenues accompanied by an almost 7% rise in profitability. In the most recent quarter, a revenue increase of over 2% corresponded to a profitability improvement of more than 5%. Although numerically less striking than the previous quarter, this result is undoubtedly more significant. Indeed, the third quarter was not supported by the leverage effect of the major water jetting Chinese contracts. The achieved results reflect, on the one hand, the recovery in revenue of the Hydraulics Division, amplified by the group's careful cost adjustment strategy, and on the other, the ongoing improvements in production processes within the Water- Jetting Division, aimed at overcoming the inefficiencies that unfortunately accompanied the strong revenue growth in 2024. For the first time in several quarters, margin improvement has been driven by progress in both divisions, further supported by the absence of dilution effect from acquisitions. This quarter truly demonstrates the flexibility of our business model and group's ability to continuously adapt its cost structure to evolving demand. Let's move on to the third quarter, to the third KPI through which we do evaluate our work, cash generation and these components. From a free cash flow generation perspective, 2025 has also shown an improvement path. Compared to 2024, the first quarter recorded a slight delay, more or less EUR 5 million, due to the advanced payment mechanism linked to major contracts signed in China last year. In the second quarter, free cash flow amounted to over EUR 46 million, in line with the corresponding period of the previous year. This result was by no means guaranteed, considering that revenue recovery naturally influenced working capital, and in particular, trade receivables. In the most recent quarter, despite a further strengthening of revenue growth, we achieved an even better performance, generating nearly EUR 87 million. That is our historical record for free cash flow generation in a single quarter. At the beginning of the year, we set ourselves the goal of consolidating the record achieved in 2024, and we are well on track on this. Moving to CapEx, on Slide 10 of the presentation, we are pleased to present the actual photo of the new Interpump Hydraulics facility in Sala Bolognese, alongside its original rendering. The relocation process has been successfully completed, and the plant is now fully operational. We consider this a significant achievement, having maintained production throughout the construction and transfer phases, thereby minimizing the inefficiencies typically associated with such a complex process in an industrial setting. This accomplishment was the result of a joint effort, and we extend our sincere appreciation to both our colleagues and our suppliers for their continuous support and collaboration through every stage. Concluding with acquisition, as you know, last August we presented a series of slides outlining the criteria that make a company attractive to us, the internal process through which we turn that interest into concrete action, and finally, the integration approach should an acquisition be completed. To complement the theoretical framework, we provided a practical example, the acquisition of Padoan. We are now pleased to add two further examples, Tuttoi draulica and Borghi Assali. Both companies represent a perfect fit. They strengthen two of our verticals, cylinder and reduction gears, respectively, expand our product range, and offer opportunities for revenue growth and margin improvement. Moreover, Tuttoi draulica enables us to continue our geographical diversification process and exemplifies the proactive spirit of those joining our group. Less than one year ago, as you know, we acquired Hidrover in Brazil. Our new colleagues have actively identified opportunities that, in their view, would have reinforced our presence in the country, complemented our product offering, and leveraged mutual commercial relationships. Slide 11 provides a brief description of both acquired companies. Before moving to our outlook for 2025, I would like to reiterate the key message I shared with you last August. The ultimate target of group growth and development strategy is diversification. It is diversification by division, by geographies, and by market applications, and not dimension that allows to properly manage business risks. It is diversification that allows to reduce volatility through different cycle exposure, and it is diversification that allows to effectively react to unexpected swings. Now, let's move on to the near and far future. October performance confirmed most recent trends with a positive evolution of Hydraulics and the confirmation of Water- Jetting strength. Regarding the latter division, let me refer to my earlier comments on revenues. For Water- Jetting, it is and will remain essential not to be misled by comparisons with 2024 quarters. The robustness of our division is demonstrated by the fact that in recent months, August, September, and October, we secured more orders than in the same month of 2024. The combination of the third quarter solid results and October trends allows us to reaffirm our full-year guidance, particularly pointing towards the upper end of the range. We believe this is a very reasonable assumption, which also factors in the two elements which must be considered to make an accurate forecast: a significant comparison effect of opposite nature between the two divisions and the risk of further cancellation or postponements. Regarding the first aspect, you will certainly recall that in the fourth quarter 2024, the Hydraulics Division recorded a 14% decline, while the Water-J etting one posted an increase of more than 7%. As you can imagine, the magnitude of these variations makes it challenging to identify the underlying real industrial trend. As for the second one, our customers too need to improve working capital, and one of the easiest ways to achieve it at the year-end is not to confirm previously placed orders and move to the following year. As you may recall, in 2023, this phenomenon caught us by surprise and had an impact on EBITDA margin because we did not have time to adjust costs to a level of demand below our expectations. For cash flow generation, we remain committed to delivering the best possible outcome. As far as the near future is concerned, we understand there are expectations for the slightly more distant future as well, namely 2026. As you know, the budgeting process is taking place in these weeks, and therefore, for now, the only thing we can do is to share some insight, insight based also on what has happened so far in 2025. In terms of revenue, the two divisions will face completely opposite situations. For the Hydraulics Division, the first part of 2026 will have a more favorable comparison basis than 2025, during which organic revenues declined by almost 11%. We are confident that revenue growth will strengthen further thanks to the recovery of the market applications that are still soft. Conversely, for the Water-J etting Division, the first part of the year will be the most complex, considering that in the first six months of 2025, we grew by almost 14%. Nevertheless, we remain confident in continuing to secure new orders thanks to our technological advantage. Finally, to conclude on revenues, acquisitions completed so far in 2025, according to their consolidation periods, are expected to contribute about 1% to total revenues. As for profitability, we will continue to adjust the cost structure in line with demand trends to exploit the positive effect of improving sales. Finally, regarding CapEx, further reduction could be expected following the completion of all projects related to the 2021-2023 investment plan, and this would support our cash generation ambition. Naturally, both for the near future and the slightly more distant one, we continue our search for the new perfect fits to integrate into our group. These are ongoing activities that cannot be scheduled, but we assure you our full commitment on this. Before opening the floor to your questions, let me remind you of the figures I started with, plus 3.4% organic growth in the Hydraulics Division and nearly EUR 87 million in cash flow generation. These numbers demonstrate once again the strategic levers of our group, diversification and operational flexibility, levers we will use to achieve the goals we had set for 2025 and subsequently to successfully tackle 2026. Hello, are you ready for questions? Absolutely. Thank you. This is the CorusCall conference operator. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. We will pause for a moment as participants are joining the queue. First question is from Matteo Bonizzoni, Kepler Cheuvreux. Thank you and good evening. Two questions on the two divisions, on the two segments. As regards Hydraulics, you have flagged this more than 10% question improvement of the organic growth because in Q2 it was minus 7% and now it is plus 3.4%, so a significant improvement. It seems to understand from your words, Fabio, that your expectation, correct me if I am wrong, for Q4 could be to have an organic trend, let's say, not below this 3% year-on-year, but maybe can you add a little bit more flavor on that? For Water-J etting, simply speaking, there was, on the contrary, a sharp slowdown because from an exceptionally strong plus 19, we flattened it basically. Also, in this case, I would like to know better, your expectation is to recover, let's say, a little bit stronger organic growth in the last part of the year? Back on Hydraulics, I was forgetting, what's your feeling, let's say, now that we are mid-November on the production rates of your customers in the month of December? Do we have any flavor? You were mentioning before that clearly December is a particularly crucial month because it's the end of the year and maybe there could be swings or maybe changes in the production rate of your OEM customers in hydraulics, particularly. Do you have any kind of feeling on their willingness to slow down activity or, on the contrary, to keep a decent pace of production rates? Thanks. Matteo, thank you for this very strong start in the Q&A session. Clearly, very interesting questions, and clearly, I will not give you this kind of granularity simply because it is very difficult to say and to comment precisely what should be expected for the quarter now. Clearly, what we said, commenting at the post-third quarter and in particular the results of October, is what you have to take into account. What we have seen in October and what we are seeing now is a confirmation of this trend. Confirmation of this trend by division means that we see Hydraulics in the short term, I mean in this quarter, in a better shape in comparison with Water-J etting, certainly for the easier comparison base. You know very well that last year, Hydraulics was significantly affected by the postponement and cancellation of orders by our customers, in particular in December. This year, I'm not saying that we will not see any kind of this phenomenon, but I'm expecting a far lower impact, and also the comparison base is not so challenging considering what we have seen last year. In Water-J etting, as I've already disclosed in my speech and I've already commented so many times, I usually stay away from commenting months or quarters because one single order, in particular for companies working on projects, Hammelmann or Inosta, that falls in September or October may vary dramatically the results of the quarter. I'm much, much more pleased to see the results and the continuous strength of the Water-J etting Division, both in terms of sales and in terms of order intake. The strength of the market, the underlying support that we are seeing by the new application and the new markets in which we are operating with our system, is what is comforting me the most. I have to remind you and everybody that water jetting is concluding the fifth consecutive quarter of growth. Almost apart from minus 0.2 in a quarter, we had 20 consecutive quarters of growth, some of them with very significant growth, such as the one recorded in the second quarter, 2025. To be honest with you, I do not care too much if in the third quarter we grew only by 0.2%. It is the scenario that matters, and the scenario remains positive and remains characterized by a long-term development driven by the new application, driven by the demand from our customers and for new potential customers and application fields. This is what matters the most on an industrial and on a commercial point of view. Thank you. Very clear. Next question is from Natasha Brilliant, UBS. Thank you very much for taking my questions. I've got a few. Firstly, if you could just comment on the pricing environment, particularly in Hydraulics. Is the growth all volume-led, or has there been some pricing as well given the recovery that you've seen? Secondly, just on the U.S., do you think that that could get back to growth in Q4? Lastly, on White Drive, it sounds like Agri is continuing to improve. Is White Drive also starting to see some improvements and tracking alongside those trends? Anything else you can say on there would be very helpful. Thank you. Yeah. Thank you. Thank you, Natasha. Regarding pricing, we are not seeing any variation in price, and we have not seen it through the year. The variation that we are seeing, in particular in Hydraulics, is driven by volumes entirely. This is likely positive because with more or less 0% pricing effect, we are getting some benefit from the reduction of cost of raw material, and this gap is important in order to absorb the increase in labor cost. Regarding the U.S., as stated in my previous speech, clearly the U.S. is, between the large markets, the environment that is suffering the most in this period, even with lower impact. Moving to agriculture, we have seen a significant improvement in comparison with the status in which we were living one year ago or only a few quarters ago, and clearly this is benefiting several of our companies and in particular the ones that suffer the most. White Drive is benefiting from this, in particular in Poland, because if we look at the production of the two companies or the two businesses that we have, the two production facilities that we have in White Drive in Poland and in the U.S., the European facility based in Wrocław, Poland, is the one that is the most exposed to agriculture, and it is performing very well also thanks to this increase in demand and developments in volumes. The Optium Zyl Kentucky plant, instead, is more focused on construction application, and construction application is not improving, is not growing at all in any similar part in comparison with agriculture. Considering also what is happening in the U.S., the improvement is way lower than the one that we are seeing in Europe. We have completed the restructuring, the new CEO is well in place, and we are confident that also in the U.S., we will be able to achieve the targets that we have set in our mind. What is important is that the consolidated results of White Drive are moving into the right direction. I have to make one further comment on the U.S. because I forgot to mention tariffs' impact. What we have done in these two last quarters in which we have seen the effects of tariffs has been to adjust prices accordingly or to invoice the customers separately. The amount of tariffs that we had to face into our operation in the U.S. The net effect on our P&L, on our EBITDA, is zero because we passed through the increase related to the tariffs application. Thank you. Just to follow up on the U.S., my question was really, are you seeing any signs of improvement into Q4 in the U.S.? It's too early to say. If I had to say now, I wouldn't say so. Okay. Thank you very much. Thank you. Next question is from Michele Baldelli, BNP Paribas. Hi. Good afternoon to everybody. I have a couple of questions. The first one relates to your statement when you said the execution of orders in Water-J etting in Q3 were higher. It means basically, given your sales trend, that the mix was, let's say, more single equipment rather than systems, or you wanted to say that you collected more orders in the last three months, if you can clarify on this. The second question relates still to Water-J etting Division, if you can provide some color on the trend of the backlog, please. Yeah. No, starting from Water-J etting, I mean that we collected more orders in the last three months in Water-J etting in comparison with the same period of last year. I believe this is important to demonstrate once again the reliability and the strength of the underlying market. This order intake comment is made independently on delivery dates of these orders. We believe that this is a positive evolution. Regarding the evolution of the order backlog and the order intake, this improvement is clearly characterizing also Hydraulics because, as you know very well, we started the year in Hydraulics with a strong decline. In the first quarter, we went down by 14% in Hydraulics, in the second, minus 7%, and in the third, plus 3.4%. Considering also the very short lead time that we have in Hydraulics, that in general is around three months, clearly this dramatic improvement in sales is a consequence of a very strong improvement or a change in the wind in the order intake. Thank you. Next question is from Domenico Ghilotti, Equita. Good evening. I have three or four questions, if I may. The first is on the recovery in the Hydraulic Division. I am trying to understand if you think that this is also or mainly driven by restocking or if it is actually more the underlying demand because your clients are not so positive so far, in particular in the U.S., but in general. The outlook is still a bit controversial. Second, a follow-up on the orders on Water-J etting. Orders are up year-on-year in water jetting. Can you say the same for the backlog at the end of September or not? Third, I have a question on your exposure to the data centers. It is a topic these days, but actually, I have seen some industrial companies like Gates or Dover that are not typically data center suppliers that are presenting products for this application. Just to check if you have any significant exposures. Last, I'm curious if you can share, so where are you on the White Drive profitability for the full year in 2025 because probably it's an area of potential upside in margin if there is a clear recovery in Hydraulic? Okay. Starting from this last question, I will tell you in February because 2025 is not finished yet, but we are on the right track. I am pleased to see these developments month after month. Regarding data center exposure, I do not care too much. I understand how sexy is this topic for the market, but we are much more interested in maintaining the diversification, in maintaining the exposure to as many application fields as possible. Clearly, we are having some businesses in this world, but I do not believe that it would be serious to comment on one single project, one single order, one product developed specifically for this application field. It seems to me excessive, to be honest. I will not follow up on this. Regarding the orders in Water-J etting, we improved the order intake, but the order backlog at the end of September is not yet higher; it is lower than the one of last year because we have to consider that in between we achieved a very important growth, and in particular, we executed and we delivered the giant order in China with Hammelmann in the second quarter. The first question was on the recovery of Hydraulics and how this can be explained, if this is partially explained by restocking. In reality, I would say that it's not restocking, but it's the end of the destocking that is contributing positively. It seems playing with words, but it's a different topic because until several months ago, the consumption of our components or the demand for our components was artificially reduced by the consumption of stock by our customers. I agree with you that our customers are not performing spectacularly. I've just seen CNH third quarter results or other companies' results, and they are not in reality growing or improving so much their output, but they have consumed their stock. This is particularly true for OEMs. Removing the destocking possibility, they have to buy accordingly with their needs. Until a few months ago, they were buying below their needs because they were consuming their stock. I would define precisely not as a restocking, but an end of destocking. Yeah. Very clear. Thank you. Next question is from Alessandro Tortora, Mediobanca. Yes. I would like to tell everybody I have two questions. The first one, Fabio, if you can comment also a little bit about the performance on two, let's say, countries for you. The first one is India because I got all the data on China up double digits, but if you can help us understand what are, let's say, the major, what is the major performance in India, also considering, let's say, now that the other countries are experiencing a strong growth. Also in Germany, if you can comment a little bit if your subsidiaries are, let's say, feeling maybe any change in these spending targets for Germany. This is the first question. The second one is on the profitability of Water-J etting. You already explained during the presentation that you were able to overcome the inefficiencies of last year. Can you give us, let's say, an idea of this profitability going forward if you see these, let's say, 27% as sustainable, also considering the mix you had today in this division between systems and, let's say, single products? Thanks. Okay. I will take the first question. In terms of Germany, Germany is, if we focus among the most important countries, Germany and Italy are the best ones in this last third quarter. It is very difficult to understand the reason why, in the sense, it is very difficult to understand if there is a correlation with the infrastructure fund that has been at the beginning of the year launched by the German authorities. At this stage, we prefer to say that it is our business that is going very well without any kind of correlation to the infrastructure fund. In terms of India, if we focus, it is going very well since a few years. If we focus only on this specific quarter, India was going not so well as China, but it is something which is correlated to the third quarter. We don't see any kind of structural variation in the growth trend of these countries. Regarding the second question on the sustainability of the EBITDA margin of Water-J etting, I believe that this is sustainable because clearly the margin protection is our first and most important goal. We have commented extensively on the inefficiencies that penalized the 2024 results in Water-J etting when we had to manage a significant growth. These manufacturing inefficiencies were addressed properly, and I do not see any reason why this very good and outstanding margin level would not be sustainable in the future. Okay. Fabio, and then sorry, a follow-up, let's say, on the mix between, let's say, systems and let's call it single products. Can you remind me, let's say, your exposure, let's say, now to the secondary market, to the place of market for the Water-J etting, considering that you are going to have and you already had a different mix? Yeah. Today, the breakdown between components and systems is more or less 70/30. That is a breakdown or a balance that is satisfying for us. It's satisfying for us, and we are not looking for something different. Clearly, we were super pleased with the giant order delivered in China in the second quarter that moved a little bit this breakdown and this balance, but we are not looking for a structural change of this mix because of the consequences in terms of diversification, in terms of execution risks, in terms of utilization of manufacturing footprint and capability. Okay. Thanks, mille. Grazie. For any further questions, please press star and one on your telephone. Next question is from Michele Baldelli, BNP Paribas. Hi. Sorry. Just a quick one to follow up. On the CapEx side, given that you are in a budgeting phase, can you provide some color on the reduction expected next year? It's too early to comment on next year, but as we have commented many times, we had to face an extraordinary three-year plan in order to face the needs of sustaining the growth of the group after COVID that brought us well above the usual 3%-5% range. We believe that having completed this extraordinary investment plan, now we are well on track to be back to the usual range, and particularly in the midpoint of this range. Around 4%, I believe, is a number that should be sustainable and achievable in a normal year. Thank you very much. Next question is from Domenico Ghilotti, Equita. Just a follow-up on the CapEx size for 2025. I assume that you are confirming also the EUR 100 million. And then, the M&A pipeline, you have completed two small acquisitions. What is in the pipeline now? Okay. Regarding CapEx for 2025, I would say that we will be below EUR 100 million. When I had in mind around 4% and staying well within the range, I was referring also to 2025. Considering M&A, of course, we are very pleased to have executed the two acquisitions, different characteristics, different markets, and different purposes. We still have a very populated deal flow. We are seeing that this very uncertain market and fast-changing and all the uncertainties that are correlated to the tariffs and the geopolitical tensions that are characterizing this world in these days, this is a significant contribution. It is a significant support to the number of opportunities that are coming to the market and, in particular, are coming to our pipeline. Because one thing is the market. We have seen a very, very important acquisition in this week with Parker Hannifin doing a mega deal in filtration. It is even more important to see a very strong intake of new opportunity for our proprietary pipeline. Considering the uncertainties and the world in which we are living, we are seeing that more and more entrepreneurs are realizing that it is more and more challenging to be alone in a fast-changing and demanding world like this. We are very positive also for 2026 in this respect. Thank you. For any further questions, please press star and one on your telephone. Next question is from Fraser Dunlon Berenberg. Yeah. Hi, Fabio and Elisabetta. Fraser here. I had two questions on water jetting. The first was to ask which kind of new applications are you most excited about looking into 2026 in that division? The second question, when you look at your backlog, do you see any kind of major changes in the geographical composition of that in Water-J etting looking forward? Because I kind of have the sense that the U.S. has been a bit weaker over the last couple of years, and then Asia is very strong. I wondered if that is something you kind of see continuing or whether there are some changes starting to show. Thank you very much. Yeah. Discussing about geographies, clearly, we did spectacularly well in China. In the order backlog, today, Asia is less relevant than a few quarters ago or less relevant than the start of the year. This is just because we executed that order. Anyhow, with a long-term view, Asia and China in particular is a very, very interesting market, in particular for some niche or for some application that are flagship applications in our Water-J etting Division. Regarding new application, I'm very curious to attend the budget shortly and to understand and to discover what our R&D guys are working on. As you know, we have commented many times that new applications are being developed and discovered year after year accordingly with the customer needs. Let's see. There is nothing spectacular that I want to anticipate or I want to share. We are much more interested in having many different projects or many different application fields to work on month after month. Thank you. For any further questions, please press star and one on your telephone. Ms. Cugnasca, there are no more questions registered at this time. Okay. Thank you very much. Thanks to everybody for listening to us. Speak to you soon in February. Bye. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.