Good afternoon, everyone. Thank you for coming. Thank you for joining us in our third Capital Market Day. It's a very important moment for us. Frame forward, because our goal is the frame for the future. It's the frame for the future based on what we are doing today. We are ready to guide you through our strategic plan, a real journey with tangible steps. By the end of this trip, we want you on board with us. Today's presentation is going to be innovative, incorporating also artificial intelligence tools, because we consider it critical to accelerate our growth and become more efficient. During this journey, we will show you three examples of how energy transition technologies can change our daily life. First, the hydrogen bike. Don't worry, we didn't change our business. We didn't change our business. We don't want to sell bikes. These bikes need less than half a liter of hydrogen to ride 60 km with 1/2 L. This is an important new generation of the technology. This is just to show how many applications we see around the hydrogen in transportation from heavy truck to shipping and more. We know hydrogen very well. We have been realizing hydrogen plants for the last 50 years. We have a technology and execution track record to produce: one, blue hydrogen from natural gas with the carbon capture; two, circular hydrogen from waste; three, pink hydrogen from Newcleo or nuclear technology with a new partnership ongoing; and also, the green hydrogen from renewable energy. Speaking about the green hydrogen, we can pass to the second example. What you see here is the heart of the new electrolyzer. NX5 is the name, a system which will transform electricity into hydrogen, fully realized with our own proprietary technology. This is the first model, and we will scale up the industrial size in 2026, and now we would like to invite you to stop in Brescia at our upcycling plant. The plant is able to produce high-quality polymers starting from plastic waste to realize products like this car component. There is an additional material. This is an example, a real substitute for the fossil-based virgin plastics. Our business model is not to be an operator, but sometimes we invest in a plant to validate and optimize our technology solution before selling it. The plant is delivering good results, and thanks to that, we have sold the first license in Italy, and we are on the way to sell others abroad. A huge market in front of us. Detail will follow. This example helps understand the range of application of MAIRE solution for decarbonization. We can do it because we are combining the excellent execution skills of Tecnimont with a wide range of sustainable technologies of NEXTCHEM. This makes us unique since we can offer an integrated end-to-end solution for our customers. Unique, thanks to our distinctive product mix, enabling us to serve different energy transition needs across geographies and geopolitical scenarios. Unique and proud of our 10,000 people. Thank you very much. Thank you all. Our growing network of engineering centers in Italy. We reinforce our footprint in Rome and Milan, and we opened the new office in Sicily with 200 engineers by 2026. In India, we have now more than 3,000 people in Mumbai and Delhi. The total workforce, direct and indirect, is doubled from 30,000 to 60,000 people. Thanks to all of them, MAIRE is the top 10% of the global ranking in the engineering companies and one of the leaders in the specific region, like in the Middle East. Unique because we have embraced the digital revolution and artificial intelligence. In the E&C, we have now Tecnimont service for digitalization during the plant execution up to operation and maintenance. In the STS business, we are defining a new strategy aimed at applying artificial intelligence to chemical processes. In both cases, we will also sell them an additional service to the third parties. Unique, like our selective acquisition strategy to support further growth, and we are on track. Our manager will explain to you. Last but most important way to be unique, our sustainability journey. Today, we have published our ESG data according to the European directive. We confirm the 2029 target for carbon neutrality. We reduce with the reduction of 37% of the Scope 1 and 2 emissions in 2024. Great achievement. Regarding the Scope 4, with the proprietary methodology technology, now we have a measure of the emissions avoided thanks to our technology. In 2024, about 700,000 tons of CO2 were avoided, almost like the emissions produced by 150,000 cars in one year. We have continued to push in diversity and inclusion, reaching the goal of 20% of the female manager appointed on the board member in the group companies. We are preparing MAIRE's future management through our Flourish program involving over 150 young professionals in 2024. Thanks to our goal of the CSR project, we have produced a positive social impact with over 15,000 people involved in the local communities where we operate. That's why MAIRE is unique. The achievement results and the target we have in front of us will enable us to bring technology home. Coming back to the root of our industry, to the great Italian chemistry pioneer, Montecatini, which combined technology and execution skills in the last century. We are proud to bring Italy's chemistry to the world again to serve the energy transition. This is our goal along with our strategic plan, like a new Montecatini in the third millennium. And Sandro, the floor is yours. Thank you. Thank you. Thank you, Fabrizio. [Foreign language] Welcome to everyone. I am really honored and pleased to see so many of you here in Milan, and thanks to all those joining us online. So, two years ago, at our first Capital Market Day, we shared a bold vision, a bold vision, an organization model designed to shape our strategy for the future. In the meantime, NEXTCHEM has been building an exceptional portfolio of low carbon and circular technologies, while Tecnimont continues to lead the way in the downstream project delivery. This is our moment. This is our moment. Our strategy is working, and we are making a real impact. Our business model stands out for its dual exposure, balancing today's conventional markets with the circular growth trend of decarbonization. The strategic mix not only strengthens our positioning, but also diversifies revenue recognition and profitability dynamics. Under the NEXTCHEM umbrella, we sell proprietary technologies and equipment to a growing global client base. Revenues are recognized in a short period, and profitability is strong. Meanwhile, our integrated E&C solution business provides engineering, procurement, and construction services in projects with a longer time frame, ensuring predictable revenues. With this robust foundation in place, let's take a closer look at our 2024 financial results. Our growth story continues with a strong momentum, and in 2024, we deliver our best results ever. Over the last two years, we have consistently delivered a strong top line and an increase in profitability that is more significant as we move towards the bottom line. In particular, in 2024, group revenues increased by over 38%, reaching nearly EUR 6 billion in line with the guidance. The top line growth was matched by a 41% increase in EBITDA, reflecting steady progress execution and the benefits of operating leverage. Profitability followed, driven by a combination of an asset-light business and an efficient financial management, propelling our net consolidated results to EUR 212 million. The effectiveness of our strategy is also evident in the strengthening of our balance sheet. Thanks to a strong operating cash flow generation coupled with our usual financial discipline and our working capital management, we have plenty of resources to continue investing. In 2024 alone, we spent around EUR 92 million, primarily to acquire technology companies. Additionally, we strengthened our engineering capabilities, reinforcing our position in Italy and in Eastern Europe. Our net cash position has further improved in 2024, and it now exceeds EUR 375 million. This allows us to seize future growth opportunities. On the back of this outstanding performance, we have progressively increased our dividend payout. Today, the board of directors has resolved to propose a dividend distribution of EUR 117 million, up 81% on a per-share basis, while the payout ratio went from 50% to 55%. Looking ahead, our backlog provides the clearest insight into the trajectory of our business. Over the past two years, we have secured a robust and well-balanced portfolio of projects structured with the right condition and execution pace. Our average book-to-bill ratio stands at 1.5, underscoring our ability to support growth over time. Moreover, an average backlog cover of nearly three is a tangible sign of the revenue visibility that our multi-year project is providing. Importantly, around 60% of our backlog is related to transitional and sustainable projects. Having said that, the first two months of 2025 have brought over EUR 3.5 billion in new awards across several and new geographies, providing an additional solid support to this year's orders intake. The delivery of our backlog is supported by top-notch technical expertise, and we have been proactively strengthening our capabilities. Since 2023, we have started expanding our workforce, anticipating the rising demand. Over the past two years, our headcount has grown by more than 50% to nearly 10,000 people. Looking ahead, we expect growth to continue at a pace which reflects the benefit of an increased adoption of artificial intelligence. And we will continue to not only hire, but also maintain the best workforce in the industry, thanks to the constant training to enhance the competencies of our people, women and men, who, with their dedication and passion, stand as the driving force of what we are sharing with you today. We are at a pivotal moment in the energy and chemical scenarios. While global population and GDP growth will continue over the next decades, geopolitical and regulatory shifts are driving changes in investment and consumption decisions. As a result, our clients are evolving quickly, adapting their business models to innovate, diversify energy sources, and tap into new markets. A key example is oil, which, once used predominantly for fuel, is now being increasingly utilized in higher-value applications, such as producing performance polymers instead of being burned. This dynamic environment, while challenging, presents significant opportunities that we are well positioned to seize. If we take a closer look at where we stand in the current spending cycle, a clear pattern emerges. After years of pandemic-driven disruption and geopolitical conflicts, we have entered a phase of significant investment in the energy sector. This wave is the result of structural shifts. Over the coming years, we expect capital deployment to remain strong, with an increasing focus on gas and resource monetization and the production of sustainable fuels. At the same time, global energy demand continues to rise, driven by economic expansion, especially in the emerging markets. These regions are eager for development, striving to rapidly industrialize and take on a leadership role. This investment cycle is built for longevity. It is here. It is here to stay. Now I will hand over to Giovanni Sale, who will explain the opportunities that this scenario is creating for MAIRE. Thank you, Sandro. Thank you so much, and it's a great honor to be here in our Capital Market Day to, let's say, describe the scenario and what is the opportunity. First of all, a very good afternoon to all of you. I'm excited to share with you what drives us at MAIRE. Our ultimate purpose is to address the three fundamental forces that shape all our world: feed, move, and make. As the global population continues to grow, the demand for resources to feed, move, and make increases exponentially. At the same time, the urgent need to cut emissions requires a change in the industrial paradigm. In this scenario, we operate to make the often misused concept of energy transition a reality. This means diversifying the production of molecules, materials, and energy electrons. Let's begin our journey by exploring how we pragmatically address these needs. Make mini material. The historical for us means polymers. The annual production of virgin plastic is projected to exceed 730 million tons in 2040, almost double today's value, and only 10% recycled today. This accumulation of plastic in our environment is a constant and a visible reminder that we face every day. It's an experience that all of us have already had several times. At MAIRE, we have been addressing it for several years now. Our commitment to boosting circularity is demonstrated by our recycling facility in Brescia, as mentioned by our chairman, Fabrizio, a few minutes ago. And we are honored to have the vision of Fabrizio moving towards such a circularity. And it's actually from Brescia where that truck starts its journey to our clients. This is just the latest chapter. I mean, this is just the latest of our book we have been writing since the 1960s on how to master polymers. We were, in fact, pioneers of the industry. We root back to the Nobel Prize winner Giulio Natta, the inventor of the polyolefins, which now make up more than 60% of the global plastic market. Building on this heritage, we became the global leader in designing polyethylene production facilities, delivering hundreds of these plants all over the world. And we have always been doing it with the goal of pushing innovation. An outstanding example of that is the innovative plant, the Tecnimont design for ExxonMobil in Texas, which now produces a new type of polymers able to enhance the capability to recycle plastic. This is innovation. But this is just one piece of the puzzle, and this is not enough. We are not stopping here. We need that we are accelerating circularity. This includes treating plastic as a valuable feedstock with its own unique properties originating from its previous lives. It could be a bumper, a tube, or a bottle of soap. Through our NEXTCHEM Replast technology, already mentioned by our chairman, we enable our clients to achieve top-quality results, as you saw in the example shown out of this auditorium, and this is what we get to achieve our top quality. Our truck now is coming back to Brescia, full of plastic waste that we collected from the different sources, and we close the circularity loop. This is what we pragmatically do at MAIRE. We call it upcycling. We design recycled products around the customer need, around the customer requirements. So let me say, "Well done, make," or "Well done, made," they will say in England. Let's move on. Feed and move. The world population is set to reach 9.7 billion by 2050. This will fuel a demand for food, which is expected to increase by 30%. At the same time, bear in mind that the agricultural sector accounts for 20% of the global emissions today, but alongside the population increase, we'll also continue to face a significant rise in power demand, driven by electrification and the so famous artificial intelligence. By 2050, we'll need 70,000 TWh of power. Bear in mind, three times, threefold increase compared to what the entire planet consumes today, so the only way to overcome these challenges is through the diversification of energy sources, and how is MAIRE approaching it? First, we are working with the manager, the major energy company, to minimize the environmental impact of the fossil resources, bringing to life the least carbon-intensive production plant worldwide. The most tangible example is the Hail and Ghasha gas treatment plant that we are now constructing in Abu Dhabi. Now, leveraging our expertise to master the gas valorization and the low-carbon technology we own, NEXTCHEM owns, we are ready to introduce the next generation of sustainable energy vectors, two famous names, methanol and ammonia. These emerging solutions hold huge market potential. But our plan goes further. We aim to raise the bar towards a future where the recycling of CO2 becomes an industrial reality, not just a pledge, transforming this pollutant into valuable resources. You know, CO2 is inert. It's a lazy molecule, but it requires energetic hydrogen to activate it and transform it back into active molecules. It is critical, though, that hydrogen is delivered via renewable electrons to produce the so-called e-fuels. This is coming, and we are working on it. But, again, another but, we have a big challenge in front of us. We need a reliable, cost, and sustainable source of energy. And here is our vision of the e-Factory for chemistry. What is e-Factory for chemistry? It's a fully integrated chemical plant powered by a new generation of small nuclear reactors reprocessing nuclear waste, in line with what we call already newcleo vision of circularity. This will be the engine to deliver clean electrons to the downstream chemical industry ecosystem. The integration of newcleo technology with this nuclear plant will be the ultimate lever to deliver carbon-negative and affordable molecules. This is an ambition plan. And this ambition plan will be transformed into real assets by Tecnimont, our execution arms. We are already taking real commitment to make it happen. We are not just doing pledging, starting from our agreement with newcleo. I'm honored to share with you the last talk I had with Stefano Buono, co-founder and CEO of newcleo. [Foreign language]. It's always a pleasure to be with you. So we started our journey to deliver our e-Factory for chemistry. And now, with our cooperation with the newcleo inventor, we are cooperating to design and to industrialize a nuclear power plant based on your amazing nuclear reactor, let me say, a plant nuclear inside. And thanks to cooperation with MAIRE Group, we can make it happen. I'm truly convinced that we are standing out in the energy sector. And I really want to know from you what's the next step, where we are going. The next step is to create a company, a joint company that will actually operate on our reactors as a main activity, but that would also address a big market. I remind you that the nuclear sector has been suffering from inefficiency in the execution of projects. So what we want to achieve is to get your operational ability to conclude projects on time and on budget, together with our nuclear know-how, and bring this experience to the market, not only to our own reactor. That's great. That sounds great. But I'm also truly convinced that your reactor has a really peculiar characteristic within the concept of circularity. Let's expand, I mean, because I'm so fascinated about that. Yes. We are, let's say, closing the fuel cycle, which means we can use multiple times the same fuel that has been used in a nuclear reactor. And this expands the possibility of nuclear in a very specific way. For Europe, it means hundreds of years of nuclear independence, of energy independence, because we have a lot of material from the previous operation of the nuclear reactors to deploy in our fleet. But the other characteristic of the reactor, I remind you, are the safety, intrinsic safety. So no possibility to have any accident. And this is very important if we have a factory and we want to be everywhere in the world because we don't have an exclusion zone around our factory. Yeah, yeah, Stefano. Thank you so much because you do believe that our future vision is what our planet needs to have the least carbon-intensity energy and serving the market with the right products. So I'm so, so proud of this, let's say, process. Very excited too. See you soon. [Foreign language], Stefano. Thank you so much for your time. Thank you. Thank you. So thank you, Stefano, I would say. So we made the thing happen. There are no other pledging. We are doing things every day. Well, our world is full of exciting challenges, isn't it, Fabio, who is my friend? Indeed, indeed, Giovanni. Thank you. Good afternoon. Good afternoon, everybody. It's a pleasure to welcome you to my first Capital Markets Day as Managing Director of NEXTCHEM. Are you ready for the future we want to see? We dive into emotions. And now let's go through the numbers for NEXTCHEM. 2024 has been another strong year. We have doubled our results compared to 2022, consistently meeting our targets. Revenues have ended up at EUR 358 million, and we are maintaining a best-in-class profitability. Our backlog has surpassed EUR 330 million spread across a diverse product offering, further strengthened in the first two months of 2025 by new awards for EUR 65 million. This is proof of the strong market appetite for our technological solutions. Let's see how we are making this possible. MAIRE's value proposition is built on three key pillars. First, our extensive product offering, which we continuously innovate. We rely on more than 30 proprietary technologies delivering results today. And these are protected by almost 2,500 patents. This portfolio is made of versatile technologies which enable the production of several commodities using different feedstocks. This flexibility is a strong competitive advantage in a scenario where reaching Net Zero calls for a multitude of solutions. Second, we leverage our superior capabilities to tailor the process scheme to the unique challenges of each project. By combining these strengths, we deliver end-to-end economically viable solutions. This approach is exactly what our clients seek, and more than 60 awards in the last two years are a clear demonstration of our success. These awards are spread across the three core segments where we are active. Our three business lines are designed to address the key forces Giovanni mentioned before. First, we have sustainable fertilizers, which embodies the commitment to feed the world, minimizing the environmental impact. Low-carbon energy vectors reflect our mission to move the world, supporting the transition to cleaner transportation and energy systems. And circular solution emphasizes our goal to make materials and promote recycling to maximize resource efficiency and reduce waste. Let's now see how these three markets behave in more detail. Fertilizers. This established market is entering a transformative phase. The increase in end products is expected to lead to over 150 new plants being built by 2040. But growth must go hand in hand with sustainability, and the industry has committed to cutting emissions by 70% by 2050, a bold challenge. With our leadership in urea technology, the most widely used fertilizer, we increase energy efficiency also by increasing and upgrading existing plants and enable new sustainable products, particularly ammonia, as Giovanni mentioned to you. Let's discover ammonia more in detail. Could ammonia be part of the solution to climate challenges? The global population is growing and relying more and more on fertilizers for food security, and ammonia is one of the crucial building blocks for fertilizers production, a chemical made of nitrogen and hydrogen that supports nearly half of global food production. However, traditional ammonia production is energy-intensive, emitting 1.8% of global CO2 emissions. A possible solution? With our technologies, we can produce low-carbon ammonia. How? Starting with natural gas, but capturing CO2 using our proprietary technologies for low-carbon hydrogen, which is a key ingredient for ammonia production, or from sunlight, air, and water through our NX Stami Green Ammonia. This technology extracts nitrogen from the air and produces hydrogen through water electrolysis, powered by renewable sources like wind and solar. But there's more. Ammonia can also be used as an energy vector, making it a potential clean fuel for power production. As both precursor of fertilizer and a clean fuel, ammonia is a game changer in the transition to a low-carbon economy. At NEXTCHEM, we are making this transition happen. It's low-carbon, viable, and future-proof. It's ammonia. Sustainable aviation fuel and methanol are set for significant growth. Both projects are to expand at over 30% annually from now to 2040. We are clearly talking about fuels now. At the same time, ammonia is expected to be and to emerge also as an energy vector. All these products are made from hydrogen and other exciting markets. This increase in end markets is anticipated to lead to over 900 new plants by 2040, a significant opportunity for NEXTCHEM's technologies. Our solutions include low-carbon fuels, biogas valorization, and conversion of waste and biomasses into fuels through gasification technology, like our SAF projects in the United States with DG Fuels. As we expand our portfolio, we are also positioning for e-fuels. Let's now have a closer look at methanol, another molecule Giovanni mentioned we think will play a central role in the short to medium term. Could methanol be part of the solution to climate challenges? Container ships are essential for global trade. So far, they have been running on marine diesel, producing around 3% of global greenhouse gas emissions. A possible solution? Using low-carbon methanol as an alternative to marine diesel. But what is methanol? It's a simple molecule made of hydrogen, oxygen, and a single carbon atom that can be synthesized from renewable sources. Upon production and combustion, methanol's properties result in significantly lower emissions than marine diesel. But today, most methanol is generated from natural gas or coal in a way that impacts greenhouse gas emissions. With our technologies, we can make methanol low-carbon today. How? With our NX Circular technology starting from biomass feedstocks or municipal solid waste, including biogas, agricultural residues, organic waste, or dedicated energy crops, or with our NX AdWinM ethanol Suite from low-carbon hydrogen. Thanks to both solutions, we can produce syngas, an intermediate product, a mix of hydrogen and carbon monoxide. And from syngas, we can synthesize low-carbon methanol, a sustainable fuel compliant with climate goals. Methanol is already available at over 100 ports worldwide, facilitating the marine industry's transition. At NEXTCHEM, we are making this transition happen. It's clean and economically viable. It's methanol. Let's move to the third one. It's plastics. Mechanical recycling is a reality today, while chemical recycling is projected to grow by 20% annually from now to 2040. Bioplastics are also gaining momentum to reduce the environmental impact of polymers. The increase in bioplastics and recycling is projected to lead to the construction of over 800 new plants by 2040. Our portfolio includes solutions from high-end efficiency virgin polymers to biodegradable plastics. Furthermore, we offer a best-in-class mechanical recycling technology, and we are securing a strong position also in chemical recycling. In summary, our portfolio is extremely flexible to meet the market's ever-evolving needs. Let's now look at the engine which is fueling this growth. At NEXTCHEM, we implement a pragmatic, business-driven approach to technology development. We start from proven concepts, meaning technologies equivalent to a Technology Readiness Level, or TRL, of at least five, and scale them up to industrial level. To optimize our returns, we focus on making the right acquisitions based on market maturity. We want to secure our positioning in early-stage markets by allocating a portion of our M&A budget and then internally developing the technology. At the same time, we acquire market-ready technologies that serve established segments. Once in our portfolio, we make them flourish through our engineering expertise and MAIRE's commercial reach. Here, we allocate most of our investments. This approach not only increases the probability of success, but above all, it reduces the time to market, and this is not just theory. Less than one year ago, after the GasConTec acquisition, we were awarded the licensing for Mexinol, the largest single-carbon methanol facility under development in the world. More is under negotiation. This is proof of the effectiveness of our model. Let's now see two examples of our strategy to secure NEXTCHEM's position in less mature segments. A key trend we are embracing is green hydrogen. Thanks to the expertise acquired through HyDep, we are developing our own electrolyzers, a module of which is in that room, and expect to bring our 30-MW module to the market by 2026, as Fabrizio anticipated before. The prototype of the cell, as again, is at your back. Another example is chemical recycling. We have entered this segment through the acquisition of MyRemono back in 2023. In 2026, we will complete the first reference plant that will be able to recycle plexiglass. The next step will be to extend this application to polystyrene, a much wider market. By doing this, a single technology will become what we call a technology platform, enabling us to serve various customer needs with one solution. So let me wrap things up. We have seen the key value drivers of NEXTCHEM to lead in the energy transition. Number one, the huge market potential. Number two, the wide technology portfolio. Number three, a pragmatic approach to technology development. These drivers are essential for NEXTCHEM's future, and we believe it will be the future you want to see. The future is also about delivering more innovative and sustainable plants. Sandro, the stage is yours. [Foreign language], Fabio. So now we turn to Tecnimont, where our execution capabilities are deployed with a daring vision. So now we cannot do anything else other than flying into the key figures of our E&C business. So the past three years have been a period of significant growth, with large-scale projects fueling a substantial increase in our backlog. Our EUR 13.5 billion backlog, as of the end of 2024, has been further strengthened by the EUR 3.4 billion of new projects awarded in the first months of 2025. This has led to stronger revenues and higher EBITDA. In 2024, we reached EUR 5.5 billion in revenues and an EBITDA exceeding EUR 300 million. Profitability has also increased, driven by operating efficiencies. This success is built on two clear competitive advantages. First, cutting-edge engineering and construction services enabling the delivery of efficient large-scale plants to our clients. Second, operational excellence driven by selective and robust project criteria. Building on these strong foundations, our integrated E&C companies have established a unique track record, which secured us a leading market position in an industry with extremely high barriers to entry. At Tecnimont, we offer the full spectrum of EPC services, designed to optimize the execution and planned performance, also through the application of cutting-edge digital solutions. We start with the FEED studies to ensure cost predictability. Through detailed engineering, we provide high-efficiency tailored design. Our procurement ensures a timely delivery of quality materials, while construction focuses on cost efficiency and schedule reliability. After delivery, Tecnimont services provide predictive maintenance and performance tracking to maximize productivity. Furthermore, we upgrade and revamp existing plants to improve their efficiency and carbon footprint. Each of these activities contributes to our revenues and profitability under a business model built for sustained long-term value. Finally, we integrate NEXTCHEM's technologies for those clients looking for a one-stop-shop solution. Integrated projects offer our clients the perfect combination of state-of-the-art technologies and a seamless guarantee of plant deployment and operation. Moreover, when project development expertise is needed, we leverage on our meta development arm, a pool of experts in project financing, structuring, and public grants. These allow us to provide a comprehensive 360-degree offering to our clients. Additionally, we have the option to put our skin in the game with the selected equity stakes in certain initiatives. This commitment is the proof that we are fully invested in the success of the technology and the seamless implementation. Our investment approach is grounded in clear criteria. First, we ensure both of our proprietary technologies and EPC services are at the heart of each initiative. We always partner with industrial leaders who bring the essential feedstock and the off-take agreements. We focus on taking minority equity stakes, and we welcome to involve infrastructure funds to reduce the final stake. Our strategy is designed for value operation creation, and we typically foresee an exit within two years, more or less two years, after project completion. All these criteria have been applied to the development initiatives we are currently pursuing with our partners, such as FertigHy in France for low-carbon fertilizer, Tripatra in Indonesia for a Bio-SAF, and Eni in Italy for a circular methanol. When it comes to profitability and delivering projects successfully, one word defines our approach, which is selectivity. Every project undergoes a rigorous internal evaluation, factoring in market conditions, local environment, and past lessons learned. Where we have deep expertise and strong local partnerships, we execute under lump sum contracts. Otherwise, we opt for reimbursable models or focus only on engineering and procurement. In today's volatile landscape, we embed cost escalation clauses and transparency mechanisms into our contracts, ensuring that our profitability targets are met. Our engineering excellence has always been our flagship service. With over 8,000 technical professionals working across our global hubs, we stay close to our clients and local counterparts. Every plant we design is built for top performances, integrating the best available technologies. We are also at the forefront of artificial intelligence adoption. Following a human-in-the-loop approach, we are transforming our processes, enhancing quality and efficiency. When it comes to project delivery, securing supplier capacity is the key, especially in an environment exposed to logistic disruption. Our global network of qualified suppliers built over decades ensures diversified and reliable sourcing. We are continuously working to expand our supply chain in key regions, not only to secure materials in a cost-effective way and reduce the carbon footprint, but also to meet local content requirements. Collaboration starts early by engaging suppliers from the bidding phase. This allows us to enhance project predictability, mitigate inflation exposure, and prioritize responsible partners who share our commitment to excellence and ESG approach. Finally, construction management. We work with trusted subcontractors who build under our coordination, ensuring safety, quality, and efficiency at every step. Their skills are continuously enhanced through our training programs. To optimize the execution, we also prioritize solutions able to minimize on-site man-hours with an end-zone approach, ensuring seamless delivery. And above all, safety. Safety is the priority. That's why I am pleased to hand over to Maria Selli, our HSE Senior Vice President, directly from the field. Maria, the field is yours. Thank you, Alessandro. Today, I'm speaking to you from the APOC site in Al Jubayl, Saudi Arabia, where we are completing the construction and the commissioning of the polypropylene plant and product handling. This is a project that has engaged 3,500 people. Most importantly, this is a project where we have achieved more than 21 million safe work hours without any recordable injury. A remarkable milestone that we are immensely proud of. Allow me to give you just two figures from 2024. Our lost time injury rate is 4.5x better than IOGP benchmark and 56% better than our last year's results. We have delivered more than 4.1 million training work hours on our sites in 2024, with a 70% increase compared to 2023. After years on sites and projects, I have seen firsthand that safety is not about procedure. It's about people. Humanize HSE means ensuring that every person in our sites feels prepared, respected, and empowered to make the right choices. That's what leadership in health and safety is truly all about. Alessandro, back to you. Thank you, Maria. Maria is a giant. Once again, I had said the numbers speak for themselves. Now, let's take a moment for an exciting update on the Hail and Ghasha Project, the landmark gas treatment plant in Abu Dhabi, which is advancing with great momentum. To bring you closer to the action, I'll hand over to our project director, Stefania Taraschi, live from the site. Thank you very much, Sandro. Well said. I'm proudly here on site in the middle of that plant area I told you last year, the 4 sq km equivalent to about 500 football fields. Today, a year later, we are well on track with the schedule at 70% reached as an overall progress. This is the result of the excellent work of our colleagues in Italy, India, and the UAE. More than 1,500 people dedicated to this project were working side by side with the client and the suppliers to ensure a project delivery in line with the standards of excellence that distinguish Tecnimont. Engineering activities are progressing as planned and, in some cases, ahead of the project targets, 48% completed. Procurement reached 74% progress, with all orders awarded for long lead items, mostly all itemized components and part of the bulk materials. Manufacturing activities are in progress, with an overall advancement of 12%, and first shipment of C-structure and piping has been delivered to site. We are maximizing the adoption of modularized solutions and pre-cast items in order to minimize the effort at site and speed up the construction. And construction is progressing, with all subcontracts awarded mostly to local companies, in line with our in-country value targets. Key activities include foundation, elevated structures, and pre-cast erection for the pipe rack, the backbone of the plant, and the temporary facilities such as warehouses, offices, and accommodations. Overall progress stands at 4.5%, but the achievement we are most proud of are the 5 million work hours achieved in December. And now, back to work, as we at Tecnimont know how to do, with passion and determination towards the goal. Sandro, back to you on stage. Grande, Stefania. So then, in addition to Hail and Ghasha, all the other projects in our backlog are progressing rapidly. 2025 is set for a strong performance, with approximately 40% of our 2024 E&C backlog is related to execution. Looking ahead to 2026 and beyond, we start with a solid visibility, which is being increased by the new projects which were awarded to us. Talking about awards and opportunities, in 2024, our group commercial pipeline has increased by EUR 2 billion to EUR 58.5 billion, reflecting a strong demand across key markets. With such a strong pipeline and increasing momentum, we are well positioned for the next wave of growth, also in new geographies. In particular, this year we expect new orders to be worth around EUR 8 billion, of which EUR 3.5 billion have already been secured in the first two months of the year. As usual, the timing of awards is in the hands of our clients, but rest assured, fundamentals remain strong, so stay tuned. These fundamentals are at the basis of our 10-year plan. Starting from the 2025 guidance, we are set for another year of solid growth. Group revenues are expected between EUR 6.5 billion and EUR 6.6 billion, with a steady increase throughout the year. We expect STS revenues to reach EUR 500 million, up 40%, while E&C revenues are expected in the region of almost EUR 6 billion, predominantly covered by projects under execution. EBITDA profitability will continue to increase, driven by higher value-added services. To support this growth, we plan to invest between EUR 130 million and EUR 150 million, primarily to expand our technology portfolio, also through selective acquisition, as we have done in the last couple of years. Even with these investments, the proposed EUR 117 million dividend and the planned share buyback for the incentive plans, we expect net cash to be in line with the figure as at the end of 2024. Before introducing our updated 10-year business plan, let me remind you that 2024 has been the second year in a row where we beat the targets we had set. Looking ahead, we have slightly upgraded our long-term targets in line with the trends of last year's plan: over EUR 11 billion in group revenues and an EBITDA exceeding EUR 1 billion in 2034. The strongest growth is set to unfold in the next five years, fueled by technology expansion and operating leverage. While continuing our upward trajectory, we will also focus on profitability acceleration, targeting a 10% EBITDA margin in 2034. Notably, we are aiming to increase the contribution of sustainability-related projects to 70% in 2034. Now, let's dive into the details for our two business units, starting with the STS. NEXTCHEM revenues are expected to grow at a low to mid-20s% annual rate in the first five years, stabilizing in the mid-teens% in the latter half of the plan on the back of a more mature technology business. EBITDA margin will remain extremely strong, ranging between 22%-27%, driven by the product mix. Moving to E&C business, we expect revenues to reach EUR 7.5 billion in 2029, with gas-based projects leading growth and around EUR 10 billion in 2034. Selectivity and disciplined execution remain our guiding principles, supporting the expected margin expansion with an EBITDA set to more than double in the next decade. To achieve our ambitious growth, we are confirming our investment plan targeting EUR 1 billion of cumulated CapEx over the next decade, balanced between the two business units. Investments will be primarily dedicated to sustainability-related initiatives. In the near term, our priority is to expand the NEXTCHEM technology portfolio through selective acquisitions, investment in validating new solutions, and incremental innovation. E&C CapEx will focus on engineering capacity expansion, digital solution, and advancing our net-zero plan alongside selective project development initiatives. Cash generation will remain extremely strong, with adjusted net cash set to reach around EUR 1.9 billion by 2034. The strong operating cash flow will empower us to invest in our business while maintaining sustained dividends, with a payout ratio assumed to increase from 55%, the present one, to 66% from 2026. Our CapEx concentrated in the first five years will yield significant benefits as we transition into the second half. We remain also committed to first delivering our balance sheet while increasing the share of sustainable funding. To deliver at this pace and scale, continuing to attract and retain the right people is the key. We aim to expand our workforce by over 60% in 2034 and open new engineering centers in key regions, like we recently did in the south of Italy. Artificial intelligence will help boost productivity, unlocking valuable engineering hours and the ability to handle more projects with the same resources. Finally, we are empowering our colleagues with the variable compensation linked to ESG performance, fostering a culture of ownership and dedication. We have come to the conclusion of our presentation, and I hope you have appreciated the total return we delivered since our first capital market day in 2023. We remain committed to accelerating this value creation, delivering year after year, increasing return, and the last but not least, further enhancing our technology business. So I recommend staying tuned with this growth story. Stay with us. Hello, we are now ready for the Q&A session. We will start with a question from the audience here in Milan. Then I will read the questions from the chat. For those who are here in person, please wait for the microphone. Kindly state your name and your organization before asking the question. Please ask only one question. We want to make sure that everybody gets a chance. So I believe we have the first question. Good afternoon, Massimo Bonisoli from Equita. Thank you for the interesting presentation. Forgive me if I go straight to the point. I have a question on the fiscal year 2025 guidance. The guidance is below expectation only on E&C business, whereas the STS is above our estimates. So I would like to better understand the phasing of the contractual project in 2025 and maybe also some light on the 2026, considering that also volumes are a bit below expectation. Thank you. Thank you, Massimo, for your question. I have to admit that I was excited this morning up to, well, 3:00 A.M. or something like that, because I was convinced that the result that we have delivered and the guidance that we have provided for 2025 would have been well accepted by the financial community. But I have to accept that apparently it's not. However, probably we have not been very clear. You talk about phasing, and you are right. You are right. Most likely, the financial community has realized that I was expecting a much higher amount of revenues in 2025. But of course, as we have stated in our presentation, the final investment decisions of the client are not under our own control. We were expecting, if you remember, when we had the conversation at the third quarter report, that I was expecting to book at least EUR 6 billion of additional awards in the last part of the year, which unfortunately didn't happen. But it was not. All those opportunities are still there, less EUR 3.5 billion because that has been already awarded. We have not lost anything. But it is a fact that I have slipped by four, five, six months compared to my original expectation. So, for sure, the size of production, which I was expecting to deliver in 2025. Since for some of those projects would have been already commenced in 2024, now these activities are due to start over the next few weeks for EUR 3.5 billion, and the rest as soon as the additional projects will be awarded. As I was saying, I am really confident that, considering what we have already on board, what I expected to be able to finalize most likely before delivering the first quarter results, but then other along 2025, it will be possible to capture at least EUR 8 billion of new projects. But, for sure, they will enter into production progressively in accordance with the timing of the awards. So, for sure, 2025 takes benefit of the project that we have already in our backlog, but to a lesser extent, the production delivered by the new project. This makes it possible to anticipate that there will be a significant jump in 2026. Please don't ask me the percentage of the incremental increase, but there will be a significant jump in 2026 because the EUR 8 billion are there. The portfolio is there. For sure, some projects under the execution will come to the end during 2025, but we have a backlog which is almost already today in 90% of what we will deliver in 2025. If we consider what we expect to get in the incoming months, I have no worries at all about what we will deliver this year. Even more, I am even more confident about the jump that I promised to deliver next year. Allow me to complete because you opened with NEXTCHEM. We were expecting the market to appreciate the growth, which NEXTCHEM is keeping on delivering. You know, 2025 is going to be another year of substantial growth. We will reach EUR 500 million revenues. We will be above EUR 100 million, we indicated the range EUR 110 million -EUR 125 million of EBITDA. So we are talking of a company which will keep on growing at a 25% growth rate. And I actually see a number of young and less young colleagues and lions that will have to bring these numbers for next year. Alessandro Pozzi from Mediobanca, thank you for taking the question. Over the last couple of years, as you mentioned before, you've seen a significant growth in top line. Part of it is also driven by Hail and Ghasha in the Emirates. Now, as I look at your midterm guidance in 2029, revenues guidance is about EUR 8 billion to EUR 8.5 billion. And also, this is when post-2027, Hail and Ghasha, I think he is likely to contribute less to revenue. So what gives you the confidence that you can deliver at least an order intake well above EUR 8 billion to deliver that sort of revenues in 2029? Can you give us a bit more color or where you see opportunities for the next couple of years? Because if you want to get that number, I think over the last couple of years, your order intake will have to go up substantially. Thank you. As you have correctly stated, Hail and Ghasha, of course, we hope to be able even to deliver, to complete the project even in advance compared to the planned schedule. Not easy, but we are doing our best because we are presently ahead of schedule. However, apart from Hail and Ghasha, for sure, it will be not easy to replace the production that will be delivered at 2026, 2027, 2028, 2029. As we have disclosed, we have a commercial pipeline close to EUR 60 billion located in not just concentrated in one region, spread over several countries. All of them are countries where we are already present with the counterpart, potential counterpart with whom we have a long-lasting relationship. So all the conditions are there. Then I have to admit that in certain regions, in particular for a certain type of project whereby the technology is not the core element of the project, the competition is tougher than a few years ago. But I don't see any major difference compared to the past when a project embeds a high level of technology. And this is the normal landscape where we are operating. We are not part of the upstream developments whereby for sure the competition is wider and tougher. When moving into the downstream, there are just a few competitors which can compete with us because they retain more or less the same level of knowledge and capabilities. So considering that we are not suffering a major variation in the competition and considering that the opportunities have been even recently validated and confirmed by those counterparts which are in our commercial pipeline, I repeat, not easy, but the conditions are there. And since we have already prepared our machine with an increased workforce by over 2,000 people since the beginning of this growth, now, of course, we are prepared, well prepared from an organizational standpoint, and we must maintain the growth that we have designed. And the conditions are there. So I am, of course, worried because everybody which are in the business must be there, must be worried, but not too much because the conditions, I repeat, conditions are there, opportunities are there. And more than that, I have to admit that in particular with certain clients, we have been able to establish so good relationships that before approaching anybody else, they call us in order to have validated their ideas and their propositions. So we have been in a very privileged position. Yes, hi, Kevin Roger from Kepler Cheuvreux. Sorry, I'll come back on 25. You very well explained the top line dynamic very clearly. But at Tecnimont, you are implicitly guiding that the EBITDA margin will be slightly down. You say that, you know, it will be flattish something. On the paper, I would have assumed that considering the fact that the top line is made by projects secured in a much better competitive environment, such as Hail and Ghasha, the margin should improve. So just to try to understand why you expect the margin at Tecnimont only to be flattish 2025 versus 2024. Thanks. Kevin, your question is appropriate, but I truly believe that I have partially already answered. Since more or less 80% of the revenues that will be the top line that will be generated in 2025 comes from the existing project, it is a little bit normal that the marginality that will be delivered during the year will not be so different compared to what we have experienced in 2024. Of course, you can consider that, you know, normally we apply a quite prudent approach in preparing our estimates. To the extent that we'll be able to secure those projects we are expected to come on stream in the next few months and we'll be able to secure those projects at the condition that presently we are negotiating, there is the room for an additional improvement. But prudently, we have confirmed the same marginality that we have delivered in 2024. Hi, good afternoon. I'm Emanuele Negri from Mediobanca. You announced yesterday the deal with Azimut Capital to valorize NEXTCHEM. This is basically the second in just a few months. Can you give us any update in terms of strategy for this valorization, what you have in mind as the next step? Thank you. First of all, we have announced these transactions which do not belong to us, but of course, very important because also MAIRE have agreed and shared the value of this transaction. We have not gained anything. We had 82% before, and we have again today 82%. So the stake which has been negotiated belongs to a family office which doesn't belong to our group. But having said that, both transactions have been considered extremely important because with this transaction, other two extremely valuable shareholders have entered into the shareholding of NEXTCHEM, which will be extremely important as soon as we will decide to valorize a portion of our stake in the market. Those entities which have acquired the stake in NEXTCHEM, they know that presently is not liquid. Their stakes are not liquid and will become liquid just as soon as NEXTCHEM will be listed. When, frankly speaking, too early to say when. Let me say that both of us, primarily Fabio, having the first responsibility of NEXTCHEM, but the group taken as a whole, all of us, we are committed presently to secure the growth that we have promised, and we will do our best in order to beat those targets, and also another consideration, we don't believe that the value which have underlined those transactions is the proper value for NEXTCHEM, so as soon as altogether we will have the flavor that the market is ready to recognize the proper value, we will take the proper decision. In the meantime, we are preparing ourselves. We are preparing NEXTCHEM in order to capture the proper moment with all the formalities which must be satisfied. We are working on that. Among the other activities, we are doing also this exercise. We don't want to lose the momentum. Presently, it's not the momentum. The market apparently is not ready to recognize what we have in mind in terms of proper value of this company. Marco Cristofori from Intesa Sanpaolo. I thank you for taking my question. I would like to change a little bit of a perspective and focus on the future. In particular, it seems to me quite attractive what you are developing in the nuclear, which now the attitude in Europe at least is changing and is moving toward nuclear. So just to understand, when you think to be ready and what are the investments involved in the project? Thank you. I'll take this. You're rightly saying that could be a game changer. It's all very recent. We have signed an MoU and we are going to constitute a joint company with newcleo very soon. For the time being, we have projected in our business plan the ability to work on this new potential energy feedstock because nuclear would just be an alternative energy feedstock to our end market. So our end markets will not change on the STS side. So STS will be selling services to the joint venture made with nuclear. And we are assuming a 5%-10% of the overall revenues in the next five years coming from this activity. I'm clearly talking about NEXTCHEM business. Then we have a slightly upside on the second part of the plan because we will be able to approach together with nuclear new clients. So there is a slightly more courageous view always on the services side from the second part of the plan onward. But as you're rightly saying, things change quite rapidly. Nuclear was nowhere six months ago. We have revised our plans and we hope we can be even more bullish as and when we will have clearer ideas of the development of nuclear worldwide, not only as you're mentioning in Italy or in Europe. For now, we are basing our projections on those countries who have already adopted or are already using nuclear. So France, Slovenia, Slovakia, and very few other geographies. Should Italy join soon the party and embrace what we believe is the only alternative to make green products available because you have a reliable source of energy, then we will review upward our projections. Francesco Sala, Banca Akros, thank you for taking my question. My question is on your M&A and acquisition strategy. Also, in the light of your net cash target for 2029, which is EUR 700 million, which gives you plenty of opportunity. So I wonder what are the segments you are looking at in terms of technology and whether there is also a capacity issue you have to address also given your revenue targets. Thank you. Okay. Let me say that what we have in our business plan is no different from what we have delivered in the past two to three years. So we have been buying what we call non-transformational targets. These targets are typically companies who have made all their technology development and are in need of a process engineering company which are able to scale them up so that you can then satisfy an industrial client demand. So the acquisitions we have made are of the millions or of the tens of millions maximum, which is not going to be, again, a major headache in terms of our ability to provide funding for it. You might recall we have closed a dedicated banking facility. It's a long-term facility. We signed at the end of last year. We finalized in the beginning of this year for EUR 125 million with the banks, which, you know, Italian and international banks to support this growth. So we have also, on top of self-generated cash flow, we have also that envelope to tap into in case of need. So should we bump into more sizable opportunities, we already have the proper fuel to make these acquisitions, but these acquisitions are not in the business plan. So what you see in the business plan is something you can define as organic growth because it's based on the technology we already have in our portfolio or on acquisitions which will not change the game. As to your question of where we are investing, at this point in time, we believe the technology portfolio we have is quite complete. If any, we are looking at certain technologies who can fill the gap in the overall end-to-end solution to the client. So it's a portion of the overall technological offering that the client needs or on technologies which are adjacent to those technologies we already have because in this case, we can optimize our commercial activity with clients. You visit one client, you sell to technologies. So this is what we are looking at at this point in time. Yes. Good afternoon, everyone. Thanks for your presentation and taking my question. My question is basically on the integrated model and what the results could come out from this integrated model of your company. Basically, we are aware that there is an integration between technology markets. Synergies will come out. Now, my question is for both of you. And you, Fabio, and NEXTCHEM had lots of contracts in terms of PDP and other small contracts, value-adding contracts. So basically, my question is, when and in what extent this kind of a contract could translate into an EPC contract also involving the services from MAIRE? Thank you. Let me start from answering and then Sandro, if you want to add, please feel free to add. But we have always said that both business units are potentially revenue-generating for the other business unit. We are at a point in time when if you start by proposing a technology to the client, it is very likely that the client will ask you also for the execution of the plant. It is also fair that in these days, certain projects which are taken directly by Tecnimont or KT from the execution side can cross-sell products to the technology part of the business. So you don't start with the technology, but you start with the execution. So both can work. I'll give you an example. You know, we have, Sandro was showing it on a slide. We are planning for this year to be able to start the execution of the Sann azzaro plant with Eni in Italy. That is a project that started from our technology offerings and where we feel comfortable enough because the technology is ours, the environment is known to us. We are also feeling comfortable to execute that project. Let me make another example. We mentioned in my presentation the license award for Mexinol in Mexico, the largest low-carbon methanol producer in the world in a matter of a few years. In that case, we will most likely stay on the technology side without cross-selling to the execution just because in that peculiar market, we are not yet as confident as we are in Italy. In that case, we don't see an opportunity for Tecnimont because we think there are other companies who are more skilled to deploy the plant in that part of the world. I can give you other examples the other way around. I do personally think that there is value in being integrated. It's just take any statistics of the past, or sorry, data of the past two years. All the pure plays in the energy transition have lost money, are still there to wait for their market. The basis of our offering is a wide portfolio of technologies and the ability to offer the client an end-to-end solution from the technology offering to the execution. I think this is going to pay in the medium term. There will be then a time in the future where, as it was for the fossil fuel technologies, the licensor goes its own way and the EPC contractor goes the other way. But I think there's a value added in having the two together for the medium term. I don't want to waste your time because I have no major information to add to what Fabio has already disclosed. But for sure, there is, for example, the strength of the green ammonia. You know that we have developed in-house technology for the green ammonia for the time being up to 1,000 tons per day. Now we are in the FEED phase for a couple of projects to be realized in Europe, which we expect as soon as the cost estimate for those investments will be shared with the client to start what we do with the EPC phase. It is just one of the examples on top of what has already mentioned, Fabio, of the integrated approach, which is for sure the key element of our strategy. Now let's have a drink.