Good afternoon, everyone, and thank you for joining us today in our Milan headquarters. Today, we will review the nine-month 2024 financial results and provide a strategic update on how NEXTCHEM is enhancing its value proposition in the energy transition. For those who are new, my name is Silvia Guidi, Head of Investor Relations. I'm joined today by our CEO, Sandro Bernini, our CFO, Fabio Fritelli, as well as the NEXTCHEM management team. After the presentation, we will be happy to take your questions. Now, I would like to hand over to Sandro for his introductory remarks and an overview of the financial results. Sandro, please? A lot of friends. Oh, very well. So thank you, Silvia, and welcome everyone into our presentation. I'm really proud and honored to have so many of you here with me in our headquarters. And also thank you for all of those which are joining us online. So the nine-month results have further strengthened the momentum we built in 2023. Our key performance indicators have shown a strong growth, both compared to the same period of last year, with revenues and the EBITDA increasing by over 30%, and net income rising more than 60%. 60%. At the same time, we have consistently improved profitability, generating even more value for our shareholders. This outstanding performance was also accompanied by an improvement in net cash, which is now at its highest level ever. We continue to execute our business plan, expanding our technology portfolio through the acquisition of HyDEP and GasConTec. Our growth is driven by the execution of our backlog, which stands at about EUR 15 billion, and by the continuous strengthening of our workforce. We bolstered our engineering capacity through both hiring and the recent acquisition of APS Group. Our headcount is now approximating 9,300 people, fully equipped to serve the current energy investment cycle. Now, let's take a closer look to our operational performance. Order intake in the sustainable technology solution was about EUR 300 million, leading to a backlog close to EUR 400 million. A tangible proof of the appetite for NEXTCHEM's technology offering globally. The scope of works includes advanced technology licensing, cutting-edge process design, and proprietary equipments. Several feasibility studies are also underway, aimed at delivering innovative decarbonization solution to our clients and producing next-generation fuels and circular materials. Our clients' significant investment programs continue to fuel our order intake in integrated engineering and construction solution, with EUR 3.4 billion of new orders generated in the nine-month period. The bulk of new award were secured in a variety of countries, demonstrating our commitment to geographical diversification in our operation. We are also supporting our clients in their gas monetization strategies and low carbon projects. In particular, we are expecting in few months, award for a total value exceeding EUR 6 billion, related to several projects we tendered over the last few months. These potential projects are spread over several geographies and will allow our backlog to keep the pace of our growing revenues. Of course, the exact timing of these awards is completely, of course, in the hand of our clients. So moving to the project execution, let me provide a brief update on the progress of Hail and Ghasha projects. First of all, I am proud to highlight that we achieved 1,000,000 man-hours safe in September. We completed a 30% detailed level review for 3D modeling, while over 95% of equipment purchasing activities have been carried out. Construction activities have been started ahead of schedule and are progressing with the completion of the bund wall and closing storage tanks and the start of the foundation building for the process area. Overall, the project is advancing well in line with the schedule, and entering into the last quarter of 2024, it will significantly increase its contribution in terms of revenues. Finally, looking at the future, we continue to see a healthy and significant commercial pipeline, fueled by important investment in our clients' energy and chemical infrastructures, including the six billion project, for which a final investment decision is expected in a few months' time. This concludes the review of our operating performance, and now I will hand over to Fabio to discuss the financial results. Please, Fabio? Thank you. Thank you, Sandro. Our financial results keep showing a sustained growth across all the main KPIs. Revenues were EUR 4.1 billion, up 33.8%, driven by steady project execution of our backlog. EBITDA was EUR 268.8 million, up 37.2%, mainly thanks to higher revenues and an improved operating leverage. Margin was 6.5%, up 20 basis points year-on-year, also thanks to the contribution from high value-added services and technologies. Our net financial charges decreased by EUR 21.9 million, thanks to the positive contribution of derivatives and an increased yield on cash deposits. The combined effect of the operating and financial management has led to a consolidated net income of EUR 144.5 million, 63% up, and with a margin of 3.5%, which is 60 basis points higher than the previous period of last year. Let's now analyze the financial results by business unit. Sustainable Technology Solutions revenues were EUR 251.7 million, which is a 31.1% increase, driven by a growing demand for technological solutions, particularly in nitrogen fertilizers, carbon capture, and circular fuels. EBITDA was EUR 61.2 million, up 36%, reflecting the increase in revenues. The EBITDA margin increased to 24.3%, an improvement of 90 basis points, thanks to more profitable product mix. Integrated E&C Solution revenues were EUR 3.9 billion, up 34%, driven by the steady project execution, including the engineering and procurement activities of Hail and Ghasha and the other projects in construction phase. EBITDA was EUR 207.6 million, 37.5% up, with a margin of 5.3%, which is an increase of 10 basis points over the same period of the previous year. Let's now move to our investments. We continue investing to strengthen our technology portfolio and expand our engineering capabilities. By the end of September, we reached 75 million in investments, mainly concentrated in sustainable technology solutions. We acquired HyDEP and GasConTec, enhancing our offering in electrochemistry and low-carbon solutions. We also consolidated our position in plastic upcycling by increasing our stake in MyReplast. In the E&C business, we bolstered our engineering capacity by adding over 300 professionals through APS Group acquisition. On M&A, let me remind you that a significant portion of the purchase prices is expected to be deferred and/or based on earn-outs, so as to distribute payment over time linked to performance. At the same time, we continued investing in incremental R&D and digital innovation. Now, let's move on to the cash flow dynamics. Our adjusted net cash position at the end of September was EUR 362.7 million, up by EUR 24.8 million compared to December 2023. Our net working capital continues to remain strong at - EUR 379 million, reflecting the positive financial dynamics around our projects. The significant operating cash flows allow to disburse EUR 110.8 million in dividends and share buybacks, and almost EUR 34 million in investments. Now, I hand over to Sandro for the guidance. Thank you. Thank you, Fabio. Now, just to wrap up, our nine months results provide an extremely, extremely solid foundation for the delivery of a double-digit growth in 2024, which leads us to reconfirm our guidance. So Group revenues are expected to step up, as we already stated before, in the last quarter, driven by the planned progress of the projects acquired in 2023, as well as in the first part of this year. In this respect, Hail and Ghasha will provide a significant, significant contribution in the quarter growth. We are steering towards a full-year revenues in the middle of the range, while EBITDA margin and adjusted net cash are expected to be in line with the nine-month results. So driven by the current fundamentals, we expect award of a few sizable projects to take place by the end of the year, mindful that the exact timing is obviously driven by our client planning schedules. So this concludes the review of the nine-month results and now together, let's move into the main focus of this meeting with you, which is the technological journey. So as you have seen, part of the growth we are experiencing this year is driven by our sustainable technology solution business. To this effect, we would like to provide a more detailed analysis of how NEXTCHEM is enhancing its value proposition to boost our competitive edge. NEXTCHEM journey is deeply rooted in over a century of innovation in chemistry, leveraging on the pioneering spirit of our extensive legacy. In 2018, the rich heritage of innovation was pooled in NEXTCHEM as the focal point for the green acceleration. Since then, we have integrated both internal and external competencies in key market segments to expand its expertise. The creation of the Sustainable Technology Solutions business unit in 2023, headed by NEXTCHEM, has accelerated our efforts in the energy transition. In fact, we have successfully acquired four technology players in less than two years and pooled additional key existing competencies from three companies within our group, and of course, more will come. It is clear that our pioneering efforts are paying off. Both revenues and EBITDA have shown strong growth, and we enjoy a best-in-class profitability. This year, we expect to see a significant leap, with revenues and EBITDA set to double in two years' time. We are delivering on our promises, consistently meeting our targets quarter after quarter. Now, let's turn our attention to the future and the key macro drivers behind this growth story. And, as we talk about the future, let me call on stage Fabio Fritelli, the newly appointed Managing Director of NEXTCHEM. ... As we look ahead, the future holds immense potential, driven by several key macro factors. Population and GDP growth continue to fuel demand for energy and resources, while regulatory and social pressures are intensifying. Governments and industries alike are focusing on energy and food security, decarbonization, efficiency, waste management, pushing for more sustainable practices. The expected energy investments in our reference markets up to 2030 are impressive. Even in the most conservative economic transition scenario, we are looking at annualized investments of $1.1 trillion. This significant investment will heavily rely on clean technologies that are both economically viable and commercially scalable, almost equally divided between traditional fossil fuels and low-carbon solutions. Technologies will be crucial in enabling this transition, serving as the backbone to make the transition happen. Now, let's discuss our formula for success in this scenario. Our value proposition is clear, at least to us. We provide end-to-end, economically viable solutions to drive the energy transition from feedstock to the final product. At the heart of this capability is our superior process engineering, built on decades of experience and strong track records. Our expertise allows us to develop and implement efficient, scalable solution tailored to the unique challenges of each single project.... We rely on a portfolio of proven proprietary technologies, constantly enhanced through cutting-edge innovation, and our ability to scale up these technologies enables us to meet the industry's evolving demands while ensuring a competitive performance. What sets us apart is our technology-agnostic approach. We have the flexibility to integrate both proprietary and third-party technologies, ensuring that we always deliver the optimal solution for each project. This versatility allows us to adapt to the specific needs of our clients, providing the best path forward in the global shift toward sustainable energy. With that in mind, let's see how we further improve NEXTCHEM organization to better face the new challenges. So, our new organizational structure features three distinct business lines designed to address the key forces driving the energy and industrial transformation. This streamlined approach will allow us to focus on our core strengths while effectively meeting the needs of our clients and the needs of the market. So now, I will leave you in Fabio's hands, who will explain the purpose of each business line. Thank you. Thank you, Sandro. First, we have Sustainable Fertilizers, which embodies our commitment to feed the world. This business line is dedicated to providing innovative, eco-friendly solutions that enhance agricultural productivity while minimizing environmental impact. Next, we focus on Low-Carbon Energy Vectors, which reflects our mission to move the world and promote sustainable mobility. We are developing low-carbon energy solutions that support the transition to cleaner transportation and energy systems. Last but not least, Circular Solutions to emphasize our goal to make materials and promote recycling. This business line is committed to creating closed-loop systems that maximize resource efficiency and reduce waste. Together, these three business lines position us to lead the change in the energy and industry transformation, leveraging our expertise to deliver impactful solutions that align with global sustainability goals. Our new business lines are designed to work synergistically, maximizing flexibility, expanding our client reach, and unlocking cross-selling opportunities. Let me repeat it: unlocking cross-selling opportunities. By leveraging this integrated approach, we can offer tailored technological solution that drive value and ensure long-term partnerships with our clients. Our solutions are widely diversified. As you can see, several final products can be obtained through technologies belonging to different business lines, which are using, by the way, different feedstocks. This is further proof of the versatility of our offering in a scenario where no single path to net zero exists, and there is no one single winning technology. We keep on repeating that. Such a business model allows us to better serve the needs of our clients, starting from traditional ones, like the fertilizer producers or the chemical and oil and gas industry, who are the front runners in the implementation of decarbonization solutions. At the same time, by integrating our technological offering with our E&C execution capabilities and MET Development, our project management team, we will be able to reach new clients in new sectors, such as steel, cement manufacturers, as well as municipalities and multi-utilities, those that manage the waste. Now, let's introduce the managers leading each business line, starting from Sustainable Fertilizers with Pejman Djavdan and Barbara Cucchiella. Please, come on stage. Thank you very much, Fabio. Good afternoon, everyone. It's a great pleasure for me to be here and to be able to address you and tell you more about the business lines that I'm responsible for, the Sustainable Fertilizers and Nitrogen-Based Fuels. I have personally 35 years of experience in chemical technology and in industries, and have been the CEO of Stamicarbon for the last 19 years. We have grown significantly in the last 15 years as a part of MAIRE, and of course, we have achieved this significant growth by adding and developing new technologies and developing new services to add to our offering. Our end market is primarily driven by the growth of population and to be able to feed this growing population, intensification of agriculture is a must. However, we need to do that in a way that does not harm the environment or the planet. For this, we are continuing to add to our technologies and license these technologies for the production, sustainable production of fertilizers, and for the sustainable use of fertilizers. At the same time, we are also seeing an increasing use of urea and ammonia in the industrial applications beyond agriculture. We see also these products finding new roles in various sectors, which, of course, opens up new markets for us as a business. Finally, we also see ammonia emerging as a zero carbon energy carrier, which is also creating exciting and profitable opportunities for us. To meet all of these demands, of course, we have different technologies. Let me start with our urea melt and granulation technology, which in which we are a world market leader, and we continue, of course, to develop and enhance our solutions by maximizing the energy efficiency while minimizing the environmental impact. One example that I would like to give to you is the ultra-low energy concept that we have developed, and we have. This concept is able to reduce the steam consumption of urea plants with 40%, which is a significant reduction of energy, and we have already applied this technology in 11 new plants, factories around the world. The second one I would like to highlight is the nitric acid and ammonium nitrate technology, which optimizes both CapEx and OpEx for the production of nitrate fertilizers, which is, again, paving the way for the use of fertilizers that have zero carbon emissions. We are also at the front of developing low carbon and green technologies for the production of ammonia, and for that, I would like to ask, Barbara Cucchiella to, explain more. Barbara, go ahead. Thanks, Pejman. Just a few words about myself. I've been working for the group for more than 15 years, and I'm currently the Head of Process Engineering at Stamicarbon. Among all the developments that Pejman just mentioned, especially in the last years, we have been working on development of ammonia technology solution. In that sense, we can start discussing about ammonia that is synthesized from low-carbon hydrogen. In that case, we are able to integrate our own solution with advanced proprietary hydrogen technology, like autothermal reforming or catalytic partial oxidation, that overall lead to a lower CO2 emission of ammonia production. This is made possible by synergies with colleagues of our business line, in particular of Low-Carbon Energy Vectors business line, which you will hear in a bit. At the same time, we have also developed a proprietary NX STAMI Green Ammonia production process. This is peculiar, crucial to reach long-term sustainability, and we are really proud finally to apply this for the first time in a plant in United States. Likely, this will pave us the way for more to come in the future. Thank you very much. you very much. Thanks, Barbara. Thanks, Pejman. It is now the turn of Low-Carbon Energy Vectors, which were mentioned with Andrea Vena and Cristina Guazzotti. Please come on stage. [Foreign language], Fabio. Good afternoon to everyone. As Fabio was mentioning, I'm heading our efforts in Low-Carbon Energy Vectors. Just a few words about me. I'm a chemical engineer, and I have more than thirty year experience in energy and industrial sectors. Out of this thirty, twenty are in the hydrogen business, either in production and in designing and managing complex projects. If we look at our business line, the growth is supported by several drivers. First, the need to decarbonize the so-called hard-to-abate industries and transportation, which is critical to achieve global climate goals. Secondly, the push to minimize the environmental impact of existing infrastructures, such as refineries, gas treatment plants, and heavy industries through more efficient abatement solutions. Now, hydrogen is by far considered the vector for energy transition, being used in production of chemicals, iron, steel, and alongside this increasing use in power generation. Our business line is fully equipped with all the necessary competencies to provide the full spectrum of solutions. Starting from the classical SMR, steam methane reformer, which when fed with biogenic feedstock, is for sure the simple and most effective proposition for biofuel production... Just an example, we are doing this in Eni biorefinery in Marghera and Livorno. With a catalytic partial oxidation and the ATR, autothermal reformer, we can meet medium to high production needs of low carbon footprint hydrogen, and we make this available, as Barbara was saying, for other business lines. Finally, we offer also reliable and cost-effective electrolysis modules for green hydrogen. Now, if we move to next-generation fuels, we can have a look at our capabilities to provide technological solution for low-carbon methanol and synthetic methanol. While at the same time, we are unlocking a sustainable aviation solution through cost-effective, small-scale plants, which leverage on the regional availability of feedstock. Finally, but not least, our pre-treatment processes, which is a fundamental step for production of sustainable aviation fuel. Now, just to make a focus on low carbon hydrogen and methanol, let me hand over to Cristina Guazzotti, who will provide you with an overview of our AdWin technology. Please, Cristina. Thanks. Thanks, Andrea, and hello, everyone. So let me tell you a little bit about my journey in our group. I'm currently in charge of process and incremental innovation within this business line, having spent almost 30 years working in KT, mainly working on hydrogen technologies. Today, I'm really happy to share with you our NX AdWin technology suite, which has been in our portfolio since the acquisition of GasConTec early this year. The solution are centered mainly around the so-called autothermal reformer, ATR, a technology to produce low-carbon hydrogen from hydrocarbons, ensuring high production yields while enabling a capture rate of CO2 over 95%. So the NX AdWin suite, thanks to the higher operating pressure of the autothermal reforming and the elevated integration with utilities and the downstream, is provided with a very high energy efficiency scheme. That make it also extremely cost-effective for large plant scale. Moreover, we cover complementary back-end technology to go to other products, among which methanol, one of the most promising next-generation fuels, where we see a large potential. Is it, no, Andrea? Sure. What do you think? Thanks, thanks, Cristina. You're welcome. Thanks for joining us. Now, just a few other points of our business line. To serve the decarbonization needs of the oil and gas sector, we offer a variety of technology. The most important one is the CO2 capture technology that we are applying in our Hail and Ghasha project. But this is not only a matter of CO2. We offer also sulfur recovery unit technology, in which we are active since the 1970, and which is really important to abate the pollutants in the existing refineries and gas treatment plant. Now, if you look at the polymers, the advanced polymer segment inside our business line is driven, of course, by an ever-growing demand for plastic, which is particularly true in the emerging markets. At the same time, there is a regulatory pressure to have biodegradable plastic material now, and for this reason, it is imperative for us to unlock those technology to mitigate the waste impact. To address these challenges, we offer technologies to enable the production of this bioplastic, starting from fossil fuels, and we are continuously innovating in order to minimize the carbon footprint of those technologies. I think that with this, we have- Thanks ... a view on our business line. Thank you, Andrea. Thank you, Cristina. Thank you, Fabio. Finally, it's the turn of Circular Solutions with Massimo Di Amato and Alessia Borgogna. Please come on stage. Thank you. So thank you very much, Fabio, and hello, everyone. It's been an honor for me and a privilege to be here and overseeing the Circular Solutions business line. I've been involved in NEXTCHEM since its early stages, contributing to its growth, shaping its strategic development, enhancing our low carbon and sustainable technology portfolio. So, as part of the journey, I've been involved in key M&A deals, including the acquisition of MyRemono, which I'm very proud to serve as Managing Director, and GasConTec. Going back to Circular Solutions, there is a widespread regulatory push to reduce waste. Governments are tightening the rules in waste management, which is creating a huge incentives for industries to rethink their approach. On top of that, many of these new regulations specifically promote circularity. They are designed to encourage the recycling, reuse, and recovery, which perfectly fits with our core mission. So the huge availability of feedstock gives us a tremendous opportunity to capture waste streams and convert them into valuable low-carbon products and material. Another critical driver is the corporate world's growing commitment to using more recycled materials. We are seeing major companies setting ambitious goals to incorporate higher percentages of recycled content in their products. This is clearly creating a powerful demand for more efficient and scalable low-carbon recycling technologies. Now, let me talk about the technologies we are advancing in circular solution, starting with the NX Replast, our solution for the upcycling of plastic waste, the rigid plastic waste. So our technology, tested in our own plant in Bedizzole, allow us to upcycle it even in more valuable products, giving this material a real second life. Our chemical recycling technology is breaking down sorted plastic waste into its original monomers. This means we can essentially return waste plastic to its raw material and reintroduce it in the production process, creating high-quality materials. We are scaling up this solution for PMMA, with a view to extend it to more widely used polymers in the future. Another technology we are championing is bioenergy production from waste biomass. By converting biomass into renewable energy, we are able to offer a cleaner alternative to traditional energy sources, helping industries move towards a more sustainable energy mix. Last but not least, we are extremely proud of our Waste-to-X solutions, which enables the valorization of waste into low-carbon fuels and chemicals through gasification. On this, let me hand over to Alessia. Alessia, please. Thank you very much, Massimo, and hello, everyone. Just few words to introduce myself. I am part of the business development team of Waste-to-X Solutions, and I have been following the development of this successful technology for the past eight years, starting by dedicating my PhD in chemical engineering to this topic. With NEXTCHEM Circular Solution, we can take waste material and convert them into syngas, which can then be transformed into valuable fuels and chemicals like hydrogen, methanol, ethanol, and even sustainable, sustainable aviation fuel, by applying third-party technologies. Indeed, Waste-to-X is a clear demonstration of our ability to integrate different technologies in a proprietary process and to design an end-to-end solution. We got several awards in the past couple of years, including the most recent SAF project for DG Fuels in the U.S. But we are not resting on our laurels. We are currently focusing on further development of the technology. These include digital innovation, such as advanced modeling, able to combine feedstock characterization with a tailored control system of the process. Additionally, we are working to strengthen the application of our gasification technology to other feedstocks, even more challenging than conventional municipal and industrial solid waste or biomass. Actually, these are just few examples of our contribution to the energy transition. So I hope you are as excited as I am about how our technologies can help make our world more sustainable. Thank you. Thanks, Alessia. Thanks, Massimo. Having heard about our technology portfolio, let's now see how our solutions are strategically positioned on the path to net zero. This is a slide I particularly like because we have plotted our main technologies vis-à-vis the time to large-scale market adoption, which means that on that side, you have technologies that have yet to be proven at scale, and on this side of the slide, you have those technologies who are ready to be applied because they are already in adoption. As you can see, in fact, most of our current solution are characterized by relatively short adoption time, while at the same time, we are developing the next generation technologies of the sustainable future. Our Blue Solutions represent technologies available and commercially viable today. They serve as critical bridges to long-term green alternatives. Likewise, our Waste-to-X technologies are advancing towards e-fuels, paving the way for more sustainable energy vectors. Together, these innovations not only meet immediate market needs, but also create a clear path towards a more fully sustainable energy ecosystem. To complete the picture, let me hand over to Mohammed Nafid. Mohammed? Thank you, Fabio. It's a pleasure to be here. My name is Mohammed Nafid. I have the privilege to be part of MAIRE Group for over twelve years now, in various executive roles, within Stamicarbon, MET Development, and NEXTCHEM Tech. Recently, I've been appointed the Region Vice President for Sustainable Technology Solutions in the Middle East, responsible for all the business development for all our solutions in that region. You've seen the broadness of our technology portfolio. Let's try to understand the services offerings that we are presenting to our clients for our technology solutions. These services, our services are defined to address specific technology needs, covering the full life cycle that a client is experiencing, from the initial feasibility, all the way to the digital tools, all the way to the revamping and upgrading support that a client experiences in his lifetime. Everything starts with a feasibility study to understand and to prove the viability of our technology and the viability and the ability for us to meet the client objectives. Next, we offer licensing, process design packages, which give the right to clients to use our technologies within a process design fully customized to the specific context of the client. Furthermore, we have catalysts, process design packages and proprietary equipment that form an integral part of our technology value proposition. These catalysts and proprietary equipments that we have are either developed fully in-house by ourselves, or we develop them in collaboration with specialized technology partners. In the end, these products are produced by selected specialized suppliers. These products are very critical for us because they are guaranteeing the performance of our technologies and also optimizing them for the use in the plant processes of our clients. Finally, we have our digital services, which integrate cutting-edge technologies, offering real-time insights and data analytics to improve the operation and maintenance activities of our clients, but also offer opportunities for training of their operators. Let's see how we are able to sell these technology solutions globally. The answer is to have a very strong local presence. As you well know, technology business is truly a global business, and it is therefore a very important part of our success to have the ability to effectively understand, connect, and work together with our clients locally. By establishing dedicated regional platforms, we are able to be very proximate to our clients, and we ensure that we foster strong relationships with traditional clients, but also engage with new potential clients. It is also better for us to understand the ever-changing local context in the various regions and understand the key drivers that affect the client's decisions, opportunities, and challenges. The regional platforms are fully aligned with our business lines, enabling us to seize cross-selling opportunities, particularly with our E&C activities. Our regional model has been successfully proven, implemented over the last decade for our E&C businesses, and we have now further tailored it to also serve our technology businesses. What we see is that our clients appreciate this integrated model and the fact that we have a one-stop shop for both technologies as well as E&C. Moreover, we focus on developing and implementing In-Country Value strategies, which enhance local engagement and contribute to sustainable growth. This strategy not only strengthens our market position, but also aligns with our goal of creating lasting value for our clients and the communities that we serve. Together, we are positioned to leverage these relationships for mutual success. I leave the floor to Fabio, who will provide an economic view of what we have shown so far. Fabio? Thank you. Thank you, Mohammed. Indeed, we do expect significant growth in our core markets, driven by solid fundamentals and supported by the flexibility of our offering. Low-carbon fuels and chemicals, blue hydrogen, circular fuels, and recycled materials will contribute to growth rates in excess of 20%. At the same time, our urea leadership, so the leadership we've gained in decades in the urea field, coupled, as you have heard from Pejman, with our ammonia offering will continue to provide a solid base to our STS revenues. Together, these trends position us for robust growth, ensuring we meet evolving market needs while driving sustainability. Let me now hand over to Sandro for his closing remarks. Sandro? Thank you. Thank you, Fabio, and thank you also to all the colleagues for your extremely insightful presentation. As we look ahead, it is clear that the market environment remain extremely supportive, and our clients' investment strategies will continue to drive demand for both of our businesses. Our integrated approach will give also an additional edge as clients are increasingly integrating sustainable solutions with more traditional downstream assets. For this reason, NEXTCHEM's innovative technologies are well positioned to fuel our group's growth, providing an increasing contribution to our profitability. Of course, we remain excited about the prospects that we are facing and the opportunity to share this value creation with all of our shareholders. We remain focused on continuing to meet our objectives, which will be reviewed and shared with you at the time of the release of 2024 financial results next year, and to this extent, let me invite you already now, once again. I want to see each and every one of you to our next Capital Market Day, which is due to take place early March 2025. So with this invitation, I conclude my presentation, our presentation, and hand over to Silvia to start the Q&A session. Thank you. Thank you once again. We will now open the Q&A session. We will start with a question from the audience here in Milan, then I will read the remaining question from the chat. Please limit your questions to two per person in order to give the opportunity to everyone to ask a question. If you are in the room, please wait for the microphone, and kindly state your name and your company name before asking the question. Who wants to break the ice? ... Good afternoon, thank you for the very interesting presentation. Massimo Bonisoli from Equita. I would start with a question on the new business units. If you can provide how much each division accounts in terms of revenues and EBITDA right now, and how do you see the evolution in the very short term in 2025, considering the very good number of projects you have been awarded over the past few months, and now we can put them into perspective in each business unit. And the second question is more, your thoughts on the, on your ability to of client reach, in the sense that I understand you are very good in for the client reach on oil and gas, fertilizer company, chemical company, but maybe steel, cement, hard-to-abate sectors in general are maybe more out of reach in your case. So any thoughts on potential JVs in that segment, regarding steel, cement, or whatever, just to be closer to the end clients and customers? Thank you. Sure. Both? Of course. I thought we'd be clear. Okay, let me start from the first one. There was a slide which went out, which we have appropriately blurred. Because, you know, when we get to 2023, you can understand more or less. But let me be pragmatic in the answer. We have a very consolidated business line, which is the fertilizer business line. We have a very consolidated business in hydrogen and sulfur management and production based on existing technology or fossil fuel technologies. Those do make approximately 50%-60% of our revenues in the short term, clearly. Then you have another part of the business, which is very promising, which is, and I'll go to the top of this slide to see, which is the Circular Solutions. We have been able, if you remember our recent announcements, to get very interesting opportunities by licensing in the United States. If you have read the press in these days, there have been massive announcements of public grants to support biowaste to sustainable aviation fuel with several technologies in several ways. We have been selling a license for a developer in the United States, it's called DG Fuels, back in... When was it? June. June, July. June. So that's definitely on top of what we are developing here in Italy. You know, that we are working with the major oil companies in Italy and municipalities to deploy a Waste-to-X solution. So also on the circular, I would say is very much now. And clearly then there's the big potential of what has been told by Andrea Vena, when you get to the new energy vectors, let me call it the Low-Carbon Energy Vectors, which represent the blue part of the business, so the one where we see the bigger potential going forward. And luckily, the seeds are already there today. The number of projects, which are initiatives, let me call it this way, because they're not yet projects, but they will be soon, in ammonia and methanol, is impressive. Two years ago and last year, we were talking about hydrogen is clearly not the vector for the short term, so you will need to bridge it with ammonia and methanol. I don't know if I gave you the answer. I will not give you precise numbers, not even under torture, but this gives you. And the second question was on alliances. I do remember we tried an alliance with the cement sector, so we're talking about hard-to-abate sector. Because, for instance, the gasification of waste, the residue in the gasification of waste, is something we have not yet valorized in our business model, but can be furtherly valorized by using it in the construction industry, which is a cross-selling. But, getting specifically to the needs of the steel and cement business, you know, in their case, the energy transition is a further cost. So the real trick to ignite initiatives will be the point in which the fine you have to pay to emit CO2 is higher than the further cost you need to sustain to reduce your CO2 emissions. We are talking with a lot of players in the sector. We are partnering also with the infrastructure funds, which in turn are talking to the sectors. I would say that right now, the core of our activity is still with oil and gas and fertilizer company, and let me add to these, municipalities, because whenever we talk about waste, you must have those who manage waste as a partner. So the answer is no immediate strategic partnerships, because it's a relatively different formula from what we develop with the oil and gas companies, for instance. In their case, it's core business. In the case of steel and cement producer, it's solving a problem. I don't want to leave you alone. No. I would like just to integrate a little bit, in particular, as far as the your first question is concerned, because we are dealing just in these days an opportunity which could become a real big opportunity, in particular in the sustainable aviation fuel space, as well as low -carbon methanol. Of course, the acquisition of GasConTec has provided us with an important boost in these, for these specific products. And just to reconfirm once again what has been already anticipated by Fabio, please consider that, for example, a country like Kazakhstan, who would have thought about Kazakhstan to want to be a player in the sustainable aviation fuel? Yes, it is. They have created a specific dedicated vehicle, which is called KazMunayGas Aero, which is specifically engaged in developing sustainable aviation fuels project in their country, starting from, not of course, from natural resources, but starting from vegetables, bioproducts, waste bio, and they wanted to become the most important producers in that part of the world. They have identified our group, which could be our and could become a partner with them. We are presently working together in order, in particular, to teach them what could be the best technology to be applied, considering the type of feedstock that they have available. So very often, you know, the possibility to place in the market your technological solution depends a lot on how the client is already aware about the technological proposition. We have to pay a lot of effort in primarily to teach them what could be the best solution. Then, of course, we are ready to deliver them. We are doing, for example, in Kazakhstan, but this is the last, because it's one of the last situations which we are managing so far. For sure, ammonia, low -carbon methanol, sustainable aviation fuels, these are the pillars of our strategy. We have considered these products in preparing our short, medium, and long-term estimates, and this is the world. Green will come a little bit later. Now, blue, also carbon capture in the various form-... Starting from example, the project, Hail and Ghasha is one of the best examples, but also the project that we are doing in the in Abu Dhabi on behalf of TA'ZIZ, or the project that we are completing in the United States, the ammonia synloop, so without issuing without emission of of CO2. So these are just a few example, but the commercial pipeline, which is due to maintain and confirm the possibility of the additional growth that we are expecting in 2025, is out there. So for sure, of course, compared to you know the E&C business, whereby the industrial cycle is much longer, three, four, five years, depending on the size of the project. For this type of projects, type of business, you have to renew your portfolio in the short term, but opportunities are there, a lot of opportunities. And as you have correctly stated, the project, the small project you have been awarded in the same, particularly the second part of the year, is just the first move, then, which we are expected to move in the second step, much bigger, much important, and of course, more important from an economical standpoint. Excuse me. Marco Cristofori from Intesa Sanpaolo. Your development in NEXTCHEM seems high, 20%-30%. So I wonder if you can give us an idea of the R&D invested in this development, and also on CapEx? It seems that, let's say, the CapEx reported in September are still below the target, the official target, so, is there some postponement? And in the future, to support this growth in NEXTCHEM, what are you expecting as CapEx? And finally, if you are going to give a reporting of the different sectors within NEXTCHEM in future, maybe. Blurred reporting of- Okay, blurred reporting. Well, in terms of CapEx, as you have stated, apparently, we are a little bit late compared to our guidance, but we are not so late, because at the end of the day, by the end of September, we have already invested this year something close to EUR 75 million. So the, you know, in particular, when small M&A transactions are involved, of course, the timing do not depend only to you, but it depends also on the negotiations. What is important to say to me is that we have already identified specific opportunities. We cope with our, with our plan, with our strategy. We are presently negotiating with the counterparts, and it is reasonable to expect that considering the situation which have been achieved so far, that at least one or two will be concluded, even not within the end of the year, for sure, in the first week of 2025. So for sure, at the next appointment of the Capital Market Day, they will be on board. So this, as far as the external, you know, the not organic investments. Of course, on top of that, we have our internal research and development projects. We have, in particular, in revising our organization, a specific, dedicated, very important part of the organization of NEXTCHEM is involved in the development of new technologies or in the enhancement of technologies which are already on board. So the combination of the organic investments, plus, what we expect to conclude within the end of the year, early 2025, confirms that our estimates in terms of capital allocation to this year, is appropriate. We will be in line. We will be in line. And as to the reporting on the business lines, yeah, the reorganization is very much driven by commercial reasons, you know, the ability to have people moving with the same type of clients and we will see. Let's give it a chance. It started as an internal reorganization, so that's the way it is at this point in time. Yes, good afternoon. Thank you for the presentation, Francesco Sala, Banca Akros. A couple of questions. The first one is, the commercial pipeline in Europe. It seems Europe is developing slower than we thought. So, I wonder what you think should happen for Europe to see a pickup in new orders, or if it's just a matter of time? And the second question is supply chains. Obviously, there have been problems for supply chains, since the tensions in the Middle East, so I wonder whether this has been an issue for you, and if yes, how you address it? Thank you. So let me start with the second one, Francesco. I truly believe that you, as far as the supply chain is concerned, you are talking about the second business line, the business unit, so the E&C business, because, as far as the STS, presently, we don't need to recur to the supply chain. Definitively, having, you know, most of the countries where we have our projects in the Middle East, first of all, one basic requirements which is imposed by the client is to cope with their expectation in terms of In-Country Value or, in, In-Kingdom Value Added, in case of Saudi Arabia. It means that you are forced to recur as much as possible to the local supply chain, primarily, of course, because very often, the procurement portion, which must be acquired locally, range between 50%- 60%. Then, of course, there is the residual portion, which normally is acquired abroad, but being conscious that there is an issue in terms of logistic, in terms of transportation, because for sure, today, moving materials and equipments from Europe to Middle East, with the problems of the Suez Canal, it is an issue, more than in terms of cost, in terms of timing, and in terms of availability of carriers which manage your materials. So for this reason, clients located in that part of the world has opened their vendor list to suppliers, vendors, which are located in the eastern part of the world, China, primarily Korea, whereby alternative suppliers to the traditional European or Western-based suppliers are based. So with these actions, which has been agreed, of course, with the clients, now I have to say that the problem exists, of course, but is extremely limited because of this type of solution. The combination of local content, plus vendors which are based in the eastern part of the world, accepted by the client, has extremely limited the problem of the supply chain, which for sure, I repeat, with the closing of the Suez Canal, should have emphasized this problem. But for the time being, there isn't. It is not, at least for our project, it is not a great issue. Then, of course, for the other project, which are located in the northern part of Africa, so in the Mediterranean Sea, of course, it is not an issue because of all of them can be served easily by the traditional supply chain based in Europe or in other part of the world. And as for Europe, let me take Europe, and then I'll get to you. I would say, Europe is a place that needs to find a proper way to transition. We have started with the right or the wrong foot, depending on how much you want to be pro or con against the energy transition. But the fact is that there will be a lot to do on waste management. We are still financing incinerators when there is a more sustainable way of managing the waste, so there will be a lot to do there. We are doing, we believe a lot in Italy, and not only in Italy, as I was mentioning before, we are also applying this technology in the United States. We have some initiatives in the biofuel space, now, Andrea, with biorefinery activities, so, brownfield assets, because building something from scratch in Europe is virtually impossible. Brownfield assets, where you complement existing production of fuels or chemicals from fossil fuels with some bioproducts, definitely. I have the personal view that Europe should jump on the wagon of small-scale nuclear reactors, but this is a personal view. In this sense, you know, we have done an agreement with newcleo, where we will take care of the electrochemistry downstream of whatever nuclear developments they will do. But it's not an easy continent to operate, and at this point in time, it's not even so easy to understand. We all read the press. There's a lot of movement in these days on how to reapproach the energy transition. Forget about the stop to electric to engine combustion by 2035 because it's no longer realistic and the like. So it's a difficult continent to understand yet. Thank you. Thank you for the presentation, Roberto Ranieri from Stifel. I have three questions on technology. The first question is on technology. I strongly believe that technology will be enabler for future revenues, also for the current business. My question is that also other competitors are working on technology, so what MAIRE could keep more than the others on the market. You have a plenty, I would say, interesting portfolio, even integrated in terms of products and processes, so could be an advantage. I'm wondering if other are, they are doing the same? My second question is on the scale, and so at the moment, you know, my perception is that it is some of the technologies are at the pilot scale, pilot plant scales. So I'm wondering if I'm mistaken, I'm wrong, and if these technology are ready to the market. If not, which are the technology, well, ammonia- Sure ... I would say usual business, I would say. Also, other technologies could be ready to the market. So if you can give us an idea on what the technologies could be very effective immediately? My last question is on one of these technology, which is that we were talking about before, is SAF biofuel, which is expanding, demand is increasing. So, what are your closest opportunities in terms of business? Sandro, you mentioned Kazakhstan, which is interesting. I'm wondering if there is a... You're working also in Italy. I'm wondering if this will provide MAIRE Tecnimont with a backlog increase in the, let's say, couple of years? Thank you very much. About the competition, Roberto, since I know that you know very well the arena, the technology space, I truly believe that you know very well that there are no major other players which retain so wide a range of technology as we do. Because there are for sure other technology providers, but most of them are concentrated in one specific technology, and they do not retain the vast of the technology that we retain. For sure, you are right. There are some peers which are growing, but before being in a situation which could be dangerous for our growth, they have to do a lot. Of course, in the meantime, we are not, we have not stopped our portfolio, technological portfolio development. We are continuing investing with external line and internal line. I truly believe that, first of all, apart from what are doing the others, it is more interesting to concentrate on what we are doing, how we are growing our technological proposition. And this is the journey that we have tried to convey to you today, starting from what we have already on board and what we can have in the short term. So of course, we have to compete with others, but you know, it is not the traditional market, that when talking about technology is a completely different space, completely different situation. So now, I repeat, I truly believe that with the investments that we are doing, and starting from a situation whereby we retain. And please do not forget that a lot of companies talk about hydrogen, but we are in the hydrogen space since 50 years, so from 50 years. So, there are no major other players which retain the same type of knowledge as we do, for example, in the hydrogen and all the derivatives of the hydrogen. Plus, of course, our tradition in the chemicals, it is extremely helpful also in developing different type of processes in order to retain, produce the same type of products at the end. So putting everything together, of course, the competition is there, but we are well prepared, of course, to face and to manage the competition. Then, one of the element which is extremely important, as you have mentioned, is to demonstrate the validity of our technological proposition, and you can demonstrate, or because the client has a choice, your technological proposition. So the pilot plant is a plant which is sanctioned by a client, or you decide to build your pilot plant. But, as we are doing, but we are not talking about a small pilot plant, which does demonstrate that it is able to deliver what is expected at a commercial scale. If we engage ourself in an investment for a pilot plant, it is a quasi-commercial plant. Of course, the relating investment is part of the investment plan that we have already forecasted in our 10-year plan. A portion relates precisely to this type of pilot plant. A couple of them are presently under execution. One relates to the chemical recycling for the PMMA, and is due to be completed more in one year time, one year and a half, more or less. These then as soon as it will be ready, it will have a commercial scale, and it will be possible to have even a commercial cycle producing cash flow and producing earnings. Another one is presently under execution and will be then transferred into our technological park, which will be established in Rome, whereby most of our pilot plant will be located. Of course, since we would like to have our clients investing in our novel technologies, we are supporting also this type of proposition by partnering with them wherever we think deemed appropriate. So we do not exclude that the first of a kind one of our technology could be a project sanctioned by our client with our participation in terms of investment, and of course, we are well prepared to do it, so in terms of the latest one was SAF, if I well remember. SAF. Opportunities ... apart from Kazakhstan, which is a prospect, serious prospect, extremely interesting prospects, but, of course, SAF, it is, a commodity. It is a fuel which, can be then produced, for example, in the Marghera refinery and the Livorno refinery as well. But, more than that, you know, that our Waste-to-X technology can deliver circular fuels, including as well, sustainable aviation fuel, moving from ethanol to alcohol and alcohol to jet fuel. So, all of them, I repeat, there is, since, there is a huge shortage of this fuel in the world and is due to remain, maintain this shortage position still for long, comparing the market demand compared to the expected production, which is due to come on stream over the next five to 10 years. It is... Which is the result? The result is that the price for this commodity, you can, you can, identify whatever you want in your financial models, because the airlines are already well prepared to recognize even high, very high prices. Because, of course, you know, high prices spread over a number of air tickets doesn't, of course, modify too much their competitiveness. Whilst, of course, using sustainable aviation fuel, this provide an important boost to their economics and to their, of course, reputation. So with the support of the market, it is you have just to choose the regions whereby this type of investment will be done. For sure, if we have to forecast an investment in circular fuels or biofuels, for sure, SAF, sustainable aviation fuel, is the preferred one because it is the type of investment which is able to deliver for the investor the highest return. So it is not a matter of a project today or tomorrow. If we look at the stream of opportunities which are part of our commercial pipeline, we have a very long list in a variety of geographical areas, starting from Europe, moving to Middle East, to Far East, India as well, and even the Caspian area, which is the latest one. Good afternoon, everybody, and thanks for the presentation and for taking my question. It's Emanuele Negri from Mediobanca. I have a couple of question. The first one is on the geographical breakdown of your commercial pipeline within the three business units you presented today within NEXTCHEM. And the second one is a follow-up on, investment. Within your last Capital Market Day, you mentioned potential equity investment beyond traditional M&A. Do you have any update on this kind of investment? Thank you. Let me take the first one, and then, you have partly answered already to the second one. But as for the first one, I would say that, we have more or less a relatively widespread, footprint on all the three sectors. There's not a specific sector where we are more geographically concentrated than the other. Let me start from, the circular economy. We started clearly where, we know the environment, so we have started in Italy a few years ago. We have expanded to Europe, then, an opportunity in the United States, came out. We are, you know, scouting the regions of the world where you have the vast majority of municipal solid waste. So- ... India could very well be a very promising future market. The point is that the right conditions must apply. So in terms of geographic footprint of that business line, I would say primarily Europe and the United States, but also emerging economies might well come through. If I look at what we call the energy vector, so fuels and whatever comes out of hydrogen with Andrea Vena, definitely the United States, because it's the place where a lot of combinations will go through, but also Europe, no doubt. And let's not forget the Gulf region, which is by far the most relevant business area for the E&C business, but it's proving extremely, extremely interesting also for a sustainable proposition. So we do expect in the short term a number of opportunities with, you know, Mohammed, in that part of the world. And then the third one is fertilizers. Fertilizers, you know, we're starting from a world leadership with approximately 60% market share, so I wouldn't say what is known best everywhere. Okay. And the second question was on the M&A plan. Oh, M&A. Of course, we are conscious that we have a gap in our technological portfolio, which we would like. A gap compared to our expectation in terms of growth for the incoming years. So we want to close this gap as soon as possible, which are the most important targets which now we are analyzing. First of all, fertilizer specialties, which there is a developer which has developed a solution which could be of our interest. And of course, biofuels is another space whereby we have already on board a set of technological proposition, but we would like to integrate with an additional technological proposition which come from U.S. So presently, we are working predominantly on these two opportunities, which, I truly hope, to be in a position to be more clear about, who are, those opportunities and what we expect to get from them quite soon. There's a question from- So there is, Oh, yeah. Look all out. Hello. Good afternoon, Paolo Citi, Intermonte. I'd like to discuss with you regarding your investment opportunities with Eni in particular, 'cause today the company announced a EUR 2 billion plan for restructuring the sales. You have been working with Eni with on several projects on the CCS of Ravenna, on the Livorno Refinery from Corrado. So, my question is: Do you think you have important competitive advantages under a technology point of view compared to other players in supporting Eni in this investment plan? And what could be their main competitors? You know, Eni is a strange beast, but we don't have a competitive advantage. We have a competitive advantage from an economical standpoint. We have a competitive advantage from a technological standpoint, and it is not the case. It is confirmed. I was saying it is not the case. It is confirmed by just looking at the recent investment, whereby Eni has converted its refining units into biorefineries. Our group, in particular, the technologies which are retained by KT -TECH, has been identified to be the best one in order to serve the conversion from a refinery working with the natural resources into biorefineries. So... And, on top of the already awarded project, which are presently under execution, both from a technological space as well as from an E&C point of view, we expect also to receive an additional project quite soon for an additional investment, which Eni, in association with, another international operator, is going to sanction, very soon. So of course, on top of that, you know, that, from an E&C space, we have been awarded, projects in the gas field in Zohr in Egypt. And, definitively, it's a decision taken by ADNOC, but at the end of the day, also Hail and Ghasha has been awarded when Eni retained at that time a much higher stake, in the consortium. When Eni had a technological role in identifying the technological solution and the technical solution, consequently, in identifying the best partner for the investment. So I truly believe that at the end of the day, of course, you have to play also from a competitive standpoint and then from economical standpoint, but primarily, Eni is used to prefer primarily the best technological proposition. And then, of course, must be accompanied also by the money, because of course, they pay a lot of attention also to the money. But primarily, you have to satisfy their requirements from a technological standpoint. If they have chosen us almost for the 90% of their projects, in particular, not in the upstream, but in the downstream space, including the recent awarded project from Versalis, it is practical confirmation that what I am saying is the reality. I think we have one last question from the chat. The question is from Kevin Roger for Kepler Cheuvreux. We said that we are expecting EUR 6 billion of orders in the short term. Does it mean by year-end? Year-end. Champagne. Of course, if it is of course a reasonable question because we have stated before that we expect to get additional EUR 6 billion project. But we have also mentioned that since ultimately the decision is in the hands of the clients, based on the timetable which the client has identified and has set up, it is expected that they will take the final investment decision for those projects that we are targeting within the end of the year. But considering what we have experienced so far, in particular during 2024, it could be reasonable that at least some or one of them could be then postponed the decision in the first weeks of 2025. So let me say that it will be more probable. It will be likely that the EUR 6 billion must be targeted within the next appointment, so within the end of January, February 2025. Of course, some of them will be for sure already awarded within the end of the year. But if everything goes in the right direction as it is going so far, it is reasonable to expect that within the end of the year, first weeks of 2025, this famous EUR 6 billion will be part of our backlog. So I think we replied to all the questions. So thank you very much for joining us. You are all invited to our Capital Markets Day. Of course, I repeat the invitation. I expect each and every one of you, of course, if you want- We have. ... to join us earlier, of course, I will be very glad. But of course, the next important appointment for our group is the Capital Market Day, which we have not yet identified the precise date, but we are used, of course, to release by the end of February, early March 2025. So welcome to you already now. I, of course, transfer to you already my welcome, warm welcome already today, and I expect to you, including the drink afterward, of course, in March 2025. 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