Good morning, everyone. Thank you for joining us today. Welcome to the Officina Stellare Capital Markets Day. Before we start with the presentation, I want to briefly go over through the agenda. We will have five key moments, followed by a Q&A session at the end of the presentation for both attendees in person and attendees online. For attendees online, please note that the Q&A session will be done through the Q&A chat box, which you can find in the toolbar at the bottom of your screen. I now have the pleasure introducing the speakers today, representing the new Officina Stellare group. Giovanni Dal Lago, Chairman of the Board. Alessandro Franzoni, Chief Executive Officer. Alessandro Agosti, Chief Financial Officer. Giorgio Iannotti, General Manager. Gino Bucciol, Head of Strategy and Business Development. I now have the pleasure handing over to our speaker today, Giovanni Dal Lago, Chairman. Thank you very much. Thank you. Thank you all for being here today and welcome to the first Capital Markets Day, Officina Stellare. Today, we are presenting to the financial community the new identity of Officina Stellare. I am Giovanni Dal Lago. I'm a co-founder and, for several years, CEO, and now Executive Chairman of Officina Stellare. Maybe the financial community know Officina Stellare for innovative company with strong competence on aerospace systems and defense system. But now, with the merger with Global Aerospace Technologies Group, Officina Stellare is evolved from multi-domain player, working in space, aviation, defense system, maritime, and cybersecurity. With the complementary technology from optical system and electronics vertically integrated for a full total control of critical step of the value chain, it will become a mission-critical supplier for the international community. Officina Stellare, after the merger, reinforced industrial scale, integrated technology, and capabilities. With the pro forma turnover in 2025, pro forma about EUR 100 million, with the hard backlog for roughly EUR 200 million, and with over 500 skilled employees in seven facilities in Italy, with six high-tech R&D departments. The combination also expanded the group capabilities with applications span across strategic business lines. We are now covering all the key defense domains, with a stronger presence across space, aviation, defense system, maritime, and cybersecurity. The 2025 pro forma shows a well-balanced from aviation and space, but we strongly increase the cybersecurity in a naval segment. Okay. Also with the combination with engage on board, really high experienced manager team with Ambassador Pasquale Quito Terracciano is Vice President of the Board. Thank you. Thank you, Quito, for coming here today. Alessandro Franzoni, CEO. Alessandro Agosti, CFO. Giorgio Iannotti, General Manager of the group, Gino Bucciol, co-founder with me, and Riccardo is here. He's the Head of Strategy Business Development. I will now hand over to Alessandro Franzoni to guide you, Officina Stellare, in more depth detail. Thank you, Giovanni. We now turn to the industrial profile of the group, first of all, let me introduce myself. I'm Alessandro Franzoni. I have 38 years of experience in aerospace and defense. The first 28 made in Finmeccanica, former Leonardo, where I have acted as Chief Technical Officer, General Manager of Aermacchi, CEO of SuperJet International and CEO of Alenia Aermacchi. The last three years are spent in the underwater system business of Finmeccanica, and by WASS, now in Fincantieri. In the last 10 years, I've been with Logic, where I've driven the company from EUR 20 million revenues to EUR 55 million, up to the insertion of Investindustrial and the reverse takeover with Officina Stellare, and now we are here. As Giovanni has mentioned, our portfolio of technology covers five domains, space, aviation, defense systems, maritime, and cybersecurity, with a portfolio of capabilities that encompass electronics, optics, communications, quantum encryption, all at the service of all five domains. Before going into the details of every single domain, I want to spend a second to explain why multi-domain is so important today, why the combination of certain complementary technology have significantly driven the group value. Today, we operate in a fast and dynamic environment where fast and secure communication and multi-domain Interoperability are crucial for the success of the mission. Officina Stellare is present in almost every technological node of this architecture, providing mission-critical solution with an integrated model that reflects the cross-cutting technology model used by the leading players of the sector. In the next few year, what we will do will be to strengthen our multi-domain electronic capability, growing and fostering synergies between the different domains, becoming a leader in multi-domain electronics for all the five domains where we are present. Now have a look at the five domains, starting with the space portfolio, which accounts for 29% of our business, where we deliver high-value optomechanics, electronics, and optoelectronics systems, sensor systems. The group is among the European leader in satellite hardware and with the satellite optical system for Earth observation, space terminals for laser communication, and power management and distribution unit. Plus a number of electronic electromechanical systems for other space vehicle like the International Space Station, the cargo modules, and even the Mars rover. For ground use, we are developing the ground stations for laser communication as well as telescopes for space observations and scientific research. Let me come to the aviation portfolio where I come from, that counts 29% of production value, with a number of mission-critical equipment for fixed- and rotary-wing defense platform and dual use platform. The group designs and manufactures mission-critical hardware and software for control units and displays, processing units where real-time operation for safety critical function and high quantity of data are of essence, electromechanical actuators, intercom systems, fuel management systems, and power generation and distribution system. Here we are the only Italian player integrating an entire electrical system and at the same time producing every single component of the system but the battery. We do that for fighter jets, for trainer aircraft, for helicopters, and for fixed-wing unmanned aircraft. The defense portfolio accounts for 20% of our revenues and see systems for advanced sensing, tracking, monitoring, defense, then some electronic subsystem for advanced defense measures and countermeasures. Among our product, we have multispectral and hyperspectral video, high-speed detection and tracking systems, as you can see on your left side. Optical ground station for space situational awareness at the center, and a number of system and subsystem for electronic solution for jammers, missiles, torpedoes, and unmanned aircraft navigation systems. The maritime portfolio include communication system from top left, electro-optical systems, sensors and sonars, navigation system, deterrence system, and altogether, this accounts for 15% of our global revenues. The need to entry into this marketplace is driven by the growing importance that maritime security has, as we can see in the last recent event, and that will drive a full fleet modernization and upgrade program, which is expected by governments and navies. Cybersecurity accounts only for 5% of our product portfolio, but is expected to grow significantly over the next few years. The group is one of the leader in fast-growing niche of quantum key technologies, the next frontier of cybersecurity, being one of the few player developing solutions for optical communication, both fiber optics and laser communication. The cybersecurity business line combines physical with software design to create a secure communication infrastructure both for ground and space-based communication. Today, Officina Stellare is engaged on large terrestrial data centers, as you can see on our left side, and integrate is a solution also in ground terminal for laser communication. The group mission is to expand the deployment of quantum key distribution technology to the naval, air, space, and mission system environment, and become a leader on secure communication. With such a portfolio of products, it's not a surprise that we have, among our customers, the business leaders in the aerospace and defense niche. Being agencies, governments, OEMs, or Tier 1. Officina Stellare is very well-positioned to deal with these important actors at institutional and industrial level, and to assess and address very complex programs. Let me now give the floor to Giorgio Iannotti, General Manager of the group, for a deep dive into our value chain and on our technology and priorities. Thank you, Alessandro. Good morning to everybody. My name is Giorgio Iannotti. I have 30 years of experience in aerospace and defense. I started in Leonardo, where I met Alessandro. Alessandro, we were both with less white hair at the time. I moved to the private sector, always in mission-critical systems, and I recently joined this amazing group for a fantastic journey that is so far starting. Alessandro was mentioning that we provide mission-critical systems and components to our customers. We are a reliable partner to our customers. We do this with a high level of vertical integration in our value chain. We start by providing design and engineering, as you can see on the left of the screen, up to the moment in which we provide produced parts and after-sales activities, which are an important part of our business model. Of course, ranging from prototyping, testing, qualification, and the rest of the activities. We do so with state-of-the-art internal processes. We have a full digital engineering approach, a full digital simulation approach, multi-body simulations, as well as we have integrated system testing in several of our facilities. Of course, you see here a series of activities. In reality, we operate in joint definition teams that provide a concurrent engineering approach. We prepare ourselves for the next phase of the development, pre-series and series production, as well as the logistics support. We provide components which are complex, technology is the main driver of our competitiveness. We keep technology at the state of the art, even foreseeing what is happening in the future by 160 engineers that operate in a high technology level of research and development centers, where we anticipate the needs of the market. Our competitiveness model is offering a solution to the customer, even anticipating their needs from this point of view. Of course, this is done by also preparing the pre-series and series production. If you look to our manufacturing footprint, it is also very strong. We have seven sites in Italy at the moment, in which we have a common joint definition phase that I was describing before, in which a continuous loop between engineering and manufacturing provides a level of knowledge that will assure our OTD, on-time delivery, to the customers, on quality delivery, which is mandatory in our field. As well as we control our cost, and therefore our margins. You can see that we have seven industrial sites in Italy. We also have two commercial outposts in two countries which are very important for our future growth from a market perspective, one in U.S. and one in Australia. This is really the key driver that I wanted to give as a message. We have a fully integrated team and high level of verticalization in our value chain. Technology is the main driver. I'll hand over the speech again to Alessandro, who will drive you through our strategy for the market. Thank you, Giorgio. Let's now move on. How do we see our future? Officina Stellare is well-positioned to get all the strong tailwinds that affects all our strategic business lines that are showing an unprecedented increase in demand. The global space economy is going through a generational shift, boosted by the increasing importance that space is having in different sectors like defense, communications, agriculture, energies, infrastructure, just to name a few. The space economy will triple by 2035, boosted by declining launch cost, a growing investment from public and private investors, and a technological shift towards high-volume constellations. The ESA 2026/2028 budget at EUR 22 billion represents not only the highest level reached, but it confirms how important it is for Europe to recover full sovereignty and have a supply chain which is resilient and resistant. In this context, Italy continue to be one of the strongest contributor to the ESA budget, ranking at the third level. The aviation and maritime sector are subject to similar trend. The need to modernize and innovate existing fleet after a year of under-spending is driving an increase in demand, almost a new wave of investment, which will lead to the sixth-generation fighter, his unmanned companion, and a refitting of most of the existing fleet, either naval or air. This will drive the demand in double digit in both sectors. The defense EU is set to invest approximately EUR 800 billion by 2030 through national budgets, EU-backed financing, and private capital, narrowing the bridge with technological investment with the U.S. and reaching a global 3.5% of defense spending, as is the NATO's target. In cybersecurity, the advent of quantum computers will pose new security threat that won't be addressed by the current traditional encryption methods, making quantum encryption the key for secure communication and opening the way to a completely new sector with Officina Stellare being among the first movers. What are our growth pillars? We have four pillars. For three, for organic growth, investment in new technologies, production capacity expansions, and full realization of synergies. The fourth pillar, M&A, will serve the purpose to strengthen our position into the aerospace and defense market. Let me hand over now to Gino Bucciol, Head of Strategy, that will lead you through the first two levers. Thank you, Alessandro, and thank you everyone for joining us today for this special event. My name is Gino Bucciol. I'm one of the founder with Giovanni and Riccardo of Officina Stellare back in 2001, and since then, I spent most of my life in business development in the space economy market. My colleagues explained very well to you which are the set of skills, the line of products, and the strategy of the company. Let me now focus a little on business development and the opportunities that we are facing. Officina is committed to track both commercial and institutional opportunities. As you know, in order to better follow the contract, Officina decided, since many years, to be a strategical, a critical partner for a larger scale integrator as Thales, Airbus, and Leonardo. They are collecting the large majority of the big contracts in the institutional world, especially. We definitely are a strategical supplier for all of them, de-risking their activities. It is useful now to show you a few of our programs for each of our important pillars, just to confirm what we are doing. Starting from space. Officina Stellare is one of the company in the world with the largest number of space telescope orbiting. In this building, we built more than 100 telescope for our customer. Just to confirm you that space telescope is not a small piece of technology. That black cylinder is a telescope for space with a resolution ground of 50 cm. This is the best asset in Italy we have, and we are committed to deliver a large number of them to Leonardo, just to say something. I'm sure that you know IRIDE, the Italian constellation Officina Stellare built in this facility. The majority of the telescopes used in the IRIDE constellation also. You heard about laser comm. I will tell you definitely more later on, just to confirm, we are active in the laser communication world. We are the selected supplier for 100% of the European programs for the realization of the continental infrastructure for laser comm, thanks to the capability we have in-house. Just few months ago, we signed an important agreement with Skyloom. That is one of the very few leading companies in the world for the laser communication manufacturing. I will tell you more about laser comm in the next slides. As I said, we are also active in the aviation world. An example is what we are doing with Airbus, Thales, and Leonardo for the Eurodrone program, developing the brushless starter-generator for that airplane. Aviation in a different sector, in helicopters. With Airbus Helicopters, we are developing the ice detection and the de-icing control system for that platform. Still in aviation, for the Turkish Aerospace Industries, we are developing the electronic unit for landing systems. Changing to maritime, just to confirm that we are spreading our competencies in different worlds. In maritime, we are committed to develop the lightweight multi-role stabilizer system for the Finnish Coast Guard customer. Cybersecurity. Cybersecurity is extremely important. You know it is a fast-evolving market, we are, since the beginning, present there. Thanks to this, we are again committed to deliver our products for 100% of the most important European programs for quantum key distribution infrastructure like SAGA, EAGLE-1, and EuroQCI consortium. The manufacturing footprint is very clear. The fact that we are focused on the industrialization processes of our product is very clear. It is also important to stay connected with the future, trying to anticipate which is the world that is waiting for us. I have to say that we always been very good on that, starting to work, anticipating most of the technologies that we are managing today. To stay innovative, the cooperation with the university worlds and research centers is a key factor. Just to give you an example, our Dynamic Optics and ThinKQuantum companies, two of the companies with the most advanced technologies we have, are born from this kind of substrate around the Padua University and the research institute that are based there. I'm pleased also to mention the fact that we are a business incubator for the European Space Agency. Officina Stellare as being the only industrial player ever awarded by the contract to become a business incubator center. It is a super nice way to stay connected with innovative ideas and to have a vivid eye on the startups that are popping up around. In this moment, we are incubating 11 small companies, some of them with very interesting technologies, really useful for what we are doing and for our future. This slide is talking a little more about laser communication. I'm always happy to talk about laser comm. Laser comm is a perfect example of one of the many time-proven vision we had in the past. I can personally confirm that when I started to talk about laser comm more than 10 years ago, I was one of the very few person doing that in Europe. The next generation of humans will need for sure, for a higher performance way to communicate, a better way to interconnect and transfer data. More secure, faster, of course, especially ubiquitous to drive future application. The laser comm technology is the only answer we have today to do that, and it's really the most promising technology we have enhanced today. Our investment in laser comm is aimed to add to the ground capabilities we have. You will see during the tour some of our ground station. Again, not a small piece of technology, you will see. To add to this heritage, the flight capacity. Thanks to the agreement we signed with Skyloom, that is one of the very few company in the world that is managing this kind of technology. The partnership with Skyloom will allow us to complete our capacity. Just down the street, there is a new building rising where we'll deploy our new facility for high throughput manufacturing of laser communication stuff. Officina Stellare will become one of the very few companies in the world able to dominate end-to-end a laser comm link from ground to space, including all the subsystem and technologies that are related to. Officina Stellare, thanks to the merge of our skills with the skills of Skyloom, will be very fast in developing new products, answering to request of the market very fast in the future. I'm talking about smaller terminals, QKD quantum encrypted terminals, and airborne terminals, and so on. This slide is especially important probably for you because it's talking about the main reason for which we decide many years ago to be focused on laser communication. We expect a market growth of 10 times, just talking about the inter-satellite link terminals. You can see an example on the table. The small piece of metal close to the space telescope is actually a terminal that we are on the way to offer to our customer to be placed in space to realize links between satellites. We are expecting a large growth, and we are there just talking about the open market related to. The actual overall numbers is even larger, 10 times larger of that. Let me underline the fact that, again, that Officina Stellare will become one of the very few companies able to dominate this market because of the full competencies spread on the application, including ground space, QKD, maritime, airborne technologies. Yes, Officina Stellare aim definitely to be a big player of this market, and the revolution of the laser comm is the next one after the telegraph, the radio, the cell phones, and the internet. The next phase is the laser communication, it is the only way we have to enable the future of modern application. Time is running, let me give back the floor to Giorgio. Thank you, Gino, again. You have seen that our technological capabilities have protected our global revenues. We have an incredible backlog that is increasing. We discussed it before that we have a strong manufacturing factories and footprint in Italy. Still, the demand that the market is experiencing at the moment in aerospace and defense is booming. It is growing two digits year-on-year. We launched an operational excellence project, which not only considers an optimization of our current lines through center of excellence approach, but is also investing on increasing capacity and installed capacity in each of the plant that we have currently in place. You may see, on top of what Gino was describing, the laser communication dedicated plant, which, by the way, for people that are in this room, you can see from the window on the left side, Gino mentioned this, that is growing up. It is positive. Also, this facility will increase capacity for traditional programs that are already booming in terms of demand. Telescopes and the rest of the project that we have here in Sarcedo. Of course, all the other plants are experiencing the same kind of growth, we are investing in increasing the capacity in each one of the plant in which we operate. You can see Cassina de' Pecchi, Desio, Viterbo, they are all increasing their installed capacity with the center of excellence approach. Taking benefit from the fact that we are a synergic environment of companies that will drive this kind of growth. In fact, we just came together in a sense, and we expect a lot from synergies which are traditional. Cost optimization, procurement, integrated procurement, integrated research and development activities. The majority of synergies that we expect at the moment are really coming from the fact that we are complementary technologies between our companies. We have those kind of technologies. We are working on creating additional revenues opportunities from this kind of integration between us. As an example, we are already working with onboard airborne avionics computers that integrate in quantum technology, which will be a driver for the future, especially for the next generation defense application, both rotary fixed, but as well as maybe maritime and the rest. We are already working on laser communication between ship to ship, the maritime application, or ship to space, and maybe in the future, ship to air. Integrating the entire communication process for all our customers, as well as working on completing and offering on traditional kind of products that we already have. Having the electronics in-house today allows us to sell telescopes that integrate the electronics instead of buying them. We increase our value chain in the offering that we are having. Giving a couple of messages which are important. Technology, as I was mentioning before, preparing ourselves for the manufacturing demand that is increasing a lot. We need to be prepared from this point of view, and we are already working on this. The integration, the cross-fertilization between the companies. I believe those are the three messages I wanted to give you. Alessandro, I give you the speech again for the M&A activities that will be a driving factor. Finally M&A, I would say last but not least, M&A will continue to be a strategic lever to reinforce our position on the market and to exploit our technology roadmap. In fact, we will be focused on target that have strong technological competence on one side and the potential for industrial synergies on the other side. Our intention will be to continue to grow in competencies and capacities on one side, to reinforce our position on the five business verticals, and to expand in adjacent business vertical where it make more sense, making land, underwater, and unmanned platform. Our M&A framework is start from a very structured approach with deep set knowledge, goes through a solid due diligence process, and have a disciplined valuation process, as it confirm by our solid track record. To this purpose, we have created a dedicated M&A committee, which includes board members, but it includes also Personalities from the aerospace and defense community like General Enzo Vecciarelli, former Chief of Defense Staff and former Chief of Air Staff, and Admiral Enrico Credendino, former Chief of the Navy Staff. Let me now hand it over to Alessandro Agosti, which will drive you to some pro forma data. Alessandro. Thank you, Alessandro. Good morning, everyone. My name's Alessandro Agosti. I'm the Chief Financial Officer. I have more than 30 years of experience in finance and more than 12 years experience in aerospace and defense, being previously the Chief Financial Officer of Avio. Thank you for being here and I'm pleased to introduce you to the group consolidated financials for the years 2024 and 2025, prepared on a pro forma basis. The key takeaways of this chart are basically the record high backlog, reached at the end of May 2026, of about EUR 200 million. The Value of Production of the consolidated group, which at the end of 2025, reached EUR 100 million with a 12% increase compared to the previous year. The EBITDA, which reached EUR 18 million with 18% margin, and a solid net cash position of EUR 30 million at the end of 2025. Moving to backlog. Backlog continued to increase from end of 2024 to May 2026, at a rate of about 50%. This increase, basically in the first five months of 2026, has been driven by the space, aviation, and defense systems business lines. It is important to highlight that in 2025, the order intake amounted to about EUR 130 million, which, compared to the EUR 100 million of turnover, resulted in a solid book-to-bill ratio of 1.3 times. That means this confirms the ability of the group to grow in the business in the future more than the current level of revenues. Moving to the top line. The top line, underpinned by the increasing backlog, increased by 12% from 2024 to 2025. The increase was basically driven by the space business line, the maritime business line, and the cybersecurity in terms of relative increase. Aviation and defense systems currently are in their capacity expansion to deliver a backlog and to respond to the growing market demand, as my colleague explained before. The key message of this chart is that profitability growth has outpaced the top-line growth. As you can see, EBITDA increased by 1.5 times, reaching 18% of margin, and also EBIT and net result substantially doubled from 2024 to 2025. This increase has been reached while maintaining a significant amount of R&D OpEx. As you can see, 6%, that means EUR 6 million in 2025, which is a key pillar of our group profile innovation. Finally, looking at the source and uses, stands out a net cash position, very solid, of EUR 30 million, which has been reached thanks also to the integration with Aerospace Technologies Group recently. This financial flexibility allowed the group to capture selectively growth opportunity in terms of inorganic growth, and as well as increase in terms of capacity expansion and technological innovation in inorganic growth. You can see, in fact, that the CapEx in 2025 amounted to EUR 16 million, of which EUR 10 million related to R&D activity for technological investments. In summary, the group combines backlog visibility, top-line growth, expansion in terms of profitability, and a solid financial position, which create a platform to capture future development, as we can see in the final closing remarks that Giovanni is now explaining. Thank you. Thank you. Thank you, Alessandro. Thank you to all the speakers. Thank you to financial community for your attention. Please, before ending, I would like to share with you a few key investment highlights. Officina Stellare is now fully engaged at forefront attractive aerospace and defense key microtrend. It's vertically integrating on relevant technologies barriers. It is really mission-critical present on multiple applications. Boosts the financial and future growth, thanks to very strong synergies A well-defined strategic pillar also for organic growth. Finally, M&A strategy to strengthen the position into the sub-sector is in our roadmap. I hope that with the other speaker, we are able to share with you a message that is very important for me. Officina Stellare now is not only an industrial value, is not only a commercial value, not only a technological value. Overall, Officina Stellare now is a strategic value for Italian, European, and global market. Our mission is a few words: technological sovereignty. I think that we start from now. Thank you very much for your attention, and we are really open for any question. Thank you. Thank you. Thank you to the speakers today. We now have an opportunity for question. As a reminder, we will start with the question from attendees in person in the room, followed by attendees that are participating via streaming. For attendees that are participating via streaming, just a reminder, Q&A will be done via the Q&A toolbox at the bottom of the toolbar. Please feel free to submit the question at this moment, and we will address them shortly. Thank you very much. Thank you. Good morning. Martino De Ambroggi, Equita. Just a few broad questions. Number one, is there a portion of your business which can be considered recurring? Number two, is it all of your business based on proprietary technology or is based on third-party licenses? On the M&A, which is a pillar of your equity story, can you summarize what is the firepower going ahead? The priorities is more or less defined in terms of ideal targets, but is there one of the different divisions you are involved in which are more important than others? Maybe you have more visibility on M&A in the next few months, I suppose. Thank you. Thank you, Martino. This question is for our CEO, Alessandro Franzoni. Please. I will answer the questions. There actually are three questions. Not sure I will answer in the right order, Yes, our business has a recurring portion, which is more pronounced in aviation, where, because we are a sole source, our recurring program lasts for 15, 20, 25 years. In naval business and space business is more limited, even though in space business is rapidly changing because with what is called, although I don't like these terms, new space economy, is going through a optimization and serialization process also in space. The constellations now are becoming bigger and bigger. As far as the IP, yes, we are proprietary of all the intellectual property of all we design and develop. This give us the certainty that we will be on board on that program for the true life. The true life include not only the design, development, the production, and also the after sale market which is often very important especially in aeronautics and in naval and in defense business. As far as M&A is concerned, yes we want to use the M&A levers to be more closer to our customers to continue to grow. We will be selective. We will look at the opportunity on a selective basis, We will use this leverage as well for the continued growth of the company. Thank you. Hello. One question on synergies. You spoke about revenue synergies and cost synergies. Can you give us a sense of when the synergies will materialize and, if possible, how much they could weight on your accounts? Second question about the quantum business. You said that currently it weighs for 5% of total. Do you have, again, any sense of how much could be worth in the future as a percentage of total? Thanks a lot. Thank you. I split two questions. The first one is for Giorgio, please. The second one about quantum encryption for Gino. Thank you. Hello, can you hear? Yes. Related to the synergy question- In terms of flow down for the revenue, we are already working on this, and we expect starting getting benefit from next year on. In terms of cost and synergies, as we were expressing in the presentation, we just came together. We do not expect to share numbers from this point of view at this stage. From a revenue perspective, which is our focus, we are already working to start from 2027 to get something. Related, the second question was on cyber. On cyber segment. Thank you. Gino? About the quantum technology. I'm sure that you know that the only way to encrypt with 100% safe way is to use quantum technology. Europe is already deploying a pretty large infrastructure related to two. We expect also from the U.S. market to have an increment of those technologies because as said, they are part of the evolution of the cryptography techniques. We have in-house, let me say, thanks to our ThinKQuantum, all the technologies that are related to them, we are really at the forefront of the development of the first terminals for space, for quantum encryptions, and we are already on the market and deploying technologies. Again, you have an example over the table of one of our transmitting and receiving modules for quantum encryption technology. Definitely we are expecting for QKD a big increment in the next years. Thank you for taking my questions. The first one is on the guidance for 2026. We are at the end of June. First question is if you can provide even directionally a guidance for revenues and margins for 2026. The second one is on the Skyloom contract or receivers. A very important one. You indicated a huge addressable market by 2030, something like 60,000 units by then, by 2030. Any color on this would be much appreciated and possibly if you can detail a little bit more what will be the new plant behind here, what kind of production capacity will have, just to understand. The third one is on a financial one. Was wondering what could be a level of CapEx, even broadly speaking, as a percentage of revenues both for CapEx and R&D capitalized. That's it. Thank you. Thank you for the questions. For financial number, I ask Alessandro to answer those things. After, for the new plant of Skyloom, the business, to Gino that know very well this segment. Thank you. Thank you, Giovanni. Thank you, Gabriele, for the two questions. With respect to the first question relating to the guidance, as you know now we have recently integrated the two business. We recently announced the delisting on the stock exchange in the next future, probably will be within the next 12 months. At the moment, our election policy is not to public forward-looking statement. When we will be a little bit more mature in the next coming months, we will assess whether to change the policy and introduce forward-looking statements. For what the CapEx is concerned, as we said before, in 2025 we had the EUR 16 million of CapEx between tangible and R&D. Now we are in a phase of significant investment to capture the growth of the demand and the backlog that we have already in the backlog. Probably in the mid-term, this amount will normalize. Stop. Thank you. Thank you. Thank you, Alessandro. Switch to Gino for the Skyloom project. Thank you for the question. In Lasercom, let me underline again which are the good points we have versus the competitors in the scale-up. Officina is on the way to deploy the facility. You already know that. It will be ready by the end of next year, but the early production will start early in order to serve our first customers in this facility. The good point in this case is the fact that we are replicating what our partner in U.S. is doing. The scale-up will be very fast because we already know what we have to do to reach a high throughput capacity production in the future. The second point is that we are merging what we are learning about the space side of the link with what we already know in ground with our optical ground station. Let me say again, this is a pretty unique point we have because we are dominating again all the products for the ground-to-space links, having in-house also the optical manufacturing, as example, and the integration capacity that our competitor lack. Let me say, it will be important, especially in this early phase of the deployment of this new technology, to be vertical. This is something that the other player don't have. They have to rely to external supplier for some critical parts. This is not our case. We have everything in-house. This will give us the chance to scale up very quickly. Thank you, Gino. Another question? Yeah. Couple of very general question, just to look at what's happening to the, in particular, the defense industry, but more in general, the historical delays that here in Europe especially, we are experiencing when compared to the U.S. market. What is your sense about the understanding of the policymaker, both at the national, the supernational level, especially here in Europe, about the urgency to act? How confident do you feel? What kind of evidence you have that actually we will not end up in the usual Godot syndrome that affect Europe when it comes to innovation, when it comes to taking some leadership? The other side of the question is obviously about the U.S. market opportunity, where, on the contrary, we see a lot of money being put at work, a lot of initiatives, and there is a very dynamic environment, even a little bit crazy in certain perspective. You sense the geographical focus of the new Officina Stellare to be primarily to become, as the Chairman was referring, to become the sovereign, let's say, champion of the space economy or innovation when it comes to Europe, or you see broad-based opportunities? Because obviously there are some question about the opportunity when it comes to U.S., especially for European company in such strategic businesses, even if clearly the Skyloom deal is a very good one, somewhat even actually too good to be true, if you ask from an investor angle. Thanks. Thank you. Very interesting questions. Alessandro, Yeah you can answer to this. We are based in Europe, but we are a global player, we're looking to every market, of course, and in particular, all market represents for us an opportunity, either already established market or new growing market. Europe, I've participated to a recent call with the Minister of Defense in Italy that was urging all defense industry to speed up in growing its production capacity because time is of essence. As long as the defense is concerned, I think, in Europe, for the first time, there is a sense of urgency deriving from what is happening on international scenario. This is a good opportunity, probably the last opportunity, to do something together. It will depend from the natural conflicts that generates when you develop national budgets. I think this scenario is now very positive for a company like ours in Italy and in Europe. Can I just ask a follow-up? Trying to be a little bit more specific. Clearly, you rightly pointed to the budget issue because clearly here in Europe especially, we are not full of cash. We are under fiscal constraint on a quite permanent structural basis. I'm just wondering, you were mentioning the presentation, the retrofitting, the modernization. Yeah. Essentially, let me use a stupid parallel or very simplistic parallel, is like adding software to a quite an old hardware. Yeah. to what extent your solution can become, let's say, a cheap and effective way. Yeah on this front? Yeah. Essentially talking about aviation and maritime business, we have a long experience in participating to retrofitting programs. Now the platforms can be used for long period of time, 40, 50 years as well. They necessitate some major upgrade during the year to cope with growing electronics and all the technology that is on board. We have experience in the past to have participated to big retrofit program and being used to a design-to-spec model, so we design what the customer wants. We are ready for that campaign of retrofitting and upgrading of all naval and airborne assets. The very final one, I promise, is about the satellite JV that is meant to be, let's say Been announced, hoping for regulatory approval sooner than later, about Thales, Leonardo, and Airbus. If I remember correctly, when it comes to laser comms, Airbus has an internal solution, if I'm not wrong. Just wondering, clearly, they have a quite ambitious plan to become, let's say, the SpaceX of Europe, to simplify, as usual. To what extent this new venture that promised to launch hundreds of new satellites from 2028 onwards can become a genuine opportunity? You feel they will, like SpaceX, have their own solution, so can enlarge the market, but they have something internal? Okay. The business model in Europe has been a little bit different, even though now we're going to this aggregation. I would say, when looking for a resilient and resistant supply chain, it means that Europe is looking at least for a double source on everything. There is room for at least two, if not more, players, even in an environment that concentrates the offer. Maybe Gino, you want to? Yes. Nothing to add. I was on the way to say the same. From my point of view, this is an opportunity, and being already part of the strategical supply chain of both Thales Alenia Space Italia and Leonardo, and this has been stated in an agreement, a formal memorandum of understanding that we signed a few years ago. Being already supplier of them for strategical part, I expect exactly what Alessandro said. The market is so big in Europe for the different opportunities that we are facing. IRIS², but not only, also all the nationals' anti-mask constellation will require so large a number of equipment that is for sure an opportunity for us. By the way, all the terminals manufacturer had to pass a sort of interoperability test. Our terminals are perfectly compatible with the details. That one, the Airbus source that you mentioned. We are perfectly okay. I can say that from Germany, we already had some contacts, because they need for so many thousands of terminals that the internal capacity is not enough to cover all the needs. We are, on the field, the second supplier in Italy, in Europe. Our positioning is perfect facing this market. Thank you. Hi. Good morning to everybody. I'm Andrea Bonfà from Banca Akros. Very quickly, if I may, is it possible to have an idea, let's say in five years from now, how much your M&A will account on your total revenues compared with the pro forma 2025? It's going to be 50% organic, 50% M&A. The second part of the question is, how do you count to, let's say, finance this acquisition? Is it essentially through cash flow, or do you plan to use also your shares? Just how do you see, level the, let's say, your financial commitment on this standpoint? Thank you for your question. Alessandro, if you can answer to Thank you, Andrea, for your question. In 2025, we acquired the entry into the maritime business, as we explained in the presentation, which account for about 15% of the pro forma basis on the pro forma. Also, we expand our investment in the defense systems through a step-up acquisition in another company that accounted for more another EUR 10 million, more or less. For the other part of the question, I leave you the floor. Yeah. Go ahead. For the future, it's hard to predict how we'll account for M&A and organic growth. Of course, we have a solid organic growth story, but this is a story of growth in general terms. M&A will be an important contributor. If I look at what our major investor has done in the past in other stories like this, I'm pretty optimistic. On the way we are financing this, we have a solid cash position right now, and for the future, we will see. Thank you. Again, on backlog. I don't know if I missed something, but the EUR 190 million of backlog, can you share with us how many years you have to, let's say, in how many years you have to deliver this backlog, or if it only for 2026 or for 2027, how it works? This is the first question. The second one is related to drones. You said that you are working on a brushless starter. I was wondering if you could be involved in any further drone programs? If you can share something with us. The third and last one of the main strategic rationale of the deal was basically to scale up in the value chain, to talk directly also to the general contractor. I was wondering if you are already feeling something different from your client, from your counterparts since the deal has been finalized. Thank you. Thank you, Marco. We start from the last one. Certainly, there is a change in perception because even though we have always been a Tier 1, but grouping all together, this new combination, at least, I would say, with the current customer, this creates a favorable way to look at us. We see very positive comments from Italian and foreign customers. As far as the brushless generator is concerned, well, this is not being done especially for unmanned platform. Even though its first application has been on an unmanned aircraft, this is supposed to be the first, or one of the first items that we'll civil certify and will become a standard item for Logic to become also a product-oriented company and not only a design-to-spec company. We're doing this change in strategy because we want to address larger scale program. Standard hardware, standard equipment serves the purpose of serving larger scale program, and this is what we want to do. To the extent of participation to other unmanned aircraft program, yes, this continues to be one of our primary objective. Even through current technologies, we are doing, for instance, fuel systems for Korean unmanned aircraft. We're doing several systems for unmanned aircraft, and through M&A. We are in a process of looking at companies that can give us a positive advantage on unmanned aircraft as well. For the fifth question, I'll switch it to another Alessandro. Thank you, Alessandro. Thank you, Giovanni. Yes, for the backlog rollout is expected basically to cover the next two years, providing high visibility in revenues compared to the EUR 100 million of revenues of 2025. In addition to this, as we said before, we have a book-to-bill of 1.3 end of 2025. This will help the company to support scale-up of the business expected in the next coming years. Thank you. Thank you. Okay. Very simple question that is similar from one before. Do you perceive that the Italian or European institution will change a lot the support to these frontier technologies? Is strong or light? Because I think that that may affect a lot in the 2027 and later trajectory of the company. Okay. Gino, can you answer? Thank you for your question. I don't know if you are talking about the space agency support or institutional support, but what I can say is that the products that we are developing in Europe, especially thanks to the public funds, are the most advanced in the world. Talking about the support we have, I can say that it's very good. It has been already mentioned, the fact that Italy is one of the larger contributor to the ESA money, we expect to be able to develop some interesting technology in the future. We are definitely more advanced than U.S. in some technology, talking also about laser communication, but other advanced product. Yes, I'm expecting a good support, and probably more important, I'm expecting also a good market because Europe is aiming to become independent some way. There is a good prospect of constellations infrastructure that we'll need for our products in the future. I don't know if I correctly answered it. Yes. The political mindset is not probably the fastest in the world, but what we are talking is talking about the technology, the products that we are developing, and the programs that Europe Commission and European Space Agency, the programs that they are managing are really interesting, let me say, and opening the market for the future, for sure. Thank you for taking another couple of questions. The first one is, again, on laser communication. I was wondering if the agreement with Skyloom that gives you access to their technology envisages that you will serve just Skyloom, or you could also address other clients beyond Skyloom, basically. The second question may be stupid, because I know it's difficult, but I saw in one of your slides, there was, let's say, It seems a laser ray, laser beam connecting an underwater system to a frigate or submarine. I don't remember exactly. Do you think that laser may be through adaptive optical system might be a solution for underwater communication, which is, by the way, very tough subject? This is a strong question for Gino. Thank you for your question again. Okay, Skyloom is not a customer, let me say. Skyloom is a manufacturer like us. What we are doing is joining forces in order to better serve the market. Thanks to the agreement, we are with them. We are scaling up faster. We will become very quickly an additional player on this game in Europe. They are not our customer. We are together targeting the world market. Okay. More important than that, we are joining our skills, technologies, and capacity in order to develop a larger set of products. I mustn't be technical now, but they are really good in the development of the products that are required by the SDA program, just to mention one. We are more focused on what is demanding the European market. Joining our forces, we can be very fast, as I said before, in the development of more complete product. As example, they have no skills or special skills in quantum encryption. We are. Joining their capacity and our capacity, we can start to manufacture and proliferate products that are not on the market already. Which is the second one? I forgot. It was on- Underwater underwater. Underwater. Okay. Yes. This is a strong example. Yeah. Okay. Very interesting. I had a chance, probably yesterday, to correct one of the slide. The laser communication underwater is a dream of all of us. We are now performing some experiment, of course. I assume that it is easy to understand that the water is a sort of high turbulence air. We are already fighting with the turbulence in air. To fight with the turbulence in water is an even challenging practice, let me say, but we are starting to perform some experiment also there. It is definitely not a technology ready to go on the market, but we are there. Together with some other interesting technology, including all the maritime. The maritime market is one for which we are expecting the large growth. Laser comm is already there in air, satellite to ground, let me say, we are already there. What is coming is the capability to communicate with vessels on. The maritime is our future in laser communication, and we are there. Thank you. Thank you, Gino. Thank you. We will now take some questions from the streaming so we can give everyone space, and then we will come back to some questions here in the room. The first question is, aviation and defense systems VoP was flat to declining in 2025 despite growing demand. Capacity is the capacity constraint. Of your five facility expansions, which is the critical path bottleneck for these two segments in 2026, and when exactly is it completed? Thank you. Okay, Giorgio. Thank you, Giorgio, for the last part. Yes, very nice question. Thank you. Yes. Aerospace and defense are growing with the demand that is greater than the capacity installed, not only for us, but for the entire industry at this stage. We are already starting this year, actually, to increase our delivery rates in order to fulfill the requirements that our customers demand, not only for production. Well, the demand is also because fleets are flying more in this moment. One of our pillars that I didn't describe in detail is dedicating a specific area just for maintenance activities, which will create a fantastic opportunity from a business perspective. Industrial is an opportunity to fulfill requirements in a better way. I would say 2026 and 2027 are the years in which we will prepare 90% of our capacity to reach the targets. That's why you see That it's now that we are doing things. On top of what we are doing in terms of capacity, it's not only the capacity itself, we are investing in, let me say, capacities hardware, let's assume a software approach, optimization in flows. We are working integrated teams to analyze our value stream mapping in terms of transformation, also our systems and support. Everything which is a product lifecycle management, ERP. Those kind of system are going in the direction to increase our footprint and capability to deliver. It's the main challenge of the industry at this stage, following the demand. Thank you, Giorgio. Thank you so much for this. We will now move on to the second question that we have via streaming. The second question is, book-to-bill was 1.3 times in 2025 and backlog hit EUR 191.9 million by May 2026. Is the current order intake rate implying roughly EUR 130+ million annualized sustainable, or was 2025 order intake unusually front-loaded by a small number of large contracts? Thank you. Alessandro Agosti, please [inaudible]. Thank you. Yeah, thank you for the question. The order intake will continue to increase, EUR 130 million in 2025, posted a 1.3 times book-to-bill ratio. As we said, the market demand is growing. The backlog is growing, this will deploy in the revenue for the next year. The trend is decisively increase. Thank you. Thank you. The next question is, how long will it take to organize sales operations so as to leverage commercial synergies? How many customers are currently being served directly by more than one company in the group? About the organization, one second. Yeah. Although we do not have any strong concentration on our customers, most important customers at the global range is Leonardo, which accounts for 22%, but the most important top five accounts for almost 50%. We don't have a great concentration. Certainly, I would say the issue won't be how the customers will look at us, but what we will do us for our customers. Integrating our capabilities across companies, we can better serve them and give them a more integrated package to the one they get right now. More integration means less disturb for them in doing what they are supposed to do. They are a global system integrator. They have to integrate global systems. We have to provide them a product which, to the best of our capabilities, is already integrated. This is what we are doing, for instance, right now, where Blu Electronic with Officina Stellare is designing an image. They will be capable to combine a payload all together for a customer, which is not in the full capacity of Officina Stellare today, and it's what we will be doing with other synergies and companies we are exploiting right now. Thank you. Thank you. The next question is, do you have particular sectors you're most interested in regarding M&A? We see the growth in all our strategic business line going in a harmonic way. We don't have either a preference, nor a strategic indication on where to grow. We will do our best to grow harmonically in all business lines. Thank you. We will now take, for now, the last question via streaming, and then we will come back to the room. You're an example of this with your recent integration with GATG. How beneficial can aggregating companies and SMEs in Italy be for Italian aerospace players? Do you see fragmentation in the Italian environment more as a problem or an opportunity? Can horizontal or vertical integrations between players be a solution for scaling and/or complementization? In Italy, we used to say small is beautiful, but that's not true. That's what people say when it cannot become bigger and bigger and bigger. I see now an opportunity, but it's not only in Italy, mostly in Italy, I would say, for a further aggregation. Of course, we're not forcing anybody to aggregate with us. We are pursuing a strategy of growth. We will be selective on our growth process. Picking up everything, we are looking for synergies, for technology synergies and for production synergies. This will not be just in Italy, but will be on opportunistic basis everywhere we have a customer. Thank you. Thank you. We will now give space in the room for the last question of today. Please, anybody who would like to take the last question. Thank you. Martino. Thank you. Giorgio mentioned the word maintenance. Could you provide an indication of what is the maintenance today? If I understood correctly, there is a strategy to grow in this domain. Very stupid question may be on the Skyloom project, is there any time lag for homologation processes, which is probably, I don't know, lasting months, if not years, but I frankly don't know. The very last is you do not provide the profitability by division, I suppose there is not an answer. Just to have an idea, is there any division which is more profitable than the average in order to project based on the backlog, what could be the trend? Thank you. Thank you, Martino. I switch on three person. Start from Giorgio about the maintenance. Of course, aerospace and defense, you design to do the maintenance at the end. This is our target. It's where you take the majority of your benefit from a business perspective. Today, it's an important percentage of our revenue, mainly in aviation and defense. The target is to have a dedicated organization that will become a business line that will be very important globally. We tend to take the majority of the benefit from 2027 on when the building will be ready. We will concentrate there all our MRO activities, which include maintenance, repair, overall spare sales. It's where we want to be from aviation and defense perspective. It's very important to stress we don't design because we are engineers, which is part of our life, at least mine, and Alessandro as well. We design because then we will control our costs, and we will control our margins in the aftermarket world. This is why in aerospace, we invest in research and development. If I may add something, Giorgio, the investment we are making, creating a dedicated site for MRO is not made just only for the parts that we design and develop, but also for third party under license to facilitate global OEMs that stay on the other part of the ocean, for instance, to have a dedicated maintenance facility in this part of Europe. This will be increasingly important when the rate of utilization of the different platform increases. The second one is for Gino about the standard of the laser communication. Yes. Thanks a lot for question. Space market, space products are a sort of deliver and forget, because when a telescope is launched in orbit, there is nothing you can do after that. Definitely, everything is changing with the laser communication as example, because the proliferation of the ground-based equipment, in short, an optical ground station is a high-performance antenna. Customers are worried about the downtime. We are on the way to face the problem, let me say, that is also an opportunity for us to provide them services because an optical ground station must work 90% of the time without any failure. We are developing our products thinking to that, but also preparing ourselves to be able to provide maintenance services to those kind of products. Basically, yes, talking about the certification, laser communication is still in an evolving phase. Most of the protocols and most of the requirements are set. We are TRL9 there, and we are ready to sell and deploy our products. I'm not expecting issues versus certification. What is interesting to say is that being an evolving technology, the challenge is to be able to prepare our products in order to be versatile versus the expected changes of protocols and performances. Software-defined modems and the telescope are ready to work at different wavelengths, just to be technical again. This is the challenge because we are just at the beginning of a technology that is expected to evolve a lot in the future. Exactly. Yeah. Thank you, Alessandro. Thank you, Martino, for the question. Your question related to the marginality of the business lines. Based on actual figures, space and maritime, had a marginality a little bit higher than the average of the group in 2025 based on the pro forma figures that we discussed before. As we said, aviation and defense systems are in their phase of investing now. As Giorgio said before, this phase is expected to be completed 90% in 2026. These two business lines will benefit from the operating leverage upon completion of this investment phase. To sum up, as you might know, based on previous experience, this business has a life cycle that is beyond one single financial year of the financial statement. The performances should be appreciated, not based on the single financial statement between January and December, but probably beyond considering the entire life cycle of the business lines. Thank you. Thank you. No, go ahead. We're closing now. Thank you, everyone. We will now pass the word back to the speakers for any final comments. Can I do the very last one, very quickly? Skyloom has been bought by IonQ. Is that a plus for you, or is it complicating things? Just a comment. Gino, there's an engaged again for Skyloom. Of course, we are aware. No, it is definitely an opportunity. We are sharing some technology, some interests, some strategy. Of course, the extended force of IonQ is a support for our strategy and vision in the future. We are perfectly aligned. We are meeting. We are having a meeting every week about the future. No, I'm expecting opportunities, definitely, and not issues there. Thank you. Thank you, everyone. We will now close the questions, and we can pass the word back to the management team to close the session of today. Thank you. Thank you, everybody. I don't know if the agenda now we have together for the presence that are quite a light lunch. After, maybe we have two different groups for the site visit, if you want. Okay. Thank you. Thank you, everybody, for your attention. Thank you. Thank you.