Ladies and gentle`men, welcome to Pirelli's Conference Call, in which Pirelli top management will present company's full year 2025 preliminary results. A live webcast of the event and the presentation slides are available in the Investor Relations section of the Pirelli website. I remind you that the Q&A session will follow the presentation. I would like to introduce Mr. Marco Tronchetti Provera. Please, go ahead, sir. Good evening, ladies and gentlemen. 2025 results mark another milestone in our journey of growth and value creation. In a highly volatile external environment, the group closed the year with outstanding results. We far to improve our positioning in high value. Profitability is confirmed as the highest among Tier One. Cash generation was above expectations, enabling us to accelerate the deleveraging process. At the same time, we strengthen our commitment to sustainability, the result that reinforce our leadership. Pirelli is the only company in the global tire and auto component sector to be included in the top 1% of the S&P Global Sustainability Yearbook. The scenario that we see for 2026 remains challenging, with geopolitical uncertainties and high microeconomic volatility. In this complex landscape, we see real opportunities for growth that we are ready to capture through a business model that is increasingly data-driven. We aim to consolidate our leadership, improve profitability, deliver a sound cash generation, and ensure a solid shareholder remuneration. I now give the floor to Mr. Casaluci, please. Thank you, Mr. Tronchetti, good evening. Revenues amounted to EUR 6.8 billion, with an organic growth of 4.2%, driven by the strengthening of high value, which now accounts for 79% of group sales, +3% year-over-year. Profitability reached 16%, supported by internal levers that more than offset the negative impact of the external headwinds for around EUR 320 million between exchange rates, tariffs, and input cost inflation. Net income stood at EUR 531 million, up 5.9% year-over-year, benefiting from a solid operating performance and lower financial expenses. The deleveraging process was completed, thanks to cash generation before dividends of approximately EUR 1.1 billion, resulting from improved operating profit, rigorous working capital management, and the successful conversion of the equity-linked bond. In 2025, we strengthened our commitment to sustainability, a strategic lever for innovation, growth, and competitiveness. The results achieved are fully in line with our objectives and long-term strategy. Accident frequency rate was reduced by 14% year-over-year, as a result of prevention and training programs. In decarbonization, we achieved important results. We reduced absolute CO₂ emissions by 63% in our factories compared to 2018, through the electrification of curing processes, and we intensified the efforts with our suppliers, who decreased emissions by 27.5% compared to 2018. These results are fully consistent with the carbon neutrality target for 2030 and net zero for 2040, validated by Science Based Targets initiatives. As for products, we increased the percentage of bio-based and recycled materials, which in the P Zero developed for JLR, accounted for more than 70%. This is an important achievement that places us at the far front of the industry and also offers interesting business opportunities and mix improvement. Finally, to protect biodiversity, we have further reduced water consumptions by 54.3% across all the gross production sites compared to 2015. Let us now move on the detailed analysis of 2025 operating performance. The implementation of our strategic programs enabled us to strengthen the positioning in the high value segment, gaining market share in both replacement and OE. To consolidate the technological leadership with new products that stood out in comparative tests, and to improve the competitiveness with the automation and digitalization of our processes. Let us now take a closer look to each program. We fully captured the growth of car 18 inches up, outperforming the market, +7% in full year 2025, compared to +6% of the market, and +11% in Q4 versus the +8% of the market. The gaining market share concerned both channels. In original equipment, we benefited from strengthened partnerships with local car makers in North America and Asia Pacific, and a favorable year-on-year comparison. In replacement, our performance was positive in all regions, driven by pull-through and continuous product innovation, which enabled us to seize opportunities in specific segments. For instance, all-season in Europe and all-terrain in the United States. During the year, we continued to reduce our exposure to standard, particularly in South America, where we revised our commercial and distribution policy to focus on more profitable products and channels. Let us now move on the innovation program. In 2025, we further consolidated our technological leadership in the high-end segments. We obtained approximately 320 new homologations, mainly in 19 inches and above, specialties, and electric vehicles. Our homologation portfolio is much wider than that of our peers, more than 3 x in 19 inches up. This strengthened our partnerships with premium and prestigious OEMs in various regions. In Europe, we confirm our role as a leading technology partner, contributing to the evolution of iconic models, such as the Ferrari 849 Testarossa. In North America, we are consolidating our leadership in high-performance vehicles, such as Ford Mustang. In Asia Pacific, we have a closer partnership with the most important new premium electric vehicles producers. Finally, in South America, we are supporting the technological evolution of car park, with a stronger presence on multipurpose vehicles, such as the Ram Rampage. Our high-value offering was enhanced with nine new car products. 2025 was a record year in terms of awards and recognitions for Pirelli products. In summer, P Zero E won Compasso d'Oro, a prestigious international industrial design award. In addition, the fifth generation of P Zero was voted Best Ultra-High Performance Summer Tire by Tyre Reviews and Auto Express. The P Zero Winter 2 ranked first in test conducted by the historic Swedish magazine and Tyre Reviews. Finally, in the all-season category, Cinturato All Season SF3 scored 12 victories, while Scorpion All Season SF3 stood out in the German AvD comparison, taking first place. Important results were also achieved in the world of two-wheelers. In motorcycles, we introduced two new products and won Motorrad and PS Magazine tests. Finally, in cycling, we further expanded our range with four new products. Pirelli's Cyber Tyre technology also received several global awards. In the United States, it was voted the most innovative technology for the future of smart mobility by the AutoTech Breakthrough Awards. Frost & Sullivan named Pirelli Company of the Year. In Europe, the significant level of innovation was also recognized by AUTOBEST and by the Automobile Awards in the safety category. Finally, let's analyze the results of the operations programs, which generated gross efficiency of EUR 158 million, offsetting the negative impact of inflation. More specifically, the greatest benefits drive from the product cost project, thanks to innovative design reducing the cost of materials and the manufacturing project through factory automation and electrification of the curing phase, allowing a more efficient use of energy. In the SG&A and organization projects, we continued developing the planned programs, generating efficiencies through the rationalization of the supply chain and the optimization of logistics and the digitalization of internal processes and personal upskilling. I now give the floor to Mr. Bocchio. Thank you, Mr. Casaluci. Let's now analyze in detail the performance of 2025 compared to the previous year. The top line recorded an organic growth of 4.2%. If you factor in exchange rates and the difference in perimeter, the top line was stable. High-value revenues were above EUR 5.3 billion, accounting for 79% of the group's revenues, up 3% compared to last year. Let's now move on to the individual drivers. The trend in volumes, plus 0.4% year-over-year, reflects the opposite dynamics of high value and standard, already illustrated by Mr. Casaluci. The price mix improved by 3.8%, driven by the product mix and the regional mix, while the channel mix was slightly negative, particularly in the fourth quarter, given the trend in sales of original equipment compared to those in replacement. The impact of exchange rates, -3.8%, reflects the depreciation of the U.S. dollar and the volatility of emerging market currencies against the euro. The change in perimeter, -0.4%, is linked to the deconsolidation of the Deca business, which was sold in the second quarter of 2025. Let's now analyze the profitability trend. Adjusted EBIT amounted to EUR 1.081 billion, up by approximately EUR 20 million year-on-year, with a margin of 16% compared to the 15.7% in 2024. The improvement in profitability is linked to the effectiveness of internal levers, which more than offset the negative impact of external factors such as exchange rates, raw materials, inflation, and U.S. tariffs, amounting to a total of EUR 320 million. More specifically, volumes contributed EUR 11 million. The price mix of EUR 173 million more than offset the increase in the cost of raw materials for EUR 56 million, and the impact of the exchange rates negative for EUR 85 million. Efficiencies equal to EUR 158 million, more than covered input cost inflation that were EUR 121 million. Finally, we accounted for a negative impact of D&A for EUR 26 million and other costs for EUR 33 million. The gross impact of U.S. tariffs was EUR 55 million, approximately EUR 25 net of the mitigation plan. In the fourth quarter, Adjusted EBIT was EUR 246 million, essentially stable compared to the previous year, with an improved margin of 15.6%, and it was 15.4% in the fourth quarter of 2024, thanks to the excellent commercial performance, price mix, and efficiencies that fully offset the headwinds coming from exchange rates and tariffs. Let's now move on to the net profit, which amounted to EUR 531 million, up by approximately 6% compared to EUR 501 million last year. This trend reflects the EUR 21 million improvement in operating performance, the EUR 33 million increase in non-recurring expenses, mainly linked to the continued streamlining of the organization in Europe and South America, the positive contribution of equity investments for EUR 21 million, especially for the dividends received following the liquidation of Finpriv, a reduction in net financial expenses of EUR 103 million, due, on the one hand, to the lower non-monetary impact linked to hyperinflation accounting, and on the other hand, to lower expenses linked to the reduction in debt and interest rates. Finally, the EUR 83 million increases in taxes following the discontinuation of the tax benefits that were included in the 2024 results. The tax rate was 30%, in line with expectations. Pirelli closed 2025 with a net financial position of approximately EUR 1.1 billion, and a leverage of 0.71 times the Adjusted EBITDA. Cash generation before dividends amounted to EUR 1.074 billion, with the EUR 497 million benefit coming from the conversion of the equity-linked bond. Excluding this effect, the cash flow before dividends amounted to EUR 577 million, up EUR 43 million compared to 2024. Net cash flow from operating activities was positive at EUR 1.024 billion. This result is an improvement of EUR 35 million compared to 2024 and is due to the operating performance just discussed, investments of EUR 420 million related to high-value activities, technological upgrades, and factory automation, EUR 113 million increase in right of use, positive contribution from working capital management, thanks to efficient management of inventory, whose weight on revenues reduced to 21.5% versus 21.7% last year. The weight of trade receivables and the trade payables on revenues remained substantially unchanged. Interest paid went down to EUR 200 million. They were EUR 249 million in 2024, due to the reduction in debt and interest rates. Taxes paid were basically stable year-on-year and amount to EUR 154 million. Please note that in 2025, the taxes paid are lower than those in the profit and loss, because the Italian tax system allows for payment on an historical basis. The point of reference was the taxes due in 2024, that still accounted for tax benefits such as Patent Box and ACE. This difference between profit and loss and cash flow tends to disappear in 2026, with an expected tax rate between 32% and 34%. As of December 2025, Pirelli had a gross debt of approximately EUR 2.96 billion, financial asset of EUR 1.86 billion, and therefore, net financial position of approximately EUR 1.1 billion. Sustainable finance accounts for 100% of the parent company's gross debt, confirming the achievement of the target announced in 2024. The cost of debt over the last 12 months was 4.40%, down 66 basis points compared to 2024, benefiting for the variable rate portion from the trend in interest rates in the Eurozone, and from a reduction of the debt portion in countries with high interest rates. As of December 2025, the liquidity margin of EUR 3.1 billion covered debt maturities up to the third quarter of 2029. In January 2026, Pirelli signed a contract for a new multicurrency bank line for a total amount of EUR 2.1 billion, with a group of leading national and international banks. Specifically, the new line, based on the group's decarbonization targets for Scope 1, 2, and 3, consists of a term loan of EUR 600 million and revolving lines for a total amount of EUR 1.5 billion. The agreement provides for the possibility by mutual understanding between the company and financial institutions to extend the maturity under the same contracted terms for a maximum of two additional years until 2033. The transaction also allowed for the refinancing more than a year in advance of all debt maturing in 2027. I now leave the floor back to Mr. Casaluci. Thank you, Fabio. The scenario in which we operate continues to be marked by great uncertainty and structural transformations. On a geopolitical level, regional tensions, protectionism, and the fragmentation of global supply chains persist as elements of complexity. From a macroeconomic perspective, we continue to operate with an uncertain demand and different trends between segments and markets, as we will see in the next slide. For 2026, we expect from the one side, a global GDP growth of 2.9%, together with a gradual slowdown of CPI inflation. On the other, a greater volatility of exchange rates and commodity prices. Finally, the technological transformation is bringing about structural changes in the automotive sector. We are living in an era of truly disruptive technologies. It is not just artificial intelligence, but automation evolving towards advanced robotics. It is not just the powertrain, but the vehicle architecture that is becoming software-defined and fully connected. For a group with a strong technological DNA, this transformation is a key lever for differentiation and sustainable growth in the long term. Let's move on the market outlook for 2026 on our expectations for the main regions. The car tire market is expected to remain basically flat, -1% or +1%, with high value, our reference segment, confirming a mid-single-digit growth rate. High-value growth is driven by replacement, especially in Europe, Asia-Pacific, and North America. Demand for high-value original equipment is expected to grow at a low single-digit rate and to recover in the second half of the year, in line with the trend of car production. In the 17 inches and below car segment, demand is expected to be negative, low single-digit in both channels. In this scenario, Pirelli confirms its strategy of gaining market share in the 18 inches up and reducing its exposure to standard. We have identified three strategic priorities for 2026. The first is growth in the high-value segment, which will be driven by a continuous mix improvement, leveraging on electric vehicles and specialties, by the expansion of partnership with premium and prestige car makers, and by the increase of exposure to markets where we have upside potential. The second priority is to strengthen the technological leadership through continuous renewal of product range and the development of opportunities offered by Cyber Tyre. The third priority is a transformative efficiency as a structural lever for competitiveness. Before expanding on the 3 strategic priorities, I would like to focus on our data-driven business model. In recent years, we have gradually built an integrated digital ecosystem, powered by the digitalization of our core processes, advanced analytics, and more than 110 artificial intelligence models. These ecosystems is strengthening the quality and speed of our decision making and is progressively transforming Pirelli into a truly data-driven company. Let's now review more in detail our digital ecosystem. Starting from the top of the slide, the integrated business planning platform allows us to forecast replacement demand generated by original equipment homologations, integrating it with external data on car park. This process enables us to select business based on their expected profitability throughout the entire product supply life cycle. This is supporting our long-term and short-term forecasting. Below, on the left, the integrated CRM platform, combining geolocalized data of the car park with our algorithms, these platforms allows us to support sales, making the best offers based on the client's reference market. Moving to the right, the product lifecycle management platform is enabling us to digitalize the entire development process, from compound design to simulation and testing. With the help of virtualization and AI, we are accelerating the development of new products, reducing time to market and cost, and improving quality. In 2025, we increased the number of virtual tests fivefold. Moving down to the manufacturing, we are progressively connecting all machineries using industrial IoT technologies to allow real-time production data collection, and through AI, improve product quality and factory's competitiveness. In the supply chain, thanks to the introduction of AI algorithms, we are building a control tower to plan procurement of raw materials well in advance and to predict logistic flows. These ecosystems relies on a set of infrastructural digital enablers illustrated on the right-hand side, like the cloud, which greatly increases computational capacity, and the data lake, making data available to every business process and all AI models. Cyber Tyre technology is fully integrated with this approach. The data collected by sensors integrated into the tire, processed through proprietary algorithms, and enhanced by AI, not only improves vehicle safety and control dynamics, but also product development, AI models, and overall performance. The Cyber Tyre is a pillar of our evolution towards a fully data-driven industrial model, geared towards sustainable value in the long term. Let's now go back to our strategic priorities, starting from growth in high value. Despite our leading position, we intend to seize more opportunities. The first guiding principle is mix improvement, valuing electric vehicles and specialties, developing a more regional offering capable of meeting the specific needs of the different markets, and increasing our presence in product segments where we still see unexplored potential for Pirelli. At the same time, we are strengthening our partnerships with the main OEMs to extend business opportunities and enlarge the customer base. In North America, on iconic vehicles, in China, with premium new electric vehicles producers, in Europe, with premium and prestige car makers. Lastly, we want to speed up our geographic growth. In the U.S., where the potential is not fully expressed, and in emerging markets, where high value is growing at a faster pace, such as South Korea, Southeast Asia, Gulf countries, or India. These are the three principles that are leading us to overperform the market in the car 18 inches up and increase exposure to high value above 80% of revenues in 2026. Brand continues to be a distinct asset, supporting growth. Formula One and the major international sports competitions, together with MotoGP from 2027, allow Pirelli brand an extraordinary visibility worldwide, further enhanced by cultural activities such as The Cal and the HangarBicocca. The result of such initiatives is an iconic and strongly distinctive brand. Pirelli is globally recognized as a synonym of technology, sports, and performance, and a reference point for our high-value target, as proven by the top scores achieved in brand equity studies carried out by major research institutes. Let's turn to the second strategic priority, product innovation, which relies on the whole digital ecosystem we have just described. We are introducing 9 new car products, marking a significant renewal of our more successful lines. This new portfolio strengthens our position in key segments and markets. We have put a strong emphasis on safety and performance, integrating our most advanced technologies to deliver measurable improvements in driving experience, safety, and durability. On the two wheels side, we are launching seven new products designed to meet evolving customer needs across segments. In motorcycles, we introduce 3 new models engineered to deliver high performance with a distinctly sporty character, responding to riders who demand both excitement and control. In cycling, we expand with 4 new products covering racing, road and gravel, and mountain bike, broadening our reach and reinforcing our presence in high-growth segments. Regarding Cyber Tyre, the development is ongoing. Our technology is a key component of software-defined vehicles and autonomous driving, since it provides vehicle accurate information on the tire conditions and grip. At the same time, it contributes to developing smart roads and smart cities, where the data collected enable predictive maintenance of infrastructures and a more efficient and safe management of urban mobility. To make this evolution feasible, we set up an expanding network of partnerships. We work with technological leaders like Bosch, Ride Vision, and Movyon, and institutions of excellence like the Italian Ministry for Infrastructures and Transportation, the Politecnico di Milano, and Anas, to develop advanced solutions for smart and safe infrastructures. In the meantime, we are building partnerships with prestige and premium car makers that recognize in this technology a key feature for their next generation models. Let's now move to the third strategic priority: transformative efficiency. There are two main programs that will contribute the most to the approximately EUR 150 million efficiencies in 2026. The first involves product design. The vast adoption of virtualization and simulation in product development allows us to expedite the time to market and to decrease environmental impact. More than 80% of our current products is developed through these digital tools, with structural benefits in terms of quality, speed, and efficiency. In parallel, our modular design approach allows us to reduce production complexity. We are progressively increasing the number of common components, both across product families and within our factories, with clear and tangible benefits. The second program is related to manufacturing. As mentioned, we are making our industrial platform more efficient and flexible by digitalizing factories and adopting next-generation technologies. Approximately 80% of our machinery is connected by industrial IoT, allowing for real-time data collection and improving process control and stability. Besides all these, we develop technologies specific to key processes, such as curing electrification, cutting down on energy consumption by 80% compared to traditional steam systems, with additional measure benefits on emissions and water consumption. Process and handling automation, making low added value activities more efficient and safer. Finally, let's review the targets for 2026. Revenues are expected to be in the range of EUR 6.7 billion-EUR 6.9 billion, with volumes growing between 1% and 2%, supported by the strengthening of high value. Price mix, improving it to up to 2%, driven by the product mix. A negative currency impact of between -4.5% and -2.5%, linked to the weakness of the dollar and the volatility of South American currencies. Profitability is expected to improve slightly, with an Adjusted EBIT margin of around 16%, similar between first and second semester, despite the different impact of external variables that will impact more heavily in the first quarter. Investments are expected to amount to EUR 450 million or 6.5% of revenues and will be mainly allocated to high-value activities, technological upgrades, and factory automation. Net cash generation before dividends is expected to be approximately EUR 500 million, following increased tax pressure. Finally, net financial position is expected to be approximately EUR 1.2 billion, with a leverage of 0.75 times. This will include the impact for around EUR 250 million related to exercise of the option to increase the stake in Jining Shenzhou Tyre Co. from 49% up to 70%. This will allow us to take the control of the Shenzhou plant, which is strategically important for strengthening the Pirelli Group's presence in China and our positioning in the local premium electric vehicle market. In line with last year's dividend policy, which provides for a payout of around 50% of consolidated net income, the board will propose to the next AGM the distribution of an ordinary dividend of EUR 0.24 per share, for a total amount of EUR 260 million. In light of the positive results achieved in 2025 and lower leverage, the board will also propose the payment of an additional dividend of EUR 0.10 per share, for a total of EUR 109 million. The overall dividend per share will amount on EUR 0.34 per share, equal to a total distribution of EUR 369 million. Thank you for the attention, and now leave the floor back to Mr. Tronchetti for the final remarks. Thank you, Mr. Casaluci. With 2025, the industrial plan cycle ends with a solid execution about peers. 2026 starts with new challenges. Despite this, we aim at growing, improving profitability, and ensuring a solid cash generation. All this by leveraging a unique data-driven business model, which, as we saw, combines technology, a strong focus on high value, and industrial excellence. This model allows not, allows us not only to respond to external dynamics, but even to foresee them and turn complexity and volatility into a competitive edge. The digital infrastructure, the consistent use of artificial intelligence in all areas of the company, as illustrated by Mr. Casaluci, and the integration of the data collected, thanks to our unique Cyber Tyre within the software of the controlling units of our clients and in our modeling, is strengthening our business model, making it future-proof in a fast-changing environment. With all of this, we end, now our presentation, and we may open the Q&A session. We will now begin the question and answer session. As a reminder, to enter the queue for questions, please click on the Q&A icon on the left side of your screen and then press the Raise Your Hand button. Please do not mute your microphone locally. If you are on the phone instead, please press star one on your keypad. The first question is from Akshat Kacker of JPMorgan. Please go ahead. Thank you. Good evening. Akshad from JPMorgan, congratulations on another strong quarter. I have three questions for you. The first one is on Sinochem. Is it just possible to give us some more clarity on the situation, how are the discussions proceeding? How should we think about the next steps or timelines from here, given that the U.S. screening deadline and even the shareholder pact negotiation is due in March? The first question on Sinochem, please. The second one is on the standard tire business. Volumes were down 13% in Q4, 11% in 2025. Could you just give us your expectations for 2026, please? How should we think about volume decline, what are the current margins and operating income in this segment, please? The last one is if you could just give us an updated assumption on your raw material guide for 2026, please. Thank you so much. Thank you. I will answer, the question related to the shareholder structure, and then Mr. Casaluci will answer all the other questions. There are not ongoing negotiations with Sinochem. We are going to end the pact. We will not renew the pact in June, in May next. Now, let's say, the Golden Power is analyzing the situation. What we can confirm is that, clearly, the government, the Ministry of Industry, they stated that Pirelli will be in a position to enter in all markets, obviously, including the American market, with its technologies. For what concerned the 17th of March, which is the date in which the carmakers they have to confirm their alignment to the regulation of the BIS, the statement of the government and of the Ministry of Industry are the answers. We don't see any issue looking forward, we are sure that Pirelli will be in a condition to fulfill the requirements of the BIS. Please, Mr. Casaluci. Hi. Okay, so on standard, the target volume we have for 2026, it stays around 19 million, 18.8 million tires. That represents a further decrease versus 2025. I would say around 4% or 5% reduction on volume. It's important to remind that half of this volume, it remains concentrated in South America. The target of profitability for the segment, it is in the ballpark of mid-high single digit, and we maintain our mid-long-term target to reach the double-digit profitability, but not in, not yet in 2026. I will leave the floor to Mr. Bocchio for the raw material scenario. Thank you. On the raw material, we take this one. We are expecting a tailwind in 2026 compared to 2025. All of this tailwind expected to be in the first half. It will be while in the second half, we are expected to have a sort of neutral impact, so zero variance compared to previous year, and the overall impact is expected to be in the ballpark of EUR 30 million. Obviously, we are monitoring the situation of the commodities, specifically of the natural rubber trend, because it went from a low point, mid, in mid-2025, of about 1,600 to the quotation in these days, which arrived to $1,900 or $2,000 per ton. We are strictly monitoring this point. The other point is related to the tension or geopolitical and economical tension in the Middle East, which obviously may affect the value of the brand. Monitoring the situation, but so far this is our view for 2026. Thank you so much. One very quick clarification on accounting. Your increased stake in the Shenzhou Tyre joint venture, you expect to account for that at equity going forward? You mean on the Shenzhou plant in China? Well, the expectation is to exercise this call to entering the full control of the plant, and to use the production capacity of the factory and the expected growth on the following year of this capacity, that will be 100% high value, to take the opportunity of to grow in the fast-growing, high-value market on the electric, on the electric vehicle segments. Where the market is still growing with a high single-digit pace of growth, and with where we are enlarging our customer base, partnering with a new successful, premium player in China. That's the target. Thank you. Sorry, I just wanted to confirm, you're increasing your stake to 70%. Will this be fully consolidated on your PNL for 2026, or are you still accounting for it at equity? Yes, we will have the option to go from the 49% up to the 70%. This will be our option, and it will be consolidated line by line, starting from January 1st, 2026. Thank you so much. The next question is from Monica Bosio of Intesa Sanpaolo. Please go ahead. Yes, good evening, and thanks for taking my questions. I have a few. The first is on the deployment of the business across the year. Should we expect a soft start to the year at the revenue lines and maybe a stronger second half? On the other side, in the first part of the year, you will have the tailwinds from raw materials. Any insights on how the business will deploy across the year, if it will. Maybe it will be a near head to speed, just to check on this. The second question is on the Cyber Tyres. You entered in a lot of negotiation, also with premium players, and I was wondering if you can share with us what is the weight in terms of revenues coming from the Cyber Tyres? The last question is on the Chinese market. In the last call, the company highlighted that it enjoys with Chinese car makers, a market share, which is even slightly higher than Pirelli market shares with Western car players in the country. Can you quantify the market share gains the group get in 2025 with Chinese players? In relation to this, are you seeing strong revenue stream from the replacement channel in the bed segment in China and overall? Thank you very much. Thank you for the three questions. On the first question, no, I would say is a bit the contrary. We do expect a first half with more headwinds, mainly related to duties. I do remember that we started to pay duties from in 2025, from May on, we will have a negative comparison in the first five months of the year. Also the exchange rate, that will be the main headwind for the first quarter. I do remember that the euro-dollar exchange rate in the Q1 2025 was roughly 1.05 average, while now, we stay around the 1.18, something like this. It's absolutely negative. We target to have stable profitability in terms of EBIT margin along the year, in all the quarters, as Mr. Bäck explained. In terms of EBIT in absolute value, I would say that the growth that we have in our plan, it's mainly concentrated in the second half for this reason. While if we move on the Cyber Tyre revenues, no, as we don't disclose these numbers yet, but this will be a very important chapter of the new industrial plan. We are fully concentrated in developing the technology and accelerating the penetration of the technology, both in the car industry and in the infrastructure, Italian infrastructure projects. The meaningful impact in terms of revenues will be part of the next futures, not now. Yes, yes. Also important for the data collections coming from this new technology that in a way is supporting us the value creation already now, but is not represented by a revenue itself on the cyber product. Last, the original equipment market share we have in China with the premium players is similar to the one we have with the European premium players or the Americans today, and it stays around 20%. What we are doing is we are enlarging the customer base because we want to have the same share with the most important premium players in China, which is a process in place. Of course, we do expect that these will benefit the replacement demand for the coming years. It's still mainly supporting the original equipment business because is a technology quite young, but the first volumes in the replacement channel are already present in our numbers in 2026. Thank you. We should see more in 2027. Is it correct? Yes, yes, of course. It will be of growing importance in the coming years. Just to give you a flavor, already 30%, more or less, of our volume in electric vehicles technology, it is replacement. The replacement, it starts to represent a meaningful value stream for the replacement sales. Okay, got it. Thank you also for clarifying that the second half will be stronger. Thank you. The next question is from Stéphane Benamou of Bank of America. Please go ahead. Yes, good evening, everyone. I have three questions, please. The first one is on the EBIT bridge. You've already mentioned the raw material wind. Can you please give us more color regarding the efficiency gains that you anticipate? You've mentioned EUR 150 million. If you could give us the phasing and the flip side is for sure the cost inflation. What should we expect in 2026? The second question is regarding your return policy. Given the group's historical strong cash flow generation and the solid balance sheet, should we expect a higher payout ratio going forward? The last question is more a confirmation. Do you confirm that despite this ongoing situation with Sinochem, this will have no consequence regarding the ability of Chile to have access to the U.S. market? If I'm not mistaken, you said just before, regarding the Akshat Kacker question, that the U.S. ban on March 17th will not be an issue at all for Pirelli, because Pirelli will still have access to the U.S. market, or at least for the Cyber Tyre market. Can you please confirm this remark? Thank you. Thank you for your questions. I start with the last one. We confirm the will that have been expressed by the government and by minister. It's obvious that we have to align the governance of the company to the BIS prescriptions, and we are confident that it will happen. We stick with what have been stated by the official Italian authorities. Please, Mr. Casaluci. Yes. On, on the payout policy, no, we are not changing the payout policy. We do consider payout policy today, 50% of the net results is best practice in the industry. We do remain with this policy. What we decided to do this year, in 2026, considering the good results of 2025 and the deleverage, is to propose an extraordinary dividend for 2026. In the following years, we will see, and this will be part of our new industrial plan. For the balance between efficiency and inflation, if I correctly understood your question, we do expect to have a positive balance between our efficiency plan and the inflation. Overall, we do expect around EUR 25 million positive on the full year, compensating, EUR 125, more or less, million negative of inflation, well distributed during the four quarters during the year, with a positive efficiency plan of EUR 150 million. I would say also well distributed during the year. We don't expect major changes in the seasonality of the positive balance between efficiency and inflation. Thank you. Thank you very much. If I may just a follow-up question regarding the situation? You, you believe that you will solve this governance issue at some point? Do you believe that this governance issue will be solved before the deadline of March 17th? Is the Italian government any power to force Sinochem to comply with this U.S. regulation? This is something you have to ask to the Italian government. We confirm what the government mentioned last year, what has been confirmed year-end by the Minister of Industry, and that the golden power as in his hands the new regulation to align the governance to the requirements of the American regulation. That is what we can confirm. Okay, thank you. Thank you. The next question comes from Martino De Ambrogi of Equita. Please go ahead. Thank you. Good evening, everybody. Focusing on the Chinese deal. Now, in your slide 27, you mentioned that the debt will have an EUR 250 million impact coming from debt consolidation and the exercise of the option. Could you split the two figures? In order to understand, since it will be consolidated since the beginning of the year, I don't know the size of this business that will be consolidated, the capacity in high value that you mentioned to be added. So just to have a flavor of what are the figures involved in this deal? Mr. Casaluci, just, you mentioned, the electric vehicles will be, show the potential in a business plan presentation. There is a already scheduled, a presentation. Yes. The consolidation of the Shenzhou plant, you said is EUR 250 million, is mainly debt consolidation of the investment done in the previous years. What we do expect is to consolidate the factory, as I said before, that will grow the value in the coming years in terms of capacity, and will be a value creative operations. Yes, we'll improve the overall profitability. It stays above the average of our actual profitability. Thank you. Sorry, CMD already scheduled? No, not yet. But, after the new board of directors will be in place, and, I do consider in the second half of the year could be a reasonable period of time to present. I don't know if Mr. Tronchetti wants to agree on it. We don't have yet a schedule a data, but just after the approval of the annual general meeting, we will set the new schedule for the year end. Okay. Sorry if I come back to the consolidation impact. I don't have the idea what is the impact of the sales and the EBIT, consolidated, for the joint venture in China. Just a very, very rough indication, in order to understand, what is the impact? On the top line, again, that is, this question. On the top line, there won't be a material effect on the top line of the company because we had already in place an offtake agreement with the company. Actually, the vast majority of the flow of tires were already purchased from then and resold into the Chinese market, no major impact on our top line. On EBIT, obviously, there will be an accretive value. It is a plant that is fully dedicated to high value, the average of the profitability generated by that plant is higher than the average of the group. That's why we are saying that is an accretive operation. Okay. In terms of capacity, how many millions of tires is the installed capacity? From EUR 3.5 million to EUR 4 million now, with a plan to grow in the coming years. Okay, thank you. The next question is from Thomas Besson of Kepler Cheuvreux. Please go ahead. Thank you very much. I'd like to ask a quick question on modeling, please. Your net industry position has improved dramatically. Can you give us an idea of the net interest charge we should anticipate in 2026, please? You've mentioned pressure, and that's my second question on taxes in 2026. Could you tell us what you expect in terms of PNL and cash tax expenses in 2026 versus 2025? Final question, in 2025, you deconsolidated the business of distribution that you've sold. In 2026, you're going to consolidate this factory with higher margins than the group. Could you just help us understanding the benefits of both operation on group margins in 2025 and 2060? Thank you. Okay, hello. Thank you for the question. I will take the first and the second one. First of all, on the financial expenses, just to recap, that in 2025, we had financial expenses in profit and loss for about EUR 184 million, which was a significant decrease compared to the EUR 287 million that we booked in 2024. The main driver of this decrease is related on one side, for about half of the decrease, related to the currency devaluation, local inflation in the hyperinflation countries, so with no impact on the net financial position. For about the other half, slightly less than the other half, is related to lower financial charges linked to the overall, to the cost of debt and to the overall net financial position, which was decreasing quarter by quarter. For 2026, what we foresee is to have financial expenses in the ballpark of EUR 200 million, so slightly above what we booked in 2025, because we have two different dynamics. On the first one, we anticipate an additional slight reduction of financial charges related to the cost of debt, even if we foresee the average of the interest in the Eurozone may slightly increase during 2026. On the other side, we have a prudent view, and we are taking into consideration some negative impact, again, from the non-cash component linked to the hyperinflation and the FX volatility, especially in the Latin American countries. For the second question related to tax, as you saw already in 2025, the tax rate for the full year has been at about 30%, fully in line with the guidance. It was between 28%-30%. What we expect going forward, for 2026, we expect the tax rate in the ballpark from 32%-34%, an additional slight increase. What is important to remind is what I was saying during the presentation, that the tax cash out in 2025 has still been lower compared to the tax rate and the profit and loss, while starting from 2026, what we expect is that the tax cash out and the tax rate and the profit or loss will be very, very similar. We will have an hit in the cash flow generation, given the higher taxes that will be paid in 2026. On the last question, sorry, the benefit of the Deca deconsolidation and the expected benefit of the Shenzhou consolidation in 2026. On Deca, no measure impact on the group profitability affected in 2025. Just a bit of impact on the net sales. That is what you see in the line delta perimeter in the revenue drivers of 2025. While 2026 Shenzhou, we don't expect major impact on the sales, because the vast majority of this production was, as Bocchio said before, already consolidated, because the factory was producing Pirelli tires that we were buying and reselling. In 2026, consolidating the factory, we have slightly improvement in the profitability. We said, it is value creative, because the being the owner of the factory and consolidating the factory, we will not have the transfer cost, but we will consolidate the whole margin of the production. Is slightly positive in the group impact, but not that meaningful, anyhow, is value creative. Thank you. Thank you very much. Very clear. The next question comes from Christoph Laskawi of Deutsche Bank. Please go ahead. Good evening. Thank you for taking my questions. The first one on the dividend and cash distribution again. With the leverage nicely below 1 times, also in the future, is there any reason why you shouldn't move to, in one to two years, distributing essentially the majority or close to the entire net cash flow before dividends, either through adjusting the regular DV or always with a special DV on top? The second question, just on the guidance on the margin. There's the comment of a slight improvement year-over-year. Is that related to the percentage margin or to absolute Adjusted EBIT? Thank you. Thank you for your question. For the what concern the distribution of dividends, obviously is never enough. We are all happy if we have more money. I think that is a good policy to improve the dividends, and this is what we are doing in line with what been done by other competitors. Then we have to see how the market will evolve looking forward in the coming years. It's too early to say anything. We are proving now that as soon as there are the condition, we want to share with all shareholders the positive results. Is a positive step. Let's enjoy it. Please, Mr. Casaluci. Yes, I would say both, improvement on both in EBIT margin percentage and absolute value. In absolute value, if you consider the midpoint, is roughly EUR 20 million in absolute as improvement. In percentage, as we said in the guidance, we do expect a slight improvement. Let's see, based on the trend of the net sales, what will happen, but 0.2%, 0.3%, that's the target. We target to improve on both sides. Thank you. Thank you very much. The next question comes from Gianluca Bertuzzo of Intermonte SIM. Please go ahead. Hi, everybody. Thank you for taking my question. First one is on networking capital contribution in 2026. What are you embedding in the guidance? Second question is about the JV in Saudi. How things are going there, can you provide maybe an update? Last question is on the Cyber Tyre. You mentioned that you're focused on developing the technology for the auto but also the infrastructure business. I was wondering, is there a way to monetize this product beyond the automotive market, given also the partnership you had with the Puglia region? Am I right, or I'm going too far? Thank you. I will answer the second and the third question, and I will leave to Bocchio for the working capital answer. Joint venture in Saudi is proceeding as expected in the initial plan, we have a very positive feedback from the first step in the construction of the factory. We will expect the first tire production in the second half of 2027, most probably the Q3 2027, and hopefully, we will celebrate the groundbreaking in the following weeks. So far, so good. On the Cyber Tyre, absolutely, we do this to improve the value creation of the whole company. There is a direct monetization in the business with the car, the car industry, which is easily understandable. It's a question of price power linked to the technology, increase of the pull-through rate into the replacement and the loyalty rate, but above all, the capability to take advantage of the data collection. We target to be in the position to understand the tire behavior during the real-life conditions, during the driving experience, which is something that as a tire industry today, we are not able with a traditional tire. Once the tire is circulating into the market, we basically lose the contact. In the future, with the Cyber Tyre, we will maintain, and it is already happening with the Cyber Tyre circulating, we will maintain the link with the performance of our product during the real-life cycle. When we talk about infrastructure, of course, this is not our core business, but is an important development of the technology because it makes part of the new ecosystem of the autonomous driving. Once the cars will be autonomous and most probably the pure performance, as we see the performance of the tires today, will be less important. I mean, when we talk about handling, or the traditional driving experience with an autonomous driving car will be less relevant, while it will be of paramount importance, the capability from a tire perspective, to measure the grip and to collect data about the tire status and the road conditions, because this information will be of paramount importance for the vehicle dynamic in the future. That's the vision we have, and that's the reason why we are investing a lot since decades in this technology, and we consider this will be a part, a relevant part of the high-value tire of the future. We have already Cyber Tyres circulating in the market, and we are accelerating because the automotive industry is realizing that that's the major trend of automotive for the future. Okay, I leave the floor to Mr. Bocchio. On the working capital, in 2025, we had a positive contribution from the working capital to the cash flow of the company for about EUR 9 million. What we are expecting for 2026 is to have an higher contribution from working capital, slightly higher, in order to try to balance somehow the additional cash out from the taxes. What I can tell you anyhow, is that the focus on the net working capital management in the past few year, you know pretty well, that has been a priority for the company for the past years in order to achieve the leverage. We arrive at a point where the leverage is 0.7-0.75 times the Adjusted EBIT, anyhow, we confirm that the priority to manage the working capital properly is still the focus for the company. The cash flow still remains one of the target of the company. Thank you very much. The next question comes from Ross MacDonald of Citi. Please go ahead. Yes, thank you. I had two quick questions on the China JV news. I appreciate there's been a lot of questions on this already, so apologize in advance for coming back to that one. Just curious, you bought, if I understand correctly, the 49% stake back in 2018, I think for around EUR 65 million. Firstly, you know, correct me if that's not valid. Just wanted to understand, what is the consideration that you're paying for that additional 21% stake here? I'd understood that to build a 4 or 5 million unit factory in the U.S. must cost around $400 million, something like this. Just trying to understand, you know, the book value of the assets that come into the group here. That's the first question. Second question, obviously just trying to put the two and two together, the timing of this, obviously, you're showing a commitment to investing in China. Does this in any way benefit negotiations with ChemChina in terms of how they think about their stake in Pirelli? It seems like the two are completely unrelated, obviously investors will ask, just given the timing of this news flow. Third question, just be interested in your views on overall industry pricing in 2026. There's been some commentary in the market around promotional activity on the Tier Ones. How confident are you in protecting price mix, which I think on the price side is mostly a first half story. Do you see any further scope for price hikes this year? Thank you. Thank you. I try to answer part of your question. First, there is no link between ChemChina, Sinochem Group, and the negotiation in Zhengzhou. That's different shareholder. Is a private company, the one that owns 51% of the company in Zhengzhou, and we are negotiating with them, with this private company. What we are going to buy is something between 2%-3% and 20%-21%, up to 70%, which means that we will consolidate by year-end. We could consolidate with 51 or with 70. We don't know yet. The maximum payment we will make will be up to EUR 44 million. That's the based on the contract we have that is based on the book value. Maximum EUR 44 million, for sure we will consolidate, and we are now looking to what is more convenient for us, and we are negotiating with our partner. Please now, Mr. Casaluci. Yes, on the, on the price environment for 2026, also, we never disclose the price expectation by region or by channel, but what we do is a general expectation for the whole year, and on the 2 percentage point of price mix you see in our guidance, I would consider the vast majority will come from product mix. On the price overall scenario, we do expect a flattish environment, considering all together replacement, original equipment, all the markets all around the world. Clearly, you can easily understand the scenarios will be different market by market. All in all, that's the expectation. Okay, understood. That's very clear and actually very, very helpful to understand the EUR 44 million. That actually looks like very good value next to what those assets would cost in the US, for example. I appreciate that, Colin. Thanks. Mr. Tronchetti Provera, there are no more questions registered at this time. Thank you, everybody. Thank you for your questions. This ends our presentation. I wish to all of you a good evening. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your devices. Thank you.