Regarding EBITDA in the third quarter, EUR 10 million compared with EUR 9.2 million Q3 2024, with an increase of 8.6%. The adjusted EBITDA on revenue is 14.7%. Last year, in the same quarter, it was 13.3%, so we increased the 1.4% in EBITDA margin. EBIT, EUR 5 million against EUR 4.5 million in Q3 2024, plus 12.8%. Net result in the quarter, EUR 2.5 million against EUR 2.4 million in Q3 2024. For the first nine months, the revenues reached EUR 213.8 million, slightly above last year, while EBITDA and EBIT were slightly down due to non-operating costs related to the MAC put option, which is one of the reasons. Also, the first part of the year was reflecting the weakness of the Turkish lira and increase of cost of labor in the first part of the year, but we see recovery in this quarter. EBITDA margin was EUR 31.3 million against EUR 32.1 million in the first nine months of 2024. Net result is EUR 9.2 million compared with EUR 12.6 million in the first nine months of 2024. The fourth quarter, as told, we are confirming the stable demand and the expected moderate increase in sales for the full year compared to 2024. In the third quarter, the group improved its operating profitability versus the same period in 2024, confirming the solidity of our business model and our ability to deliver positive results even in a challenging macroeconomic environment. As told, we continue to expand our market share, diversify products, launch new solutions, partner with leading players, and we are moving both, as told, organic growth and external growth opportunities consistent with our successful track record. The outlook in Q4, as told, the end market of domestic appliances remained consistent with the previous quarter. Demand is stable but still below historical average, around - 10%, which is still uncertain macro and geopolitical context. The order backlog points to a slight improvement in full-year sales versus 2024. What I'd like to underline is the success of our operation last M&A. MAC in Ohio increased its turnover 15% first nine months compared with nine months last year, and the EBITDA margin is now above 16%. It was 7% when we took over in July 2023. PGA, the electronic company in Fabriano, their sales are increased 8%, and the EBITDA margin is 20.2%. In the first nine months of 2025, Sabaf generated EUR 20 million in operating cash flow, with a positive free cash flow of EUR 5.3 million. Net working capital was 28.7% of revenue, slightly higher than last year. The investment totaled EUR 14.8 million in the first nine months, including EUR 2.7 million for a photovoltaic plant here in Ospitaletto, and the full-year cap is expected to reach around EUR 18 million. At September, net financial debt stood at EUR 83.8 million, including the MAC put option liability, with shareholder equity of EUR 158.6 million. Due to the fact that MAC increased its margin, of course, the put option has increased of roughly EUR 2.7 million. My stop here available to answer any question if you have to ask, please. Excuse me, this is a Chorus Call conference operator. We will now begin the question-answer session. Anyone who wishes to ask a question may press the star and one on the touch-tone telephone. To remove yourself from the question queue, please press the star and two. Please pick up the receiver when asking questions. Anyone who has a question may press the star and one at this time. The first question is from Domenico Ghilotti of Equita. Please go ahead. Good afternoon. A few questions. I'll start with a question on the outlook. In the sense that last year you had a slowdown and then a recovery pickup then in the first part of the year in Q1 in particular. What are you seeing? Because if I understand properly, you are seeing a quite subdued market, so limited demand pickup. I wonder if you expect some pickup early next year or if you do not see any sign of that. On the prices, maybe you have started negotiation, and if you can update us on the outlook in terms of price discussions. A question on the Chinese competition that you were mentioning, trying to understand if it is just focused on electronics or if you see more broadly this topic also in other products. Last, you were mentioning the working capital is slightly higher. Can you just elaborate to understand if there is any reason for that? How do you see the evolution on the working capital side? Okay. So regarding the outlook, what we see is that many customers are looking to close the balance sheet end of the year with very low working capital due to the financial reason, of course. We are expecting a backlog increase in January, a request of higher demand starting from January-February. It's a trend that is the second or third year that we see similar. Talking with our customers, we don't feel negative, let me say, feeling. They are going ahead with the same volume. Some customers, for instance, as Electrolux started to work some extraordinary times in Saturday for five or eight Saturdays, they are producing more. I don't want to be more optimistic than reality, but the feeling in this moment is not so bad. Of course, everybody is looking at his own working capital and his own PFN. The customers are always asking, doing pressure to delay payment because they need to have a better financial position at the 31st of December. On the prices for the next year, we are starting now to negotiate with the customer some increase of price. We sent some letters. We are at the early stage to say something about that, what will happen. In this moment, we do not expect to request too much increase of sales price, just 1%-2% or something like that, what we see. I'm quite satisfied about what is happening in our company regarding cost reduction in terms of also, for instance, energy cost to do our photovoltaic. We are saving EUR 50,000 per month. Of course, we did investment, EUR 2.7 million, but we started to paying back, expecting EUR 500,000, EUR 65,000, EUR 35,000, EUR 100,000 saving per year. On Chinese competition, what we saw, we see that only in electronics, not in the other components. In electronics, some of our Turkish customers received offer on electronics with a very, very low price. We do not know exactly how they can do that price because we are buying the same electronic components in China. We have a cost of labor in Turkey that is similar to China. The suspect is that they have government aid due to, for instance, a lot of companies in China. The building is owned by the government. They have lower cost of the rent or tax on labor are reduced because the Chinese government does not want the people will be fired. The order from big bosses, "Do not fire people, produce and sell, we help you." This is our perception and some message from operational level is coming here on this. Net financial position is a little higher due to the EUR 2.7 million of increase of the MAC put value because increasing the EBITDA margin. Of course, I remember that MAC still have 49% of the owners of the company. We have a put and call agreement. The value of the put, of course, our controls say, "Okay, we have to increase that." Also, some customers asked to delay payment just November, December for that reason. We expect at the end of the year will be better than now. Now it's EUR 83 point something. We are expecting to stay lower than EUR 80 and should be better. Also, the factor value on this 30 September is a lower value than in June. There is also something on that. I don't know if I answered all your question. If it's yes. Yes. The next question is from Emanuele Negri of Mediobanca. Please go ahead. Yes, definitely, Danny. Thanks for the presentation and for the Q&A. The first question is related to 2026. In a context of overall unchanged demand and prices, which kind of contribution do you expect to have in accumulated basis from the increase in Mexico, the increase in India, and maybe something from induction, maybe just a qualitative indication of the increase we should expect from these three, let's say, new projects? The second one is again on Mexico and India. Which kind of profitability are you generating from the plants in Mexico and India? Should this somehow improve next year and supporting profitability for the group? Thanks. Okay. Regarding 2026, we are still elaborating the budget for next year. Last year, Mexico did EUR 1.5 million. This year is close to EUR 7.5 million. Next year, we expect it to do higher than EUR 11 million. This is the trend of growth in Mexico. Of the four big moves that we decided in our business plan two years, three years ago, I remember where: Mexico, India, acquisition of PGA, MAC, and induction, four big projects. Mexico is the best one in terms of satisfaction together with MAC in terms of perspective, in terms of outlook that we have. We also have a very strong eye visibility with project and contract with some customers as Whirlpool, as Coblenz, and small news, but important for us, we found also aluminum source in Mexico with a good price that we did not expect. We expect that Mexico next year will have a good trend, very good, also increasing margins. Today, Mexico margin is positive, about 10% roughly. We expect to increase more. The turn in positive field in profitability in Mexico was higher than expected, faster than expected. India, we have good expectation for next year. India is doing roughly EUR 2.5million - EUR 3 million sales. Next year, we expect not double, but to do a strong job, increasing at least 60-70%. India, in this moment, is not in positive margin yet, but it's almost close to be zero. We expect next year will become positive. The project is confirming our design at the beginning, a little bit slower than Mexico, but very positive. We have good contract with some customer high-end product on the market. MAC, the third project I told before, we are very excited about what's happening in MAC. We also are receiving a lot of requests of offers from U.S. customers due to the Fed tariff. The acquisition was very lucky to be done in timing two years ago when the tariff was not on the outlook. Induction, we are continuing to sell our project to some big customers as Haier and still starting with some smaller customers that we expected to start sales better in 2026. We still do not have forecast on that. We will do it in the next month. Our budget for next year will be ready internally at the end of December. Okay. Thanks. You're welcome. The next question is from Domenico Ghilotti of Equita. Please go ahead. I wanted to get some color more on geographies. You were mentioning the Q3, but maybe looking into Q4, what do you see if you see any change in the trend that we have seen in the third quarter? I saw quite supportive Latin America and strong North America. I was missing the EBITDA bridge. Okay. We are ready for you. Market by geography. In the nine months, we see 2.5% increase in Europe, -5% in Turkey, +8.8% in North America, 3.8% in South America increasing, -20% roughly in Africa and Middle East. What I told at the beginning, we see Egypt and Turkey, more Egypt, lower than last year. On the true, last year, Egypt did a very, very strong result. It was the second, third year that Egypt was very strong. In some way, we expected a little bit decrease. Turkey, due to the internal market and the difficulty they have to export in Europe with a stable demand. In Asia and Oceania, we are increased 6.2%. Do you see any—I was more asking about if you see any change in the trend or if you would expect similar geographical performance. Do you see still strong North America, positive Latin America going into Q4? Yes, more or less. We expect the same trend for Q4. Next year, we'll see what happens. Some salesmen just coming back from the U.S., in the U.S., are still positive feeling. Even if Whirlpool, first time they declared in their quarter release, they suffer in EBIT margin due to the tariffs, but we do not see any issue concerning the volume for next year. MAC is really receiving a lot of requests for a new project. Next year, we'll see what happens. We expect sooner or later that Europe has to come back to normal volumes. We'll see. In Q3, the EBITDA margin for the Q3, we have a positive negative impact for EUR 500,000 on sales volume, positive of EUR 700,000 from sales price, EUR 500,000 on foreign exchange rate effect negative, EUR 200,000 negative from raw material cost, saving EUR 200,000 from energy source cost reduction due to our photovoltaic system, negative impact EUR 220,000 from cost of personal inflation. That is still improving a lot. Sorry. Positive effect from reduction of cost of personnel. Fixed cost absorption for EUR 800,000 positive. We got almost 1 percentage point in EBITDA to the cost reduction and fixed cost. MAC brought a positive result for EUR 150,000. From PGA contribution, we got EUR 350,000. In other words, we reached EUR 10 million EBITDA in the third quarter compared with EUR 9.2 million in the same quarter last year. We passed from 13.3% to 14.7%. Those are the main effects. Okay. On PGA, because I'm quite surprised because the market is still weak in general in terms of demand, even though we have seen some sign of recovery, how was it possible to recover good profitability? If I'm not wrong, also you were mentioning positive sales trend. We buy raw material in U.S. dollars, the chips from China, and we sell in euro. You can understand. The exchange rate helped on that. Do not tell our customers this, but it is positive. Okay. As a reminder, if you wish to register for a question, please press star and one on your telephone. For any further question, please press star and one on your telephone. Mr. Pietro Iotti, there are no more questions registered at this time. Okay. Thank you to everybody for attending the meeting. Have a nice evening. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephone.