Good morning. This is the conference call operator. Welcome, and thank you for joining the Sogefi nine months 2025 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Olivier Proust, Chief Financial Officer. Please go ahead, sir. Hi, everyone. Thanks a lot for attending this meeting for Sogefi third-quarter figures. As usual, I will do a very short introduction. We published yesterday the press release. You have seen the presentation on our website. I will do a very short introduction, and we will jump immediately to the Q&A. In a nutshell, the results for the first nine months of 2025, our revenue reached EUR 745 million, stable at constant exchange rates versus 2024, and - 2.8% at current exchange rates versus 2024. Our EBIT reached EUR 48.5 million. It was EUR 38 million in the first nine months of 2024. Our net profit from ongoing operation is at roughly EUR 30 million compared to EUR 15 million in 2024. Our free cash flow is at EUR 21.6 million. Last year, I remind you that we had a very positive impact from the filtration business units, so we have the comparation need to be readjusted. Our debt, excluding IFRS 16, is at EUR 30.9 million, following the distribution of dividends of roughly EUR 18 million. We are in line with our forecast. We are in line with our guidelines. Talking about the guidelines for 2025, we are expecting a decline of low single digit at constant exchange rates and an EBIT margin to grow slightly compared to what we recorded in 2024, so in line in absolute value. That means an improvement in terms of margin in an environment which is extremely shaky. Let's say it like this. As well, we will continue with our Sogefi way, i.e., being very cautious with regards to the market evolution and continue to work on our strengths, i.e., the improvement of our own margin and the development of our new products. As said previously, and expecting some question on this, we are not highly exposed to the tariffs directly. Our main concern is the evolution of the market for the coming months. As usual, we will be very cautious, and we will continue to work on our own improvement. Better to work on our strengths than expecting a rebound on the market. I'm available for any of your questions, please, if we can jump into the Q&A. Thank you, sir. This is the conference call operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. The first question comes from Monica Bosio of Intesa Sanpaolo. Yes. Good morning, and thank you for taking my questions. I have three. The first one is on the group performance in North America in the third quarter. It was quite strong, above +10%. Can you give us more color on this side? Any details could be helpful. The second question is on the free cash flow generation. In comparison to my estimates, the nine months free cash flow generation was a bit higher than my estimates, also because the CapEx maybe was lower in the third quarter. If you can give us an update on the free cash flow guidance and on the CapEx expected by the end of the year. Finally, on the restructuring charges, any indication for this year? Above all, are you planning an acceleration in the restructuring in 2026? Thank you very much. Hi, Monica. With regards to the free cash flow, yes, you are right. We are a little bit higher than what you expected, mainly due to CapEx saving. CapEx will remain in 2025 in our range, so between EUR 75 million and EUR 80 million. By the end of the year, we should be more in line with what you were expecting. With regards to restructuring, as said, we will continue to work on our industrial organization and our industrial footprint. Our expectation is to remain in our flows. I mean, the restructuring will not diminish, will not be lower, that's for sure. We have to work on our footprint. We have to continue to work on our, let's say, efficiency. In this industry, that means restructuring. With regards to NAFTA, we are above expectation in terms of sales. Yes, let's be cautious for the end of the year. We cannot target such improvement for the coming months. Let's be cautious. Yes, you're right. We are a little bit above what we were expecting. Okay. Maybe if I can, I follow up on the restructurings. Would it be fair to assume, roughly EUR 5 million for this year and maybe something higher for the next year? The second on NAFTA? Yes. Okay. Perfect. On NAFTA, the stronger performance in the third quarter, was it due to some key clients, or maybe the key product clients? Key clients, new product, new product, key clients. We have also certain competitors who are facing trouble, so we can benefit from this. Let's say that it's a mix. It's a favorable mix, but let's be cautious for the future. Okay. Thank you very much. Thank you. The next question, sir, is from Martino De Ambroggi of EQUITA. Thank you. Good morning, Olivier. Good morning. Good morning, everybody. The first question is on the guidance because you are guiding for an adjusted EBIT, slightly better than the 5.1% of last year. If I look at your first nine months, you already got 7.0%. Is there any particular trend or item, or cost, affecting Q4? Or probably the slightly better is too conservative? Our guidance is to be slightly better in absolute value. That means an improvement in terms of percentage, if I may. Okay. Okay. Our guidance is a slightly better margin in terms of absolute value. With lower sales, a better margin in absolute value means an increase of the percentage. You're right. Oh, yes. If I look at the absolute value, last year you got EUR 52 million. Yep. You already got, in the first nine months, EUR 52 million. Yes, we are expecting something, yeah. It cannot be slightly. It should be more than slightly. Okay. That's the point. I don't understand if there is something in the middle offsetting this trend in the first nine months. No. The last quarter could be difficult, but we will not offset, during the last quarter, such big variation. Yes, we are expecting a better margin, with improvements. Okay. The second question is on CapEx. You mentioned higher CapEx for new products. Could you elaborate on which kind of products and what is the potential upside coming from this in the next few years, if any, measure? Elaborate on the expectation for the next few years. You can understand that it's hardly difficult for me here. Let's say that we are confident the CapEx will, the amount of the CapEx will remain in our usual envelope, so i.e., between EUR 75 million and EUR 80 million. Yes, we are doing well in terms of new products, both in Air and Cooling and in Suspension. The CapEx will be for the Air and Cooling development, especially for the cooling plates. We are able to catch new developments, which will be in production, some of them even in 2026, but mainly 2027, 2028. I cannot give you now the expectation in terms of growth in sales. The only thing that I can say is that we are developing those products with new customers, especially battery producers. We are, let's say, 2026 will be difficult for the market. For the time being, we stick to our strategy. Okay. The last is on the tariffs, because it's clear, no price pressure on your side. Are you planning any CapEx to reshuffle the output capacity because of, I don't know, requests from your customers or nothing specific on this issue? Nothing specific on this issue so far. We, of course, scout the opportunity because we may need capacity improvements. Sorry, there is a lot of noise. Okay. Thanks. Yes, we scout the opportunity, but so far, nothing on the table for this. We didn't identify a major risk which could force us to change drastically our footprint. Okay. The very last one, free cash flow, EUR 15 million in the nine months, which is probably better at the end of the year. We'll be with two in front of one. If you have in mind Monica's question, EUR 15 million is a bit higher than what was expected. I said that the CapEx by the end of the year should put us more in line with what we said previously, i.e., the cash flow generation of this entity is more between EUR 10 million and EUR 15 million per year than around EUR 20 million. Okay, thank you, Olivier. You're welcome. As a reminder, if you wish to register for a question, please press star and one on your touch-tone telephone. Once again, for any questions, please press star and one on your telephone. There is a follow-up question from Monica Bosio of Intesa Sanpaolo. Yes, sorry. A follow-up on the Heavy Duty segment, that this year is really down. I think it's not truly a real core business for you. Have you seen any interest from some players on this segment? Sorry if I ask. Monica, you can ask. You are totally free to ask, but you can understand that I will not answer. Okay, can you confirm that it's not strategic for you? It's not our core business, but it's an important part of our business. In the past, it's a business which generates a lot of cash and EBIT. We are working a lot on it, for recovering those margins. We are at a low point in terms of market. I cannot say that it's something irrelevant for us, but as usual, nobody knows what will be the future and what will be the potential opportunity tomorrow. Okay. Got it. Thank you, Olivier. You're welcome. The next question, sir, is a follow-up from Martino De Ambroggi of EQUITA. Yeah. On your Romanian plant, I saw in the presentation you mentioned that it's at break-even at EBIT level. Yeah. What is the path, the growth, we should expect for the Romanian plant and its contribution? Could you remind us the total amount of sales for this plant, if it's possible? The second is on the Suspension, because you achieved a 12.4% EBITDA margin in the first nine months. Do you expect to improve it in 2026? Be sure that we will work in 2026 for improving the margin of Suspension. You know that that's our main focus in Suspension, to improve the profitability with industrial homework, let's say it like this. The Romanian business unit is, yes, at break-even for sales around EUR 47 million-EUR 50 million. This factory has been built at the time for much higher sales, so we had free capacity there. We are working for improving the workload of the, yeah, we are working for optimizing our industrial footprint and the workload of this footprint. You know that we will continue to restructure. You understand. I will let you make the link between the dots. Okay, thank you. For any further questions, please press star and one on your telephone. Sir, at this time, there are no questions registered. Thank you very much. Talk to you again in three months' time. Thanks a lot.