Good afternoon, thank you everyone for being here with us. This morning, the Board of Directors have approved the 2026 H1 results, SIT results. I would like to give the floor to Paul Fogolin, the CFO of the company. Together with us today, there is also Federico de' Stefani, the CEO of the group. [audio distortion] Sorry. [audio distortion]. Over to you. All the time, Sorry. That will take the floor for the overview and the Q&A section. Paul, the floor is yours. Okay. Thank you, Mara. Good afternoon, thank you everybody for being here today. Let's go through the highlights of this first half of 2026. Let's say a bit flattish on the top line. As you can see, H1 consolidated revenues are - 1.9%. There are some Forex effects, let's say overall, it was a bit flat. We have heating at EUR 105. That's slightly below last year, at the same Forex rate, it would be in line. What we can underline on here is the positive performance of the European markets that we know that in the last few quarters, they were under scrutiny, now we have confirmed that positive performance on this market. As for the metering, we closed the six months at EUR 43.1. This also is 1.6% down, and lower than last year. let's say in this case, the performance was quite impacted by the decisions of some specific customers that have a different timing on their deliveries planning. Given that we know that the Italian market is quite concentrated and these, let's say, small, short-term decisions impact our performance and our revenue recognition. It's a temporary effect, but as we are accounting the quarter, we have to take it into account. The EBITDA of the six months is EUR 17.1. It's 11.4% of revenues. It's a slight increase versus last year, while the EBIT is at EUR 5.4 million, over 40% improvement versus the same period. Net income is a positive. Last year at this stage, at this time of the year, it was a loss. We have a good, strong performance in cash flow, and the net debt is at EUR 125.8. It's quite an improvement versus both the end of the year and last year. One of the highlights that we want to point out is the transaction that was closed in August. It's a new financing. It's EUR 100 million. It provides refinancing of certain facilities that we have in place and a new finance. The idea is to support the business, support the working capital, and the business plan acceleration. Just to give the flavor of the impact, we give here a representation pro forma as if it took place on the 30th of June, versus the reported number. As you can see, the whole structure is different. We have a longer term, and we have extra finance that will support the following quarters of the group. This was a transaction that we were working on in the last months, and we're quite happy and satisfied with the reduction. We have the support of the important pool of Italian banks. With this capital structure, we can concentrate on the business and on the performance, delivering our business plan. Looking at more details, as I said, the revenues slightly under 2% down versus the last half year. Here, we have some breakdown. As I said, the impact of the Forex in the heating, and the impact on the metering as on a specific driver referring to a specific customer and geography. The EBITDA is improving at 11.4%. Also, to give perspective on the data, we thought it was helpful to underline that in 2026, we are accruing MBOs that were not considered in the last couple of years. This gives us more understanding of the reported numbers because in the comparison, we have to take into account that H1 2026 has an item that was not present in the previous period. Especially, it underlines the fact that our perspective, our forecast, are confirming certain operating performance, KPIs, that underline that we are in a different phase of the company, of the business. It underpins the turnaround that has taken place between, let's say, last year and the previous quarter. This is important to understand the numbers, but it's more important to put into perspective our future performance. Another point that I think is important to underline is the EBIT and especially the depreciation. We are starting to see, because of course it takes some time, we are starting to see a different CapEx mix, a different kind of product development, less capital intensive. We are seeing that in the CapEx that we are doing. We are also seeing that we are going towards production and products that are less capital intensive. We are seeing a reduction thus in the D&A, and this will help EBIT as we go forward. The other point, as I said, is the net income, which is positive versus last year. That was the loss. Going into an item that is quite important in this quarter is the cash flow performance. As you can see, that despite the seasonality, our cash flow from operations was quite significant. We were focused on account receivables and payables, and we performed well, and we see the impact on both net trade working capital and on financial debt. We can go into more detail. Well, this is the overview. Let's go into some more details on the top line. This is the half year. As you can see, we give a breakdown by geography here. As you know, it's more significant looking at the details of the three businesses, more than looking at this at consolidated level. I suppose to explain, to give more understanding of this period, I think Q2 gives more explanations. As I said, the half year was flattish. We had a slowdown in the Q2. I would say that some of these issues are very much temporary. As I said, there are some short-term decisions that are taking place that impact the group turnover. Decisions regarding shipping, very much planning and shipping, so that impacts the quarter. We do have some accounting differences due to revenue recognition. Anyway, the quarter was not so brilliant in terms of turnover, as you see, minus on all the lines, overall 6.3%. Let's go into the business. Here we can see the heating. Let's say Q2 has - 4% at like-for-like Forex, is in line with the previous half year in terms of always looking at it at the same rate. What do we see on the market? We have Italy, which is a weak market. Demand is slow, is sluggish. We have a - 12% in the quarter, - 9%. Of course, we do have some products and some specific products, very much important for our future business regarding ventilation applications that are positive. We are not disclosing the numbers. Just to say that we do see some specific products and markets that are not on this overall sign year-on-year, quarter-on-quarter. As for Europe, for us, this is quite important to see that this part of the market is positive. I go by heart, I think it's the third quarter that's going positive year-on-year. It was quite important because it was in this market that we had the slowdown in 2023 and 2024. We have a good improvement in Turkey in all segments of the market. We are quite confident that this is, let's say, structural, because we are gaining market share. This is a very good KPI. Also Central Europe, where we have big customers, let's say, are going well. Well, let's say Q2 has, again, a specific product line on a specific customer that brings down the U.K. Anyway, just to give you an understanding of this important market, which anyway, on a year-over-year is going 11.2% higher. As for the America, the reported number is down 6.5%, but all our Forex is concentrated there. If you take it out, it's -2%. We have three business segments, and let's say two are in this trend, while one is growing single-digit. Later on, when we go into details on our outlook, we can elaborate on what we see in the future in this market. As for Asia Pacific, let's say, -20%, in all the ways that we can look at it. China is very weak. Australia is penalized by the changes in regulations. Here we also account Iran market, which we stopped shipping this year. In the comparison, it's a difference that we have to take into account. We have very much specific reasons for this slowdown. Again, Iran should be temporary, right? Yes, of course. The Iranian market for us is the historical market. We've been there forever, but of course, at this moment, it's a temporary stop. Let's look at the metering, the breakdown between quarters and half year and the two units, where we know, as we discussed, gas metering not so well in the residential market. That's where the item that I explained is taking place. If we look at the commercial and industrial, our new products there, I'm recalling that we have the production of the G40, the G25, the G60, but we are developing and we are very much the first ones to come out with a smart metering in these sizes, in the big industrial. We are actually growing there, as you can see in the numbers. That's important to underline the product development that has been taking place, and now we are, say, having the results and the turnover. Overall, of course, we are looking at - 18 in the quarter and minus nine in the half year. We do have the water meter. Fundamentals are strong. Let's say, first quarter and half year is confirming over 12%, nearly 13% growth in the finished products, especially in the finished products. Meaning that we are going straight to the market, to the final market, and not to the OEMs, which is another segment of the market, which is where we write parts. This is the overview of the top line. Let's look at the working capital. Again, we are underlining that seasonality is normalized, and that's a good sign, and that's what we are expecting, and that's what we see in the inventory. On the other hand, we focused on receivables and payables. The performance was well. We financed the seasonality. Overall, we see EUR 10 million reduction in working capital versus last year, or EUR 5 million, if we look at it on the half year result. Anyway, this was very important and gave us the cash flow that we see over here in this final page, where we have a current cash flow of EUR 17 million, very much in line. Positive working capital, positive cash flow from working capital, and CapEx in the range of EUR 6 million, bringing the overall cash flow from operations to nearly EUR 16 million. The change in net debt to EUR 13 million. Very satisfied with this. As you see, we see the benefit on the net debt, EUR 125.8 million, and of course, on the leverage. Again, here we give the details of how the new financing is impacting on these balances here. You can see maybe here it's more clear than the first page, the difference between the reported and the pro forma, and the debt structure, the term structure of the new financing facility. I think I can leave the floor to Federico for the final comments. Thank you, Paul. For the 2026 outlook, we absolutely confirm the previous guidance. We are seeing sales increasing low single digit. This is on the heating and ventilation business. We are already seeing our order portfolio increasing, showing seasonality in the second part of the year. While on the metering side, we expect the second part of the year to continue in line with Q2. As far as Italy, we're seeing that the performance in Q2 has not been as satisfactory as we wanted. Again, we are expecting a recovery. We're expecting a recovery of the heating and ventilation business. We are expecting, generally speaking, Europe in Q3 to increase. We have not so much visibility on Q4, but for Europe, while for North America, we have good visibility for improvements for both Q3 and Q4. As far as profitability, we are expecting to continue to benefit from the improved operating leverage, meaning that we have, as we have already announced, reduced our cost base, and we will continue to apply strong control of the cost basis. I think the positive result shown in the first part of the year, the first six months, as far as the cash generation, we are expecting to reduce our net financial position compared to a year, so end of 2025. As you know, this has been our key priority. We announced it. We declared it was going to be a priority, and I think we have proven it in the first six months, and we will continue to prove it also in the second part of the year. Can you still hear me? Yes, I see you. Can you still hear me? Yes, we can. Yes. Yes. Thank you. Thank you. As far as, again, net financial position, we end the year, we expect a significant improvement compared to the end of 2025. You have to consider that also looking ahead, the new products and the new markets we're going to enter are going to be less capital-intensive than the actual heating, ventilation, and combustion business in particular. Metering is already less capital-intensive than heating and ventilation. Again, the new electrical products that we're going to bring to the market are going to have the same features, and be less capital-intensive. Yes, overall, again, we're expecting, we're confirming our outlook. We're expecting a stronger second part of the year, especially for the heating and ventilation, while metering, as I already said, is expected to continue in line with Q2. Again, strong cost control and a very strong focus on reduction on net debt. I think at this point, we're here to listen to your questions, and officially, we can open, I think, the Q&A session. Thank you, Federico. Yes, we open the Q&A session. If you could raise your hand, that would be great. Giada Cabrino, please. Good afternoon to everybody, and thank you for taking my questions. Yes, you can hear me probably. Okay. I have a couple. The first one is, if you have experience in recent months, any price increase in raw materials and energy. If you can elaborate on your pricing strategy. Are any price increases expected to be applied only to new orders? Which division still retain pricing power? The second question is just a confirmation. You mentioned that you expect the same trend for the metering division seen in Q2 for the rest of the year. It means that you will be dealing with the same dynamics as in H1, I suppose. That's a confirmation. Another question is on your CapEx amount expected for the current year, and if it will be possible to let us understand the amount of the MBO, which I think it is included in your EBITDA. Okay. Thank you so much. Thank you, Giada. I'll take the first two questions. As far as the trend of the raw materials and energy, what I can say is that we're not expecting these factors to influence the 2026 performance. I would prefer not to go into details whether this is going to be through price increase or management, but the overall impact of this is not going to be significant in 2026. As far as the trend for metering, yes, we are seeing an Italian customer slowing volumes also in H2. We are going to at least partially offset this with an increase in other markets and customers. I can mention also U.K., for example, where we are gradually entering. Yes, metering is, as you have seen, we had a certain trend in gas and a double-digit trend growth in water metering, sorry, which we expect to continue. As far as CapEx, I'll leave it to Paul. It's going to be slightly higher than the double. If we were about EUR 6 million this half year, it's going to be around EUR 12 million at full year. As far as the other number that you were asking, the amount is in the range of EUR 1.4 million in the half year. Thank you so much. Thank you, Giada. Other questions? Let me check. I don't see any really at the moment. Any additional. No, I have also Hi, Mara. I have some questions. Hi, Dario. Okay. The first one is about your prediction for the net debt at the end of 2026. I would like to know if you don't think it's quite cautious, watching at the very high reduction in this half year, if you think it could be improved, and so could be less than what you're thinking and you're predicting in your communication. The other question is about the cost of financing. You made a new financial loan of EUR 100 million, if I remember well, and I don't remember if you said which is the cost of this new financing. Not mentioned. You had mentioned? No. I don't know if you can mention anyway, but anyway. Oh, yes. It's possible to know? Okay. There's no issue. First of all, let's go on the dynamics of the full year, end of year financial position. Yeah. I understand your point. If we are cautious or not, let me say that some of the effects of 30 June are temporary. Let's say there could be some caution in it, but I would say that there are some temporary effects in the 30th of June, so we feel more confident to target EUR 130. As for the market, so the pricing of the market, let's say it's around 5% at the moment. It is linked to our leverage, and at the moment it is around 5%. Yes. It's fixed or? No, no. It's fixed already or? No, no. No, no. It's linked to the Yeah. It's a variable. Yes, it's a Euribor link with the margin. Yes. At this moment, it's around that one. Yes. Sorry, it's okay. Just another small question. About the new orders you communicated in this last month, if you feel already the effects in the numbers or maybe there could be more improving for these new orders, especially in Holland or, I don't know, there were other orders. They're already in the numbers or not? Because you communicated. Yes. Yeah. We communicated the awarding of the Dutch tender some months ago. Yes. As planned, this is expected to Because we need to develop the product, and as expected, this is going to take some months for the product to be developed. We expect sales in the Netherlands to realize, to happen, to start in H2 next year. Again, it's a very specific product for the Dutch market, and therefore, it needs still some more months to be developed. What we are seeing, as I briefly mentioned in my presentation today, is the order portfolio for Heating and Ventilation, which we already have as part of our portfolio. We are seeing that, of course, we're still in August, a little bit early to say, but the first signs are that the Heating and Ventilation business is going back to seasonality, which was very common until a couple of years ago. There were last couple of years, seasonality was very limited. Last year, we had almost no seasonality, 49.5 first part and 50.5 in the second half. We're seeing this trend to go back to the previous year's trends. Okay. Thank you very much. Usually Q3 is heavier is the most important one than the other three quarters. Okay. Thank you very much. Sure. Thank you, Dario. Other questions? In the meantime Okay. Filippo. Filippo Mazzoleni. Yes. Hi. Can you hear me? Yeah, I think yeah. Yeah. Hi, nice to meet you. I'm Filippo from Alantra. I have two questions. The first one regards the improvement in profitability that was achieved despite soft revenues. As volumes recover, should we expect the operating leverage to kick in and become more visible in the second part of the year and also 2027? My question is if this would be the main driver for the expected profitability. The second one about Europe that delivered a strong performance in heating and ventilation. Do you see this a temporary outperformance driven by specific markets or the beginning of a broader recovery in demand across the region? Thank you very much. Okay. Thank you, Filippo. About the profitability improvement, related to the operating leverage. Yes, we do expect it. 11.4% EBITDA is not our target for the end of the year, absolutely not. Mainly the reason being, like you correctly mentioned, as volumes will restart due to seasonality and due to new projects, especially in the heating and ventilation, we do expect EBITDA percentage margin to increase. As far as the second question, heating, ventilation, Europe. Yes, there has been a very strong performance in Turkey, in particular. Turkish market is made of, let's say, two main players, the local ones and those who produce in Turkey for export, more or less 50/50. There has been an increase in both these players, these segments of the market, and also we have been increasing our market share there. Very strong performance for Turkey. Hopefully, it's going to be sustainable. We're also seeing recovery from markets like Italy and Germany, expecting recovery, especially in Q3, from other markets. The performance of Europe will not be driven only by, or mainly by Turkey, but also other markets like the one I just mentioned, are expected to start performing and increasing. I'm talking about all the markets and all the products that we sell in the heating and ventilation. Let's not forget that we are, in Italy in particular and in Europe in general, Italy, Germany, we also have a strong focus on the market of cooker hoods. We have established a 70% joint venture called SIT MBT, which is performing strongly and is expected to continue to get market share in the cooker hoods residential market. I think Fabio also. Fabio Tornaghi. Yes. Fabio, the floor is yours. Thank you. I just wanted to ask some color about the recent communique about the deal with Sonaxus for the data center and BSS solution, if you wanted to add something about it. Okay. It's a technology agreement. We're working hard to enter that market with heavy, big size fans. Obviously the market is well protected by the incumbents, and our strategy is not to be a me-too solution provider, but we really wanted to be able to transfer technology and the benefits coming from the technology into that market. We believe that that market needs energy efficiency and also needs a performance in terms of noise. Those data centers are obviously very energy-consuming and very noisy, therefore we have identified Sonaxus as the best partner to support us through their unique technology to reduce, by one order of magnitude, the decibel, the level of noise that the fans moving air do make in the appliance. We are working hard with them. We do not expect very short-term results, but I think that it was necessary, and it is going to be absolutely crucial to be perceived as a highly technological player compared to the incumbents, which are mainly Germans, who have been in that market for quite a while. While on the other side, strategically, we decided only recently to develop, recently meaning a year and a half ago, to develop a product dedicated to that market. Again, our fan, together with the Sonaxus technology, is able to significantly, dramatically reduce the level of noise. Again, we think noise is one of the key features that are perceived and appreciated in that market. No sales in the very short term, but we're expecting to enter that market relatively soon. Thank you. Thank you, Fabio. I don't know if there are other additional questions. Let's say so, just to take your time for having, let's say, eventually additional questions. I would like to summarize this quarter as a soft top-line quarter, driven mainly by temporary effects, three temporary effects. One is Iran and USA war. The second one is the key client, smart metering, gas metering, which was postponing the recognition of sales, okay, even if we have confirmed orders. Third one is, of course, the U.S. dollar effect. We have, let's say, a very profitable quarter. This is the profitability is based on consistent profitability since quarters. Okay. A strong cash generation quarter. Finally, a quarter and a semester that can give us confidence to confirm the outlook for the full year. I would summarize like that, these results. Let's see if there are additional questions. I don't see any. Next quarter will be on the 4th of November for the third quarter results, nine months results. September or October, we will be in, let's say, in the market to see some of you, some investors, either in Italy and outside Italy. Finally, from all of us, we wish you a very good summer and happy holidays. Thanks for being with us. Thank you all. Thank you so much. Bye-bye. Thank you. Thank you. See you. Bye. Bye-bye. Bye-bye