Good afternoon. Good afternoon, and welcome everyone to this conference call. This conference call is related to the comments of the management of SIT related to Q1 2026. The Board of Directors this morning approved the results. We have with us Federico de Stefani, Chairman, and Paul Fogolin, CFO. The conference call is recorded. Okay. I leave the floor to Paul Fogolin. Thank you, Mara, and thank you everybody for joining this afternoon. Let me just share the presentation and we can start an overview of the first quarter results. Let's say that these are the highlights. As you can see, we are kind of going back to a normal representation of our performance. We think that the situation that we went through in 2023 and 2024 is over, now we are back to, let's say, more straightforward presentation without highlighting too many adjustments, too many extraordinary data, and so on, because we think that the moment that we are entering has put this behind us. Let's go. The number is EUR 72.4 million of consolidated revenues. That's 3.3%. That's nearly 5% at the same like- for- like foreign exchange. All divisions were positive. Heating & Ventilation is 1.5%, nearly EUR 51 million. Metering at EUR 20 million at 8.3%. Gas metering, 5.8%, and water metering, double-digit growth versus the first quarter of 2025. The Q1 EBITDA is EUR 8.4 million. That's 50% higher than last year, at nearly 12% of revenues. EBIT is positive at 3.4%. Last year we had an operating loss, so we are actually turning around the business, the performance, and we have a net income also in the first quarter. Net debt is in line with the end of the 2025 full- year reporting at EUR 139.2 million, and it is much better than the EUR 147 million of the same period of last year. All in all, let's go into the some details. In this page, I think, the main thing that we want to highlight is the graph that we are representing here, because of course there are some details on the revenues and the cost lines and margins of the reported period. We wanted to put in perspective the 12 months that are ending on this quarter, where we account EUR 44 million of EBITDA adjusted at 13.7%. That's an improvement also versus the numbers that we reported a couple of weeks ago, which was the full year of 2025. That was just under EUR 43 million. We are very proud of this result and it puts, you know, in perspective the data, especially if we look at the, at one year ago, also looking back three months ago. This is a graph that we are quite proud to present. It is a highlight that we put in this page exactly for this. Of course, we can go into details. As I said, we are improving in all lines, in all margins. You know, I think also the net income is positive and that, I mean, in the first quarter is typically a result that we don't because it's a low seasonality for us, let's put it that way. This quarter it has to be read also with this, with this in mind. We do report some adjusted numbers because just for completeness, but they are minor and they are, let's say, a carryover of activities that were initiated at the end of, at the end of 2025. I go ahead. Looking at the top line, as I said, all divisions are positive. Here we have the I mean, positive, even after forex effect of EUR -1.1 and some pricing, negative pricing. It's a good result. And as I already commented, we are at 3.3% increase versus last year, the first quarter. You know that the geographies, I prefer commenting them on the single division, let me go straight to that number, to that slide. Here it is, the Heating & Ventilation by geographies. We do have all in all a 3.7% increase at a like- for- like forex. Q1 in Italy is down. Let's say the market is a bit weak and especially in Central Heating. We do have positive performance in other segments of the market, especially Direct Heating and other ventilation applications. While Europe has a strong first quarter, we have an impact, a very good impact on Turkey, we know that there we have big OEMs and also a local market, and all in all, it's a very positive quarter. While, let's say the other European markets are more in line with the previous year. As for America, let's say that if we look at the numbers on a like-for-like forex, it's in line, so that -8.7% is mainly a translation effect. We do have Asia- Pacific weak, still weak. We have several quarters where the performance is not positive in this. At the end, as I said, it's 1.5% or 3.7% if we look at it in volumes, in terms of volumes. Let's look at the Metering and break down the Smart versus the Water Metering. We do have a mix here that is more positive on the commercial and industrial. The overall business unit is performing at nearly 6% increase. The Water Metering double digit, it's in the, let's say, positive trend that we already had in the last quarter. We recall it was a very good quarter in 2020, end of 2025, also in this first quarter of 2026, plus 12%. We are satisfied with this performance of the top line. Looking at working capital, as I already highlighted where, you know, 15 days ago when we spoke last time, we are normalizing our seasonality, we are normalizing the seasonality of our stock, of our inventory. This increase in inventory follows the order intake which is improving, and that is perfectly in line with our industry. Metering is, let's say that the dynamic there is consistent with our order book and sales forecast. As for account and receivables, nothing particular to highlight. Let's say that this performance for us is important because it is normalizing in line with our, with our business, with our industry. This brings us to cash flow. Of course, we are highlighting the improvement in current cash flow in EBITDA. The performance in working capital, we just commented. We do have some other items that absorb some cash, but they're all normal management, all accounting and VAT issues. Nothing abnormal. CapEx in line with our plan, EUR 2.5 million, and that brings us to an operating cash flow of EUR +1.4 million. The net debt, that changes for EUR 100,000, basically flat. That's, if we look at our historical performance, is a good performance, knowing that normally the seasonality in this part of the year makes us, let's say, absorb cash flow. The debt is EUR 139 million, leverage at 3.2x, improving against both the end of the year and the last year. Let's go to the last page, our final remark or our outlook. You know, we report here basically the same outlook. We reaffirm it, even if, of course, the market volatility is high. What happened in between our last meeting, we do have a manifestation of inflationary pressure, which is becoming evident in markets, in, let's say, in several markets. Of course, this is an event that could impact our demand, not only our demand. It could impact general economic performance. This is basically the only thing that we add to the last meeting. In terms of our outlook of our business, we maintain our outlook. We expect a consolidated increase, low single digit. We still have the possibility of benefit from our operating leverage, which will maintain the growth in earnings that we outlooked the last meeting. Also we want to have it transferred to the last line and in our net income, which will improve. Positive cash generation is one of our key drivers of our performance, of our management, we will reduce further our net debt in line with our previous forecast. Of course, this is what we see at the moment. Situation in Middle East could change. We are, of course, under monitoring of all impacts. At the moment, we feel comfortable to maintaining this outlook. This is my presentation, quite quick and based on the main points, and we are available for any Q&A from your side. Thank you. Giada Cabrino, the floor is yours. Thank you so much. Good afternoon, everybody. I have a couple of questions. If you could provide us with an outlook on residential gas boiler sector and your positioning versus your competitors. Have you seen anything change over the last months? If you still expect this sector to amount for around 38% of your sales as you mentioned in full- year 2025 press release? The second question is related to the America performance. Is this flat performance just temporarily or do you expect a good year, a weak year? The last question is about your net debt at year end. Your expectation, I mean, substantial improvement, or a little bit? Just to understand a little bit more. Okay, thank you so much. Thank you, Giada. Thank you, Giada. I'll take the first two questions, leaving the third one to Paul. Outlook on residential gas boilers market. We're seeing generally, let's say we are not seeing any significant changes compared to last year, compared to the last month. We are seeing some markets performing better than others. Germany, Turkey, for example, are a couple of countries, markets where, due to recoveries and due to incentives, there is some more important recoveries than in the other markets. That's valid for both heat pumps, but your question is more related to gas boilers. We've seen also in this market, also for boilers, some increases. Turkey, for example, Turkey is a purely gas boilers market. Heat pumps are not significant, not relevant at all in Turkey. That market has been performing well and is expected to continue for at least for H1 this year. We're seeing Italy a little bit more struggling in terms of boilers. The U.K., slightly negative, slightly. We know that the U.K. is the biggest European market for boilers. Giada, I'm giving you what we are seeing because the EHI, European Heating Industry, industry numbers have not been distributed yet. There are some local associations like BDH in Germany that has announced numbers, but let's say the overall European numbers are not out yet. They will be very shortly in the next few days. My comment is based on a mix of national associations, official numbers and what we are seeing. With regard to the 38%, yes, we see that percentage to be, let's say, also referenced for this year. We are hoping to do even better in terms of being able to reduce that percentage by increasing the sales of other products into other markets. For example, cooker hoods, pellets are doing particularly well. Yes, That's the number that we are seeing for this year. We potentially could do even better. With regard to your question about North America, yes, we've seen a flat performance at same forex. Don't forget that our comparison with Q1 2025 shows that in Q1 2025 we had a significant increase. It was a very strong quarter. The comparison is with the Q1 2025 that has been that showed a great performance. Again, Q1 flat, but we are still seeing our outlook for North America is still positive in terms of some growth. Remind you all that we are active in three businesses. Storage water heaters, gas storage water heaters, where our aim is to increase our market share. We have more or less 15% market share. Our target in 2026 onwards is to increase this share. We're also present in a second business, which is fireplaces. Our target is to grow with the market. We're still seeing potential for some growth also in that market. Boilers is our third market. North American boilers are having some challenges, say facing some competition from particularly Korean players. We are, say, stronger on both North American. We are also aiming at increasing our market share in the imported boilers coming from Korea. Yes, we still see some potential for some growth, also in North America. The third question, I leave it to Paul. Yes. Net debt. Net debt. Well, Giada, yeah, we are going to reduce. Let's say in terms of leverage, we want to go under 3 x. That's one way of seeing it. In terms of absolute numbers, we should target our under EUR 130 million. Giving you some quite strict guidance on this number. I think it's significant because it's as we rolled in our, in our outlook. It's a further reduction, and this is one of our, let's say, drivers for performance in this period. We take in consideration that when this is a year where you are forecasting to grow. Yeah the working capital should absorb something. Exactly. Exactly, yes. That's why I liked it. Very clear. Okay. Thank you. Thank you, Giada. We think to have answered to the three questions Giada made. I don't know if someone else would like to ask something, even in Italian, no problem. Ottavio, I know that you have always a lot of questions. Do you want to ask something? Just one. Actually, no. I think it's okay for me. It's enough. Okay. No problem. Thank you. Okay. Thank you very much anyway. Thank you. Thank you so much. Yeah. Thank you. Thank you. Okay. By the way, we're gonna be in Milan, right? Yeah. So- I'm going to say. I don't know if in the meantime you, if there are other questions, we're able of course to answer. I want to say that the management will be in Milan on the 13 for a roadshow that is organized by Banca Intesa, please refer to Laura or to the people, let's say Francesco, who are there, if you want to have a meeting with us. Let's see if there are other questions. No. Okay. No questions. Okay. Okay. Great. Thank you very much indeed for the time that you dedicated to us, to SIT, and speak to you soon. Thanks. [crosstalk] [crosstalk] Thank you. Bye. you. Bye.