Good afternoon to everybody. Thank you for coming. To our usual meeting after the board. I pass the floor to Attilio, which is presenting the numbers of the third quarter of 2024. Perfect. Thank you, Massimo, and welcome to everyone. We start from the highlights, and we can see that they show a solid and consistent result for the Sanlorenzo Group that continued their organic and external expansion, considering this first quarter of consolidation also of the Nautor Swan Group. There are two months out of nine. Performance is strictly connected to the unique Sanlorenzo business model and the top luxury positioning of the brand. Now, we can analyze the figure more in detail. Net revenue in yachts grew 6.9%, EUR 669 million, driven by the excellent performance by the Superyacht Division and good results in the America and EMEA region. Organic growth is 4.1%, excluding EUR 17.6 million connected with the Swan business. EBITDA increased 8.6% year-on-year at EUR 123.6 million, and EBITDA margin growing by 30 basis points at 18.5%. EBITDA organic growth is 7%, excluding EUR 1.9 million from Swan. EBIT at EUR 97.5 million increased 6.8% year-on-year, at 14.6% on net revenue in yachts. EBIT organic growth is 6.2%, excluding €0.6 million from Swan. Group net profit grew up 9% year-on-year with a total amount of EUR EUR 72.9 million, with a margin of 10.9% on net revenue in yachts, and organic investment at EUR 27.8 million, mainly related to the increase in production capacity and new product development, with an incidence on net revenue in yachts decreased to 4.1%. Finally, the organic net financial position before M&A and buyback program at EUR 110.1 million net cash end of September 2024, with a cash absorption of approximately EUR 30 million year-on-year, based on and linked mainly to the accelerated evolution of the net working capital that we can analyze in the next slide. Now, we can move to the top line, analyzing then more in detail the revenue evolution. You can see that the consistency versus the 2024 guidance, with a growth of 6.9% year-on-year as a sustainable growth rate. We had a strong performance by the Superyacht Division, +1 5.4% year-on-year, driven by the Steel line range, and the Bluegame consolidated previous year record and grew by 3.1% compared with the nine months 2023, thanks especially to the BG line, and then the Yacht Division generated revenue substantially in line with the nine months 2023 of the previous year then, and in line with the annual target for 2024. Now, Swan started its contribution with EUR 17.6 million related to the revenue of August and September 2024. The breakdown by geography confirms the expansion in the markets in EMEA, plus 80% year-on-year, and America region, plus 38.8%. The APAC region, particularly interesting area in terms of potential future growth, shows a sign of recovery, excluding China, while Europe shows a flat evolution. You can see also considering a tough nine months 2023 comparison basis. Now, about the backlog, the evolution is driven by, you can see the increase in terms of order intake, and the backlog surpassed the top level of EUR 1.7 [billion] last September 2024, increasing by EUR 355 million this last quarter. Order intake of nine months 2024, amount of EUR 355 million, is composed by EUR 260 million of new orders Q3 2024, organic and Swan, and by the acquisition of the net backlog at 1st August 2024 from Swan. The solid backlog gives to Sanlorenzo an extraordinary visibility, sorry, for the future in terms of result. In fact, you can see a portion of EUR 876 million related to 2024, representing around 94% coverage in net revenue in Yacht Division of the midpoint guidance 2024. And in addition, we have EUR 844 million related to 2025 and beyond. So the backlog reached the all-time record high, nine months 2024, considering the organic order intake of EUR 227 million of the last Q3, supported by the robust orders from the Yacht Division as customer waiting list for the new order became more acceptable, and the wide success of the 50Steel for the Superyacht Division. The remaining, yet still competitive, longer than average waiting list for most of the models. On top, the contribution of the Swan Division is significant, with a robust two-month order intake of EUR 33 million linked to especially the Maxi line. And in addition, you can see EUR 96 million Swan net backlog acquired at the 1st August 2024. It's also important to see the evolution of the billionaire. This market demands remain high, especially for super yachts, supported by a growth in the number of billionaires in all the regions, despite the decrease in China. This is the slide that you can see the increase in all the region. There is just only the China, where we have a decrease in terms of billionaires of 233. We can continue about the backlog because furthermore, the backlog is very consistent and high quality, considering that it is sold 90% to final customers, asking a made-to-measure yacht, considering we had in the past H1 88% as a percentage. We sold the delivery up to 2025, 2027, and 2028, respectively, for the Bluegame yacht and Superyacht division, as well, as you can see, to 2027 for the Yacht Division, new Swan division. Now, considering the order intake is in a normalization phase after the post-pandemic recessional period, the backlog visibility level remains high and is not particularly affected by current cyclicality of below 30 meters yacht. In fact, after the exceptional post-pandemic phase, the historical net backlog evolution showed for Q3 2024 a coverage more than 1.1 times the full year revenues 2024. This level is well above the typical pre-COVID coverage range of 0.8, 0.9 times. In the last quarter 2024, the coverage is increasing, as you can see. About the profitability, the increased marginality is reflected in all P&L levels. You can see today on the line. In fact, the EBITDA margin grew by 8.6% and reached 18.5% on net revenue in yachts, plus 30 basis points year-on-year, considering the rigorous focus on profitability for the group and ability to sell with higher price and execute successful projects and controlling the cost of each project. The EBIT increased 6.8% year-on-year, also considering last significant investment and the Swan higher CapEx D&A incidence on revenue. Without Swan, EBIT margin expanded 30 basis points at 14.9%. The group net profit grew up 9% at 10.9% on net revenue in yachts and benefited also by robust net financial income, considering the optimized treasury management. Profitability then is on track with the midterm expansion target, and it is confirmed overall modest impact from Swan in terms of margin dilution. About CapEx, net organic CapEx reached the amount of EUR 27.8 million in September 2024, approximately 88% related to expansion in terms of new production capacity, EUR 13 million, and for new products development, EUR 11.4 million. Overall, net investments, considering the change in perimeter, is EUR 162.1 million after the acquisition 2024. For the total amount of EUR 134.3 million, of which EUR 12.6 million for Simpson Marine and EUR 125.7 million for Swan, detailed in EUR 72 million for the PPA for purchase price acquisition and EUR 49.7 million impact for the other assets. Then the incidence of the organic CapEx on net revenue in new yachts, you can see decrease at 4.1%. About the net financial position, the evolution of the net financial position in nine months 2024 highlights a temporary net cash reduction to EUR 27.2 million that arrived at EUR 210.1 million before M&A cash absorption for EUR 82.9 million in consideration of these main effects. First, the Simpson Marine acquisition with an impact of EUR 23.9 million. Second, the completion of the acquisition of Swan with the impact of EUR 53.6 million, composed by EUR 32.4 million as a cash portion of 60% Swan purchase price and EUR 21.2 million for Swan net debt end September, of which EUR 13.1 million for IFRS 16 debt. Third, we have a EUR 5.4 million share buyback program in Q3. Analyzing the net working capital, we can consider that the reabsorption of the net working capital is just accelerated and anticipated by 2024, considering it was already forecasted, but in a more gradual way and by H1 2025. This effect year-on-year, you can see, is about EUR 55 million. We think the normalization phase of the net working capital could be then completed by the end of the year, and this has an impact on the guidance 2024 that we can analyze. In fact, you can see on the slide that the guidance 2024, considering nine months result and the evolution of the business, including the solid backlog end of September and the evolution of the net working capital, the organic guidance 2024 is confirmed with confidence for the net revenue in new yachts, EBITDA, EBIT, net profit, and organic CapEx, and revised in the range of EUR 110 million-EUR 120 million in line with the LTM next to net working capital reabsorption, which occurred less gradually than expected and then before the first half 2025. Therefore, we consider the reduction of the net working capital around EUR 50 million is consistent with the reduction year-on-year of the working capital provided. And now, Massimo, I leave the floor to you for the summary in business. Thank you very much, Attilio. Just a little summary, I think. We are pretty happy and satisfied of this number because for sure 2024 was not easy, mainly due to the geopolitical situation. We had the European election with some problems on the politics of France and Germany, which is affecting, as you see, a bit the market in Europe. We have a minor 9%. Then the expectation of the American election was another point of standby for the customers. The feeling we got in the last months was that with most of you, we have been in contact through the months with other meetings. And my comment was, the market is there. The customer comes, they do the sit down, they do the negotiation, but then it is more difficult to sign the contract and to cash in the deposit. Because please remember, this is an emotional business. So when they decide to buy a multi-million Euro boat, you must have a feeling of positive ambience around you, and the geopolitics, the election, and so forth was not helping that. So at the end, we're happy. Why? Because in September, for the months of the boat show, we managed to improve the order intake, and we have also a very nice position from Swan, which sold for Maxi yacht. And I can confirm to you that in the last week, 10 days after the Fort Lauderdale boat show and probably the election in America, we have a confirmation of three to four important customers for ordering Maxi Maxi, the big Maxi in alloy that we are going to produce in the region in the future. And that is a good sign because it was something that we hoped it was expected, but now it's becoming a reality. So overall, 2024 is almost over with a good result. We expect probably the first two quarters of 2025 still to be with some turbulence, but if the interest rate will continue to go down and the geopolitics will relax a bit more, we do expect the second part of 2025 to be a strong growing market again. This is the overall comment on top of the numbers that has been presented by Attilio. Now I think the floor is to you. If you have any question, we're happy to reply. Maybe I can start. Good afternoon, Storer from Kepler. If you can give us some feedback again from the Fort Lauderdale boat show, also for what concerns your historical business of yachts and superyachts. The second one is on your guidance revision. If you can explain better why you cut the net cash assumption by EUR 50 million, considering that working capital as of end of Q3 has already returned negative on revenues, and which is the target that you are setting for year-end. Thank you. Thank you, Nicolò. The Fort Lauderdale boat show was good. I would say not extremely good. We had two rainy and windy days at the beginning, which was keeping the people out. But then Friday, Saturday, and Sunday was quite good. Unfortunately, the boat show was just two days before the election. So a lot of people were really very much concentrated on the election. I think maybe more than in the past, the tension of the election has been taken all U.S. So we had not a fantastic boat show, but that was expected due to the election three or four days later. We think that the election of Trump is bringing us, as in the business of yachting, some positive effect because most of the customers for larger boats are more or less connected to the center right, I would say, in favor of the presidency of Trump. So that is expected for the near future to be a push to sell more boats in America. Regarding yacht and superyacht, I would say that during the September sales, thanks to the boat show, it is almost balancing. We had an amount of sales for yacht and superyacht, which is equal. I would say probably the second quarter, we had more sales on superyacht than yacht, but for the third quarter, it's more or less the same. Now, regarding and we do expect. Consider something that for superyacht now, we have one boat to sell in 2026, to deliver in 2026, and one boat to deliver in 2027. And then we are sold out. So most of the range of the superyacht has delivered in 2028, which is still four years to come. And this is not helping to increase much more the backlog of the superyacht. There is a limit to the people to wait in the waiting list. For yacht, we have quite a nice situation. We have approximately 10 boats to sell for delivery in the summer 2025, which is good to have because we have almost 10 months ahead. And quite a nice view of the future in yacht, and I would say Bluegame. Now we have Carla here, so she can also tell you something about Bluegame. Considering Bluegame is a niche market. We have a big premium price, but still the core business of Bluegame is around 20 meters, which is a size where the market is suffering more. So maybe I think Carla should give a little comment to what is her feeling about it. Yes. Hello to everybody. And I also tell this with my hat as a past president of the Italian Boat Builder Association. We come from Fort Lauderdale with satisfaction for the result, but especially for the potential we have seen in the American market that luckily for us in the last six months has shown, despite the uncertainty linked to the election, etc., very good sign of recovery. Bluegame is considered an American product for the American client, and they are almost right because the hull has been designed by a very famous American designer, Lou Codega, and the boat is called a bold product, very, very good for that market. We have seen this more than in the last edition of the boat show at the point that we cannot disclose this, but we are ongoing a negotiation for signing an agreement with a very, very important and well-established company on the market. So this is a good sign for us. Considering the result and the order book for Bluegame, you have seen that we have 45% of our turnover, which finally increased of 3.1% compared to last year. That is to be considered a great result in the specific segment. But what is good is the quality of the client because 45% are sold to final client with good deposit. But as you know, we receive a deposit at the contract and then installment linked to the advancement in the production. So we are a bit different again. This comes again from our business model because we are totally consistent with the Sanlorenzo business model. So we see good results despite the size, but on the other way, we are protected by a premium price that in a certain moment is even higher than in Sanlorenzo. So it's a strange but very effective protection we have. Okay. And about the guidance on the net working, sorry, on the net financial position, you can see that we have indicated -EUR 50 million in the range. And this is absolutely linked to the net working capital reduction. You can see year -on -year is around EUR 55 million from September 2023 to September 2024, where we reached the amount of around -EUR 4 million. In this case, we think that this is just an acceleration and it is just only anticipated a phase already planned and forecasted for the first half of 2025. So this reduction of about EUR 55 million is reflected for EUR 50 million in the new guidance in the range between EUR 110 million-EUR 120 million. So we think that for the end of the year, end of December, we can reach a net working capital that could be quite stable and neutral around zero. For this reason, then we have indicated a reduction, not of EUR 55 million, but of EUR 50 million, Nicolò. But is this linked to expectations for a soft intake in Q4 and for fewer down payments, considering that we are already well into the quarter, or is there any other reason because of this change in view on working capital dynamics? Yes. You know that the net working capital is especially linked to inventories and to the difference between contract [assets] and liabilities on the yachts. So it is linked to the expectation of especially the cash flow streams for the new orders and the already planned orders linked to the work in progress of the yacht. Grazie. Thank you. That's a very. We have a written question in the chat. So I'm going to read it out loud. Why are the margins of Swan so low? Do they plan to increase, or do you plan to increase the margins in the upcoming future? We want to. Yes. It is a different point of view. In our opinion, the EBITDA margin of the five months of Swan is extraordinary because in the last 20 years, the company was not making much profit. We managed to start the management of the company even before the final acquisition, working side by side with Leonardo Ferragamo, which you remember is still in the company with 40%, and today has been appointed in the board of Sanlorenzo as Vice President, which was part of the agreement of the acquisition. The result of 11%-12% EBITDA margin is coming from a strict cut of cost because, of course, in two months, we cannot do more than that. Remember, we bought the company on the 2nd of August, and for 15, 20 days, we had the vacation. So at the end, we get back from vacation and then start the boat show in all months of September. And then we could not really do much more than cutting the cost that was already agreed even before the acquisition. So from now on, we will work more deeply in the organization, synergy, purchasing, new models, new plans, etc., etc. I think that February/March of next year, we will be ready to declare to the market a possible three-year plan with some solid number. We are taking orders in the meantime, which will confirm the numbers of the three-year plan. As I said before, we have quite a nice sensation, a nice result of our declaration at the beginning of September at the press conference at the Cannes Boat Show. We declared that one of the driving factors of the future of the Swan balance sheet would have been the starting of a new line of products, which we call the Maxi Maxi. We don't know yet the name. We have to study the name still. But the Maxi Maxi for us is the Maxi Swan above 40 meters in alloy. And this will bring back to Viareggio, where there is historically a supply chain capable to produce high-quality sailboats. As I said before, we have now three to four customers in closing, which we hope to close by the end of the year, which will give a quite interesting adding revenue and profitability to the Swan business. This will be built in Italy, in Viareggio. So it is also a way to dilute a bit the amount of revenue of boats produced in Finland, where the profitability is for sure less than the production of Italy, of the production of Sanlorenzo. Then there is a historical problem that the sailboat is a business less profitable than the motor yacht. So in our opinion, we think that the three-year plan, we will move probably half the EBITDA margin from 11%-12% to 15%. We will not be able to move it up to 19%-20%, which is the today level of the motor yacht business because it is endemic. It is inside of the sailboat business, which is a bit less profitable. Yes, Massimo, just to remember numbers, consider that the EBITDA margin for just Swan for the two months is 10.7% compared with a guidance between 11%-12%. For EBITDA margin, we reached 3.1% compared with an expectation of the guidance in the range for 4%-5%. So we are very, very close and there remain three months to complete the year. We have one more question in the chat from Mr. Francesco Forte. Does Sanlorenzo need a stronger base in the United States? Yes, for sure. Thank you, Francesco, to remember it. That was one of the points I promised at the time of the IPO. As you know, we did the IPO in December 2019, and then in January 2020, there was a disaster of the COVID. And then after COVID, the war and the market changing, the inflation, the interest rate. So we have been concentrating very much in growing the company, which moved from EUR 450 million to more than EUR 900 million. For 2024, where we do not have a big increase internally of the revenue, we concentrate in two major acquisitions, one in Asia Pacific and one in Finland. Practically, we did not have time yet to open the book on the America production. I would say also thanks to Swan, we have an opportunity in the Florida country, Florida state, connected to American Magic. You know that Carla has been connected to American Magic building the tender for the America's Cup for the American Syndicates. We are in open discussion to do a partnership and starting the production of small Swan, what we call Club Swan, starting from America, the south of America in Florida, to distribute the Club Swan through the market in America and start to create the market of Swan brand. Consider that Swan was the best brand in the 1970s, 1980s, also thanks to Sparkman & Stephens, which was an American designer. In the last 15 years, Swan lost a bit the American market, also because the sailboat in America has been dropping quite a lot, and with American Magic and our partner, we intended to start a sail academy to teach the young people to go sailing, to move Club Swan in America in production, to distribute the Club Swan, which is like one design. It's a monotipo in Italian. It's a one design kind of product so that the people, especially the young people, can buy and race during the weekend, which is helping to create the passion to go sailing. Instead of starting the production of a very solid organization in America from Sanlorenzo, we will probably start from Swan, which is easier because the boats are smaller. And then little by little, we will grow through Bluegame to Sanlorenzo. That is a program which will take a few years, but I think that by 2025, beginning of 2025, we will be able to give you some more color about it. Last question we have from Hugo Mas from Sycomore. Given the weak order intake in the third and fourth quarter, do we expect a weak first half in 2025? Again, I think it's a matter of opinions because we think that the order intake of the third quarter has been very good. Sorry. Please, kindly, can you see the page eight again? Let me show you what the feeling we have. I think it's important that we align the logic and the feeling between you and us. If you see the pre-2021, the pre-June 2021, there was EUR 547 million order intake, which was anyhow 0.9 x per the revenue of 2021. You go, there was a big growth mainly due to the post-COVID situation, but then after the peak of 1.4, 1.5 we reached in September 2022, we managed to keep a quite good order intake through 2023 and 2024. At the end, which is September 2024, we got more than EUR 1 billion of net backlog, which is, by the way, 1.1x the revenue of 2024, so from our point of view, it is quite a good situation. Okay, it is a bit less than two years ago, but as you know, it is not possible to keep the top of the line forever. I mean, there is a bit of different market situation. As I said before, 2024 was quite a complicated year, not mainly due to a downturn or a bad cycle in the economy. We are not really affected by a bad cycle because of our average price. Remember, more than EUR 800 million revenue with 70 boats. So our average price is above EUR 10 million. So for that kind of business model, we do not really feel the bad cycle. What we suffered a bit was the emotion of the people due to the geopolitical situation depending from the election in Europe. The election in Europe was a continuity with the old government, but caused a big trouble to France and Germany, which are the two biggest countries. And then the expectation and the waiting time of the election in America, especially September/ October was quite difficult. But in spite of that, we have an order intake and a net backlog, which is more than the value of the revenue in 2024, which we consider quite a success. So we do not expect a bad time in 2025. Consider we will not have the geopolitical expectation of new election. Hopefully, reading the news article in the newspaper, there is a chance for a possibility to quit the war with Russia and Ukraine. At least we have more chance, more possibility to stop the war. This is what we are reading in the newspaper a few days after the election in America. And what is important, the interest rate is going down. So now we think that maybe the first quarter or the second quarter of 2025 will still bring some turbulence, but we are pretty sure that the second half of the year will be quite strong. We do not expect a bad time for 2025. May I ask a final question? Then I have to jump on another call, about what you said before about the confirmation you received for the three to four Maxi Maxi Swan. First, which is the price of a Maxi Maxi Swan? I mean, 40-60 meters, can we imagine that is EUR 1 million for one meter? Or maybe this is a bit exaggerated. And it's correct. It's approximately EUR 1 million per meter. And when you say that you expect to get this order by year-end, you mean that by year-end, we will have, I don't know, EUR 160 million to EUR 100 million additional intake? Or it's just a vague commitment considering that probably you do not have yet the facility ready to build these yachts, etc.? How should we think about that? Thank you very much, Nicolò, for your question so I can be more precise. Out of the three to four customers which are showing to be very, very much interested, we think we will close one for sure because there is a shaking hand promise, and we will try to change the shaking hands with money in the bank, which is the condition to consider it in the backlog for sure. The second and the third, it is really a matter of how much time we have to meet and discuss in depth. It could be that one of the two, we close it by the end of the year, but most probably both the second and the third contract will come with the beginning of 2025. Because you're right, we do not have the shipyard dedicated yet. We have space already to do it. But consider that if we close the deal on the 44-meter in December, we will spend six months for project and new design, which gets June 2025. Then we will build the hull and the superstructure in aluminum, which will take around eight to nine months. So we go to Q2 2026. And then we will have full one year to do the fitting out. So we expect the delivery of the first Maxi Maxi to be for the spring-summer 2027. So this is more or less the timing for that kind of boat. So it is not something that is happening tomorrow. It's something that will be deployed during 2025 and then 2026, 2027. But what is important for us is the interest that is being created around. One goal of our decision to enter in the sailboat business with the top brand like Swan, and if you want also the reason to have paid the company a little higher than the market value, it's because we thought that the future market connected to sustainability, the western market will enjoy a little more the sail Maxi Maxi instead of the motor yacht. I'm not saying that we will move our business from engine to sail. Consider that today, the sailboat business in Maxi Maxi is around 5%-8% of the total. But if that will change from 8% to 15%, we will for sure make a win-win situation with our investment. And this is something we expect. The fact that we have already three to four customers pretty hot on this side, I think is a good sign for us and for you in judgment of the acquisition we did in August. Maxi, you could add, Nicolò, that normally we develop a product and then we launch the product in a boat show and we collect orders. Here, it was enough a declaration from Maxi in the interview that the idea was to enter the Maxi Maxi in alloy, and we got the full client. So there are people waiting also because the offer is almost zero. So for us, it was really a great surprise because it seems that they are behind the door waiting for someone. And it was just an interview, no project, nothing in our hands. It's crazy. Interesting. So basically, there is not even a sketch of this new Maxi Maxi? There is a sketch. No, there is. Okay. There is some sketch, but from the sketch, we have to do a project. And consider that the customer for the sailboat are much more deeply technically in the production of the boat. So what happened? That we have the interest. We meet the customer. We shake hands on the price. We show the sketch. But then from that to the final contract, it takes some time because then you have surveyors, technical people coming and going deeply in the project. And the project is not only how far is the speed like the engine boats or the range or the noise level. The project for the sailboat is much more complicated because you have to guarantee a certain speed with the winds, a certain light weight to have a vibration or noise reduction without affecting the weight is technologically more difficult. So it is for sure the fact that there is much less suppliers. It is a sign that it's more difficult for sure. In this moment, we have two major competitors on the Maxi Maxi in alloy, which is Royal Huisman and Vitters, both from the Dutch market. And that is the reason why we have this opening market in favor of Swan, which is a big name built in Viareggio, because the customer is also expecting to enjoy the gap difference in price that you know between Italy and the Dutch market, which is something that is going to close more and more in the future, but still there is an advantage, an economic advantage for them to buy in Italy. Thank you. I think Oriana wants to ask something. I'm wrong. Yes, sure. Thank you. Thank you very much. My question is on the profitability of Sanlorenzo. So the margin expansion was very good also in Q3. And I would like to know if all divisions equally contributed to the margin expansion. So your superyacht and Bluegame, or one or two of these divisions were the main drivers. I think I could confirm to you that they contributed equally. Not in the same way, but equally to the past. Because for sure, the yacht division is more profitable than the superyacht division and the Bluegame business unit. So we keep the same differences. So still, the yacht division is the most profitable, but the contribution of the three businesses, I think they didn't change. It's more or less the same. In line with the expectation planned with our budget. So we are absolutely online for the three divisions. Okay. So the slowdown in the top line of the yacht division didn't impact on the margin gap? It didn't impact on the margin. It probably impacted a bit on the order intake, which has been compensated by the superyacht. When I tell you the emotion part of buying a boat, expecting the new election in Europe, the new election in America, the Palestine war started between Israel and Gaza, but then it's expanding to other countries, Lebanon, but not only. Also, there was an exchange of bombs with Iran. So when you see things like that, you are a little bit affected emotionally. Now, a big guy spending EUR 50 million for a superyacht probably is less influenced with the emotion because there's more money, because he's a stronger guy, whatever. The guy which is spending EUR 10 million in the Yacht Division probably has a bit more of that emotion or negative emotion, and that's why the order intake in the Yacht Division has been slowing down more because of the geopolitical situation. The customer is there. We are selling boats, but we spend more time to close the deal. Spending more time to close the deal, you have a natural moving ahead of the order intake. Please, don't be scared because this is part of our business. Consider when we build 70 yachts to give you data related to quarters every three months. It is very difficult because if we build 700 yachts, it would be more balanced between trimester and trimester. Building 70 pieces a quarter, it is much more difficult to get a continuous growth or continuous positive. It is enough that I sell a 70-meter one week before or after the quarter, and you move EUR 70 million, EUR 80 million from one quarter to the other, which is a lot because we have this quarter, we sold EUR 260 million of new yachts. EUR 80 million is almost 30%. Consider that always when you judge or you make an attempt to understand what the market is, how is the movement, that we built 70 yachts, 25 Swan and 30 Bluegame. Our business model is to go to the top end of the market with the price premium product, but always with the scarcity effect. Not many boats for each of our business, which is Bluegame, Swan, and Sanlorenzo, because we think that that is a win-win situation for the future and for the past and for today. Great. Thank you. We are going to take the last question again from Mr. Francesco Forte. I'll translate it live. Can we protect and make immune our backlog from the United States from possible tariffs? Tariffs? Tariffs? Yeah. Francesco, it's a very hard question. I do understand your worry. We sincerely think that the declaration of Trump just a few days before the election was coming partially from the emotion because probably he felt through the newspaper from Europe that Europe was more in favor of the Democrats, or it was another declaration done in order to please the people who believe America First. So we do not know if the Americans will raise tariffs. Also because if we have to count in detail, we think that Europe is quite strong in different products offering to America. So for them, it will be very hard, very difficult to raise tariff barriers for everything. Consider that our business, we do 15% of the business in America, that out of 70 Sanlorenzo yachts, it is 10 yachts. It is such a small business in respect of the much, much bigger business that I think that they will not concentrate in making the tariff on the yacht importation. Also because there is no local production anymore. In America, they used to have a lot of production, a lot of brands. Probably you remember well, Broward, Burger, Christensen, Wellcraft. Hatteras is still there, but they're building $10 million. They used to build $150 million. So not having the local production, I don't think that the Trump organization will concentrate immediately in putting the barrier to the yacht because they do not protect their industry because there is no more industry. And the American buyer will have to pay the tariffs. And the American buyer, which are the rich guy which is supporting Trump, will have to pay more money. So really, we do not think this is a problem, at least for the first year, for the first two years. Okay. [Foreign language]. Okay. Ladies and gentlemen, thank you very much for your time, as always and being in contact with you. I think that during the months of November, we will meet most of you in our tour after the Q3 Roadshow. We will have many meetings in the next 30 days. Thank you again to all of you. Bye-bye. Thank you. Thank you.