Good afternoon to everybody. Thanks. For being here with us. As always, I will pass the floor to Attilio, who is our CFO, to present the Q1 2025 number. Perfect. Thank you, Massimo. And welcome to everyone. We can start directly with the highlights for Q1 2025. The first quarter showed the Sanlorenzo Group continues its expansion with a growing line with our guidance 2025. Performance and result are once again direct consequences of the unique Sanlorenzo business model and top-end positioning brand. Now, we can analyze a figure, and in particular, net revenue in yachts grew 9.6% at EUR 213.5 million, led by the excellent performance by the Superyacht Division and contribution from Nautos One. And great result of the American region and Europe. EBITDA increased 8.5% year-on-year at EUR 37 million, and EBIT margin is 17.3% with not relevant dilution considering Nautos One consolidation. EBITDA benefit once again by effect of price and product mix at gross margin level. EBIT at EUR 27.8 million increased 4.2% considering Nautos One consolidation and the last significant investments. Group net profit grew up 80% year-on-year with a total amount of EUR 21.2 million, with a margin of 10% on net revenue in new yachts, double-digit then. The organic investments at EUR 5.8 million mainly related to the increase in product development and industrial capacity, new industrial capacity, with a reduced incidence on net revenue in new yachts at 2.7%. The net financial position at EUR 28.1 million net debt end of March 2025, with a temporary cash assertion of EUR 57.2 million from last December, considering the seasonality of the working capital typical of the first quarter of the year and also the extraordinary cash flows out linked to the buyback program and the acquisition for a total of EUR 4.5 million. We can analyze more in detail top line. The quarterly revenue evolution shows consistency versus 2025 guidance with a sustainable growth of 9.6%. We have a strong performance by Superyacht Division, plus 10.4% year-on-year, driven by the Steel Line increasingly appreciated for the innovative contents. The Yacht Division generated approximately 50% of total revenue, down compared to the previous Q1 2024, mainly due to product mix and softer demand dynamics for models below 30 meters. Bluegame generated around EUR 20 million revenues, minus 5.6% year-on-year, confirming strong resiliency of the peculiarly challenging segment of yachts below 24 meters. Nautos One division reported net revenue in new yachts of EUR 23.8 million in the first quarter, in line with expectation and with the planned integration and business development process. The breakdown by geography confirmed the expansion of the market in the America region, plus 40.6% year-on-year after strong order intake in the last quarters and positive contacts from the Palm Beach boat shows. Now, America is 20.6% of total revenues, of which just 8% linked to U.S. customers and below 5% for 30 meters products. Also considering that the attribution to the region is linked to the UBO of each contract. Europe grew up 8.8% year-on-year, considering the wide local customer baseline. APAC region posted a slight increase showing the first positive signals of dynamism, while Middle East decreased particularly minus 25.1% in reasons of solid deliveries concentrated in Q4 2024. About profitability, EBITDA margin grew by 8.5% year-on-year, reached 17.3% on net revenue in yachts, considering the marginality continued expansion X1, and the negligible margin dilution about 20 basis points after consolidation impact for the full quarter Nautos One. EBIT increase plus 4.2% year-on-year on EBIT margin decrease 60 basis points at 12.6%, considering higher DNA incidence of Nautos One due to smaller scale and legacy investment for the division. The group net profit grew up 80% at 10% on net revenue in yachts, with a positive effect of tax benefit and despite higher financial cost from acquisition financing. About backlog, the evolution of the top line is driven by the solid backlog that reached, you can see, the level of EUR 1.2 billion last March 2025 that confirmed a dynamic market, especially above 30 meters. Significant is order intake in Q1 2025, EUR 178 million plus 6% compared with the first quarter 2024, and considering the typical seasonality of the business when Q1 is a quarter with low orders collection. Furthermore, backlog is very consistent and high quality in consideration that it is sold 89% to final customer, thanks to the unique Sanlorenzo business model. The solid backlog gives to the group an extraordinary visibility for the future in terms of result, with a portion of EUR 700 million related to 2025 representing around 71% coverage net revenue in new yachts of the midpoint guidance 2025, consistent with the coverage of 72% in the first quarter 2024. In addition, we have around EUR 500 million related to 2026 and beyond, so a very important visibility. Analyzing the backlog by division, the waiting lists are well filled in all business units, and we sold delivery up to 2026, 2027, 2028, respectively for the Bluegame yacht and superyacht divisions. Also for the new Zone division, the sold deliveries are up to 2027. All the divisions have a high percentage of yachts sold to final customers, 100% for Superyacht and Zone, 72% for the Yacht Division, and 53% for Bluegame division, a remarkable indicator considering the market segment below 24 meters. About the net backlog, approximately EUR 1 billion at the end of March 2025, after the normalization phase of the order intake, the visibility level remained high, and it is not particularly affected by current cyclicality of below 24 meters yachts. In fact, after the exceptional post-pandemic phase, the historical net backlog quarter evolution shows for Q1 2025 a coverage of one time the full year 2025 revenues. This level is well above Q1 2019 coverage of 0.8 time and above the typical pre-COVID coverage in the range of 0.8-0.9 time. About the evolution of the net working capital and net financial position that are absolutely strictly linked to the trend and reflects the usual seasonality of Q1 business. In particular, the net working capital end of March 2025 is EUR 119.6 million positive, especially considering the normal seasonal cash absorption of Q1, as the similar evolution you can see for Q1 2024 before the Mediterranean deliveries phase peak in the summer season. In addition, the support in terms of inventory build-up to the new direct distribution in APAC region and also extension in direct distribution in Europe and Americas. Therefore, the net debt end of March 2025 of EUR 28.1 million reflects the seasonality of the net working capital, and in addition, extraordinary cash out of EUR 4.5 million related to the buyback program of EUR 3.7 million and the purchase of the stake 60% of AF Arturo Foresti, a strategic supplier for electrical systems, for EUR 0.8 million. Therefore, additional EUR 3.7 million are returned to the shareholders, considering extraordinary buyback in Q1 2025. The reported net debt end of March 2025 includes IFRS 16 net liabilities for EUR 24.1 million versus EUR 25.5 million of 31st December 2024. About CAPEX, continued the organic investment program that reached the amount of EUR 5.8 million end of March 2025, more than 90% related to expansion, new product capacity, and development dedicated to all the divisions. The incidence of organic CAPEX on net revenue in new yachts is decreased to 2.7%, was 3.5% in Q1 2024. Overall, the net investments are EUR 6.6 million, considering change in perimeter at EUR 0.8 million referred to the AF Arturo Foresti acquisition just before mentioning. Considering the solid Q1 2025 result and considering also the visibility from the backlog we have just seen, the 2025 guidance is confirmed without any change. This is possible considering the strength of the unique Sanlorenzo business model and the top-end positioning of the brand. We have analyzed all the financial results, and I leave the floor to Massimo to continue with the business update. Thank you, Attilio. Now, briefly, some summary of the activity of the last month. You can see quickly the superyacht award winner, the Explorer 500, Sanlorenzo Yacht. We show you a picture of the Wind Labyrinth designed by Piero Lissoni at the Milano Design Week. That is a contribution from Sanlorenzo to Zone, but also to sustainability. We wanted to combine the two points together. It was a success with more than 300 people coming for the party. This is again our message to the market of having reached a fantastic agreement with American Magic. You can see the yacht is in construction. Sorry, the plant is in construction. We do expect to have the plant finished by the end of the year, beginning of 2026, and to be able to start full production by the third or fourth quarter of 2026. What is very important today, we got the message that the next American Cup will be played in Napoli. This is for sure very good news. You can see what is happening in the tennis in Italy, thanks to Mr. Sinner, which is a champion. We do expect that Zone business will be boosted, and we will investigate with our partners from American Magic if there is any chance to have a partnership on the American Cup as well, considering that they will play in Napoli in Italy. Next is, as we said already, we are designing the new office in Newport in combination with Amistone and Bruce Brackenell, which used to sell Perini boats for 30 years in America. That is the style of the first, let's call it Zone Aloy, is a maxi of 43 meters. Aside from the big and important collaboration with Amistone, which is one of the best brokerage houses in the world, we like to show you a couple of pictures where you can see that we are ready to launch the 128-foot maxi in carbon in Sweden on the left. On the side, you have the picture of the carbon mast, which is 60 meters, which is going to be on top of the boat. I like to show you that because it is a message to the market that, okay, we are starting a new division in the Aloy business from 43- 60,65 meters. We do expect to have between EUR 50 million and EUR 60 million new revenue in the next three years, but we are coming from the biggest Zone built in Finland, which is very close to the Aloy line because the 40 meters in carbon you see is a reality, is a picture of the boat ready to be launched. The boat will be presented at the Monaco show in September 2025. Very quickly, the methanol situation, in spite of the strategy and policy of the new President of the U.S., is growing and growing and growing. There are more and more people who believe in the next future development of methanol. We remember you that with the 50 Steel, we had the first fuel cell boat delivered in 2024. We are building the second, the 50X Space, which will be the first bi-fuel engine boats, methanol and fuel, which will be in the water by the end of 2027. We are continuing steady, pioneering the market from the point of view of sustainability, and we will have the second 50 meters on the water with the first pair of bi-fuel engine. Going on, this is just a point which we like very much, which is probably the top message we give to the market related to our special business model. You see the scarcity, which is one of the most important upselling features for luxury. From 2018, even before our IPO, we had 41 boats in construction. Little by little, we moved to 37, 55, 61. From 2021 - 2024, we moved from 61- 69. The increase of revenue related to Sanlorenzo is up to EUR 800 million. Seventy boats, around seventy boats with EUR 800 million revenue, is a key element of the success of our company. Both for revenue, for profitability, but mainly to be resilient to the eventual bad cycle. You see on the right, our average net revenue per boat is EUR 11.6 million. That means we are totally out of the market, which is more competitive and is related to people who rely on the bonus and salary every year. Our customer comes from a very rich family for two, three generations, and they do not need to have a good business here in order to decide to buy the boat. Important, you can see the proven growth and margin resilience over the cycle. Little by little, after 2018, first you have a confirmation of the company being resilient because in the bad time between 2008 and 2014, we have been always around 10% in our EBITDA margin. Then from 2018, little by little, but constantly growing year after year in our EBITDA margin up to €1 billion revenue expectation. You see the reduction from 19- 18.8. That is a very, very small reduction considering that 2025 is the first year where we consolidate 12 months of Zone business. And then you know that Zone is diluting a little bit our EBITDA margin now, but we do expect it will grow and improve in the near future. Okay, now I think we can pass the floor to you for any eventual possible question, and we are ready to reply. [Foreign language] Okay, thanks for taking my questions. Niccolo Storer from Kepler. I have three. The first one is the usual one on the evolution of your business in April, which has been a very erratic month and first days of May when things appear to have come down a bit. The second question is on the exceptional low tax rate you had. If you can comment about the tax benefit you mentioned. The third one on your EBITDA margin. This time you are not commenting on the adjusted EBITDA margin. If I look at the adjusted EBITDA margin, you are basically on par with last year. I suspect that the missing dilution for Zone is the result of EBITDA from refitting activity at Zone, which is not in your revenues. Is this true? And do you have a big seasonality in this business of Zone refit, which is concentrating revenues and profitability in the first quarter? Thank you. First, I have to underline, thank you, Nicolo. First, I have to underline that our numbers are not adjusted. They are fixed. Since two years, we decided not to declare adjusted EBITDA, adjusted EBIT, and whatever. It is a fixed number that we expect, and then we declare after we finish the quarter and we give you the number. Second, the evolution. I would say that April until middle of May, we are at the middle of the second quarter, and I can confirm to you that we already sold two-thirds of the value of 2024. We do expect the second quarter with a better result in respect of the second quarter of 2024. Of course, everything is related to the future declaration of Mr. Trump. If he is, let's say, following what the world is expecting, considering what has been declaring in the last 30 days, we do expect to improve the situation of the H-1 in respect of 2024. Regarding the tax rate, I think I will move the reply to the expert in the matter, which is Attilio. Sure, thank you, Massimo. Yes, Nicolo, about the taxes, you are right, consider that we have quite an important reduction in terms of incidence. This is linked to the Patent Box. We started with this Italian tax benefit last 2024, just the beginning of the impact. Now, especially in this year, we have a very important effect between EUR 2 million-EUR 3 million, the impact in Q1 2025. Consider that this is linked, this benefit, to the EBIT generated by the companies now. For Sanlorenzo, you know we have a very important heritage starting from 1958 for this important level. Can you quantify the impact you expect for the full year and if any also beyond 2025 from Patent Box? Yeah, in this moment, we are in the last phase to define the exact impact with the tax authorities. We can consider to have an increase for Q2 2025, but we have to have the definitive documents by the authorities. Grazie. Regarding the third point, I think even. I can take it, Nicolo. Just to give you some statistics, the refit business of Nautos One, so what is called Nautos One Global Services, accounts for less than 15% of the Nautos One business, which in turn is about 10% at group level. We are talking about less than 1.5% of the group revenues. In terms of marginality accretion, it is substantially irrelevant. Grazie. Hello, can you hear me? Hello? Yes. Thank you. Oriana Cardani, Intesa Sanpaolo. Thank you for taking my three questions. The first one is a clarification on your reaction to U.S. tariffs. Have you decided to increase prices in North America or considering that the exposed trade is low, will not increase prices? My second question is on the order intake in the first quarter. Can you give us an idea on the weight of yacht and superyacht on total order intake and the weight of America? And my third question is about CapEx. Given the uncertainty, macroeconomic uncertainty, are you considering postponing or reducing the scope of some projects? Thank you very much. The CEO, sorry, the microphone stopped. I repeat, we are not increasing the price yet because we want to wait the final solution about tariff. Remember, America is not building any boat in competition with Sanlorenzo. Maybe some boats in competition with Bluegame, but as you know, it's less than 10% of our business. We discussed it with Pietro Berardi, who is the CEO of Sanlorenzo America, and some other important broker in America. We think we will be able to increase our price list up to 10%, maybe something between 10% and 15% in case the tariff will be above that level. We are pretty sure to be able to discharge to the market at least two-thirds of the eventual risk. The remaining one-third will be split between Sanlorenzo, the mother company, and our distributor company, which is owned 100% by us, which is Sanlorenzo America. If you go to the picture of our market, you can see that for the first quarter of 2025, 20% was our share to Americas. Americas means Canada, United States, Central, and South America. Out of that, only 8% is related to the U.S. citizenship. Inside of the 8%, 5% is below 30 meters. The situation anyhow is not really affecting us. Therefore, this is one of the main reasons we confirm the guidance regardless of what will happen. We feel pretty much strong related to the risk of tariff. Regarding the CapEx, and then I leave the matter to the specification of the order intake to Attilio. Regarding the CapEx, as you saw, we are investing a bit less money than expected for the quarter. This is not being a project of reducing the CapEx yet, but we are not pushing the CapEx too much, expecting to see what the market is. As always, we are very prudent. In case a big problem comes to the market, we are ready to reduce importantly the CapEx. If you see on the guidance, on 2020, the year of COVID, you see that we reduced from an average of EUR 15 million-EUR 30 million pretty quickly. This is something that we can repeat in case we have any kind of troubles for 2025, which, by the way, we do not expect. Regarding order intake detail. Yeah, in terms of order intake, consider Oriana that for the Yacht Division, we are in the region of around EUR 70 million. And considering the Superyacht Division, we are in the region of EUR 80 million. Thank you very much. Just a follow-up, the weight of America in the order intake, is it possible? Yes, consider that we are consistent with the revenues indicated in the chart just now. Look, I just like to tell you what happened. We signed a letter of intent during the Miami show, which was the middle of February. The customer, which is one of our old-time customers, he bought three Sanlorenzo. He ordered the biggest composite fiberglass boat, the SD 132. He called us and said, "Look, gentlemen, let me have some time to understand what the President of the U.S. is deciding." He waited until the end of March when Mr. Trump declared the situation of the 25% tariff to Europe. The same day, he transferred the deposit to us. I explain that to you because the uncertainty of our customer sometimes is worse than a bad message, which is 25% tariff to Europe. People like certainty. We think that in the next month, sooner or later, Mr. Trump and the American government will stop to play about these numbers and fix these uncertainties. Our worst period, I think, is back at the beginning of the quarter, of the first quarter. We do expect week after week to have a more stable market and then to collect more order and to put back the business in normality, in certainty. We have a question on the same topic pretty much that we see from the chat. Mr. Filippo Pazzini is asking if we can give a broader color on what we expect in the coming months from all the geographies where we are present. A bit of. I can tell you there is good news after, I would say, a couple of years where the German and the French market has been pretty light. In the last Palma boat show, you know, in Palma, there is a lot of Germans and British customers living there with villa and whatever. The Palma boat show was pretty, it is in the middle of April, 23, 24 of April, just after Easter. It was quite successful because we found back again a lot of Germans, a lot of British customers negotiating, seriously willing to buy boats. We closed a couple of deals. I think that the new government in Germany is giving a good push to that market and then probably the expectation of lots of money to be spent in the military goods and the declaration of the government to increase spending up to EUR 500 billion in Germany is also showing to the ultra-high net worth individual in Germany that they have a good expectation for the 2025, 2026, and so they go back to buy boats. We do expect Europe to be stronger than last year. Asia-Pacific, in the last quarter, we sold the same amount of boats in one quarter that we sold in 2024. We do expect good numbers and good market in Asia-Pacific. Probably America will be the market that we really do not know the situation because it is not only a matter of tariff, I think, but the uncertainty created by the President of the U.S. is now putting the American economy in, let's say, waiting situation. You see that the Bank of America is not reducing the interest rate because there is a lot of uncertainty on the situation. We have to see probably in the next two, three months to have a better and more clear situation. What is confident for us is the Middle East, Far East, and Europe. We feel it pretty strong, pretty good. We do not have any more questions in the chat. Mr. Perotti, if you would like to do a conclusion. Thank you very much. We are very happy for the Q1 number. I think at the end of the year 2024, you probably remember our expectation for 2025 was quite an important improvement of the business after a 2024 very difficult year. With the starting of the new government in America, there was some uncertainty that has been influencing the market, but we are very happy that the numbers at the end for the first quarter were very good, more than what we expected in the middle of January or middle of February. We think that the worst is back. The future should be little by little better. That is the overall idea of our expectation of the business we are living day after day. Thank you very much for your time. Thank you. To follow our company always. Bye-bye.