Good evening, ladies and gentlemen. Welcome to our full year 2025 preliminary results. On Sanlorenzo's side, we have on the line Massimo Perotti, Executive Chairman, Attilio Bruzzese, the Chief Financial Officer, Pier Francesco Acquaviva, Chief Corporate Officer, and myself as Head of Investor Relations. I leave the floor for the presentation to start to our chairman, Massimo Perotti. Good evening to everybody. Thank you for being in contact with us. I like to start the floor with the first chart, which is not just starting with numbers, but trying to understand what happened in 2025. We are very pleased to confirm to you the numbers that we are very proud of, consider 2025 was not an easy year. Probably coming from 2024 with expectation from the European Union election in June 2024, and the American new president for November 2024. People was expecting 2025 grow with a return to a normality after the war in Palestine and the war in Ukraine. Unfortunately, as everybody knows, 2025 started with some, I would say, disruptive situation, mainly in the Western world, the tariff, et cetera, et cetera. I'm not going to to summarize what happened, but all these situation was giving to the market a kind of uncertainty, and the uncertainty was reflected in the market. So we are pleased to confirm to you and to show you again the resiliency, power, and strength of Sanlorenzo. You see on the left, we can confirm with the number of 2025, six consecutive quarter of order intake growth. We can confirm the successful new models introduced in the market from the Cannes show, is written below: SD132, SX120, SL110A, BGX83, recently introduced to the Düsseldorf show in January 2026. The new Swan 128, which is the largest ever built, 40-meter maxi, and the Swan 51. Thanks to the very successful new model launch, we got quite a good Q4 of 2025, which is giving back an extremely extraordinary good +16% of order intake in respect of 2024 order intake. We confirm a remarkable 18.8% EBITDA margin, considering that 2025 has been the first year of consolidation of Swan. At the end, plus EUR 34 million in net cash flow generation in Q4. We have quite improved and increased our strength in the market by appointing a new brand representative in Brazil and Mexico, and have a new office. We opened a new office in Australia, and a new dealer in Japan. Nautor Swan, as I said, the integration is done. We are working harder, and we have already the first year with a profit after year of losses, as you know. So I promise to you that we will, with the group, with the strength of the group and, and the push of, Sanlorenzo, we could do quite a good result in Nautor Swan, in spite of a 2025, which has been really very dry in order, in new order for the sailboat business. Simpson Marine at the end, last but not least, Simpson Marine has been fully integrated. You see in the number of the growth of the APAC region, the APAC market, we can confirm that both distribution service platform is integrated in the group and is leverage our strength worldwide. I'm very pleased to confirm this number. I'm very pleased to show you the resiliency of our company, and I will like to give back the floor to Ivan, because the second slide, I think, is quite interesting for all of you. Thank you. With pleasure. Our 2025 growth continues to consistently outperform the luxury sector. By setting 2019 top line to 100, it emerges clearly that our business model resiliency allows to grow even amid the context of uncertainty, as experienced both in 2020 during the COVID pandemic and in the last year, in the generally softer luxury market. The reason is linked to three main fundamental factors. First of all, we have no exposure to aspirational clients, with a customer base made strictly of ultra-high-net-worth individuals. Just as important, the drivers behind the purchase decision of our customers are fundamentally different. They're meeting their need for well-being and longevity, seeking unique experiences, and making the most out of their scarce free time. Finally, the competitive advantage of our business model, based on a product for true connoisseur yachtsman, volume scarcity, high price point, even at the entry level, ensures a superior stability of the underlying demand over time. I leave the floor to Attilio for the presentation of the preliminary financial figures. Thank you, Ivan, and welcome to everyone. We'll continue the expansion of the Sanlorenzo Group into the full year 2025 result, achieving a progressive integration of Nautor Swan and Simpson Marine. The solid performances of the full year 2025 are in line with the guidance for the top line, and also more than expected for profitability, considering the Sanlorenzo absolute luxury positioning. Then, in particular, analyzing the indicators, net revenue in yachts grew 3.2% year-on-year, at EUR 960.4 million, driven by the performance of the superyacht and Nautor Swan division, and good results of the Americas and APAC region. EBITDA reached the amount of EUR 180.6 million, +2.4% year-on-year, with 18.8% margin on net revenue new yachts. EBIT at EUR 139.9 million, increased 0.4% year-on-year, at 14.6% on net revenue new yachts, with a limited dilution from consolidation of Nautor Swan first full year. The group net profit grew up 4.2% year-on-year, with a remarkable total amount of EUR 107.4 million, with a double-digit growth of 11.2% on net revenue new yachts. Organic investment for EUR 48.2 million, mainly related to the increase in production capacity and new model developments, with the reduction of the incidence year-on-year on net revenue in yachts to 5%. Then the net financial position at EUR 20.1 million net cash, end of December 2025, after dividends paid for EUR 34.8 million and EUR 1.2 million of extraordinary acquisition. Therefore, the guidance 2025 met at all levels. In fact, is fully reached the top-line target, showing a thoughtful growth of 3.2% year-on-year. And more important, the full year 2025 result in terms of the profitability are just more than expected for margin, with the EBITDA at 18.8%, compared to the target of 18.7, and EBIT at 14.6%, compared with the target of 14.5%. And with an overperformance in the bottom line, with the group net result at EUR 107 million, + 4.2% exceed the guidance, while organic CapEx at EUR 48.2 million are in target range. Now, we can analyze figure more in detail, starting from the top line. In this case, we had a good performance of the Superyacht Division, +0.5% year-on-year, with in evidence the steel line. Excellent performance of Nautor Swan division, which accelerates in Q4, +45.1% year-on-year, with the support of the maxi line and confirming the strong progression on the integration process we are doing. And then the result of the Yacht Division, that decreased 5.4% in full year 2025, year-on-year, but recovering +8.2% in Q4, year-on-year. Also, considering the larger units kicked into production in the last quarter, 2025. The Bluegame recorded EUR 85.5 million, -7.4% year-on-year, successfully navigating the headwinds in the segment below 24 meters. And about the breakdown by geography, the group had a strong growth in Americas region. You can see 35.5% year-on-year after the expansion in the new market, Brazil and Mexico, and APAC region turns positive, +5.1% year-on-year, after the entrance in the Japan and West Australia market to the, through the Simpson Marine strategic platform. Europe remains solid, +1.3% year-on-year, showing in Q4 a shift to a more balanced global mix. EMEA region, characterized by lumpiness, given the low unit and at the same time, high average ticket market, decreased 28% in the full year 2025, but in the meantime, increased 100% in Q4 2024 year-on-year. Now, the profitability expansion follows the planned trajectory. In fact, the EBITDA margin grew by 2.5% and reached the margin of 18.8% net, net, net revenue new yachts, stable year-on-year, even after the Swan first full year consolidation. The rigorous focus on gross margin increase that benefit on price and mix effect allowed Sanlorenzo to expand margins. The EBIT increases 0.4% year-on-year, considering the higher than the incidence on net revenue new yachts for Nautor Swan, due to the smaller scale production and legacy investment before acquisition. And finally, the group net profit grew up to 4.2% at 11.2% on net revenue new yachts, with positive effect of a tax benefit more than offsetting the higher financial expenses after cash out for 2024 acquisition. The gross backlog reached the level of almost EUR 2 billion and benefit of a robust full year ordering take of EUR 943 million, +16% year-on-year. Therefore, the positive market dynamic in Q4 is important, considering the ordering take of EUR 253 million, with a double-digit growth of 10.1% year-on-year. Net backlog end of 2025 is more than EUR 1 billion and give to the group a long visibility on the future result, considering the composition of EUR 616 million for 2026, plus EUR 384 million for 2027 and beyond. Furthermore, backlog is consistent and high quality in consideration that it is sold 88% to final customers, thanks to the unique Sanlorenzo business model, and with the sold deliveries up to 2027, 2028 and 2029, respectively, for Bluegame, Yacht and Superyacht Division, and also the Swan Division, the sold deliveries are up to 2028. So consistent are waiting lists, especially for yachts above 30 meters. About the order intake trend after the normalization of the market of the group from Q3 2024 to Q4 2025, reached the sixth consecutive quarter of growth in order intake. So this is a proven trend. A strong performance, considering the positioning of the brand and confirming how Sanlorenzo is resilient to the cycle, even in a time of uncertainty like this. how Sanlorenzo is absolute luxury and not exposed to aspirational customers. So the order intake is consistently growing, and in the last Q4, increased 10.1% year-on-year. The net backlog end of 2025 is more than EUR 1 billion, so we have around a full year of revenue still to book and already contracted. Continue the organic investment program that reached the amount of EUR 48.2 million end of December 2025 at constant perimeter. About 89% related to expansion, new production, and distribution capacity, EUR 22.6 million. Acquisition, and new acquisition, you consider that, we add, additional EUR 1.2 million in 2025, of which EUR 0.8 million referred to Arturo Foresti acquisition, a supplier for the production of, electrical system, and EUR 0.4 million referred to Mediterranean Yacht Management acquisition in Monaco, in-house brokerage company to support, the distribution of Nautor Swan. The incidence of organic CapEx on net revenue new yachts decreased to 5%. Now, the evolution of the net financial position and of December 2025 highlights a net cash of EUR 20.1 million after a dividend payment of EUR 34.8 million, organic CapEx of EUR 48.2 million, and extraordinary acquisition of EUR 1.2 million. The net cash generation in Q4 2025 was EUR 34.1 million, and benefited by the net working capital decrease after the peak reached during the 2025, well supported by order intake, in particularly in the region, Americas and APAC, where the group has a direct distribution. The total impact of IFRS 16 debt was EUR 28 million in December 2025, versus EUR 25.5 million of December 2024. Well, we have analyzed the financial result, and I leave the floor to Ivan to continue with the business update. Thank you, Attilio. So very quickly on the most important concepts. Here we come from a 2025, where we have launched, we have presented some very important models, which have collected a very exceptional feedback from the market, both in terms of contract signed, order intake, and commercial pipeline. Particularly noteworthy are the three models of the yacht division, which are all above 30 meters. The SL110A, which features the symmetric design, the SX120, which is the current flagship of the crossover range, a very iconic, invented by Sanlorenzo, and the SD132, which is the largest composite model delivered today, above 40 meters length, where we enjoy virtually no competition. Also, for 2026, we have in the pocket a very exciting pipeline of new models. We just started in Düsseldorf with the presentation of the BGX83, which is the flagship of Bluegame, to continue then with four new models for Sanlorenzo, across both yacht and superyacht division, with again, a focus on the large composite segment. In the case of Nautor Swan, we are not just talking about new models, but we are talking about completely new product lines, which bring additional market segments to the business, additive to the current revenues. In one case, we have the Swan Alloy, which will be revealed, the first model, so the larger segment units, made of metal, effectively the superyacht of the sailing, of the sailing segment, and later on, an unveil of the Blue Water line, SwanScape, dedicated to those customers that prefer comfort over mere performance for long, extended, cruising. Speaking of new lines, we remind that the Sanlorenzo also presented back in October, the Sanlorenzo Heritage, which draws effectively into our deepest DNA back to 1958, and projects it into the future. Going to the next slide, we see the other core part central to our development strategy, so the geographic expansion. The new American headquarters in Fort Lauderdale at the Pier 66 was just opened, and, along with it, which will be central for a further penetration into the American market, where we have a massive opportunity. We just come from signing two important partnerships with new brand representatives in Mexico and in Brazil, which are very strategic markets, which so far we have covered from abroad, and from now on, we will cover with a local commercial presence. In terms of completely new geographies, we have entered recently Japan, with a stronger brand representative, and Australia, with our direct network of Simpson Marine, which can be leveraged across the region. We now open the Q&A session, so, we invite you to either use the Zoom tool to raise your hand or to leave your question in the chat. We will try to address as many questions as possible. I see a question in the chat from Jackson. Hi, Jackson. "Could we get commentary on 2026 outlook, given no guidance was given? Yes, yes, Jackson. Pleased to reply to you. Consider that we had the Düsseldorf Boat Show on the twentieth of January, and today, in the meantime, we are talking to you, there is the Miami show going on. The starting of January, middle of February, business is showing a better order intake of both January 2025 and January 2024. So we have a feeling that the starting of the new year, 2026, is good, and we do expect an improvement in volume of all three, all four, I would say, business: yacht, superyacht, Bluegame, and Swan. So it is a confirmation that the market is more active since the first months of the year, which normally is not easy. You know, in January, February, people are still thinking to go skiing more than going boating. I see a raised hand from Niccolò Storer. So please, Nicola, go ahead. Thanks for taking my questions. The first one is about Q4 intake. If I put together two things, one, that your, let's say, comments about the American season back at Q3 result presentation were quite downbeat. And I also see that, let's say, the share of backlog to final clients has declined by 2 percentage points from Q3 to Q4. It's kind of suggesting me that you had to sell to dealers to get to the +10% order intake in Q4. So if you can comment a bit on that, and so on the quality of the Q4 order collection. Second question, you already answered about Düsseldorf and Miami, and so, my other question is about intake by brand, in particular, Sanlorenzo perimeter versus Swan. You suggested that Swan intake in 2025 was quite weakish. Can you maybe spend a few numbers quantifying how good was Sanlorenzo ex Swan, and so on? Thank you. Look, I do reply the first question. I didn't understand the second, so if somebody on the floor in La Spezia can reply, is good. For the first question, Storer, we are really now picking two small things. I mean, we are close to EUR 1 billion, therefore, 2% of EUR 1 billion is EUR 20 million, is almost nothing. So by counting the difference between the 90% of direct sales, so 88% is really something difficult to evaluate. The reason of the EUR 20 million stock boat to dealer is because we appointed two important new dealer in the last quarter of 2025, which is a guy in Mexico and a new guy in Brazil. These two new brand representative, they are external, outside dealer working directly with San Lorenzo of America, which is our company representing Sanlorenzo in the Americas. And those two dealers, they just bought EUR 10 million each of stock boat, because when you are appointed exclusive dealer, you have to you must buy stock boat in order to be appointed exclusive dealer. So this is the only reason. What is really important that we have 16% higher order intake in 2025 in respect of 2024, and this is much more important than that very little reduction from 90% to 88%. Consider that 90% or 88% direct contract is way above any other company worldwide. So this is a main characteristic of our business model, the quality of the backlog. Nobody else has. The second question, I didn't understand, so maybe even Attilio can reply. Yes, about Nicola, the order intake, especially for Swan versus the rest of the group, you can consider that we collected around EUR 90 million in the full year of 2025, and this is, especially for the Swan line, compared with 2024, where we collected, especially, new orders for the maxi alloy... this is the total amount for 2025. Perfect. Thank you. Thank you both. Thank you. Bye-bye. Thank you. We have a question in the chat from Joel Grau: "Can you please share some update on the chartering service for clients to use the unit, for some time agreed?" So an update on charter. Yes. Charter has been planned. I mean, we do not have an increase in the charter business, and no decrease. Was in line with 2024, which is showing that 2025 has been not an easy year in the market due to the uncertainty, the geopolitical uncertainty I was talking of before. Charter for us is within the high-end service, with refit and other characteristic, which is something that will be deployed and developed during the description of the new 3-year plan that will be done in May, in the meeting of the 8th of May, here in Venice. The logic of developing the charter business between Hong Kong, Fort Lauderdale, Monaco, and the Equinoxe headquarters, which is in Torino, Milano. You know that we like the idea to have a win-win situation from the side of adding some profit to our business, but mainly to connect with the new customers. They are willing to charter the Sanlorenzo fleet in charter, and when they use our boat year after year, they get acquainted. They appreciate the quality of Sanlorenzo, and at the end, they buy a new boat. So the win-win situation is coming, some service, some profit, some business, but mainly to show and to expand the contact of our boats to new customer base, to expand the customer potential customer to buy new boats in the future. Consider that Swan has a fantastic company called MYM in Monaco. They work since 20 years, 15 years in developing the Swan charter fleet around the world, and that experience has been also very positive to acquire new customer from Swan, as well as we are trying to do with the Sanlorenzo business. We see a raised hand from, Natasha Brilliant from UBS. Please, Natasha, go ahead. Thank you very much, and good evening to all of you. A few questions. Firstly, just on pricing dynamics, if you can just help us think about pricing as we look forward into 2026. Sorry if I missed it, but just if you can help us on CapEx and working capital for this year, what we should think about that. And then just coming back to your, well, the comments about the new brand ambassadors in South America, and you've talked about new presence in Asia. Anything more you can share about the pipeline for this year in terms of that sort of geographic expansion piece would be very helpful. Thank you. Thank you. Thank you, Natasha. I start from the end. We think that both Asia, APAC market, and South America will be a growing market for 2026, for both yacht and superyacht division. Regarding pricing, it is too early to confirm aggressivity in the pricing. We would like to see what will be the result of Q1 2026. In case Q1 2026 will be good as from the first month, January, then for the Q2 and Q3, we will try to increase a bit our price in order to take the best advantage for the Cannes, Monaco, Genova, September shows 2026. But today, I cannot confirm to you because I think is, you know, our way of management is always very conservative, very, how I can say in English now? I miss the word. Very conservative, I mean, we do declare numbers and things when we have a real confirmation from the market. So we prefer not to anticipate something that we are not sure of. Okay. The first quarter of 2026, I think, will give us good sign in order to maybe increase the profitability to versus prices. For the CapEx and working capital, I will leave the word and the floor to Attilio. Yes, yes, Massimo. But the CapEx, consider that the level we reached this year, around EUR 50 million, could be considered a number also for 2026. But in any case, we will be more precise in the next meeting we will have. About the net working capital, consider that we believe that we reached the peak during 2025. If we can exclude the seasonality, we can consider a progressive absorption of the net working capital, especially starting from H2 2026, and the consequence semester for the beginning of 2026. In any case, we consider good level of net working capital close in the range between 3%-8% for the future, because this could be a good level to manage the business. After that, we have the introduction of the direct distribution, especially for Simpson Marine in the APAC region, Sanlorenzo Med, and the expansion in U.S. Thank you. That's very clear. Thanks. Thank you, Natasha. We have one more question from Adam Waldock: "With deliveries being sold up to 2029, any plans to extend manufacturing output for years to come? Yes, we have a plan. In our La Spezia shipyard, we have the right from the local authority to refill the existing water side, water cost, for 10,000 square meters to produce extra 10,000 square meters in the harbor of La Spezia, where we are going to produce to build a new plant of 6,000 square meters. The new plant will be split between the superyacht production and the big maxi alloy Swan. You know that we have a new division coming, starting from a 44-meter, already sold and in production. We are starting to produce and design a new 50-meter, and the range of the aluminum maxi Swan will go up to 60-meter. This, the smaller 44-meter will be built with the 50-meter, will be built in Viareggio, and we will bring back to Viareggio the maxi business. The boat above 50-meter, let's say 58-meter and bigger, will be built in La Spezia, because in Viareggio, there is not enough depth in the water to produce larger boat, boat larger than 50-meter in the maxi line. The expansion will be done in Viareggio before 2029. I believe we have no more questions, so I leave it to the Chairman for final remarks. Thank you for participating to the conference. We apologize, we get late. It's Friday evening. But I have to say that in my heart, in my mind, the result of 2025, just explained and presented by Attilio, is confirming the fundamentals of Sanlorenzo. We think that is a message to you, to the investor. We think that the today value of our competitors, Ferretti Group, the Harpa, for the acquisition of MarineMax in America, is showing that the investor, the shareholders inside of those two company are believing in the business. They trust the business is growing, and I think that at the end, the result of 2025 from Sanlorenzo is a very positive sign as well. So probably we have been suffering some re-rating of our share in the market in 2024 and 2025, and we hope that you agree with me, you agree with us, that the confirmation of the guidance of 2025, the increase of 60% of the order intake in the geopolitical environment, which is not positive in 2025, started already in 2024, is a confirmation that this business is positive and has quite a good future. I thank you for your attention. See you soon. Bye-bye. Thank you. Thank you.