Good afternoon. This is the conference operator. Welcome, and thank you for joining the SYS-DAT half year 2026 results web call. All participants are in listen only mode, and after the presentation, there will be a Q&A session. At this time, I would like to turn the conference over to Mr. Emanuele Angelidis, Vice Chairman of SYS-DAT. Please go ahead, sir. Thank you very much. Good afternoon, everybody, and welcome to our group's first half 2026 results presentation. Today's presentation is structured into three core sections. Basically, I will begin talking through the growth and value creation of the first six months of this year. I will hand the presentation to Matteo, our CEO, who will talk about the execution we had, the excellence of the results of this execution. Andrea Baldini, our Group CFO, will talk through the financials of the first semester. At the end, I will then provide you some closing remarks and open the floor to your questions. Starting from the first point, I think the first half of this year has been a period of, I would say, strong execution and strategic process for our company, where basically we deliver growth, and most importantly, profitable growth. We can see these through these three key elements I would like to share with you. First of all, the top-line growth. Compared to H1 last year, we had a growth of 15.7% compared to revenue last year, and most importantly, 7.4% organic revenue growth compared to H1 last year, which basically is giving us a clear signal of a healthy market and our healthy business as well. Most importantly, the value creation, because growth by itself is not enough. We have to carry on generating value. H1 EBITDA margin has been up 19.6%, and this is even better if we consider the organic EBITDA margin alone, which was 20.3%. Basically, this was achieved through pricing activities and obviously operational discipline. The third element, equally important, is the cash generation. In H1, we generated EUR 12.4 million of operating cash flow, which basically represents over 120% EBITDA to cash conversion. The cash obviously has been important to fund our operations and also R&D, M&A, and buyback. The next slide offers basically a year-over-year look at our financial performance. Starting from the revenue, we achieved EUR 52.3 million in H1 this year, with an increase of 15.7%. As I said, this was boosted by the organic growth on one side and also Technis Blu and et.ics contribution, which are the companies we acquired in Q1 this year. Secondly, the EBITDA, we achieved EUR 10.2 million in EBITDA this semester, with an increase of 23.7% compared to H1 last year. The net income totaled EUR 3.9 million, with an increase of 22.6%. I think EBITDA net income growth more than proportional to revenues means that obviously we had a very good, very positive operating leverage, and obviously a rigorous cost management as well. Then if we look at liquidity and net financial position, good signals here as well. Starting from liquidity, at the end of H1, we had EUR 47 million, 1.5 million short compared to the beginning of the year. I think we believe this is a very good result also in consideration of the fact that 10.5 million of the liquidity went into M&A, meaning basically funding the acquisition of the new companies, et.ics and Technis Blu, but also funding the previously acquired companies, alongside with the buyback we did over the first 6 months of the year and the payout of the dividends. Lastly, net financial position, EUR 16.4 million positive, EUR 1 million smaller than the beginning of the year. So again, a very good result considering all the activities we put in place the first semester. The third element I would like to share with you is our M&A strategy, which obviously is not just acquiring companies, but most importantly, creating value through the integration processes we have that are very disciplined, repeatable, and enable us very quickly to generate value within our group. On the left-hand side, you can see A&C Group. Obviously, this is a company we acquired at the beginning of last year. Here we are already unlocking full synergies across the group. Matteo will give you more details about contracts we signed and A&C Group managed to sign as a result of being part of our group. On the middle side of the chart, you can see et.ics and Technis Blu, where we can say that integration is on track. All the key milestones have been achieved. And even here we can see that we secured the early wins from the joint go-to-market actions. Again, Matteo will be more detailed on this. Then the M&A opportunities. Here I would like to split in two areas. On one side, we have ongoing conversation with high priority targets. Let's see what's going to happen over the next few months. Parallel to that, obviously, we have a robust-sourced pipeline mainly driven by internal highlighting of potential numbers. So that's in a nutshell what happened in H1 this year. I would say, as I said at the beginning, very healthy growth and most importantly, a growth which obviously generated value for the shareholders. Having said that, I would like to hand it to Matteo to go in depth into the execution of the first semester. Thank you. Thank you, Emanuele, and good afternoon, everyone, from my side, too. In the next few slides, I will provide an overview of our operational activities from the first half of 2026. As Emanuele said before, today my presentation will focus on four main topics. The first one is this one, is about the market with the clear overview of ICT landscape and the other side to the industries we are targeting. The other point is about our customer base with over 6,000 customer with excellent level of segmentation, quality, and loyalty. Third is about our business development or our organic growth, with a focus on our strong ability to generate new business with cross and upselling, and at the same time our big ability to create new business with new customers. The last point is about our M&A integration with an update on the integration process of the last acquired company. This first slide shows the market landscape. The ICT market remains highly resilient and continues to grow, to expand year over year. As you can see in the top left section, market demand remains strong, remains solid, with an estimated CAGR of 6.8% from 2025- 2029. This expansion is driven not only by the digital enablers such as cloud, cybersecurity, AI, and big data, but in our case also by the strong performance of our target industries. Indeed, we are seeing a solid demand across our key industries with our verticals including, for example, manufacturing, retail, healthcare, professional services, local PA, and logistic. Our direct business performance confirms this positive trend. Our customers are investing in both long-term projects and short-term ones. At the same time, we have a stable lead time for customer acquisition with a constant pipeline. In short, the key point is this one, the ICT market is expanding in tandem with our targeted industries, and they create a double engine of growth for the upcoming years. In the next slide, here we can analyze our customer base. That is one of our greatest assets from different points of view. First of all, you can see in the top left section our customer portfolio that is very diversified, and we are not dependent on any single industry. Our well-diversified presence in market sectors such as manufacturing with about 44% of our revenues, services with about 27% of our revenues, commerce with 22% of our revenues, and others such as logistic, healthcare, and utilities. This effect mitigates our business risk in the event of sector depressions. In the top right section, we show our revenue distribution by customer size that is in line with Italian market distribution. In detail, 38% of our revenue comes from customer with a turnover over EUR 50 million, 28% from customer with a turnover between EUR 10 million and EUR 50 million, 16% from customer with a turnover between EUR 2 million and EUR 10 million, and only 18% of revenue coming from customer with a turnover less than EUR 2 million. What is even more important is the quality of our revenue. We have no customer concentration. As shown in the bottom left section, our top 10 clients account for just 12% of total revenue, and our top 30 clients represent only 21%. This fact is a clear indicator of a broad, resilient, and solid client portfolio. Moving now to the bottom right section, we see that 80% of our revenues are composed of recurring and repeatable fees. As a reminder, recurring fees refer to maintenance and outsourcing services, while repeatable fees represent revenues coming from customers that have been working with us for more than five years. What is important, in conclusion, this slide highlights the stability and the low-risk profile of our revenues as well as the quality and loyalty of our customer base. Very important fact is our concentration base very diversified. In the next slide, as you know, our growth strategy is based on two pillars, make and buy, or organic and inorganic growth. Let's start with our organic growth, focusing on our recent market successes. Let's look at them one by one. First, in the top left section, we have DRASS. DRASS is a new name, a prominent company in the defense sector, a global leader in underwater technology. For them, we are implementing a complete suite of our software solutions to manage their core operations, including ERP software, our vertical solutions. We are implementing our proprietary sales force automation with our order management system, and we are implementing an advanced treasury management system. Second, in the top right section, we see ARAG, a worldwide legal insurance provider. This is a perfect example of cross-selling. We have here expanded our partnership by providing them with critical cybersecurity services and managed services, and we are ensuring their compliance with the latest European regulations such as NIS2 and Digital Operational Resilience Act. Third, in the bottom left section, we find RefrigiWear. RefrigiWear is a well-known fashion brand specializing in technical and comfortable outwear. This is a prime upselling case, where we have taken our partnership to the next level by introducing advanced AI through our proprietary arIA Suite. Our AI applications now are helping them to analyze sales trends, to analyze cross-reference multi-source data, and to analyze score customer performance. Finally, in the bottom right section, there is Asitrade. Asitrade is a key commercial channel for brands. The company represents an important and new name for us in retail sector. They choose us to manage their core business processes with our ERP solution, and now we are delivering software for accounting, tax management, and shop operations. All our solutions are powered by our BI and our AI add-ons. In summary, the first half of 2026 has been rich with many success stories. We have acquired important new names in strategic industries, but at the same time, we have also expanded our relationship with our historical customer base. Now let's analyze the integration of the companies we acquired in 2025 and early 2026. All integration processes are proceeding successfully, and we are already seeing the tangible benefits of these synergies. Let's start from A&C Group that is now in a post-integration phase with all business and operational processes that are fully up and running. The company works within the group and with the group leveraging all business synergies. For instance, we have recently secured two major deals that wouldn't have concluded without the group's synergy. They are, the first is a EUR 1 million multi-year contract with a leading European law firm for our advanced cybersecurity services and our managed services. The second is a very important multi-year contract in the range of several millions of euros with the European tech wear company for our vertical extended ERP and analytics solution. I want to underline that it wouldn't have been concluded without the group's synergy, and this is a direct and concrete result of the commercial synergies between the group and our acquisitions. Passing to the other two companies that we acquired in 2026 with et.ics, the operational integration of system and processes is now fully completed. This has already led to joint commercial successes, such as a key cybersecurity contract secured with a major water management engineering company. While Technis Blu, the business integration is currently being finalized, we have already unlocked an important opportunity with a green energy plant constructor for an important ERP project. In conclusion, the first half of 2026 has been extremely positive for SYS-DAT's operation. We are performing strongly in a growing and resilient market, and our business model proves to be low risk thanks to a well-diversified and loyal customer base that ensures stable and recurring revenues. At the same time, our make-and-buy strategy is delivering clear, and we have more and more concrete results and concrete returns in our business. This is all for the summary of our execution for the first half of 2026. Now I would pass the floor to Andrea that will present you our financial results. Thank you, Matteo. Now we have four slides on financials. First of all, of course, we will always start from the P&L, and then we'll go on the cash side of things. The first message is, of course, a positive message in terms of revenue and value creation. Both revenues and EBITDA grew in the semester. In particular, revenues grew by almost 16%, and this is, as usual, a consequence of two elements, the organic elements, which is growing at around 7.5%, which is consistent with what we did in Q1. The other portion of the business is the, of course, integration of et.ics and Technis Blu, the new companies we acquired in Q1. All in all, a strong revenue growth. This growth is reflected at a higher level on the value side, the EBITDA in particular. If we look at both growth, which is exceeding 23% as a total growth, and if we look at margin, both indicators are clearly stating that we are growing even faster on the value side, which means that in H1 2025, we had 18.3% of EBITDA margin, whereas in H1 2026, we are touching 19.6% of EBITDA margin with organic EBITDA margin, which is even higher, 20.3%. As you probably remember, when we integrated A&C Group last year, we already knew that the EBITDA margin of A&C Group was a bit lower than ours. We had in 2024 already that indication, but we are also seeing that the positive integration, the cross-selling, and all the activities that Emanuele and Matteo described are giving the first results. In this sense now, considering as a group, we are at the EUR 10 million-plus level of EBITDA in the semester. Now, going to the lower portion of the P&L. As usual, we show on the left-hand side an R&D point of view. Of course, we are keeping our innovation steady, and in terms of equilibrium, we always try to strike a balance between innovating and being relevant, and of course, not spending too much in innovation, which is the opposite point of view. From our perspective, we are at a good level of core R&D, which is what we have here in the capitalized expenses in terms of R&D. In H1 2026, we are at around 3.9% of revenues, which is more or less the same level as last year. In terms of growth, this means, of course, +20% of R&D also because the revenues are growing, and so it is natural that the R&D follows the business. In particular, within this R&D there is the MosAI-C project, which we already presented also during the Investor Day, and this is, of course, the artificial intelligence portion of the R&D. Just to remind everybody, MosAI-C is based on basically two pillars. One pillar is internal processes or optimization of internal processes, and the second pillar is on the customer side, the integration of AI functionalities on all the product portfolio, either through add-ons or directly into the products themselves. Now, all of this is reflected into the net income in the bottom line. As you can see, we have quite a healthy net income in the semester. Just comparing it to H1 last year, we have a growth of more than 22% in terms of net income. The margin in terms of net income adjusted with the PPA is 9.2%. So it is again, a healthy margin in terms of value generation. Now, this, of course, is reflected on the side of liquidity and cash flows. First of all, liquidity. So we started the year with EUR 48.5 million of liquidity. In terms of waterfall here, you can see what are the positive component, the negative components adding up to this liquidity, and getting to the EUR 47 million of liquidity by the end of the semester, which is quite a good result since there are a lot of cash outs in the period. Specifically, the cash flow from operations, we were able to generate almost EUR 20.5 million of, and so exactly EUR 12.4 million of cash flow from operations. This is basically covering the R&D, the M&A, the buyback activities which are quite substantial. As you can see on the right portions, these are the cash outs, so the negative components. We have M&A payments, so in the semester, we have EUR 6.6 million of payments, both for the new acquisition and for previous acquisitions, including A&C Group and others. Then the R&D and other CapEx. In terms of CapEx, most of it is R&D anyway, so out of the EUR 2.3 million, EUR 2 million are the R&D portion. If we look at the financing activities, we see that most of these activities are dividends and buyback, so return to shareholder, and in particular, the buyback program of EUR 3.2 million, and then as you know, the dividends of EUR 1.2 million. The rest is represented by Loans and leasing, so mostly IFRS 16 effects, cars and offices. Then the other components are all the rest, which is actually positive. So as I was saying, the result is minus EUR 1.5 million, but this is quite a strong result given all the cash outs. Now, if we look at the other side of the equation, which is the net financial position, just as a reminder, we are using here a net cash. So here is basically the net financial position excluding all debts from the acquisition, so all future debts from the acquisition. As you can see on the left-hand side, there is the reconciliation, the waterfall from the end of the year or the beginning of the period, if you will. A net financial position of EUR 17.4 million, down EUR 1 million at the end of the semester. Again, this is quite a good result given all the changes we had on the net financial position. In particular, we have, of course, the value creation through operations, so EBITDA and the net working capital, so the other side of operations, if you will. Then on the red side, on the negative components, the R&D and IFRS 16, the M&A of course, and buyback and dividends. In terms of right-hand side, so in terms of the reconciliation of net financial position versus liquidity, as usual, the major components reconciling the two numbers is represented by the earnouts. So the debts, which are mostly future, as you can see from the light green portion. The majority of this debt is in the future, and some of it is way in the future, as usual for earnouts, which tend to be closer to the end of the earnouts rather than at the beginning, given how we build the M&A contracts. The red is a little portion of bank loans, which is minimal, and then the IFRS 16 effects. So reconciled to the EUR 47 million of liquidity we have at the end of the period. With this, we go to the closing remarks. Thank you very much, Andrea. Just to conclude, I would like to share with you four main takeaways that in some way describe what H1 this year has been in terms of performance for SYS-DAT. First of all, a robust top line and margin expansion. Not only we have seen a double-digit revenue growth boosted by your resilience, but most importantly, we have seen EBITDA and I think am growing more than proportionally than revenue, which is an extremely positive sign. The second element is obviously cash. As you know, our strategy is a make and buy strategy, which means that cash is extremely important in our case. We generated EUR 12.4 million operating cash that not only funded growth, but also shareholder returns. The third element is accelerating integration and synergies. As you know, we have a repeatable process we apply every time we acquire a new company and we integrate it into our group. This repeatable process is getting better and better over time, and as you have seen, for example, for companies like et.ics and Technis Blu that we acquired literally a few months ago, we are already in some way getting the benefits of finalizing contracts with them and the benefits for these companies to be part of our group. Last element, substantial financial firepower. As you know, we have EUR 47 million liquidity as a way obviously to accelerate even further our M&A strategy. In summary, what I would say is that the first semester this year has been a story of profitable growth, a very disciplined execution, as we can see from different KPIs, and we believe also strategic value creation. For the time being, that is all for our presentation. Now we are ready to take your questions. Thank you. Thank you. We will now begin the question and answer session. To enter the queue for questions, please click on the Q&A icon on the left side of your screen. When announced, please click continue on the pop-up window. If you are connected in audio only, please press star and one on your telephone. The first question is from Tommaso Nieddu, Kepler Cheuvreux. Hello, can you hear me? Yes. Yeah. Thank you a lot for taking my questions. I have a couple. The first one is on the EBITDA, and in particular, the EBITDA margin, which is already running above the full year guidance. What is driving the outperformance there? Is there anything one-off that reverse in H2? The second question is on the buyback, which was around EUR 3 million in H1. Is this run rate we should consider? Does it compete with M&A firepower if a larger deal emerges? Then the very last one, just more a curiosity because we are six months into the 2026/2028 plan. Is there anything in the H1 plan that changes your confidence or increase it in hitting the 2028 target? Thank you a lot. Okay, I can start talking about the EBITDA margin. I think it is not something that is seasonal. I would say this is the way we are managing business. I think is an in-depth discipline in terms of the way we run costs, the way we run operations, the way we apply pricing to our customers. I would consider this as something as part of our normal business. The second question was about the buyback. Andrea, if you want to. The buyback is the plan approved by the board back in April after the general assembly. It is a significant portion of what we need for the stock option plan. Just remember, this buyback is for the stock option plan, so it will avoid dilution. That is what we have right now in terms of numbers and in terms of objectives there. That is the scope of the plan, if you will. It is not necessarily competing with M&A because we have a strong cash generation and zero leverage. There is no real competition there in that sense. Yeah. As you know, we have EUR 47 million of liquidity, and the way we manage the M&A process with payment in tranches across the three-year earn out period put us in a very strong position. We don't see any pressure on the M&A or limitations on the M&A due to the buyback program. The last one was The third question is about the plan, so the business plan 2026, 2028. If we are confident about that. Well, the short answer is H1 is on plan. As you can see from the numbers, just running 50% of the year is what it is. We don't have much seasonality, H1 versus H2, because of different effects. Of course, H2 has the August month, which is historically lower, but December is historically way higher. As you probably saw from our historic series, H1 has a little bit of effects on January, and usually a good June. These months compensate each other pretty much, so in the end, it's a confirmation more than anything else. We don't see signals that are changing our view. Okay. Thank you a lot. The next question is from Gabriele Berti, Intesa Sanpaolo. Please go ahead. Hi. Hi, everyone. Congrats for the results, and thank you for the presentation. Some of my questions were already answered. First one, a follow-up on the previous question on EBITDA margin. I understand that the improvement was a combination of several factors, but it would be helpful to understand if it was mainly a matter of leverage, efficiency, mix, or pricing. Then in your presentation, you mentioned several important commercial contracts signed during the semester. If you can provide some qualitative indication on their size and how much they can reinforce your visibility on second half and 2027 organic growth. Maybe let me answer just quickly on the first one. So EBITDA margin, we don't have major one-off components, so it's all about sales versus costs. In the end, sales are growing faster than costs. That's the reason of the EBITDA margin. So it is a measure of efficiency. If you look at our personnel costs are growing less than sales, and if you're looking at service costs are growing less than sales. It's tough to kind of point at one specific topic on why this is happening, because it's a number of things that we are applying. So it's a mix. Of course, there's less pressure now on hiring personnel all the time for obvious reasons. So we are able to generate sales with a similar number of people and additional sales too. So that's a measure of efficiency, of course. And the commercial contracts? Yes. About commercial contracts, I can underline our strategy. They came from our strategy. There are two contracts with a new name. New name for us is our mantra to create new business with new name. Another mantra is to create in the group cross-selling and upselling. Upselling and cross-selling activities are growing a lot. As you heard before, the two big contracts coming from A&C Group came in the group with the group. So our strategy in up cross-selling at the same time to create a new business, confirm our growth strategy. Okay, thank you. The next question is from Pietro Nargi, Intermonte SIM. We cannot hear you, Pietro. Mr. Pietro, you Hello. Could you hear me? Now, yes. Now we can hear you. Okay. All right. Good afternoon, and thank you for taking my questions. Just a couple of questions on my side. The first one is on the top-line trend. We have seen a 7% organic growth in H1. I was wondering if this trend could be also forecast for the second part of the year. Always on the top line, if you could provide us a bit more color on the performance across three business segments, so core business, value added, and ICT services. The second question is just a curiosity, is for Andrea. If I look at your waterfall in the net financial position, I was wondering if the tax you paid are already included in the net working capital. Thank you. I didn't hear that, sorry. The what? The tax? Did I hear correctly? The tax you paid in H1. Yes. If are included in the net working capital. Short answer is yes. It's already out, unfortunately. About the first question, the top-line trend, as we have seen also from the external market research, the ICT market in Italy is healthy and growing at around 6.5%. So far we do not have any negative signals, so we should hopefully expect to maintain the same performance as H1. There is no signal pointing in a different direction. About the three business segments, obviously, typically, we provide this data on a yearly basis because it makes more sense given the seasonality within the year. But again, so far, even in H1, we did not have any major movements across the three business segments. I mean, core value-added ICT services, no specific movement. About tax pages, yes. Okay. Thank you. You are welcome. As a reminder, if you wish to ask a question, please click on the Q&A icon on the left side of your screen, or press star and one on your telephone. For any further questions, please click on the Q&A icon or press star and one on your telephone. Gentlemen, there are no more questions registered at this time. Very good. Thank you very much for joining our presentation today, and have a nice day ahead. Bye bye. Thank you. Bye. Bye. Thank you. Thank you. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your devices. Thank you.