Good morning, this is Nicorus Call, Conference Operator. Welcome and thank you for joining the Webuild First Half 2025 Results Conference call. Our call today is hosted by Pietro Salini, Chief Executive Officer, together with Massimo Ferrari, General Manager, Corporate and Finance. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on the telephone. At this time, I would like to turn the conference over to Mr. Pietro Salini, Chief Executive Officer. Please go ahead, sir. Good morning everyone. Welcome to our Conference Call in Webuild 2025 First Half Results. I'm Pietro Salini, Chief Executive of the group, and with me Massimo Ferrari, our General Manager, Corporate and Finance. It's a pleasure to be here today to share with you a strong set of numbers and provide you with an update of the group strategies and targets. Let's go to slide 4. First Half 2025 Results. Strong performance across the board. Let's begin with highlights. Our strong first half result for 2025 this semester once again demonstrates the resilience and scalability of our business model. Even amid a persistently complex macroeconomic environment, we have delivered robust growth across all key financial metrics, reflecting not only solid market demand but also the strategic and operational improvements we have implemented over the past two years. We have a record revenue growth accelerating operational scale. Revenue for the first half reached a record high of EUR 6.7 billion, marking a 22% year- over- year increase. This strong top line performance is the result of both organic growth across key markets and the ramp up of newly acquired and initial projects. The growth validates our selective intake strategy and our ability to execute efficiently on a growing and diversified backlog. Number two, EBITDA Growth and Margin Expansion. Efficiency initiatives paying off. EBITDA exceeded EUR 560 million, reflecting a 38% year over year. Increase, a clear signal of improving profitability. EBITDA margin has significantly expanded, driven by greater selectivity in project acquisition, stronger contract management and dry revision mechanism, and the early impact of our cost efficiency program, which we will cover in more detail later in the presentation. This level of profitability achieved in the first half gives us a strong edge towards delivering on or exceeding our full year profitability targets. Number three, on track with C4 year targets. It is worth emphasizing that the construction industry is typically second half weighted in terms of revenue and margin recognition due to seasonal activity and project execution cycles. This means that our first half outperformance places us well ahead of schedule to meet our upgraded 2025 target that were already revised upwards compared to the original 2023-2025 business plan. Number four was balance sheet strengthening. We over leveraged stronger liquidity. We have also delivered meaningful progress on our financial structure. We closed the Alps with a net cash position of EUR 175 million, and when adjusted for currency fluctuation, which Massimo will detail shortly, that figure rises to EUR 419 million. Gross leverage was reduced to 2.6x, down from 3.0x at the end of 2024, despite our continued investment in project organization and working capital. Importantly, gross debt has remained stable, confirming that improved leverage was not driven by deleveraging alone but by strong operational cash flow generation. Number five, commercial momentum, second visibility and order coverage on the commercial. Front, we have secured over 50% of. Our full year order intake target, positioning us well for continued growth in the second half. Our construction vessels now stand at $50 billion and historically high levels that provide multi-year visibility and stability. This setup not only secures the readiness date for the remainder of 2025. Also give us significant coverage for. Several years beyond ensuring continuity of operational enhance. In summary, the first half of 2025 confirms the success of our strategic transformation and operational discipline. We are delivering double-digit growth in revenue and profitability, improving our financial structure, and maintaining strong commercial traction in our core and growth markets. We are well positioned to outperform our 2025 guidance, generate the long-term shareholder value, and continue strengthening the fundamentals of our goal. Slide 5, Building on global Investment Powered by People, Innovation and impact. Moving to slide 5, let's take a step back and look at the broader picture on how far we have come in recent years, not just in terms of financial performance, but in scale, strategic relevance, and global impact. Strategic Growth From National Leader to Global. Industrial player, over the last few years we have made significant and deliberate investments to elevate our position. We have gained scale by winning and executing increasingly complex projects across multiple continents. We have invested heavily in innovation, technology, and digital tools to enhance process efficiency. Risk control and sustainability. We have expanded our international footprint, strengthening our presence in core markets like North America, Europe, Australia, and the Middle East. This action has transformed us into one of Italy's largest industrial players, not only in the construction business with a. Role that goes well beyond infrastructure. Today we are a strategic enabler of economic growth and national competitiveness. Positive impact beyond financial metrics, the projects we deliver generate a tangible and massive impact. They drive GDP growth by mobilizing investments, creating jobs, and improving productivity through better connectivity. They enhance quality of life by upgrading healthcare, mobility, energy, and water infrastructure for millions of people. Increasingly, they contribute to national and regional security through resilient and dual-use infrastructure that supports both civilian and strategic objectives. In short, our work has a transformational impact economically, socially, and environmentally in the region. We serve human capital, the driving force behind our success. All of this progress is possible because of the passion, professionalism, and commitment of our people. With a global workforce of over 95,000 people, we are proud to be a company that empowers people to grow, contribute, and lead. We maintain a highly skilled talent base supported by a robust and evolving system of training and upskilling. In just the first half of 2025, we delivered over 450,000 hours of training across technical, managerial, and safety disciplines. Over the past several years, we have consistently maintained an average of 13,500 new hires per year, demonstrating our strong ability to mobilize talent at scale, an increasingly critical differentiator. In today's global construction market, we believe human capital is the most important asset, especially as we embrace new technology and sustainability across all aspects of our value chains. Ready for the next phase of growth and validation. Thanks to the scale we have built, the financial strength we have secured, and the deep execution capabilities we have proven, we are now well positioned to enter the next phase of our strategic journey. The next chapter will focus on accelerating innovation, higher margin project origination, integration with private capital, and growing our global impact, delivering sustainable, resilient, and intelligent infrastructure for the future. I now hand over to Massimo who will walk you through the results in more detail. Thank you, Pietro, and good morning, everybody. As customary, before I go through the results, let me remind you that we are presenting the adjusted figures to represent the recurring performance of the business, but you can find details of the adjustments in the payments. Let's start from slide 7. We continue to grow, keeping a sharp focus on margin improvement and cash generation. As Thiego already mentioned, it has been a semester where all key financial indicators achieved double-digit growth. Revenues stood at EUR 6.7 billion, up 22%. This growth is driven by the development of key projects in Italy and abroad, such as the high-speed railways between Milano, Genoa, Verona, Padova, and Palermo Messina, the Snowy 2.0 hydropower plant in Australia, the metro stations project for Sydney Metro, and the tunnel package of the Northeast Link in Melbourne. In Saudi Arabia, we have the Progena tanks. The balance of our activity has further improved with more than 90% of revenues in developed economies, where there are clear rules, political stability, and faster payment cycles. More than 65% of revenues are outside Italy. Australia is our second biggest market with 29% of revenues. In the Middle East and North America, we generated 13% and 8% respectively. EBITDA and EBIT have both reached new records. EBITDA was more than EUR 560 million, up 38%, while EBIT was EUR 375 million, up 65% by the end of the first half of the year. We usually achieve about 40-45% of the full-year revenues. On EBITDA, it is normally 35-45% this year. However, for both revenues and EBITDA, we reached more than 50% of the full-year target. We are ahead of schedule compared to the targets that we have revised upward. Just a few months ago. Meanwhile, our margins improved by 100 basis points and more irrespective to the first half of 2024. This confirmed the steady profit growth trend we have established in recent years. All of this reflects our success in executing backlog, streamlining operations, controlling costs, settling distance as well as mitigating risk. On slide 8 we have the P&L below EBITDA. We posted a net income of EUR 132 million with a strong growth of 61%. This is despite some large negative effects on Forex. As you know, financial income was EUR 61 million, decreasing by EUR 21 million, mainly due to a reduction in average balances of deposits with banks and lower interest rates. Financial expenses were EUR 136 million, basically in line with the first half of 2024. The increase was partially offset by a decrease in interest expenses thanks to lower average debt on corporate credit lines. Net exchange results have negatively been impacted. By the performance of the U.S. Dollar. Saudi Riyal against Europe. On this point, let me remind you that besides short-term swings, profit and loss resulting from exchange rate fluctuation ended up being neutral over the course of a number of years. We experienced it in the past ten years many times. At the bottom of the slide, we show the reported net income of EUR 107 million that almost doubled. You can also see the reconciliation to the adjusted net income. The adjustments refer to accounting non-monetary items such as EUR 14 million for the amortization of the positive bargain we registered in 2020 relating to a study acquisition and EUR 10 million relating to the class acquisition. Slide 9. Our net cash position stood at EUR 275 million, extending a positive trend for the sixth semester in a row. The decrease for December 2024 is explained by several factors. First, the seasonal cash absorption. This is typical of our business cycle. As shown in the slide, the net cash position differs by over EUR 600 million between the first and the second semester. The only exception was last year's first half that was boosted by a strong order intake at the beginning of the year. Second, the acceleration of the group investment plan announced earlier this year, which will unlock incremental growth and profitability in the coming years. In the first half of 2025, CapEx amounted to around EUR 450 million. Third, cash-in from advanced payments will be concentrated in the second half of the year. As you have seen, many major orders were finalized recently and several other significant orders are currently being finalized. In contrast, the repayment of advanced payments continued at a normal pace with ongoing project execution, leading to a net reduction of advanced payments of about EUR 400 million in the semester. We also experienced some adverse effects from currency fluctuations, particularly on cash held in dollars and reals, impacting some EUR 140 million. We remain confident in our ability to meet and probably overachieve our year-end target of net cash above EUR 700 million. This is a target revised upward in March. A key point to remember is this confidence is underpinned by the collection of approximately EUR 500 million in advance payment in the second half for all orders already acquired, the settlement of some contractual variation we are working on, and the normalization of working capital. For example, in July, several important milestones in Australia for about more than EUR 100 million, just to give you an idea, were successfully collected as scheduled. In addition, we might have lower spending on topics of around EUR 152 million. Having probably a target being close to EUR 1 billion versus EUR 1.3 billion that we expected at the beginning of the year, in terms of gross debt, we have been able to keep it at stable levels of around EUR 2.9 billion, which we consider sound and sustainable for our size. In fact, thanks to the growth of the business, our gross leverage ratios continue a steady downward trajectory, reaching 2.6 times, reflecting our commitment to maintaining a solid structure and preserving a strong balance sheet. Let's turn to slide 10, which shows the main numbers of our corporate debt and liquidity profile. The figures presented have been pro forma adjusted for the liability management operation which occurred after the end of June. With the new EUR 450 million bond issued in July maturing in 2031, we successfully refinanced the bond expiring in December 2025 and partially 2026. The new issue was highly successful. It was two times oversubscribed and this allowed for a larger issue at a lower yield of 4.125%, reflecting zero new issue premium. Despite global geopolitical volatility, we ended June 2025 with a comfortable liquidity position of EUR 3 billion, including EUR 900 million of undrawn RCF lines. Almost all of our corporate debt is at fixed rates with an average cost of about 5%. The debt has a duration of more than three and a half years. Lastly, we achieved, as you know, a GD upgrade from Fitch that is just one step away from investment grade. Fitch highlighted that our improved business profile will remain solid with stronger revenue visibility and enhanced contract structures that allow us to pass on incremental costs, thus supporting margin. I will now leave the floor to Pietro for a business update and outlook. Thank you, Massimo. Slide 12. Coming to Slide 12, as mentioned earlier, we believe in our poise to enter the next phase. This next chapter is based on the foundation we have already laid, our technical expertise, our resilient and diversified business model, the scale we have reached across key markets, and the financial strength that now supports disciplined expansion and innovation. What are the key levers that will support this next phase? Let me briefly walk you through the four core pillars we will rely on. To shape the good deals of tomorrow. We will go into greater detail in each of the slides as follows. First, a solid order backlog, visibility, and scale already in hand. We are starting from a position of strength with EUR 50 billion construction backlogs already secured. It gives us multiyear revenue visibility, a strong foundation of diversified projects across geographies, and continued operational momentum across both public and private infrastructure sectors. This backdrop represents not only scale but quality, with an increasing share of contracts yet technically complex, margin accretive, and aligned with our long-term strategic objectives. Number 2, favorable market dynamics, significant growth opportunities ahead. The infrastructure market remains on an upward trajectory with continued investment plans across sectors such as sustainable transport and mobility, water and energy infrastructure, climate resilient and environmental protection, digital and strategic value infrastructure. We have already captured part of this momentum through our current pipeline, over EUR 6.5 billion in order year to year, and another EUR 1.8 billion where we are bestselled corporate. The opportunity is much larger. Our teams are actively working on a pipeline of future projects not yet included in our financial guidance, including mega projects in Italy, U.S., Australia, and Saudi Arabia. Pre-market strengthening operating model transformation paid off. One of the most significant improvements in recent years has been profitability, thanks to more selective gridding and improved contract structure, vester price adjustment mechanism, a new model of contract risk management, and disciplined execution supported by digital tools. We have significantly improved margin and expect this trend to continue. Margin expansion is a key pillar of our future value creation as we are confident that the tools are now in place to deliver sustainable improvement. Number 4, stronger cash generation, unlocking financial flexibility. Lastly, we are entering a phase of enhanced cash flow generation. We have seen tangible progress in accelerated collection and working capital penetration, tighter financial discipline across project execution, and a more robust balance sheet now in a net cash position of EUR 275 million. That would be EUR 419 million if it's adjusted for forex. These improvements allow us to reinvest in growth, pursue selected M&A activity, and maintain flexibility as we navigate future market cycles. In summary, we are confident we believe is positioned to scale new hike in coming years. With a strong backlog, favorable market condition, improving margin and solid cash generation, the foundation is set for sustainable long term value creation. Let's now take a closer look at each of those goals given the next slide. Turning to slide 13, we provide a detailed breakdown of our total backlog as of June 30, 2025, with standards of robust $59 billion. These figures confirm our strong commercial positioning and provide a solid foundation for future growth and strategic execution. Number one, record composition balance across construction and construction out of the total $59 billion, $50 billion comes from our construction backlog, which remains one of the largest in the industry. An additional $8.8 billion comes from construction, operation and maintenance of an end contract, providing long term recurring revenue streams and diversification of our business model. The substantial construction backlog alone provides full coverage for our 2025 revenue target and ensures feasibility for at least the next four years, which is critical for medium term planning and strategic capital allocation. Number three, adjusting for price and currency impact, underlying momentum impact, it is important to note that this June 2025 vessel does not yet include $3 billion in additional projects where the group is already the best bidders with the contract that's being formally awarded after June 1. When including this project and adjusting for the negative impact of $1 billion currency fluctuation, the factors remained substantially in line in the over year end 2024 years. This reinforces the idea that our commercial momentum is continuing into the second half and any short term foreign exchange effect has not materially impacted the strength of our underlying operation. Number three, geographic footprint, low risk markets and strong diversification. Approximately 90% of our total banking is concentrated in low risk jurisdiction. Consistent with our strategic focus on market stability, legal clarity and contractual reliability, Italy accounts for 38% of the decrepit role in the counter infrastructure development and our leadership in key national projects. Australia contributes 16%, reflecting continued success in securing large scale scaling technically advanced projects in a mature risk sharing market. Inquiries the geographical distribution ensures portfolio resilience while also considering us well to capitalize on public investment cycles in some of the world's most attractive infrastructure markets. Number four, Sustainability. A corporate driven backlog aligned with global goals, we are proud to report that nearly all of our backlog is directly aligned with the United Nations Sustainable Development Goals. In particular, over 70% of our backlog is tied to sustainable mobility projects including high street, grave macros, light rail, and road records designed to reduce emission, improve access, and promote inclusive growth. This alliance is not incidental. It reflects a deliberate strategy to focus on projects that not only deliver economic value but also create positive environmental and social impact. It is also positioning us as a preferred partner for institutional investors, governments, and multilateral agencies. In summary, our $59 billion backlog as of June 2025 gives us scale, revenue, visibility, and strategic clarity when including awards that project post June and adjusting for. FX. Our backdrop remains consistent with 2024 levels, demonstrating resilience and commercial traction. With 90% of the project in low-risk countries, a growing share of recurring concession revenues, and a deep commitment to sustainability, we are well positioned to deliver long-term responsible growth. Let's go to slide 14. Robust order intake sustaining momentum into 2025. As of today, we secured EUR 6.5 billion renewal this year to date, confirming our continued strong commercial momentum. This puts us at over 50% of. Our full year target, demonstrating solid progress and visibility despite a nice base of comparison following the exceptional performance between 2022 and 2024. This robust pipeline reflects both our technical leadership and our strategic focus on high quality, low risk geographies, which together support sustainable long term value creation. Number one, order intake focuses on strategic, low risk markets. A defining characteristic of our recent wins is their geographic and risk profiles. Nearly all of our 2025 order intake to date has come from low risk, high stability markets aligned with our strategy to prioritize jurisdictionally solid visa framework, stable macro environment, and strong infrastructure investment plan. This disciplined approach helps protect margin, reduce execution risk, and ensure high cash flow availability from these sectors. Number two, selected high impact projects secured in 2025. We have secured several high value IVC DBT projects across our core region, including Australia. We are awarded a Women and Babies in Perth Hospital in Perth, a flagship healthcare infrastructure project which will serve as a center of excellence for women and children, cares and reinforces our position in the healthcare construction segment in Australia, a market known for collaborative and strong public investment. Saudi Arabia will deliver a cultural and commercial hub in Villa Landmass development as part of the Saudi Arabia Vision 2030 diversification strategy. Additionally, we expect to announce the award of a major other project, further expanding our presence in the key and growing urban mobility market. The United States, in North Carolina, we are leading the expansion and modernization of Interstate 85, a key asset in the U.S. Southeast. This large scale traffic infrastructure project underlines our capability in complex roadway works in North America, one of our strategic growth regions. Italy, domestic Italy, we are progressing with the extension of Rome Metro C, at the entire 4 km and four new stations. Notably, two of those stations will also serve as a theological museum, blending infrastructure development and cultural preservation, an area where our experience is unmatched. We are also placed on one of the blocks of Italy's next high speed rail segment, which at one award will further reinforce our leadership in high speed rail both in Italy and international. In summary, we started the year with strong commercial performance with over EUR 6.5 billion of new quantum secured, and the quality endeavor to develop these new projects not only in terms of geography and technical complexity but also social impact showcases the strength of our positioning in strategic infrastructure programming. With a well-diversified venture, continued focus on low-risk markets, and strong visibility on future wins, we are confident in our ability to meet or exceed our full-year commercial and financial targets. Slide 15 Short term pipeline Capturing growth across key global markets. Let's now take a closer look at our short-term pipeline, which reflects significant near-term commercial opportunities across our core geographies. This pipeline builds on our established presence, strong client relationships, and deep technical capabilities, and positions us to further accelerate growth through strategic project acquisition. Italy I'm the one transitioning to the post-PNRR, which is the recovery and resilience plans era in Italy. As the country moves into the post-National Recovery and Resilience Plan phase, infrastructure development remains a top priority, with investment focused on two main domains: transport infrastructure processes include the Salerno-Reggio Calabria high-speed rail line as well as metro network expansion in major urban centers at Rome and Milano. This project will enhance regional connectivity, reduce travel times, and contribute to the galvanization, water, and social infrastructure. Significant investment is expected in the renovation of aging hydroelectric plants along with the construction of new hospital and sport infrastructure, including stadiums. This initiative will modernize essential public services and improve climate resilience. Webuild is uniquely positioned to capitalize on this momentum as a national champion and preferred partner in strategic infrastructure processes. Australia A top-tier player in fast-growing markets, Australia continues to represent one of the most dynamic markets in our portfolio. Webuild is now ranked among its top five contractors in the country. The next wave of investment will be led by the energy and mining sector, particularly hydropower, water infrastructure, energy storage systems, and the modernization of electricity transmission grids. Demand is also growing for hospital and urban dam growth and regional development strategy. With a strong track record and local partner ecosystem already in place, Webuild is well prepared to compete and execute major new projects in this high growth environment. The United States, a renewed push for private public private infrastructure in the United States, the voting policy and funding framework are creating new opportunities for private sector involvement in public infrastructure. The recently approved One Big Beautiful deal. it is expected to stimulate growth based on infrastructure development considering energy, defense, and civil work. Priority areas include roads and bridges, strategic defense and related infrastructure, and investment in climate, resilience, and clean energy, etc. Webuild is steadily positioning itself to benefit from this new investment cycle with a focus on public-private partnership models and progressive design-build contracts where we bring added value to early stage design, cost control, and execution expertise. Canada Ambitious Infrastructure Expansion across Provinces: Canada is entering a period of expansive infrastructure investment with multiple provinces launching long-term capital plans focused on urban transit systems including metro lines and light rail transit, health care and rehabilitation infrastructure such as new hospitals and schools, hydroelectric and transmission infrastructure. In line with Canada's clean energy transition, these investments are aligned with federal and provincial climate and economic goals and present strong opportunities for technically acceptable financial science and practice liabilities. Saudi Arabia Mega Project driven by Vision 2030 and global events: Saudi Arabia continues to push an ambitious infrastructure agenda in Vision 2030 aimed at economic diversification, tourism development, and national modernization. Infrastructure demand will be further accelerated by the 2034 FIFA World Cup and Expo 2030, which will require large-scale development in metro and rail networks, new stadium and export facilities, airports, and other strategic yields and intercity infrastructure. With ongoing projects already in place and strong local engagement, we believe Webuild is well positioned to expand its presence and secure a larger share of the gross region Mega Project pipeline. In summary, across all of our key geographies, the short-term pipeline remains rich in opportunities ranging from high-speed rail and metro to hydropower energy infrastructure and hospitals. These markets are not only large and growing, but they also align with our core competencies in strategic ambition. With a proven execution track record and a financial operational strength to scale further, we are ready to capture the next wave of strategic infrastructure investment around the river. We will go to slide 16, expanding our horizon: Strategic Growth Opportunities beyond the Current Pipeline. We would like to draw your attention to a broader set of major opportunities on the horizon, projects that are not yet reflected in our current backlog or financial forecast, but which present considerable upside. Potential Strategic Infrastructure Project in Development: Among these emerging opportunities, the Messina Bridge, a high-profile mega project that, if approved, will connect Sicily to the mainland Italy. This iconic infrastructure development is expected to involve extensive engineering design and construction phases, offering a substantial long-term contract value. In addition, we are still monitoring and positioning for large-scale dam renovation programs. Both in Italy and in the U.S. These projects are being driven by aging infrastructure, increased climate resilience requirements, and new safety regulations. They represent multibillion euro investment programs over the coming years that will align with our core technical expertise. Number two, leveraging private financing for large-scale projects, we are also increasingly focused on origination of large infrastructure projects that can be structured and financed through private capital and institutional investors. This includes developing projects under possession of public-private partnership models where we can offer clients an integrated solution from design and engineering to financing, construction, and term operations. This integrated approach, when we declare that offering the full package, gives us a distinct competitive advantage. It allows us to differentiate ourselves, providing clients with a turnkey solution while also capitalizing on our technical excellence, financial structuring capability, and the credibility of our brand and track record. Water Infrastructure and Desalination Growth: Another area with significant potential is the water and desalination sector. Considering regions facing water scarcity or requiring infrastructure modernization, we see the Valencian is a globally recognized brand and specialized expertise in this sector. We are currently exploring several opportunities to develop concession-based water infrastructure projects, often in partnership with private institutional investors, which further broadens our reach and reduces risk. Geopolitical and Macro Infrastructure Investment Trends: Beyond project-specific opportunities are broader macroeconomic and geopolitical trends that are expected to generate sustained demand for infrastructure investment. Ukraine reconstruction, German infrastructure investment plans, and NATO 1.5% GDP defense infrastructure commitment, which is now brought to a larger number. As you know, we have committed as a NATO member state to increase investment in unused infrastructure that is infrastructure, service, both civilian and defense purpose. For Italy alone, this commitment translates in approximately EUR 30 billion in annual investment based on current GDP network. This will include road, ports, airport, and. Communication infrastructure that must meet enhanced standards for military mobility and refugees. Going to slide 17, key levers to drive profitability improvement. On this slide, we outline the four main strategic levers we are deploying to sustainably enhance profitability across our operation. Each of these measures is already yielding results and positioning us to protect and expand margins over the current and future. Business cycles in safe selectivity. Focus grows. On equality over quantity. We are prioritizing selective bidding with a disciplined focus on projects that align with our risk appetite, margin expectation, and strategic capabilities. The answer is no longer on volume. Or low-cost divi. Rather, we target projects where our technical strength and value added solutions provide a competitive advantage. 90% of our contract awards between 2023 and 2025 have been secured based on the best technical option criteria. Clients increasingly value comprehensive proposals that include innovative engineering, technical excellence, and robust health and safety standards. These intake disciplines ensure that new contracts contribute positively to profitability from the outset and avoid legacy risk associated with low margin, high risk projects. New Control Standards and Dynamic Risk Mitigation: we have significantly upgraded our contracting strategy and project risk management model to better protect profitability in a lower current global environment. Key measures include price revision mechanisms. Our contracts now include indexed pricing processes that allow adjustment in response to raw material inflation, labor cost changes, and supply chain disruption. It protects our margin from unforeseen cost volatility. Collaborative Contract Models: we are shifting towards more partnered and risk sharing agreements, which include incentivized target cost contracts widely adopted in Australia and progressive design and build contracts increasingly used in North America. These models offer greater transparency, cost control, and risk mitigation during project execution. A new contract management approach enhances centralized oversight of cost performance and risk exposure, with a proactive engagement strategy to anticipate and prevent disputes. Use of advanced analytics and AI to monitor trends and detect early warning signs across the portfolio significantly improves response times and control. This modernized approach reduces legal exposure, shortens the issue resolution time, and ultimately enhances overall progress for visibility. Cost Efficiency Ahead of Target: going further, our cost efficiency program launched under the 2023 business plan has already delivered substantial value. We have streamlined indirect cost by approximately EUR 180 million, achieving our 2023-2025 target highest of scale. This success reflects rigorous overhead management, organizational simplification, procurement organization, and digitization efforts. We are now entering the next phase of the program, identifying additional cost saving opportunities, particularly indirect project costs, execution efficiencies, and contractor optimization. Logistics definitions are being built into the next business plan, reinforcing our margin improvement trajectory. Working capital optimization, improving liquidity and financial flexibility, the continuance to pursue a structured approach to working capital improvement, which has become a key enabler of both margin expansion and balance sheet strength. Key initiatives include accelerated collection of long-standing receivables, particularly on legacy projects and public sector clients. Selective asset disposal, helping to reduce tied-up capital in non-core assets, enhances calculation and payment cycle discipline, supported by digital tools and stronger contract enforcement. Our renewed contract management practices are also positively impacting cash flow predictability by reducing the occurrence of disputes and expediting settlement cycles. Slide 18 guidance confirms on track for another year of sustainable growth. Coming to Slide 18, we are pleased to confirm our full year 2025 guidance. As you may recall, in March of this year we revised our target upward, reflecting the strong momentum we achieved in 2024 and our confidence in continued execution across all fronts. This means we moved from what was already an ambitious business plan to an even more aspirational but achievable set of objectives. Today we can reaffirm that we remain certainly on track to deliver on those upgraded targets. Fast forward, our first half results give us clear visibility and a strong foundation for the remainder of the year. They demonstrate that growth is solid and accelerating in both top line and margin. Our financial structure is stronger than ever, and our commercial pipeline continues to translate into high quality backlog. Most importantly, this is not just about short term performance. We are delivering sustainable growth based on strategic discipline, long term project visibility, and a resilient, diversified business model. Thank you all for your attention and continued interest in Webuild. We are now happy to take your questions in the Q&A session. Thank you. This is the Karlsko Conference Operator. We will now begin the Q&A session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. To remove yourself from the question queue, please press star and two. We kindly ask to use handsets when asking questions. Anyone who has a question may press star and one. At this time, we will pause a few minutes as callers join the queue. The first question is from Matteo Bonizzo Riccaboni. Please go ahead. Thank you. Good morning. I have three questions if possible. The first one is the guidance. You say that typically the second half is stronger than the first half. Is there any reason for this not happening this year? It seems that you are maybe on track to exceed EUR 13 billion of revenues and maybe to approach EUR 1.2 billion EBITDA at first glance given the trend that you had in the first half. I would like to check if this year could be different from the usual seasonality. I would also like to know what is your forex Eurodollar assumption both as an average in full year 2025, which I list in the P&L, and as a point at the 31st of December end of the year, which is instead relevant for your net financial position. Maybe the second question generally is. Sorry, we are not hearing your voice well. Can you repeat the question, please? You're too close to the microphone probably. Is there any reason for not being true that second half this year should be stronger than the first half? It seems that if we look at the typical seasonality, you might be on track to exceed your guidance and to reach maybe or exceed EUR 13 billion revenues in the full year and to be around EUR 1.2 billion EBITDA if we consider the trend which we saw in the first half and usual seasonality. My question is going to be good and also I was asking. What I told before, the first half is permitting us to be more optimistic than the previous years to overperform in the second half in order to deliver also better than the. Guidance. As a P&L and also. As a financial position. We just reviewed the target three months ago for the full year. We prefer as usual to under promise and over deliver, Massimo. I think that it is better to say that we are confident that we can reach the already very, very optimistic guidance that we gave at the beginning of the year. Of course, at the beginning of the year the confidence in that was strong, but now after six months is even stronger. I would not change the guidance we set at. Of course, you can judge by yourself the results in the first part of the year that are going exactly into the right direction. Okay, I was also asking what is your assumption for Eurodollar both as an average for the full year, which is relevant for the P&L, and as ending point at 31 December, which instead is relevant for the net financial position. Okay, let me start for the last point, for the net financial position. As I told before, we expect to cash in all the advanced payments for the awarded projects we got in the first half. Other projects will be close to be disclosed in the coming weeks. There are some very important cash in coming from the past. So coming. From a contract and a working project that are still to be paid by the clients, we have of course a gained bridge. This is why we confirmed the guidance, and we are optimist on the target. For the next financial position and the. Same in terms of production and let me say marginality. As Pietro told before, we have many actions in place in terms of efficiency and in terms of improving, keeping the improved marginality that we got in the first half. Okay, last question is the market knows that for a full year result you are probably going to present a three-year business plan. Business plan you exceeded by far the 2025 more than two years ago. That's fine. My question is, we don't want clearly to have any kind of figure now, but can you provide a flavor on your ambition for the next three years, also maybe in relation to the potential award of the Messina Bridge, and potentially do you have any kind of ambition to enter Germany? Yes, I mentioned before we're looking at the opportunity in Germany. We are looking at the defense opportunities. The water segment will be one of the corner development actions that we will take in order to expand not only our EPC business expertise, but also some investment in development in this huge segment, huge business, and together with some major players in [crosstalk]. I think that could be of interest to everyone. As we said, the growth is important. Because of course the size does matter, but the most important thing is the financial structure of the company. Delivering cash generation is more important than the growth. The growth, as you have seen in our number, is not a negligible one. We have grown on the DNL significantly, and the market is booming. We have not a problem of growth. We are not facing a scarcity of new projects, of interesting projects into the future. There is an incredible, incredible number of projects around the world that are at our interest, that attracts our capabilities and confidence. The thing is that we cannot take everything because we have to keep a company that is growing sustainable growth. This is what we are saying. This presentation, we are trending the. A company not only following. The market is enormous, is booming. There are enormous quantity of product everywhere. This is not the problem. The problem is we have a company which is now targeting, let's say, more than $30 billion or more than $12 billion. Euros in. In revenues, which is a site which is unprecedented in Italy. It's a really large industrial player, manufacturing industrial player, but not only related to construction. It's one of the largest manufacturing company in our country. We have to be sustainable in the future. We have to train our people, we have to look at our organization. We had to follow up the growth. To go ahead and to prevent problems, we had to work on this, and we have to work on the financial structure. The market is absolutely not the problem over the next coming years, and the size also is not the. Only single important parameter. What is it? It's a very sound company. We want to obtain the leg of being investment based. We are fortunately started with a financial discipline. We think that the growth is in, we have an important growth, not only in terms of P&L, but also in terms of the market cap. We are delivering what we promised, and I think that our guidance for the year represents a significant growth in. All the main looking forward. If you look at the b ridge on Messina. It's a transformational, transformational project, not only for Ligis, but also for the country. It is a world attention. Everybody is looking at this, everybody's active about this bridge. We have decided not to talk about it and not to put inside our numbers, even if we are very close. I have to say, to the date in which we will be approved by. [audio distortion] [audio distortion] All the latest procedural government of the government which is required. Is this the cheapest that is foreseen? In the next coming days, we have done everything. We have done all the design, all the documents, all the preparation is done. All the people, everything is there. The team is ready on all their. Rooms, working already on it, but we. Do not account for that. Maybe sometimes you have seen. On the press that we also collect some larger share of this bridge in the market. We could change part of it. Is now Webuild. Is a very large shareholder of the Messina Bridge consortium. I think that for us is a very important project. If, as I imagine, to start to work on the Messina Bridge, of course we have to dedicate time and effort to this very large project. This will take some time. To follow this world record bridge, that is. A game changer for Italy, for the technology of Italy, and also for me. Think also for Webuild, that we have. A different perception around the world as the single largest builder of high complex infrastructure around the world. Regarding the Forex, the budget assumption, both P&L and balance sheet, was $1.12 USD/EUR. Okay, thank you very much. Thank you. Thank you, Matthias. Moving to the next one, the. Next question is from Emanuele Garanzi, Equita. Please go ahead. Yes, good morning everybody. A couple of questions. If you prefer, we can go one by one, maybe it's a little bit easier. Thank you. Okay, okay, that's perfect. Starting from a quick one on the CapEx side, because you mentioned, let's say, a new target of EUR 1 billion or EUR 2.3 billion short versus the previous target. Just to understand, are they savings or a postponement to 2026? It's both of them. Of course, it's a mix of it depending on the different timing of execution of certain type of jobs and starting of projects. They are reflected by the timing of the CapEx, which was foreseen at the beginning of the year when we made the budget. We have around EUR 100 million, let's say, more or less of savings and the rest of it is much more anticipated for you to get this into the future. Very clear. The second one is on the. Let's say the NATO dual use infrastructure spending. Because what we have seen in the Italian press is that the Messina Bridge and the Genoa breakwater could be among the potential projects included in NATO's definition. Can you give us more color on this opportunity for you, and do you see or do you think there are other projects that might be included in Italy in that specific definition of dual use infrastructure spending? Yes, thank you for the question. It is an interesting market that opens up not only for Italy, but for all the countries that make part of NATO. Of course, you may imagine that the resilience of a country and defense of a country also rely on their infrastructure. They can move logistics, hospitals. Water and whatever else. This is a matter that relates to the capacity of the countries to finance those projects. We are talking about projects that are already in the pipeline, that are already financing, as you say, the big Messina, for instance. Apart from being a dual use or not, it is an infrastructure which is completely financed by the balance sheet. This will make an extra, extra for those type of infrastructure into the balance sheet of the countries. That means some additional market, but it's not related to the quality of the actual investment. I think that we let this possibility. Will give us a boost for the. Future pipeline more than for the, let's say, the short term pipeline. Of course, if we let countries to. To do other things, because if they. Are not bribed to spend money on tax or missiles, and they can also spend on infrastructure that people need. This is, of course, in a more sustainable strategy. Thank you very much. Thank you, Emanuele. The next question is from Alessandro Torta and Lady Oblanca. Please go ahead. Yes, good evening to everybody. I have two questions. Okay, the first one is on the Australian operations. Australia reported a very strong. Sales growth in the first half, above 40% year- on- year. Can you give us the same update? On how the execution of the major project is proceeding here, but also the. Kind of update on the profitability trend in these countries? That's the first question. Thanks. I agree there is nothing special to say about Australia going well. We have very good relationship with our clients. We are working together towards the achievement. Of those projects, you know, there's no risk. We think 2.0 is now well ahead. Everything that had maybe some, let's say, environmental or permit or other problems is now fully solved. I think I'm telling that very interesting market is one of the markets in which I think that we will grow farther. We have, as you know, the platform of trough that makes us being Australian. We are based in Perth, and we trust we are an Australian partner, not only a company which is owned by an Italian or international company. I think that Australia for us is a domestic market. It's part of the domestic market like ETA before we build it sustainable for crafts. There is an enormous interest in doing new projects for energy, which is, let's say, very important for the federal government as a whole, but also for the state for development, for any sustainable energy that the industry is requiring. I think that water remains a very important market and everything is going. In the right direction. Now let me add just some figures. In the first half of 2025, we achieved. Around EUR 2 billion of revenues coming from Australia. Overall, we have a double-digit EBITDA margin in Australia and more than 50%. Of the contracts in as a cost plus approach. Okay, thanks, thanks. The second. Yeah, the second question. The second question is very good. It's on the U.S. side. Okay, because it already touched Italy. In the U.S. we saw a very negative contribution from JV is still there. [crosstalk] [crosstalk] In the minorities. Yes, yes. Can you give us an update? Also here on the country? Because I remember that your target was. To at a certain point also. Do the new project. Okay. To reach a sort of Brazilian, can you help us to? Yeah. We confirm what we told to all the investors, all the financial stakeholders. The new pipeline, the new backlog that we acquired since two years ago is profitable. Cash generator. We are managing the legacy project coming from the past. We already put also in the first. Half 2025, some losses coming from all. The contractor in the U.S., but we are seeing, we are looking at the end of the tunnel, and we would like to have in late 2025 or beginning next year the breakeven also in. order to start to enlarge the capability. In terms of operation for main and U.S. business, the market is huge. As you know, there are some constraints. In terms of federal budget, there. are huge amounts of money at state level and mainly at private level for the T3 projects. Okay, thanks. The next question is from Enrico Coco in Permonte. Please go ahead. Yes, good morning. I have two questions. The first is on the Messina Bridge and another one is on M&A, so on. The Messina Bridge. I'd like to know. First of all, if you will consolidate line by line the eruling consortium, and then the question is I'm trying to understand the impact of this project in your numbers, so what kind of impact? Asume that the contract would be signed by the end of this year, what impact do you expect next year? On the P&L, I think will be small and then growing above, let's say, $1 billion sales per year, but then also on the cash side, the question is if you think the project would be cash positive in each year till the completion because I don't know how down payments would work. For example, you could have the down payments this year and then wait for two years. In this case, you will have big swings in the working capital, so if you could say something on the working capital profile of this project and how this will impact, but also if you could share some information on the impact on the P&L side, so what kind of impact you expect next year and then in coming years. The second point and last point, on the Messina Bridge, I would like to know if there would be CapEx associated with the project, so kind of investment in new equipment, construction dependent you will do to execute this project. The second question on the M&A, I would like to know if, let's say, in the next year you will focus on decreasing the gross debt or you are looking at M&A with a balance sheet today, so if we could expect also some M&A move from within. Thank you. Let's start with M&A because probably I need to make it clear the fact that we want to sustain the cash generation and the soundness of our balance sheet numbers. I think the M&A we are not targeting because she is another company like us. We're not looking at that. We have enough competence, enough people, enough markets. This thing does not add. Value at the moment, what we are. Looking at some suppliers, some suppliers of particular services we may use recurrently around the world, we are looking at small companies that can help us to deliver competent and technical. Skill. Availability of those services for us around the globe, we are talking about very small companies, not significant from the point of view of cash absorption. Most probably could be done on. Paper exchanges, so let's say on something. Based on the fact that they become part of the Greek. This is. One thing about M&A. F or the b ridge of Messina. As you know, we have decided not. To put in our book, not to put in our budget, not to put in our portfolio and not to talk to indicate about the bridge for a number of reasons. First of all, that we have not signed, let's say, the formal contract. We cannot talk about something that is not formalized, but not, of course, at the age, as you know, the numbers are some big. We are talking about a contract of around EUR 11.5 billion, of which we have a very large share as a code, and that have, of course, some investments. There are also like the low foresee the possibility of payment and down payment from the client. I think that from the point of view of the cash generation, when you receive the advance payment, there is a positive impact and at the beginning it will be, of course, cash positive. In the rest of the production, the cash will be released and consumed as the investment goes on and the production goes on. This is a normal life cycle of any project. I don't see any special difference apart from the fact that the technical record that this bridge has. From the point of view of management, from the point of view of the structure of the project in relationship with the balance sheet, it is exactly a normal project size. It is important, but the rest of it is very similar to any other. Regarding the consolidation, we will give you more details in the coming weeks. Okay, thank you. If I may follow up on this, the $11.5 billion is just the cost. Of the bridge itself, I think there are ancillary works. I read that these ancillary works will be around EUR 1.5 billion. Let's say you'll be involved just in the EUR 11.5 billion tender for the bridge, or you will also get some work from the EUR 1.5 billion ancillary works. If you may. [crosstalk] [crosstalk] As part of the project, also the ancillary work as part of the project, of course, this is the figures that the government paid. It is that all of the protestants in the. Also the cost of the Messina. Messina, the proprietion of the areas, everything is inside these figures. The contract, as I told you, is fulfilled by the law. This is the size of the contract. There will be the different attachments or variation that will be inherent to the project. Okay, thanks for the clarification. The last one is the kind of profitability you expect from this project again is in one of your local markets. You have no idea. [crosstalk] [crosstalk] We never comment by project profitability. This for obvious reason, but also because we always refer to a portfolio system. We have more than 170 projects that are going around. As you remember, the 10 largest projects that we build make less than 40%, around 40-something% of the total revenues. We try to keep any of. Those projects into the revenue scale. Being one of the numbers. Not the single product that changes, nor the revenues, nor the profitability of the company. We keep the portfolio in front. Of us and Ponte Inaccina, whatever it will be from the technical point of view, reputation, etc, will be one of the projects of the 170 that we make around the world. Okay, thank you. Thank you very much. There are no more questions registered at this time. Gentlemen, I hand you back to Mr. Salini and Mr. Ferrari for any closing remarks. No questions. Let's say thank you to all of you for listening to our conference, attending our conference call. All the best for you and for your holidays coming in a few days. Thank you. Thank you very much.