Good afternoon, everyone, and welcome to the Ferretti Group Full Year 2024 Preliminary Results webinar. Thank you all for joining us. We appreciate your time and interest in Ferretti Group as we share an overview of our performance over the past year and discuss the outlook for the future. Before we begin, let me introduce our speakers: Mr. Alberto Galassi, our Chief Executive Officer; Mr. Marco Zammarchi, our Chief Financial Officer; and myself, Margherita Sacerdoti, Investor Relations and Sustainability Manager. Today's agenda will cover key highlights from 2024, business dynamics, and financial results, followed by a Q&A session. Throughout the webinar, you may submit your written question using the Q&A function in the Zoom menu. We will address as many as possible at the end of the presentation. You can also ask oral questions by using the Raise Your Hand feature in the Zoom platform at the end of the presentation. With that, let me hand it over to Mr. Alberto Galassi to get us started. Mr. Galassi, the floor is yours. Buongiorno, good morning, everybody. Thank you very much for your attention. Let's go straight to the outperformance numbers of 2024. Proudly to say that the adjusted EBITDA of the company reached the top side of the guidance of EUR 190 million, plus 12.3% versus previous year. The adjusted EBITDA margin grew of 100 basis points from 15.2% to 16.2%, and it is above the guidance that we gave that was just to remember 16%-16.1%. The revenues of the company without pre-owned, so just brand new boats, grew by 5.6% to a stunning number of EUR 1,173 million. We are at the upper side of the guidance that was from EUR 1,150 million to EUR 1,180 million. The order backlog, I'm very proud to tell you, and I'm very happy and have to congratulate my team for this, is the record-breaking all-time high order backlog at EUR 1.7 billion that grew 11.6% versus previous year. I'm very glad to confirm that we are beating our expectations. I'm very glad to tell you that the company is solid and sound, and the most important thing with the bright future ahead of it. Let's go back to why. Is there a reason why we were that good? Allow me to say that good. The reason is given by important differentiation in the market that we have, which are strengths. Number one, we sell in 71 countries. Do not underestimate the power of being so peculiar. We sell in countries where basically none of our competitors is present through 55 dealers and 280 brokers, plus the direct Ferretti Group sales force. There is the risk in being so geographically divided and present. The second thing is the strength that we have, the seventh brand of Ferretti Group. I remember back in 2019, there was some questioning about, you don't have, don't you have too many brands? I can tell you, thank God that we have those brands, and we are very good in not having them overlapping one with each other because there is a different client that buys a Riva compared to a different client that buys a Wally, completely different clients that buy any time or a Pershing or a Ferretti or a Custom Line. We are invested a lot. We've been investing a lot in the leading segments. You will go in, we will go into the details. The leading segments and the most profitable segments are the made-to-measure segment. Let me remind you from 30 to 43 meters in fiberglass and composite, and the super yachts, which is up to 95 meters in aluminum, in alloy, in aluminum and steel. This increasing presence in the most profitable segments is a strength of Ferretti Group that was absolutely reflected in marginality, in revenues, and in profitability. There is a fallout from having seven brands and a very, very sophisticated sales force through global sales force. We have a very loyal clientele. The repetitive clients, which is an important, very important number for us, grew from 37% to 44% if you compare 2019 and 2024. Just in general, we had from 131 boats to 153, 70% in total. The new clients from the competitors and the new first owners are very, very good. Look at the number of 42% of cross-selling across the brands. That says that basically 42% of our sales are driven by the presence in seven different brands. Some of the clients have more than one boat simultaneously, maybe different locations. Some of the clients just switch and upgrade. You will see afterwards in the super yachts number of sales how many clients upgraded from made-to-measure to super yacht. This is very, very interesting. Now, official data that we have from official external validation and opinion makers have a look at Ferretti Group as a market leader in composite and made-to-measure. The two segments, let me remind you, from up to 30 meters and from 30 meters to 43. Now, Ferretti Group global yacht market is Field Draper Associates. It's not our data, it's not internal data. Dated October 2024, our positioning is at 16.5% with basically a market share delta versus 2023 of 1.3% growth and the market share delta versus 2021 of 2.5%. You can see our competitors that we respect. Azimut-Benetti didn't grow as much. Sanlorenzo didn't grow as much. Princess Yachts and Sunseeker actually left and diminished their positioning versus the previous years. We are number one in most profitable segments at the 2F with 25% of market share in large composite. Large composite is from 20-24 meters, basically to 27 meters from 80-99 feet, and 24.7% market share in made-to-measure. Let's go back and deep dive in this number. By definition, by design, by strategy, we are number one where we want to be number one in the most profitable segments. Ferretti Group in the segment from 30 to 59 feet plays with two top brands, Wally and Riva, profitable brands, but we do not have a lot of presence in that. From 60 to 79 feet, we are number two with 15.3% of the market. We are number one from 80 to 99 with 25%. We are number nine, Exequo, above 100 feet with 24.7%, nearly 25%. Now, what is important in this market? Look at the consolidation. The top five market share players have 73.7% in the 80 to 99 feet market, and they are 69% of made-to-measure, which is 100 feet and above, 30 meters and above. It is very important. The market consolidation grew 2.5% year on year in this segment, made-to-measure, 4.3% year on year in the other one. It says we're looking, we're going through a consolidation of the market, and in the consolidation of the market, where the clients go to the most known, I would say, and secure, and what I would say most known and famous brands, we are playing number one, number one. Very important. Now, the business dynamics, it's interesting because we are talking today, 28th of February, so we have an outlook, we have an idea. We know exactly how January started, we know exactly how February started, and I can tell you we're happy about that. Why we can say this? Because we have two important boat shows, one in Miami, very important, from the 12th to the 16th of February. And U.S. market that recovered after, I would say, six months of being frozen before the American election. We had the Düsseldorf boat show at the beginning of January, very important for Northern Europe. It gives you a flavor of what's going on in Europe. We had the Dubai boat show that just ended last week from the 19th to the 23rd, and that's a very important market, Middle East for us. You will see how much we saw. I can tell you after this that we are confident. We are confident because we see the outcome in January and February and the end of last year about the United States. We see the outcome of what the Middle East is giving us, and we can tell you that in Düsseldorf it was being a good show. Let me tell you what we have done in order to achieve these numbers because at the end it's driven by products. Are we doing the right products? Are we selling them right? Is the market appreciating our effort? Do we have the right brands? Don't forget in luxury brand is more important than the product today. Let's have a look at what happened in 2024 with 10 products that we splashed, which eight of them were brand new range extension, which means we never had before. Now, the SEO, we went electric with the most important brand that we have, Riva. We went electric with sold two units. Let me remind you that for a 27-footer, it's EUR 1 million. No one can compete with Riva in that. We sold one in Asia and one in America. Pershing range extension, the sport utility yacht, the SUY of the Pershing range, the GTX 80 that we launched, we sold four units. The best of the best, Custom Line Navetta 38, brand new, the new beginning of the new era of Custom Line displacement yachts. We launched in Venice in May last year. We sold six units of the Navetta 38 and two units of the biggest sister in alloy, which is already a super yacht, but it is a semi-serial super yacht. You remember our strategy maybe of going also not only bespoke and one-offs, but doing the semi-serial product extension, which is Custom Line and Riva and Pershing. You will see that later. We sold two units. Wally, super successful presentation of the Wally Power 50, nine units sold. Super successful presentation of the Wally 110 sailboat, one unit sold. We are talking about EUR 16 million for a 100, nearly EUR 18 million for a 110-footer sailboat Wally. The Wally Rocket, what we call the competition, what we call the equivalent of Corsa Client if you are a Ferrari driver, what we call Ferrari Challenge, where our owners, they like to speed, they like to race. We are starting up a new segment that never existed before, super performing segment for passionate, and we sold three units of the Wally Rocket 51. We will have a championship with that. The Infinito, the Infinito did not exist. It is the long range, low emission, new range of models. We sold nine units of the Infinito 90, built in brand new factory of Ravenna, the brand new shipyard. We sold two units of the Infinito 80, and we sold nine units of the 670, which is basically a restyling of an existing boat that brought the numbers of sale of this unit of more than 60 or even not 70. What about 2024? What about the announced boats of 2024 and what is going to be splashed in 2025? Interesting. We upgraded the line of Riva, the entry level, if we can call an entry level a EUR 500,000 boat for the 27 footer. The Riva is here, super. Just because we announced it, seven units went to the market sold. Our bread and butter, Riva 112, sorry, Dolcevita Super, which is the upgrade and a new generation of the Dolcevita with more, I would say, Marco, than 20 or 30, I do not even know units sold. It is five units sold in the market on paper. The Aquariva Special, which after nearly 300 units of the Aquariva that started back in 2000, we already sold nine units on paper of a boat that will be displayed in the summer in Italy. I will show you a video that gives you why Riva gives you the possibility that no other brand in the industry can give of bringing and connecting tradition and giving you the possibility of providing and offering, I would say, the best word was offering to the passionate for more than EUR 1 million, a piece of beauty driven by heritage, tradition, craftsmanship, and most important beauty. Thank you for your attention. You can't do this job without passion. That's what's driving us and driving our clients. The Pershing is a GT, the range of the sport utility yachts. It will be announced. Actually, we've just promoted the Pershing, presented the Pershing GTX 70. You will see it very soon in the water. Ferretti 940, which is a big boat, more than 27 meters, we sold five units. It will be presented as well very, very soon. I would step back and give to Margherita that today proudly will present. She picked the best numbers and she will present the order intake and how it's made. Thank you, Mr. Galassi. This is our order intake in 2024. As you can see, we grew compared to 2023 by 1.7%. What is very important to highlight is our Q4 this year, more than EUR 400 million of new orders. This is a very good number compared to the same quarter of 2023. You can see it's plus 64% and gives us a very good visibility for 2025. If we go to the next slide, this is the book to bill. This considers only made-to-measure and super yacht segments because we think that our complete segment by definition does not give you visibility over a very long time because we get orders and deliver twice in a year, as you probably know. We decided to exclude it. If you exclude that, we've been consistently above one time, but even if you include back the composite for full year 2024, we'd be around one. This again is a demonstration that we have a very good visibility towards future revenues. If we look at the order intake by segment, let me start from the composite yacht. You might see that we are still negative, but if we look at the performance quarter by quarter, you can see a very big improvement. We started out in the first quarter with minus 39% compared to previous year, moving to a second quarter of minus 37% and then turning into positive in Q3 and in Q4 with plus 4%, which is an outstanding result considering everything that happened this year. If we move to the made-to-measure, it's go back, please. It's in line with the result of last year, but let me highlight, as Mr. Galassi already mentioned a few times earlier, that many of our repetitive clients, when they change the yacht, as we said many times, they upgrade and they go to a larger size. In this case, they moved to the super yacht, the super yacht flagship super yacht. They moved to the made-to-measure in fiberglass to what we call made-to-measure in Alloy. This is exactly the result of the long-term strategy that the group used to introduce new models in that segment to fill the gap that we used to have between the largest made-to-measure, 43 meters, and the bespoke. Usually, it is a big step forward in terms of size, but also in terms of price and deliveries. I do not know if you want to add anything else on this, Mr. Galassi. What I can tell you is a number that says by itself that the strategy was right. Some clients, the Riva 130 client or the Custom Line Navetta 38 or 42 or 33 or 37 or even the big Pershing, not necessarily they want to wait three, four years to get the super yacht bespoke size-wise, 70-80-90 meters with an important price sometimes definitely exceeding EUR 100 million. They upgraded to our strategy of Riva semi-custom in alloy, Riva 50, we sold three units, Riva 54, I can tell you right now we sold four and one of them last week, or the Pershing 140 if you refer to Pershing or the Custom Line Navetta 50 that you've seen, sorry, 50 meters that you've seen before. Very proudly to say that that means that if you're from 43, which is the threshold of our fiberglass made-to-measure line and business, you exceed when you go to 50 meters, you're already in the super yacht. Technically, we didn't lose any. They upgraded is a very good sign. If we move to the order intake biography, we can still see that Europe and the Middle East are core growing, especially the Middle East. Amas has been impacted by the year of U.S. election, as we already mentioned in the previous quarter. We already see a good way out already from the end of December and in January 2025. We see the market very active. There is a good potential also coming from the possible restoration of the Tax Cut and Jobs Act that President Trump mentioned many times during his campaign to allow 100% of your deductibility in three years. We expect that not immediately, but probably in the upcoming months. Moving to the backlog, you can see that, as already mentioned, we reached all-time high both in order backlog and in net backlog. We have a very good visibility towards 2025 and beyond. If we compare this number to the same number of last year, we had a 2024 net backlog of 69% and 31% beyond 2024, which means now that we, because we have larger segment yacht in our backlog, our visibility is longer than it was one year ago. Another very important data is our average ticket. We stand at EUR 6 million, including super yacht. It's plus 31% compared to last year. If we exclude super yacht, we stand at EUR 4.6 million, that it's plus 14% compared to last year. This also depends on the positioning that it's a result of the strategy and pricing. I will hand over the microphone to Mr. Zammarchi. As a result, as a consequence of the good order intake, these are the revenues that, as we said, are increasing 5.6% versus prior year. We are exceeding the term of the market. We highlight that the market grow 4.4% and we achieve a 5.6%. Regarding the distribution across the quarters, we can see that they are quite the same, quite among across the quarters. That means that we have a very limited seasonality because being present in every market, geographical market, is a good advantage for us. Being focused on just on the last quarter, we have seen that we achieve an 11.2% better than the same period of prior year. If we analyze the same revenues in terms of segment, as a consequence of the order intake, we achieve a 13.6% better than prior year in composite yacht, thanks to the backlog that we had. Instead, for made-to-measure, almost stable after the very big result of the prior year and also due to the limited capacity that we have that we are solving with the construction of the new Ravenna shipyard. Instead, the super yacht is continuing to increase. Now it is almost 13% of the total of our revenues with a potential growth up to 20% in the next years. By geography, again, Europe and the Middle East are continuing to increase and they are able to more than compensate the shortfall that we have seen in Asia-Pacific and in the Americas. As Mr. Galassi said, now after the first weeks of 2025, we are quite confident that America can recover more and more in this year. About profitability, instead, as we announced it, we reached EUR 190 million of adjusted EBITDA with a growth of 100 basis points in terms of profitability, so more than 200 basis points in just two years. What are the rationales behind this growth? We prepared a slide on it. The breakdown of this 100 basis point is due to three different rationales. The first and the most important one is the commercial one. That means that now in 2024, more and more customers ask for optional on their boats, on their boats, on their product. That now is roughly 25% of the total price. You know that usually the marginality associated to the optional is quite better than the standard boat. This is the main benefit that we recorded in 2024. The other two rationales are coming from the strategic positioning, being more and more positioning the larger boat. Still, we have a benefit from the economy of scale in purchasing and fixed cost assumption. CapEx, this year we have spent slightly less than prior year, EUR 141 million. What is very, very important to highlight, that is the majority of the expansion CapEx, EUR 109 million, was destinated, was addressed to the completion of the new shipyard in Ravenna. The Ravenna ship is already operational. We are operating 18 stations out of total 36. In a context where the total utilization rate of our shipyard is currently at 93%, it is an investment that we need to continue to grow. What is also important is that we have seen that after this investment made in 2024, we see that in 2025, the CapEx plan is nearly normalized. We expect something similar to 2022, so roughly EUR 100 million. About Ravenna, okay, we have seen, and we got the net financial position. Net financial position of the company at the year-end, it was EUR 125 million. On top of that, we have an availability of more than EUR 160 million of credit line not utilized. Instead, we had the networking capital that grew up to 10.6%. Let me elaborate a little bit more about this figure. First of all, it is something that we consider temporary because when during the year we have seen a slowdown of the market performances in the Americas, we stopped production for new boat for the Americas. Usually, the process to complete a boat takes eight, nine months. What happened is that at the end of 2024, we have a lot, a lot, something more finished product than expected at the beginning. For sure, this is something that we can consider not a positive note for 2024, but we consider it's a very good opportunity in 2025. Just to give you a very brief number, a very quick number, in the first two months of 2024, with 2025, we have already sold more than EUR 30 million of boat already sitting in our inventory. It could be a very good opportunity. In fact, as we mentioned in this slide, we are projecting for Q1 2025 that usually is a month, is a quarter where we see some cash absorption and a set of normalization. We do not see absorption of cash in Q1 2025. That means that we are taking advantage of the stock that we have built up in 2024. Leave it, Mr. Galassi, for the final remarks or just the Q&A. Just reminding you that we are very proud of the date of 2024, especially the EBITDA margin above guidance, 16.2%, 100 basis points. Super proud because it gives us serenity and visibility of the order backlog, which is a very solid and sound order backlog of EUR 1.7 billion. The final remarks are very simple in my opinion. Today is the 28th of February. What do you see about the first quarter? I have a positive feeling about the first quarter, also in the U.S. As Marco said, what usually used to be a very weak month for our industry in general, with seasonality, which is in our business mode, nearly disappeared, I can tell you that we are selling boats in the U.S. after the election. We're selling boats in the U.S. after the boat show. The boats are already there, which basically for us is cash. Not only revenues. On the overall, the picture is a good picture. It's a fantastic picture for 2024, with a picture of growth in 2025 at least. These are the signals coming from three different boat shows, three different regions of the world. Düsseldorf, Germany, so northern Europe, Middle East, Dubai, and the United States in Miami. That's basically it. We are here for any kind of questions you may have. Thank you for listening to our full year 2024 presentation. We are now ready for the Q&A session. We will start by oral questions and later move on to the written question. I will start from the first written question in the meantime from Giuseppe Grimaldi. First question, what is your feeling around the intake development this year? In terms of composition or geography or both? I think in general, the order intake. In general, as I just said, what we can see, what's happening as we speak, is that the American market is giving good results. Don't forget, it's been nearly frozen for some kind of yachts for a long time. Forget about the super yachts, but it's been frozen for the composite people on hold. One of the biggest enemies that we have in our industry is basically uncertainty. When something is not going to happen or you don't know whether it's going to happen or whether it's going to be the outcome of that fact going to happen, people may wait, simply wait. Wait can be skipping a quarter. Wait could be deferring some results. I can tell you that what we have seen, actually, and we are already at the end of February, is positive, generally speaking, positive. What is not giving any good sign is China, but sales are coming from Thailand. Will ever Thailand be able to replace greater China? No. There is a lot of compensation coming from other areas, including in the Middle East. There is a positive in terms of compensation still made to manual yacht, but also composite is giving us some good results. Regional, if you take with the just exclusion of mainland China, I would say very positive everywhere. Second question from Giuseppe Grimaldi is, do you think the temporary working capital build-up will get back to normal in 2025? Yeah, as we said, our intention, given the stock that we build up at the end of 2024, will be utilized in 2025 to feed the customer request. We expect again to be in our normal range between zero or slightly negative and slightly positive, so between -5 and 5 at the end of 2025. Third question from Mr. Grimaldi, any update on the M&A pipeline? 2025, it's a year where what we have seen is that some shipyards are selling discounts in 2024, no more selling boats. I can tell you that some shipyards out of Europe are struggling because we know the market. We can see our competitors. We can see the offering that some shipyards are doing, and we know the cost of building boats, which means in our opinion, there are going to be opportunities. I said last year, 2025 will be a year where I'm expecting Ferretti Group to move with something important. I confirm that I think in 2025, we will have an important opportunity to grab. Last question from Mr. Grimaldi, do you see opportunities for further expanding of FSD business in this geopolitical backdrop? It's interesting that the Italian government today announced that they will invest in defense 2.5% of GDP, which never happened in the history. It's very interesting to check that the government of the United Arab Emirates signed this week on Monday $40 billion of agreements with Italy and the president Sheikh Mohammed bin Zayed in Roma. Most of it is energy, but it's also defense. I see a potential in that. Whether we want to be in that is a different thing because let's see what we are more for agency. We're more for patrolling. We're definitely not for combat. Okay, now let me call the other questions with the hand raise. First question from Mr. Adrien Du verger from Goldman Sachs. Please, Adrien, unmute yourself. Hey, good afternoon. Thank you very much for the presentation. My first question would be on the Ravenna shipyard, if you could please comment a bit more. You said you have 18 out of 35 of the posts working. What is your expectation for when the shipyard will be fully operational? That would be the first question. The second one would be on how you're seeing and how you're thinking about pricing this year, with number one, the price increases on the models you already have, and maybe then on continuing to release new models at more expensive prices, and your view on the impact of discounting and incentives for clients in 2024 and what you think for 2025. Thank you very much. About Ravenna, we believe to complete the investment by half of 2025. As we said, at the moment, we are working in 18 stations are already operational out of 36. We are very close to complete all the CapEx. As we said, this will be the house of Ferretti Yacht, the new models, especially the line Infinito. Also, they have moved all the big Wally from the other plants to this one. This is something that is our answer to the overall capacity that now is filled at 93%. This is something that we expected. Since we made the investment, we need a capacity. This is a good answer that we need to continue to grow. You want to say something on prices or are you playing prices? Okay, yeah, about prices, there is good news in prices and the bad news in prices. The good news is that the supply chain now is normal. There is basically no increase or very minimum increase in the supply costs. The supply chain went completely, I would say, crazy in the past two, three years. One of the biggest after COVID, one of the biggest things to manage was the supply chain, the supplier costs. We were able to secure that because we had long-term agreements with the major suppliers. That thing is over and is off the equation. Of course, some shipyards are discounting, discounting, discounting. How do you differentiate yourself? It is not price. What we sell is brand. What we sell is beauty. What we sell is service. What we sell is family membership to events. Being them what we is the offering, what we can offer them, no other shipyard can offer because we have so many different brands with so many different products. I'm glad to see also the competitors that are buying brands now because they realize that otherwise they don't grow and they will not grow. Prices, of course, every year we increase prices. We are not discounting that much. Sometimes we prefer to leave the table of the negotiation instead of compromise on our marginality. Do I see 2025 complicated? It's been 2024, it's been complicated. 2023 has been complicated. You always have to provide something different. There's a reason why we invest so much in brand new models. There's a reason why our offering continuously changes. You cannot compete with yourself. You need to compete with something new. This is exactly what Ferretti Group is doing. Now, Mr. Emanuele Galazzi from Equita, please unmute yourself. Pronto. I see that Mr. Niccolò Guido Storer is speaking. Niccolò, go ahead and we'll move to Manuela later. Thank you. Good afternoon. Three questions, please. The first one is on the extra stock you had in the Americas. I was wondering if this was just the result of a weaker than expected market or if you also played tactically anticipating the possible introduction of tariffs by Mr. Trump. Second question on CapEx. You talked about EUR 100 million in 2025, which is probably a little bit higher than what we were expecting, i.e., the 3% of sales for R&D and maintenance plus another EUR 30 million, let's say, for the enlargement of the range. Is the EUR 30-40 million difference still related to Ravenna or what's the project? Third question is on backlog coverage. I appreciate you have basically shifted towards larger yachts, but if I look at next year coverage, probably end of 2024 for 2025, we are a little bit below previous year. Is this something that scares you or are you happy with this level of coverage? Thank you. Reply for the first one. Extra stock United States. With America has been on hold for a while. It's not a secret. You've seen our numbers. We never hide it. We also said there was an opportunity because if there's something, if the frozen momentum driven by two different candidates in the American election, and it's typical of the American election year, we've seen it also before. I've been here 11 years, so I've seen many, some of elections, I would say. I'm not surprised. We were not surprised. We were expecting it. What we were very pleasant and pleased is to see that right after the election, the American market moved again. The momentum continued in January and in February. Now, we had boats there. It was a possibility that the tariffs would have been there, but I do not want to take the credit nor my team of anticipating a potential tariff in the market. The reality is that now we have a fantastic opportunity. What we are seeing right after the announcement of the tariffs, and we can discuss about the tariffs if you want for a second or somebody wants to understand a little bit more, we are not that worried at all. What we are seeing is people in the United States stopped in the holding mode, in the waiting mode, and decided to buy boats. It is actually we are seeing a positive momentum as we speak. Marco, if you want to reply to the other. If I may, about the Americas, when we talk about tariff, usually, first of all, we had this opportunity. I think there's some stock there. As I said, already EUR 30 million has been already sold. On top of that, we have to consider that usually we are not scared so much about the introduction of this tariff because especially for the bigger boat, we are selling directly to Italy. Even if we are selling to the U.S. market, we are not selling to U.S. company. Maybe there are some exotic flags, and so they are not touched by these potential threats. A very small percentage of the American owners have the American flag. You can't do charter unless you do it in the U.S. We have to have an American crew. The registration of the ships is basically a registration that we just added other countries. The companies are set up in other countries, especially for big boats. One more thing to tell you is that we do import ourselves with the Ferretti of America. Basically, we do not have an importer or a distributor in the U.S. We are ourselves with an American entity. Everything which is sitting in the U.S. is already American. Where these duties and tariffs apply to the final price, will they apply to the transfer price? Will there be a percentage of that? It is a moving target that we cannot say. We do not have the crystal ball. I can tell you that having ourselves importing and distributing our boats is a big help because we are Americans there. About CapEx, as I said, we are projecting something like EUR 100 million. They are not related to further expansion of Ravenna. Ravenna at the moment is still will be as planned. What you say, the EUR 30 million is not this figure, is less, is focusing in expanding a little bit more some another couple of plants in order to fulfill the request for super yacht. In fact, for example, we are switching production, moving some production for a big fiberglass from Ancona to other shipping in order to have more production capacity for the super yacht because of the order backlog and the order intake in this area is quite important. We wanted to continue to keep the opportunity even if, for example, now the next availability for super yacht is starting from the season 2028, but just one slot because it is already completely sold. We wanted to take a benefit of this market opportunity. To provide feedback about the coverage of the backlog, you see 60%, but you know we are operating in three different segments with three different dynamics. If we are focusing on the backlog that will be moving revenues in 2025, we could say that we have already 100% of the revenue secured in super yacht and more than 70% related to made-to-measure. Composite yacht has different dynamics. You know that the average throughput time of composite yacht is between five weeks and five months. The order arrives usually when the boat is almost completed with a few exceptions for some very interesting product. No, we are not scared. We are in line with our expectation. On the contrary, we are very happy to have the full coverage of super yacht and almost having sold everything for made-to-measure sales of this year already covered. Don't underestimate this data or the backlog and that backlog. The growth is also you take into consideration that the average ticket of Ferretti Group today is EUR 6 million. It's 31% higher than 2023. And the average ticket for composite measures is EUR 4.6 million, 14% higher than full year 2023. We are selling more. Our order backlog is higher with a higher price and an average price tag that increased dramatically. It is not driven by volumes. It is not driven by discounts. It is driven by appropriate way of selling top brands and top products. Next question comes from Wendy Gau from CICC. Please, Wendy, unmute yourself and go ahead. Thank you. Thanks for taking my questions. I have a question about the customer profile. Can you explain more about the evolution of your customer profile, maybe by region or by the industry your customers do their business and also by nationality? Thank you. Being global, it's very different. You cannot compare the cruising way and the habits of a Saudi client or an Emirati client compared to a Chinese client, compared to an American client or an Italiano. I can tell you something. They are younger. Average age is younger. They are obsessed with connectivity, which implies they stay more time on board. They spend a lot of time on board. Boats are being used more and more and more than before, which is a good signal. That is why size matters. They want more because they live on board more time. They spend on board more time. I can describe the clients with the slide that says that we have 44% of our sales with repeated clients. People that know us already, people that have been here, maybe the father had the Ferretti Group boats, maybe they started with something small and they decided it's their only way of holidaying is freedom because what we sell is privacy and freedom. They don't stop. The good news is that the average age is younger. The average age of wealthy individuals globally gives you the possibility of having multiple sales in the future. That is happening as we speak and we have evidence of it and is proven by facts and numbers. That number was 37% in 2019 and the number is 44% in 2024. 2019 and 44% in 2024. The signals are not bad at all. The younger they are, the more global they are, the more global, the more presence you have in the world, it gives you future and possibility of having potential sales. It is changing, yes. The good news is they're changing because they're younger. Thank you. I have another question. If you don't ask, it's about the BuyBike program. If you don't mention, I just want to know more updates about this. We had the discussion today as well in the board. There is going to be another discussion on the 14th because they are planning how to do the program. The discussion is still going on. Thank you. Next question is from Emanuele Galazzi from EQUITA. Please, Emanuele, go ahead and unmute yourself. Hope you can hear me. Can you hear me? Yes. Okay. Three questions from my side. The first one is a follow-up on pricing. I just would like to understand a little bit better what kind of dynamics are you seeing now in the, let's say, the secondary market, the used boat market. The second one is on the networking capital. Can you just quantify the level of inventories or finished product at the end of 2024? The last one is on the Middle East because in 2024 was extremely good with order intake up 24%. Can you just comment a little bit about your expectation for the Middle East market in 2025? You mentioned good feedback from the Dubai boat show. Any additional comment on that? On pricing, you were referring to the second hand and in general. When you don't sell a boat because of the price, it means you don't differentiate yourself in. It's a war, yes. It's difficult, yes. You need to explain that your product is different than the others. Pricing, we keep increasing the prices. We are discounting less than before, less than others. Definitely, there will be some kind of fight on discounts. Again, we are aware of this. It's been here also in 2024. There is no surprise. We know that some shipyards, not European, are very, very aggressive in prices. Most likely, their cost base is different. Maybe the distribution model is completely different. I'm referring to the U.K. It's not a secret. It's known in the industry. We have to deal with it and face it. Again, you need to sell what others and manufacture what others do not do in order to differentiate yourself. On the networking, yeah, on the networking capital, I can tell you that roughly the stock of unsold finished boat, it was slightly over EUR 100 million. Usually, our average stock is about EUR 60 million. It was a matter of calibrate again or to stabilize again at this level. We are confident to be back to the normality quite soon, having already achieved or consumed part of the stock in the first two months of 2025. On the Middle East, from Turkey to the Gulf to Saudi, it's a market which is very, very important for us. Brand plays an important role, you can imagine. I can tell you one thing. We are absolutely confident for that kind of for these areas, especially if Gaza situation will evolve positively because we will have signals back from Israel. It's a very important client for us there in Israel. I am expecting also Saudi to play more than what we have done so far. We are good in that. We have the Riva Lounge in Jeddah. Nobody has in the Marina of Jeddah a Riva Lounge. I have a positive feeling from Dubai, but not only from the UAE, from the UAE in general, Kuwait, Qatar, Saudi, Bahrain, very important for us, Turkey, and Israel. Of course, do not forget, Lebanon played an important role in this industry. So many Lebanese clients, so many Lebanese owners. Lebanon is another country that may come back. There is one last written. Sorry, go ahead. Manuele, do you have another question? We have a last written question from Mr. Filippo Pazzini, who is asking the capital allocation, understanding whether we will distribute dividend or do a buyback. On the buyback, you already answered. On the dividend, we'll have to wait the next board of directors. Next board of directors will approve the final numbers, will define the dividends. I can tell you already, yes, there will be a dividend. There are no more questions. Thank you all for attending the conference call and have a good weekend. Thank you so much. Have a good day. Thank you so much.