Good afternoon, everyone, and welcome to Ferretti Group 2026 H1 results conference call. 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 H1 2026 and discuss the outlook for the future. Before we begin, let me introduce our speakers, Mr. Stassi Anastassov, our new Chief Executive Officer, Mr. Marco Zammarchi, our Chief Financial Officer, and myself, Margherita Sacerdoti. Today's agenda will cover key highlights from H1 2026, business dynamics, 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 a live question by using the Raise Your Hand feature on the Zoom platform. With that, let me hand it over to Mr. Stassi Anastassov to get us started. Mr. Anastassov, the floor is yours. Thank you, Margherita. Good morning, everyone, and thank you for joining us. The last time I spoke to you, I had been in this business for two days. This morning it is two months and two weeks. I've spent that time at our shipyards with our people, with the designers drawing the boats we will launch next, with our dealers and our partners, and also with many of our valued owners. These owners have become one of my most important stakeholder groups. The purpose was not to explain the past. The purpose was to understand it and to understand what this company needs in order to deliver a more consistent return to its shareholders. The H1 of 2026 was below our own expectations. Order intake, in particular, was not where it needed to be. The Middle East and the wider macroeconomic environment are real, and you have seen them in our release this morning. None of it, however, changes the task. We own seven of the strongest brands in yachting, and we have to learn to grow, share, and business and orders behind these in the difficult years as well as the good ones. This is what a superior business model should actually deliver. Marco will take you through the figures. Two of them are worth holding on to. The second quarter was already better than the first, and cash built strongly through it, of course, after some dividend. The third is the margin. It demonstrates that despite lower volumes, we have remained disciplined on pricing and on product mix. We have not bought volume with discounts, and we will not buy volume with discounts, something that is almost holy to us. Premium brands are not discounted. Now to guidance. We have looked hard at the H1 and at what is realistic is for the rest of the year. You know how it is. Many meetings, multiple scenarios. On paper, our previous guidance is still mathematically feasible. Frankly, I would rather give you what I believe than what I hope for. In my career, I've learned that saying it as it is works better, and it's actually long-term, much better than sugarcoating it. We're revising our guidance today. One thing I want you to look at is the shape of the new range, because it matters as much as the numbers. It is wide, and it's wider at the top and narrow, obviously, at the bottom, because the bottom asks for our H2 to pretty much do what last year's H2 did, a good second half last year. Most of it, a large part of it, I would say, is already sold. It sits in the backlog we hold today. The top depends, however, on new orders we still have to win between now and December. Obviously, I've been told that a narrower range would look more confident. Frankly, I want to be honest with you because we have a long season ahead of us and we will do our best to deliver and over-deliver, but for now, it's more prudent to keep the range at the top a little bit wider. We're doing what we can on the internal numbers. We're reducing capital expenditure. That is a decision, not a constraint. We're protecting cash and the strength of the balance sheet. Neither is being traded against the guidance. Obviously, one of the important things for you to note is that these are forecast changed, but this is not changing our ambition. Internally, we'll continue to manage this business against our original objectives. Our priorities for the H2 are specific. Deliver every yacht in the September to December program on time. Convert opportunities into signed contracts. Hold price, generate cash. We're looking at the United States, we're looking at the Middle East, we're reviewing distribution coverage. We're even looking at the people required to deliver on those reinforcements. Order intake is the measure that matters most from here. It is what converts into revenue beyond this year. Rebuilding it is the clearest single priority of the H2. This is where my own time is going to be spent. I do want to spend some time on our business model. This is to me the most important element for you to look at when you review our results in the future. People keep asking me what strategy I'm going to change. My answer is always the same. There is no new invention or an immediate acquisition. I spent my first months here looking for it. What I found instead is a business model that is already superior, and one, frankly, I did not invent. Seven unique iconic premium brands. Most of our competitors have one or maybe two. Seven amazing shipyards, all in Italy, by very strong people, very skilled people, that have been there for generations. This capability is not something that anybody can take away over a cycle, and it's not diminished by a forecast revision. We're not revising our franchise. We're not revising our business model. As a matter of fact, we're actually going to strengthen our business model, and we're doing it, and we're going to strengthen our future. Our owners are not buying a product, they are buying the craft that come back, and they come back for it. We want, and we have the ambition to build the best boats in the world, and we want to continue fueling the best brands in the world in yachting. We need simply to continue building better products, uncompromising quality, and execute. We're not complacent, and we're not managing this company through a soft market. We're building one that outperforms its market consistently and turns seven of the strongest brands in yachting into better return on capital and a better return for every shareholder. The secret is not the strategy. It is the consistency of the execution behind these brands. Our task is not to predict when uncertainty ends. It is to emerge from this period as a stronger company than the one that we entered it. Markets will recover. Credibility, execution, and great brands decide who wins when they do. This is exactly what we and I intend to prove to you. Now I leave you to the numbers man, Mr. Marco. Thank you, Stassi. Thank you, Stassi. Good afternoon, everybody. Let me start with the key highlight of the H1. Already Stassi talk about part of them, but let me repeat them. Order intake reached approximately EUR 341 million, down year-on-year, reflecting a longer decision-making and contractor conversion cycle, particularly in larger yacht. Revenues instead, the decline was a little bit softer due to the good backlog that we have. The decline was materially lower than the reduction in order intake. Adjusted EBITDA reached EUR 92.5 million, 15.8%, - 20 basis points, confirming the group ability to preserve profitability in a lower volume environment. Cash generation was the stronger element of the semester. Net financial position reached approximately EUR 95 million net cash, improving by around EUR 77 million compared with March, after EUR 37 million were returned to the shareholder through dividends. Before moving to the commercial result, let me leave the floor to Margherita to share with you some info about new product and boat show. Thank you, Marco. First of all, looking in the near future, we are approaching one of the most important periods of the year for our industry. Our private preview in Monaco will officially open the European Boat Show season in September, followed by Cannes Yachting Festival and Monaco Yacht Show. These events represent a key moment to show our latest model, engage with clients, and convert the actual commercial pipeline into new orders. The demand remains healthy, negotiation are progressing, and we believe that the upcoming fall events will be very important to unlock the conversion opportunity that we are seeing right now in the pipeline. Before talking about the new launch, let me just highlight another important milestone that reflects the strength and uniqueness of Riva brand. We open new Riva lounges in Amalfi and Rovinj, further extending the brand into some of the world's most prestigious destination and creating, again, exclusive spaces where clients can meet and greet and feel at home. Moving to the latest product launch. This is a new Custom Line, Navetta 35. It was launched in this quarter 2026, but it was already presented at the end of 2025. We already sold four units, and this confirms the strong appreciation by the clients of this kind of new generation of made-to-measure yachts. We also presented and launched first Itama 70. It's another important milestone in the renewal of the Itama range. It was unveiled at Dusseldorf Boat Show at the beginning of the year, and the model just entered recently the water. This is technology advanced and design advanced, and strengthen, again, the Itama competitive brand's positioning over all the other brands in the industry. Moving to Pershing, we launched the first Pershing GTX90. This is the latest model that completes the GTX range and follows the 70 and the 80. It was, again, unveiled in Dusseldorf and represent, again, an important presence in the range 90, 100 foot, so the large composite, as we call it, and combines still a very high performance yacht, as Pershing is known to be, with more comfort, as the GTX series is meant to be. Finally, we launched a super yacht in the second quarter 2026, a full bespoke 70 meters in Ancona Supery acht, confirming our strength also in this very important segment, where we, just to remind you, produce both bespoke yacht and branded super yacht. I hand over the microphone again to Marco, that will walk you through the numbers. Gentlemen, before to go in the detail of the order intake by segment, by geography, and so on, we appreciate that the H1 performance reflect a slower conversion environment. The impact was primarily concentrated in larger contract, where negotiation and decision-making cycle are structurally longer and became more selective. Geopolitical uncertainty in MEA and greater customer caution in other markets also contributed to longer signing timelines. On the other hand, the current level negotiation remain significant, in line with last year figure, more than EUR 400 million, and broadly distributed across geographical areas. They provide a relevant pool of commercial opportunities, although the timing of conversion remain difficult to predict. Our focus is therefore on advancing this opportunity while maintaining pricing discipline and protecting the quality of the order book in view of the boat show season that will start soon. Talking about the segment. The order intake by segment, the performance was not uniform across the portfolio. Composite grew year-over-year, supported by seasonal demand in Europe, ahead the summer season, and by some recent product launches. Made to measure, instead, was affected by two factor. A particular strong comparison base in MEA region last year, and slower contract conversion in the current period due to regional tensions. In superyacht, negotiation remain at a very good level. However, order intake is also affected by the scarcity and available production slot, as the waiting list still extended toward the end of 2029. Let me elaborate a little bit more about superyacht. For example, you know that we are very, very rigid applying some rule about order intake. For example, in H2, we had some negotiation at a very advanced level. We signed some LOI secured by non-refundable deposit. We are talking about hundred of millions, but technically speaking, is not an order. We prefer to be consistent with our policy and not to show something that we will disclose in Q3. By geography, the H1 reflect different dynamics across the region. Europe remain an important contributor to order intake, although its year-over-year performance was affected by a demanding comparison base, which include two superyacht orders recorded in the H1 of 2025. MEA, instead, was mainly affected by local geopolitical tension, which delayed the finalization of some contract. AMAS reflect a more cautious customer approach with longer decision-making and signing timelines. However, the performance improve during the second quarter compared to Q1. APAC, is a good surprise. Continue to make a positive contribution. The weight is 12%, and we are quite happy of it. Let's move to the backlog. The backlog remain an important stabilizing factor for our business. The order backlog stood at approximately EUR 1.455 million at the end of June, broadly stable year-over-year following the delivery executed during the period. Net backlog was lower, reflecting the softer recent order intake and reduced superyacht component. For this reason, I want to share with you some more data about it. However, the portion of the net backlog allocated to 2026 is higher than at the same date last year. Considering revenues already delivered in the H1, net backlog scheduled for the remainder of the year, approximately EUR 900 million of 2026 revenues are already secured. Let's move to the net backlog breakdown, because it explain a lot about the dynamics of this company. The backlog evolution needed to be read together with the order intake dynamics discussed before. Looking across the portfolio, the most significant change versus last year is concentrating in superyacht with the dynamics that I shared with you a few minutes ago. We know that in this segment, the current order intake is influenced not only by the conversion timing, but also the limited availability of production slot. As I told you, there is some LOI signed already, and we are confident to announce it in Q3. If you look at the other two segment, you see that the net backlog is practically stable versus prior year, with a slight increase for both of the two segment. It's the first time that we share with you this kind of breakdown, but to provide you the confidence that we have in our business and give us the confidence to achieve what we declare as guidance in the rest of the year. If we move to the revenue by segment, the existing backlog, as I said before, mitigated the impact of the H1 order intake. The revenue reached approximately EUR 586 million and decline more moderately than order intake supported by the order collect in previous period. Made to measure remain stable year- on- year. Instead, the composite and superyacht were lower. Practically, is what we said, this reflect a different timing between a commercial activity that come first and financial performance. This change in order intake affect the backlog first, while existing backlog continue to sustain near-term revenues. In term of profitability, the group continue to preserve a solid margin profile. Adjusted EBITDA was EUR 92.5 million, compared with EUR 99.1 million in the H1 of 2025. The margin was affected by lower fixed cost absorption, reflecting the lower activity of the period. In addition, the commercial environment remain very competitive with pricing pressure no longer limited to smaller players, but increasingly visible across a broader portion of the market, including larger competitors. Operating discipline and the backlog mix limited the impact on the profitability. On the CapEx side, CapEx remain selective and align with the group strategic priority. In the H1, CapEx amounted to approx EUR 31 million and was primarily allocated to new product development. Capital allocation, in fact, continue to focus on product innovation and portfolio renewal. More broadly, the main capacity expansion cycle is carry out in the recent year is now substantially completed with a utilization rate of our shipyard producing a fiberglass boat at over 80%. We believe we confirm that the CapEx cycle, at least for the production facility at the moment, is stopped. That's the reason, the background, the rationale behind the decision to lower the CapEx forecast for 2026. In term of cash flow and the net financial position, cash generation was one of the strongest element of the H1. In line with our business, if you compare Q1 2025 and Q2 2025 with what we have is the same dynamics. The net financial position, as I said, was approximately EUR 95 million net of cash in June, improving by EUR 77 million compared with March. The improvement was driven by the seasonal release of net working capital associated with deliveries and by the reduction of composite inventory ahead of the summer season. Approximately EUR 37 million were returned to the shareholder through dividends during the period. The H1 cash performance reinforced the group financial flexibility and provide a solid foundation for the operating strategy priority. Two more words about net working capital. You see, we are back to the seasonal range. Last year was 17.5%, now we are slightly less than 15%, so we are in the range that we have in mind that is between 10% and 15%. For sure, we recover from the unexpected slowdown of sales in Q1, but the company was quite good in reacting promptly and be back on the right track of cash generation. I believe I conclude my presentation. Now is the time to share with you the annual guidance in detail. As we mentioned before, we revised the net revenues, even if we are secure for EUR 900 million, already secured. We revised in the range between EUR 1.2 billion and EUR 1.24 billion, with an EBITDA margin between 15.5% and 15.9%. CapEx lower by EUR 10 million, just postponing some decision that are not necessary anymore. I believe it's time for Q&A. I leave the floor to Margherita or to Stassi if you want to add something more. If not, let's go. No, I'm sure that the Q&A will. I think we're ready for Q&A. Okay. Let's go for Q&A. Yes, thank you for listening our H1 2026 results presentation. We're now ready for Q&A session. We will start with live question and later move on to the written question. The first question is from Adrien Duverger from Goldman Sachs. Adrien, go ahead. Hey, good afternoon, Mr. Anastassov, Mr. Zammarchi, and Margherita. Thank you very much for taking my questions. My first question would be on the U.S. market. Could you please comment on what you have seen throughout the H1? It seems that the second quarter has improved quite substantially in terms of order intake. Is that something that you see and expect continuing into the H2? My second question would be on the new guidance, and particularly regarding the adjusted EBITDA guidance. Are the lower numbers simply a reflection of a weaker top-line expectation, or is there something else embedded in your expectations? My last question would be on your CapEx guidance. You mentioned that you wanted to protect the cash position and the balance sheet, and you are postponing some investments. Could you please give us a bit more color? Also, is it a matter of delaying until you have, I suppose, a better idea of the strategy that you want to implement going forward? Thank you very much. Thanks. I will answer the first and leave the second to Marco. On the U.S., great question. I just spent two hours with our responsible for the U.S., Mr. Mileti, we do see improvements, but not at the level that would make me happy. What I mean by this is that sometimes you see improvements that are based on the market, based on somebody very smart in sales that are delivering better results. What I think that we need in the U.S. is to rethink how we organized our product portfolio, which models we will push harder, what specific innovation would we need there to unlock that market, and also another simple area, how do we actually reach the untapped potential of U.S.-based billionaires that are growing due to the so-called tech AI boom? Where are these people? Are they in Florida? Are they in Silicon Valley? Are they in the New York area? This is really a much more, I would say, a structural improvement in the U.S. that I will be looking for in the future versus a more opportunistic improvement and market-based improvement of the U.S. I would not really to speak to you about all the structural improvements yet, but there is going to be more to come about how we're going to make sure that the U.S. becomes a significantly larger contributor to our business versus what it is today. Marco? Sure. About the revised guidance on EBITDA, as we said, that we have to take into consideration two major factor that we see. The first one is less efficient fixed cost absorption. We, in other words, we put in place as normal some cost containment measures, but they are not enough to recover in efficiently or perfectly the reduction of the revenues. The second impact, as I mentioned before, we see that in the market there is some price pressure this year. The new is that is not coming only from smaller competitor, but also the larger one. We are projecting, as Stassi said, we are not intention to sell in discount, but in some cases, we have to take into consideration not to lose every opportunity in the market. This is simply the rationale behind the revision of the EBITDA margin. About CapEx, no, there is no any major changes. It was seen that we made some postponement of some industrial facility expansion that are not needed anymore because, as I said before, we have a utilization rate of our shipyard at 80%. We are quite happy to postpone to next year or when the necessity will come out. On the other end, we are looking for opportunities for the super yacht division because the slot are just six production slot and the production capacity is filled up at 100%. Nothing that will be reflected in CapEx in the short term. I hope it's clear, Adrien? Yes, very clear. Thank you very much, both. You're welcome. Second question is from Emanuele Gallazzi from Equita. Emanuele, go ahead. Hope you can hear me. Yes. Okay. Good afternoon, everybody. Just two questions from my side. One is a follow-up on the pricing pressure and on what you, Marco, said about the pricing pressure. I just would like to understand if it is something that you are also seeing on the made-to-measure segment, and basically, if you have seen, say, an increase in the price pressure through the year. The second one is still on the made-to-measure. You are mentioning longer negotiation in the current environment. Can you just elaborate a little bit more on this? What are your clients asking at this stage? Is it just a matter of pricing, say, or you can tell us? Let's say, the last one is on the order intake in July, if you can just provide any sort of details on July trend and inflection point in your main market. Thank you. Let me start again. On the pricing pressure, this is really one of the areas that I'm paying particular attention to. The way I look at it is relatively simple. Yes, we have pricing pressure. No, not in made to measure. More in the so-called middle range of our offering. One of the things that I am reviewing every day and in the design reviews with the product teams is we don't want to be willing to use the argument of pricing pressure ever again. We have seven brands, seven unique brands, and if you want a Rolex, you buy a Rolex. If you want to buy a Patek Philippe, you buy Patek Philippe. You don't buy a Hublot because it's cheaper. It's very important for us to be very clear about what each brand stands for, to be even more dogmatic on design language and premiumness and quality, so that we don't need to be in a situation where we still are today, where people are actually, in some cases, substituting some of our brands with a competitive brand that is being sold significantly cheaper. No made to measure and more to come to make us even less, call it affected by competitive discounting. Emanuele, I believe that Stassi has clarified the point one, and partially also your second question. Longer negotiation came out from the point that we said before. We are not selling discount. We have to spend more time to convince about the quality or the allure of our product. It takes more time. There are some other competitors that are offering their product, lowering their prices. It takes more time to convince them. We are still confident and very confident of the quality of our product. It's a matter of timing. You know better than me that providing discount, it take seconds to recover from this discount given, it takes years. We don't want to run any risk. The last question was about July order intake. July is not concluded because hopefully, I'm still expecting something today, but it was not bad. I would say good. We are over EUR 50 million order collected in this month that usually is not a brilliant one, but is a very good sign for us. Quite happy of this news. Thank you. Very clear. A question from Natasha Brilliant from UBS. Natasha, go ahead. Thank you very much for taking my questions. I've got three. The first question is, you talked about some of the changes you're looking at in the U.S. specifically, as you look at the whole group overall and the whole portfolio of brands, the whole business, do you think it's the right mix? Do you think it's the right setup for your customers? Internally, do you think the right sort of incentivization structures are in place? That's the first question. Second question is, does the current environment change your capital allocation priorities at all? Perhaps you could just give us an update on your latest thoughts there. My last question is, I believe there was a court hearing on July the 23rd with a challenge launched by KKCG. If you can give us any comments on the outcome of that or any other color, that would be very helpful. Thank you. Let me start by the first one. The strategy that this company has been pursuing, or I call it the business model, is incredibly powerful, and obviously this was invented already by Norberto Ferretti. Multi superior brands, all with their own equity, all with own leadership. They even in the beginning had their own CEOs or general managers, or I don't remember exactly in Italian how they used to call them. This is the most classical, successful way to manage a luxury business, whether that's some of the high luxury competitors or even a company like Procter & Gamble. Ultimately, that model requires an amazingly disciplined execution around the brands when it comes to the gates required to get a new model out, the design language, the consistency, the quality, and so on. My job is not to change that model. We're pretty much where we are with the seven brands. We could be eight, we could be six. We really need to become For example, you have not been told anything about brands in this presentation. It's all composite here, CRN made to measure. We have not talked brands. We've shown you a lot of beautiful pictures. In the future, I would be looking at brand performance, portfolio performance by brand, including how do we actually grow each of the brands with accountability for the different brands. Clearly, that's what you may call it a change, because maybe it's a change against the way we've been presenting ourselves more recently. I don't really think that this is a real change against the way this company was thought about and created in the first place. That is what I call delivering a better execution against the business model we already have. Geographically, I'm a great believer in feed the big first. Clearly, regions like making sure we continue to be strong in Europe, making sure we have a real business model that is structurally going to make some changes in the way we do business in the U.S., and securing that when the uncertainty in the Middle East eases, that we'll be the first group to be there as an option for the many buyers and future owners of the group. This is my thinking on the model. Will there be any changes in prioritization? I'll be guided by shareholder return and return on capital, of course. There may be some internal reshuffling but that is the way I look at the business model today and what we're doing and what we'll be doing for the future as well. Marco? I believe that you have answered. Have I answered? Just the KKCG. The KKCG. Sure. There was a court hearing on the 23rd of July, and we're expecting some of the, call it, decisions to be made and announced, could come any time this week or next week. My take is whatever we're presenting to you, and whatever we are saying is our priority and what we're going to do, this is pretty much what the business demands. This is, in my view, not something dictated by a board or by a specific shareholder. This is dictated by the market environment, the business, the brands we have. All our shareholders, I actually am just coming out of a board meeting today, and we have minority board representation. We have a KKCG representative of the board We have a great group of board members representing the broader shareholders, and they all are long-term shareholders, and they all want the company to do well, and they all want the stock price to be significantly higher than what it is today. From a pure business and shareholder support standpoint, the business has some opportunities, and we're addressing them forcefully and with a sense of urgency. Super, thank you. If I could just come back on the question about capital allocation and priorities, just whether anything's changed given the current environment. I know in the past the company's talked about M&A or shareholder returns. Just any quick thoughts on that, if you can? Sure. Very, very happily to do that. I was reviewing with the finance team today our returns on capital, and we have some way to go to be better and among the best, and obviously, capital spend, return on capital, is a key driver of any business and for any investor. We are going to really be focused on getting superior returns because, remember I mentioned to you that we need to make sure that the back end of this engine that is ready for more orders, ready for more bigger businesses in North America or even in Riva, where I believe we could do much, much better. We now need to turn on the commercial machine to really drive order intake. The way I judge acquisitions, because I know that I'm going to get this answer, so I may preempt it is, i s it really going to drive our business? Is it going to improve the return on capital? Two, is it really strategically needed, or is it more the same? Will it open something totally new as if the answer of question number one is yes? There is the other one that is, d o we have the organization capability and capacity to absorb that acquisition potentially, without diluting our efforts or distracting ourselves from the base business? Every opportunity goes through the same lens. Every single one of them, no matter whether this is a new idea or any of the ideas that you are reading about in the newspapers today. I hope it has answered your question. It has. Thank you very much. A question from Niccolò Storer from Kepler. Niccolò, go ahead. Can you hear me? Yes. Yeah. Okay. Thanks. My first question is again on capital allocation and basically if you are currently reviewing The Italian Sea Group dossier, how does this square, if yes, of course, with your downward revisions to CapEx? Second question and last question actually is a clarification about the LOIs you said you signed. I was wondering if those were referred just to superyachts or if it was, let's say, more of a general comment. Thank you. Niccolò, on capital allocation, okay, you heard about what Stassi said in general terms. If you are referring to The Italian Sea Group, The Italian Sea Group has a lot of assets to be taken into consideration. They have facilities, they have brands, they have some talents there. I believe we have to look at it carefully, but we are not in a hurry. They have just started. I've seen some competitors that they already announced a notable action, but I don't believe we are in this situation. The process, you know better than me, is quite long. We are looking the file. Everyone is looking the file. If you look at the press agencies, every player in this market say, "Oh, I'm interested." Everyone is interested. There are two, maybe three wonderful locations. There are some things that deserve to look at there. Second question about LOI. I was talking specifically about superyacht because it was the comment related to superyacht. We are talking about a couple of projects secured by letter of intent, by non-refundable deposit. Our team is working to define the technical specs that for a superyacht is over 200 pages, so I believe they have to work the full month of August to secure this order. It's just a matter of timing. I actually would like to add something. The process, as Marco says, every single person that is serious in yachting that has any cash should look at The Italian Sea Group. Obviously, there are so many negative things that are being communicated and so on. Ultimately, this is a very, very good asset. There are some amazing things in that group, and the founders have done some really great things. It's not only bad. The question is, for which company does it make most sense, and which assets do make the most sense? It's a typical situation where everybody should look at it, and frankly, nobody is really late because this is such a big deal, and it's so complicated, and you never know which coalitions and how they'll come out and so on, and there are many great speculations about it. Ultimately, there'll be a few people that will own this business or own part of it. Some of them will really do a great deal if they've made their homework properly, and others may actually struggle. The point is really how quickly you're there, how quickly you make announcements about it, and so on. The point is, have you done your homework, and are you going to be there when somebody will really show their colors for that business? Okay, last question from Yawen Gao from CICC. Yawen, go ahead. Thank you. Maybe it's a bit earlier, but would be very appreciate if you could share any color into 2027, or should we expect maybe everything is go back to 2025 level in 2027? Thank you. Could you repeat the question? I'm really sorry. Oh, yeah. There was a glitch here technically. Sure. I am asking about your guidance and outlook into 2027, I understand maybe it is a bit earlier for you to comment or a detail, just wondering, do you think we should maybe back to 2025 level in terms of the top line and bottom line in 2027? Look, I do understand the question now. It is frankly, even if I wanted to answer, it would be very difficult because there are so many variables that we have to deal with. The only thing I can tell you that internally, when it comes to portfolio, work for new models, after sales, on-time delivery, strength of the commercial team, and so on, by 2027, we should at least internally be ready for growth. Whether we can promise any growth or going back to 2025 or whatever it is, it is impossible. Certainly, as I mentioned also in my prepared remarks, we are not waiting for geopolitical conditions to become better. We are strengthening our company to be ready and become stronger. Understood. Thank you. I have one last written question. Actually, two. The first one is why the order intake in superyacht was zero. If we can comment on the working capital being at 15% of sales, so higher than historical average. Okay, let me answer to the order intake of superyacht. In our company, we have six production slots for superyacht, fully booked for 2026 and 2027. To cut short the long story, when a customer approach us, it was on top of the construction time that usually is over 36 months, in some cases, also five years, we had to add a waiting list. The waiting list, I am not saying that it is over, but it is shorter. We are finalizing some deal, as I mentioned twice during the call. On top of that, as we said, the part of the expansion is we are looking for opportunities in expanding the capacity of superyacht division. We don't see a major concern on this area, especially because the revenues projected for 2026 are 100% secured. I could say that over 95% are secure also for 2027. It's a process. The cycle is completely different because composite yacht, the production cycle is maximum five months. For the made-to-measure, it's 18 months. For super yacht, minimum is 30 months. The mechanism from the order intake to revenues is completely little different. For the working capital, I heard that is higher than before or no, because if I compare the seasonality of the company, last year it was 17.5%, and now we are 14.9%. What is abnormal, as we said, and we admit it, was the Q1 2026, because it was an unexpected slow order intake in Q1. The company, through its discipline, that every week revise the production level. We slow down some lines, we speed up the other one, we sell some units. We are in the range that we consider, after COVID, our comfort zone between 10% and 15%. Again, for three reason. It's the component of the super yacht that is negative, the component of made-to-measure that is between -3% and +3%, and the biggest component is the composite yacht that is as an average between 20% and 25%, and because the boat must be ready for delivery in the season. I don't see any exceptional item or exceptional indication from this component in Q2. Okay, there are no more questions. Thank you all. Have a good day. Thank you very much. I hope to see several of you in Cannes or Monte Carlo, where we're going to be selling yachts together. Thank you so much. Bye