Half Year 2026 Racing Force SpA Earnings Call

September 30, 2026

Paolo Delprato: The Racing Force Group Management Call on our H1 2026 results. I am Paolo Delprato, Chairman and Group CEO. With me is Roberto Ferroggiaro, our Group CFO and Investor Relator. The agenda is as follows. I will start with an overview of the H1 and our main strategic highlights. Roberto will then take you through the financial results in detail. After that, I will come back for an update on our multiple projects and for the outlook on 2026 and 2027. Then we will be happy to take your questions with a Q&A session. Let me start with the headline. H1 2026 was the best H1 in the history of the group. Sales reached EUR 46.8 million, up 19.1% on last year and 21.2% at the constant exchange rates. On a last 12-month basis, we are now at EUR 80.6 million, an all-time high.

Speaker #1: The Racing Force Group management call on our first half 2026 results. I'm Paulo Del Prato, Chairman and Group CEO. With me is Roberto Perugiaro, our Group CFO and Investor Relator.

Speaker #1: The agenda is as follows: I will start with an overview of the AUX and our main strategic highlights. Roberto will then take you through the financial results in detail, and after that, I will come back for an update on our Medipol projects and for the outlook on 2026 and 2027.

Speaker #1: And then we will be happy to take your questions with a Q&A session. So let me start with the headline: H1 2026 was the best first half in the history of the group.

Speaker #1: Sales reached €46.8 million, up 19.1% on last year, and 21.2% at constant exchange rates. On a last 12-month basis, we are now at €80.6 million, an all-time high.

Speaker #1: The growth carried through to profitability. EBITDA was €10.2 million, up 22.7%, with the margin improving to 21.7% from 21.1%. Net income grew even faster, up 40%, to €5.9 million at a 12.7% margin.

Paolo Delprato: The growth carried through the profitability. EBITDA was EUR 10.2 million, up 22.7%, with the margin improving to 21.7% from 21.1%. Net income grew even faster, +40%, to EUR 5.9 million, a 12.7% margin. Cash flow from operation was EUR 5.1 million compared with EUR 7.6 million a year ago. This mainly reflects the build up in working capital, and Roberto will explain it in a moment. Net financial position was EUR 9.1 million compared with EUR 7.8 million at year end, and it already includes the dividend payment. CapEx came down to EUR 3.7 million now that our investment plan is complete. On the dividend, we distributed EUR 2.6 million, 9.5 cents per share, a 42% payout. That brings the total return to shareholders over the last five years to EUR 11.4 million. We see it as a clear sign of our commitment to growth that is both profitable and sustainable.

Speaker #1: Cash flow from operations was $5.1 million, compared to $7.6 million a year ago. This mainly reflects the build-up in working capital, and Roberto will explain it in a moment.

Speaker #1: Next, financial position was €9.1 million, compared with €7.8 million at year-end, and it already includes the dividend payment. Capex came down to €3.7 million, now that our investment plan is complete.

Speaker #1: On the dividend, we distributed €2.6 million, 9.5 cents per share, a 42% payout. That brings the total return to shareholders over the last 5 years to €11.4 million.

Speaker #1: We see it as a clear sign of our commitment to growth that is both profitable and sustainable. Beyond the numbers, the AUX delivered several important milestones.

Paolo Delprato: Beyond the numbers, the H1 delivered several important milestones. First, capacity. The expansion projects in Ronco Scrivia and in Bahrain are complete, and H1 2026 is the first period to benefit from the new production capacity. That capacity is what allows us to support growth at these rates. Second, resilience. After the conflict in the Middle East began on 28 February, our teams rerouted the logistics very quickly. Alternative shipping routes are now fully operational, and so far, the impact on the business has been very limited. Third, Formula One. In 2026, we equip two F1 teams, including the Mercedes-AMG PETRONAS F1 Team, which is currently leading both the Drivers' and Constructors' Championships. There is no better showcase for our products, clearly. Fourth, Zeronoise. This technology is increasingly present in motorsport. Driver's Eye camera is used in Formula One, Formula E, and IndyCar.

Speaker #1: First, capacity: the expansion projects in Roncoscrivia and in Bahrain are complete, and H1 2026 is the first period to benefit from the new production capacity.

Speaker #1: That capacity is what allows us to support growth at these rates. Second, resilience: after the conflict in the Middle East began on February 28, our teams rerouted the logistics very quickly. Alternative shipping routes are now fully operational, and so far the impact on the business has been very limited.

Speaker #1: Third, Formula One: In 2026, we equip two F1 teams, including the Mercedes-AMG Petronas F1 Team, which is currently leading both the Drivers' and Constructors' Championships.

Speaker #1: There is no better showcase for our products, clearly. Fourth, zero noise: its technology is increasingly present in motorsport. The Driver's Eye camera is used in Formula One, Formula E, and IndyCar, and in IndyCar we have a multi-year partnership with Fox Sports, with which we are exploring other applications in other sports.

Paolo Delprato: In IndyCar, we have a multi-year partnership with Fox Sports, with which we are exploring also other application in other sports. Fifth, North America. We opened a new facility in Corona, California to support our growth strategy in what is now our fastest growing region. Finally, the multiple projects are progressing as planned and laying the groundwork for significant growth from 2027. I will come back to them shortly.

Speaker #1: Fifth, North America: we opened a new facility in Corona, California, to support our growth strategy in what is now our fastest-growing region. Finally, the Medipol projects are progressing as planned and laying the groundwork for significant growth from 2027.

Speaker #1: I'll come back to them shortly. With that, I'll hand over to Roberto for the financial results. Roberto, please.

Paolo Delprato: With that, I will hand over to Roberto for the financial results. Roberto, please.

Speaker #2: Thanks, Paulo. And good morning, everyone. Let's start with a quick overview on sales. In the first half of 2026, sales reached €46.8 million, up 19.1% compared to the first half of 2025.

Roberto Ferroggiaro: Thanks, Paolo, and good morning, everyone. Let's start with a quick overview on sales. In the H1 2026, sales reached EUR 46.8 million, up 19.1% compared to the H1 2025. At constant foreign exchange rates, growth stood at 21.2%. The Q2 confirmed the pace set in the Q1, with revenues of EUR 22.5 million and growth of 20.3%. The growth in the half year confirms the trend started in the H2 2025, driven by the introduction of the new FIA national homologation standards and by an order intake from customers, which remained solid throughout the period. These results were achieved in a macroeconomic environment still characterized by significant uncertainty with high geopolitical instability, mainly due to the conflict in the Middle East.

Speaker #2: At constant foreign exchange rates, growth stood at 21.2%. The second quarter confirmed the pace set in the first one, with revenues of €22.5 million and growth of 20.3%.

Speaker #2: The growth in the half-year confirms the trend started in the second half of 2025, driven by the introduction of the new FIA National Homologation Standards and by an order intake from customers, which remained solid throughout the period.

Speaker #2: These results were achieved in a macroeconomic environment still characterized by significant uncertainty, with high geopolitical instability, mainly due to the conflict in the Middle East.

Speaker #2: Revenue for the last 12 months as of June 30, 2026 reached $80.6 million, approximately 20% above the previous 12 months and the highest level ever recorded in the group's history.

Roberto Ferroggiaro: Last 12 months revenue as of 30 June 2026, reached EUR 80.6 million, approximately 20% above the previous 12 months and the highest level ever recorded in the group's history. Since 2021, the year of the listing on Euronext Growth Milan, sales have registered a new record in each semester compared to the prior year. Moving to the details of sales across the main dimension we use for our analysis, the main message here is that growth was spread across all product segments, all geographies, and all distribution channels. In terms of product categories, drivers equipment increased by EUR 5.3 million, plus 17.9%, and represents 75% of total sales. The main contributors were, once again, the helmets, up 23.5%, which continued to capitalize on the momentum of the new homologation standards, and OMP brand suits, up 20.3%, whose visibility in the main international championship is translating into steady market share gains.

Speaker #2: Since 2021, the year of the listing on Euronext Growth Milan, sales have registered a new record in each semester compared to the prior year.

Speaker #2: Moving to the details of sales across the main dimension wheels for our analysis, the main message here is that growth was spread across all product segments, all geographies, and all distribution channels.

Speaker #2: In terms of product categories, driver's equipment increased by €5.3 million, up 17.9%, and represents 75% of total sales. The main contributors were once again the helmets, up 23.5%, which continued to capitalize on the momentum of the new homologation standards, and OMP brand suits, up 20.3%.

Speaker #2: Whose visibility in the main international championship is translating into steady market share gains. Car parts returned to growth with an increase of €0.6 million, plus 9%, thanks to the progressive recovery during the second quarter of the delays accumulated in previous months.

Roberto Ferroggiaro: Car parts returned to growth with an increase of EUR 0.6 million, plus 9%, thanks to the progressive recovery during the Q2 of the delays accumulated in previous months in the production programs of some major racing car manufacturers. If you remember, this is exactly the positive contribution we anticipated when we commented on the full year 2025 results. The other segment kept growing at a strong pace, plus EUR 1.6 million, which is plus 58.2%. There are two main drivers here. First, the multi-year supply of Racing Spirit branded apparel. The brand is up 97.8% in the six months. Second, the delivery of the second batch of HPS Riot helmets to the Dutch Ministry of Justice and Security, which took place in the Q1.

Speaker #2: In the production programs of some major racing car manufacturers—if you remember, this is exactly the positive contribution we anticipated when we commented on the full-year 2025 results.

Speaker #2: The other segment kept growing at a strong pace, plus €1.6 million, which is up 58.2%. There are two main drivers here. First, the multi-year supply of Racing Spirit branded apparel. The brand is up 97.8% in the six months.

Speaker #2: Second, the delivery of the second batch of HPS right helmets to the Dutch Ministry of Justice, which took place in the first quarter. And even excluding the multi-year supply, Racing Spirit Blend alone still grew by €0.3 million, that is plus 45.8%, thanks to higher sales in the yachting sector and to corporate customers in other industries.

Roberto Ferroggiaro: Even excluding the multi-year supply, Racing Spirit brand alone still grew by EUR 0.3 million, that is, plus 45.8%, thanks to higher sale in the yachting sector and to corporate customers in other industries. In terms of geographical areas, EMEA remains our most significant market, with 62% of total sales and growth of EUR 2.3 million, plus 8.5%, further consolidating the group's leadership position. The Americas are the growth engine of the period, with revenues that reached EUR 13.1 million, an increase of EUR 3.8 million, equal to 41.4% at current exchange rates, which becomes plus 50.3% at constant exchange rates. The region now accounts for 28% of total sales. These results reflect the constant strengthening of our brands in the main American championships, with growing appreciation for both OMP driver's equipment and the helmets.

Speaker #2: In terms of geographical areas, EMEA remains our most significant market, with 62% of total sales and growth of €2.3 million, up 8.5%, further consolidating the group's leadership position.

Speaker #2: The Americas are the growth engine of the period, with revenues that reached €13.1 million and an increase of €3.8 million, equal to 41.4% at current exchange rates, which becomes plus 50.3% at constant exchange rates.

Speaker #2: The region now accounts for 28% of total sales. These results reflect the constant strengthening of our brands in the main American championships, with growing appreciation for both OMP driver's equipment and the helmets.

Speaker #2: Asia-Pacific recorded sales of €4.9 million, up €1.4 million, plus 39.8%, accounting now for 10% of total group sales. The growth was reported across all the main countries of the area, and particularly in the Australian market, where we are leader due to a different procurement plan by a primary dealer compared to the prior period.

Roberto Ferroggiaro: Asia Pacific recorded sales of EUR 4.9 million, up EUR 1.4 million, +39.8%, accounting now for 10% of total group sales. The growth was reported across all the main countries of the area, and particularly in the Australian market where we are leader, due to a different procurement plan by primary dealer compared to the prior period. With regards to sales channels, revenue from dealers amounted to EUR 26 million, equal to 56% of total sales, with growth of EUR 3.4 million, +15.2%. Sales to teams and car manufacturers increased by EUR 2.3 million, +22%, supported by the technical partnership agreements in place in the main world championships and national competitions. Customers classified as other recorded growth of EUR 1.8 million, +27.9%, mainly thanks to the contribution of Racing Spirit branded products. Moving to the next slide, number seven, on gross profit.

Speaker #2: With regard to sales channels, revenue from dealers amounted to €26 million, equal to 56% of total sales, with growth of €3.5 million, plus 15.2%.

Speaker #2: Sales to teams and car manufacturers increased by 2.3 million, plus 22%, supported by the technical partnership agreements in place in the main world championships and national competitions.

Speaker #2: Customers classified as "other" recorded growth of €1.8 million, up 27.9%, mainly thanks to the contribution of Racing Spirit branded products. Moving to the next slide, number 7, on gross profit: gross profit in the first half of 2026 amounted to €29.2 million, with an increase of €4.7 million compared to the first half of 2025, equal to a 19% increase, which is entirely driven by volumes.

Roberto Ferroggiaro: Moving to the next slide, number seven, on gross profit. Gross profit in H1 2026 amounted to EUR 29.2 million, with an increase of EUR 4.7 million compared to H1 2025, equal to +19%, which is entirely driven by volumes. The gross margin on sale was 62.5%, substantially in line with the marginality of H1 2025. The stability of the percentage margin is the result of two offsetting effects. On one side, a positive contribution from product mix, with the growth of helmets and driver's equipment, and from pricing. On the other side, cost inflation on raw materials, which we have been able to pass on to sales prices almost entirely.

Roberto Ferroggiaro: Gross profit in H1 2026 amounted to EUR 29.2 million, with an increase of EUR 4.7 million compared to H1 2025, equal to +19%, which is entirely driven by volumes. The gross margin on sale was 62.5%, substantially in line with the marginality of H1 2025. The stability of the percentage margin is the result of two offsetting effects. On one side, a positive contribution from product mix, with the growth of helmets and driver's equipment, and from pricing. On the other side, cost inflation on raw materials, which we have been able to pass on to sales prices almost entirely.

Speaker #2: The gross margin on sales was 62.5%, substantially in line with the marginality of the first half of 2025. The stability of the percentage margin is the result of two offsetting effects: on one side, a positive contribution from product mix, with the growth of helmets and drivers’ equipment, and from pricing.

Speaker #2: On the other side, cost inflation on raw materials, which we have been able to pass on to sales prices almost entirely. Also, the first half of 2026 is the first period in which the group fully benefits from the new production and logistics structure.

Roberto Ferroggiaro: Also, H1 2026 is the first period in which the group fully benefits from the new production and logistics structure following the completion of the investment plan in autumn 2025, which also brought a positive contribution to marginality. Next slide, number eight, is on EBITDA. EBITDA amounted to EUR 10.2 million, up from EUR 8.3 in H1 2025, with growth of EUR 1.9 million, equal to +22.7%. This is the highest EBITDA that the group has ever reported in a single half year. The EBITDA margin on sales was 21.7%, 60 basis points better than the 21.1% of H1 2025, due to the following factors: A gross margin increase in absolute value of EUR 4.7 million, as described before, that was partially offset by higher selling and distribution expenses and higher G&A.

Speaker #2: Following the completion of the investment plan in autumn 2025, which also brought a positive contribution to marginality. Next slide, number 8, is on EBITDA.

Speaker #2: EBITDA amounted to €10.2 million, up from €8.3 million in the first half of 2025, with growth of €1.9 million, equal to 22.7%.

Speaker #2: This is the highest EBITDA that the group has ever reported in a single half-year. The EBITDA margin on sales was 21.7%, six basis points better than the 21.1% of the first half of 2025, due to the following factors: a gross margin increase in absolute value of €4.7 million, as described before, that was partially offset by higher selling and distribution expenses, and higher G&A.

Speaker #2: Selling and distribution expenses increased by €1.7 million, from €5.7 million to €7.4 million, mainly due to the higher number of technical partnership agreements in place during the period, freight out linked to the higher volumes of sales, higher royalties—which grew, again, in line with revenues—and higher costs linked to radio communication services provided by Zero Knowledge Communication Services in H1 2026.

Roberto Ferroggiaro: Selling and distribution expenses increased by EUR 1.7 million from EUR 5.7 to EUR 7.4 million, mainly due to the higher number of technical partnership agreements in place during the period to freight out linked to the higher volumes of sales, higher royalties, which grew again in line with revenues, and higher costs linked to radio communication services provided by Zeronoise Communication Services in H1 2026. General and administrative expenses increased by EUR 1.1 million from EUR 11.4 to EUR 12.5 million, mainly due to the increase in the average number of employees across the group's main operating sites, +93 on average compared to H1 2025, following introduction already starting from H2 2025 of specialized technician and production profiles supporting the expected growth both in motorsport and in the defense industry.

Speaker #2: General and administrative expenses increased by €1.1 million, from €11.4 million to €12.5 million, mainly due to the increase in the average number of employees across the group's main operating sites—plus 93 on average compared to the first half of 2025—following the introduction, already starting from the second half of 2025, of specialized technician and production profiles supporting the expected growth both in motorsport and in the defense industry.

Speaker #2: Compared to the end of December 2025, headcount increased by 21 people, in line with our expectations. Next slide, number 9, is on net income.

Roberto Ferroggiaro: Compared to the end of December 2025, headcount increased by 21 people, in line with our expectations. Next slide, number 9, is on net income. Net income passed from EUR 4.2 million in the H1 2025 to EUR 5.9 million in the H1 2026, an increase of EUR 1.7 million equal to +40.1%, with a net income margin on sales of 12.7% against 10.8% last year, so 190 basis points better. The increase compared to prior year is mainly due to EUR 1.9 million higher EBITDA and to EUR 0.5 million lower net finance costs, partially offset by EUR 0.6 million higher depreciation and EUR 0.1 million higher taxes.

Speaker #2: Net income increased from €4.2 million in the first half of 2025 to €5.9 million in the first half of 2026, an increase of €1.7 million, equal to plus 40.1%. The net income margin on sales was 12.7%, compared to 10.8% last year, so 190 basis points better.

Speaker #2: The increase, compared to the prior year, is mainly due to €1.9 million higher EBITDA and €0.5 million lower net finance costs, partially offset by €0.6 million higher depreciation and €0.1 million higher taxes.

Speaker #2: Regarding finance costs, net financial expenses in H1 2026 were €0.5 million, compared to €1 million in the first half of 2025, mainly due to the fact that last year's figures were affected by unrealized foreign exchange losses on intra-group balances.

Roberto Ferroggiaro: On finance costs, net financial expenses in H1 2026 were EUR 0.5 million against EUR 1 million of the H1 2025, mainly due to the fact that last year's figures were affected by unrealized foreign exchange losses on intragroup balances. On depreciation, the increase from EUR 1.9 million to EUR 2.5 million is the expected consequence of the completion of the investment plan as the new assets in Ronco Scrivia and Bahrain as well entered into operation and are now being depreciated together with the continuous investments in R&D. Let's move to slide number 10, which is about CapEx and net working capital. In the H1 2026, the group invested EUR 3.7 million in total in CapEx against EUR 6.8 million in the H1 2025.

Speaker #2: On depreciation, the increase from €1.9 million to €2.5 million is the expected consequence of the completion of the investment plan, as the new assets in Roncos Crivia and Bahrain, as well, entered into operation and are now being depreciated, together with the continuous investments in R&D.

Speaker #2: Let's move to slide number 10, which is about capex and networking capital. In the first half of 2026, the group invested €3.7 million in total in capex, compared to €6.8 million in the first half of 2025.

Speaker #2: Capex is almost back to recurring levels: €3.1 million of recurring investments, and only €0.6 million of non-recurring capex, following residual spending on the quarter expansion, compared to €4.3 million of non-recurring capex in H1 2025.

Roberto Ferroggiaro: CapEx is almost back to recurring levels, EUR 3.1 million of recurring investments and only EUR 0.6 million of non-recurring CapEx following residual spending on the quarter expansion against the EUR 4.3 million of non-recurring CapEx in H1 2025. This confirms what we said at the beginning of the year. The investment plan launched at the end of 2022 is completed, and from 2026 onwards, investments are back to a physiological level in the region of 5% to 6% of sales, including the R&D component related to both motorsport and the defense industry. Within the EUR 3.1 million recurring CapEx, about 50% is capitalized R&D, in fact, and 50% is related to tangible assets.

Speaker #2: This confirms what we said at the beginning of the year: the investment plan launched at the end of 2022 is completed, and from 2026 onwards, investments are back to a physiological level in the region of 5 to 6 percent of sales, including the R&D component, related to both motorsport and the defense industry.

Speaker #2: Within the €3.1 million recurring capex, about 50 percent is capitalized R&D, and 50 percent is related to tangible assets. Regarding capitalized R&D, €0.9 million is for the homologation of new products for motorsport, including the new FHR, Frontier Head Restraint system, and €0.7 million is related to development for Millipole projects, expected to be completed between the end of 2026 and the first part of 2027.

Roberto Ferroggiaro: About capitalized R&D, EUR 0.9 million is for the homologation of new products for motorsport, including the new FHR, Frontal Head Restraint system, and EUR 0.7 million is related to development for multiple projects expected to be completed between the end of 2026 and the first part of 2027. Tangible CapEx of the first six months mainly relates to investments in plant machinery and equipment, mainly in Bahrain, to increase the production capacity of helmets for motorsport and defense. Moving to net working capital. At the end of June, it stands at EUR 34.2 million, EUR 5.5 million higher than the EUR 28.7 million at December 2025. This is mainly driven by a seasonal dynamic, and it is explained by three factors.

Speaker #2: Tangible capex for the first six months may relate to investments in plant, machinery, and equipment—mainly in Bahrain—to increase the production capacity of helmets for motorsport and defense.

Speaker #2: Moving to networking capital, at the end of June it stands at €34.2 million, €5.5 million higher than the €28.7 million at December 2025.

Speaker #2: This is mainly driven by a seasonal dynamic, and it is explained by three factors. First, trade receivables increased by €4.5 million, from €13 million to €17.5 million.

Roberto Ferroggiaro: First, trade receivables increased by EUR 4.5 million from 13 to EUR 17.5 million, reflecting the seasonality of turnover with higher sales in the first part of the year, and also a slight increase in average collection days, which is related to a limited number of contracts with leading car manufacturers and very top teams in motorsport. With some of them, we have also payable position arising from technical partnership agreements that will be compensated by year-end. Also, the most important part of the outstanding receivables has already been collected since 30 June, and we expect the remaining in the coming months. Second point is inventory.

Speaker #2: Reflecting the seasonality of turnover, with higher sales in the first part of the year, and also a slight increase in average collection days, which is related to a limited number of contracts with leading car manufacturers and very top teams in motorsport.

Speaker #2: With some of them, we also have payable positions arising from technical partnership agreements that will be compensated by year-end. Also, and most importantly, part of the outstanding receivables has already been collected since June 30, and we expect the remaining in the coming months.

Speaker #2: Second point is inventory. That was substantially flat as a result of the combination of the reduction of finished goods and work in progress of €1.1 million, consistent with the seasonality of the business, offset by the growth in raw materials of €1.2 million, following our decision to bring forward, in the first half of 2026, the procurement of materials for next season's production.

Roberto Ferroggiaro: That was substantially flat as a result of the combination of the reduction of finished goods and work in progress of EUR 1.1 million, consistent with the seasonality of the business, offset by the growth in raw materials of EUR 1.2 million, following our decision to bring forward in H1 2026 the procurement of materials for next season's production. In detail, this increase in raw materials mainly relates to fabrics. The goal here is to anticipate in Q3 and Q4 the production of standard suits for the next season, so we can free up production capacity at the beginning of 2027 for manufacturing custom suits, when demand from teams and drivers will peak ahead of the start of the new racing season, and thanks to the new agreements we have in the pipeline.

Speaker #2: In detail, this increase in raw materials mainly relates to fabrics. The goal here is to anticipate in Q3 and Q4 the production of standard suits for the next season, so we can free up production capacity at the beginning of 2027 for manufacturing custom suits, when demand from teams and drivers will peak ahead of the start of the new racing season, and thanks to the new agreements we have in the pipeline.

Speaker #2: The first sector explained that the variance in networking capital is trade payables, which decreased by €1 million, from €15.4 million to €14.4 million, mainly as a result of the payments related to the procurement carried out at the end of the previous fiscal year, reflecting as well the seasonality.

Roberto Ferroggiaro: The third factor explaining the variance in net working capital is trade payables, which decreased by EUR 1 million from 15.4 to 14.4, mainly as a result of the payments related to the procurement carried out at the end of the previous fiscal year, reflecting as well the seasonality. Next slide, number 11, is on cash flow and net financial position. Cash flow from operations was EUR 5.1 million in H1 2026 against the EUR 7.6 million in H1 2025. About this variance, I want to highlight that the underlying trend is stronger than the headline. Cash flow generated by operating activities before changes in net working capital was EUR 1.2 million, up from EUR 8.4 million last year, so +EUR 1.8 million, fully consistent with the growth in the EBITDA.

Speaker #2: Next slide, number 11, is on cash flow and net financial position. So, cash flow from operations was €5.1 million in the first half of 2026, compared to €7.6 million in the first half of 2025.

Speaker #2: Regarding this variance, I want to highlight that the underlying trend is stronger than the headline. Cash flow generated by operating activities before changes in networking capital was €10.2 million, up from €8.4 million last year, so plus €1.8 million, fully consistent with the growth in EBITDA.

Speaker #2: The difference comes from net working capital, which absorbed €5.5 million in the half year, against the positive contribution of €0.8 million in the first half of 2025.

Roberto Ferroggiaro: The difference comes from net working capital, which absorbed EUR 5.5 million in the half year against the positive contribution of 0.8 in H1 2025. As explained in the previous slide, this absorption is linked to the growth in sales and is largely a timing effect. On one side, receivables from leading car manufacturers and top teams, which we expect to collect and have, in part, already collected in the H2 of the year. On the other side, raw materials purchases in advance for next season's production. For both reasons, we expect net working capital, and therefore operating cash flow, to progressively improve over the coming months. With the investment plan now completed, our focus for 2026 and the following years is to maximize free cash flow after CapEx. Far as strengthening the group's financial position and value creation.

Speaker #2: As explained in the previous slide, this absorption is linked to the growth in sales, and this is largely a timing effect. On one side, there are receivables from leading car manufacturers and top teams, which we expect to collect—and have in part already collected—in the second half of the year. On the other side, there are raw materials purchased in advance for next season's production.

Speaker #2: For both reasons, we expect net working capital and, therefore, operating cash flow to progressively improve over the coming months. With the investment plan now completed, our focus for 2026 and the following years is to maximize free cash flow after CapEx, further strengthening the Group's financial position and value creation.

Speaker #2: The net financial position at the end of June is 9.1 million euros, against 7.8 million at the end of December 2025. The increase of 1.3 million euros is mainly due to 5.5 million euros of networking capital absorption, as described, 3.7 million euros of capex, 2.6 million euros of dividends paid to shareholders in May 2026, net of the 10.2 million euros of EBITDA generated in the half year, assuming as a simplification EBITDA equal to cash, with the residual difference due to leases, interest, and other minor items.

Roberto Ferroggiaro: The net financial position at the end of June is EUR 9.1 million, against EUR 7.8 million at the end of December 2025. The increase of EUR 1.3 million is mainly due to EUR 5.5 million net working capital absorption, as described, EUR 3.7 million CapEx, EUR 2.6 million dividends paid to shareholders in May 2026. Net of the EUR 10.2 million EBITDA generated in the H1, assuming as a simplification EBITDA equal to cash, with the residual difference due to leases, interest, and other minor items. The current financial resources provide the group with a solid foundation to support not only the expected growth in the motorsport segment, driven by increasing demand and ongoing investments in innovation, but also the implementation of the diversification program, which is aimed at expanding the business portfolio and creating additional long-term value for our stakeholders.

Speaker #2: The current financial resources provide the group with a solid foundation to support not only the expected growth in the motorsport segment, driven by increasing demand and ongoing investments in innovation, but also the implementation of the diversification program.

Speaker #2: This is aimed at expanding the business portfolio and creating additional long-term value for our stakeholders. Now, I give the floor back to our Group CEO, Paolo Del Prato, to continue the presentation with an update on our Millipole projects.

Roberto Ferroggiaro: Now, I give the floor back to our group CEO, Paolo Delprato, to continue the presentation with an update on our medical projects.

Speaker #1: Thank you, Roberto. So let me now update you on our diversification project, and specifically on our Millipole projects. These are carried out under the HPS brand—High Protection System—and they are our diversification into defense, law enforcement, and aerospace.

Paolo Delprato: Thank you, Roberto. Let me now update you on our diversification project and specifically on our medical projects. These are carried out under the HPS brand, High Protection System, and they are our diversification into defense, law enforcement, and aerospace. The idea is simple. We take the know-how we have built at the top of motorsport for decades with the Bell and OMP brands and apply it to markets where safety and performance are just as critical. The first project is the next generation Pixel Wing helmet for the US Air Force. This is a technology transfer from Formula One to the cockpit. For safety, it uses energy management structures from racing applied to protecting our crew. For performance, it uses our F1 know-how in a lightweight shell, slightly going to repeat.

Speaker #1: The idea is simple: we take the know-how we have built at the top of motorsport for decades, with the Bell and OMP brands, and apply it to markets where safety and performance are just as critical.

Speaker #1: So, the first project is the next-generation Pixel Wing helmet for the US Air Force. This is a technology transfer from Formula One to the cockpit.

Speaker #1: For safety, it uses energy management structures from racing, applied to protecting our crew. For performance, it uses our F1 know-how in a lightweight shell, sizing and fit. And for the process, we moved from handcrafting to water-ejected precision, meaning industrialized, repeatable manufacturing at aerospace tolerances.

Paolo Delprato: For the process, we moved from handcrafting to water-jet precision, meaning industrialized, repeatable manufacturing at aerospace tolerances. On timing, the product was finalized end of 2023 when we won the tender with LIFT Airborne Technologies, and with the first pre-serious deliveries in the following years. Sales started with the first partial delivery in 2025 and 2026. It continued in 2026. We expect the ramp-up to start end of this year, early next year, and the production to be in full swing starting the second part of 2027. The second project is the RH1.0 Riot Helmet for police forces. It is designed as a modular system that combines the helmet, the communication system, and the respirator mask. It brings racing-derived solutions into the law enforcement world. A lightweight, flame retardant shell, an F1 proven anti-fog and anti-scratch visor, and our patented, and this is a novelty, our patented AirFit system.

Speaker #1: Regarding timing, the product was finalized at the end of 2023, when we won the tender with Leaf Type 1 Technologies. The first pre-series deliveries took place in the following years, and sales began with the first partial deliveries in 2025 and 2026.

Speaker #1: It continued in 2026. We extracted the ramp-up to start tender this year, early next year, and the production to be in full swing starting the second part of 2027.

Speaker #1: The second project is the RH1.0 Riot Helmet for police forces. This design is a modular system that combines the helmet, the communication system, and the respirator mask.

Speaker #1: It brings racing-derived solutions into the law enforcement world: the lightweight, flame-retardant shell, and F1-proven anti-fog and anti-scratch visor in our patented—this is a novelty—our patented IFIT system.

Speaker #1: The milestones are on track. We launched the HPS branding in Q1 2025, obtained homologation, and won our first public tender in Q2 2025. In the first quarter of this year, we exhibited at the Riyadh and Nuremberg trade shows, and certification with the gas mask is expected within the end of this year. New tenders are expected in 2027.

Paolo Delprato: The milestones are on track. We launched the HPS brand in Q1 2025, obtained the homologation, and won our first public tender in Q2 2025. In the first quarter of this year, we exhibited at the Riyadh and Nuremberg trade shows, and certification with gas mask is expected this year, within the end of this year, and new tenders are expected in 2027. The third project is the Gladiator family, a full range of SWAT and military ballistic helmets in high, mid, and full cut, developed to VPAM and NATO standards. They are fully compatible with headsets, CBRN masks, and night vision equipment, and they also feature the patented AirFit system, our technology. In 2025 and 2026, we introduced the range to the market and completed ballistic testing, achieving further weight savings. We expect to complete all R&D this year, Q1 2027, for the first helmet.

Speaker #1: The third project is the Gladiator family—a full range of SWAT and military ballistic helmets in high, mid, and full cut—developed to VPAM and NATO standards.

Speaker #1: They are fully compatible with headsets, CBRN masks, and night vision equipment, and they also feature the patented IFIT system. Our technology. In 2025 and 2026, we introduced the range to the market and completed ballistic testing, achieving further weight savings.

Speaker #1: We expect to complete all R&D this year, Q1 2027, for the first helmet in 2027, and we expect progressive homologations and certification in the production ramp-up, the start of commercial activity, and new tenders.

Paolo Delprato: In 2027, we expect progressive homologations and certification, and the production ramp-up, the start of commercial activity, and new tenders. In summary, 2026 is the year we completed the groundwork, and 2027 should be the first year of significant contribution from these projects, all the medical projects. Now let me conclude with the outlook for 2026 and 2027. The positive momentum continues into the second half of this year. Sales in the first part of H2 are growing significantly compared with last year, and demand remains solid. We remain confident about the second half, even against a tough comparison with the particularly strong H2 2025. We are, of course, monitoring, as Roberto Ferroggiaro said, the geopolitical situation closely in the Middle East and in Ukraine. The risk remains high, but so far, its impact on our results has been marginal.

Speaker #1: In summary, 2026 is the year we completed the groundwork, and 2027 should be the first year of significant contribution from these projects—all these projects, all the Millipole projects.

Speaker #1: So, now let me conclude with the outlook for 2026 and 2027. The positive momentum continues into the second half of this year. Sales in the first part of H2 are growing significantly compared with last year.

Speaker #1: And demand remains solid. We remain confident about the second half, even against a tough comparison with the particularly strong H2 2025. We are, of course, monitoring, as Roberto said, the geopolitical situation closely in the Middle East and in Ukraine.

Speaker #1: The risk remains high, but so far its impact on our results has been marginal. The bigger picture is that motorsport continues to show structural growth, audiences are expanding all over the world, and the interest in the United States keeps growing, driven by F1.

Paolo Delprato: The bigger picture is that motorsport continues to show structural growth. Audiences are expanding all over the world, and interest in the United States keeps growing, driven by F1. The Americas grew by more than 40% in the half and remain a key growth area for the group. A few recent developments are worth highlighting. In July and August, Zeronoise Communication Services won a multi-year Formula E contract. It will contribute from the second half of 2026, last part of 2026, and fully from 2027. We also completed our first delivery for an F1 circuit, Madring, in Madrid a few weeks ago, and incorporated a new UK subsidiary to provide radio communication services to racing series and teams in UK. In August, the board of Racing Force USA approved a five-year lease extension in Mooresville, North Carolina, with an option for a further five years.

Speaker #1: The Americas grew by more than 40% in the half and remain a key growth area for the group. A few recent developments are worth highlighting.

Speaker #1: In July and August, Zero Noise Communication Services won a multi-year Formula E contract. It will contribute from the second half of 2026, the last part of 2026, and fully from 2027.

Speaker #1: We also completed our first delivery for an F1 circuit in Madrid, a few weeks ago, and we incorporated a new UK subsidiary to provide radio communication services to racing series and teams in the UK.

Speaker #1: In August, the Board of Racing Force USA approved a five-year lease extension in Mooresville, North Carolina, with an option for a further five years. It includes an extension of about 12,000 square feet at the landlord's expense.

Paolo Delprato: It includes an expansion of about 12,000 square feet at the landlord's expenses. In the meantime, our Corona facility in California is now fully operational. In September, OMP won another WRC title, World Rally Championship, confirming it as the most successful safety equipment brand in the history of the World Rally Championship. Looking ahead to 2027, we expect another year of growth, again. It will be supported by one more top F1 team, continued growth across all our motorsport brands, including Zeronoise Communications, and the first significant contribution from the medical project. Thank you for your attention, and Roberto Ferroggiaro and I are now happy to take your questions. Are there any questions? Domenico.

Speaker #1: And in the meantime, our Corona facility in California is now fully operational. In September, OMP won another WRC title—World Rally Championship—confirming it as the most successful safety equipment brand in the history of the World Rally Championship.

Speaker #1: Looking ahead to 2027, we expect another year of growth. Again, it will be supported by one more top F1 team, continued growth across all our motorsport brands, including Zero Noise Communications, and the first significant contribution from the Millipole Project.

Speaker #1: So, thank you for your attention. Roberto and I are now happy to take your questions. Are there any questions?

Paolo Delprato: Are there any questions? Domenico.

Speaker #2: To make any—

Speaker #3: I have a question regarding the outlook you provided in your comments about 2027. It's still early stages, but I just want to understand your thoughts on the key contributors.

[Analyst]: I have a question on the outlook you have provided, on the comments you have provided on 2027. Still early stages, but just to understand your feeling on the key contributors. You mentioned several growth drivers for 2027. In your view, what can be the ranking, if I may, on the contribution of these growth drivers? What are the priorities and the largest opportunities for 2027?

Domenico Ghilotti: I have a question on the outlook you have provided, on the comments you have provided on 2027. Still early stages, but just to understand your feeling on the key contributors. You mentioned several growth drivers for 2027. In your view, what can be the ranking, if I may, on the contribution of these growth drivers? What are the priorities and the largest opportunities for 2027?

Speaker #3: So, you mentioned several growth drivers for 2027. In your view, what could be, say, the ranking—if I may—on the contribution of these growth drivers?

Speaker #3: What are the priorities and the largest opportunities for '27?

Speaker #1: Well, we come from, as you know, Domenico, we come from a very important period with a very important growth in the last 18 months for the group, and this growth comes from only from motorsport at the end.

Paolo Delprato: As you know, Domenico, we come from a very important period with a very important growth in the last 18 months for the group, and this growth comes only from motorsport in the end. We see 2027 with another year of growth for motorsport. Probably not so strong like in the last 18 months, but a significant growth again. Then in 2027, as I said, we are going to have the first effects coming from the Milipol-related projects, and in general, from diversification projects. We didn't say anything about Zeronoise communication. We said that we won this important tender with Formula E, and also we are developing other projects like Madring and probably new circuits they will come in the coming months. But at the same time, we are bringing the Driver's Eye technology also in other sports.

Speaker #1: And so, we see 2027 with another year of growth for motorsport, probably not as strong as in the last 18 months, but significant growth again.

Speaker #1: And then, in 2027, as I said, we are going to have the first effects coming from the Millipole project and, in general, from diversification projects.

Speaker #1: We didn't say anything about Zero Noise, not only Zero Noise Communication, where we said that we won this important tender with Formula E, and also we are developing other projects like Madrid and probably new circuits that will come in the coming months.

Speaker #1: But at the same time, we are bringing the driver's-eye technology also into other sports. Just in these days, we are testing the driver's-eye in other sports.

Paolo Delprato: Just during these days, we are testing the Driver's Eye in other sports, like American football, for example. This can be also another driver for increasing our growth in 2027. So in general, in few words, we expect another year of important growth also in 2027.

Speaker #1: Like American football, for example. And so, this can also be another driver for increasing our growth in 2027. So, in general, in a few words, we expect another year of important growth also in 2027.

Speaker #3: Okay, thanks. Second question is on the structure—the group structure. You mentioned in the press release, if I'm not wrong, something like 97 people added on average in the first half.

[Analyst]: Okay, thanks. A second question is on the group structure. You were mentioning in the press release, if I'm not wrong, something like 97 people added on average in H1. How do you see now the group structure to cope with the additional demand coming in 2027? Do you need a larger step-up or you are set up with the existing capacity?

Domenico Ghilotti: Okay, thanks. A second question is on the group structure. You were mentioning in the press release, if I'm not wrong, something like 97 people added on average in H1. How do you see now the group structure to cope with the additional demand coming in 2027? Do you need a larger step-up or you are set up with the existing capacity?

Speaker #3: How do you see the group structure now to cope with the additional demand coming in 2027? Do you need a larger step up, or are you set up with the existing capacity?

Speaker #1: So it depends, obviously, on which growth we are going to have in 2027, because there are some activities that can create efficiency, but other activities where it's very difficult to create efficiency.

Paolo Delprato: So it depends, obviously, which growth we are going to have in 2027, because there are some activities that can create efficiency, but other activities that it is very difficult to create efficiency. I give you an example. Making a helmet made with composite material, carbon or fiberglass, means a lot of hours of a person or more than a person to complete the helmet. It is impossible to use automatic machines to produce this kind of products. Clearly, if it is a custom production for a few products, a few items, means that it is easy for us to produce, but this needs a lot of efforts to produce it, to produce the helmets. If a big series like we expect from Milipol, obviously in this case, we can create more efficiency.

Speaker #1: I give you an example. Making a composite helmet made with composite material, carbon or fiberglass, means a lot of hours of a person, or more than a person, to complete the helmet.

Speaker #1: It's impossible to use automatic machines to produce this kind of products. Clearly, if this production is a custom production for a few items, it means that it's easy for us to produce, but this needs a lot of effort to produce it, to produce the helmets.

Speaker #1: If a big series, like we expect from Millipole, comes in, obviously in this case we can create more efficiency. So, for 2027, if the contribution from the Millipole project is significant, as we expect, we are going to create more efficiency from a labor cost point of view.

Paolo Delprato: For 2027, if the contribution from Milipol project will be significant, as we expect, obviously we are going to create more efficiency from a labor cost point of view.

Speaker #3: Okay. Thank you.

[Analyst]: Okay. Thank you.

Domenico Ghilotti: Okay. Thank you.

Speaker #2: Corentin, I think he has a question.

Paolo Delprato: Corentin.

[Analyst]: Corentin, I think. He had a question.

Roberto Ferroggiaro: Corentin, I think. He had a question.

Speaker #3: Yes, hi guys. Yeah, question from me on the Millipole project. First, on the riot helmet, have you already identified some tenders where you can participate at the beginning? And if yes, can you provide maybe a range of the size compared to the one you already won with the Dutch Ministry of Justice?

[Analyst]: Yes. Hi, guys.

Corentin Marty: Yes. Hi, guys.

Paolo Delprato: Ciao, ciao.

[Analyst]: Yeah. Question from me on the Milipol-related projects. First on the Riot Helmet. Have you already identified some tenders where you can participate at the beginning of next year? If yes, can you provide maybe a range of the size compared to the one you already won with the Dutch Ministry of Justice and Security? The second question on the Gladiator helmet. If I remember correctly, it relies more on direct negotiation with the police forces more than tenders. Just if you can confirm, and if you have negotiation already in place with some police forces.

Corentin Marty: Yeah. Question from me on the Milipol-related projects. First on the Riot Helmet. Have you already identified some tenders where you can participate at the beginning of next year? If yes, can you provide maybe a range of the size compared to the one you already won with the Dutch Ministry of Justice and Security? The second question on the Gladiator helmet. If I remember correctly, it relies more on direct negotiation with the police forces more than tenders. Just if you can confirm, and if you have negotiation already in place with some police forces.

Speaker #3: And the second question on the Gladiator helmet, if I remember correctly, it relies more on direct negotiation with the police forces, rather than tenders.

Speaker #3: Just if you can confirm, and if you have negotiations already in place with some police forces.

Speaker #1: So, regarding the Riot helmet, the fundamental point now is to obtain a certification. Without certification, we cannot participate in most of the tenders. So, up to now, we are not dealing with any tender; we are waiting for this certification.

Paolo Delprato: About Riot Helmet, the fundamental point now is to obtain a certification. Without certification, we cannot participate in most of the tenders. Up to now, we are not bidding for any tender. We are waiting for this certification. As I said in the presentation, we are going to have a double certification. The version of Riot Helmet without the iFix system and the one with the iFix system. That is a patented technology that we introduced recently. This is a technology that permits to adapt the size of the helmet to different sizes. This will simplify significantly the purchasing activities from police departments. This will be a very important point for us in selling our products. The Riot, the next step is to obtain this certification. As I said, we expect to obtain it within the end of the year.

Speaker #1: As I said in the presentation, we are going to have a double certification: the version of the Riot helmet without the IFIC system, and the one with the IFIC system. That is a patented technology that we introduced recently. This is a technology that permits us to adapt the size of the helmet to different sizes.

Speaker #1: So this will significantly simplify the purchasing activities for police departments. This will be a very important point for us in selling our products.

Speaker #1: So, for Riot, the next step is to obtain this certification. As I said, we expect to obtain it by the end of the year.

Speaker #1: So now we are there. And then, in the meantime, we are speaking with some countries. We are speaking with some police. There are some police departments who are testing our helmets, but nothing tangible that I can say at the moment.

Paolo Delprato: Now we are there, and in the meantime, we are speaking with some countries, we are speaking with some police. There are some police department who are testing our helmets, but nothing tangible that I can say at the moment, but we are making these tests in some countries in Europe. At the same time, we received also interest from some Middle East countries, but the answer is always the same. As soon as you have the product certified, let us know and we start the negotiation. About Gladiator, the situation is similar. We are going to have the first helmet homologated end of Q1, early Q2. In this case, in some cases, you go through tenders, for example, for military helmets. In other cases, like the ones for SWAT team, with some countries, you go with direct negotiations.

Speaker #1: But we are making these tests, for sure, in some countries in Europe. At the same time, we have also received interest from some Middle East countries, but the answer is always the same.

Speaker #1: As soon as you have the product certified, let us know and we will start the negotiation. About Gladiator, the situation is similar. Okay, we are going to have the first helmet homologated at the end of Q1, early Q2.

Speaker #1: And in this case, in some cases, you go through tenders. For example, for military helmets. In other cases, like the ones for SWAT teams with some countries, you go with direct negotiations.

Speaker #1: Also, in this case, we are speaking especially with SWAT teams. In Europe, in some countries in Europe, and also in this case, the answer is the same.

Paolo Delprato: Also in this case, we are speaking especially with SWAT teams in some countries in Europe, and also in this case, the answer is the same. As soon as you have the helmet homologated, let us know and we start the negotiation. In general, I can say there is a lot, but really a lot of interest on our helmets because they are really state-of-the-art in terms of features in this test, in this market.

Speaker #1: As soon as you have the helmet homologated, let us know and we will start the negotiation. But in general, I can say there is a lot—really a lot—of interest in our helmets, because they are truly state-of-the-art in terms of features.

Speaker #1: In this business, in this market.

Speaker #3: Okay, thank you, Paul. If I may, just a follow-up on the AirFit technology—do you see something similar in the markets, or how innovative is the solution?

[Analyst]: Thank you, Paolo.

Corentin Marty: Thank you, Paolo.

Paolo Delprato: Domenico?

[Analyst]: If I may just follow up on the AirFit technology.

Domenico Ghilotti: If I may just follow up on the AirFit technology. Do you see something similar in the market? How innovative is the solution?

Paolo Delprato: Yeah.

[Analyst]: Do you see something similar in the market? How innovative is the solution?

Speaker #1: Yeah, there is a competitor that recently introduced a technology that permits adapting the helmet to different sizes. It's using a technology—or better, the same technology—that you find in other products, like cycling shoes. For example, it's a rotor technology.

Paolo Delprato: There is a competitor that introduced recently a technology that can permit to adapt the helmet to different sizes, is using the same technology that you find in other products like cycling shoes, for example, is a rotor technology. The main problem of this technology is that to use this technology, you have the system on the back of the shell, so you have to make a hole in the shell, and in terms of safety, this is not useful because if a policeman receive some acid liquid, for example, they can penetrate the shell. The second point, that using this technology, you have a point on the back of the shell where during a riot, a person can take the helmet. So also in this case, it is not so useful.

Speaker #1: The main problem of this technology is that, to use it, you need to have the system on the back of the shell. So, you have to make a hole in the shell, and, in terms of safety, this is not useful because if a policeman receives, I don't know, some acid liquid for example, it can penetrate the shell.

Speaker #1: And second point, that using this technology, you have a point on the back of the shell where, during a riot, a person can take the helmet. And so also, in this case, it's not so useful.

Speaker #1: And third, the cost of this technology is very, very high because, in this case, it's a patented technology—not from this manufacturer, but from another company not involved in helmet manufacturing.

Paolo Delprato: Third, the cost of this technology is very, very high because in this case, it is a patented technology, not from this manufacturer, but from another company not involved in a helmets manufacturer. So you have to pay a very high license fee. We think that our solution is much, much, much better than the one introduced by this competitor. This competitor is the only one that has something similar to what we are introducing. Last point, our technology is more flexible, so with one shell, for example, you can adapt the helmet to all the sizes. Okay? From 64, 65 to 48. With other technology, this is not possible.

Speaker #1: And so, you have to pay a very high license fee—license fee. And so, we think that our solution is much, much, much better than the one introduced by this competitor.

Speaker #1: And this competitor is the only one that has something similar to what we are introducing. Last point: our technology is more flexible. So, with one shell, for example, you can adapt the helmet to all the sizes.

Speaker #1: Okay? From 64, 65 to 48. Without technology, this is not possible. And you can imagine, the purchasing department from police is obviously super happy when they have to buy one or two shells maximum, without being worried about the sizes. Because by buying one or two shells, they can cover all the sizes for all the policemen.

Paolo Delprato: You can imagine a purchasing department from the police, obviously, they are super happy when they have to buy one or two shells maximum without being worried about the sizes, because buying the one or two shells, they can cover all the sizes for all policemen. So this is a big advantage for them, clearly.

Speaker #1: So, this is a big advantage for them. Clearly.

Speaker #3: Thanks.

[Analyst]: Thanks.

Domenico Ghilotti: Thanks.

Speaker #1: I think there are no more questions. So, thank you all again for joining us today and for your continuous support. For any further questions, Roberto and the Investor Relations team are available.

Paolo Delprato: I think there are no more questions. Thank you all again for joining us today and for your continuous support. For any further questions, Roberto and the investor relations team are available, and see you next time. Thank you.

Speaker #1: And see you next time. Thank you.

Speaker #3: Thank you, Joe.

[Analyst]: Thank you. Ciao.

Roberto Ferroggiaro: Thank you. Ciao.

Paolo Delprato: Ciao.

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