Good morning, everyone. So today we here gathered to introduce our company and present the financial and economic results of the first half 2026. We are sharing our presentation. We can start with just an introduction of the company. I don't know if all the investors already know us. We will go through a very quick introduction, and then we will move with the results. Then if you have any questions, we will have another specific session. First of all, I am here with the Chairman and Managing Director, Enrico D'Angelo, and the Investor Relations, Eliana Bollino. I do not know if you can see the shared screen. No. Yes. Now we can see. We can see Enrico D'Angelo, Chairman of the company, Eliana Bollino, Investor Relations Officer, and my name is Francesca Barontini, Chief Executive Officer. Our company was set up in 2000, and it manufactures gas generator machines. Our history dates back to the late 1980s, and our founder members have a different background, but still in the gas production. Over the years, our company has developed in different markets, different products, up to the extension of three different business units with the same objective. Of course, grow the company in the three different business units. We started on the industrial market dedicated to on-site gas generation, where our products were replacing bottled gas, but also nitrogen and oxygen products, then integrated with other generator range that was set up in 2014 when we approached for the first time to PEM hydrogen generation technology. This range serves all analysis lab and for many different gases, hydrogen and nitrogen and many more. This was possible thanks to our R&D department, which has always been very active since the birth of our company and keeping investing in research that allowed us to stand out and to make three different business ranges, so that today we are able to serve the energy transition market connected to decarbonization or the filling station and power gas. Our machines generate hydrogen, both with PEM technology and alkaline technology, and the alkaline has been on the market for 40 years, whereas the PEM technology started in 2014 on small-sized machines. Over the years, we have been able to scale up until serving the market of energy transition with a couple of machines from 0.5 MW- 1 MW, up to 5 MW. Over this half year, we have provided plants for energy transition, five plants to be precise, and four of which were connected to PEM technology. Here you can see some of our products. Here you can see the size of the machines ranging from laboratory generation, which is just smaller than office size, up to 1 MW, 40 ft, the one next to hydrogen distributor. What are our competitive advantages? Here you can see a summary of our strength, our four pillars that connect us to the success that we have had over this year. First of all, our reliability. We have 40 years experience. Our technologies are top-notch and really proven. We master the technology of our machines, and we own this technology, thus allowing us to approach this new market of energy transition by placing us on a size that we thought was the right beginning. Pilot plant and some facilities that were starting to develop from 1- 50 MW. Over time, we realized that this strategy was successful and this market started when we expected, last year. There has been a boom in growth over this year. We have delivered the first five plants this half term, and we have many more to be delivered between 2026 and 2027. Another of our advantages is our ability to scale up. We have a proprietary technology that has allowed us to adjust these machines to different municipalities and markets because they are really adjustable. This has been really a successful point that allows us to grow rapidly. In less than two years, we scaled up from small size to industrial size and the energy transition market. We also play an important role in hydrogen technology, hydrogen generation. Not just the alkaline technology, but also the PEM technology that, as I said, started in 2014. This allowed us to meet our customers' needs by providing the most suitable solution, yet still keeping our prices competitive as well as our quality. The last one is tailor-made plans that are provided to our customers. Flexibility and customization are key. We don't sell products by a catalog, but every machine has an engineering solution which has been developed based on the client's needs. That really provides us a great competitive advantage as compared to our competitors and enables us to make our clients faithful because they are happy about their needs that we have met. One of our major strengths is that we are vertically integrated. As I mentioned, we have this opportunity. The development of the machine is all in-house, all proprietary. As you can see in this diagram, the construction of a generator is completely in-house, both the electrical part, the system, and the chemical, all the process components, and the shell and the electrolytic stacks. The only thing that is not in-house is that which is not the technology part, some of the outer part of the machine. This gives us the advantage that we know the quality of the machine, so there is no margin to external and outsourced, and our delivery terms are faster because we produce everything internally, and we are not dependent on external providers and suppliers. Here you can see some pictures summarizing some of the industrial and laboratory applications in which our machines can be used. Laser cut to thermal treatment, welding, packaging, food, jewelry, and many more systems. Laboratory analysis, laboratory gas chromatography. We could say there is not an industrial application in which gas is not used. This is a picture of the site, Hyround, to which we have provided one of our machines, and you can see it integrated with all the purification, compression, and storing systems up to the hydrogen distribution provision. This is one of the first pilot plants, and also for the electrolyzer, we also provided our support. Now, let's have a look to our financial highlights for this half term. The first saw a large growth on the main indicators and revenues are approximately EUR 14.2 million with a decrease. We mainly doubled our revenues as compared to first half 2025, and the result was EUR 7.2 million. This growth, this boosting the growth is connected to the market of energy transition. This year, the market has finally started, and we have delivered the first plants and systems. Value of production totals EUR 17 million, with a +90.2% increase as compared to the first half of 2025. These values include also the revenue coming from renting machines, and EUR 2.8 million is connected to the variation of finished products and ongoing products that are connected to deliveries that are planned for the second half in 2026. EBITDA grew by 127% to EUR 4.11 million, and also the EBITDA margin increased significantly, 28.9% as compared to 25% second half 2025. The improvement can be attributable to a sort of operational leverage. Increase in revenue has absorbed all the cost for the facilities that have stayed low. We have improved the cost of labor that has increased a lot, and that has impacted on the revenues, but it has been absorbed by the increase. We have curbed costs for external services with a sort of dilution effect on the revenue. Loss EUR 3.2 million, but the EBITDA margin has increased a lot. Because the amortization of the new site has not started yet, so all of the results has been transferred to this half. The next diagram shows a breakdown of sales revenues. On the left-hand side, you can see the sales and performance divided by business units because, as I said, the boost in growth has been provided by the market of energy transition, amounting 75.9% in the sale of generators. That business unit drove growth because the 30th of June marked the deadline for the Italian National Recovery and Resilience Plan. That's why we had to provide for the deliveries that were connected to that project, but also for postponing the deliveries connected to the traditional market. Laboratory business grew significantly and almost tripled as compared to the previous year. This confirms the effectiveness of positioning of our business on the market. Last year, we carried out a very important work in terms of developing our products abroad. As a matter of fact, the volume of foreign revenues has been driven by these business units. Traditional business, EUR 1.2 million. Because the impact of the traditional market is, of course, more limited as compared to the energy transition market. But in our order portfolio, we can see a great recovery with a backlog 37% for traditional market, while in the first half it was 11%. There's been a great recovery on the market, but it's just moved to the second part of the year by the effect on the delivery connected by different aspects. Then business unit breakdown. The breakdown by business unit, up to EUR 10.7 million total, and the different breakdowns. Again, the most important drivers. Hydrogen and other products. Assistance, customer care and spare parts, has increased, which is, of course, driven by the increase of orders by our customers, and this ensures great margin and, of course, customer loyalty. The generator activities has reached EUR 1.4 million, with an increase by a share by 9.8%. This unit is growing thanks to the new contracts and also the yearly adjustments that update fees and to inflation. Of course, we also have had benefits from this part of revenues. Here we can see some recurring revenues showing growth over the years, both in the part of long-time rental and also service and spare parts. This share of the market is really fundamental for us because we also provide after customer or after sale assistance to our customers. We have a significant warehouse and stocks in addition to semi-finished and finished products. We always have very large stock because we need spare parts for assistance and maintenance of our machines. Being on time and being very prompt is fundamental because, of course, these machines are connected to production lines, and if gas is not available, then the production will come to a halt, and this is not admittable or not possible for companies. We always have these sort of contracts with our customers so that we can be 100% efficient. That gives us some recurring revenues with very high marginality. This graph, this diagram shows the main indicator, main KPIs. CapEx, of course, have grown by EUR 4.7 million or EUR 4 million. Sorry, EUR 4.4 million. We don't have intangible assets practically, and they're connected to the development of the new site at the new establishment, and partly for the machines to be rented. In 2025, we invested EUR 7.3 million in tangible assets, and again, to complete our new facility. As you can see in the previous diagrams, the companies have not invested more in facilities. We invest more in staff who are necessary for our machines. They're not machines that we can build in a mass production or assembly line. They're considered as small plants, small systems. Over the years, we have invested more in staff, in personnel to be trained so that they would be ready to carry out all the backlog of our orders and the revenues that we have achieved. ROIC has been calculated on EBIT, has been normalized on the half term, and with an invested capital by EUR 24.9 million to 25%. So growing in recording a growth as compared to 2025 and 2024. As anticipated, we have gone back to over 20%. It has grown because it's connected to the investment of the new facility, but it's also growing faster than the capital invested. Working capital is EUR 7.3 million as compared to EUR 5.2 million. This increase is mainly due to inventory and also to be able to face deliveries for the second half. But it's been offset by decrease in trade receivable, which have gone down from EUR 6.89 million to EUR 5.66 million. Mainly also by the increase of advance, so decrease in advance payments. We usually take advantage from these advance to finance production. As for cash, our net financial position is EUR 22.7 million, with financial debt by EUR 11.9 million. So EUR 10.8 million net financial position as compared to EUR 14 million and EUR 17 million in the previous years. And of course, this has been connected to the investments that we carried out, that we made to finalize the new facility, and also for the employment of inventory for the backlog and the production and the new orders. As for the strategy, Eliana, if you'd like to take the floor. Our strategic growth started from our new production site that will be completed by the end of the year. We are already working in a part, in a portion of it, that's connected to the plants for energy transition, which are already being assembled in this new part. The new establishment with the other sites where we are currently will make a production area of 27,000 sq m of a total area, and with four production lines, with the idea of developing 60 plants per year approximately. To face this growth, we have invested also in our sales department. We have established partnerships with distributors outside the EU. In the previous financial year, there have been some difficulties connected to the geopolitical situation. The Ukrainian-Russian war really marked an important time for us because our electrolyzers are often addressed or destined to Russian and Ukrainian nuclear plants. So we have gone through difficult or a critical time. We will also have some responsible in India, so extra market, EU market. India, we are also increasing the agreement with the current distributor or retailer to position our products in energy transition market. Of course, we are leader in Europe. This half year seems to have penalized Europe somehow, but it was actually some production need because Italy had this deadline of PNRR on the 30th of June. So it was necessary to give priority to the plants that were destined to Italy. So we had to switch and to postpone other deliveries. So in the second part of this half, we will see a recovery of the European market. At the same time, we have carried out some studies on certain markets, especially for European and worldwide research to focus on Saturn, which is our top-notch product. It's a really peculiar machine with a specific machine that combines hydrogen electrolysis technology with PSA, so the nitrogen production. It's a technology that together really provides an ultra-pure nitrogen, which is suitable to laser cut and some specific processing in industrial world. So according to some market researches in the countries, in some target countries that we have identified, such as Germany, that has really traditional manufacturing traditions, or Sweden, Finland, Denmark, both for manufacturing, but also for logistic difficulties for gas supplying. So self-production could be a solution for that. It could bridge this gap that they can encounter. So these are the areas in which we are investing to increase the industrial market. Additionally, there are some very ready market in energy transition like Spain, Portugal, the Netherlands, where the surplus of energy produced by renewable sources could be stored in electrolyzers and our machines would be suitable used in, especially for the energy transition. So this is market opportunity connected to energy transition, where you can see this pattern of renewable energy, so electrolyzers or wind energy, and with a 5 MW machine. Using water electrolyzers or compression then storing energy, leading to decarbonization of the steel industries or mobility, also heavy chemical processing, glass and metallurgy. Or trucks or buses, or maybe some railway lines which have not been electrified, where the hydrogen locomotive could replace the diesel and gasoline locomotives. Then storage of energy is an important part because energy could replace the batteries instead of storing energy in batteries, you could use the electrolyzers. These are the European approaches and for the objectives that, especially for climate neutrality, and this is supported by the European institution through interventions which could be NextGenerationEU or some flagship projects and other projects outside of Italy which play a very important role to favor and develop these markets that as of today needs to be supported, especially to bridge the gap between the fossil products to hydrogen, which really needs to be supported. These are some of the initiatives that we have seen, we have identified in some of the countries. These is the two lines that we are promoting the most for a market that is already present in the foreign market. Thanks to some operations, we will have a very deep and intense network of retailers. Saturn is really our top-notch product and has benefited of different sales initiatives from the previous financial years. But it will also be involved in the part of energy transition that is starting now. It's not just a driver, but really a main focus on our range. This is the laboratory division, and this is all for our presentation. If you have any questions, we will be happy to take them. Yes, we can hear you. Yes, I would like to ask a question. Tommaso Martinacci, ValueTrack. At the end of this half EUR 3 million, so the CapEx cycle has been concluded, and according to our estimation, starting from 2027, we expect an increase in cash generation. What is your strategy in terms of capital allocation? In terms of M&A, can we expect anything? If so, what is the direction? Maybe some complementary technology, M&A or other technology? If this becomes a reality in 15, 18 months, are you willing to increase the payout or maybe buyback? Well, Tommaso, as you know, as far as M&A, this market is not very easy because we don't have so many historical competitors that allow us to carry out some M&As. July 2026, we have acquired the brand PIEL, and this opens up to a new market which takes us back in a market connected to jewelry and a market that we had just left behind somehow also for an issue in terms of production capacity and also some choices that we had to make over time. This is a market that we would like to reopen and to revamp. We have two different trade show, which is Vicenzaoro and another one in Arezzo to present ourselves to this market with the PIEL by McPhy market. But with the technology and the production capacity and the technological capacity, which ErreDue has also on these products. So again, even in these aspects, we will carry forward and will require other investments. We are always looking around for new acquisitions, but we are definitely open to new opportunities should they be presented to us. Of course, we are aware that this sort of growth is, of course, to be privileged as compared to organic growth. As for other options, as I buyback is not been considered for the time being. The company has been on the market for not such a long time. We listed in December 2022. We haven't been rewarded by the market until now. We have the impression that the market has understood and realized what our values and our strengths are, because we are growing, and also the stock price is going back to the value that we expected. But our company is worth much more than what the market is recognizing. So, for now, this is not the main objective. Thank you very much.