Aperam Sa Ord

Ladies and gentlemen, welcome to the Aperam second quarter 2025 results conference call. I am Matilde, the chorus call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Timoteo Di Maolo, CEO. Please go ahead.

Hello, everybody, and thank you for joining our conference call today. All our comments were contained in the podcast that we published this morning. So, please, let's start straight away with the Q&A. Operator, please open the lines.

We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use only headsets while asking a question. Anyone who has a question may press star and 1 at this time. The first question comes from the line of Tristan Gresser from BNP Paribas Exane. Please go ahead.