Technoprobe Spa U/Adr

Good evening and thank you for joining us. With Stefano Beretta, our CFO, presenting the first quarter 2025 results and the guidance for the second quarter of this year. As usual, Q&A session will follow at the end of the presentation. Revenues recorded in the first three months of the year are in guidance, also mirroring trends of our reference market. So first of all, let's talk about artificial intelligence. Artificial intelligence is confirming an extremely strong trend. We are arriving as leader in the testing of the logic chips. As recently discussed during our capital market day, these architectures, which use sophisticated technology and aggregate components to create single electronic device, require advanced testing solutions based on MEMS technologies. That said, we are assuming a progressive and steady increase in demand for advanced logic testing solutions. Second, the reference market is the consumer market. So more consumer-exposed markets, as expected, posted a slight growth in the first quarter. In fact, we think that they will still suffer from a slower adoption of AI at the edge, which is confirmed to be the real catalyst. Last is the automotive and industrial. Automotive and industrial are still suffering of the ongoing inventory correction, which is expected to continue also for the next month. Based on the visibility we have right now, we confirm our positive view of 2025. So now let me turn to Stefano Beretta, who will give you more colors on our numbers.

Thank you, Stefano. Good afternoon, and thank you for joining us. As you will have seen in our press release, our revenue in the first quarter were 127.2 million euro, in line with the midpoint of our guidance, registering an increase of 54.4% compared to the same quarter of prior year. And pretty in line with the prior quarter with a sequential increase of 0.6%. Gross profit increased 64.3% compared to the same period of 2024 up to 70.8 million euro representing 45% margin above the midpoint of our guidance. And consistently also the EBITDA closed above the midpoint of the guidance it has almost doubled, growing by 94.3% compared to the first quarter of 2024 with a margin of 30.5%. We can flip to the next page, please. Thank you. On this page, you can see a summary comparison between the financials at the end of the first quarter of 2024 and 2025. So just to comment that further, so revenue year-on-year increase of 54.4%, was driven by volume increase related to the artificial intelligence testing solutions, together with a slight recovery of the consumer market, partially mitigated by the weakness in automotive and industrial that is expected to continue for the rest of the year. It's worth also to highlight the inorganic growth related to the DIS business that was not present in the first quarter of 2024. If we have a look at the revenue expressed at the cost and currency, so using the average FX rate of the Q1 2024, would have been approximately 4 million lower than reported revenues, meaning approximately 2.5% favorable impact. In fact, the three months average US dollar euro for 2025, for the Q1 2025, was more or less three points more favorable compared to prior year. to be precise, 1.052 compared to 1.086 for 2024. On a gross profit level, the increase in the margin from 42.3 to 45% was the result of the expected recovery of our efficiency in the production processes, together with the operating leverage that our business model allows us when certain production thresholds are reached. Gross profit and constant currency would have been approximately 3.4 million lower by using the three months 2024 average rate. And consistently, the EBITDA reflected the same trend, showing an increase in the margin from 24.3 to 30.5%, and including a positive foreign exchange impact for approximately 3.1 million. Moreover, as mentioned during Q4 2024, A significant reorganization process has affected the US structure, whose first effects began to show in the last weeks of the quarter. Finally, to have a look at the net financial position, that is down for almost 24 million euro in the three months period, mainly due to 7 million generated through the operating activities, more than offset by 12 million absorbed by the investment of the period, 7 million absorbed by the acquisition of a minority stake in InnoStar Service Inc. So a company listed in Taiwan is emerging stock market from the 8th of May. So we have purchased slightly more than 9% stake. Another absorption is theoretically represented by 10 million euro for the unrealized FX impact on the foreign currency bank accounts we currently have. We can move to the next page, thank you. So as said during our latest Capital Market Day, we confirmed the projection for the overall mid-single digit growth in our reference market. with a consistent sequential increase in revenue together with a more pronounced recovery of the profitability. That said, the second quarter of the year is expected to show the following. Revenue to be about 168 million plus minus 3%. Gross margin in the range of 45.5% plus minus 2%. And finally, the EBITDA margin in the range of 33.7% plus minus 2%. So thanks everyone for your attention. Now we can move to the Q&A session.

Thank you to the management team. Let me kindly remind everyone that for the Q&A session, you are suggested to raise your hand or if for those dialing in, press star nine on your keypad. Our first question today comes from Mr. Gianmarco Bonaccina. Please, the floor to you.