I thank everyone for being connected to this call. The idea is just to debrief the publication of this morning, the turnover of Racing Force Group.

I will leave the floor to Roberto and Paolo.

Thank you, Corentin. Good morning, everyone.

I'm Paolo Delprato, I'm Racing Force Group Chairman and CEO, and together with me there is Roberto Ferroggiaro, our Group Chief Financial Officer. Today we are going to introduce you the 2025 sales data.

The year was a very positive year for Racing Force Group, where we reached the all-time sales record once again. We closed the year with €61.1 million in sales, that is +11.4% compared to 2024.

In the last 5 years, we reached an average yearly growth of 16.8%, that is 13.4% if we look at the last 10 years. During all these years since 2014, we grew every year apart 2020 due to the pandemic.

We grew with all our products, and we grew everywhere in the world, the growth is not connected with a specific product or a specific region, but I leave the floor to Roberto to give you more insights about the data.

Thank you, Paolo. We're going to review revenues across the key analytical dimension which usually form the basis of our standard reporting framework, starting from product categories.

In 2025, sales for Driver's Equipment increased by €6.7 million, +13.8% compared to prior year. In Q4, we reached a growth of €2.4 million, equal to +22.4%.

This growth was driven by both racing suits and other racewear under the OMP brand, and also by Bell Helmets, supported by the success of the new models homologated in accordance with the most recent safety standards, namely FIA 8859 in force since January 2025, and Snell 2025 since October. Car Parts revenues declined by €0.6 million, -4.4%, mainly due to the delays in the production programs of some major racing car manufacturers.

All the programs have recently been confirmed, we expect to regain these revenues in the coming periods. The other segment recorded strong growth in 2025, equal to €1.4 million, +30.6% compared to prior year, thanks to sales of Racing Spirit branded apparel, +22.1%, to the contribution of the joint venture ZeroNoise Communications Services for €0.5 million, and to the first deliveries of HPS branded helmets to the Ministry of Justice of the Netherlands in Q4 2025 for €0.5 million.

In terms of geographical areas, the group further strengthened its leadership position in the EMEA macro-region, with sales growing for €6.3 million, +14.6% in the 12 months, and +€2.8 million, 29.3% in Q4. Net of the revenues generated by ZeroNoise Communications Services, the growth in EMEA was 13.4% over the year and 28.2% in Q4.

This growth was supported particularly by the progressive increase in sales of Bell Helmets homologated under the new FIA standards, which came into force at the beginning of the year. In the Americas, 2025 revenues amounted to €16.5 million, up by €1.3 million compared to 2024, an 8.4% increase at current exchange rates, which is a 12.5% increase at constant exchange rates.

This growth was driven by sales of OMP branded driver equipment and the contribution of Bell Helmets as well, particularly following the entry into force of the new Snell homologation standards from October. In Q4, revenues in the macro-region recorded a growth of 13.2%, which is a +21.9% at constant exchange rates.

In Asia-Pacific, sales in the fiscal year amounted to €7.5 million, slightly down compared to 2024, -1.2%. This result is the combination on one hand of a widespread growth in the region's main countries, particularly a double-digit growth in China and Japan, which was supported by the positive contribution of all macro-product categories, and on the other hand, a different purchasing schedule by a major dealer in Australia with delivery postponed to Q1 2026.

With regard to sales channels, revenues generated by dealers during 2025 amounted to €41.9 million, up by €2.5 million, +6.5% compared to prior year, thanks to the strong increase in the fourth quarter especially, equal to €2.4 million, +30.5% compared to Q4 2024. Dealers continued to represent the main sales channel for the group, accounting for 57% of total sales.

During the year, sales to teams and car manufacturers increased by €1.7 million, +9.9%, supported by technical partnership agreements in place in the main world championships and national competitions. Sales to customer classified in the other category recorded a growth of €3.2 million, +34.4% over the 12 months, and €0.6 million, +21.5% in the fourth quarter, mainly thanks to the increase in revenues related to Racing Spirit branded products to corporate customers, to the contribution of ZeroNoise Communications Services recorded in Q3, and the first deliveries of riot helmets to the Justice Departments of the Netherlands in Q4 2025.

Thank you, Roberto. A quick outlook to 2026.

We closed the the year with -- so the 2025 with a strong level of orders, with a double-digit growth. We started 2026 with a strong level of orders, also in this case a double-digit growth.

We have good expectations in terms of sales for 2026. The level of orders that we reached in 2025, as well as in January 2026, gives us the feeling that we can reach this level of sales.

2026 will be also the year where we see an important growth in in the US. We grew in 2025, but we think there is a lot of space to grow again in in the US.

As well as in 2026 will be the year for the completion of the milipol projects. We have a very important test in February for riot helmet, and the last final test, as well as we have scheduled important test for Gladiator in March.

Our expectation is to have the certification for riot within spring this year, as well as certification for Gladiator in autumn, early autumn in 2026. With completion of this two projects, all our milipol project would be completed, and we can finally start selling these products.

In the meantime, in February, we are going to be at the World Defense Show in Riyadh, Saudi Arabia, in the coming days. This is the first time we go to this very important trade show for the GCC area, where we are going to present all our milipol helmets, Riot, Gladiator, as well as LIFT, the helmet for the US Air Force.

At the same time, in end of February, we are going to be at Enforce Tac in Nuremberg in Germany, as we did last last year. These two trade shows are very important for us, because they give us the the feeling about the reaction of the market towards all our products, all our projects.

We have scheduled for March -- on March 25 our Board of Directors for the approval of 2025 financial statement, and we have planned a management call the following day to comment the results of of the year. As well as we have scheduled for April 22 the Q1 2026 sales, that we expect with with a growth.

I think we have completed our presentation. I don't know if there are some questions.

Maybe I will start with two quick ones. The first one on the US, so as you mentioned, you should witness an important growth there in 2026.

Just to have more color on it, on your current order book, is it mainly driven by Bell and helmets or do you still see an important growth with the OMP brand as you had in 2025? The second one, just on the Driver's Eye, if we can have a quick update on it.

Do you have the same number of competition this year? Do you expect a growth there?

Just, yeah, a quick update on it.

About the first question, the answer is that we collect orders both for Bell and OMP, we have a double-digit growth. If we look at the last month, we had a double-digit growth for both brands, we are growing both with Bell and OMP.

About the second question, about the Driver's Eye, last year we had only few events with IndyCar in the US, but we were able to define complete program with Fox Sports to have the Driver's Eye during all the races for IndyCar, we are going to increase our presence for all the races with IndyCar. As well as obviously Formula 1 and Formula E are confirmed, and we are speaking with other championships interested in our solution, as well as we are speaking with some teams that are interested in our technology for their marketing activities.

I think there is a question from Stefano Boschi.

Yeah. Good afternoon.

Thank you. I have two questions.

The first one is if you have an idea or a feeling of what has been the performance of the market in your most important markets. When compared to your double-digit growth, which I believe, I don't know, is probably an overperformance, but what is your impression or your opinion on the market trend in 2025?

If it was small decline, small growth, or other. The second question is you anticipated a positive trend in orders in 2026, and if you can comment a little on the price policy you have entering into 2026, and also if there are some relevant trend on the cost side.

At the end, my question is trying to understand if there are indications from your price policy and the relevant costs in terms of profitability in 2026 or what should be the profitability in 2026, at least at the level of gross margin. Thank you.

About the first question, there aren't official numbers about motorsport safety equipment market, but the feeling we have is that there was a roughly growth of the market during 2025 thanks to the huge marketing activities done from F1 and also other championships. The market is growing a little bit.

For sure, we were able to have a much higher growth, we increased for sure our market share everywhere in the world because as we saw, we grew everywhere in the world. About the second question, the price policy of Racing Force Group is always the same.

Every year at the end of the year we go out with the price list of the products where we move eventually the cost increase we have to the price. In 2025, approximately the price increase was around 2%, 3%.

It's always difficult to say exactly which is the right number because we have a lot of new products. We had a lot of new products in 2025, and we have a lot of new products for 2026 that is difficult to compare with the previous products, but in general we can say that we have normally an average price increase of 2%, 3%.

This is the effect of the pricing policy. In terms of cost, we didn't have significant cost increase in raw materials.

So 2026 in this sense it was a little bit better compared 2000-- 2025.

Thank you very much.

I think Domenico has a question.

Yes, good afternoon. You had several homologation standard changes over the last say 15 months probably, trying to understand from your experience what is the cycle related to this changes, how long can they last on the traction, if at some point you are seeing the traction starting to fade?

How can you say try to phase the contribution of the new standards? Then I had a curiosity about the open-face helmets, the performance that you had and if you are happy with the penetration that you are having.

About the first question, it depends which kind of products. For example, for helmet, we had new FIA safety standard starting January 2025.

With FIA there isn't an exact timing to have a new standard, but usually for my experience not before 5 or 7 years. We keep this safety standard for some years.

For Snell in the US is a little bit different. In this case, there is an exact timing.

We started with October 2025 with the new standard, and we are going to have a new standard after 5 years. This is for the helmet.

For the suits, historically is very difficult to have a new standard for the suits. FIA changed it in 2018, and the previous one was like 15, 20 years before, we don't expect a new safety standard for racewear in general.

We can expect some small modification, but nothing relevant. For seats, another important product, FIA introduced a new standard some years ago, making it mandatory for important categories starting January 2027.

During this year, you were able to use both standards, the old one and the new one, but starting with 2027 for some specific categories it's mandatory to use the new standards. This will help to sell more seats starting 2027.

Also in this case, I don't see in the coming years coming a new safety standard, as well as for seatbelts, because the new standard was introduced some years ago, if I remember correctly in 2017 or '16, but it's very difficult to see a new standard for seatbelts. FIA, they are working on some new standards for some specific products, specific applications.

I give you an example, for seats for rally raid, like Dakar, they are introducing a specific standard for this kind of product, and obviously this will help the more structured companies to supply this kind of products, for sure will help us to gain some market shares towards the small competitors. About the open-face helmet, the second question, in 2025 the open-face helmet were practically flat at the end, with a very very small increase.

We are not worried about this. It depends, it's like a cycle, as I said, we are not worried about this.

We are increasing our market share in WRC. We started, for example, this year with a much higher number of drivers using our product.

More product, more drivers using our product in WRC means more advertising for our products, and we won a lot of championships with our helmet and our intercom system last year, it's a question of time only.

Thank you.

I don't know if there are some other questions. I don't see anyone else.

Thank you everyone, thank you Corentin and thank you everyone, and see you next time.

Thank you very much, guys.