Thank you. Good afternoon, ladies and gentlemen, and thank you for joining the De' Longhi Group conference call for our first half 2026 results.

With me on the call today are Nicola Serafin, Group General Manager; Stefano Biella, CFO; Sandro Manin, Group Planning and Control Director; and Samuele Chiodetto, Investor Relations Director and M&A Manager. I am really pleased with a strong set of results we delivered in the first half of 2026, driven by exceptional momentum in the Professional division and consistent positive organic growth in the Household division.

Despite ongoing market and geopolitical uncertainties, we successfully overcame these headwinds, delivering solid revenue growth and higher profitability. In light of these achievements, it was a great honor to celebrate our 25th anniversary as a public company last week.

Over the past quarter century, the group has built an extraordinary track record, scaling revenues from under €1 billion to an expected record near €4 billion in 2026 and expanding net profits tenfolds. These long-standing achievements have been driven by sustained, robust organic growth combined with pivotal, high-impact acquisitions.

We have continuously adapted our strategy to meet evolving market dynamics and consumer needs, transforming the group into a global powerhouse with a unique portfolio of iconic lifestyle brands and broad international reach. We are truly grateful to the financial community as our ongoing dialogue constantly challenges us to deliver top-tier performance while staying ahead of strategic market trends.

Now, back to quarterly results. Starting with the Professional division, the integration of La Marzocco and Eversys is delivering exceptional results, unlocking remarkable growth opportunities and validating our original rationale.

Our product lineup is uniquely positioned to capitalize on the structural shift toward specialty espresso and premium coffee experiences. Driven by the strategic positioning, the division has sustained its remarkable trajectory, delivering four straight quarters of top-line growth above 30% alongside industry-leading margins.

Over recent months, Eversys strengthened its customer portfolio compared to H1 2025, driven by ongoing partnerships with key accounts in the US alongside new customer wins in Europe and in Asia. At the same time, La Marzocco has continued to expand its presence, not only as a benchmark for sturdy, durable professional equipment, but also as an iconic lifestyle brand.

These have been underlined by high-profile collaborations such as a capsule lifestyle collection with Frescobol Carioca at Pitti Uomo and the custom KB90 created by Officine Fratelli Bambi inspired by Mexico's football temple, Estadio Azteca. Last, but not least, I am proud to share that La Marzocco is the first manufacturing company in the espresso machine industry to achieve B Corp certification, joining a global community of businesses committed to supporting people and protecting the planet.

Turning to the Household division, the quarter marked a return to its historical mid-single-digit growth trajectory, navigating a macroeconomic environment defined by ongoing uncertainty for consumers and retailers alike. This organic expansion was sustained by new product launches, expanded commercial reach, and increased media investment.

Specifically, the group communication strategy has evolved into a full-funnel approach that drives consideration, conversion, and long-term advocacy powered by a holistic paid-plus-earned-plus-owned media ecosystem. Through our social officina, we are building a scalable network of influencers to drive sustained earned media.

This acts as a powerful multiplier for our paid campaigns, delivering a higher return on our marketing investment. This strategy drives year-round brand awareness while fostering a distinct identity and deep customer engagement, driving top-line growth while significantly enhancing brand equity.

This impact received a major vote of confidence at the 2026 Cannes Lions International Festival of Creativity, where the brand won both the Grand Prix for Industry Craft and the Gold Lion in Outdoor for the Milan Design Week activation, The World's Smallest Coffee Shop. Now, let me focus on the results.

In the second quarter of 2026, the group growth was broad-based across the main geographies, with a significant contribution from the European countries and Americas area. In more details: Europe growth accelerated in the second quarter, delivering a 9.4% revenue increase.

The Household division achieved a high-single-digit expansion driven by a market improvement over the prior period across the UK and key continental markets, including Germany, France, and Benelux. This performance was underpinned by a solid trend in coffee, stabilization in nutrition, and a strong recovery in comfort products boosted by favorable weather conditions.

Meanwhile, the Professional division maintained its robust growth momentum in line with Q1 levels, further supported by new contract wins. MEIA revenue declined 12.2%, heavily impacted by critical geopolitical and macroeconomic backdrop in the Gulf region.

The solid performance of the Professional division and the key markets, including South Africa, was not sufficient to offset this trend, leaving the half-year performance in negative territory at constant exchange rates. Americas, the region delivered strong top-line momentum, expanding 20.8% at constant exchange rates, partially offset by a 4% forex drag, albeit lower than in the first quarter of the year.

The Household division contributed to the results with organic expansion at a low-teens rate driven by strong performance of coffee machines and a stabilization in nutrition. Professional coffee maintained a double-digit growth momentum throughout the reporting period.

Asia-Pacific, revenue grew 4% at constant exchange rates with a robust performance of the Professional division across the region and a partial slowdown in the Household division, which consolidates the excellent results of the previous year. Looking at divisional performance in detail: the Professional division expanded significantly, with H1 2026 revenues reaching €303 million, up 36%, +40% at constant exchange rates, and Q2 revenues rising 33%, +35% at constant exchange rates, to €164 million.

This outperformance was driven by broad-based organic growth across both brands and regions, capitalizing on the espresso premiumization trend and prosumer growth. The Household division, accelerating its organic growth in the second quarter compared to the start of the year, first-half revenues reached €1,379.8 million, up 1.2% year-on-year, +3.1% at constant exchange rates, while Q2 revenues rose 4.5%, +5.1% at constant exchange rates, to €739 million.

This marks a return to growth rates in line with historical trends, overcoming early-year trade destocking and broader market uncertainty. Coffee achieved mid-single-digit growth driven by solid expansion in automatic and manual machines alongside accelerating demand for coffee accessories.

Nutrition recorded a low-single-digit decline at constant exchange rates due to personal blender headwinds despite strong performance from Braun-branded hand blenders. Home care grew mid-to-high single digit, propelled by Braun ironing systems.

Comfort, achieving strong double-digit growth, bolstered by high seasonal temperatures across continental Europe. The first half of 2026 delivered further margin expansion across the group, benefiting from volume growth and a favorable product mix driven by the Professional division outstanding performance.

By division: Professional achieved an adjusted EBITDA of €96.9 million, expanding its margin to 32%, up from 26.4% in H1 2025; while Household delivered an adjusted EBITDA of €186.8 million, representing 13.5% margin versus 13.3% in H1 2025. Second quarter profitability: adjusted EBITDA reached €157.7 million, 17.6% of revenues, representing a 160-basis-point increase year-on-year.

Margin expansion was driven by the high-margin Professional division and accelerating household momentum. Q2 results also reflect a €15 million net positive impact from custom duty refunds.

Within the Household division, price mix had a €12 million net negative impact following a selective repositioning of price lists in certain geographies aimed at maximizing market support. Media and communication investments rose by €15 million due to increased activities and campaign timing, phasing in the first half.

On the positive side, industrial costs held steady through the quarter, and volumes returned to positive territory. Net profit attributable to the group rose 34.5% year-on-year to €79.7 million, representing 8.9% of revenues.

As of June 30, 2026, the group net financial position was €686.6 million, a significant improvement over the €346 million reported in the prior year period. Regarding cash generation, free cash flow before dividends, share buyback, and acquisitions was positive at €78.3 million in the first half of the year.

This result was achieved thanks to the excellent contribution from operating activities, which offset the usual seasonality of net working capital related to inventory rebuilding following fourth-quarter sales. On a trailing 12-month basis, cash flow before dividends, share repurchases, and acquisitions amounted to €508 million, a remarkable achievement that allows us to maintain a flexible and attractive capital allocation strategy.

In summary, our first-half performance reinforced our key financial KPIs, delivering 8% organic revenue growth, organic margin expansion, including and excluding duty effects, and exceptional trailing 12-month cash flow. We remain focused on rigorous cost control while preserving our strategic investment in product innovation and brand communication, ensuring we continue to fuel our future growth.

These results and strategic measures lay a solid foundation for achieving our full-year targets while maintaining the flexible and value-driven capital allocation strategy demonstrated in recent years. Therefore, taking into account both our momentum and the current macroeconomic scenario, we confirm our full-year revenue growth expansion of mid-single digit and raise our adjusted EBITDA guidance to €670 million-€690 million, reflecting the immediate benefit of €15 million duty refunds and a strong professional growth while factoring in expected cost pressures.

We now welcome your questions. Thank you.

Good afternoon and thanks for taking my few questions. The first one is on your EBITDA guidance.

Again, how much of the increase, if I understood well from your comments, is linked to tariff reimbursements? Is just €15 million, or you are expecting something more to come in the second part of the year?

Second question, again on tariffs: if you can let's say tell us how much of the tariff reimbursement is linked to the professional business, and so how that 32% margin is influenced by tariff reimbursement. The third question and last question is about price mix.

On slide 9, you show negative let's say contribution to EBITDA by €16 million. If you can maybe elaborate on how much is linked to price and how much is on the other hand mix.

Thank you.

Thank you, Niccolò. EBITDA, I confirm that we booked €15 million in tariff refund in the 6 months.

We don't foresee an increase in tariffs to lead you to the new guidance. If new tariffs will be refunded, will be on top of that.

The second, the tariff were approximately €4 million in Professional and €11 million in Household. We reported in Professional €96-plus million in EBITDA adjusted.

This incorporates €4 million of tariffs and other extraordinary items. Let's say, clearing EBITDA of this exceptional items, EBITDA should be in the range of €91 million for the division.

Last question is on the negative price mix of 16—yes, we have highlighted that due to the competitive market in our bridge to EBITDA, there is a negative price mix of approximately €15 million-€16 million.

Maybe a quick follow-up again on the professional business. Apparently, the let's say earnings going to minorities are pretty high compared to the level of EBITDA reached.

I was wondering if net result of the professional business in the first semester was impacted by any positive let's say item inflating in a way earnings. Thank you.

This is about, minority are approximately 38%, and this is how this have been calculated. Probably, there is last year there was a we have reversed in 2026 a stock option plan which has affected the the comparison.

Thank you very much and congratulations on the results.

Hi, good afternoon, Fabio, Nicola, Stefano, and Sam. Thanks for taking my questions.

Maybe the first one is, do you mind just talking through trends in July so far and what you see in Professional, in Nutrition, and maybe just give an indication of how you see growth shaping out in Q3, Q4?

Thank you, Ope. No, July, we confirm the trends.

Let's say it's probably early to give a guidance, but is pretty much in line with our expectations. To summarize again, we have expectation for Household full year low-to-mid-single-digit growth.

We confirm for Professional full year double-digit growth with now probably a more normalized growth for Professional in the second half, which can be high single digit, yeah, more than double digit.

That helps. Do you mind just talking through the margins?

Sort of above 30% Professional was quite strong. How should we sort of see normalized margins in that?

How much of that—I think you sort of answered this in the last question—but sort of how much of that 30% is tariffs as opposed to just sort of normalized margins from the professional coffee business?

Obviously, thanks to the operational leverage and some exceptional items, EBITDA stood around 33%. Probably 30% is a more correct mid-term and normalized EBITDA level for the near future.

Okay. Just on use of cash, I suppose you kind of talked about buying out the minorities.

You have the buyback going on and a special dividend from last year. Do you mind just maybe guiding on how you see use of cash for the rest of the year as we approach H2?

Capital allocation is one of our priorities. Obviously, operational focus is top priority, but in allocation, we put as a priorities the buyback, which is in place.

Obviously, very happy about the performance of the Professional division, this would be one of our most preferred options to allocate capital. Also, we might look at acquisition in both the professional space or in household.

In the priorities would be North America or adjacent categories. Again, yes, we think that being so happy about the performance of household we will consider the opportunity to increase our shareholding in the Professional division.

Sorry, lastly just to follow up on organic growth. How are trends shaping up in Nutrition, especially just in NutriBullet in the US?

Nutrition was weaker in the first half. We see more positive signs and stabilization.

We hope that we can show soon improvement also in nutrition in the quarter to come.

Right. Thanks very much for taking my questions and have a good summer when it comes.

Yes, good evening. Congratulations for the results and thanks for taking my questions.

I have a couple of questions. The first one is on the Household division.

I was wondering if we can see now a more normalized growth close to the one that we saw in the second quarter, low-to-mid single digit, also going forward, and if you have some colors on the performance of this division going forward. The next one is on Professional, more general question.

It delivered another quarter above 30%, and even the comparison base is increasingly demanding. I was wondering if looking forward in the second half or even next year, how do you think is the normalized growth for this division, and if you can comment if you think you will grow together with the market or continuing to gain share in this space?

The last one is on competitive environment, if you can comment on pricing pressures, particularly in North America.

Thank you. The first question on the Household, yes, we confirm that we expect a growth in the second half, say low-to-mid single digit.

Professional, we're going to have obviously a tougher comparison in the second half, but we still expect, thanks to the strong order backlog and order portfolio and initiatives, to expect a continued growth also in the second half. As a more long-term growth rate for Professional, we expect the growth rate to be let's say in the double digit, low double digit for the division.

Probably, we can have maybe in the short term a tougher comparison next year, but the opportunity for the division continued to be growth rate around low double digit. Nicola, you want to take the question on price pressure?

About the competitive environment overall, obviously we have a lot of action in place to support our market trends in this moment. We have been along this quarter with a bit of price impact as you have reported before.

I would say you asked about the US. Let's say, not really.

In the US, coffee is doing pretty well from pricing point of view, a bit more when it comes to nutrition, that is a more elastic category. Overall, we do not see something that will go on deteriorating along the next months.

We have also action in place to improve and eventually offset also with a bit of positive mix this trend. We see this something that will stabilize going forward.

Thank you. The very last one if I may: what you see as the main risk in the second half, preventing to reach the top end of the guidance, €690 million?

Let's say given the current situation of the geopolitical, if something can become worse than it is today, because in the guidance, we have definitely incorporated the current scenario, the new tariffs scenario for the US, and also we have incorporated a bit of cost pressure that we have in terms of logistics and material trends. Definitely, a worsening situation can prevent from achieving this, but if situations are not going worse than they are, we are pretty confident.

Thank you very much.

Hello everybody, and can you hear me? Hello?

Yes, we can.

Thank you for this. My first question is actually on your Americas performance that you said about low teens organic in the household, that was very very great.

Just wondering if you can highlight to us what are the actions that you are making in order to improve also market share, because if you are growing low teens organic, you are gaining market share in the business. If you can elaborate a little bit more on this performance in the US could be great.

This is my first. Then I go with the others.

Okay. The first question is like in in America, yeah, coffee.

Coffee machines is the key driver, because again in North America we play with within household with two product lines, which is the the the espresso espresso coffee machines, and the second is NutriBullet blending. NutriBullet blending is a bit weaker, as as we said, but coffee is still very strong.

Is the performance is due to us the success of our range. Fully auto doing very well, but also we we we keep being our market share in pump and pump drip, despite also the new entrances in the market, but yeah, we we're maintaining our shares pretty well.

Also thanks also to our marketing investments

and

new product launches, we we we are yeah, maintaining our market share. Nicola, you want to add something on that?

No, that's

obviously we came with a bit of innovation that has strengthened our portfolio. We have a robust coverage in this moment of price points, and we gain also distribution, we are in new doors with important customers.

Many thanks. My second one is you said about you have launched recently some new categories for you, like pizza, like ice cream, that is something that has not been covered so far.

Just a feeling about the feedbacks and results, just to understand if this could be through a strategic positioning to improve your overall portfolio and then to gain space in these areas that are very Italian, but you didn't in the past have a presence in these.

I would say that is a bit early to jump to a conclusion. Tests are positive.

There is a lot of interest around the products. Let's say that more than launching a categories, we have launched one product in a category.

Probably the category need to be strengthened, and we have a pipeline of new and other products coming to build really a category. We will need a bit of range of products before coming to something that can become significant.

The news for today is that we are encouraged to go further with new products that will come in 2027 on these categories. Probably we need still few months to turn this in something that can be a success.

Okay. My second question is you said about a clarification.

It seems to me that answering to my colleague previously, you basically said that this price adjustment that you made seems to me a sort of temporary or I would say one-off adjustment. Is it correct, my interpretation, or not, if you can elaborate a little bit more?

I would say that more than price adjustments, and it is more expanded promo windows in this moment. We didn't have done really price adjustments, but as probably as consumer you are experiencing, the promo windows are becoming larger and larger.

This price effect is more Prime Day 2 has been Prime Day has been moved from 2 days to 4 days. This means that supporting this expanded promo windows is coming to a bit of price effect as we incorporate promo support in the pricing.

Okay. Finally, my question is in your forex exposure, because it was smaller impact, but was a negative forex considering that you are at the end short on some forex.

Just to have an idea that you expect a neutral impact for the year in terms of forex at the EBITDA level, if it's right this interpretation.

I would say that exchange rate, it has marginal impact at EBITDA level as we speak, and also in our forecast for the year. That have significant impact in particular in Q1 at top line, but not at EBITDA level.

It's not zero, but it's marginal, I would say not material.

Thank you.

Yes, hello. Good afternoon, everyone, and first of all, congratulations for this exceptional results.

Moving to my questions, the first one is on the Nutrition business. You said that there's a sort of normalization on this category, and should we think about an inflection point from an operational point of view, or should we see a flat-ish or slightly negative trend also in the coming quarters?

Then related to this category, the Kenwood kitchen machine, if you can elaborate a little bit more on the trend in these last two quarters. On the free cash flow generation, the rolling 12 months free cash flow generation before dividends and buyback is slightly above €500 million.

Is there any headwinds or element that we should take into account for the rest of the year that may affect this strong free cash flow generation? I don't know, maybe some weird, let's say, movement on the net working capital.

Finally, on the capital allocation, during the last conference calls, you mentioned the minorities buyback as top priority in the capital allocation. I was wondering if is there any news that you can share with us on the process to get to the conclusion of this deal, if any.

Thank you. The first call,

yeah, we already answered the first question about nutrition, and we should expect going flat-ish to improving in the next quarter. Kitchen machine, we confirm that we had a positive first half, probably stronger the first quarter than the second quarter.

I have to say that the very high temperatures in Europe have probably shifted some of the purchases from certain traditional kitchen appliances into comfort for a few weeks, really the heat wave has been so strong. Again, we feel positive still about the growth opportunity with Kenwood again in the second half.

With regard to free cash flow, we cannot commit to a €500 million free cash flow for the year, but I think we have a proven track record, and we have strict management of inventories and stock, and we feel comfortable in a cash flow generation in line with our let's say average in the past years. Nicola, you want to add on something?

No, no, I would say that—

On capital allocation, yes, we confirm priority goes to buying out the minorities, but we have no news.

Thank you.

Hello, good afternoon to everybody. I've got some let's say residual questions.

The first one is an accounting clarification: if the €15 million duties have impacted sales or they were just a cost rebate? Just a clarification on that.

Let's say still on the duty topic: will the new let's say duty framework now put in place by the let's say US administration will help the price category like NutriBullet where they were close to the price limit strategy $99, $119? Because from what I understood in the past, the duties have impacted this kind of products as the new positioning were basically putting them out-market into pricing and then you were forced to take a hit if you want to maintain sales.

I hope I have been clear. Then finally, a clarification on the B2C coffee performance in the second quarter.

If I understood correctly, the Q2 performance and growth rate were better than Q1. If you can remind us the number also taking into account the impact on forex.

Thank you very much.

First question on duty, yes, we got €15 million refund for year part, and this have been booked in the cost.

Is

an improvement to the margin. In the operating cost.

The second question is about—

New duty.

The new duty is pretty neutral. No, I think that duties have been substituting duties, and so we keep having new sort of duties which are in the ball range are around between 10% to 12%.

We expect no operational relief, but at the same time no worsening of conditions as well, pretty stable.

This is more compared with the initial part of this year more than the second half of last year where duties were a bit different. Then

the coffee trend— Yes, we had a stronger second

quarter.

Second quarter, yeah, where January usually is a smaller month for Professional, is a shorter month in general. You see a stronger sales for the Professional division in the second quarter.

I think that is difficult to give exact guidance on the next quarters. I confirm that a growth is expected for the Professional division also in the second half in the area of at least the high single digit.

If I may, Fabio, my question was more on the B2C coffee, and if I understood correctly— Oh, yeah, B2C.

Sorry, B2C. Sorry, miss us.

Nicola, you want to handle that part?

I would say yes, Andrea, you are right. The second quarter was stronger, and it's proven and it is also what supported the overall performance of the household business doing stronger than the first quarter.

Thank you very much.

Hello, do you hear me?

Yes.

Yes, please.

Yes. Hello, good afternoon, and congratulations for the strong set of results, and thank you for taking my question.

Most of the questions have been asked. I have two follow-up.

The first one is in the Household. You mentioned a slightly negative price mix and higher marketing investments in the quarter.

As we move into H2, do you see room for further margin expansion in the division, or should we expect this investment to continue weighing on profitability in the near term? The second question is on innovation: over the past few years, innovation has been a key differentiator for De' Longhi, and looking ahead, where do you see strongest innovation opportunities across your portfolio, and should we expect a similar pace of product launches in 2027 as in recent years?

Thank you.

Thank you, Hela. Nicola, you want to handle both questions?

Yeah. I would say that this slightly negative price mix that we have is something that we had across both the quarters.

As mentioned before, we see this stabilizing along the next month for this larger promo windows that are in the market. We do not see this is something that can let's say become larger.

One of the countermeasures in the second question is about innovation. Definitely we have a robust plan to look for offset the price effect with positive mix with a robust launch of innovation that is coming across the fall time and 2027.

We have just had a few weeks ago our sales and marketing conference where we have unveiled an unprecedented pipeline of innovation, new product launches. A lot is coming on coffee, on fully auto coffee machine and beyond on espresso.

As well as in nutrition. We have mentioned before some categories.

It's early to say, but in 2027, this category when it comes to food preparation will be strengthened. As well as in more traditional products as it is kitchen machine.

We have two kitchen machines that will be launched, and also under the Braun brand, we have a significant number of products. Overall, we have definitely a robust pipeline of products coming.

Very clear. Thank you very much.

Thank you.

Hi, good afternoon, everybody. Thanks for taking my questions.

I have two. The first one is on A&P, if you can disclose the amount spent on A&P in the first half and either million euros or percentage of sales and comment a bit on the outlook for the full year.

Apologies if you mentioned in the presentation and I missed it. Second question is on the Comfort segment, just if you can comment on current trading in July.

I know it's a few weeks, but just wondering if the strong trend seen in the second quarter is continuing in July considering the weather we saw in Europe.

No, Nicola— In terms of current trading of July is pretty in line what we have incorporated in the guidance. We see this low-to-mid single digit that is with the improvement that has been also in Q2 progressing along the next month.

About air conditioning, I would say that Europe is stock out. We cannot expect further benefits in July.

About A&P, we have invested more or less €15 million more in the first half than last year. We are in the ballpark of 200 €200 million expected along the year.

Thank you, Nicola. Thanks pretty much.

Hi, everyone. Thank you very much for taking my questions.

I've got a couple on Professional. You talked about winning some new contracts.

I just wondered if you could give us some more color on those: any particular geography, is it both brands, and are there any more in the pipeline? Then linked to that, back in February in Florence at the deep dive, I think you talked about some revenue synergies and some sales or joint sales between the two brands.

Are you seeing any evidence of that? Is that something that's supporting the very strong performance that we've seen in the first half?

Then my final question is just to come back on your comments on capital allocation. You were very clear in terms of priorities.

When it comes to M&A and you looking at other assets to buy, is there anything more concrete? Has the pipeline changed, or is it just the same comment that you're sort of always on the lookout in case there's something of interest?

Thank you very much.

Thank you, Natasha. Is a general comment.

The performance of Professional division and both brands is so strong that it's cannot be driven by one customer, one geography. It's really strong growth, strong success across the regions, across many customers.

La Marzocco is still very fragmented. They have some more important customers, but really the sales performance is driven by many, many, many customers, very fragmented.

While fully automatics usually are sold to chains, and it's where maybe we have a stronger impact of new customers, new additional customers. Also for Eversys, we won substantially a great number of new customers across the different regions.

We highlighted a couple which are probably more significant, and we expect a strong rollout in the next year or a couple of years. One especially in Europe, new customer, very relevant, and I would like to highlight another one in North America.

Plus, a sustained success with key customers also in China. I would say these are probably the three regions where we have most significant new customers for Eversys.

With regard to the synergies, we are working on synergies. We started some joint projects, but probably the sales performance is more driven by let's say the work that has been done before, and the synergies are yet to come.

Last question, M&A, yeah, I confirm what I said before: priority would go to buying out minorities, but as said, we have nothing new to share with you today.

Perfect. That's very clear.

Thanks so much.

Hi, Fabio and team. It's Fraser here from Berenberg.

Congratulations on the good results. I just had two questions.

The first was about household coffee, if you could maybe articulate a little bit the trends you saw within the segment in Q2, e.g., espresso against fully auto against manual. Then the second question was just to ask about how you see capital investments in the second half of the year and into 2027, given the quite well-controlled number in the first half of 2026.

Thank you very much.

Nicola, maybe you want to give some details and colors around the coffee development?

Let's say that the coffee developments in Q2, it has been definitely improving compared with Q1, and it is what has sustained the household results together with air conditioning, in full transparency. It was pretty pretty good across all the product segments, fully auto, pump, and also accessories that are becoming an important add-on to the coffee business.

I would say that it has been strong in the US, in most of the European geographies, Western, Eastern Europe, and also in the Asia geography. I would say, with few exceptions, to pretty consistent, and this is a good baseline looking forward.

On capital investment, it's a priority, as said. Nothing to add today.

Again, it's really something we are willing to complete something soon, but obviously at the moment we have no news, otherwise we would have announced already.

Sorry, just to clarify, it wasn't clear, I meant CapEx specifically, how you're thinking about CapEx in the second half of the year

and into

2027 rather than M&A. CapEx is fully in line.

In this moment we have a pretty strict control in terms of investments, but I would say that is in line

with last year. Thanks to both of you.

Hello, thank you for my follow-up. It's very quick on buyback, I would say, if you can update us how much is missing to the full amount, and given also the strong cash flow, probably just wondering if you round up if any opportunities can emerge in the next months, if you can elaborate a little bit more on this.

Thank you.

We're halfway through the buyback. Just to remind you, it was about €60 million, €30 million have been spent.

For the moment, no discussion to increase it, but again, we make no secret that we like buyback as a capital allocation option, and we will eventually reconsider in the future.

Thank you.

Hello everyone. Thank you for attending the De' Longhi First Half 2026 Results Conference Call.

Bye-bye.