Maire S.p.A. (MAIRE) Earnings Call Transcript & Summary

Good afternoon. Hello, everyone. Welcome to our fourth Capital Market Day. Welcome to our fourth Capital Market Day because this year is important, I would like to start reshaping energy. Let me start telling you that the current situation in the Middle East does not change our trajectory. It makes the title of this event stand out even more. And now I would like to start to take you in our time machine. Many years ago, in Italy, there were women and men entering the office of Montecatini every morning with the belief that research ingenuity could change the world. It was the company that first introduced industrial chemistry in Italy and entering in the nuclear energy domain. In that place, new idea and processes were tested to produce nitrogen and fertilizer based on phosphate, including the necessary hydrogen, a revolution that transformed the Italian agriculture. It was not only fertilizer. Giulio Natta from Politecnico di Milano worked closely with Montecatini. He developed new catalyst and process polymerization. In Ferrara, Moplen was born the plastic material that changed industries and society. Thanks to that, he won the Nobel Prize for chemistry in 1963, the only Italian to receive this award so far. That period was fascinating, not only for technological innovation. [Foreign Language]. Today, Maire stand us a global engineering platform, combining the outstanding technology of NextChem with the ability to build complex plants all over the world through [ Tecolt ]. What make us unique is our ability to preserve the vision and value of those few people. Now shared by more the 11,000 worldwide, our group. Today, the world needs industry more than ever. The world needs energy, new material and processes, innovation to combine economic development and environmental responsibility. The energy transition is changing shape. The geopolitical balance sheet are shifting, as you can see on this day, unfortunately. Global industry evolves according to the new scenario and opportunity emerge in new markets. Such Africa and America this morning was announced an important contract by NextChem in Nigeria. Our evolution in the new space on chemistry, energy demand and digital competence make us more attractive for the new generation of engineers. Every era requires new solution. And today, we are the answer of this challenge. Our plan is simple: double our revenues, almost triple the EBITDA compared to 2025. We have been demonstrated to be able to exceed our own targets. We are 5 years ahead on the data we presented from that stage on this stage in 2023. This is the fact, it's a reality. Our sustainability, we are accelerating our journey toward our carbon neutrality by 2029, also addressing material and circularity and water management as the strategic topics, targeting 90% of the water recycle in our construction site by 2035. We will get our goal, bringing new technology on board through acquisition as we have been doing since the beginning. Only a few weeks ago, we further expanded our offer into inorganic chemistry with the signing acquisition of Ballestra Group. We are entering a strategic sector at the service of metallurgical and mining industries. We are also expanding our fertilizer offering with the phosphorus product. We invest huge money, EUR 360 million in the last 3 years, and we have an ambition plan EUR 1.4 billion for acquisition and CapEx in the next 10 years. We have several opportunity open on the table that we expect to conclude by the first half of this year. Confident they will contribute in our future growth. And in any case, we remain open to larger strategic transaction. Moreover, we are enforcing our competencies recognized at the global level. Let me say with Tecnimont, which has been delivering complex projects around the world for years, we're entering in a new market. As an example is our adding offer in LNG sector with the agreement already signed. We have also designed this important design and construction with the new technology available and with modernization at the center. The name is [ Cosimont ] is the new name of our way to industrialize the plant execution. It is the modern way to doing engineering for construction, designing and execution with a strong use of artificial intelligence for increasing efficiency, improving working condition, safety and performance. Talking about NextChem, our technological innovation arm. We aim to expand first in our circular solution into recovery or treatment of precious metal and rare earth, thanks to the new recycled processes of the industrial waste like solar panel and lithium batteries. Second, energy vector solution, expanding to use methanol as a fuel for mining sector. Also in the aviation, decarbonization is no longer of choice. Our advanced CIF SAF technology will serve a demand, growing by over 20% each year up to 2040, equivalent to more than 150 new plants totally. And the innovation doesn't stop here. NextChem took a clear step also in the nuclear sector launching Next-N to develop innovative solution for conventional island related to SMR and AMR top technology starting from engineering service and to plant development. And across our pillar, artificial intelligence is integrated with our industrial know-how as an engine to amplify and accelerate our results. At the center of this development, we have put our NextBrain platform, enabling industrial AI solution into new internal and external working processes, not longer only automation, but autonomous operation to serve our clients.

Have you mentioned me, let me take my space then, adding something concerning innovation. Our Green Innovation District in Rome is almost ready as once was the Donegani Research Center of Montecatini about 100 years ago, building a bridge between our heritage and our future. The Green Innovation District will be the beating heart of our technology development activities, a place where pilot plans will demonstrate our advanced technological capabilities and the commercial development of our innovations.

Indeed, thank you. A place where our all stakeholders will be directly in touch with the new technology of NextChem. They will also appreciate our past, present and future to our archives and amazing experience center. The district will create opportunity for the young talents. We are launching also an EPS academy to train new professional with a target to arrive more or less at 200 students per year enrolled after high school.

Thank you, [ Fabrizio ] [Foreign Language] [Presentation].

Thank you, [ Fabrizio ] and welcome, everyone, to our 2026 Capital Market Day. It's a great honor, really great honor to stand before you today at our headquarter here in Milan. And of course, a heartfelt thank you to everyone which are joining us online. So before we move into today's agenda, let me briefly address the current situation in the Middle East by stating the most important thing, all our people and as well as the workforce of our subcontractors are there, but absolutely safe. So our project in the Gulf region continue to be executed in a stable and safe operating environment. Of course, we activated our safety protocols immediately. And we remain in constant contact with the local authorities, the embassies of those nationalities, which represent the workers which are cooperating with us and of course, the organizations of our clients. So -- but we will provide you more color in the following sections of the presentation. So now it's the moment to look at how far we have come and rise our eyes towards the future, which is more important. So the world is demanding new energies, as our Chairman was saying, new ideas, new solutions and more importantly, the courage to bring them to life. So let's see together how we are going to do it. Since 2023, Maire has adopted a strategic moment built on 2 complementary engines. Each playing a vital role in our growth. NextChem serves as our technological engine, structured as an independent organization within our group, very important, is an independent organization. And it operates through a short-cycle model that drives innovation, global reach and of course, higher margin. Tecnimont acts as our execution engine, focusing on the delivery of multi-annual EPC projects through an asset-light model, a model which provides flexibility. Together, they form a robust platform designed to engineer the energy solution the market needs today and more importantly, in the years to come. Our dual engines enable an integrated approach built to thrive. By combining NextChem's technologies with Tecnimont's execution capabilities, we offer a true one-stop shop that reduce complexity for the clients. Moreover, when project development expertise is needed, we leverage on our method development arm, a pool of experts in project financing and structuring. With end-to-end delivery from the initial idea to the final operating asset, we take accountability across the entire value chain. This is how Maire competes and succeeds. Indeed, our strategy has delivered tangible results. Over the last 3 years, we doubled our top line and delivered a consistent increase in profitability, profitability at all levels. In 2025, group revenues reached EUR 7.1 billion and EBITDA was approximately EUR 500 million, both exceeding our guidance. EBITDA margin reached 7%, up 100 basis points from 2022, not easy. Remember, not easy. This remarkable result has been driven by solid project execution, operating leverage and NextChem contributing 1/4 of the group EBITDA. Most important, we tripled our net consolidated income, reaching EUR 285 million in '25, our best result ever, the first time in the life of this group. The outstanding economic performance has been matched by strict financial discipline. Over the past years, our strong operating cash generation has allowed us to invest in our future. In 2025, CapEx exceeded EUR 68 million. If we include the acquisition of Ballestra Group announced at the end of 2025, which is expected to close and also the cash out is due to take place in the second quarter of 2026. This commitment rises to over EUR 190 million. At the same time, we have been returning greater value to our shareholders. Today, the Board of Directors has resolved a proposed dividend distribution of EUR 188 million, up 64% year-on-year on a per share basis, while the payout ratio has increased from 55% last year to the present one, which is 66% and we are doing all this while keeping a sound balance sheet, ending 2025 with EUR 395 million in net cash. Our people made these excellent results possible. Today, our group counts 10,800 professionals of 85 nationalities -- 85 nationalities, working across more than 50 countries. The diversity is our real strength, a full range of skills, all working together to deliver the plans of the future. In 2025, we added over 1,000 new colleagues and enhanced our people competencies by more than 700,000 hours of training. So looking ahead, we expect headcount growth to continue, of course, but at a pace which reflects the benefit of a further increase in the adoption of artificial intelligence, as you will see later on in the following section. Thanks to this workforce, we are equipped to deliver the backlog in our hands and meet the rising market demand. Talking about our backlog, the backlog reached EUR 12.7 billion at the end of 2025. In addition, this week has brought additional EUR 4.7 billion order intake, including 2 multibillion projects. These new awards provide solid support to this year's order intake and contribute to increasing our revenue visibility, very important. Equally important is where this backlog come from. Most of the projects acquired in the past 2 years have been sanctioned were in the Global South. These are fast-growing regions, combining resources abundance with pragmatic environments. In these areas, Tecnimont has successfully delivered several plants in the past decades, spending from gas processing to petrochemicals and refinery upgrades. At the same time, in the Global South is increasingly focused on the valorization of new feedstocks from renewables to biomass and waste. This creates tangible opportunities to enable an economically viable transformation of these resources through NextChem's technologies. These processes are taking place at a time of significant development in the energy landscape. Giovanni Sale, my friend. Now we'll go through how these scenarios are evolving and the opportunities they are creating for Maire. Giovanni?

Thank you, Alessandro. Thank you so much. As you said, the world is demanding new energies. So let's look at how the landscape is changing with the driving forces and how we can benefit from this evolution. If you look at today's world's trends, global population growth, GDP expansion and rising living standards are all driving a structural increase in energy demand. This pattern is expanding beyond developed countries. Currently, under 45% of the people use more than 80% of the global energy. But rising consumption in emerging economies will significantly affect the future energy demand. But this is just the baseline. At the same time, a new force is unfolding, the exponential increase in power demand driven by electrification and AI. Let me explain it with a simple analogy using an image that is quite familiar for the financial community. Do you remember Alan Turing? I'm sure you do. It appears on the 50-pound nodes and money talks. Well, Alan Turing machine and enigma, the blueprint of computers and today, AI processor are based on the same concept. The Turing machine defined the logic of computation, simple operation, endlessly repeated, able to solve any problems. [ Modern ] AI system do the same, but in an entire different scale. What once could have taken years to do now happens in a nanosecond -- like the occurrence of a supernova or better, let me say better. It's like to compare fleet stones with a supernova. And this computational capacity require a massive amount of energy. So the picture is clear. The challenge of that is energy addition. Over the past 15 years, installed capacity has already expanded at an extraordinary pace. And the next decade will mark another phase of acceleration. Installed capacity reflects the maximum potential out of the energy system. In other words, it's scale. That scale is set to double again faster and faster than before. Well, the structural expansion of the system is generating an unprecedented need for infrastructure and material to meet the growing energy requirement worldwide. Again, in dollar terms, the addressable market for Maire is enormous, and we are prepared to seize these opportunities as Fabio and Alessandro will explain later in details. Moreover, the implication are critical as this expansion require mobilizing every available source to guarantee security of supply, affordability and resilience of the system. As you know, the system requires stability and renewable cannot stand alone. And today, this role is fulfilled by gas, LNG and over the longer term, it will be by the new generation nuclear as a base load. Furthermore, electrification is not just about power generation, but enabling the industrial system to produce tangible components. This make chemistry essential for both stable grids, batteries, storage and mobility. Then material became the main constraint. But at the same time, what truly matter is the ability to process them. At the same time, all this must be happened within the physical limits of our plant, we cannot forget it. Scaling energy, chemistry and material require operating with a global carbon budget of our planet to ensure its environmental protection. To sum up, this is a new energy paradigm based on 2 pillars. First, the necessity for a multisource system, a system where traditional and new energies coexist to serve ever-growing and different industrial needs and regional peculiarities. Second, a multi-shape and multispeed scenario. Countries, sector and value chain are progressing at different paces and through different pathway, driven by economic priorities, policy frameworks and last but not the least, access to capital. Indeed, geopolitics, energy security and industrial policy are key drivers. Geoeconomic confrontation is today at its highest level in decades, and energy agendas are increasing defined at regional and national level rather than as it was in the past through shared international networks. Economies are moving forward around differentiated pathway driven by their own strategic priorities -- recognizing operating with this fragmented paradigm is essential to deliver secure, affordable and sustainable energy in a setting of rising demand. And here, we are offering will play our role. Maire as one global technology and engineering partner for our client, continuously evolving and expanding ahead of market. In fact, [ address ] the challenges required partners capable of operating with flexible across different context, delivering reliable and sustainable solution while managing complexity at scale. And this is where our DNA comes into play as our Chairman said in his introduction. Remember, since in 2018, NextChem has been building a unique technological platform to serve the low carbon and circular industry. Now we are further expanding it in the new chemistry of strategic materials such as phosphorus, sulfur and fluorine. This technology will enable us to process minerals-related metals at the time when metals are the new oil is a strategic issue. And we are developing the strategic competencies and supply chain also for the new generation nuclear as per our NextGen vision. Tecnimont history is rooted in large complex projects, delivered across geographies and market cycle. And we are now ready to apply this capability beyond our heritage carbon-based chemistry for oil, gas and petrochemicals. Crucially, we do all this through an asset-light, people-driven model. Our value is created by engineering know-how, execution discipline and ability to scale expertise quickly. Last but not the least, in this model, the support from [ AA ] plays a fundamental role. AI is not substitute for expertise. It's a force multiplier that allow us to deliver with greater efficiency, quality and reliability across our operation. This is how we benefit from pragmatic solution powered by AI. This is how we're reshaping energies supported by our technology. So let me hand over to Fabio, who will take you through the latest amazing, fantastic development at NextChem. [Presentation]

Thank you. Thank you, Giovanni, for your valuable insights. And good afternoon, everyone. 2025 has been my first year as Managing Director of NextChem. It has been a crucial year for our industry, a year that has redefined the meaning of energy transition, as we all know. We have operated in a challenging scenario, and we navigated it with discipline, focus and strong results. But moments of disruption also create opportunities, and we were ready to seize them. At year-end, we announced the acquisition of Ballestra Group, a strategic transaction that expands our technology portfolio in inorganic chemistry, the chemistry of metals and minerals. It broadens our client base and enhances our R&D capabilities, a concrete step forward fully aligned with the strategic pillars that underpin NextChem value proposition. Indeed, NextChem value proposition was further strengthened in 2025. Our portfolio of market-ready technologies has grown to over 50. And with the addition of Ballestra, we will reach over 80 technologies. At the same time, we have further strengthened our service platform beyond licensing, beyond engineering services, beyond critical proprietary equipment, we are now increasing recurring revenues and client retention by expanding into digital services and catalyst sales. This proposition, allow me to say, is unique in the market. We have also continued to elevate our distinctive process design capabilities, thanks to our teams. At closing of the Ballestra acquisition, we expect to exceed 1,100 professionals. The combination of an unparalleled set of technologies and top-tier talents allows us to deliver tailored solution from feedstock to final products. Most importantly, we deliver economically viable and bankable solutions. In this way, we create value across evolving market conditions. The proof is our backlog, which reached EUR 366 million at the end of last year. This will be further strengthened by the contribution of Ballestra's order portfolio of around EUR 315 million, again at the end of last year. Now let me take you through what and how we are unlocking a new chapter in our technology offering. Let's start with fertilizers, which are needed to feed a growing population. This sector is shaped by the need for higher efficiencies and sustainability. Today, we offer the most comprehensive fertilizer technology portfolio in the market. We were already the market leader in urea. In parallel, we have strengthened our ammonia platform, and we now have a suite of solutions fully integrated with our hydrogen offering that covers all ammonia production scales up to 3,500 metric tons per day. This is attracting strong market interest as confirmed by the EUR 485 million contract announced this morning for 3 world-scale nitrogen fertilizer plants in West Africa. And we are expanding in phosphate and potassium, reaching a 95% coverage of all fertilizer products. A market share where we see continued growth potential, supported by approximately EUR 200 billion of expected investments over the next 10 years, driven by new plants, of course, as well as by replacements and revamping of existing assets. With this wide array of technology, NextChem is now uniquely positioned to deliver specialty solutions tailored to soil needs. Let's watch this in a brief video. [Presentation]. Energy vectors. Let's move to how we move the world. Here, the challenge is delivering solutions that are environmentally friendly and produced in an economically viable way. The vision is clear, the opportunity is huge. And in the near term, momentum is strongest in sustainable aviation fuel and clean energy storage. But looking ahead, ammonia and methanol hold meaningful promise as next-generation fuels. Yet the pace of development will be shaped by the evolution of global regulations and the deployment of the right infrastructure. NextChem's portfolio is positioned to capture existing and emerging market opportunities. And we are further strengthening our positioning through sulfuric acid for the metals and mining industry, where we see a strong potential and commercial synergies and through fluorine for lithium batteries to expand in the electrification value chain. Let's learn more about this in the following video. [Presentation]. Let's now look at how to make sustainable and circular materials. The key drivers are the need for more biodegradable plastics and recycled materials that match virgin quality, fast emerging trends with strong growth prospects that we are ready to capture with our solutions. And as indicated by Alessandro, the global South is becoming an engine of circularity. This is where momentum is building as many countries have started realizing that waste valorization is a real opportunity. Most importantly, we are taking meaningful steps forward. We are providing solution for bio-based detergents, and we are advancing metal circularity to extract critical and precious metals from electronic waste. Let's see together what it means. [Presentation]. Moreover, last year, we launched Next-N, a major step forward in unlocking the potential of new generation nuclear energy. Next-N will develop the conventional island and balance of plant needed to convert nuclear energy into electricity. It will provide engineering services to nuclear technology providers, design critical equipment and support the development of the new nuclear supply chain. Next-N is a core enabler of clean, reliable power for data centers, industrial uses and the production of carbon-neutral chemicals through our technologies. Let's now see how we grow. And NextChem, M&A is a strategic lever. We are extremely selective. We only look at technologies with a readiness level of 5 or above. And we either acquire validated concepts and turn them into industrial scale solutions or we buy established technologies and turn them into global champions powered by our commercial strength. This approach increases the probability of success and reduces time to market. Our track record speaks for itself. We have made 5 acquisitions since 2023. And there is more to come as anticipated by our Chairman before. Talking about technology development, we are true enablers of innovation. Our capabilities are grounded in our hubs where we transform breakthrough concepts into market-ready solutions. We operate a one-of-a-kind pan-European R&D platform. Let's look at it with Paola.

Thank you, Fabio. That's completely true. Let me show you how. NextChem technology scale-up and demonstration model is built around a network of specialized R&D centers across Europe, including around 20 pilot plants, an impressive innovation engine. Each site plays a specific role along the innovation journey, allowing us to test and develop technologies efficiently from concept, validation, demonstration to industrial deployment. Let's take a closer look. In our center in the Netherlands, we work on ammonia, urea, nitrates and specialty fertilizer technologies. And depending on the specific project requirements, we collaborate with third-party test sites and universities. In Rome, we leverage on our long-standing capabilities to further improve our technologies for hydrogen production and carbon capture, but we don't stop here. The ecosystem is growing even stronger, thanks to the acquisition of Ballestra Group that brings 2 major technology development centers in our group. In Milan, where we already work on polymers and sustainable fuels, we have now an R&D center focused on surfactants and soaps with activities ranging from process development to scale up and continuous improvement of technologies already in commercial operation. In Basel, Switzerland, another R&D center is specialized in gas liquid reaction and advanced process technologies in the fluorine chemistry, enabling the energy transition, thanks to its application in electrification systems. Building on this solid foundation, we come back to Rome, where we are building our Green Innovation District, the core of our sustainable innovation, which will be ready and operating this year. The Green Innovation District will host laboratories, several pilot facilities and will be open to collaboration with third parties. It will allow us to test emerging technologies at an early stage and prepare them for industrial application. Together, these centers cover the entire technology development journey from innovation to commercial deployment and beyond. Fabio, back to you on stage.

Thank you. Thank you, Paola. Let me conclude by looking at NextChem's financials. We continue to grow at a strong pace, a remarkable result achieved in a challenging environment. Over the past 3 years, we have delivered a threefold increase in both revenues and EBITDA, closing 2025 with a top line of EUR 495 million and an EBITDA margin of 24.7%. If we look ahead, we expect a fivefold increase in revenues, exceeding EUR 2.5 billion in 2035. Profitability is expected to remain in the 22% to 25% range, depending on the service mix, driving EBITDA to EUR 600 million in 2035. To fuel this impressive growth, we will continue to invest in shaping the technologies of tomorrow. We are planning to invest up to EUR 750 million over the next decade, balancing organic investments with selected bolt-on M&A to accelerate our trajectory. M&A is expected to represent 40% to 60% of our investments, targeting EBITDA-generating businesses that are value accretive. Where possible, we will implement deferred payment mechanisms tied to tangible and measurable performance as we have done in the past. 30% to 40% of our CapEx will be allocated to technology validation to take proven concepts to industrial scale. The remainder will be dedicated to recurring R&D to keep investing in continuous improvement. With that, I will now hand over to Alessandro, who will walk you through the updates of the E&C business unit. Alessandro... [Presentation].

So, now we are moving into [indiscernible] world. And since we are talking about the execution of our group, it is imperative to throw away the jackets. Tecnimont [indiscernible] we remain unwavering in our commitment to raising the bar in our engineering, procurement and construction services. With more than 1,500 plants delivered globally, Tecnimont continues to lead in sectors with higher barriers to entry. Our dedication to operational excellence grounded in rigorous selectivity, tight risk control and world-class [ HAE ] performance is the fundamental pillar of our value proposition. Today, we are redefining EPC innovation through AI and industrialized solutions to build the next generation of plans. Building on this premise, let's look at how AI is reshaping the world of energy services. Over the past decade, our digital foundation has built a robust data backbone, enabling the adoption of AI at scale. In the past year, we have almost doubled AI users to over 7,000 people. This scale-up has already delivered tangible benefits. In 2025, we redirected around more or less 1 million engineering man hours toward value-added work. Through continuous process digitization and by engaging our people, we have developed several proprietary AI agents and embedded them into our workflows. Building on this momentum, we are now launching -- NextBrain's, a competence hub of around 200 AI internal experts dedicated to further developing and deploying AI agents across our organization. NextBrain's is positioned to become a business engine, driving further improvement in process design and process delivery. It will also support autonomous plant operations to reduce OpEx for plant owners. Let's look at each EPC activity focusing on the key innovative elements. Of course, we have to start with engineering where every project begins. Backed by almost 9,000 experts across all disciplines, our teams draw on a strong heritage, enabling seamless integration of the best available technologies into high-performance, reliable plants. Our designs are optimized for modularization and package breakdown, accelerating project delivery. And AI supports project queries, bid estimation, increasing quality as well as unlocking efficiencies. Now let's turn to procurement. For procurement, we are further optimizing our processes through AI-enhanced forecasting and advanced vendor intelligence. We implement a timely buy-in strategy by placing orders as early as possible to mitigate price volatility and secure cost accuracy. Where needed, we are diversifying our supply chain in key regions to secure materials in a cost-effective way and meet the local content requirements. With sustainability always in our mind, in 2025, around 90% of our procurement spending was conducted with ESG screened suppliers. Furthermore, we secured a new capacity in China and established a direct cooperation with global shippers, boosting our logistic management. Finally, let's look at construction management. We worked with trusted subcontractors who build under our coordination. Our priority is maintaining our top-tier HSE standards while preserving the environment. But the key initiative this year is the launch of our program designed to standardize and industrialize how we build the plants of our clients. Our transformation will imply moving activities from the site to specialized shops, ensuring the utmost quality, boosting productivity and reducing exposure to harsh climate conditions. Modular construction enables safer assembly and the shorter schedules while advancing towards the next leap, which is the physical AI, which means robotic welding inspection, automatic material handling and as well as HSE monitoring. The implementation of this model is expected to increase competitiveness in the market landscape where efficiency and timing of project execution will remain the key drivers in customer decision-making processes. So now -- it's time to take a trip around the world and watch how our projects are becoming a reality. [Presentation]. I hope that you have appreciated from the video that our projects are advancing rapidly. In particular, [indiscernible] in the UAE which has reached 60% completion at the end of last year, believe me, an extremely remarkable result. Talking about Middle East, let me provide some more details about the impact of the current situation on our operation. On site, operations are currently continuing without any disruption. And we are not foreseeing any significant impact, at least for the time being. However, this remains a rapidly changing situation, and we cannot do anything else that monitoring closely the situation. And of course, we stand ready to implement a contingent plan if needed. Having said that, we do not foresee any major economic consequences caused by potential disruption to the supply chain or to our operation as all our contracts include force majeure conditions. Based on the information currently available, our EN sales backlog strengthened by the contracts awarded this week is providing, as you can see, a significant revenue visibility. Expected revenue coverage for 2026 is approximately 85% to 90%. And looking ahead, we are well positioned to navigate the current business environment with coverage of around 60% to 70% in 2027 and from 40% to 50% in 2028. Awards derive from opportunities. And LNG is a great opportunity we are pursuing as already indicated previously by our Chairman. It is a natural extension of the capability we have built in gas combined with our expertise in managing complex projects. By leveraging a modular development model and partnering with the best-in-class O&M such as Baker Hughes, we are entering in this market with, in my opinion, a smart approach. This is my friend. LNG capacity is set to grow, driven by further development in upstream activities. We intend to play our part, starting with the Argent LNG initiative in Louisiana, where we will work on the front-end engineering design as well as on the Federal Energy Regulatory Commission permitting. This early involvement is very strategic because once both activities are completed, we will act as an EPC integrator, gaining access to LNG process integration and benefiting from a fast learning curve. As a result, we will build repeatable capabilities enabling us to replicate similar LNG project in other geographies with reduced execution risk and improved time to market. In this way, LNG becomes a selective diversification for Tecnimont. However, who better explain this project than Jonathan Bass, our friend, which is the Argent LNG CEO. Jonathan carried away.

Our project is located in Port Fourchon, Louisiana, the hub and center of America's energy export. We really required picking the right partners that would agree to bring in the project on budget, online and on time. And that really began with its suppliers and then it's EPC. The EPC was the hardest, the absolute most difficult selection that we needed to take. We interviewed over 10 EPCs, spent months and months going through the process. And in fact, meeting Tecnimont's team was a -- not even a question. After 4 days it was -- I felt like I was married to the right group. It was a group that fit like a glove Tecnimont's ability to modularize and weave in the balance of plant into our project is what makes it very unique. Most EPCs' goals are contrary to the goals of a developer. And those goals are to make projects last longer so that they can build more and not turn the keys over to the developer, whereas Tecnimont's goals are to actually complete a project faster on time, on budget and turn the keys quicker so that the customers can get the benefit. And the larger goal between Tecnimont and Ardent is to create and duplicate a modularized cookie-cutter solution that we could then go in and place around the world in duplication and securitize an energy solution for most of the world. I'm looking forward to the years ahead with Tecnimont and its team. I find them to be the best of the best. I would not have partnered with anybody else. I have partnered with all of the best companies in the world between Baker Hughes, Honeywell, GTT and ABB. I'm not -- wasn't going to hire and partner with a company that was not of an equivalent level, and I consider Tecnimont to be the best EPC in the world today.

Believe me, we have not paid him. It is -- it's an honest representation of the situation and of the very good relationship that we have with them. So also thanks to the addition of LNG and other power initiatives. Our pipeline has increased by over EUR 2 billion, so up to about EUR 61 billion. At the same time, there continues to be a strong concentration in gas monetization opportunities, particularly coming from the Global South. So we are pursuing a concrete and viable energy transition opportunities in selected geographies, including North America, Europe, South America as well as the market has recognized that -- and Europe, of course, as the market has recognized that the progress must be affordable and realistic. All in all, we see an EUR 9 billion potential order intake this year thanks to the benefits of our integrated offering and a sustainable sustained structural demand. We just announced the EUR 4.7 billion worth this week with most of the balance to be materialized in the second half of the year. While the timing of awards depend on our client decision-making process, it is complete and of course, it is completely outside our control. We managed to acquire all the main projects that we target over the last few years. So we remain confident about our ability to transform this potential into reality also this year. So now let me conclude this section by look at the financials for the E&C business unit. Building a multibillion-dollar award secured in recent years, we doubled revenues between '22 and '25, reaching the EUR 6.6 billion. We are successfully delivering the larger-scale projects, and this is reflected in our profitability. Since in the 2025 we have been able to close the year with EUR 378 million of EBITDA, which represents a 5.7% margin we end at the same time, up 30 basis points year-on-year. Looking ahead, we expect to reach approximately EUR 10.5 billion in revenues by 2025, with an EBITDA margin of ranging between 7% to 8%. Going forward, CapEx will be a key enabler of Tecnimont's next phase of growth. We are planning cumulative investments of EUR 550 million to EUR 650 million over the next 10 years. These investments are front-loaded and structured around 3 categories. The first one, which represent 20% to 30% relates to EPC innovation, including digital and physical AI to improve execution. Then about 40% to 50% relates to the investment, the co-investment through MET Development, which materialized through minority stakes in integrated projects targeting double-digit return with a short exit horizon. And the remaining, the balance relates to recurring investments supporting emission reduction and climate resilience. So to wrap this up, let's see how what we have presented translates into our 10-year strategic plan. At the end of the day, I am more familiar with this type of presentation since I have spent more or less the previous 40 years of my professional career as a CFO, but, however. So let's start with the 2026 guidance, which I believe a lot of you are eager to know. So based on what I have mentioned earlier and provided [ MET ] no significant deterioration will take place in particularly in the Middle East geography. We expect group revenues of 7-point -- ranging between EUR 7.5 billion to EUR 7.7 billion, assuming also the full year consolidation of the recently acquired Ballestra. STS revenues are forecasted to grow by around 40%, reaching EUR 670 million to EUR 700 million. EBITDA profitability is expected in ranging between 22% to 24%, reflecting the evolving service mix in this business unit. E&C revenues are expected at EUR 6.8 to EUR 7 billion, predominantly covered, as you have seen from the previous slides, covered by projects under execution. EBITDA profitability for this business unit will continue to increase, reaching 5.8% to 5.9% driven by -- predominantly by operating leverage and the ongoing efficiencies. As a result, group EBITDA is expected at EUR 545 million to EUR 575 million, with the profitability ranging between 7.3% and 7.5%. To support this growth, we plan to invest EUR 250 million, EUR 300 million, primarily to expand our technology portfolio as already detailed by Fabio. This includes, of course, the closing of Ballestra in the second quarter as well as additional selected bolt-on acquisitions, which we are currently pursuing. We expect the year-end net cash to be in line with the amount that we experienced at the end of 2025. After taking -- but after taking into consideration our ambitious CapEx plan, the proposed dividend of EUR 188 million, which will be paid in April, and the EUR 79 million of share buybacks, which we have just recently completed. So now let's move on to longer-term group projections. So based on what we presented today, we are now setting more ambitious, more ambitious targets once again. So we are projecting revenues at EUR 9 billion and EUR 9.5 billion and an EBITDA ranging between EUR 740 million to EUR 860 million by 2030. So it's the midterm, the half of our 10 years' plan. So in the first 5 years -- in the first years of the plan, we are now expecting on average to reach our target 2 years in advance compared to the plan that we have presented last year. In the longer term, we will continue on our upward trajectory with over EUR 13 billion of revenues. We will also focus on profitability acceleration, of course, targeting a 10% to 11% EBITDA margin within 2035. This will be supported by the increasing contribution of STS expected to reach 45%, 45% of the group EBITDA as well as by operating leverage and the ongoing efficiency coming predominantly from the E&C business unit. To support our growth, we are enhancing our investment plan with up to EUR 1.4 billion of cumulative CapEx over the next decade, front loaded in the first 5 years. Cash generation will remain solid with adjusted net cash expected to reach around EUR 2.1 billion in 2035. This strong operating cash flow will fully support our investment strategy while allowing us to maintain attractive dividends with a 66% payout ratio. We also remain committed to further optimizing our balance sheet, ensuring we prefer -- we preserve financial flexibility throughout the plan. So well, as we are approaching the end of our presentation, let me sum up how we are reshaping our energies. First, we are doing it through what we do, exactly what we do. We are expanding NextChem technology portfolio into inorganic chemistry for fertilizer and critical raw materials. We are also strengthening our proposition for new generation nuclear energy. At the same time, Tecnimont is widening the market served, including LNG, leveraging our leading capabilities in managing complex projects. We are also reshaping our energy through how we do things. We strengthened R&D capabilities at NextChem to accelerate innovation and scalability. And we introduced innovative initiatives across our E&C business unit to advance execution and competitiveness. All of this is underpinned by our integrated approach, combining technologies, engineering and execution into a single differentiated value proposition for our clients. And this is increasingly powered by artificial intelligence as an enabler. Our digital transformation supports a better engineering, faster execution and higher efficiency across our operations. In a world -- in a world with competing for energy, these drivers will support the delivery of a leading performance and value. Indeed, we do deliver value. I hope you appreciated the growth that we experienced since our first Capital Markets Day in 2023. The EUR 219 million total dividends we paid -- probably it is necessary to turn the slide to the next one. However, I was talking about the value that we have created predominantly for our shareholders. So EUR 219 million dividends already paid cumulative over the last 3 years' time, which doesn't include the EUR 188 million that we are going to pay over the next few weeks, next month, the month after -- in April. So we remain committed to delivering year-after-year accelerating this value creation increasing returns at last but not least, further enhancing our technology business. So my recommendation is just staying tuned with this growth story. Stay with us.

[Operator Instructions] So I believe we have the first question.

Marco Cristofori from Intesa Sanpaolo. Congratulations for the plan. Two questions. The first one is on EPC business. Hail and Ghasha giant project will come to an end by the end of 2028, but you are still forecasting a solid growth up to 2030 and onward. So this should be based on strong order intake in 2026, but also in 2027. So my question is, if you see any other giant projects such as Hail and Ghasha coming, and when is expected? The second question is on NextChem. My personal belief is that nuclear would be crucial for increase of production of electricity. And you entered the business not a lot of time ago. So just to understand when you expect to see the first economical result from this new division?

Let me start, Marco, for a very interesting question, by the way. It is -- with the first question that you have raised. Are there any giant or supergiant projects in our pipeline? The appropriate answer is, yes. There are at least 3 super giant projects, which are due to come on stream in the '27, most likely early '28 because before sanctioning the EPC, there will be the FEED, which for a project of such a magnitude this will require at least 12 months' time. So the real EPC will come on stream a little bit later. But due to the fact that most of the -- most reputable contractors, of course, including ourselves, we are -- all of us, we are engaged in -- already engaged today and in the next years in the execution of a remarkable backlog. The various clients for the time being, at least, they have expressed their willingness to evaluate the proposal, which will come only from temporary joint ventures. So it is in the mind of all the clients, not just one, all those clients, which are behind this supergiant project. They have already gained the idea that in order to share their execution risk, it is much better to a point not just one contractor, but a pool of contractor normally 2 are more than enough. So in order to answer properly to your question, we are, of course, already working on those commercial initiatives in association with the other international contractors. And even if we will not be awarded alone, this doesn't mean that this should create a problem for the growth that we have designed for the years to come. Instead to have one single project, which could absorb a significant portion of our workload that will be more than one. But this will not affect the growth that we have designed for 2026, 2027. And even after having successfully delivered Hail and Ghasha, we will continue on the same stream. Just to consider that the already existing backlog today, if we include the recently awarded project, 2028 is already covered for more than half of the revenues that we are expecting to generate in 2028 and even a portion in 2029. So -- but it is not -- of course, the story is not over. As you have, I hope, appreciated, we have targeted EUR 9 billion in the 2026 in terms of new acquisitions. So it means that half of the expected awards will come on stream, will be part of our backlog in the second half of the year. Some of them will come from -- not necessarily the traditional province of the energies, so Middle East will come from U.S., as we have already mentioned before, South America. South America presently is -- has engaged already a significant journey for the valorization of the gas fields, in particular, those located in the Vaca Meurta gas fields. And of course, in order to exploit properly, valorize, monetize the production of such a natural gas, it is necessary, of course, to keep the gas field with the traditional gas separation units, gas treatment unit, and then, of course, if you want them to transform the gas into valuable commodities, of course, you have then to realize ammonia eventually and fertilizer. This is the story that we are working on, in particular in South America. North America, I'm referring to the LNG initiative that we have just mentioned, which, for the time being, of course, we are just talking about the very preliminary phase, which relates to the FEED and the FERC, which are the 2 most critical steps for this project. But immediately after, since the client has already secured the financing, this will move into the real EPC1, whereby will not take the execution risk, but we will provide our knowledge, our capabilities to integrate all the actors that we will be part of this game. So very, very critical as our friend, Jonathan Bass has, I believe, has clearly represented. But just to mention some of the opportunities that we have in front of us, of course, some others, the super giants will be expressed once again by the Middle East market and all of them relates to the gas monetization. Gas is due to remain the pillar for the energy of the future, at least in the medium term as well as for energy production or as a feedstock to be converted into other type of commodities. So I truly believe that we have the problem to choice, which type of project we have to concentrate on and not having to be worried about the impossibility to get a new project. So really, I am really very, very optimistic for the short term and the medium term as well.

On nuclear energy, you're posing a very hot question. In terms of -- let me give you what analysts say in terms of long-term projections and estimates. In 2050, gas will still be the predominant source of energy, renewables will be second, and nuclear should be third. But the point is that it's the type of energy that is really of interest to this group. It's a reliable and geolocated source of energy that can feed industrial complexes. So yes, we are betting on small modular reactors and advanced modular reactors with a number of partners. In terms of revenues, we are not on the nuclear island itself. We are on the balance of plant and all the engineering for the critical materials, which are needed to manage nuclear power. And we are already as a matter of fact, billing engineering hours to the clients or the partners we are doing this exercise with. And let me make a personal note on Europe. If you consider that it takes at least 2 years in terms of legislative process to adopt nuclear energy and that only France and a couple of small countries in Eastern Europe are adopting nuclear energy, we better start the sooner in Europe because things might be ready by the end of this decade or early the next decade, if we don't start with the legislative process, then we will have to look at United States or other geographies. But yes, we are very confident on the technology and on the potential.

Kevin Roger from Kepler Cheuvreux. I have 2 questions, if I may. The first one is on NextChem. You are guiding us for a significant growth by 2030 from roughly EUR 500 million to EUR 1.2 billion. Just to be sure, in those -- in this gap, what is organic and inorganic, just to understand what you have included in this big gap? And the second one is, we just mentioned Hail and Ghasha. Hail and Ghasha is supposed to be completed in '28, but you are at 60% right now. And a quarter ago, you were telling us 45%. So it seems that the execution is going quite very well. So if you can share with us a bit of more color on how do you stand on the execution versus the plan and what it could mean for the marginality of the project, please?

Let me start with the first question on how much 2030 is made of organic growth and how much is coming from acquisitions. It's roughly in the 70% to 30% -- 75% to 30% to 80% range for what we already have and the remainder at that time coming from acquisitions. But these acquisitions, considering that 2030 is tomorrow is of companies or technologies, which we have already identified in a way. So we are already working on that. It's an important part. But if you look at the success we have been having in the past 5 years, starting with [indiscernible] and then GasConTec and then now Ballestra and all the other companies we've bought, I think we have a track record of being able to plug successful companies into our system and make a multiplier of what they are already doing when embedded into a wider portfolio of technology. Let me use the example of today in Nigeria, which is something I will never stop thanking my colleagues for. It's the combination of technologies coming from 3 companies within NextChem. It's KT -- it's KT Tech, Stamicarbon and GasConTec. And all these companies have decades of history. So you can imagine they are very proud of where they came from. They wear their t-shirt very tight. They strongly believe in where they come from. But then they were the NextChem head. They've worked together and convinced the client to buy 3 technologies instead of one, and this is cross-selling. So I do really believe that when you plug in our ecosystem, a new company, you have to multiply the numbers they are making going forward.

You are once again interested in Hail and Ghasha. I don't know why because it is also negligible project. As you have appreciated, Kevin, we have been able to deliver an extraordinary performance up to the end of 2025. 60% completion is really a great effort of our organization, but we have succeeded. We are still a little bit in advance compared to the early schedule that we have agreed with the client. So we are very happy about what we have already delivered. What is going to happen moving forward? First let me provide you with another element of comfort -- despite the turmoil, which is affecting presently, the region -- we do not expect to face any major consequence in the execution, not economics at all because I have stated -- we are, of course, to the extent there will be economical consequences. We are in a force majeure situation. So everything will be covered. But for the time being, the project is not only Hail and Ghasha, but all the other projects that we are going to complete in that part of the world, they are progressing business as usual. Of course, we have to pay some additional attention, of course, the behavior of the various workers must follow specific disciplines, protocols. But apart from that, there are no specific consequences. So everything is progressing business as usual. And as far as the potential problems associated with the logistic issues since the difficulties in the Hormuz channel, let me say that due to the extremely important procurement campaign that we have been able to conclude in particular in 2025 and the related material has already delivered on site, we have presently 4 or 5 months -- more or less 5 months of materials already available and delivered at the site. So only to the extent that this situation is due to last for a long, there could be eventually some delay in the delivery of the goods. But since we have already in place a plan B, but not only ourselves, the client as well, all the other contractors working in the area have already identified additional route, which will make it possible to feed the activities without any interruption. There will be an additional cost eventually. But of course, we will report to the client. And eventually, of course, we will obtain the recognition of those additional costs. How Hail and Ghasha is due to evolve? For sure, 2026 is for the entire 12 months period. Everything will be concentrated on the construction, as I was saying before, engineering delivered, materials already on site, of course, now, but already in 2025, we have started with the construction. But as you have appreciated already from the picture that we have reported previously. So everything will be concentrated on the construction. We expect to close 2026 with a completion rate approximating 90%. And then the remaining 10% will be executed in 2028, which, by the way, imply also the commissioning. So commissioning is a very sensible part of the project, which does not create any major volumes, but is critical from a technical standpoint. So volumes will be predominantly delivered with the construction in 2026. And then the balance in 2028. Of course, all of us, we are concentrated in maintaining the schedule that we have depicted, which should make it possible to deliver the plans a little bit in advance compared to what has been defined contractually.

Francesco Sala, Banca Akros. Congratulations for the plan. Just two. The first one is on the commercial pipeline. It's quite different compared to the one you presented 1 year ago, especially Americas is more than twice as much than it was 12 months ago. So I wonder what has changed, and whether you I think the competitive environment is going to be different from the one of the markets you normally operate in. And the second is on the CapEx on the E&C business. Also sizably bigger compared to the plan you presented 12 months ago and then especially interested in the so-called minority investments, whether you can shed some light on this aspect?

Yes, you are right. You know our group very well since a long time, and you have correctly noted that we have rerouted a little bit our commercial pipeline and our target -- short-term target differently from a geographical standpoint compared to a few months ago. Why? I am still confident that those regions on which we have concentrated our attention since a few months ago, and I'm predominantly talking about North Africa, which I have not mentioned so far, but it's just because the company, which is located in -- I'm talking about Sonatrach, in particular in Algeria. The company has offered a significant reshuffling in terms of management. The new management now is going to prepare the strategic plan, including, of course, the investments, which is the most important element for an energy company. And we have agreed that as soon as they have completed their strategic plan and shared with the government, they will meet with us. And together, we will review together the possibility if they will decide to invest something, of course, to be once again with them. So for this reason, we have been obliged to -- not to consider in the short term opportunities coming from North Africa. In the meantime, thanks to the agreement that we have entered with Baker Hughes, which provides a mutual benefit because, of course, if they want to sell their cool box modules, of course, it is necessary to rely on someone who is able then to integrate their modules with all the others equipments, which are needed in order to have finally a liquefaction plant. And since we are already used to cooperate with Baker Hughes, for example, in Algeria, Hassi R'Mel is one of the best example of the cooperation that we are -- we have in place with Baker Hughes. But then, of course, Baker, which at the end of the day, is Nuovo Pignone, remembering that we, of course, to the extent, it is possible we prevail and we prefer to refer to the Italian supply chain. And so together, we are already -- they are partnering with us in many other projects in many other geographies. So this, for sure, has created an additional opportunity. We have humbled a little bit. We have shared internally with our organization that it was possible to work on this stream. And on top of partnering with them, we have already in our hands the first opportunity. So U.S. comes from this type of process, partnering with Baker and then working together because partnering, it is a memorandum of cooperation well, of course, extremely interesting. But it's more interesting, well, in this type of cooperation concretize on already an existing project. So for this reason, I rely a lot on this type of cooperation because we have already a project, which we can concentrate the mutual efforts. But on top of that, there are many other opportunities coming from this stream. They have -- they, I mean, for the time being, we rely on the capabilities of Baker Hughes to propose their solution. And of course, we will be with them. They have a stream of opportunities in many other geographies, including predominantly Africa and U.S. as well. And U.S., of course, we are there since a long time even if we have not executed giant projects in the county, but sophisticated project for sure, a project, which will produce -- the plant which will produce blue ammonia is going to be delivered shortly. And then Africa is -- could appear to be strange, but it's our bread and butter. A significant portion of our organization has spent many years in that part of the world, spending from sub-Saharan Africa to East Africa and North Africa as well, and so we are well equipped. So really there are opportunities, which we have not considered if you have raised this -- should have raised this question 6 months ago, probably my answer should have been completely different. And now I am really confident that the LNG stream could represent a significant pillar for our growth moving forward. Then geographies. As I was saying before, Latin America for a lot of reason, politically, economically, in terms of macroeconomic, we have decided to stay aside from that part of the world until let me say, the end of 2024, early 2025. Now of course, we have to acknowledge that the situation locally has changed significantly. The situation, at least for the time being, of the country has improved a lot, and it has been also confirmed by the willingness of super major energy companies like ENI, Shell that they have decided to invest a huge amount of money in their liquefaction infrastructure, floating predominantly, but you know better than anybody else that in order to have the gas ready to build liquefied must be treated before. And this is the reason why, of course, now we are addressing our interest on this type of projects, which replicate more or less the same nature of project that we are presently executing in Kazakhstan. Tengiz project is very similar to what we could be requested to execute in Argentina. Then there are also other investors, which have -- has already available significant quantities of their own equity gas. And for the time being, the best solution to monetize those production is to use the gas as a feedstock and then to convert it into fertilizer because Argentina, one of the most important elements of their economy is still the agricultural activity. So they don't need to export. They can rely also on the domestic market. So -- but this is just to mention something which have come onstream rapidly and very heavily over the last 6 months' time. And of course, since we are well prepared to do it we are working hardly on them, and we will see if our efforts will be converted into new orders, most likely in the summer season, not before. It will be around September, August or September, October. This will be the period whereby I expect to be able to get new projects on top of the 4.7% that we have already secured today.

Share [indiscernible] minority investments.

Excuse me, of course, I forgot your question about the CapEx. You are right. It is not so different, the amount that we have decided to invest over the next decade in the E&C business unit compared to the past. Now we have decided -- we have, say, a more clear idea on how to address this amount of money, which, by the way, also for E&C basically, it will be mostly concentrated in the first part of the plan. A significant portion, as I was saying before, it will represent the minority stakes that we are prepared to enter in those projects with our own equity when the economics of the project satisfies our minimum requirement in terms of returns. And the conditions will make it possible then to monetize this minority stake as soon as the infrastructure is ready. We are working on some of them, and it is a very efficient solution because, in particular, this is the most appropriate strategy, which combines the possibility to have involved the EPC machine. But at the same time, it is a great -- it provides a great support also to spread in the market our technological solution. So with just for reporting purposes, we have allocated the minority stake investment in the E&C division, but it could be shared between NextChem and E&C because I repeat, mostly relates to those initiatives whereby we can provide the client with our technological solution. And then, of course, we propose ourselves as the execution of the EPC contract. Then this is the second -- the most important element of our expected CapEx. Then of course, as we have tried to explain also the EPC machine has to evolve as primarily because sometimes the clients that requires a different process for the EPC contracts, which I'm talking about modularization and possibly the introduction, progressively the digitalization and also the artificial intelligence, which will make possible to deliver a plan to the client, which will not require thousands of people to manage the operation, but it can be restricted to a few well trained and skilled people, which we have the possibility to manage efficiently the plan. Of course, it is necessary to develop the appropriate tools. As we have explained, we have an engineering hub more than for the time being, restricted in brackets, restricted to 200 people, which are delivering -- preparing and delivering AI solutions, which could become our instrument, which will announce the efficiency in the construction or will become products, which can accompany the traditional market proposition for the benefit of the clients. So of course, we have to invest in order to be ready as soon as possible to propose something different, innovative that compared to the recent past. So these are the most important pillars which are behind the EUR 500 million, EUR 550 million that we have targeted for our investment in the next decade, but I repeat will be predominantly concentrated in the first 5 years of the plan.

Massimo Bonisoli from Equita. Thank you very much for the interesting presentation. My first question is on the order intake. If you can provide more color on the EUR 4.7 billion you have announced today on the -- those projects. And frankly, quite surprised by the presence of a petrochemical project, considering the current very low margins in the petrochemicals. And the second question for Fabio, on NextChem. You have quite a sizable budget on CapEx, especially for M&A. So I'm curious to understand what are the end markets or technologies, if they are add-ons to your existing technologies like the P&K for nitrogen fertilizer or maybe completely new technologies like LNG you announced last year?

Maybe I can let Alessandro breathe a bit and start with the second question, and then I'll leave you. Okay. Then you're right, it's a sizable amount of money to be invested in the next years. Just don't forget that what you see this year includes also what we have to pay for Ballestra, so EUR 130-plus million will have to be paid this year. They have been contractualized last year, but they are meant to be paid this year. We are looking at -- and by going straight to your point, I would say that on fertilizers, we are probably in a nice spot for the time being. Now you have seen from the presentation we are covering 95% of the entire technology array. So in a way, it's a very complete offering. But let me take the opportunity to say that with Ballestra, we have also entered the inorganic chemistry, the one-off metals and mining, where we see a hell of a lot of potential, rare earths, the mining activity has to do with massive investments, which are due to 3 reasons. One is security. Everybody nowadays want to have control of critical minerals, which are needed for the defense industry, which are needed for the electrification, which are needed for AI. So there's -- and right now, we are talking of a market which is heavily concentrated in China. China has more than 50% of the rare earths and more than 90% of the processing capacity. So it will have to be built somewhere else for a number of risks. And there, it's a sector you don't see much, but what is already in Ballestra in our projections. It's very new. So if I have to guess on where to bet next, I would say that's a very promising sector, very close to chemistry where we should look with more attention. And we mentioned we have been looking at fuel sales again for the shipping industry, and that's something which, in my opinion, will be a part of those investments we see going forward. I would say we don't have a specific sector or subsector looking. There's one that we mentioned, which is the recovery of metals from waste. We have been working so far on plastic. And no matter how good are our engineers every time you recycle plastic, you try to shoot for virgin quality, but you never there. And every time you have to restart. With metals, it's a different story. You can recycle them thousands of that. It's always metal. And we're talking of those you have seen in the slide. And I think there's a real hit in value then, and this is one of the sectors where we are betting in, so metal recovery. I was reading today an estimate in Europe, if we manage to start recovering waste efficiently, approximately 20% of the minerals needed for new batteries and new magnets are potentially coming from waste. So again, another huge market. And I could spend hours, but I will stop here because yes, that's -- I guess, I gave you an answer.

Regarding your first part of your question, Massimo, I believe that, over the years, you have appreciated that our normal behavior when releasing information about new orders are fully comprehensive. Of course, provides all the details, name of the client, geographies, scope of work, of course, the amount and so on. So easy to answer to your question, if I would have been in a position to provide them, I would provide them. So just to say that, of course, we will provide all of you with all the details, most likely over the next couple of weeks as soon as certain formalities will be over, which now we are still in process to formalize with the client. But considering that, the order has been already provided has been already committed to our group. We couldn't do anything else than providing the market with this very limited information, which relates predominantly to the size of the magnitude in terms of value of the contract that we have in our hands. But where they will be executed, who is the client and the relating scope of work, apart that from one of them with the specific dedicated press release, we have already anticipated that we are talking about a hydrocarbon petrochemical infrastructure. Then as far as the rest is concerned, please be patient for a couple of weeks' time, and then I will be, for sure, more clear compared to what we have provided so far. Petrochemical business for sure for the time being, at least, I'm saying for the time being because as you have seen something could change overnight considering what has also happened recently. But in general, we are not relying too much at least for the next couple of years, 3 years' time on giants petrochemical projects. There are, for sure, some potential petrochemical contracts coming from either Middle East, Southeast Asia, as well as North Africa, which are peculiar relating to specific commodities, which very niche project, but are there. And I believe that at least for some of them, we are well positioned. But just to let you know that no additional petrochemical projects are targeted within the EUR 9 billion that we have targeted for 2026. 2027 onward there will be -- I truly believe that there will be already some sign of recovery also because considering the timing to take the final investment decision, the client has to move a little bit in advance, but we will materialize in the end of 2027, early 2028, not before that. This is the situation.

Alessandro, if you allow me, I will try from a different route. So considering your constant talks with the clients and constant discussion with the clients in the Middle East, did you spot any change in attitude considering the trading environment. So the awarding activity, the tendering activity. So everything is unchanged so far.

Absolutely. Absolutely, Massimo or at least whatever has been changed compared to the recent past, it was the result of dairy internal different strategy. So it is not the result of the recent events. It was -- I was talking, for example, also recently about Aramco. Aramco has changed dramatically their investment appetite, but not because they were aware that in a few weeks' time, they should have -- happened this business story, because they have changed their investment strategy, rerouting a significant portion of their investment in different geographies. But nothing has been affected, but what is going to happen in that part of the world. And it has been confirmed also because if I you remember last -- today is Wednesday, so on Monday, we have received an invitation to bid from Abu Dhabi, for example, for the super-giant project, whereby, of course, we will try to do our best, once again, not alone, in association with somebody else. But it is a real sign of their investment appetite, which is not -- which has not changed because of what is going to happen. Based on the discussion we had with the top management of the companies based over there, all of them, they expect that this situation hopefully, of course, I'll say, hopefully, it's not due to last for long. Of course, too many interest in that part of the world, which must be preserved. So for sure, everyone, of course, is doing its best in order to maintain the present situation under control, not interrupting any type of activity, of course, extremely carefully. But in terms of future, they are not modifying at all their investment strategy. So everything, business as usual, at least today. Then whatever is going to happen, nobody knows. And -- but I don't believe that there will be any significant differences moving forward.

It's Michele Baldelli from BNP Paribas. On the energy market, can you elaborate a little bit the figures. So what is the addressable market? How much is the value of the contracts awarded each year in the LNG market. Where are you going to target this market in the sense that I know that on the larger projects, there are probably just a couple of companies that are really competing in. So are you targeting the smaller part of the market, if you can provide some color? Second question relates to the joint venture. As you said, the future projects probably requires you not to go alone. That would be a second partner. So I was wondering digital step change compared to your past? Or you already worked in this way? And in case there is anything already in the backlog where you work in joint venture or with other partners?

Well, talking about LNG is a little bit earlier to talk about the opportunities for the future, for sure. If I have to rely at least on a minimum stake, very limited stake of the pipeline that Baker Hughes has already is trying to push all over the world. It is something, which probably we will not be able to satisfy all those opportunities. But before engaging in additional project, I would prefer to enter [Foreign Language]. I would try before engaging into additional projects, I would like to concretize and to deliver the project that we have been already -- for which we have been already engaged. So of course, probably in the second half of the year, we will enter into a more detailed and mutual strategy with Baker Hughes by identifying which project could fit with our possibilities and our strategy. But however, in the years to come, I expect that at least one project per year could be part of our backlog. So significant part. It will be very, very important because now we are starting as a pure EPC integrator, and in a project which is due towards something close to $14 billion, which is the project Argent LNG, our portion could range between a couple of billion dollar up to EUR 5 billion, EUR 6 billion to the extent will take care for the execution of the gas treatment, which, for the time being, has been committed another contractor, which is the technology provider, which is also used to deliver the modules. But importantly, they are -- they have a workload, which doesn't make possible for them to cope with the schedule of this project. So of course, we are ready to do it. So all in all, this type of projects whereby at least for the time being, we do not enter into the cool box. So in the technology which makes possible to transform the natural gas into liquefied gas because this is a technology which belongs for the time being to Baker Hughes, but it's an open art. So to the extent we learn working together, then subsequently and of course, in the long run, we could play an owner without relying anymore on other technology providers. We can do by ourselves to the extent, of course, we learned the lesson. And this is one of the goal that we would like to achieve working together in particular in the first project. Then I don't remember, excuse me, the second part of the question.

JV set up for our project?

JV -- excuse me, sorry, sorry, sorry. Yes, it is not a surprise we have already, in our backlog, some projects, Kazakhstan, for example. Kazakhstan, both of them, both Silleno project, the petrochemical unit, as well as the gas treatment unit, both of them are going to be delivered under the umbrella of a JV with other contractors. Both of them, we are the leader of the JV because the other partners have recognized that Tecnimont has a superior knowledge, which is the only one able to lead to coordinate also the other activities. And so moving forward, it is something which is not our own choice. As we did for Hail and Ghasha, also Hail and Ghasha at the beginning, the idea of the client was you have to aggregate yourself with somebody else. And then finally, we succeeded in order to get it alone. Now all the projects, the super giant projects and for super giants, I'm defining them, those projects which exceed $8 billion, $9 billion, they are requesting to have to deal with a joint venture because, of course, they are -- based on their evaluation, we cannot dispute. They deem more appropriate to deal with an aggregation of competencies, which reduce the execution risk. It's their evaluation. So we cannot do anything else other than to find in a reputable partner, possibly share with them the fact that we maintain the leadership because we prefer to use our processes to introduce our methods and to lead the venture and not depending on the decision of somebody else. But it is something which the market is requiring. So we have to cope with them.

You call it.

Someone -- I believe that I saw a message that it is Spritz time. So thank you very much for being with us and be so passioned to being with us for the last couple of hours. So now there is the most interesting portion of this event, which is the Spritz time. Thank you.