We comment this morning the release of FUM’s H1 2025 results. As noted in July, the revenue decline (€39.5m, -9.7% YoY) reflects an environment characterized by weak demand and project delays, particularly in United States. The normalization of deliveries in Asia since June should support a partial recovery in H2. Australia continues to act as a growth driver, supported by favorable regulatory prospects, while the U.S. remains in a wait-and-see mode, albeit with reduced uncertainty.