Driven by the ongoing execution of its international growth strategy, Chiesi continued to expand its presence in key markets, with particularly strong momentum in the United States (+9.6% @CER), while maintaining resilient performance across Europe (+0.9% @CER) and a continuous development of the remaining geographies (+5.5% @CER). EBITDA margin was 29.4%, reflecting continued strong profitability, disciplined resource allocation and operational focus. The Group also maintained solid cash generation from operations, enabling continued investment in its research pipeline, manufacturing capabilities, and strategic acquisitions.