Good morning, everyone, and welcome to this conference call for the presentation of the Racing Force Group's 2025 annual results. I'm Paolo Delprato, Chairman and Chief Executive Officer of the group, and I'm joined today by Roberto Ferroggiaro, our Group Chief Financial Officer, and Alexandros Haristos, our Group Chief Operating Officer. In today's presentation, we will outline the financial results for the year 2025, which were approved yesterday afternoon by the Board of Directors, and we will provide an overview of the business outlook for 2026. The year 2025 represented a particularly positive period for Racing Force Group. We achieved robust commercial performance, recording a double-digit increase in revenues of 11.4%, reaching EUR 73.1 million.
This level of turnover brings the compound annual growth rate of the last 10 years to +13.4% and to +16.8% when considering only the past five years. This is an impressive trajectory, particularly when viewed against the global economic challenges of the past decade. In 2025, growth was also reflected in profitability with an Adjusted EBITDA margin of 17.5% compared with 16.0% in 2024. This improvement is the result of a combination of factors that Roberto will outline in detail shortly, including the benefits generated by the investments undertaken in recent years.
Indeed, in 2025, the investment plan launched at the end of 2022 was fully completed, culminating in the construction of the second floor of the Varani factory and the expansion of the group's headquarters in Ronco Scrivia, Italy, both of which are now fully operational. The year also marked a significant progress in terms of strategic partnerships and brand visibility. I would like to highlight our collaborations with Toyota Gazoo Racing, once again World Rally Champion, McLaren and the new Formula 1 World Champion, Lando Norris, our contribution to the Apple Studios F1 movie, a major success and Academy Award winner, and above all, the partnership signed at the beginning of 2025 with adidas, through which OMP became a supplier to the Mercedes-AMG PETRONAS Formula 1 Team.
These alliances are important not only for the business they directly generate, but also for the substantial global visibility they provide, which acts as a powerful commercial driver for our brands. At this point, I will hand over to Roberto Ferroggiaro, our Group CFO, who will discuss the 2025 financial results in greater detail. Please, Roberto.
Thanks, Paolo, and good morning, everyone. Let's start with a quick overview on sales. In 2025, full year sales increased by 11.4%, which is 12.3% at constant foreign exchange rates, driven by strong acceleration in H2. Seasonality is historically characteristic of the motorsport business, with the weight of sales generally higher in the first half of the year due to the start of the main championships worldwide. 2025 confirmed this rule, but with a notable difference. If you look at 2024, sales of H1 represented more than 57% of annual revenue, while in 2025 they stood at 53.8%. In the second half of 2025, the group recorded an impressive growth above 20%, driven by the contribution to sales of helmets compliant with the new FIA homologation standards and since October 2025 to the new SNELL homologation.
This trend was expected from the beginning of 2025 and anticipated in our communication to the market, supported by the high level of order intake from customers recorded between the end of Q4 2024 and the first quarter of 2025. The increase in sales was achieved despite the macroeconomic landscape, which was characterized throughout the full year by a significant uncertainty driven by high geopolitical instability and economic volatility, also stressed by the introduction of incremental tariffs by U.S. administrations. In terms of product categories, drivers' equipment increased by EUR 6.7 million, +13.8%, driven by both racing suits and other racewear under the OMP brand and also by the helmets, supported by the success of the new models homologated in accordance with the most recent safety standards.
Car parts revenues slightly declined by EUR 0.6 million, mainly due to delays in the production programs of some major car manufacturers. All the programs are confirmed, and we expect a positive contribution over the next periods. The other segment recorded strong growth equal to EUR 1.4 million, +30.6%. Mainly due to the increase in sales of Racing Spirit branded apparel, the contribution of the joint venture, Zeronoise Communication Services, and the first deliveries of HPS branded helmets to the Ministry of Justice of the Netherlands in Q4 2025. On a like-for-like basis, excluding revenues generated by the joint venture, Zeronoise Communication Services, operational since July 2025, growth stood at 10.6% over 12 months, which is a +11.5% at constant exchange rates.
In terms of geographical areas, the group further consolidated its leadership position in EMEA macro region with sales growth of EUR 6.3 million, +14.6% over the year. In the Americas, revenues were EUR 1.3 million higher compared to prior year, +8.4% at current exchange rates and +12.5% at constant exchange rates, driven by OMP drivers equipment and the contribution of the helmets particularly impactful in Q4 2025 due to the new SNELL homologation standards in place. In Asia Pacific, sales were slightly down compared to 2024, -1.2%.
This result reflects on the one hand, a widespread growth in some of the region's main countries, particularly a double-digit growth in China and Japan, and on the other hand, a different purchasing schedule by a major dealer in Australia, with deliveries postponed to Q1 2026. With regard to sales channel, dealers remained the main one, accounting for 57% of total sales and showing a growth of EUR 2.5 million, +6.5% compared to prior year. Sales to teams and car manufacturers increased by EUR 1.7 million, +9.9%, supported by technical partnership agreements in place in the main world championships and national competitions.
Customers classified as other recorded growth of EUR 3.2 million, +34.4%, mainly due to sales of Racing Spirit brand products to corporate customers, the contribution of Zeronoise Communication Services, and the first deliveries of Riot helmets to the Ministry of Justice and Security of the Netherlands. Moving to the next slide. Gross profit in 2025 amounted to EUR 46.3 million, with an increase of EUR 6.2 million compared to last year, +15.6%. The gross margin on sales increased from 61%- 63.3%. The improvement in the gross margin percentage compared to 2024 is mainly driven by two factors. First, a different composition of turnover and in particular, the growth in sales of driver's equipment and helmets with a marginality higher than the average.
Second, higher efficiency in operations, thanks to the completion of the investment plan in the Group main headquarters and following a series of actions, including the outsourcing of certain product activities at the end of the previous fiscal years, as well as initiatives to improve supply chain control, which led to the in-house production of fabrics used for the production of race wear. A positive contribution to gross profit was brought also by Zeronoise Communication Services starting H2 2025. Finally, cost of sales in 2024 was affected by some non-recurring inventory write-downs recorded by the subsidiary, Racing Force USA, following the reorganization and consolidation of the Pro- Shops at the Mooresville logistics hub. The bridge on the right side of the slide breaks down the EUR 6.2 million increase in gross profit, which is mainly due to two effects.
The first one is related to higher sales volumes for EUR 4.9 million. The second one is the higher percentage marginality, which brought an additional EUR 1.3 million variance linked to the different sales mix and higher efficiency from operations. Moving to slide number seven. Adjusted EBITDA amounted to EUR 12.8 million, up from EUR 10.5 million in 2024, + 21.2% year-on-year growth, and with a CAGR of approximately 19% in the last five years, from 2020 to 2025. Adjustments to EBITDA are only due to the value of rights accrued for the stock grant plan amounting to EUR 900,000 for 2025. EBITDA margin on sales was 17.5%, better than 16% in 2024 due to the following factors. Gross margin increase in absolute value of EUR 6.2 million.
Other income higher by EUR 0.4 million, mainly due to higher revenue for R&D services provided to customers as part of technical partnership agreements. These effects were partially offset by higher selling and distribution expenses and G&A. Selling and distribution increased by EUR 1.9 million due to EUR 0.6 million higher freight out linked to higher volumes of sales, 0.6 higher royalties in line with the increase of sales and particularly mini and replica helmets 0.7 million higher expenses for technical partnership agreements and other sponsorships related to the fiscal year.
General and administrative expenses increased by EUR 2.5 million, mainly due to salary increases applied during the year across the group's companies, driven by the effect of the mandatory renewal of the collective labor agreement in Italy, plus the hiring of new managerial figures and specialized technicians between the end of 2024 and the first months of 2025, as the group decided to internalize some activities, particularly those related to the R&D and manufacturing of custom printing racewear and apparel. Next slide, number eight, is on net income. Adjusted net income passed from EUR 5.9 million in 2024 to EUR 6.3 million in 2025, with a net income margin on sales equal to 8.6%.
The increase compared to prior year is mainly due to EUR 2.2 million higher EBITDA, net of EUR 0.9 million higher finance cost, 0.8 worse depreciation, and 0.1 higher taxes. About finance costs, in 2025, the group recorded EUR 0.5 million unrealized foreign exchange losses against unrealized gains of EUR 0.4 million in 2024. These differences originated from the evaluation at period end of intragroup balances, mainly loans, denominated in euro, granted by the parent company in previous periods to its subsidiaries, whose local currencies are U.S. Dollar or Bahraini dinar, as a consequence of the depreciation of the US dollar from December 2024 to December 2025. Including these impacts, net income would be equal to EUR 72 million in 2025, with a net income margin of 9.8%.
As already mentioned, these differences originate from the evaluation of intragroup balances at period end, punctual rates, and they are not realized. Nevertheless, we will keep monitoring the evolution of the exchange rates in the following period. Let's move to slide number nine, which is about CapEx and net working capital. In 2025, the group invested EUR 13.6 million in capital expenditures, of which EUR 9.1 million were non-recurring. Non-recurring CapEx in 2025 were related to completing the investment plan announced at the end of 2022, aimed at increasing logistics and production capacity across all the group's main operating sites.
The amount recorded during the year mainly reflects the completion of the new building in Ronco Scrivia, where OMP products are developed and produced, as well as investments in Bahrain, where Bell and HPS helmets are designed and manufactured following the opening of the second floor, which became operational in spring 2025. These are important investments that will support growth in the coming years, not only in the motorsport, but also in the defense and law enforcement sector. The non-recurring CapEx recorded in 2025 includes also machinery and equipment for new production and R&D laboratories, as well as furniture and equipment for offices to support operations both in Ronco Scrivia, Italy, and in Bahrain.
The amount of recurring CapEx is therefore equal to EUR 4.5 million, representing 6.2% of total sales, which is slightly higher than the average historical percentage of recurring CapEx for the group, that is around 5%. This slight increase is mainly due to R&D CapEx related both to motorsport and the defense industry. Within motorsport, the group incurred higher costs for the development of products for the new season, ranging from helmets compliant with the new homologation standards to racing suits manufactured using innovative sublimation technologies, with debuting Formula 1 in 2025, and that's been included in the group's 2026 sales catalog. As regards the R&D investments for the defense industry, we are close to the end of the R&D phase for all the projects, which is expected in 2026, as described in more detail in a few slides.
Net working capital is slightly higher compared to December 2024 due to the combination of the following factors. Trade receivables increased by EUR 1.4 million due to the expansion of sales in the second half of 2025, and particularly in Q4. Inventory increased by EUR 3.6 million, mainly due to EUR 2.1 million higher stock of raw materials and EUR 1.5 million increase in finished products. The increase in stock, in particular raw materials, reflects both our expectation for demand in the coming months and our efforts to optimize procurement and logistics costs. The increase was mainly driven by the following factors.
First, higher inventories of fabrics used for OMP-branded driver's equipment, also as a result of the insourcing of some production phases in prior periods. Second, higher inventories of raw materials for Bell-branded helmets to support demand for new molds complying with the latest FIA and SNELL homologation standards. Third, higher inventories of material for HPS-branded helmets in the defense sector, and particularly for the second order of riot helmets for the Ministry of Justice of the Netherlands, already shipped in the first quarter of 2026. Finally, finished products at the year-end also include in the Racing Spirit technical apparel related to the first significant order from Pirelli Motorsport, which was also shipped in the first quarter of 2026. On the other side, the increase in stock was largely offset by higher trade payables for EUR 3.5 million. The next slide, number 10, is on cash.
Cash flow from operations was equal to EUR 10.6 million in 2025, with a cash conversion on EBITDA of 83.4%. Variance compared to last year is mainly due to a better management of net working capital. Achieving a high level of operating cash flow was one of our main targets for the year, and we delivered, once again, showing the group's strong ability to generate cash. Looking ahead, our goal is to keep generating robust cash from operation even in the coming periods. With the investment plan now completed, starting from 2026, our focus will be to maximize free cash flow after CapEx, further strengthening the group's financial position and value creation. The net financial position at year-end is EUR 7.8 million against EUR 0.1 million at the end of December 2024.
The increase is mainly due to EUR 13.6 million CapEx, EUR 2.5 million dividend paid to shareholders, and EUR 1.7 million higher net working capital, mainly due to higher trade receivables following sales growth in Q4 2025. This net of EUR 12.8 million EBITDA generated throughout the year, assuming as a simplification, EBITDA equal to cash. The current financial resources provide the group with a solid foundation to support not only the expected growth in the motorsport business, driven by increasing demand and ongoing investments in innovation, but also the implementation of the diversification program, which is aimed at expanding the business portfolio, creating additional long-term value for stakeholders. Now, I give the floor to our Group Chief Operating Officer, Mr. Alexandros Haristos, for an update on the motorsport outlook.
Thanks, Roberto. Hi, everyone. Let me take you through the next few slides. The motorsport outlook looks very good after a stronger 2025. We started 2026 even stronger, both on order intakes and revenues across all geographies. This is a very important factor after a successful 2025, and especially successful is proving to be the segment and the business with the top teams and drivers. As a testimony, our brand exposure since the very start of the year across all major championships worldwide that project a very good outlook in motorsport for the year ahead. Let's talk about communication technologies and the new for the 2026.
On the Zeronoise devices, looking mostly at the rally segment, we have released a new product range through innovation of existing products and integrating, like, new technologies. It is important to notice that also new products under the same range that were released for a specific segment, one that is proven to be growing very nicely across the world, which is off-road. For which now we have dedicated products under the Zeronoise ClearVoice intercom range. Zeronoise Comms Services, our joint venture company with our Spanish partner, Al Kamel Systems, in our positive trajectory of 2025, 2026 started with new clients represented in this slide from the Spanish Formula 4, Eurocup-3, Ferrari GT World Challenge, Alpine WEC, and SMC Motorsport.
The project is delivering on our expectation, so we are expanding our footprint in motorsport, and this is also thanks to the technologies developed under the Zeronoise devices. As you can see in the slide, the ClearVoice device is a unique product that delivers voice isolation and algorithm for noise canceling for a better audio quality that we are introducing in this segment to gain market share. The Driver's Eye project started strong this year with a multi-year agreement with the Fox to support all events of IndyCar in the U.S.
In 2025, we serviced IndyCar for a selected number of events, for five events in particular, out of the 17 events of the season, and that was like the prelude of the wider contract for, again, multi-year and to support all events since the very start of the season, with the projection of more initiatives to come on that end. The Driver's Eye technology becomes also the cops' side under our Milipol project. The technology has been integrated, in particular in our riot helmet, and has been showcased in the exhibition at the beginning of the year, both in Saudi and in Nuremberg in Germany. It attracted a lot of interest, and throughout the year, it's been requested to be presented and used in an official showcase of a simulated riot situation.
This is particularly important because let's remember what that is and what is the value that is bringing on the field. The Driver's Eye is a technology for broadcasting, and the content that it provides is the actual end game of the technology, so it's for entertainment. When it comes to the use in the Milipol environment, especially for police forces, we are talking about increasing situational awareness. What that means is that we are gonna be able to provide the human view, the real view of a person immersed into a riot situation and deliver this image, that content, along the command chain, so the command chain can be aware of the situation in real time and communicate back to the front line to take decision.
The angle, the use of the technology, of course, is not used for entertainment, but is functional to operational needs. The fact that it's attracting interest in that way, it's a clear sign of the next step to be taken. We are looking forward to taking it on the field and simulate the riot environment and get down to the practical use. Let's have a look at Racing Spirit, our corporate apparel brand, which is also expanding significantly the footprint. We're not talking only about motorsport, in which we have expanded our business. We have confirmed our agreement and partnership with Pirelli Motorsport for the coming years.
Also we expanded into other segments, especially in yachting. What we are seeing here is that the business model is proving to be successful. The quality of the product, the values that we have infused into this product line is being recognized in motorsport, in yachting, the sport environment, but as a whole, as represented by the main brands that we are supporting right now in the corporate environment. We are seeing this trend continuing in the future, and so we are happy about how things have unfolded so far. I'll give the floor to Paolo on the Milipol projects outlook then.
Thank you, Alex. Slide eighteen. The group's diversification initiatives assign a central role to the so-called Milipol projects. Among these, the helmet supply program for the U.S. Air Force is particularly significant. The project has been successfully completed. The U.S. government has financed the first major production batch, and we are currently waiting for the scheduling and the release of the purchase orders by LIFT Airborne Technologies, all expected by this summer. Production ramp-up will follow immediately thereafter. Slide nineteen. Regarding the riot helmet project under the HPS brand, the helmet has obtained homologation, and we are now preparing for the final certification test with gas mask integration expected by next month. Should the outcome be positive as we anticipate, we will initiate the documentary certification procedures, which are expected to be completed by the summer.
Meanwhile, following our participation in two recent trade fairs, we have received additional expressions of interest from various police forces with whom we are currently discussing potential supply opportunities. Slide 20. The Gladiator project has been broadened compared with its initial scope. Originally conceived as a single helmet model designed for SWAT teams or special police units, the project has now evolved into a comprehensive system of different helmets, a complete range of helmets based on a common platform suitable for both SWAT applications and military environments. This expansion has extended the research and development phase. However, once completed, the project will result in a full range of next generation helmets representing the state-of-the-art in their sector. The next development test is scheduled early May.
Based on the expected positive results, we will assess the optimal strategy to achieve homologation between the end of 2026 and the beginning of 2027, followed by the production ramp-up. To complete this presentation, we are going to give you an 2026 outlook considering also what is going to happen in the Middle East. Slide 22. As we all know, 2026 began in a context of heightened geopolitical instability, not only due to the ongoing Russia-Ukraine conflict, but also because of the outbreak on February 28 of a new conflict in the Middle East. Following actions involving the United States, Israel against Iran, the latter launched attacks on U.S. bases in the region. Bahrain experienced several drone and ballistic missile attacks, almost all of which were successfully intercepted.
For security reasons, on Sunday, March 1, the day after the start of the conflict, we decided to keep our Bahrain factory closed for one day. Operation resumes immediately the following day with employees free to decide whether to attend. Participation exceed 98%, allowing the facility to remain fully operational and maintain production continuity at full capacity. Minor delays occurred in logistics management due to the temporary closure of Bahrain's airspace. However, thanks to Saudi Arabia and the UAE, which kept both airspace and port and some ports open, we were able to secure alternative transportation routes. As of today, the impact of the Middle East conflict on our operations has therefore been limited, extremely limited. We will nonetheless continue to closely monitor its evolution and duration, which will determine potential future implications.
Despite this challenging environment, 2026 has begun very positively for Racing Force Group. As Alex already anticipated, we will report new strong records in both sales and order intake for the first quarter, supported also by a particularly robust month of March. In the coming month, we will continue to monitor global geopolitical dynamics, but we are confident in starting, in stating that 2026 is expected to be another year of significant growth for our group. Now the presentation is ended. We will now open the floor for a Q&A session. Those wishing to submit a question are kindly invited to use the Raise Hand feature in Microsoft Teams. Thank you. Domenico, please. Domenico Ghilotti from EQUITA.
Can you hear me?
Yeah.
Okay. I have two questions. First is on the CapEx plan for 2026. I wonder if you are seeing a full normalization or if you have, let's say, some additional projects that will occur in 2026. On the LIFT ramp-up, I saw your slides and your comments. I'm trying to understand if you sounded a bit more confident about the fact that 2026 will actually be the year in which you see some more tangible contribution. I remember on the production of our helmets. I remember that you were mentioning in the past that the opportunity to have some bigger automation in the process. You were testing some opportunities, some machines.
Can you give us an update on that?
Okay, let's start from the first question. CapEx 2026. As you know, Domenico, we have approximately 5%-6% of recurring CapEx. This is confirmed for 2026. For the moment, we are not planning to have a particular or extraordinary investment both in Italy as well as in the U.S. We can confirm 6%. There is a question mark on Bahrain because we need to increase our production capacity in for the medical helmets in the coming couple of years. We have a plan for this. It's not mandatory for us to develop this plan this year, so we can wait.
Obviously, we have to see what is going to happen in the region before deciding when to start this plan. For the moment, everything is on hold clearly. In this case, eventually, the CapEx will be for machines, new machines to increase our production and capacity for Milipol. We have to see how the conflict in the region goes, and at the same time, how our Milipol project, especially for Gladiator, you know, will evolve in the coming months to decide when to start these investments. For sure, even if we go for these CapEx, they will not be of an important amount like the one we had in 2025.
About the LIFT ramp- up, as I said, we expect the POs within the summer. We'll start the production immediately as soon as we receive these orders. Probably we can sell something already this year, but the big boost will be for Q1 in 2027. About the production machine for Milipol helmets, especially for Gladiator, we are still developing this machine. As I said, the Gladiator project is more complex compared when we started. Now we have a complete range of helmets. We want to have a complete range of helmets both for SWAT team as well as military sector.
The machine can be used for all the helmets, using the same platform. Also in this case, as I said in the slide, we have to see how the test expected early May will go to decide which is the best strategy to obtain the homologation within 2026, early 2027. Anyway, everything is confirmed. This machine can produce shells for this kind of helmet, and that is a very complicated work in few minutes, completely automatically. This is confirmed.
Thank you.
I think we have Dino with a question.
Can you hear me?
Yes.
Yeah. Thank you for taking my question. I was wondering what would be the impact of, you know, the cancellation of key Middle East Grand Prix, especially in Bahrain and in Saudi Arabia?
The effect for Racing Force will not be important. The effect, I don't want to say zero, but at the end, quite zero for us. We are, as I said, fully operative in Bahrain. We have our racing service team working and moving all the helmets needed for Formula 1 to each Grand Prix. We are not affected by the conflict for this kind of service. Not having two Grand Prix in the region, obviously, in terms of visibility, we are going to have a little bit less visibility, but nothing more. We don't expect any effect on the numbers. Thibault?
Yes. Can you hear me, gentlemen?
Yes.
Yeah. Two questions for me. You've mentioned that the start of the year was actually going faster than second half of last year. Obviously, there's been significant homologation processes last year, whether in Europe or the U.S. I'm just trying to get a grasp on the difference in the dynamics for helmets at the beginning of the year. Is the very fast growth still coming from new FIA standard helmets, or is it also coming from SNELL homologated helmets? The second is on the LIFT Airborne project. Obviously, it's been a topic for I think more than three years now. What is causing basically the delays?
Because I feel like after not each publication, but often we say it's going to come in the next six months, and we are gonna have the production ramp- up, and yet we are still yet to see the production ramp- up. I'm just trying to understand where the delay is coming from. Is it from authorities? Is it from LIFT? Just to get a sense of where the bottleneck can be. Thank you.
Thibault, I will take the first one, okay? On the growth, since I was talking about the motorsport outlook. I think that like the answer is a little bit more general and complex. You were asking about the helmets, but what we are seeing is that we have a growth across all geographies. Especially in the U.S. right now, you know very well that we have been looking for that growth in the U.S. for quite a while. The results are still being shy in the last couple of years. We had to fill certainly a gap in terms of our products that then we had for last year, and that was a first step.
Last year we took a very important step by hiring very key personnel with very important relationship at the top of the motorsport in the U.S. and they started delivering, I would say, exceeding our expectation right away. We are seeing a very big increase in the production for the U.S. for the start of the season, given this relationship, but also in general of our clients and the dealers there. I wouldn't reduce like the growth to like the helmets that are an important component, but I would say it's much more general than that. You know that we have been entertaining a very good relationship with adidas as a technical partner working with Mercedes, but also this relationship.
Adidas is a new player in Formula 1. The relationship and the way that they go about things is changing and is evolving, and it's a growing business. Also our presence there is growing as well as the business, and this is driving part of our growth. It's much more general than that. I would say that this is even more positive than being relegated to a single product category or a geography or a market segment.
I answer the second question, Thibault. The delay for LIFT is related to two different factors. Initially, they requested a new test for the helmet. It was, I don't want to say a delay, but we spent time together with LIFT to pass all the tests. Just for your information, our helmet is the only one in the world to pass a very severe test that no other helmets were able or are able to pass. This is related to, I would say, the first 10, 12 months of delay. The other one year and a half approximately is related to the discussion between the U.S. government, the U.S. Air Force and the LIFT Airborne Technologies.
The important news, as I said, is that the big batch, very big batch of production was completely funded now from the U.S. government. As I said, now we are waiting for the POs and the scheduling of this batch of production, that, as I said, we expect to start delivering at the end of this year, early next year. I think we have Domenico again.
Yes, I have a follow-up. Just an idea on the Zeronoise. I was interested in understanding what is the size now of the business or the 2025 numbers. You can provide some number. How do you see the evolution? You have the JV contribution, you have the IndyCar news. I try to understand what is the contribution of this part of the business to your growth.
I'll get this, Domenico. The Zeronoise size is exceeding 3% of the business, so it's not a relevant percentage. Although, as we talked about it in the past, certainly the privilege of Zeronoise is a very high margin on both the products and the profit. Of course, like the Zeronoise comms initiative is to leverage more on the technology and again on our turf that is motorsport to deliver certainly more growth in that segment. The potential is still very high.
Driver's Eye technology remains a very high potential business, able also to deliver growth, especially in the case we will expand into the consumer business, and so we will deliver not just a service but a product by volume. All of this is underway. I don't wanna simplify that challenge because bringing to the market something new and innovative and especially outside of motorsport is not an easy undertaking. But at the same time, the potential is there, the appetite is there, the immersive technologies that are in very high demand and we keep entertaining, like, these conversations with a very important player in the sports industry as well as, like, the police forces that I mentioned before.
Thank you.
Corentin Martin, TP ICAP .
Yes. Hi guys. Alex, you were talking about the Driver's Eye, so I had a question on that just to have an update outside of motorsport. You already mentioned the fact to go to the skiing business. Do you see other? I mean, do you target currently other discipline or your focus now is on motorsport and the skiing business and where is it going right now? The second question was on the sublimation suits that we had the chance to see last year. Just to understand, is it already contributing a lot to the growth in terms of suits or is it still a small as a new product?
Just to understand if it's like really a game changer or not right now.
Corentin, on the first question, you know that I've been talking about the racing business, the Driver's Eye, and we developed a technology on purpose for this. Again, the interest was and is very high. At the same time, the business side of that sport is not ready for us, and we are not ready to come to terms to that environment because it would mean changing, like, the position of the technology in a way that honestly is not the case. There are better opportunities and probably it will come the time for them in the future when they are ready to make a meaningful financial agreement with us.
At the same time, when we started the Driver's Eye, the idea was that it was the right sport to have an impact on the broadcasting, but it would have helped us as a platform to develop like the technology for other sports in general. We could have like the technology, the device, then unless we had to change a few things it was ready basically to go into other sports. We had other targets at that time. We went back to these other targets. What I would be very happy to share it with you all right now. I just can't. It's unofficial.
Let's say that the geography involved is in the U.S., and we're working towards this project that we actually have the appetite, the means, the infrastructural means, and the financial means to be a very meaningful partner for us. The other discipline and other sports they are certainly on the table right now. Regarding the new suit, Paolo?
About the sublimation and technology, see the so-called One Art Air suit. Yes. We are producing a lot of new One Art suit. The feedback was very positive. In general, the customers they like it. As we already said in the past, this is the most breathable suit in the world, giving also a lot of opportunities in terms of designing. I think you can see in the slide this is the suit, these are the two suits that Mercedes Formula 1 is going to use during this weekend at the Suzuka Grand Prix in Japan and these are two One Art suits.
We are working with our R&D to develop also the 2027 version, trying to obtain also the FIA homologation to extend the possibility to have this suit also for all the races also in the U.S. For the moment, this suit is only FIA homologated, so we expect in the coming month and years a big growth then in selling these kind of suits or custom suits. I will leave that.
Thank you.
I don't see any other question. Thank you everyone, and hope to see you next time. Thank you.
Thank you.
Thank you.
Thank you.
Thank you. Bye, all.
Bye.
Bye now.