Good day and thank you for standing by. Welcome to the Mediaset España H1 2022 results presentation call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to slowly press star one and then one on your telephone. You will then hear an automated message advising your hand is raised. Please be advised that today's conference is being recorded. I would now like to hand over to the speaker, Mario Sacedo, Head of Investor Relations. Please go ahead. Good morning, everybody, and welcome to our first half results of 2022. This is Mario Sacedo, Head of Investor Relations. Massimo Musolino, General Operations Manager, is going to present, as usual, the main highlights and topics of the period. After the presentation, it will be a Q&A session where Massimo, Francisco Alimonti, Publiespaña General Manager, and Javier Uría, Company CFO, will answer all your questions. Massimo, you have the floor. Good morning, everybody. Thank you for connecting to Mediaset España's 2022 first half result presentation. I will go through the main figures and events during the period and you may ask questions, any question at the end of my presentation. Let's start on slide number two with some of the operational highlights during the Q2 of the year. Mediaset España's audience share from April to June reached 26.5%, improving the Q1 figure. In terms of commercial target, the 29.6% achieved represented a positive conversion of 3.1 points. Following the number reported by InfoAdex, the total TV advertising market declined by 9.6% in the quarter, with Mediaset España reaching leading market share of 41.2%. Moving on to financials, on the left-hand side of the page, total net revenues in the quarter decreased by 5.2% to EUR 227.2 million. Operating costs amounted to EUR 155.5 million, which was in line with our internal forecasts. As we said at the beginning of the year, operating costs were very linear due to the fact that there were no sport events such as the Euro 2020, which concentrated more costs than usual in June and July last year. EBITDA during the period grew by 16.5% to EUR 71.7 million. Net profit, boosted by ProSiebenSat.1 dividend received in May, reached EUR 71.2 million with a 46.4% increase against the same period of last year. On slide number three, let's review the same metrics for the half year period. Mediaset España saw their share from January to June reach 26.4%, while commercial target was twenty-nine point five percent, maintaining the same positive conversion of 3.1 points that we saw in the quarter. This allowed us to continue our leadership position in terms of TV advertising market share, which according to InfoAdex, stood at 41.8%. For the first half of the year, the figures reported by InfoAdex posted a total TV advertising market decline of 5%, with Mediaset España reaching a leading market share of 41.8%, as I mentioned before. Revenues in the period amounted to EUR 450.2 million, slightly lower than last year. Costs, as we expected, remained almost flattish as a result of lower TV expenses that were reinvested in digital and other activities. EBITDA during the six-month period reached EUR 106 million, while net profit grew by more than 11% due to the aforementioned ProSiebenSat.1 dividend received, which is accounted under the financial result figures. The healthy EUR 114 million of free cash flow generated led to a final cash position at the end of June of EUR 366.64 million. Moving on to the commercial target on slide number four. First, let me remind you that commercial target includes individuals from 16 to 59 years old that live in areas with a population of more than 10,000 inhabitants and belongs to all but the lower socioeconomic index. Commercial target is the most valued part of the audience, and therefore advertisers are willing to pay higher prices for it. I would also like to remind you that price increases are now the only way to increase revenues by balancing the lower TV consumption. The graph on the left-hand side of the slide shows how our commercial target maintained the improving trend on a monthly basis, thanks to the balanced programming grid directed at the most valuable segments. The other share in terms of total individual performed better in the Q2 of the year, helping us to reach the leadership position in this segment again. We also maintain an active content management policy in order to maximize this conversion between total individuals and commercial target as a key element for increasing prices. As a result of the policy, we have a stable conversion of around 3 percentage points, while our competitor have a continuous negative conversion, averaging -0.7%. Today, Mediaset España's commercial target is more than four percentage points higher than the second players. On slide 5, there are two graphs which show the TV and digital advertising market evolution throughout the years. After a positive Q1, we move into the April to June period, which was expected to have the most difficult comparison base due to the presence of the Euro Cup in June and July 2021. We cannot ignore the war in Ukraine and the double-digit inflation rate figure, two things that generate more volatility among advertisers were not in our plans and bring additional complexity to our daily activities. As in Q1, automotive, telco, finance and food are still not showing a positive contribution. Their lack of investment is a one-off situation, and we expect that the market will improve as soon as they begin investing again. Regarding the digital advertising market, if we use the business where we have operation as a reference, search engines excluded, the market grew by 7.5% in the six-month period. Moving on, slide 6 details our TV advertising performance in the period. As InfoAdex reported, Mediaset España TV advertising revenues amounted to EUR 347.4 million, maintaining the leadership position in TV advertising market. The positive conversion ratio mentioned in previous slides is allowing us to reinforce increasing our prices as the only way to offset the reduction in TV consumption the free-to-air operators are experiencing. In this sense, the table on the left side of the slide, you can see how the price evolution in the six months period saw an increase of 5.6%. If we break it down on a quarterly basis, you can see our price grew by 4.8% in Q1, while in Q2, price grew by 7.1%. It's our aim to maintain the current strategy as a way of improving the monetization of our audience share and increasing our profitability. On the right side of the slide, you can see how we kept the linear TV advertising market share with 41.8%. In conclusion, and as we said in previous calls, this is a result of focusing our strategy on the highly valuable audience segments and the consequent price increase. Moving on to slide seven, you can see the evolution of the other revenues figure over the last five years, which has increased substantially. This is the result of Mediaset España's hard work to reinforce other revenue sources in order to diversify risk and opportunities. In this sense, if we review company operation over the last five years, we can see how the presence of content sales in the first year was almost negligible, and the Mitele Plus subscription fee didn't exist. Today, with these two activities and the return of cine-cinema activities, we could expect a good amount of recurrent revenues and profits from these sources in our accounts every year. The graph on this slide shows the growing trend is stable, with the exception of 2020 when we had a booming content disposal activity with the consumption of most of the library. We had the subscription revenues from the football rights, which were acquired to enhance the launch of our OTT platform, Mitele Plus. On slide 8, just a quick reminder of our current shareholder structure once the voluntary takeover bid launched by MFE was completed. At the end of the process, our main shareholder reinforced its presence with an 82.9% stake in Mediaset España's capital. This reinforced position will further align the interests of the two companies, both of which share a common view on the need to create a pan-European company as a unique way of competing with global players and generate value, preserving the distinctive value of linear channels and all the means of transmission. A larger size will allow us to better compete through economies of scale, coordinated investment, a more efficient use of resources, and capturing new business opportunities that are present today. Such as the new connectivity technology, like smart TVs and other devices, where free-to-air operators are behind global players. Local content resale to third parties, addressable advertising, data management, and media for equity. All of these areas are key for the future of the industry, and they require a larger size in order to capture them. Finally, on slide nine, before we move on to the Q&A section, let's quickly review what we have said and what we expect for the rest of the year. Our primary objective is profitability, and we confirm our target of being the most profitable company in Spain in our sector. As we stated in our previous call, in order to increase profitability, we need to increase TV revenues. In a world where TV consumption is declining, the only way to do this is to increase our TV prices by maximizing the conversion between total individual and commercial target with the right quality programs, and continue concentrating on the quality of our audiences. In terms of advertising markets, we remain optimistic about the market performance in the coming months, and we are expecting the advertising market to make a recovery when the automotive sector is back. We will continue with our expansionary strategy in the digital business, strengthening our presence by growing organically and following the market for any corporate opportunities that come up. With regard to our costs, we don't expect any difference with respect to our previous communications. The 2022 cost base similar to last year, with lower programming costs balanced with higher cost of sale, cinema amortization and digital costs. As we previously mentioned, we also expect to generate cash and accumulate financial resources in order to benefit from potential opportunities that may arise in our audiovisual world, where there is a lot of movement at the moment. Now let's move on to the Q&A section. Thank you very much. Thank you, Massimo, for the presentation and remarks. As Massimo announced, now we will move into the Q&A session. Operator please, let's proceed to open the lines. Thank you. As a reminder, to ask a question, you will need to slowly press star one and then one on your telephone and wait for your name to be announced. Once again, it's star one and then one on your telephone. Please stand by while we compile the Q&A roster. This will take a few moments. We are going to proceed with the first question. Please stand by. We have the first question coming from the line of Fernando Cordero Barrera from Grupo Santander. Please ask your question. Hello. Good morning. Thanks for taking my question. It's just, a question related with the, let's say, the European framework. We have learned yesterday, or this weekend, about the initial decision of the French local regulator on potential, broadcaster in-market consolidation deal in that market. I would like to understand first, what are your views regarding this initial outcome? At which extent it may or may not impact on your, let's say, willingness to create the Spanish European platform? Okay. As we have said over the last few months, Mediaset España is looking at all the business opportunity in the European media sector that could be in line with our idea of consolidation, which we firmly believe is necessary to achieve the scale and dimension required to compete with today's global environment. Of course, a French sector and the potential merger between the two main French broadcasters is something that we are looking very carefully at for two reasons. First of all, this could be something that if it works in France, it could work in other European countries. This could be an opportunity for us. If it doesn't work, it could be another opportunity for us to bid for one of the French broadcasters. Now we wait and see. I think. We don't have any private information, so we know exactly what you know, and we look at it very carefully. Okay. Thank you. Thank you, Fernando. Next question, please. We are going to proceed with the next question. Please stand by. The next question come from the line of Iñigo Egusquiza from Kepler Cheuvreux. Please ask your question. Hi. Good morning, Massimo and team. Thanks for taking my question. It's just a follow-up on the TV advertising market. If, Massimo, you can elaborate a bit What we can expect for the second part of 2022. I think you mentioned you are slightly optimistic with the possibility of autos returning to the market. If you can elaborate a bit, and also if we can have an update of how July has been evolving compared to the previous months. Thank you. First of all, about July. July, the market is expected to show similar figures to June, at again, around 9-10%. But we are taking into account that last year we had the Euro Cup, and if we discount this impact, the market would fall by 4-5% in July. About the second half of the year, around October, November, it's true, and Marco have said that we have. We can say positive information comes from automotive and telecom sector. But we have to be cautious, and we have to wait to September to confirm or to reconfirm this kind of information. It's too early to say anything about because the situation is. The environment is what is the environment. We have positive information from these sectors, and we have to wait until the end of the summer to reconfirm that this sector will be back in the previous position. Okay. Thank you. Gracias, Quico. Thank you. Thank you, Iñigo. Next question, please. We are going to take the next question. Please stand by. We have the next question from Fernando Abril-Martorell from Alantra Equities. Please ask your question. Hi. Hello. Good morning. Thank you for taking a couple of questions. First, with regards to the other revenue line. I don't know if you can provide any kind of guidance or sort of range that you expect all the revenues to be this year. Also, a second question with regards to capital allocation. I don't know how much time you will hold this cash position. I mean, before the bid, you were launching a buyback. I don't know if you are considering resuming this together with, you know, exploring potential new M&A opportunities in the market. Thank you. On your first point on the other income line, what we saw at the end of June was a very positive number with an increase versus last year. This is a trend that we expect is going to continue until the end of this year to the extent that we might reach, or at least this is the internal forecast that we have, we could reach something close to EUR 100 million. Remind you that what we had in 2020, which was a record year, and it was one hundred and seven or one hundred and eight million euros. This year, basically because we have the sale of rights, we're still doing very well, and very important, we're gonna have some movie activity for the first time in the last two years. We're gonna have some three new releases until the end of the year, and that's gonna increase significantly the movie, you know, revenue. We could get, like I said, to something close to EUR 100 million, which will be very good because I think last year we had something like EUR 79 million. That will be a very significant increase. Like I said, it will be based on the sale of rights and on the movie activity. This is what we expect for this year on this front. Okay. Okay. About this, your second question, we are still too close to the end of the takeover bid. We think that any form of shareholder remuneration would be unfair at the moment. Our view is that it is not appropriate to launch a share buyback plan or to resume the one that was canceled in March. The reason being that if we offer this benefit to the shareholder who has not accepted the takeover bid, it could be discriminatory versus the ones who did, and as such, not in line with the best market price. In conclusion, any shareholder remuneration so close to the end of the takeover bid would not only be unfair but also not in line with the best market price. Thank you very much. Thank you. Thank you, Fernando. Next question, please. We have no further questions at this time. Once again, if you do have any questions or comments, please press star one on your telephone. We have the next question. Please stand by. The next question comes from the line of Richard Eary from UBS. Please ask your question. Yeah. Apologies. I was late to the call 'cause I was too on the ITV call. I presume the question's been asked, but I just wondered if you could just repeat it again, just in terms of guidance on cost base and how flexible that is relative to whether we see a deterioration in the ad spend in the next year. I think that you said earlier that Maybe a similar cost base, but I just wanna try and get some color on that and how flexible that is if we get a substantial deterioration in the ad market in the second half of this year and into next year. We haven't given a specific guidance for this year, but generally speaking, what we've said is that you might expect to see a number, you know, pretty much in line with what we had last year. Only that there is gonna be a difference. Last year, we will have more TV costs. We had the Euro Cup and all that. While this year we're gonna have more costs, you know, related to, you know, cost of sales, movie activity and things like that. But generally speaking, this year is gonna be more linear, because last year we had the Euro Cup, which was a boost in costs in the months of June and July. This year it's gonna be more, you know, linear and there's gonna be a shift, like I said, from TV costs to, you know, cost of sales and things like that. Digital as well. Does that mean then the second half margins should be weaker than the first half? Obviously, VV activities carry a lower margin typically, you know, and obviously the first half margins would have been boosted by the fact that the Euro Cup basically obviously has a big benefit on revenues, but probably also on costs, and therefore maybe the margin on that is lower. As we cycle out of those two events, maybe the H2 margins are actually lower. Would that be a fair comment? You know, costs are always going, at least for TV, they're always gonna be based on what the top line does. Of course we're gonna keep an eye on that. In any case, we don't think that given the conditions of the market, is the time to reduce costs on TV, right? Because the competition is high and we don't think that's it will be with you know, TV consumption, which is on the downside and everything else, we think that of course, we're gonna keep an eye, we're gonna keep an eye on the market, as of course we always do. Given the you know TV consumption numbers and the competition and everything else, taking a decision to reduce our TV costs is something that we do not foresee at this point in time because we will we think that it will make things worse. Okay, that's helpful. Okay, thank you. We have no further questions at this time. I'll hand back the conference to you for any closing comments. Okay. Thank you then for this conference call. If you have any further questions, please contact the Investor Relations department. Let me also to say that enjoy your summer break, and we will be gathering at the back of the summer. Thank you. Bye-bye. This concludes today's conference call. Thank you for participating. You may now disconnect your lines. Speaker, please stand by.