Good morning, ladies and gentlemen, and welcome to NHOA Group's Capital Markets Day 2023. I'm Chiara Cerri, Head of Financial Communication of NHOA Group, and it is a pleasure for me to welcome you in our office, if you are here with us, or to welcome you to our event, if you are connected via live streaming. Please note that the Capital Markets Day will be recorded. If you are connected via live streaming, and if you could not attend the whole event, the webcast and the presentation will soon be available on our corporate website on the dedicated page. Please note that all participants connected via live streaming will be in listen mode. At the end of the presentation, the management will be available to answer any questions you may have. If you are here with us, I just kindly ask you to wait for the end of the presentation for your questions, whereas if you are connected via live streaming, you can start writing your questions using the chat at the bottom of your screen. Before we begin, I just want to point out that any forward-looking statements made during today's event are subject to the risks and uncertainties mentioned in the safe harbor statement, which is included in today's presentation. This also includes the risk that the transactions discussed during today's event remain subject to standard market conditions for this type of transaction, as well as any other risks and uncertainties associated with the execution of transactions of this type. As customary, the call will be governed by that language. With that, I will now leave the floor to Mr. Carlalberto Guglielminotti, CEO of NHOA Group. Thank you very much. Thank you. Hello, everyone, thank you for joining our Capital Markets Day. Actually, it's 10 years, because I joined this company exactly 10 years ago. It was June, July 2013. At that time, the company was 20-25 people, and I was appointed just to close and wind up the research center of a university spinoff, the Politecnico di Torino, at that time. I was appointed to manage that restructuring phase. I filed for a Chapter 11, and then eventually, the story has been slightly different. One year later, we were out of the Chapter 11, and in April 2015, the company was listed on Euronext. The question is, what we have done in these 10 years, and I think the best way to understand our very recent achievement is to look at a video and watch a video that would represent precisely what we have done. Thank you. This is just what was published with press releases, okay? Sometimes I heard some comments of our stakeholders saying that we do not communicate enough. I mean, this is just what we have communicated to the market in the last 18 months. The question is, how we did it? The purpose of today's Capital Markets Day, from my perspective, is just to share with you two things. Essentially, our mission, and I do not have to deep dive on our mission with you. The only aspect that I would like to underline is that our mission has not been written by consultants to greenwash something, or to please the market or stakeholders, or because we are now in the new age of sustainability and climate change. This is the reason why this company was born 10 years ago, actually more than 15 years ago, as a research center. This is the reason why the 500 people that are working in this company are here, and not with other companies that certainly have a sustainability target, but in parallel are doing other things. The second thing I would like to share with you before deep diving with Giuseppe Artizzu and Stefano Terranova on the details of our businesses, is to share with you our values. Why? Our values are more telling than our results, and are absolutely reflective of our results. Our values have been written many years ago, and can be summarized in the 3 that you see on the screen. Global Vision Built on Heritage, Striving for Excellence, and Love for Our People. While diving in this very 1st hour in these values, you will discover exactly our results, and you will find a perfect correlation between our values and our performance. Let's start with the very 1st, which is the Global Vision, our vision, that is Built on Heritage. I mean, we have global targets. We all know that. We know that the main purpose of the energy transition is to keep global temperature below 2 degrees. The target of 1.5 degrees is already over, unfortunately. We are now at 1.2. I think for the people joining in presence, when you look at the garden outside our offices, with trees everywhere after the devastating storm or typhoon that hit Milan 48 hours ago, you immediately perceive what the climate change stands for. Which is not just noting that this July is slightly hotter, or the last winter was cooler, or maybe we have the memory of 10 years ago, that was even worse. Climate change is about extreme weather conditions, extreme events that now are the new normal. The question is, what we should do? We all know that it's all about CO2 emissions, essentially. I heard in mainly in the public debate, in the media, many discussion about CO2, about many industries, including, cement, hydrogen, or other industries that are more interesting, maybe from the media perspective. In reality, vast majority of CO2, as you can see, is generated by transportation and power generation. If we really care about a future where the next generation can live in harmony with our planet, and if we do really care about the future that we are giving to our kids, we have to stop talking about fancy things. We have just to focus on, first and foremost, two sectors: power generation and transportation. Because today, we use the planet resources in order to generate transportation, electricity, industry, and the fuel that we are using to leave this world is powered by nuclear, renewables, and fossil. Fossil today is 82%, period. If we look to the sectors, so how we use energy, we use energy, ironically, in the same sectors that are generating CO2, transportation, and power generation. To generate the electricity we use on a daily basis and to move globally. Just 58%. That's the reason why I'm particularly unnerved when I see in the media discussion about other things. This should be the priority, the priority of the government, the priority of entrepreneurs, and this is our priority. That's the core of our business. Green, the power generation sector, and the mobility sector. The question is what we should do, but very easy. We should use renewables, mainly solar, let me say. To do that, I have to destroy other wrong myth. The first one is that we should install solar panels everywhere, and we do not even have space for that, right? This is not true. Even if we want to green 100% of the power generation globally in 2050, let's assume to be entirely powered by solar and wind. We should simply multiply by 16 the electricity currently generated today by the very small share of renewables we have in the power mix. To do that, we will use just 0.17% of our land, which corresponds to the land mass of the U.K. Obviously, we cannot focus all solar panels in the U.K., first and foremost, because it's not the perfect place on Earth from an irradiation perspective, but that's enough. However, we all know the sun is not shining at night, right? There is another aspect. Solar panels are converting into their nominal capacity of generating power just 12% of the time, because we do have the nights, and we do have the seasonality. For a serious reason, we have to face that small problem. That's the reason why in the last 10 years, investments in nuclear, fossil, hydro, have been essentially stable. In renewables, multiplied by 5 x in terms of capacity installed, which is not enough, as we said. Capacity in energy storage multiplied by 45 x in the last 10 years, and this is not a coincidence. Moving to the mobility sector. We all know we should switch to electric, right? Electric mobility is very easy. However, the reality why we're not doing it is because we don't wanna change our habits. Because we love refueling our car in a gas station in less than three minutes, right? We love avoiding to think, is this charged? It's not charged, it's fully charged, then it's not fully charged, but I have to go to my grandmother. How can I do it? I mean, that's our everyday life, right? This is the reality. Then you see in the newspapers, I mean, a debate, which is ridiculous, about how many millions of slow charging points of charge we have on the road. Who cares? I mean, slow charging is important, like many things, but we all know that the real game changer is the ability to charge an electric vehicle in few minutes. This is what we're looking for, and to have these stations everywhere, like gas station. This is ultimately what we want. Why we don't discuss about it? Instead of losing our time in, I mean, ridiculous discussions like potentially biofuel or alternatives to electric mobility, why we should look to alternatives. Well, we know that electrification is and should be our first priority for us and for our kids. Let's focus on the right debate, where fast charging is. Even if EV sales in Europe have not been the level of speed for many reasons that we were imagining, in reality, we have a good news. This first half, for the very first time in history, EV sales were higher than diesel. That's the game over. The revolution started. The small problem we have is the grid stability. The grid, I mean, these are the investments projected over the next 30 years, and you might perceive that horizon has too long, but unfortunately, this is a reality. Investments at the grid level take decades to be implemented. When you heard debates about fast charging, the ability to have mega on the road to plug fast chargers, please keep in mind that any investment in the grid sector takes decades, including in Milan, to build a primary station in Milan. The last ones that have been installed were authorized over 10 years ago. With that in mind, we understand why energy storage is even more important. It's not just about transforming an intermittent power source like solar into a stable power source, available 24/7, but it's also about, if not foremost, securing grid stability. That's the reason why from 2022- 2030, so in the next seven years and a half, capacity installed of energy storage will multiply by 42x. The same one that was multiplied by 44-45 x in the last 10 years. The role of storage is not just a game changer at the grid level for renewables and to support the grids, but the role of storage is also in fast charging. Why? Because if you think about installing fast charging, 300 kW, 400 kW power fast charger, we all know that you don't need just one, right? You need 2, 3, 4, 5. Certainly, if you look to 2030, you would expect at least 10 in any gas station. The question is, where is the power? Because nobody will give you in any gas station, not even 1 MW. Think about installing 10, which represent having on sites 3, 4 MW. It's totally unrealistic. Anyone that has this dream, I mean, is just dreaming. Doesn't exist. It will never happen. We can write fantastic slides, but in the end, what really matters is engineering, and knowledge of the electrical grid. That's the reason why fast charging, obviously, storage, coupled with fast charging, will reduce the power from the grid by four times. With four times less power from the grid, we deliver the same service to the customer, and Stefano Terranova will elaborate on that. That's the regional... This is the vision, this is why our business model is twofold. We do play from the one hand in the energy storage industry, and we do play from the other hand in the e-mobility industry, with a network like Atlante, that we own and operate, and also with our joint venture with Stellantis, that is also manufacturing charging devices. To conclude, this is our vision. This has been our vision since the very beginning. Sorry for the subjects of these pictures. Me, this was almost 10 years ago, 2014, in Rotterdam. I was explaining our ability to build, that was not exactly there at that time. Grid-scale energy storage systems, as you can see from the title, the future of e-mobility. Obviously, if you look to the rendering, coupling a container energy storage with fast charging. This is the reason why we are extremely credible when we talk about vision, mission, and values, this is embedded in our values. That's the first one that I described to you, that's the reason why we are here. Second value, we strive for excellence. The question is, because if you just look to the titling of our values, it looks like, I mean, the typical large corporate value set. I think you have just understood that the first one is not like that. Let me elaborate on the second one. What excellence stands for. First, technology. The ability to build up in over 15 years of technology development, a technology platform, that on the Y-axis, you see the chemistries and the energy storage that we have integrated into our technology platform. From hydrogen, we started with hydrogen, lead acid batteries, lithium-ion, sodium sulfur, any kind of lithium-ion, and then eventually, the batteries of the electric vehicles, and then the grid. If you look, I receive many questions sometimes saying, "Why you changed business model?" I mean, we didn't change any business model. We are a technology-driven system integrator in the energy field. It's absolutely normal to evolve in scale and to evolve in the technology you integrate. The reason why we evolved from microgrids to utility scale systems, is just because the market evolved into larger systems, and we just followed the market. That's absolutely simple. You can see in this graph that while the market was moving from 1 GW installed base in 2015, then you realize how much our IPO in Paris was difficult. At that time, we had 1 GW installed base, globally, of energy storage. Now, just NHOA Energy is 1.6, just one player. Meanwhile, we were multiplying our energy storage capacity. With hydrogen, in the very beginning, we were able, in 2015, to store a maximum of 120 kWh, now 400 MWh. That's the largest systems that we are building now. The size of our system has been multiplied, in the last few years, by more than 3,000 x. This is what we have done from the technology perspective. You see exactly that from a different representation, because it took six years to build 138 MWh, and just the last year, we built 1.5 GWh. Essentially, more than 10x, just in one year. Same speed at the Atlante level. This is the infrastructure, the EV charging, fast and ultra-fast charging infrastructure. We started from scratch at the very beginning of 2021, not even the very beginning, we'll say at the very end of 2021. We had 200 fast chargers, points of charge. Now we have more than 3,000. We are today, one of the largest network in Southern Europe, today. The ability to scale up is also the ability to scale up in a profitable way. The ability to have an organization, so OpEx personnel, which is able to deliver the next two years. That's the reason why, the very beginning, the ratio between OpEx and revenues of our company, was essentially 6 x, and now is approximately 10%. We did it. We scaled with the ability to break even and to bring the company to profitability. Ironically, this is the same representation of the gigawatt hour, slightly different, but in the last seven years, so from the of 2015, essentially our IPO, to the first quarter of 2022, we booked accumulated value of revenues of EUR 116 million. This quarter, we announced EUR 116 million revenues in six months. Then, there's the representation of our growth. We historically have been a growing company. The difference is the size of the growth, obviously, in absolute terms, this year we are announcing, we just revised upward our guidance between EUR 250 million and EUR 208 million revenues by year- end. This is what excellence stands for, from our perspective. Second value. Let's dive on the third one. Third one is love for our people. What this stands for? First, our team, which is a diverse team of 38 nationalities. At the very beginning, women were very scarcely represented, for the simple reason that electrical engineering, not only in Italy, but I will say worldwide, is not one of the most appealing courses in engineering, we focused on that. You see the percentage of women we have, the percentage of women we have in our engineering department, which is even more difficult, which is 20%. Is more than two times the attendance of women at the university level. Even if we hire 100% of the women, that are out of the university, we would never achieve these results. That's the reason why we are extremely diverse, with 38 nationalities, because we are taking the best women engineers all over the world. The people strategy. How many company you know have a people strategy which is public? I know this kind of stuff is typically something that is boring from the investor perspective. They say, "Okay, this is system availability," right? No, in our case, it's a core value we have. We do have a people strategy, and ironically, you will note that inclusiveness is our last pillar. Even if it's there, that's extremely important to us. It's an outcome of our strategy, it's not an input. By definition, we are inclusive, we do not focus on inclusiveness because we don't need to focus on that, because inclusiveness is in our DNA. We rather focus on elite leadership development. We want our people to behave as elite leader in their professional and personal lives. We focus on harmony, physical well-being, mental well-being, these are not slogan. Do not talk. Another thing which is nerving me a lot, is to see the debate, the public debate on when smart working will end. Is it Christmas? Is it Easter? Let's discuss a public debate in the parliament. I mean, we're in 2023, not in the, in the Middle Age. Flexibility is 100%, obviously, in our company, like in many other companies. Our offices are full. We simply do not oblige our people to come to the office, as simple as that. We do provide a workstation at home for everybody. We do provide full flexibility to women and men. 100%, and that's the family working, and this has made perpetual forever. Let's stop discussing about this kind of stuff. The NHOA Élite program, we train our people. We provide our people with physical well-being services, with mental well-being services on a daily basis, with performance improvement training on a daily basis, with world-class experts that we hired. They are within our workforce to support our teams on a daily basis. This is a holistic approach because, obviously, we put harmony at the very center stage. This is what love for our people stands for. We do really care about our people. We do have real programs. We do have people hired that are 100% focused on that. That's the reason why in the Élite Leadership Development, which is one of the pillar of our people strategy, at the very bottom of the pyramid, we have the physical well-being, then we have the mental well-being, and then the performance optimization. This is our P&L. Here's the Sankey diagram that I like for a couple of reasons. The first one is the way, in the energy world, we use to represent energy flows. That's a way to represent also our P&L, our P&L that I like, because this clarifies many things. First, let's divide the world between NHOA Energy, Free2move eSolutions, and Atlante. Atlante is another business model. I heard prestigious analysts of prestigious investment banks saying, "Atlante is burning cash." No, Atlante is investing money into an infrastructure that is the only infrastructure on which, of which I'm sure about in the next 10 years. I don't know if in 2030, we're gonna use Meta, WhatsApp, we're gonna live in the metaverse, or we are gonna discuss with trade unions, I don't know. Nobody knows. What I'm sure about is that we're all gonna drive electric, not because of the European Union regulation, but simply because all car makers all over the world have already invested tens of billions in shifting their platforms from internal combustion engine to electric. They are gonna sell electric cars, period. This has nothing to do with regulation. This has nothing to do with the government. The government can just slow down, avoiding incentives in the short term to cope with the slight difference in total cost of ownership, with the higher price we have today, that will have nothing to do with the one we're gonna have in the next few years. The government can just slow down the pace of change. In Italy, we are extremely good in that. Italy was the last country in Europe in terms of EV sales. Italy, we have been able to invert the growth of EV sales. We are extremely good in that. This is not gonna change what will happen. In 2030, we are gonna drive electric because of the massive billions size investments of car makers. Therefore, I'm sure that fast-charging infrastructure in 2030 will be the most valuable infrastructure we're gonna have, and the most profitable investments, even if we are not gonna live in the metaverse. Let's divide the world. Atlante is one thing, it's not burning cash, it's investing in that technology platform, in that infrastructure. Then, the target of Atlante is to break even in 2025. Let's just, let's stop discussing about EBITDA. This year of Atlante is totally irrelevant. The only question you should have is, how many and how much they are performing? Are you investing in the right size? Is the utilization rate higher than the average? If yes, we are investing well our money, period. This is the one number you need to know, the Net Promoter Score of infrastructure, location, and performance. The answer is yes, our infrastructure is performing very well, well above the average of the market, because we have selected sites and invested money in a very disciplined and technology-driven way. Stefano Terranova will elaborate in a few minutes. What about NHOA Energy and the Free2move eSolutions? Okay, fine, big revenues, very good good margin. Obviously, gross margin is, in relative terms, lower at the NHOA Energy level. It's a global business, competing worldwide with Tesla, with Siemens, with Wärtsilä, with giants. It's already a miracle that we have been able from scratch to compete with the world's giants, and to be in the top five, top 10 worldwide of the energy storage players. Therefore, in relative terms, the marginality is slightly lower. While Free2move eSolutions, by definition, is selling products, has a higher in relative terms, marginality. EBITDA H1. Okay, fine, NHOA Energy went just EUR 1 million, so let's compare to last year. Sorry. There's millions of variables in the revenue recognition. We all know the complexity of recognizing revenues when you have a business which is global, and you are ironically still a small company. Therefore, we have many accounting principles to respect, and so on. What is important is whether or not we are on track to deliver the results by year-end. The answer is yes. We do confirm the EBITDA guidance of NHOA Energy between EUR 5 million and EUR 10 million, period. Forget about revenue recognition. Please stop commenting on the quarter-by-quarter analysis, which is totally relevant. Most importantly, if you look at even at the EBITDA of Free2move eSolutions, which might appear a bit disappointing, minus EUR 5 million, let's compare in relative terms, revenues on EBITDA compared to last year, or NHOA Corporate, which is obviously a pure cost in our P&L. Forget about the details. We are going to guide in the market saying that the free NHOA Energy, Free2move eSolutions, and even NHOA Corporate, all together, have the target to break even by year-end. First, confirming the profitability at the NHOA Energy level, because last year, NHOA Energy has been the very first energy storage company in the world to break even, worldwide. We're talking about pure plays, forget the integrated plays, the integrated players, and so on. Pure play. First, worldwide. Demonstrating the ability to break even and to be profitable in this business. This year, at group level, excluding Atlante, obviously, this is the target. We are guiding the market between EUR -6 million and EUR +5 million revenues. Fine, management ambition is to break even, period. That's extremely challenging, obviously, yeah? This is what you should look at. Last but not least, EBITDA outlook and ambition. NHOA Energy, last year, we already discussed. This year, I already mentioned, 2025, break even at the group level, including Atlante, because Atlante will be EBITDA positive in 2025. That's the plan. That never changed, by the way. This was the plan that we are just giving more granularity and revising upwards our targets and our objectives. This is the master plan that we announced a couple of years ago. 15%, around 16% in 2025, at group level, above 20% in 2030. That's our vision. These are our results at the group level, that we described using our values, the values and the mission in which we truly believe. I hope this represents what we have done, and why you should embrace our equity story. It's now time to deep dive on our businesses, and therefore, Giuseppe Artizzu, CEO of NHOA Energy, floor is yours. Next. Thank you, Carla lberto, thank you everybody for coming here today. NHOA Energy sit at like within an environment that will generate around $20 trillion of investment over the next 30 years. Energy storage, NHOA Energy, is the energy storage actor within the group, will be no more than 5, maybe 10% of this. The point is that without that 5%, 10%, the other 90% doesn't work. It doesn't work because we are electrifying everything, but we want to power that electrification with carbon-free technology that generates when the sun is shining, when the wind is blowing, or on a flat basis, like new nuclear technologies, while load utilization follows the pattern that consumers want. Unsurprisingly, what is going to drive a cataclysmic growth in energy storage demand is what we call time shift. It's very simple: it's using battery-based energy storage in order to move electrons from when the sun is shining, the wind is blowing, to when users want it. This is what is driving this explosion in energy storage demand. On an annual basis, within six years, we'll be installing four times as much as we are installing today, and based on our experience, this is actually very conservative. Another technology that is being discussed today, which cannot be discounted out in terms of decarbonization, is nuclear power. New generation of nuclear power. There's a lot of focus on new generation nuclear power. Nuclear power, in order to make technical, but most importantly, economic sense, given that it costs a fortune to build, is to run 24/7. If you're running 24/7, most likely you are going to have too much power during the night, you need to use it at some other times. It's bizarre to think as nuclear power as something that needs storage. It is actually that we are already looking into. In the 1980s, when France built out its nuclear capacity, in Italy, on the side of the Alps, we built 7.5 GW of storage, hydro-based storage, in order to take excess nuclear power in the evening and using during the day. This is what energy storage is about within the context of the energy transition. Everything is going to be electric. That electricity will be used when it's needed, that electricity will be produced when weather condition of technology constraints will dictate. In order to make these two worlds talk to each other, we need storage. Storage is way more important than the gigantic absolute value that still has, as a market in itself. This kind of cataclysmic growth is occurring despite the fact that over the last year and a half, energy storage costs have grown. I mean, nobody should be naive about the pressure that demand for energy storage and for electrification of transportation is having on the supply chain of metals in particular. That increasing demand in metals for battery manufacturing is pushing up. Has pushed up. It has, thankfully stopped. Essentially, it has pushed up the value of commodities. Those prices are needed in order to trigger, on one side, the development of the mining supply chain needed to power this kind of growth. Also, it is needed in order to trigger the development of alternative technology that will reduce pressure, alternative chemistry, that will reduce pressure on the chemistries, that lithium-based chemistries that we are using today. Cataclysmic growth, despite the fact that this is not the kind of degradation curve that you would expect behind a transformational technology. There is upside in this. There is upside because this is not an aggressive degradation curve. The challenges are there. Despite all this, we are looking at a EUR 300 billion accumulated market by 2030 for energy storage. This is what we intend to capture in a single-digit market share, and this is where NHOA Energy is competing all around the world to get a slice in this cake. What does NHOA Energy do? In the background, you see one of our energy storage projects, utility scale energy storage projects. We deploy this kind of system with proprietary technology in all the elements that have a brain in this in the deployment of this kind of critical infrastructure. First, the energy storage itself. We store energy in electrochemical form. We do not manufacture batteries. We buy batteries from China, we buy batteries from Korea, we buy batteries from Japan. In our history, we have integrated, this is the term we use, integrated 16 different chemistries. We are continuing to experiment on that. We buy chemistry. We buy cells, slightly larger, but not that different from the lead acid cell that you have in your old calculators of the lithium-ion cells that you have now in your mobile phones. A bit bigger, but not that much bigger. We put a lot of them into this closed environment. We develop the integration technology, both mechanical, electrical, and information technology, to allow that chemistry to be working perfectly from a humidity, from a temperature, from a safety perspective. This is what our enclosing technology, what we call the store family of our product, is about. Second, we need to make two different worlds talk to each other. Batteries and solar modules work in Thomas Edison world, in direct current world. The rest of the world, users, everything that is power in this room, works in Nikola Tesla world. That is, the alternate current world. In between, there are inverters, Power Conversion System. We design, develop, and manufacture, and install in our system, Power Conversion System with proprietary technology. Third, once you have done this, we need the systems to interface with the high voltage part of the grid. In order to do that, you need quite mundane technology. There is the medium voltage technology of transformer, medium voltage cells. We, of course, do not design or manufacture transformers. We do not design or manufacture medium voltage cells, but we need optimized pre integrated architecture that can come plug and play, be put in front of the inverter in a system like this. We design these kind of skids, this kind of sub-integrated system, and we have them manufactured by qualified contractor locally, because these kind of things is the thing that need to be compliant with local grid code standards. Once you have done all of this, and you switch on the system, you need the brain of the system, the Power Plant Controller, the energy management system. This is the part, both hardware and software, that is the core of our historic know-how, from microgrids to today's large-scale, utility-scale system. This is the element of the system that tells the chemistry and tells the inverters. These are the condition of the surrounding electricity system. Charge, discharge at this pace, respond instantly to this disturbance coming in the grid. We design, manufacture, and install, and use in our system, Power Plant Controller and energy management system that is proprietary technology. Last but not least, once the system is in operation, we need to monitor it 24/7. We need to monitor it 24/7 for economic reason, to optimize its working, but most importantly, we need to monitor it 24/7 for maintenance and preventive maintenance. We have an enviable track record of zero thermal runaway events. Thermal runaway of batteries is jargon. You can translate it into fire. I touch wood every day, but we have never had a fire event in our system, and this is different from all of our other competitors. Once is luck, twice is luck, 3 x is a curious coincidence. When you start having a track record after all this year with over 1 GW, our system in construction, in operation, without a fire, it means that our ability to monitor, control, and to preserve the integrity of the system remotely, 24/7, is working. This is the other critical piece of our brain that is in the systems. We have learned this scaling up, scaling up in power. When I joined Carlalberto in this adventure, our inverters for, let me call it utility scale, for microgrid system was 124 kW. We are now launching it, the new... The last generation of inverters, that is a 2-MW inverter, and this is on the back of exponential growth in installed capacity, going through 5 generations of machines, increasing power density and increasing energy density. This is an interesting visualization of how, over the last 5 years, the combination of technology innovation, scaling up of system, and change in application, has brought down the footprint of our systems. Going down from 218 to, through 2020, 2021, and 2022, and now 2023. Our latest system expect this kind of footprint reduction. Who do we sell our systems to? We sell our system to some of the preeminent electricity companies in the world. Enel helped us in the first part of our life. You remember our first projects. We spent 2 years with Engie. Engie has remained as our customer. Over the last few years, we have added companies like Neoen. We have added companies like Macquarie Eku. We have added companies like Synergy in Australia, of course, such in the U.S. Of course, we have added Taiwan Cement Corporation. TCC, our shareholder, is one of the largest independent power producer in the Far East. These are the companies that are giving us their trust. Currently, out of over EUR 200 million of revenues, more than 80% is represented by companies that are not in our shareholding structure. This is the first time over the last six or seven years, just to give you the sense of the commercial affirmation that NHOA Energy is having. How do we develop and deliver the systems from a contractual perspective? From a contractual perspective, we give the client everything the client wants to have. Meaning that if the client wants us to provide a fully wrapped turnkey solution, we do it. We are asked very often by investors, and by other stakeholders, "Don't you think that the turnkey delivery model is too risky?" Some of our competitors are actually stepping back gradually from this delivery model. I think there are 3 answers to this question. The first one is, it is in our blood. We are engineers. Some of our competitors are more industries than us, but we are definitely more engineers than us, so delivering things on a turnkey basis that work, spending time with clients, is something that is our DNA. Second point, what actually happens on the field is relatively easy because we are not building nuclear power station, we are not even building on offshore wind farms, so deploying, plug and play, this kind of system with equipment that comes, come and play from the factory, is not actually that difficult. However, doing that, it adds a lot to the perception the client has of our ability to accommodate their needs. Most importantly, we don't want anybody between us and the client. The moment you step back from turnkey delivery, when clients wants it, at that point, somebody has to be in between. A general contractor has to be in between, and you become a supplier of the general contractor. If you want to control profitability on one side and risk on the other side, with somebody in between you and the client that takes decision, good luck. We firmly believe in the turnkey delivery model when clients wants it. We are not a contractor in our DNA, but contracting is the way to put the crown on a technology-based, value-added control. Why are we winning on the market? Most of you have already heard this story, but this continues to be the story. We build our competitive advantage in, on four pillars. The first one is innovation. We like to do thing first. The second one is engineering, the third one is global track record, and the fourth one is competitiveness. Innovation. This is culture, even before what we practically do. The team is more than 50% represented by people with quantitative skill, that have grown up from university in power engineering. They like to do new things. They like to experiment new chemistries. They like to experiment new power electronics architecture. They likes to apply what we know in new applications. Innovation across chemistry, innovation across power electronics, innovation across application, some of which is patented, 130 patents. Most of it is trade secret, but it's actually in this room. It's actually in the mind and in the hands of the people that work, that work with us, including the 10% of our team that actually have PhDs, and they are the guy that are spearheading our research and development effort. Innovation is everything. Innovation is culture, first and foremost. Second is engineering. I said we are engineers at heart. I am actually an economist, but the team is engineers at heart. We love engineering. We love going into client problems. We love designing the best solution using the off-the-shelf technologies that we have studied in these rooms, in order to deliver systems that perform globally. Starting from Milan and Turin, the beating heart of our engineering legacy, we have branched out with our engineering capabilities in the United States, in Houston, the energy capital of the Americas. We have branched out our capabilities in Perth, the energy capital of Australia. We have branched out our capability in Taipei, from where we cover Asia and Pacific, and of course, we have built up our prototyping, testing, and commissioning capabilities in our historic Cozio manufacturing plant, where our teams test our solutions before we ship them in every corner of the world, and where they direct the commissioning team that locally ensure that the system perform according to what we have promised to our clients. Engineering is at our DNA. Third is track record. I said, our systems have never caught fire. This is an exception in the industry, but that is only one portion of the story. The portion of the story is that the systems work. We have been installing energy storage system, we have. We are running energy storage system for 10 years. We have systems still in operation that were installed in 2013, 2014, as pilot projects. The system that we installed with Toshiba Battery in the Terna Storage Lab at the end of 2015, is still doing its job, so there is a history of seven, eight, 10 years of battery-based systems that are doing their job. This is what about flawless execution is. Flawless execution is talking to clients during origination to understand their need. It's contracting the system, designing the system in a way that is perfectly suitable to the, what the client needs, and it is about putting in service and monitoring its performance for as long as the system lasts. By now, most of our contracts include a 10-20 years long-term service agreement, as the installed fleet ramp-ups, we will move flawless execution into a economic scale, a large scale, global service business, which, by the way, will also provide, in time, a significant recurring revenue stream. Fourth point is cost leadership. I mean, cost leadership, there is no silver bullet behind cost leadership. Cost leadership means being able to size the system effectively, having access to a pool of talents and subcontractor that is competitive, and the northern Italian district for power electronics is unbeatable from that perspective. It is about buying chemistries at competitive terms, so about strategic relationship with battery makers. This is true for everybody. We are delivering. We have been the first storage companies to be EBITDA positive in the first half of this year. I think we have also been cash flow, operating cash flow positive. We are delivering. I can only tell you, we would not be achieving this kind of profitability results, and we would not be setting the targets that you are going to hear shortly, if we were not cost competitive. We are cost competitive because we have the evidence of cost competitiveness. There is no silver bullet behind cost competitiveness. Numbers. In the first part of this year, we have totaled over EUR 100 million of sales, which is a 40% increase versus 2022. The growth path is continuing. Our gross margin was around EUR 12 million, with a 70%+ increase over 2022. This has generated over EUR 1 million of EBITDA. Like last year, we are, of course, EBITDA positive. I will comment on this shortly. We'll give you a bit of color behind this number. In terms of capacity, as of the 13th of June, we had 228 MWh of capacity online. That is more than half of what we had one year ago, and we are on track to be at 1 GWh by year-end, since we have 1.4 GWh of storage capacity under construction. This quarter, we are switching from megawatt to megawatt hour as indicator of capacity online, because as I showed you before, what is driving the growth of storage is time-shifting application. In time shifting, what matters is megawatt hour of storage capacity, not megawatt of capacity, velocity of delivery of that stored energy. It's a much more significant metrics as the sector is evolving, this is why I'm talking about megawatt hour and not megawatt, like we used to do in the past. From a commercial perspective, we had a EUR 25 million trailing order intake, which is 20% more than we had last year. Our pipeline stand stable at over EUR 1 billion, as you know, we are focusing more and more on the quality of the pipeline and on the maturity of the pipeline. We are currently shortlisted on six projects. Shortlisted or preferred bidder on six projects, which give us abundant visibility on our ability to generate the orders that will be needed in order to hit the ambitious target I'm going to talk about shortly. Our backlog stand at around, at just north of EUR 200 million. As I said, this is something which is by 80% coming from new clients that were not in our client portfolio when we left the Engie Group three years ago. This is something that it is a qualitative element of our backlog that sometimes is missed. We are no longer the same company. We are no longer with the same commercial positioning and financial positioning that we had three years ago. EUR 200 million of backlog now with this composition is means a lot more than EUR 200 million of backlog we had 1 year ago. Now let's get to our targets. Within the Masterplan10x, NHOA Energy is taking responsibility for EUR 400 million+ of revenues by 2025, and EUR 40 million+ of EBITDA. These are steep targets. We move from, you know, we start from EUR 2 million of EBITDA last year, which is our first positive EBITDA, but this is what our analysis on the market positions and our cost structure lead us to think about. I said I wanted to give you a bit of color on the EBITDA number of the first half of this year, because. We very significantly increased our gross margin by 78%, and the EBITDA margin stayed actually slightly, the EBITDA in absolute terms, slightly contracted. Why is that? That is because we have almost double up our personnel cost basis in order to establish mostly the geographic infrastructure to deliver this kind of 2025 numbers. This is why we are confirming the guidance of EUR 5 million-EUR 10 million EBITDA by year-end. Essentially, in order to deliver those EUR 5 million, EUR 10 million by year-end, we needed to build the team of project managers, of commissioning engineers, of project engineers, that mostly in the geographies, more than 90% of our backlog, I think more than 95%, is outside Europe, outside the European Union, and not outside Italy. We are an Italian company that makes more than 95% of its revenues outside Europe. We are a multinational company. I could tell you about the composition of our teams in the geography, it is quite a staggering way of building up an Italian pool. In my experience, it's an unprecedented way of building up an Italian pool for a company, for sure, for an Italian company, most likely for most other international companies. In our vision, 2025 is a stepping stone towards a EUR 1 billion-plus revenue and EUR 100 million+ EBITDA ambition for 2030. We can achieve that competitively with a high teen, possibly more, return on equity. We are measuring also return on equity. It's too soon to talk about that, but essentially, we are looking at return on equity versus our cost of equity. We can achieve that with a single digit, high single digit market share in our addressable market. We don't consider all the markets addressable. We are not planning to enter Mainland China. We are not necessarily planning to enter Korea or Japan. Some big markets and some other important markets in the world that, where we see barriers to entry. Just working in the markets that we are currently focusing in, that is Europe, that sooner or later will come, that is the Americas, the United States in particular, that is Australia, and that is Taiwan and the surrounding, and the surrounding countries in Southeast Asia, we can achieve with a realistic and visible path, this kind of ambitions. This is my part of the story. I think it's time to have, it's time to have a break, a coffee break. Around, in 20 minutes' time, I think we'll come back here. Thank you again for listening, and we'll be here later for Q&A, and possibly for coffee conversation. Thank you. Here we go. Thank you. Thank you for your patience. Let's now deep dive very quickly on the first leg of our e-mobility play. You remember that I described our e-mobility play in a sort of twofold way, okay. From the one hand, we manufacture hardware, typically for residential charging, with our joint venture with Stellantis, Free2move eSolutions. From the other hand, we do invest money into an EV fast and ultra-fast charging infrastructure, to which we will devote, obviously, more time today. First, talking about Free2move eSolutions. We have to analyze, by definition, the reference market. The reference market, by definition, is linked to EV sales. Why? Typically, when you sell an EV, as long as you can, into your garage or your box, you electrify your garage, and therefore, you buy a so-called wall box, which is a charging device to charge your electric vehicle at home. Well, as long as we manufacture and sell charging devices, typically for residential purposes, so the wall boxes, the question is: how many out of 100 electric cars sold, how many are equipped with a wall box for the customer? How much customers buy a wall box? The answer today is 56%. The question is, okay, but what's the trend? As long as I buy a wall, a car, an electric vehicle, and the wall box, when I change the car, typically, I do not replace the wall box, unless it's broken. The question we have is, what's the trend of this path? If we analyze the trend until 2040, we immediately have the answer, because even in 2040, 41% of customers that are buying an electric vehicles will continue to buy a wall box. For the simple reason that electrification, so the shift to electric mobility, is not going to happen overnight. If you look to the figures between Europe and U.S. last year, we had slightly above 2 million electric vehicles sold, which is very limited, and is going to significantly increase in 2025 and 2030. The replacement of the actual fleet of vehicles in Europe and U.S. will take time, and therefore, any new electric vehicle sold will automatically imply a sale of a wall box. That's the reason why we entered into this market. Because of the technology competencies we have in power electronics, in integrating this electronic with a battery, which in this case, is the battery on board of the vehicle, and the ability to understand grid constraints. That's the reason why we simply use the same technology that has been described by Giuseppe Artizzu, CEO of NHOA Energy, into the e-mobility business. Given the figures that you see now displayed in the slide, you see the opportunity, you see the market, you see the trend, we decided 3 years ago to enter into this business along with Stellantis. Before talking about Stellantis, the question is, okay, but understood, any new EV sales will correspond from 50% to 40% to sale of a wall box. The question is, what's the split between home charging and work charging? Today, if I look at vehicles sales, 50% is real B2C, which corresponds to the real residential, and 50% is fleet, so corporate fleet, work, business, and so on. Okay, the wall box, but the question is where? The answer is in this slide, because vast majority of charging devices, residential purposes, will be focused on home charging rather than work chargers. We're talking about 20, 30, 42 million chargers in 2030, against 2. Essentially, it's 20 x more. Is the market opportunity to manufacture and sell wall boxes is first, big, second, oriented to residential customer in terms of addressable market, by definition, you need a partner. That's how the project started with Stellantis. That's why Free2move eSolutions was born. As long as the market is residential, as long as the customer is the same customer that is buying an electric car, it doesn't make any sense to play independently, considering the very limited number of car maker that we have in Europe and U.S. Therefore, we selected a partner, a partner in which we believe in, which is Stellantis. It is today the second car maker in Europe and number four in U.S. It is investing massively in electric vehicles. Stellantis will be one of the largest manufacturers of electric vehicles by 2025 in terms of number of models on the market. They are very serious in electric, and electrifications, and therefore, we decided to join our forces into Free2move eSolutions, which is a 50/50 owned joint venture with Stellantis from the equity perspective. At the same time, it's NHOA that control and consolidate line by line, and therefore, this is the reason why it's NHOA that talk about the expectation that consolidates the figures in the group, the P&L, we describe the financial expectations. Stellantis means 14 brands. Stellantis is not just Fiat, it's not just the picture shown earlier of DiCaprio charging with one of our charging devices. Stellantis is 14 brands in both Europe and United States. The happy news is that with almost all these brands that you see displayed in this slide, you see advertisement and marketing campaigns that now includes the wall box, which is manufactured by Free2move eSolutions. That's very important. That's a game changer. They're selling hundreds of thousands of vehicles today. They're gonna sell millions of EVs on an annual basis, and as long as Free2move eSolutions will be capable of demonstrating as a preferred technology partner of Stellantis to create competitive products, we're gonna follow automatically the sales of Stellantis. The opportunity is there, and what are the results? We all know that 2022 has been extremely disappointing for a series of reasons. Because establishing the relationship with each single brand, even if you are the preferred technology partner, at the group, at the Stellantis Group level, I mean, building the credibility with each single brand, defining the marketing campaign together, is a complex exercise that takes time. Then we had the opportunity to change the management team, and we had the honor to see Mathilde Lheureux appointed the CEO. As you know, Mathilde has been the chief of staff of Carlos Tavares for many years. Then we restarted at the end of 2022, with a new strategy focused, as we announced last year, on Stellantis customers, focused on residential charging, focused on serving Stellantis customers. The centrality of Stellantis customers have been sealed, and as a result, as we announced in October, you will see the first results in the second quarter. This is exactly what happened. Once again, something that we promised happened. You see 13 million sales in the first quarter. Okay, fine, it's under 50% or under 60% more than last year. This is not really telling, so that's a very limited amount of revenues compared to the revenues we have at group level. The very important signal is the detail of the sales of the second quarter. The sales of the second quarter have been 10 million, which means four times the sales of the first quarter. This is the signal. This is the signal of the fact that it's happening. This is a signal of the fact that we are able to convert the EUR 60 million purchase orders we have into revenues. Even if this is the signal in terms of gross margin, that we can sell at very high margins, this product. Even the margin increased by 50%. The EBITDA obviously, is not yet telling because we do not have the right level of volumes to break even. You will remember one of my last slides, which I say, at group level, we are going to break even. Even Free to Move, we do expect, will contribute to the group breakeven. That's the most important message. Then in terms of expectations for the future, the expectations are essentially the same we had in 2021 when we announced the Masterplan. This is the expectations of NHOA, obviously. NHOA expects Free2move to generate at least EUR 200 million revenues in 2025 and over EUR half a billion in 2030, with the right level of marginality, so high teens, so close to 20% at the EBITDA level in 2025, and same for 2030. This is the expectation which was already embedded into the Masterplan10x, so nothing new, but it's good to remind why we are investing time and resources with Free2move eSolutions. We believe in the market, we believe in the product we are delivering, we believe in our partner, which is Stellantis, and we do have expectations that now started to materialize in the second quarter. Having said that, it's now time to deep dive, on the most capital-intensive business unit we have, which is Atlante, which is proudly investing in the fast and ultra-fast network, which is the largest project in Europe. Thank you, Stefano. Thank you. The floor is yours. Thank you. Hello, everyone. Thank you very much for those present here with us, and especially thank you to those who are following us live on stream, because it's even more complex to follow this super interesting presentation. Yes, I'm Stefano Terranova, Chief Executive Officer of Atlante since its creation less than two years ago. I'll come back to that single important data, piece of data, two years of life. Atlante is the nexus. Atlante is the nexus between the world of power generation, which has to be powered by renewables and enabled by storage, as we saw in one of the very first slides that Carlalberto presented earlier this morning, and the world of transportation. Transportation, which is the second largest CO₂ intensive sector worldwide. Those are the two markets where we want to play, and we want to make a difference as a group. Remember, right? Power generation and transportation, decarbonization of these two sectors. Therefore, Atlante is first and foremost, the nexus between NHOA Energy and the transportation sector, between helping the decarbonization of the power generation and pushing for decarbonization of transportation on roads. That's why Atlante was created. We created Atlante to continue to extend the mission of NHOA to the transportation sector, more specifically, to make road transportation in Europe carbon-free as soon and as fast as possible. Atlante is also the nexus, you can see on the graphs on this slide, it's the nexus between what's happening and what we want to happen in this in the transformation of this very important transportation sector. You can see... Carlalberto also reminded us of a super important fact. We had a turning point at the first half of 2023. For the first time ever in Europe, full electric vehicles, sales of full electric vehicles, exceeded the sales of diesel. Diesel is a super loved technology in Europe, obviously, as you know. We had a turning point. You can see on the first of the graphs on this, on this page, that acceleration path is clearly on a exponential phase. That exponential growth in the sale of electrical vehicles will, of course, translate like for like in exponential growth of the energy required to power those vehicles. That's a direct consequence. The last slide, sorry, the last graph in the slide is what you need, the physical infrastructure that you need to deliver that energy to those vehicles. Millions of public points of charge, millions of connectors on the roads of Europe. That's Atlante's mission, is on that last part, building the infrastructure to deliver green energy to the electrical vehicles. Precisely, when we set out our mission, we put for ourselves very high targets, very big ambitions. We put up a number out there, which we will remind you about later on, 35,000 fast charges by 2030. It turns out that this is the biggest, the most ambitious plan certainly in Southern Europe, but potentially also in the whole of Europe. I really hate sometimes when the detractors of electric mobility come out with arguments that focus on the very first portion of the second slide I'm showing you here. The manufacturing part of an electrical vehicles, they're very. I would say with the very opinions which are not very well-funded or just prejudice, they always point out at the manufacturing phase. Sure enough, the manufacturing phase, without assuming any improvements in the current technologies, in the manufacturing phase of an electrical vehicle, of a generic, average electrical vehicle, there is more carbon intensity as of now, compared to an internal combustion vehicle. Then it comes to the use phase. To produce the electricity, if we assume, as we do in this slide, that we used the same mix of energy produced by the current mix of generation mix, we would get, obviously, most of the energy from fossil fuels. Carlalberto said it early on, more than 80% of the power generation base is fossil-based. Of course, in the production of that electricity to power electrical vehicles, there will be a lot of carbon intensity. In the driving phase, that's zero, obviously, not tailgate emissions, zero emission of CO₂, very little emissions in the maintenance phase. Look at the total. Even assuming this scenario, which is unbelievable, let's say, why would you power an electrical vehicle with energy from fossil fuels? Even in this worst-case scenario, the over life, carbon footprint of electrical vehicles is much lower than that of internal combustion engine. This, of course, is not our mission. Our mission is to power our stations and therefore, to charge the batteries or electrical vehicles with zero emission energy from renewable sources. Atlante today, but the future tomorrow, everybody will be doing the same, I'm sure about that, is that in the energy production phase, and that's where we have to go towards. That's the real goal. The mission is to have zero carbon intensity in the production of the electricity to drive our electrical vehicles. That's the real picture, a 74% reduction on a like-for-like basis. When I say this is Atlante's emissions today, if I tell you that even Eni, the Italian oil and gas national company, with their Be Charge charging station, they're offering green electricity. That means that everybody or nobody will ever think about powering electrical vehicles with electricity produced from fossil fuels. This is the picture you have to keep in mind, and this is our mission. Our mission is to deliver zero emission driving on European roads. Zero emission, also, I would say zero guilt, because another message that I would like you all to take back home, because I'm pretty sure that most of you still are driving either internal combustion engines or hybrid at the best. Please feel a bit guilty when you drive a car which is not electric and not powered 100% by renewable sources. By doing that, unfortunately, you're doing damage to our planet, and that has to stop. As Europeans, we can pride ourselves of having commenced, having started the renewables, revolution approximately 30 years ago, more than 20 years ago. We have done it with courage, with very important pieces of regulation at the time, spending lots of money as well. We invested a lot, we launched what would then become a global phenomenon, a global revolution. We are doing the same. We have the same impetus and the same leadership from a regulatory perspective, from a strategic perspective, from a vision perspective. I just need to mention that the Green Deal, the fact that we set a deadline for the phasing out of internal combustion engine, right? The fact that we have created taxonomy for the activities, the industrial activities in Europe, and the fact that we are reducing the emission allowances. Europe is still leading. We are leaders for sure, from a philosophy perspective, regulatory perspective, we are there. There are some detractors or some in the political scene, maybe for, let's say, very short-term gains, that they say arguments like, "Why in Europe should we do that? Why should we go so fast when it is hurting us, and we are so small compared to China?" First of all, we are not small at all. We are Europe all together. We are one of the biggest economic blocks in the world, and we remain so. Secondly, we have a moral obligation to do so. We have the capacity, we have the technological capabilities and the ambitions. We have already set the scene, we have already decided the path, let's follow up with the plan with action. Let's stop whinging about, let's stop chasing short-term small gains while forgetting the big picture. The big picture is, by the way, we should also not be arrogant, because this time around, we are not the main actors of this revolution. The electrical vehicle revolution in China is well ahead than in Europe, so let's be careful not to confuse the what the easy rhetoric with the reality. The The reality is that, Carlalberto said it very clearly, "The future is driving electrical vehicles, and that's where we have to go." You can see here Norway. Norway is the most electrified country in Europe. In the last two years, Norway has become virtually a fully electric country. When you have more than 80%, close to 90% of the of the vehicle being electric, that means that the remainder is just a niche of people that really cannot absolutely buy a electric vehicle for whatever reason. That's a full electric country with a revolution that started approximately 10 years ago, so it's been quite slow, progression, but steady progression. Tiny country, let's be honest, the 3 million vehicles in total, but you can see with this progression, already one third of the existing car park has become electric. That one third of electric car park of a small country already required 1.9 TWh of electricity last year. These are important figures, which I will put all together for you to give you an idea of the addressable market for Atlante. 1.9, that's 1.9 billion kWh, because when you go and charge your car, normally, you think about kWh. That's 1.9 billion kWh, worth anywhere between EUR 500 million-EUR 1 billion, depending if you charge at home or depending on the tariffs, that's the kind of figure you can keep in mind. Next is the Netherlands, also very famous country in terms of electrification. Everybody knows that in the Netherlands, pretty much everybody seems to be driving around electric. In reality, a few steps behind Norway, they only achieved 35% market share last year. You can see in terms of size, all three times, a bit more than three times, Norway, 1.3 TWh of electricity required last year to power the electrical vehicles. Netherlands, a super important country, if you want to go and do some benchmarking with Atlante. Two very important players in our market, Allego and Fastned, both, they were created in the Netherlands, they thrived in the Netherlands, they continue thriving in the Netherlands. That's the market. If you want to do some pilots, of course, both of them now are big in other countries, but initially, they were really starting in the Netherlands. Belgium is another country that is quite ahead in terms of electrification. Small country as well, less than 1 TWh last year. Let's now move into our countries, the first one of the Atlante countries, Italy. Italy is obviously our base. Our headquarter is just one floor above your heads here. It's also where we set up Atlante to start with, and where we started the commercial efforts, approximately nine months before the other countries. Italy has a massive market in terms of vehicles in circulation. It's more than 10 times Norway, okay? With sales, which have been disappointing last year. In fact, we are one of the few countries that dipped, we had a small decrease from 9.5% to 9% in terms of market share of sales in 2022. Nonetheless, we have clearly entered the exponential growth phase, those numbers have been growing exponentially in the last few years. We expect this year to be a super important turning point, where we'll go into double digit. Once you get into double-digit, then it's another phase of the exponential growth era, and no stopping from there. Even with a tiny little market for electrical vehicles, you can see that last year, the market for charging was already half of that of Norway, 0.8 TWh, to be precise, with an enormous potential. France, similar size as Italy in terms of vehicles in circulation, further ahead in terms of electrification. Last year, more than 1 in 5 vehicles sold in France was an electrical vehicle, okay. 21% market share. So much so that the market for charging in France is already quite big, 2.4 TWh. Very soon, France alone will be the size of Norway and the Netherlands put together. Again, huge potential, same as comparable to Italy. Spain, a smaller country, but together with Portugal, just below the size of Italy. That's why, for example, we manage Spain and Portugal together with the same geographical perspective. We call them Iberia. Similar trajectory to Italy, we expect also Spain to go into double digit BEV sales in 2023. Finally, last but not least, certainly not least, Portugal. Portugal is a small country. That's why, as I said, we put it together with Spain, but super important for us. First of all, the sales, electrical vehicle sales, have followed a path very similar to France. Last year, they had 22% market share, and this is the country where Atlante is already the largest operator of fast charging network. I'm very proud of this achievement. As I said, a small country per se, but very much ahead in terms of electrification. The revolution has started and is already growing at an exponential pace, notwithstanding the fact that as of today, the total cost of ownership, in this case, we took the segment B of vehicles, because it's the most represented, as we believe. The total cost of ownership, as of today, is still not competitive vis-à-vis an internal combustion vehicle, a traditional car. Consumers are making the choice, even if it costs them a bit more. Of course, early adopters, they do it for various reasons, because they love the technology, because they have a heightened sense of responsibility towards the planet. Worry not, by 2025, Bloomberg expects that the total cost of ownership will shift towards electrical vehicles. Will be more convenient to buy an electrical vehicle. By 2030, they expect that the savings in TCO would exceed 10%. I believe these figures are conservative. I believe even next year, that we could be at breakeven, and therefore, that it's an additional reason why the this revolution is unstoppable. Market size. I showed you our countries also in comparison to other European countries, just to give you a perception of the size of the addressable market. Right now, our four countries all together last year, were 4 TWh of energy for driving electrical vehicles. If we achieve, not if, when we achieve the same scenario as in Norway, as Norway today, that number will be 16x bigger, 65 TWh. If you assume that only half of that energy is delivered in public charges, vis-à-vis home charging, then that means anywhere in EUR terms, between EUR 20 billion-EUR 25 billion, maybe even more of annual addressable market. In those four countries, when we get to the Norway scenario. Trust me, it will not take us 10 years to get there. I'm pretty convinced that by 2030, latest, we will be there. From there's additional growth, of course. That's only 35% of. Sorry, less than 30% of the car park being electrified. By the time you get to 100%, that's approximately 25%, so you get another 4 times bigger market to full electrification. I said, assuming 50% of the charging happens from the public infrastructure, but the real data as of today in Europe, is that 66% of the energy is delivered via public charging infrastructure. Of that 66%, 2/3 of the energy is actually delivered from fast and ultra-fast charging networks. Notwithstanding the fact that the number wise, the fast and ultra-fast network only represent 10% of the public available infrastructure. This, in a nutshell, gives you the perception of why we have focused Atlante on public charging, fast charging, fast and ultra-fast. We want to deliver lots of energy to our customers. We are there to empower driving, because the other way of decarbonizing transportation is to stay at home, right? If you stop traveling, you also don't emit any carbon into the atmosphere. That's not our mission. Our mission is to continue the. For us to continue to enjoy the freedom that the vehicle, the cars have given us so far. To continue to enjoy the ability to move goods via roads, right? To do that, we need, we need to enable carbon-free driving. Where are we in terms of available infrastructure today? What is announced, what is planned, and where we need to get in Europe? Where we need to get is the last bar on the right. It's more than half a million of connectors are required by 2030, in Europe, to drive the growth in car sales. The announcements, plus the existing, only add up to less than one-third of what is required, so there is a huge gap still. Within the existing and the announced is also Atlante, of course, right? There is still a big gap to be covered. There will be more new entrants, or the existing players would have to step up their ambitions. Maybe don't be surprised, and if in a couple of years' time we come back to you, and we say that we have increased our ambitions, if we do, you know why. We give you a kind of a, not a really forewarning, but we give you a flavor today as to why we might come back. This is just to say, that even with all of the existing announcements that you heard, and you can read in the press, the gap is still big, so there's still a lot to be done. Big challenge, big challenge, but from my perspective, obviously, this is a gigantic opportunity, rather than a big challenge. Talking about challenges, of course, building a network of the infrastructure all over Europe, which is capillary distributed pretty much everywhere you can drive, it's a massive effort with tons of challenges. If you come and see me at the lunch break, I can tell you a very long list of all of the challenges you meet in embracing such a big challenge, such a big ambition. This is also once in a lifetime opportunity to create, almost from scratch, an entirely new, primary infrastructure, right? One of the most important challenges that we focus on is the power connection. Remember the figures that we debated before in terms of energy? We were talking about 65 TWh of energy required in our countries by the time we get to the same level of maturity as Norway, in our four countries. It's a gigantic figure, a lot of money, a massive, addressable market for Atlante, so great opportunity from a financial perspective. In energy terms, it's not much, don't get worried. Italy, right now, is 380 something TWh per annum of energy consumption. Roughly, you can think that that's a bit... That's definitely less than 10% of what our four countries we consume in terms of energy. That's not an energy problem. It's something that you can address by adding renewables, efficiency. Not big problem in energy perspective. The problem is on the power interconnection. Depending on the sources, we have put three there, from the European Union, Bloomberg, ACEA, the automotive One of the most important automotive associations in Europe. You can see, depending on the vision of the world, by 2030, we would need to connect charges in public, which have the same power as the peak demand, either in Italy, in the most conservative case, or all three of Italy, France, and Spain, in the most aggressive case. That's a massive, massive technological challenge. That's another element of the nexus, as Carlalberto was saying, between NHOA, the heritage, the knowledge, our technological knowledge and know-how, especially what Giuseppe does with NHOA Energy, the interconnection to the grid, managing in an intelligent manner, the interconnection to the grid, and Atlante. Atlante will use, is already making the best use of that heritage to design a network which will connect more intelligently to the grid. Roberto also mentioned the fact that drivers don't want to change the habits. They don't want to change dramatically their lifestyles to adopt a new technology to go green and to go into electric mobility. That's why, for example, this graph that we borrow from Bloomberg, but actually with data from Fastnet, and Fastnet are a pure play operator that just do fast charging, so very useful data. They've been in operation for more than 10 years now, I think so. It's a very established company with lots of useful data. As you can see, the charging patterns in their networks very clearly shows the normal life of everyone. Nobody would think, or very few people would think to go and charge in the middle of the night or very early in the morning. The charging all seems to happen, as one would expect, during the day, with some peaks around lunchtime, another peak after you leave the office, et cetera, et cetera. Not very normal pattern. By the way, this is very much the same pattern we observe in our own stations. What this graph tells is that there's a huge opportunity to leverage up the grid connection. The grid connection is the same at night and day. If at night you don't use it for charging, you can use it to store energy to then use for the next day. That's a very simple scheme to show you the power of adding storage to stations. You charge up the batteries at night. You can deliver more energy during the day with the same connection. In fact, we knew this all along, all along. This was a concept that from a technological perspective and big picture economics perspective, we knew it made a lot of sense. We had done all the calculations ourselves before launching Atlante. In the course of last year, we also engaged two world-class banks, investment banks, to help us give a more detailed answer to what we knew was going to work. We did a lot of work on the value of storage for fast charging, and I will condense all that work in three simple use cases. The first use case is very typical of Italy and Spain, in our countries, but it will be pretty much very diffused in all European countries. In this case, you have found a nice location for fast charging, but you have very little connection from the grid. Typically, like in this simple case, you get low voltage connection. You don't get a medium voltage connection that would allow you lots of fast charging. What do we do in this case? We leverage up the low voltage connection with batteries, because the location has already been selected to be a good location for charging, we can deliver much more energy to our customers. We can serve more than 4 times more customers and deliver 4 times more value for our shareholders, net of all of the additional investments, of course. Overcoming grid constraints is a very important use case that will become more and more prevalent in our developments. The next one is when we might get the medium voltage connection, the time frame is very long. This is a real-life scenario, we get, for example, 12 months, 18 months, even 24 months to wait for a medium voltage connection. In that case, we have the opportunity, and it's our choice to do it, to skip the waiting time and to start with a low voltage connection and batteries. In that case, of course, the kind of customer you would serve, the comparable is medium voltage connection if you wait 24 months. You serve roughly the same people, but you can start serving them earlier, which is another important part of our mission, of course. The sooner we open up stations, the more we encourage people to buy electric vehicles, right? For us, this is super important. This is speeding up the energy transition case. We don't wait 24 months. We go and install batteries, stations with batteries. In France, for example, Roberto mentioned earlier on, we have announced a very important award of 87 fast charging points on the French motorways. What we offer to our customer there, VINCI Autoroutes, is that we could install temporary stations with storage to meet the summer demand, and that we're doing as we speak. No time waiting. Between announcement and now, as we speak, we are installing stations with storage in 3 of the 4 areas that we secured. The last use case for storage is the leveraging up of the grid connection. We have secured the medium voltage connection. We have built the station, the customer arrive, they start charging. Of course, as you saw, the growth in electrification is going to be exponential. As soon as we start feeling the pinch and the station cannot cope with the demand, we can then extend the offering of our station. We have already options for on the real estate side to extend, but we leverage up the power with storage. In that case, almost twice as much customers served, almost twice as much value created for our shareholders. This is in nutshell, I hope you like this presentation, because this is the really. We spend a lot of time to put numbers on something that we knew all along was the core secret sauce for Atlante. From a practical perspective, how do we decline then this philosophy into what we do in a day, on a daily basis? We offer a range of options to our site partners and to our final customers. We can deliver standard stations. We open lots of standard stations, in fact. In that case, what we have been doing, we have focused a lot, especially with my technical team and the infrastructure teams together, they worked, the technical team, in terms of product management, market scouting and product management, to the infra team, both on the contracting, especially on the procurement side. We work very hard to deliver standard stations at a super competitive cost. We achieved it, EUR 75,000 on average. That's approximately 25% below what we had in our business plan. Super, super good work from our teams there. In the middle, you can see our iconic stations, with canopies, with the embedded PV. These are the canopies that we launched only a few months ago, with designed by Bertone. We have now moved into the production phase. These are all. There's a study behind how to produce them in a super low impact way, has been very long. We spent 1 year studying every single element of our canopies to make sure that there will be super low impact from every perspective in terms of life cycle assessment, but also they had to be financially sustainable. This station with canopy will be 15%, approximately 15% cheaper than what we found in the market to be our best competitors, the most important competitors. Storage-enabled stations. Stations with storage, notwithstanding the spike in storage prices, you would remember Giuseppe's graph, that he was showing that because of the demand-supply dynamics, last year, we saw an important spike in storage prices, which is still reverberating in 2023. Notwithstanding that, we can deliver 130k, which is slightly below what we had in our investment plans, what we had in our business plan. Again, I expect this obviously to improve as the pinch on the spike on battery prices eases away. Armed with that, armed with our technological background, with the way we want to decline our station, et cetera, et cetera, we set off for the most crucial of our tasks. Also, to be honest, the most important challenge that we faced. Would we be able to develop what we promised we would do, the physical network, four different countries, almost at the same time? We started nine months before Italy, but then we moved very, very quickly into the other countries. Remember, Atlante was started from scratch less than two years ago, 700 days. Imagine, 700 days only, of life, and we had no real estate assets, no real estate company to leverage upon in our, let's say, corporate structure. No retail, no B2, B2C business, except that of Free2move eSolutions, where however, we could not find a direct connection. Notwithstanding that, what we had? We had, first of all, of course, we were created inside NHOA, so we had all of the support on NHOA, not only from the technology perspective, technology transfer was absolutely fundamental, but it was also the in terms of the corporate structure and the corporate support. We had the support of our sister company, Free2move eSolutions. The procurement of hardware in the first year, we did it to Free2move eSolutions. At the beginning, I didn't have a procurement team, so I leveraged upon Free2move eSolutions, absolutely fundamental for our success. Of course, of course, we had the support of TCC, super important. Without the financial support of TCC and the strategic support of TCC, we could not even be here. And finally, the external support of Stellantis, that sponsored our network, no. Which helped us in the early discussions. What we did, 500 stations online, this is a premiere. We will announce it later this week. 500 stations online, more than 1,200 points of charge online already. Physical network is one part of the coin. The other part, which is less evident, is the digital brain, but actually is the digital operational backbone we created for ourselves. Our business is physical, and we remain physical. As Carlalberto said it very nicely early on, unless we all move into the metaverse, in which case, okay, I will have to find another job, but I don't think so. As long as we remain in the physical world, our delivery will be physical. You will need to go to a station and get electricity, which is physical. Everything else behind it is digital. It's a business where our customer find us via a digital journey. All of the payments are managed digitally. All of the operational decisions are digital. The development of the network is actually fully digital in the case of Atlante. Our stations, from the moment that they have a site, from the moment it becomes an opportunity, is mapped into a tool that we created. Of course, we don't create all the software ourselves. There's a lot of software that we purchase as a service, but we integrate into this kind of architecture. I think I'm going to be, I was gonna be too long, so I will go a bit faster here. I will invite you, over lunch, to visit our control room, where you can have a better feeling of the digital platforms that we built. Sinfonia is for real-time monitoring maintenance, operational maintenance, including predictive maintenance, all real time. All of our stations are all completely, all totally, and all the time, remotely controlled by our systems, created by ourselves. Nus is our platform for collection of data and orchestration of data. From day one, before we had one station open, we started thinking about the architecture of our cloud environment. Gigante, this is our cloud-based energy management system. We started with the energy management system on NHOA, which is a cornerstone of Giuseppe's business. We started from that, and we changed it. We morphed into something that we will use to deliver fantastic user experience of the charging, while optimizing the energy flows. We use is our backend platform. Pleiades, this is where we have libraries of digital twins of the assets. We can perform simulation on the existing assets, but also we use it to establish the potential financial viability of our project, because all of our projects have to be validated one by one, by a unit economics model, which gets data also from Pleiades, not only from Pleiades, but also from Pleiades. Igeo, this is our geolocalization tool. Again, we didn't invent, we didn't have to invent mapping services or geolocalization services. Of course, we rent them. The layering of data, the interaction between variables, this is all in-house expertise. It's all stuff that we have done in-house, and we control precisely where we want to locate our stations. All of that, and I'm speeding up, we're coming to the numbers. All of that, resulting finally in something tangible that you can see, touch, and feel. Sales, EUR 2 million of sales in the first six months of the year. This is gonna grow as, just as exponentially as the electrical vehicle sales. As simple as that. Of course, we have to continue building the stations at the pace we have. Utilization rate for three countries. I will explain why. Italy, France, and Spain, utilization rate on average is 2.4%, way above our own expectation. Our expectations were created not by ourselves. We had engaged top-class consultants to help us understand and plan. Obviously, we have to plan all of our long-term investments. We are above our expectation. Occupancy rate for Portugal, approximately 20%. Occupancy rate, why? Because in Portugal, at the moment, the market is structured differently than the other countries. The CPO, like ourselves, cannot directly sell energy. We have to sell just the charging service at the station without the energy. The energy has to be sold by somebody else for the time being. We are paid by the minute, therefore, we have to show occupancy rate. This is the most important variable because this is the KPI upon which we can measure how much money we will make out of the stations. Network. As you know, more than 3,000 charge points online and under construction. This was the guidance that we gave for ourselves for 2023, achieved in the first 6 months. Almost 2.5 times year-on-year basis compared to last year. Finally, we give you some visibility on countries. Italy, of course, is the most developed country, being ahead in terms of development. France, behind it, immediately afterwards, Portugal, where we also made an important acquisition, finally, Spain. Of the 3,000 POCs, 1,263 are online. We have another important figure here, that we have started showing to the market, we will continue to do so, is the sites and POCs, in this case, which are waiting for connection. The station has been built, everything is ready, we're just waiting for the last mile, the last step from the distribution companies to give us the connection. That's not the physical, it's just the last, literally the last mile. However, this period of time can vary from weeks to sometimes even months. Therefore, we are giving you visibility on that one as well. The rest of the POCs are under construction. Let me go back. On top of this, these are POCs. Next slide is sites. Here we are talking about sites. These are on top of what you saw before. This is the pipeline of what's coming afterwards. We have 1,200 sites under development, with a massive increase of 6 times as much, 2,500 under assessment. Just to give you an idea, the under development one, that's where we already have at least a preliminary idea of the design of the stations, so there I have a figure, it's 4,500 POCs, which could change as we go into the final stages of development, of course, but to give you an idea, 4.5 thousand there. The under assessment one is the visibility is less because we have not completed our initial thinking on the stations, but that could be between 8,000-9,000 POCs. Finally, targets and ambitions. On this slide, you will recognize the figures that we have very well publicized in the past. First and foremost, 5,000 POCs by 2025, and with the information I just gave you should be reassured that we will meet or exceed the target. The other important number that you already know, the 35,000 POCs by 2030. In terms of contribution to NHOA's success story, financial success story, of course, by 2025, we have committed to become EBITDA positive. In that case, we're showing EUR 15 million as a target, out of EUR 100 million of target revenues, and with a higher profitability in 2030, thanks to the scale effect. The new numbers here you see is the 22,000. Please give me one minute, I will explain with the next slide. The most beautiful one is a target for 2024. By 2024, I have given myself and my team another big challenge. We want to sell, we want to provide to our customers 250 million kilometers of zero emission driving. How did we choose this figure? Of course, it's, we came up. We worked backwards in terms of the network development, expectation on car sales, et cetera, et cetera, and plus, we added a, let's say, an ambition factor on that. We want to do more than what naturally would come out of our network. It's also a very nice figure, because it's approximately the distance between the Earth and Mars. I want to launch within my team, the idea that next year we want to go to Mars, but without the rockets and without any carbon emissions due to the rockets. We will stay on with our feet on the ground, our wheels on the ground, and zero emission basis. This last slide, and then I'll let you go to for lunch. Last slide is about explaining the 22,000 figure of the previous slide. Our ambition remains, to be clear, 35,000 fast charging points by 2030. Because, of course, you know that NHOA has announced a capital increase, out of which between EUR 150 million and EUR 200 million will be dedicated to Atlante. We worked out a scenario. What if we got that money, based on our current other assumptions on market evolution, et cetera, et cetera, and especially on keeping the same success rate with the CEF funding that we had in the past? If we keep those assumptions, without going back for any additional funding from our shareholders, we will get to 22,000 points of charge by 2030, on a fully funded basis, based on those assumptions. To get to 35,000, we will need more money, most likely from a strategic partner, for example, or it could be that we have been conservative on our market assumption. Of course, if the EV sales exceed expectations, that will drive more cash flows through Atlante stations, and we can leverage up the cash flow for more external financing, we might get there anyway. On the current assumptions, without additional equity funding, 22,000 is the scenario. That's it. Just reiterate, 5,020 by 2025, 250 million kilometers delivered next year. That's it. Thank you very much. Back to Carlalberto. Thank you, Stefano. Very last couple of slides, and then we start the Q&A, and we let you enjoy the lunch. First and foremost, I would have never closed the Capital Markets Day without a picture of my mountains and the Valle di Susa. As you can imagine, in a nutshell, last year, EUR 166 million revenues. This first half, EUR 116 million, so the amount of revenues that were made in the last seven years. We confirmed the revenue target for this year between EUR 250 million and EUR 280 million revenues, which is the high end of the guidance. NHOA Energy will continue to be profitable and EBITDA positive, with an EBITDA ranging from EUR 5 million-EUR 10 million, most importantly, we have the ambition to break even at the group level this year, excluding Atlante, obviously. The most important aspect is that this is all thanks to the last part of these slides, our people. Over 500 people, 38 nationalities, 34 average age. Most importantly, 50% of women in management team and 130 patents. The last one, we keep coming and we want to reach new highs. You already seen this graph. On the left, you have the NHOA Energy growth in terms of revenues, also the ability to break even, which is well represented by the reduction of the ratio between OpEx and revenues. OpEx personally costs on revenues. On the right, you have the growth we already demonstrated with Atlante, 3,200 points of charge, and the growth by quarter in Free2move eSolutions sales. What is missing on the, on the right part of this slide, is the ability to break even. The message is that we already demonstrated, we started 10 years ago. We already demonstrated to scale up the market and to do it in a profitable way. We're going to do the same thing with Atlante and Free2move eSolutions. That's the final message. Actually, it's not really the final one. Let me quote for the final one, the role of the NHOA Group in the very center stage of these slides with the Omega. When you think to a technology play, and we think to the NHOA Group within his three business units as a technology play, think about as the intelligence that is controlling and connecting the commodity, single commodity, that will be the nexus between the energy and the mobility world, which is a battery. Battery is a commodity. We are buying batteries from China, from South Korea, from Japan, and any other place in the world we are going to manufacture batteries, but that still is a commodity. Commodity needs is in both world, energy and mobility now. Our technology play is to connect and control that commodity and playing in both worlds. I had the honor to mention that because this is not my sentence, but I'm quoting one of our founders, professor of the Polytechnic of Turin, which is Emilio Paolucci. Thank you for that. I think we can start the Q&A session. I'm going to ask Chiara to moderate the session. Give us a few seconds, and we can start the Q&A. Thank you. Start our Q&A session. We will start with the questions that we are going to have here from the people here with us today. Do you have any questions? Okay, we have two questions there. The microphone will get to you. First question will be from, I think, Massimo Leonardo, from Strategy& and from PwC. Please, sir, go ahead. Thank you. Thanks a lot. The question, I think, is for Mr. Guglielminotti. We know that Stellantis recently launched Free2move Charge. That we understood is a complete ecosystem, charging ecosystem within Stellantis itself. My question is, how it is going to work with Free2move eSolutions? Thank you for the question. Actually, very well. Free2move Charge has been a fantastic idea of Stellantis in order to, let me say, put one single box around the electric experience. From the one hand, Free2move Charge, it's focusing on charging, residential charging, business charging, and so on. Hardware and software solutions for the traditional e-mobility space in which Free2move eSolutions is playing, and from the other hand, is also focusing on the onboard part of the car. You will see with the Free2move Charge brand many things and 100% related to the electric experience. From the customer orientation perspective, from the Stellantis perspective, this is very important. By the way, this is also a trend in the automotive industry. The answer to your question, how Free2move eSolutions will play exactly as it will play and is playing within the Stellantis ecosystem, which is as preferred technology partner. Nothing more than that. I think, I genuinely think that this is a very smart idea of Stellantis, and I see that as a big boost for our growth. By the way, we already seen, particularly in the United States, that we expect to see that also in Europe, a big boost happening because we already started working together months ago. The announcement of Stellantis has been recent, but in reality, the business unit has been created a few months ago, and we already had the opportunity to work together and to experience the fact that this is a real boost. I think this will be a real boost for, the customer of Stellantis, so EV drivers, and, this boost will be reflected on our sales. Smart and great move of Stellantis. Thank you very much. I think there was another question from, Vito di Renzo from Societe Generale. Please go ahead. Thank you, Chiara. Question for Carlalberto and Giuseppe. You have been just awarded with the first project in U.K., which is a very competitive and market on one side, on the other side, is one of the biggest market in Europe. Which kind of opportunity do you see in this kind of move, in this kind of market? Thank you. I leave to Giuseppe. Clearly, it's a major step ahead. First, the U.K. is a long-established market, Southern Europe, it's our home market, by definition, we are an early mover. In Australia, and particularly in Western Australia, we have been an early mover. We want projects in Latin America, where we are an early mover. In the U.K., we are not an early mover, it proves our ability to compete with the best of the best in an established market and to enter a market. This is important in itself because it's, by far, the largest market in Europe, but also because it marks a sign of what we can do in the United States. I don't think it's a mystery to say that our ambition, the ability to achieve our targets, partly relies upon our ability to position properly in the United States, where we're clearly we are not an early mover. This is the first point. Second point is U.K. is a market in an important transition. It's a market in which the low-hanging fruit for energy storage business case, that is frequency regulation, so the fine-tuning of grid flows, has been exhausted. It's a saturated market from a frequency regulation perspective. It's a market that is transitioning toward energy shift, and this is not an obvious path. Being positioned in this, in the market that is in the cusp of this evolution on a fully unsubsidized basis, it's important in itself. The third point is that is the client itself. EKU is the platform of Macquarie in the global platform of Macquarie in energy storage, and it adds to some other important names like Neoen that we have in our list. It means U.K., but it doesn't only mean U.K. in terms of certification of being a capable partner for the best of the best in the market. Thank you very much. Are there any other questions? We have one from Valerio Claroni from Deutsche Bank. Please go ahead. Thank you. First of all, thanks and congratulations to NHOA for the great set of information provided today. My question is around utilization and occupancy rates. Can you give us a little bit more color on the differences between the two that we have seen on the slide? Why Portugal is the only one where occupancy rate is used? Finally, how do you expect these two rates, the utilization and the occupancy rate, to develop towards 2025 and 2030? Thank you. I think that's for... Yeah. Sure. Yes. Okay, yeah, sure. Let me reiterate the difference, but I need to do one step back on explaining Portugal. In Portugal, you saw before, the electrification pace is faster than Italy and Spain. It was ahead of France, now France is catching up. Why one of the reason why Portugal was doing so well in electrification drive, was because the government put together a few specific policies. In particular, for example, created a, let's call it a clearinghouse called MOBI.E. MOBI.E does various things, including organizing the market of the, who sells the energy, vis-à-vis who provides the infrastructure, and also organizes tender processes for smaller municipalities, or bringing, for example, together and organizing tender processes. In one way, the Portuguese regulator decided that the selling of energy should be separated from the ownership of the stations. That does not mean that the same actor can do both businesses, but you need to have licenses for both. If you become an energy reseller, you then have to be prepared to sell in all the stations. It requires a bit. It's more complex for us to enter into the market, the Portuguese market, and become immediately an energy reseller. We decided, instead, to focus on the infrastructure business, first of all, with a view of adding the energy part as soon as we feel confident that we have the structure to do so, without basically taking on unnecessary risks. That is the point. That's also why we decided to purchase KLC last year, we then went ahead with the acquisition earlier this year, to cut short all of the process of development infrastructure, since we have to focus on the energy part in the next, I would say 12, 18 months. With all this preamble, that means that pure play CPOs, they are in charge of the infrastructure, basically, the MOBI.E organizes the payment, takes the payment from the final customer, then splits into the energy component, goes to energy reseller, the use of infrastructure goes to the CPO. The use of infrastructure is paid for on a time basis, okay. That's why occupancy rate is a figure that makes sense, whereas utilization rate does not, in Portugal for the time being. Once we will have a combined business with energy, we will need to think about it. I don't think it will be as simple because, for example, if we become an energy reseller, we might be selling energy to other stations, to compare those stations, so that even in that case, the KPIs would be complex to think about. Right now, for this market structure, occupancy rate is the KPI to look at for Portugal. In the other countries, it's different. The other countries, we sell combined time and energy, right? We are paid normally on a kilowatt hour basis, and that's why utilization rate is more important. You also asked, what do we expect the evolution to be in terms of, let me start with utilization rates, which is easier. By 2025, we expect it to be around 5%, and then to grow steadily by 2030, between low to mid-teens. That's, that's an evolution in line, let's say, with the same projection that we showed you before in terms of electrical vehicle sales. One other part, when I said early on that we were very satisfied with the current utilization rates in those countries, was also occupancy rate, with Portugal, is that, in fact, 2022 for us, was a disappointing year in terms of sales of electrical vehicles. As you know, generally speaking, sales of cars in Europe was down, was a tough year for automakers in general last year, for various reasons. In particular, electrical vehicle sales were much below our own expectation. Notwithstanding that, we still managed to deliver good utilization rates above our initial estimates. That means that either we have been too conservative on thinking how much people charge in public vis-a-vis home, or hopefully, also, we have chosen good locations. That's. Sorry, the last part is, what about then occupancy rate progression in Portugal? We would see steadily increasing towards 30% by a bit later than 2025, let's say, maybe between 26, 27, should gradually go up to 30%. That's assuming we keep the same business model without adding energy, okay? From then onwards, we see a cap. We don't see that the occupancy rate can grow much above 30% for physical reasons. I mean, it would be difficult to imagine that the station is occupied. All of the stations are occupied in such a continuous way, okay? Thank you very much. Oh, we have another question from Giuseppe Pipitone from Goldman Sachs. Hello? Oh, yes. Thank you for hosting us today. I have two questions for Carlalberto. The first one is on your 2023 revenue guidance. You gave us a range. Can you comment on, you know, the top end of the range? How confident are you to reach the top end of the range? The second question is on EBITDA. You mentioned you are targeting EBITDA breakeven in 2023 without Atlante. Can you give us a sense about Atlante? Yes. Thank you, thank you for the question. On the first one, 2023 guidance, yes, we have a range. We clearly see the path towards the high end, frankly speaking. We're very prudent in building the guidance for the simple reason that I was mentioning earlier, revenue recognition is very complex. So we have many variables to follow according to IFRS 15. Therefore, we play many scenarios with many variables to understand the most prudent, but also representative of the real capacity of the company to deliver range, right? As of today, we are clear visibility towards the higher range of the guidance to be very, very close. On the EBITDA, this is the wrong question. I mentioned, please do not focus on EBITDA on 2023, 2024. Jokes apart, I understand the importance for our investors and our stakeholders to understand the interim performance in EBITDA terms. Again, you have in H1 a proxy, okay? You might easily imagine, if you look to the investment made, the growth in PLC, and then you take the current EBITDA of Atlante, you can build very easily a proxy. What you can assume is that the growth will continue at that pace, and therefore, the EBITDA impact will be directly correlated to that. You also see that gross margin is around 50%, really, it is a matter of. We don't want to guide the markets, precisely because we want the market to be focused on the real objectives we have, which is to break even, and have actually a positive EBITDA for Atlante by 2025. We prefer to leave to our stakeholders, analysts, and banks, to make their own scenario with the guidance that, I mean, this is exactly correlated to the deployment of investments, and we are going to maintain the same level of acceleration of the plan as we have done it till now. Thank you very much. We now have one question coming from Mr. Alessandro Pozzi, from Mediobanca, and he's not here with us. Yeah, thank you for taking my question. I hope you hear me well? Yep, okay. Perfectly. The first one, I think, is on EVs. I think very few would disagree that EVs are the way to go. As you pointed out, we can see that every month in the car registration numbers. However, we also see that Italy is probably the lowest in terms of EV penetrations in Europe, but I'm sure there is a big geographical difference even within Italy. I was wondering if you can give us color on where your charging points, or how your charging points are distributed nationwide in Italy, but also in Spain, where EV sales are also probably below EU average as well. The second question on battery technology for EVs. Toyota, a few weeks ago, announced potentially a major breakthrough. I was wondering whether you see solid state as a catalyst for increasing EV penetration, or for reducing costs, total ownership costs for EV in general. The third and final is a bit more color on the funding needs for Atlante in 2023 and 2024. How much will be covered by the upcoming rights issue grants, potentially whether project finance could be a source of funding for charging points? Also an update on, of course, on the timing of the rights issue, if you can give any timeline there, that would be appreciated. That's all for me. Let me take very quickly the one on the distribution, the Italian footprint, and the distribution of the charges, and then I leave the floor to Giuseppe to just comment on solid state, and to Stefano to comment on the funding need in the short term for Atlante. I mean, well, I got it. Sorry. You see here the actual distribution of the network. So you clearly see the first, for many reasons, but the focus on Italy, and you clearly see the distribution. So this is not imaginative representation of our network. This is actually the same slide that you can see live in our control room. When you got to start lunch, if you want to visit it, I would suggest it. You clearly see also why we see the potential of Italy, because in Italy, we have a concentration of the industrial area on specific traffic flows, and motorways that essentially gives a lot of potential to the country. Irrespective of the fact that Italy has been, as you mentioned, and as we discussed earlier, the worst country in Europe in terms of EV sales. Okay? As I said earlier, governments have slowed down, this obvious path towards electrification, eventually, this will happen. Okay? We still believe in Italy, irrespective of what happened last year in terms of EV sales, and we still continue to develop Italy because I mean, the geomorphological confirmation of the country, coupled with all the technological analysis we made, I mean, demonstrates that the potential is there, and so we are convinced. France is a totally different story because it's more distributed in terms of infrastructure, of highways and traffic flows, and therefore, even if it's well more advanced in terms of electrification, like Portugal. On solid state, frankly speaking, I leave maybe to Giuseppe, a couple of words on solid state and new generation of batteries. Let me comment that from the e-mobility perspective, I mean, all platforms or car makers are already made. All new models to be launched in 2025, 2026, 2027, is already made. This technology is in a lithium ion period. Even if we find the Holy Grail tomorrow morning, solid state or anything else, it's not gonna change the next five years. Okay, you have to keep that aspect in mind. You can see clearly also some, even the carmaker are now advertising their cars, showing in how many minutes you can charge your car from 0% to 80%, like Audi e-tron, just to mention 1 example, is less than 30 minutes to jump. The big shift is the high voltage, 800 volts, okay? That will enable the full speed charging at 350-400 kW power within the Atlante network. Welcome to join the network if you have an 800 volt car, like the one that I mentioned, Hyundai, Porsche, there are many on the market that are now available in the market. Many others will be launched in the next couple of years. You charge essentially in the average use, which is, 15% to 30% in 10 minutes, okay. 10 minutes, 15 minutes maximum. This is the trend, and this is already been written. If for any reason there is a new technology emerging that we might change in terms of competitiveness, in terms of energy density, like solid state, I mean, this will impact potentially starting from 2028 onwards, okay. The customer life of EV drivers. Maybe you have a couple of comments on new technologies, or? I agree entirely. I mean, Toyota, 10 years ago, was the uncontested leader in car manufacturing. Now it's not, because it took the electrification train too late, so it clearly needs to tell a story of how it could leapfrog this startup disadvantage, let me say. There is an element of narrative in why Toyota is betting on solid-state batteries. On the other hand, the chemistries that we have today are good enough, and we see that in the numbers of electric car penetration all over the world, so we do not need more. However, solid state, and not only solid state, are welcome because they bring better performing battery in terms of energy density, better performing battery in terms of charging, and most more reliable batteries from a safety perspective. We can only welcome this, both in the stationary storage and in mobility. In addition, any alternative you bring on the table that is a credible alternative, and if it is pushed by a player with industrial strength of Toyota, is actually a force to be reckoned with, will reduce pressure on the supply chain of the existing technology. It's just welcome. Having said that, take the narrative element of Toyota into consideration, since it matters in this conversation. Yeah. By the way, before launching, let me just mention that obviously, also solid-state batteries can be charged in the Atlante network. Useless to say, but it's totally irrelevant from our perspective. Maybe on the funding, you will comment... Sure. The funding, that's why we added that kind of intermediate step of 22,000 fast chargers, which is a scenario that we built on assuming that we will not tap anymore into our shareholders, let's say. If we get this within the range, of course, when you make a scenario, you can assume we would have taken the middle of the range, between EUR 150 million and EUR 200 million. Plus, as I said early on, assuming that we continue the same success rate on applying for grants. Grants are not a part of our business model, in the sense that we do not need grants to be profitable, but they are a great accelerator. Of course, it's a funding source, which is very important in Europe. Therefore, we will keep. We have applied again, and we are waiting results of one of the CEF rounds. That's in a nutshell. Yes, we do need. The capital increase is required, of course. Then we will need. We are continue to apply for grants to complement, so to get to wherever we need to get to 2030 without any additional capital raise from shareholders. In that, in that scenario, we also added very little forms of financing, which 2023, 2024. Sorry, did you say, did you ask 2024, 2025, or which were the years of reference? Short term. Yeah, short term. Well, in the short term, pure project financing, in my humble opinion, will be difficult because the market still needs to grow, and the cash flows are back-ended because of the utilization rates are back-ended. There are other forms. I can mention that in France, being the most advanced of our markets, together with Portugal, we are looking at a scheme that hopefully we'll be able to announce probably in the next quarter. In Portugal, we already have some bank financing, albeit there was a scheme with also some involvement of the European Investment Bank behind the banks, not directly with us. There are forms of financing which are, I would say, in the short term, no records, project financing difficult because of the nature of the market, but for sure, from 2025-2026, latest onwards, yesterday, we would be able to tap into financing sources. Thank you very much. I think we should have another question coming from Mr. Paul de Froment, from Bryan, Garnier & Co. Please, sir, go ahead. Yes, thank you very much. Good afternoon, thank you very much for this presentation. Two questions from me. The first regarding Atlante. You recently won four locations on the Vinci motorways in France. These stations will be equipped with 150 kW charging points, if I understood correctly, and I was wondering, what is the rationale to not install more powerful chargers? Is it to lower the average CapEx per station? My second question is related to Free2move eSolutions. We saw that BEV registrations were up 45% in Europe over H1. Last quarter's show that momentum is still there. As of when could we see the impacts on the Free2move eSolutions P&L? Thank you. Okay. I'll take the first one. The short answer, yes, the obviously, we have to look at the financial optimization, because, of course, we care very deeply about where we invest the capital at our disposal by our shareholders. As I explained early on, every single project, these ones are very big, but even the single small satellite station has to go through an ad hoc financial viability check. Therefore, for sure there is that element, but I can, I will not give you out any secret sauce, by the way. I just have to be careful how I respond fully to your question without saying too much, if you allow me, because, of course, it's a competitive market, and we want to keep some competitive edges. I would say that what we have done, we used our data, the data from our stations, and we know precisely what are the maximum charging powers. I can promise you that above 100, let alone 150, there are very few cars and for very few minutes they can do it, right, on average. At 150 kW, it's a very powerful charger, and especially we have done a design such that every car can enjoy the maximum power. We have also built, in a clever way, to allow for a power upgrade later on. On this one, I cannot give you too many details because it would be, again, giving away too much, which is not in the public domain. Yes, the short answer, we look at optimizing CapEx. We always look at the customer angle. We even have a team. Francesco is my CTO, he has got the team looking at the potential discomfort that we cause to our customers by taking certain choices on the technology, on the financial side of things. We look at that before taking a decision, but we also look at the potential for adding more power when it will be required. Carlobetto before mentioned the 800 volt platforms. Right now, there are few cars that are on the 800 volt platform. I think we expect lots of them to shift towards that platform because it simply allows more current to flow faster to the charging phase. Therefore, we have embedded in those stations the ability to add more power later on, but without compromising the financials. Let me take very quickly the second one. Yes, the 45% up EV sales in Europe, with the exception of Italy, again, is correlated to the results of Free2move eSolutions, obviously. You have other two variables to be considered. The first one, obviously, is the 01, is EV sales. The second one is the market share in EV sales of Stellantis. The third one is our ability, as Free2move eSolutions, in terms of take rates, to address the Stellantis market, meaning that out of Stellantis, out of 100 cars sold by Stellantis, how many are equipped with a wall box, or the customer select as an optional, or the customer autonomously buy the wall box. Yes, we do have a correlation, obviously, and we're benefiting from that trend. We have to look also at the other two variables, and the second one, obviously, is a KPI of Stellantis, is not a KPI of Free2move eSolutions. Chiara? Thank you very much. Thank you also for the many questions we received. I'm going to read out loud the last one coming from Alessandro Valentinis from Banor. Just, we received a lot of questions, so I'm going to read it, just this one for time reasons, of course. The first two parts of the question are for Atlante: How many stations did you have online at the end of 2022? Second part: With a utilization rate of 2.4%, are you losing money? The second part of the question will be more for NHOA Energy: Why should one choose NHOA Energy? You only have a single-digit market share, while being, as you said, one of the best in class. You should have more. Okay, let me hand over to Stefano, on the station online. I mean, we do have the slide and to comment the utilization rate. Stefano, I hand over to you while I'm displaying the slide with the number of stations online. I think the question was end of 2022. End of 2022, I'm testing my memory, but I think we have 30 stations, so the increase has been manifold. We are 500 now. Of course, that does not mean that all of a sudden, everything came out in such a short time. It's because there is a long lead time between origination, development, execution, et cetera, et cetera. That long lead time will continue to be there, but it's a rolling machine now. We had to get out of the initial inertia, not forgetting what I said at the beginning, we started the company with no real estate assets and no retail businesses to leverage upon, and five people from NHOA. That was the company less 700 days ago, including Sundays and other holidays. 700 days, all of this created in those 700 days. There's the other part, I think you said, if I'm not mistaken. [crosstalk] Utilization rates is not sufficient for profitability. That's kind of obvious, yes, but it should also be obvious that we are investing in the growth. By the way, if you don't believe in the growth, you shouldn't really invest in Atlante. Obviously, we received money from the market and from our shareholders, which I think subscribe to the picture. I mentioned 2.something now, 5% in 2025, teens in 2030. You need to imagine the curve, and therefore, yes, at the beginning, you're not making money. You're making money in the middle and lots of money at the end. If you don't believe in this picture, okay, then it's not the right business for you. We are investing. As I also said it before, it's a once-in-a-lifetime, creation of, new primary infrastructure from scratch. If you want to be part of this game, you have to accept also the risks. Otherwise, you can invest in the metaverse, as I said. Let me take the comment, the very last one, and hand over to Giuseppe. Why you should choose NHOA, I mean, I think you have well elaborated, but I'll let you give more color on that, on the fact that it's just a single digit. I mean, that's a global market share. Okay? I think it's the first time that we are blamed to be. [crosstalk] Unambitious. No, I mean, let's put it in context. Let's take a tangent market to ours, so the wind turbine market. In the wind turbine market, I think the world leader is Vestas with 17-18% market share, if my memory serves me well. Companies like Siemens and GE must be around 8-9%, something like that. What I said is that we are going to be high, single digit market share in a global market, we want to do that, remunerating at least height in the capital employed, supplied by TCC, our other minority shareholders. What I'm saying is that we want to be, in 2030, where from a market share perspective, where General Electric and Siemens companies are today in the wind turbine market, and we want to do that with a very satisfactory remuneration from a capital perspective. To, again, our majority and minority shareholders. I don't think that's unambitious, frankly. T hank you for the question. We take back the challenge. Thank you for that. I think Chiara. We have one last-minute question. Last, last- Coming. Okay. Unexpected, from... Let me just say it right. Auguste Deryckx, from Kepler Cheuvreux. Please, sir, go ahead. Yeah, good afternoon to all of you. Hear me well? Yeah. Yep. Yes. Very well. Yeah. Okay. now just a question concerning Atlante. I'm new on the case, so maybe it's evident, but I just try to understand how the how to fix the selling price, because we are thinking a lot about the utilization rates? I just want to know your view on the selling price and its evolution in the coming years. Yes. That's a very good question. Generally speaking, my view on the evolution of price is that it has to reflect the underlying commodity, of course, just like the petrol at the petrol station reflects the commodity prices. I do not expect there to be the variability that you have currently at the pump station, where you can see the price changing every day, according to where oil price indexes are. I expect a much more stability in prices, nonetheless, because even though electricity also has spot markets, of course, but normally speaking, people will tend to contract power for, let's say, with tariffs, which are more stable in time, right? There is the element of remunerating the capital investment, and there is a reflection of a market that needs to grow a lot, that needs to attract lots of capital. You saw it, in one of my slides, I was showing you that if you add together what is already built and what is announced, we make up only less than one-third of what is required in Europe in terms of charging, public charging infrastructure. That needs to attract continuously capital. The European Union, the governments, the European governments, are putting some of that money on the table via grants, but the rest has to come from private capital. Therefore, the providers of private capital will require, that, the investment is remunerated fairly. There are these two elements, remuneration on capital and the energy element. In terms of Atlante, we said we will be competitive with market, of course, and how we intend to be competitive. You saw early on our attention on being competitive on the way we invest capital. Even at early stage, we care deeply about beating our own targets in terms of CapEx per EVSE. The other element is that we intend to use the assets that we are building up in terms of storage and EMS, which is the other side of the coin, the energy management system, to be better at procuring a green energy. To be as proficient as possible at buying and providing energy to our customer in the most efficient and economically convenient way. Let me just add to conclude that, in any event, all the other CPOs are price taker, right, in the market. I mean, they just buy energy and resell energy, while Atlante is the only one so far that has the storage and the energy management embedded into its business model. Therefore, if there would be any player capable of offering better prices and arbitrates between the different prices, and between peak and off-peak, during the day, between renewables and not, I mean, certainly we will be there and around to do it. Thank you very much. We have no more questions. Okay, thank you. Thank you. We can now enjoy the lunch. Wanna visit the control room, Stefan and his team, along with Jesco Lamberti, our Chief Energy Officer, are available. Yes. Thank you. Thank you very much.