Good morning, ladies and gentlemen, and welcome to NHOA Group Investor Call on full year 2023 results, and Q4 trading and operational update. The investor call will be opened by Carla lberto Guglielminotti, NHOA Group CEO, and with him to explain all details of our financial results, Alessio Caruso, NHOA Group CFO. They will also be joined by Giuseppe Artizzu, CEO of NHOA Energy, and Stefano Terranova, CEO of Atlante. Guglielminotti will open the call with the main achievements. We will then go deeper in the results by business unit, finishing up with an in-depth financial analysis by Alessio Caruso. At the end of the presentation, the management team will be available to answer any questions you may have. Please note that this investor call will be recorded. If you could not attend the whole call, the webcast and the presentation will soon be available on our corporate website on the dedicated page. Please note that all participants will be in listen mode. If you wish to ask a question, you may raise your hand or write in the Q&A chat if you are connected via video call, or if you are connected via phone, raise your hand by pressing star nine on your telephone keypad, and once you will be invited to unmute yourself, press star six to speak. Before we begin, I just want to point out that any forward-looking statements made during today's call are subject to the risks and uncertainties mentioned in the safe harbor statement, which is included on page 3 of today's presentation. This also includes the risk that the transactions discussed during today's call remain subject to standard conditions for this type of transactions, 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 give the floor to Carla lberto Guglielminotti. Please, Carla lberto, the floor is yours. Thank you. Thank you, Chiara, and good morning, everyone. I'm very honored today to be here with you to talk about our results, the results of the NHOA Group achieved in 2023. Let me tell you that these results are, once again, record-breaking, with over EUR 270 million revenues at group level, up 65% year-on-year, and most importantly, positive EBITDA at EUR 3.8 million, excluding the Atlante perimeter. But before talking about that and taking you through our financial and industrial results, let's take a look at this short video, which give us an overview of the milestones we achieved this year. I hope you appreciated this video, which is really just a sum up of what happened, and looking back really helps understanding everything we have done during 2023. Let me also take the opportunity to thank our extraordinary people who made it possible, and then made it happen. Our 540 people, 41 nationalities, working all together with one mission, taking the energy transition to the next level. But let's now go through the slides that give you a picture of our industrial achievements, and this very quick snapshot of our financials that we will then deep dive with Alessio. NHOA Energy. NHOA Energy this year, and also including last year, especially in a couple of years, we installed more than 10 x energy storage than the capacity we installed in the first six years of our life after the IPO. This gives the magnitude of the effort and the magnitude of the industrial growth that we have been able to deliver to the market globally. When I say globally, if we move to the next slide, we clearly see our continuous global play. When we say that we are installing systems in four continents, this picture clearly represents our global footprint in four, five continents, with a restless effort in all of them, with all the different, all the different peculiarities of this market, which increase, and increases significantly the complexity of running this business, but certainly the pride of having been able to to do it. Then, this lends to our results, so over EUR 200 million revenues, 1/3 up compared to last year. EUR 30 million gross margin, most importantly, EUR 7 million EBITDA. From the development perspective, close to 900 MWh online and 1 GWh under construction, as said, in four continents. Then, moving to Free2move eSolutions. Free2move eSolutions went last year through a significant turnaround in terms of management team, in terms of a business model, most importantly, in terms of relationship with our partners, Stellantis, and the respective brands. I think that this figure represent the success of this turnaround, and the tremendous effort that has been put by the management team to restart our venture with Stellantis and eventually to prove to be successful. Because 13% penetration rate within different brands, yeah, and compared to just 3% in the 1st half, is absolutely exceptional results. That gave us the possibility to book over EUR 60 million revenues, 6 x compared to last year. 24%, EUR 34 million gross margin, 25 x up compared to last year, and EUR 5 million EBITDA, compared to -EUR 20 million booked last year, with an additional EUR 24 million of backlog. EUR 24 million of backlog, if we move to the geography breakdown, we easily understand is mainly driven by the United States business. United States business that this year has played a major role in our results, while Europe was progressively ramping up quarter- after- quarter. In U.S., we essentially electrified all Stellantis dealers. This is a process that continues and will continue over 2024, and that's the reason why we still have a significant amount of backlog. But the positive news is that our European business, which is mainly related to residential charging devices to Stellantis customers, is said progressively ramping up, quarter- after- quarter, and this give us clear visibility on on our ability to continue the growth path, quarter- after- quarter, with Free2move, and most importantly, with a continuous profitability and and path to profitability. When we move to Atlante. Atlante, I think is well represented in terms of growth by this slide. This slide represent that we almost double, and more than doubled, technically, our network, compared to last year, with already 1,800 points of charge, mainly fast and ultra-fast, online in our four countries. We clearly see that our network is well diversified and well concentrated in the most intelligent places, given the footprint and the different geomorphology differences of the different countries. So we clearly see in Italy a concentration in northern Italy, which is the industrial area where e-mobility is more developed, while in France, for obvious geomorphology reasons, the network is more spread. Spain is a bit behind, and Portugal is well advanced. And if we look to the figures, this shows clearly that we invested significantly in Italy, while in Portugal, given the size of the country, GDP, and the millions of people we have out there, I mean, these figures is in line, even if you see a very big concentration, and while in France, it should certainly increase our effort, given particularly the very high penetration rate to the mobility that we have experienced. Last but not least, this turned into a utilization rate, which is not particularly exciting from the profitability perspective and from the revenue generation perspective, and this is an absolutely normal parameter that's above the market average in any event. So this is a good signal that we have invested in the right places. This is also coupled with a very high occupancy rate in Portugal. I mean, we do have the network. We are investing in the right direction. Our utilization rate is above the market average. We have just to wait for a significant improvement in EV sales penetration in our 4 markets, but we still are full confident on the fact that it's going to happen very quickly because of the major changes at the carmaker level, at the global scale. These results have been generated by our people, our people that have grown significantly in the last 10 years. We are today over 540 people, but most importantly, the quality of these people is unparalleled. You clearly see the number of trade secrets and patents we have, the number of engineers, so 10% with a PhD, typically in electrical engineering, and a very diverse population of 41 nationality. This diversity has generated these results, and this quality has generated these results. Quality and diversity is also from the women representation perspective, and we are continuously increasing the number of women engineers within our teams, and we are really proud of the effort we put in valorizing and attracting talented women engineers from all over the world. And that's the reason why we published our people strategy this year, last year, sorry. We have been one of the first companies worldwide to publish and disclose in full our people strategy, our values, what we want, what we expect from our people. In order to give them the levers and the right moves in order to work in this direction, we have launched, alongside with the Family Working program that we launched in 2020, in the COVID period, we launched the NHOA Élite Program, which is a unique and without any... With an unparalleled, let me say, effort, the NHOA Élite Program, which is representing the way we believe our people should be treated. So we invested significantly in physical well-being, mental well-being, performance optimization, with the ambition to create, within, at all levels, within, the NHOA Group, elite leaders in their respective fields from the professional perspective, and most importantly, from the personal perspective. This is a unique program. By the way, the cost is very limited because this is below 1% of our HR cost, but this is our weapon to secure attractiveness of NHOA, the global scale, to secure retention and to valorize our people, because when we say that we do care about our people, we really believe in, and when we say that these results are thanks to them, we really believe in. That's the reason why we give back to them one of the most advanced well-being program all over the world. Then, having said that, these turned into results at group level, most importantly, scaling profitability. From the growth perspective, in 2023, we have made more revenues than in the first seven years of life of the company, more than the double, technically, and very close to 3x the revenues generated when we were EPS and then Engie EPS, so till essentially 2022. This well represents the step change we have made in these years and in the last couple of years. If we look at the P&L, the P&L clearly represents that, because we do have today both NHOA Energy and Free2move eSolutions running fast, growing in terms of sales, in terms of gross margin, in terms of EBITDA, and eventually even at the group level this year for the first time in our history reaching breakeven at group level. So all in, obviously, excluding the Atlante perimeter, as Atlante is a totally different business model. That's an infrastructure business model with a totally different value and a totally different play, where we are on track towards our 2025 targets. Then last slide, this turns into a big question. So do we have the resources? Do we have the financial capacity to continue that path? And the answer is yes, because we raised in 2023, EUR 150 million rights issue that we completed successfully in September, thanks to the support of our majority shareholder. Most importantly, in 2023, we have invested over EUR 100 million. Obviously, mainly in Atlante, so in the EV infrastructure business, but we have invested a lot also in terms of research and development at Free2move eSolutions and to NHOA Energy. Most importantly, on top of the EUR 250 million raised in equity, we are starting generating operating cash flows at group level. And this year, we already booked EUR 3 million EBITDA. We do have also additional resources to secure our future growth. Because, taking into account the cash and the available trade lines we do have, it's over EUR 250 million, EUR 134 million net cash, so all in including indebtedness, and EUR 145 million guarantees credit lines available to NHOA Energy, to continue winning projects all over the world. This, coupled with EUR 81 million granted last year, mainly from the European Union and Caisse des Dépôts to Atlante to accelerate the development, particularly in France. I think this clearly represents the effort we made in the last ten years. It's ten years of my tenure, as you know. And this path towards profitability that we have demonstrated already this year is the best way we have to start 2024, and to focus on our 2025 and 2030 targets. Alessio, floor is yours for a deep dive of our financial results. Thank you, Carla lberto. Good morning, everyone. So let's start from the first slide. As anticipated by Carla lberto, the group delivered in 2023, growth in revenues across all the businesses, and improved the marginality. In terms of group revenues, as of December 2023, amounts to EUR 273 million, which is up 65% compared to full year 2022. The increase in revenues is mainly driven by EUR 205 million, realized by NHOA Energy, with Free2move eSolutions contributing for EUR 65 million to the group consolidated revenues, of which in excess of EUR 54 million coming from the new U.S. company. Atlante closed the year with revenues amounting to around EUR 4 million. The total revenues falls, therefore, in the high end of the guidance that was set at EUR 220 million and EUR 280 million, in the range of EUR 220 million-EUR 280 million, and then revised upwards from EUR 250 million - EUR 280 million. In terms of geographical breakdown, revenues are coming from Asia-Pacific for around 65%. That, compared to last year, 78%, confirm a more balanced split toward U.S. and Europe, mainly driven by the mobility business. EBITDA at group level, excluding Atlante, turned positive this year, standing at around EUR 4 million. Free2move eSolutions exceeded the break-even point, posting a positive EBITDA of EUR 5.1 million, with strong contribution coming from the U.S. market. NHOA Energy more than tripled its EBITDA compared to last year, to EUR 7.5 million, falling in the middle of the guidance range that we, that we gave. At group level, including Atlante, EBITDA stands at around EUR -40 million, highlighting a significant improvement, improvement compared to last year, EUR -33 million. The improved profitability is represented by a higher gross margin of around 20% this year, which we have to compare to last year, 9%. The increase is mainly driven by the increase, both in energy storage and in mobility businesses, and also by a better revenue mix, due to the growing volumes of Free2move eSolutions and Atlante, that are positively impacting and improving the gross margin at group. As of December 2023, the group can count, as anticipated by Carla lberto, on more than 540 people, which is an increase compared to 450 of last year. The strengthening in the workforce is mainly due to the consolidation of Atlante around the four geographies, and to NHOA Energy's global growth across the globe, all over the world. If we compare to last year, growth in the head count, that was 90%, we are showing that we are reaching our operational set up at group level. If we move to the next slide, we have a look at the capital investment. This year, we're EUR 101 million, which is a significant growth from last year, EUR 42 million. Largely, as anticipated, comprised of investment in the rollout of Atlante network, which represents 75% of the total group CapEx. The other second important item is, of course, the R&D investment, that amounts to around EUR 11 million this year. In terms of net financial position, has been significantly increased respectively, in comparison with the last year, mainly due, of course, to the successful completion of the equity capital increase through the fall of 2023 rights issue offering. The cash position overall at group level amount therefore to around EUR 239 million, which is significantly increased compared to last year, EUR 47 million. If we move to the next slide, we start deep diving into the businesses. NHOA Energy in 2023 closed the year with a growth of around 33% in revenues, amounting to EUR 205 million. This is mainly driven by projects in Asia-Pacific, so namely in Taiwan and Australia, as shown in the geographical breakdown in the slides, which represent the main contributors to full year 2023 revenues. During the year, NHOA Energy has been also commissioning 9 projects, bringing the operational capacity over 800 MWh. In terms of gross margin, we stand at 14%, which is a significantly, significantly increased compared to last year, 9%. So overall, NHOA Energy confirms to be EBITDA positive, and reached EUR 7.5 million in 2023, which is 3x last year EBITDA of EUR 2 million, and fall within the guidance we set between EUR 5 million and EUR 10 million. In terms of capital investments, are of course, mainly focused in R&D, which is what we show in the slides, in the top right-hand. If we move to the next slide, we can have a look at the backlog. The backlog is EUR 205 million this year. The drop that we see compared to last year is mainly explained by two factors: The first and foremost is the decrease in system prices, which is, of course, beneficial for prospective volume, but still impacting the backlog figures. The second item is the different portfolio mix with related party contracts compared to last year. Looking at the pipeline, NHOA Energy remains stable over EUR 1 billion, 6% across Australia, Asia and Latin America and Europe, and also is currently shortlisted in 4 projects opportunities. It's important I do a step back on backlog, the geographical split, which is more towards Europe, is so in 2023, Europe represents 70% of the backlog. In terms of people, of course, the team has been expanding its footprint, and established three new subsidiaries in Taiwan, U.K., and Spain this year, to enhance its engagement with local markets. So this is the explanation of the growth we have in the accounts of the energy storage businesses. Moving to the next slide, that is focused on Free2move eSolutions, the group business unit dedicated to e-mobility. We had, as anticipated by Carla lberto, a very positive 2023, delivering the turnaround of the businesses. Revenues indeed reached EUR 65 million, up 5x compared to 2022. That's mainly due to the successful electrification of the Stellantis dealers in North America. In excess of 22,000 wallboxes and EVs have been delivered during the year. In Europe, we have the acceleration of the penetration rate. We did the Stellantis portfolio of electric vehicles, that increased from 3% of H1 to around 13% of Q4. Whereas in the United States, we successfully provided a comprehensive support to Stellantis dealers in the deployment of the fast-charging solution. In terms of gross margin as well, the business showed an improved marginality, up to 36% this year. That allow the EBITDA to be EUR 5 million positive this year, with a strong improvement compared to last year, EUR -19 million. Free2move eSolutions has been investing also this year, around EUR 11 million, and mainly in R&D, while reshaping the activities and the team due to a focus, as promised and delivered during 2023. Moving to our last business unit, in terms of flow, of course, Atlante. We can show revenues for EUR 3.7 million this year, mainly split between Italy and Portugal in terms of geographies, representing a 5 x growth compared to last year. EBITDA, of course, still reflects the start-up phase of the company, and its investments in terms of people, technology, and tools required to build up the platform coherent to the Atlante's target. In terms of investment, if we move to the next slide, which is probably the most important KPI to be shared. Atlante invested around EUR 80 million, which is a huge increase compared to last year, EUR 19 million. Of course, it has been largely driven by the roll-out of the network, that we have 81% related to EVC infrastructure organically deployed, and 14% related to acquisition. EUR 65 million are therefore represented in the lower part of the slide, divided in 59% on EVC online, and 41% in EVC under construction. The organic of the team has been growing accordingly as anticipated, reaching 145 people, compared to around 90 people of last year. This is the presentation in terms of figures. I give back the floor for the Q&A or to Carla lberto. Thank you, Alessio. Chiara, I think we can start with the Q&A session. Thank you very much. We are now ready to open our Q&A session, so I just remind you that if you wish to ask a question, you may raise your hand or write in the Q&A chat if you are connected via video call. Or if you are connected via phone, raise your hand by pressing star nine on your telephone keypad, and once you will be invited to unmute yourself, press star six. I just kindly ask you also, when you write your question and when you unmute yourself, to present yourself and the company you are working for. Thank you very much. We now already have a question coming from Mr. Alessandro Pozzi, from Mediobanca. I will now just ask him to activate his microphone. Yep. Hi there, can you hear me? Yeah, perfectly. Thank you very much. Okay, thank you very much. So, first of all, I think it's good to see that your results are within guidance, both in terms of revenues and the positive EBITDA, excluding Atlante, of course. But also, I was wondering, as we look at 2024, whether you can provide any color on revenues, EBITDA, and potentially CapEx? I think that would be quite important for investors to know how the company is progressing this year. The second question is on is for Carla lberto and Giuseppe. I believe, I think your mandate expires in 2026, and I think in light of TCC having 90% of the share of the share capital of the company, I was wondering whether you are still basically willing to lead the company into the next coming years. That's all for me. Thank you. Thank you, Alessandro. I take the first question, and then I hand over to Giuseppe for a detailed explanation. But the reason why we have not yet provided our guidance is simply because it's too early. This year, we have approved our financial statement significantly early than any other year in our history. So we are essentially the third week of February. We're gonna have more visibility in the coming weeks and months, and we will certainly give the market more color on that. In terms of growth, certainly the positive thing is that even if our results will be just in line with last year results, I mean, you already have the confirmation that the group is EBITDA positive. We're not burning any more cash. We have been able to deliver great volumes with the right capacity to provide profitability to our investors. So we will have more visibility, as said, in the coming weeks. In terms of revenues and the EBITDA, again, even assuming a decent growth, I think this gives the market already a good level of confidence on the fact that we use the money we have raised to invest in the network, while the other two businesses are cashflow positive and running by themselves. Then in terms of CapEx, as you can see from our 2023 financial statement, is mainly driven by Atlante; therefore, the CapEx for 2024 will be in line, I think with the levels of 2023. And the rollout of Atlante will continue according to the plan, towards the 2025 guidance. Then specifically on the energy storage, which is the main contributor of our revenue at group level, the fact that it's too early to comment in terms of volumes, in terms of market, there is a strong rationale behind, but I leave to Giuseppe to deep dive on that. Carla lberto- And then I take the second question after Giuseppe, sorry. Thank you, Carla lberto. So from a stationary storage business perspective, as you know, our projects have on average 15 months of around 15 months-18 months to convert in revenues, and we start generating revenues within the first 6 months-9 months, significantly, because we have battery delivery. Contracts on which we are shortlisted or preferred bidder now are relevant with respect to our 2024 results. And so, and this is the main reason, because it is a bit early. We need to see the important opportunities we are working on these weeks, whether they convert or not into backlog, because that triggers then a significant impact on guidance. Having said that, just another comment from a color perspective, you've seen our backlog evolution, just to give a bit more color on what Alessio said. So this has been a transformational year from a commercial perspective. The first reason is that we are completely. So you saw the complete change in the mix between revenues and backlog. So Europe has eventually taken off, and we have a very significant, much lower contribution from Asia, which was related party business. So there are two good news in this. The first one is that over the last two years, we have essentially managed to completely become commercially independent, so we do not depend on related parties, which is, in the sector, it's quite an unusual feature. So it's an entirely non-captive business from now on. Of course, we would welcome further projects from group entities, but that's a nice upside. In reality, we are completely commercially independent. The second element is that eventually Europe is waking up. It's not only that we entered the U.K., but there are a number of other countries, and there are going to be a few pieces of news coming out over the next few days in this respect. The second point on market is that, you know, with the same volumes, now quantified in economic value are almost 1/3 lower because battery prices have plummeted in the 2nd half of last year. This is something that, from a market perspective, from a business case perspective, is great, because essentially it lowers the bar very significantly for our client in terms of having remunerative business cases on their projects. However, it takes time for that to feed into, while the impact on backlog is immediate, because it affects immediately the project that we have just closed, but also because even the project that we already had in backlog are price indexed, so automatically we have a reduction in backlog. So it is an optical element to be kept into consideration. The last point instead is an element of caveat. This dramatic price decrease, it is also makes it for a complex business environment, because on one side we are literally submerged by incoming calls from clients on multiple markets that expect these kind of prices. On the other hand, these kind of prices are driven by what is clearly a price war in the Chinese battery market, in the cell market. And this is dangerous because it creates counterparty risk. So we are a technology company that delivers a contractor, so we are exposed to the performance of our supplier. On one side, we are extremely happy that our system costs much less because batteries cost much less. We are not that happy that we are an intermediary for batteries that are generated in a sector that is undergoing a profound price war. We were here already 10 years ago when the same happened in the solar sector, and that was painful. So this is something on which we have to be careful and selective in risk management over the next several months, possibly next year, year and a half. Okay. So probably still too early to say whether EBITDA for the division can increase year on year. I guess there's a lot of potential opportunities that can materialize, and become revenues in 2025 rather than 2024? Yeah, no, I mean, also, I mean, there's also an impact on 2024, and this is why we are not, it's early to give guidance. Of course, for 2025, it's another story, and we stand by the guidance that we have given back in, back last year. So, or the objectives that we've given back last year. Having said that, we are very happy where we stand. But clearly, we have a cost basis that is personnel, that is largely fixed. So, adding a couple of big projects changes significantly in terms of impact on EBITDA. So this is why we are careful for a few weeks more. Thank you. Then on your second question, on the mandate of Giuseppe and I, technically, our mandate was still the approval of the 2023 financial statement, but we are here, so don't worry. That's at least a good signal. And then, yes, I mean, under the control of Giuseppe, but we still are comfortable and willing to continue leading this company. Leading company with yes, 90%, almost 90%, owned by our majority shareholder, but let me say that my judgment on that is very simple. Irrespective of the shareholding of our company, what I look at is the level of support we have in case of need in the past, and most importantly, also from the strategic perspective. Then, from my point of view, we are absolutely confident and comfortable in running this business with TCC at 88%, for the simple reason that TCC already demonstrated many and many times to be supportive of the growth of this company, to be there when needed, and to genuinely and strongly believe in what we are doing. So this is not a detail. The amount of funds and support TCC delivered to NHOA in the last years, most recently with EUR 250 million capital increase, but also on a daily basis, with a strategic and financial support, also to the business of NHOA Energy within the global banking system, has been without limits. So, we are absolutely comfortable, absolutely confident, that we do have the right partners with us and the right shareholder that is supporting our growth and supporting this company towards our 2030 plans. Okay. Thank you. Maybe, I don't know if we have time to squeeze in a last one for you, Carla lberto. So in Italy, we've seen incentives going up for EVs, certainly positive news. But at the same time, it looks like the demand for EVs may not be quite there as expected, maybe a year or two years ago. Can you give us your thoughts on that, and does it make you rethink the pace of the expansion drive on Atlante? I make a brief introduction, and then maybe I hand over to Stefano for a more precise comment on that. But let me say that I'm not shocked about the very disappointing results in Italy in terms of EV penetration. For the simple reason that... And by the way, the figure is 55%, okay? So if I'm not wrong, EV penetration in Italy as of today is 50% lower than expected a couple of years ago. And but I'm not surprised because people, particularly in Italy, were expecting, like in many other countries, incentives and subsidies. They were not there for a series of political reasons that I don't know. Even the fact that these incentives and subsidies, as you correctly mentioned, I mean, this is going to change rapidly. From the broader perspective, again, I hand over to Stefano for his feelings on that. From a broader perspective, I can say that again, in 2024, this will generate certainly a positive impact, but I don't really care too much because the big transformation will be when car makers are going to launch, and this will happen between end of 2024 and beginning of 2025, okay? According to my feelings, when global car makers will launch in the market, the new models, and these new models will be 100% electric. This is the game changer, okay? So, even if as of today, the subsidy or the incentive may accelerate or decrease the pace of EV adoption, what really will change the paradigm is what car makers at global scale are doing, because all of them have invested exclusively in electrification, period. And therefore, this is going to happen in the market, and then whether we are without your positive or negative feeling, starting from next year, you're going to buy... If you have to buy a car, you have to buy electric car. This is, I think, the real game changer. But maybe Stefano can give us his view on more precise view on that. Yes. Thank you, Carla lberto. Yes, totally. I totally subscribe with everything Carla lberto said. First of all, yes, the car sales in terms of BEVs, especially BEVs and also plug-in hybrids, have been disappointing all across the board. If I look at our geographies, we have two markets where we did particularly badly, Italy and Spain, in terms of BEVs adoption, and two where the damage was limited, almost, I would say still below expectations, but we cannot compare France and Portugal. So at the short term, yes, there are lots of reasons that impacted the choice of people buying a new vehicle. One of them is certainly incentives. In Italy, I use Italy as an example, we had even perverse mechanism whereby the incentives were equal or at times may even felt better for non-BEV vehicles. And now finally, we have a package that seemed to be really interesting for BEVs, still missing the final docs that will be finalized, but okay, that will, in the short term, bring some boost. But what Carlalberto said is very important, because in the end, the consumers need choice, and right now, there's very little choice, admittedly, in terms of BEVs, especially for the mass market. All European automakers decided to go for the premium segment, even the small cars. So there is small cars, like the Fiat 500 full electric, which is a fantastic city car or small type of vehicle, but it's quite expensive compared to other cars of the same size, let's say, but end of ICE cars. So there is a shift which is happening, and we know that car makers are all going that direction. We are very close to Stellantis for several reasons. So we know their plans, but not because we have any special insider information. We know because we follow very closely all of the announcements they make, and therefore, we know how much of the production will shift towards full electric. That's a path which is already designed and cannot be stopped, because once you start converting your production lines, once you start converting your processes, then it's an unstoppable process. On the other hand, let's not forget that there are newcomers, especially from China, that are native full electric automakers, right? Right now, we have the example of Tesla. They created pretty much the market from scratch, but there are lots of other newcomers that will have a positive impact for consumers, for customers that want to purchase a new vehicle, and will have the option to choose the electrical vehicles. These delays, however... Okay, they impact us on the short term, but first of all, as Atlante, part of the NHOA Group, another connection to what Carlalberto said a bit earlier on, we have—we're very fortunate, because we have the full support of TCC, that has injected capital into NHOA also for, especially for Atlante, let's say. And it is an industrial player with long-term view, NHOA is an industrial player with long-term view, so we don't have, let's say, the very short-term, I would say, strictures and pressures that we might have if we were backed by investment funds, no? Especially in an environment where the cost of money has increased dramatically in the last couple of years. That does not impact us. Our strategy is clear, our objectives are clear. In terms of do we delay our plans? Not at all, in terms of deployment for Atlante, because it is a long-term gain, so a couple of years of lower than projected BEV sales will not affect our long-term strategy. We are, of course, we don't live under a rock, so because of changed circumstances, we will be more careful and watchful on how we invest, right? So we have already provided within the current plans to shift some of our investment, but that's internal kitchen of our client, let's say, to go for more ambitious plans, for example, in France, where there are more electric vehicles vis-à-vis other countries, just to give an example. Also, Portugal, we want to be a bit more ambitious, since the growth continues to be there in terms of BEVs in the short term. And also, more generally speaking, because of the lower penetration of BEVs across the board, we need to be more selective on the locations, right? That's that was already kind of the plan of every every CPO tries to capture the best locations, but even more so, the attention will be higher because of the BEV penetration being focalized and focused on certain areas rather than more mass market. Okay, that was very helpful. Thank you very much. Thank you. We now have another question coming from Mr. Augustin Deryckx, Kepler Cheuvreux. I will just ask him to activate his microphone. Hi, good morning, everyone. Hi. Do you hear me well? Yes, perfectly. Thanks. Okay, thanks a lot. Thanks for the presentation. I have two question. The first one is on the cash, and I would like to know how much was the cash burn over the Q4, because in the last quarter, in Q3, you communicated on the cash position with the credit line, so the comparison is difficult. And the second question is to know if now that NHOA and EBITDA is positive, if we add some debt to the group, is that enough to finance Atlante development or not? Thanks. Thank you. Thank you for your question. I take the last one, and then I hand over to Alessio for an explanation of our Q4 evolution. Let me say, yes, that's enough, for the simple reason that the, I feel the market, Let me say, not skepticism, but certainly attention on the big question. So is that enough? Okay. So the point is that we have this year very solidly, very solidly demonstrated that all our business lines outside the Atlante perimeter are running by themselves. To be precise, NHOA Energy also with the support of TCC because of credit lines, guaranteed credit lines, and so on. So this doesn't mean that we don't leverage a lot on the TCC support. But this means that all our businesses within the group are EBITDA positive. And this is a big, big news, because we are running two businesses. One is in mobility, the other is energy storage. Both of them are EBITDA positive, and at the group level, including all costs, we are EBITDA positive. Okay, that's a radical step change, okay, in the energy transition industry. Then, is that the money enough? The money is essentially devoted to Atlante, because you remember that the reason why we injected a portion of our capital increase in NHOA Energy was just to strengthen the balance sheet and increase and accelerate the path towards financial independence, bankability, and so on, which is a very serious and mature behavior. But the money, when we talk about money, we focus on Atlante. Atlante has obviously a plan, and the plan was announced to be enough till the development of 2025, when we expect some evolution in terms of cash flow generation, EBITDA generation, at the Atlante level. So that's enough. In any event, we are with a very prudent approach, phasing the investments in Atlante, as mentioned by Stefano, reinventing a way on how we invest. And so we are very prudent, very disciplined in using the cash we have to do the investment that we promised to the market to roll out the network. So this is the approach. On the details, on the Q4 evolution, on the cash, I hand over to Alessio. So Alessio, the floor is yours. Carlalberto, if you don't mind, on bankability... Sure. Just a very brief comment. So at NHOA Energy level, so this is something that the market may not be aware, but last year we had the first relatively large credit line, a EUR 40 million line, that was unsupported by TCC, completely on a standalone basis, on the basis of our cash flow generation capacity. And early this year, actually a couple of weeks ago, there was the first announcement of a project finance project, in which we acted as contractors. So now, and our French client announced the financial close on the Blyth project that is under construction, funded by four or five international banks, and together with Elecnor, we are building that project. So those are important milestone from a bankability perspective of NHOA Energy. Absolutely. Alessio, please. Yeah. So to answer to the question, we are here showing the KPI table. If you look at the net cash delta generated in Q4, you will see around EUR 63 million, but the reason why we have the third line, so the explanation of the cash absorption by the net working capital of around EUR 34 million, the answer would be around EUR 30 million, which is mainly driven around 2/3 by the investments of Atlante. So the reason why from this quarter, we are showing this detail is exactly to give you more clarity on the cash investment, how we are deploying it. Okay, thanks. Very, very full. Thanks a lot. Thank you very much. We also have received another question from Mr. Thierry Huon. [Foreign language] first question, and then another one, which is [Foreign language]. [Foreign language] The question was, what's the shareholding structure of the company, and what are the intention of TCC? The updated shareholding cap table shows that TCC, as of today, is at 88%, around 88% of our corporate capital. And on their intentions, let me say, I will suggest to revert to them for any, for the, and for the question you may have. What I know is that we are a listed company, and we do have TCC significantly supporting our growth, significantly supporting industrially and strategically what we're doing, and that has shown in the last three years, and I'm very confident we'll continue to show full support on our business model. And on what we're doing on a day-to-day basis. So these are the intentions are NHOA, that are intentions from the industrial and financial perspective, that are totally aligned, and with the NHOA business model and the NHOA Group business model, and in respect of which I'm extremely grateful. On the second question, that was whether we are considering any development in other countries, let me be very short. I mean, this is an option. Yes, certainly, we do have a plan, we raise capital to execute this plan, and we are focused on execution of the plan, using the money that we raise for. That obviously, we do have a technology platform that, in principle, can be very easy to be expanded and replicated in our countries. This is one of the options we have, but frankly speaking, for the time being, we are very concentrated and very focused on execution of what we promised to the market. Thank you very much. We have another question coming from Mr. Paul de Froment from Bryan, Garnier & Co. Could you give us your view on grid connection issues, delays affecting fast charging CPOs in Europe, Zunder, Fastned, Electra for example, are you impacted as well? The, His second question is, regarding Atlante, batteries are installed on your stations. Are these batteries used to replace the substation transformers on some of your locations? Thank you very much. Thank you, Paul. I mean, this is the reason why I'm handing over to Stefano, but you have clearly seen what we envisaged many years ago, when we launched Atlante. The grid connection issues that you're mentioning is exactly the reason why we launched Atlante, essentially three years ago. We had so foreseen clearly, being, having within the NHOA Group, a lot of engineers, and a lot of very good electrical engineers, we have anticipated, three years in advance, the grid connection issues that we would have experienced in Europe heavily, starting from 2023, 2024. This is what happened, and this is the reason why we are, we are here with our current business model, that is not just a CPO, but is a technology CPO, which leverages on 15 years of know-how in electrical engineering, of NHOA Group, and that's the reason why we launched Atlante. Then, on how we are doing our coping with, these issues, that from our perspective, are opportunities for Atlante to develop even faster and to build, a unique leadership position. In this respect, I hand over to, to Stef. Yes. Yes, thank you, Carlalberto. Exactly, precisely. Of course, the connection issues would impact all the CPOs, and the impact is only growing. It cannot simply. It's simply a mathematical factor. By the time we continue investing in infrastructure to prepare for the massification of electric vehicles in all of Europe, it's virtually impossible that the DSOs can keep up with the pace of infrastructure building. And therefore, our plan is exactly what you mentioned. Technically speaking, let's say, in many way, in many places, wherever possible, to replace a substation, a medium voltage substation, with storage. Some other times, we might have a medium voltage substation, but we supplement it with storage. What is important is that in our business model, we have the sufficient power, as well as energy, of course, but power is the most important metric, to serve the customers at the speed that they require, with the speed, with the sufficient power that they require, when they want to charge. So our business model is on the go; it's not a overnight charge, it's slow charging. Therefore, the storage is really a complement to the issue of not having sufficient connections to serve the customers when they want to charge. Now, we are impacted? Yes, we are impacted like everybody else. I would say the important, so much so that sometime back, we launched, for example, we started classifying our stations in a new category, as waiting for DSO, waiting to be connected. So everything else is ready, we have completed the works, and we're just waiting for the various distribution companies to connect our stations. So it is a real problem. We have already used the storage to alleviate the problem. For example, last year, we announced that we were selected by VINCI Autoroutes in France, for four service stations, very large service stations, that now they are fully online. They have approximately 20 charging bays each. But these, one key element of our success, was that we had offered also a temporary solution with storage to be ready faster and to meet, partly meet, because the timetable was impossible to meet fully, but partly meet the last summer demand. So last summer, we were able to serve customers on French highways, thanks to storage-enabled solutions, which, of course, we could deploy much, much faster rather than waiting for the distribution substation to be built up and connected. These are just examples. On the other hand, just to be clear, when before we were saying, we are very careful and we are very disciplined in investment approach, obviously, because of the disappointing BEV penetration, we also have been very careful in the last couple of years on investing on storage, because storage is required when you have a lot of demand. You know, our figures in terms of utilization rates, those utilization rates currently are low enough that they do not warrant massive investment in storage. We are planning, we have plans to invest in 2024, and big step up in 2025 in terms of storage to enable our stations, including avoiding investments in substations or complemented investment in substation. Last point, which is a point that I care a lot about, is to explain that this storage play for us is not just a business enabler and, let's say, a differentiating factor for Atlante, which will become an important unique proposition in the market, and therefore, will give us a competitive edge. But on top of that, it is also a topic of sustainability. Our concept, our philosophy of sustainability, is that we have to use the existing infrastructure as intelligently as possible. Therefore, our stations, even when penetration rates will increase massively, our stations are not supposed to be used 24/7, because at night, pretty much no one will be charging, for example, on the go. We will be serving customers at peak times. You can imagine, like, 2 peaks per day, something like that. And therefore, there is no need to ask the public, because in the end, the infrastructure, the distribution infrastructure is paid for via by the wider public, via the day, the charges that they get in the electricity bills. There's no need to ask for big infrastructure that is there available for 24/7, when we need to cover peaks, which are only a few hours per day. So investing in storage, this also has a strong element of sustainable investment and investing and not wasting public resources. Thank you very much, Stefano. We have received another question from Mr. Daniel Pierre from Dalmore Capital, and his question is: "Is the partnership with Eku Energy a long-term one, or was it only for time being for the 130 MWh capacity across two projects? I have a good news for Daniel before handing over to Giuseppe, that we have many times customers with which we didn't announce the long-term partnership, but they turned to be a repeat customer many times. So if we look at our history, these kind of partnerships have been developed many times. But anyway, Giuseppe, maybe you will comment on that. Yes, I mean, so if the question is, do we have a framework agreement in place with Eku Energy? No, the answer is no. Do we count on this becoming the first steps of a long-term partnership? Of course, yes. I mean, really, this is central to our client strategy, to have large multinational companies like Eku, like Neoen, like our old friends, and Engie, like a couple of clients in Southern Europe that will be known shortly, that have the potential to be repeat clients in multiple geographies. So the answer is absolutely the question is absolutely pertinent, and we do target that kind of relationship with this kind of client. And by the way, for, in this specific case, we are also talking about Eku Energy, which is, if I'm not wrong, part of the Macquarie Group, and, at the same time, Macquarie is owner of assets all over the world, in Americas, Europe and Asia, not only in storage but also in EV charging. So certainly, we extremely happy to go forward. We, we have no more questions. So Carla lberto, I will leave to you the floor for final remarks. Thank you for your time today. Again, very, very proud of the results we have registered and delivered in 2023, and we're very confident and committed to continue that growth path and in a profitable way, while continue investing into the rollout of the Atlante network for the future of the energy transition. So same commitment, same passion, and we are ready to take any further one-to-one meeting you will require. Thank you all, and have a nice day. Thank you. Thank you.