Good morning, ladies and gentlemen, and welcome to NHOA Group investor call on the group's Q1 2023 trading and operational update, and the upcoming EUR 250 million fundraising. The investor call will be opened by Carlalberto Guglielminotti, CEO of NHOA Group, and with him to explain all details about Q1 2023 trading and operational update and the upcoming fundraising will be Giuseppe Artizzu, CEO of NHOA Energy, Stefano Terranova, CEO of Atlante, Gabriele Tuccillo, Chief Integration and Strategy Officer of NHOA Group, and Alessio Caruso, CFO of NHOA Group. Guglielminotti will open the call with the main Q1 2023 results, and then we'll go deeper in the results by global business line with Artizzu and Terranova, followed by a more in-depth analysis of the upcoming fundraising. 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 are available on the 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 Zoom, or if you are connected via call, enter the queue by pressing star one on your telephone keypad. 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 three 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 leave the floor to Carlalberto. Thank you, Chiara. Good morning, everyone. It's a real pleasure to be here today. Talk about the results of the first quarter and how we'll address our unparalleled growth in the future, as to say, with the launch of the EUR 250 million Green Convertible Bond. Let me get back on that in a second. First of all, NHOA Group started 2023 with an accelerated growth. The results achieved in the first quarter were excellent. We grew in all our business lines from double to triple digits, with revenues at the group level up 110% and confirming the value of our integrated technology model in both energy storage and EV fast charging infrastructure. NHOA Energy has today 1.4 GWh under construction, a pipeline of EUR 1.2 billion in four continents, still going strong and the revenues year-on-year stand at +115% with a backlog at 30% and pipeline at 60% compared to the same time last year. Same goes for Atlante, our EV fast charging network in Southern Europe, which now has 1,000 points of charge online in Italy, France, Spain, and Portugal, with another 1,600 currently under construction, totally over 2,600 points of charge online and under construction. This is from the industrial perspective, while from the financial communication perspective, in this quarterly update, we decided to do a tougher review of the performance indicators. This is because we want to give you always the most precise picture of what's going on and what [audio distortion] and our commitment to our people. I mean, the results speaks for themselves. To give you an idea, the network of fast chargers online in Italy today is at around [3,020] points of charge online and under construction. 43% of them are in Italy. We have approximately 30% of the Italian market share, which is two times the Masterplan targets, as you know. You will see the description of the new performance indicator in the notes to the trading update. The other major news we announced today is obviously the fundraising. Let me say that despite the unprecedented pressure in the capital markets that the whole sector has been feeling, we can now reaffirm very straightforward, beyond the performance, beyond the fact that it performs any target in the last eight years with exception of the COVID year, obviously. Let me reaffirm that NHOA Group financial capacity to fully fund our own growth at this accelerated pace. Thanks obviously to the support of TCC and thanks to our operational performance, we can say today that in the first quarter we have a consolidated cash and credit line position that exceeds EUR 100 million, which is +44% compared to the year end. At the same time, we are launching a fundraising centered on a five-year, EUR 250 million Green Convertible Bond at a commercial price that is the double of the current spot price. Meaning that, or if you want, an increase compared to the last closing price of 115%. The book of which is today 90% fully covered well before the start of the book-building process. Given our financial backing, I would like to reiterate today more than ever that NHOA Group is strong and financially backed, and will continue on this path, accelerating towards the outperformance of all Masterplan10x 2025 targets. This is possible once again thanks to the support of TCC, our majority shareholder, which along with us continue to believe that NHOA is its mission. We want to shape a better world for next generation, period. We really believe it. Our goals are on the long run, and this is not a sprint, even if, in the sprint phase we are outperforming and we are accelerating, and this is a factual matter of fact, despite the market skepticism. This is, first and foremost thanks to our extraordinary people, our unique team of more than 450 extraordinary people at year-end, over 500 today, that believe in our mission and the hard work to make it happen. By the way, people of 36 nationalities, 50% engineers, 50% women in management team. I mean, that's an amazing team. The people that after the launch of this transaction, namely the EUR 250 million convertible bond, I want personally to be more focused on. This is the reason why we are structuring literally now an innovative and iconic program that we will call NHOA Élite Program. That will provide to our people a world-class training and coaching and inspirational experience that has no parallel nor comparison in the market, and that just NHOA's employees, and also obviously sports association with sponsor, will benefit from. Again, this is the reason why we cultivate a culture of excellence, innovation and hard work. It is the growth engine behind our outperforming results. In a nutshell, thank you again to all our people, all our teams at the group level for the outperforming results. Let me thank particularly Ludovica Solera in her new role as Global Chief People Officer. Particularly thanks to you, Giuseppe, first and foremost for the outstanding results at NHOA Energy, the energy storage business line and growth engine of the group. Floor is yours, Giuseppe. Thank you, Carla lberto. Apologies everybody for not switching on my camera. I'm in a complex logistic situation due a major road accident. In two words, the update on NHOA Energy is on track. We have converted over EUR 13 million of backlog into revenues, which is twice as much as last year. We have six or seven projects in commissioning, and the rest of the portfolio is progressing healthily. The backlog is up on a year-on-year basis. This is due to the major commercial successes that we had at the end of last year. We also have a very healthy pipeline and actual advanced origination situation. Five projects that we defined in shortlist, but in reality we are in a bilateral negotiation on several opportunities. We are very happy about where we stand from an origination perspective as well. The market is healthy and is benefited from a substantial reduction in battery costs due to a very steep fall in lithium and other commodity prices over the last quarter. Just one technical note that is related indeed on the impact of commodity evolution on our numbers. You will see that the backlog reduction on a quarter-on-quarter basis is higher than the revenue conversion. This is exactly the effect of battery indexation costs. A reduction in battery cost reduces revenue, reduces cost in the same amount. No impact on margin. We have some backlog volatility that is driven by the fact that since last year we have been including indexation clauses for risk management purposes in our portfolio. So far so good. On track with what we have promised the market over the last [audio distortion] be in a healthier situation. Thank you, Giuseppe. Let me move very quickly on Free2move eSolutions. I mean, as we had [audio distortion] of the figures with a double-digit growth compared to the last quarter. Year-on-year, sorry. Compared to the first [audio distortion], obviously that's [audio distortion] double digits. We do expect the first signals of substantial, of substantial restart, starting from the second quarter, as we announced in October last year, [audio distortion] executive officer Free2move. So far so good. Very focused on relaunching [audio distortion] centered on the Stellantis customers and leveraging on backlog of orders [audio distortion] 20 results. That's the situation Free2move side. I will leave the floor to Stefano to talk about the amazing results Atlante is achieving. Stefano, floor is yours. Thank you, Carlalberto. As you can see from this slide, [audio distortion] results are very good, very strong. We are focusing on delivering the network rollout. A very important message is that the acceleration continues. We had closed 2022 with important news on accelerating or basically achieving faster rollout than original plan, and that the trend is continuing in Q1 of 2023. We are presenting slightly more detail than before on our pipeline. As you can see for the first time, for example, we decided to provide [audio distortion] obviously the difference in the four countries, in the different speed at which we are moving in the four countries. Importantly, we crossed a very important, let's say, a very important deadline. We have crossed 1,000 points of charge online. As you can see, 1,037 to be precise, as of end of March. Of course, the figure continues to grow month- by- month. On top of that, we had an additional 1,600 points of charge under construction, bringing the grand total, as you can see, to [6,000]. That's an important number because that is more than half of what we were supposed to deliver by the end of 2025. You can draw some conclusion. We might get to the 5,000 target faster than foreseen. Importantly, we also have 3,000 sites under assessment that's on top of the above. On top of the 2,600 points of charge online and under construction, we have an additional 3,000 sites which are under assessment. Other important figures to mention here in this table, you would see that the Q1 sales are double the grand total of 2022. 2022, we said it was not a year where we were expecting any figures at all in terms of sales. It was the setup year, but of course, we had delivered a little bit of sales, and now you will see that quarter- by- quarter, those figures will become very important. What is underlying these figures and these results, what you cannot see is what we built in 2022. In 2022, we built a company from scratch. We built a very strong platform based on a strong headquarter located mainly in Italy and four country structures between Italy, France, Spain, and Portugal, which is why we can deliver these results at the speed we have been doing, and we will continue to deliver stations at the same speed or even faster if need. Behind that, there's been a building up of a structure or corporate structure and a platform, especially in terms of, of course, managing the supply chain, managing the pipeline of sites, which is in my opinion extremely professional and adequate to deliver the important challenge that we have set for ourselves. The last thing I wanted to show you very quickly is just on the next slide. This is just an image of things to come. We have launched a couple of weeks ago, the new design of the Atlante iconic stations, which was developed together with Bertone Design, one of the most famous design firms in Italy [audio distortion]. This is the result of almost one year of hard work, focused importantly on the aspect of crafting which is useful, recognizable, but obviously also 100% sustainable from start to finish. This type of architecture will start showing up as of the second half of 2023, together with the rollout of the stations with the storage. [audio distortion] in a pilot scheme right now, up and running, not open to the public yet, but we are working on stations which will be open to the public and [audio distortion] second half of 2023 as planned. That's it. As I said, The pace of acceleration has continued, and therefore we are delivering faster than the initial plans, but that's good news. For ourselves, it's good news for our majority shareholder who strongly support that acceleration. Thank you very much. Back to Carlalberto. Thanks a lot, Stefano. [audio distortion] mainly in the form of the EUR 250 million Green Convertible Bonds. First of all, why green bonds? Okay, because we'll be 100% centered on NHOA Group's [audio distortion] obviously, but the question is, why that? I mean, NHOA is a Sustainable Development Goal-driven company [audio distortion] on green energy transition, and we strive to ensure access to affordable, reliable, sustainable and modern energy for all [audio distortion] number seven. As you may know, NHOA contributes the most to SDG7, and this is a source of pride for all of us. Our strategic pillars, mainly, as you can see in this slide, innovation and people, leverage ESG fundamentals to enable us to meet our sustainability goals. In the context of our strategy, the E in environment represents the value chain and circularity in a business model that is per se sustainable, as we are playing in storage of renewable energy and electric mobility, right? While the S in social represents health and safety, product safety and stakeholder engagement, while the G in governance stands for ethics and risk management. I mean, these pillars, together with ESG fundamentals, ensure that our business follows a long-term sustainable growth trajectory that contributes to these SDGs. I mean, we understand that our industry plays a critical role in driving sustainable development, and this is why we have set challenging ESG targets monitored by specific KPIs that we will tell you more about it in the 2022 sustainability report and annual general meeting. Obviously, together with major ESG ratings, and most importantly, the B Impact Assessment. Along with the commitment to reach the B Corporation status by achieving all necessary eligibility criteria by 2025. I mean, by becoming a certified B Corporation, NHOA intends to be a leader in the global movement for an inclusive, equitable, and regenerative economy. This is an obvious target for NHOA. Again, you see here in the figures our teams, I mean, 34 years old on average, 36 nationalities, 50% engineers, 10% PhD, 50% women in management. In conclusion, let me reiterate that our sustainability and ESG strategy is deeply embedded in everything we do at NHOA. In other terms, we are not launching a green bond because we found some green assets to be financed in that way. We are rather financing the acceleration of our 100% sustainable business model we set over a decade ago when green financing did not even exist. Going back to our bond, NHOA estimates the total financing need necessary to continue to fund these unparalleled growth in the energy storage business, global business line, and the acceleration of the EV fast charging infrastructure business line for the following two years to be around EUR 250 million. At NHOA Energy, we use, as you can see, very carefully the money raised in 2021 by delivering essentially EUR 450 million of order intake, EUR 150 million of which have been converted in 2022 revenues, EBITDA positive, with over EUR 300 million of backlog of orders. Now EUR 50 million-EUR 100 million is the financing need we're looking for to be used by NHOA Energy to support the continued expansion of the business, which is beyond the 2021 expectations and the Masterplan targets across four continents. To fund first, working capital needs arising obviously from the over EUR 250 million backlog of orders. Doesn't come as a surprise. Strengthening the balance sheet, enabling further growth while leveraging on the global competitive positioning we already achieved with over EUR 1.2 billion of projects in pipeline. Last but not least, selectively retain equity interest in strategic projects characterized by highly innovative and deeply vertically integrated technology solutions alongside our customers. At the Atlante level, again, it doesn't come as a surprise that we accelerated well beyond the 2025 Masterplan targets by 2.5x in terms of points of charge, and by 2x in terms of market share. I mean, now the financing need is between EUR 150 million and EUR 200 million, and this will be used to fund the accelerated rollout of Atlante, and the rollout of charging stations across Italy, France, Spain, and Portugal, in order to maintain the current accelerated development speed that has seen already over 50% of the 2025 targets already secured and over 1,000 further sites currently under development, literally now. Again, it doesn't come as a surprise the fact that, to support this accelerated ramp- up, NHOA is carefully exploring further financing options for Atlante on top of these convertible bonds. These further options both represent, in any event, an additional catalyst to the current development path, which is, as I said, fully funded with our own resources. Moving to the next slide, we have here a summary of our dual-track strategy to provide a minority- friendly financing solutions. Let me just highlight the most important keywords in this slide. First and foremost, minority- friendly and dual track. Dual track, in principle, the financing strategy is centered on the EUR 250 million five-year convertible bond, while we are extremely careful in respecting our minority shareholders. That's the reason why we will leave to them the decision at the extra upcoming annual and Extraordinary General Meeting via whitewash vote. Therefore, we have a dual track, option A, option B. Option A is the EUR 250 million convertible bonds, which is structured as a bridge to equity, meaning that the instrument can be refinanced at any time via a rights issue to be completed by 2028. Obviously, we have also option B, which is the way we leave to minority shareholders, in case option A is not approved, obviously, to ensure that EUR 250 million will be raised in any event by June 2023. Chiara, we can move to the next slide. We see here the main terms. We see the maturity, which is five years, the coupon that obviously will be defined after the investor roadshow. In any event, we do have the TCC backstop at 5% in terms of coupon. The conversion price is 40% above the reference share price. Reference share price that on its turn is 40, the last 40 days VWAP, meaning that the conversion price is equivalent to EUR 8.26. EUR 8.26 stands for essentially the double of our last closing share price on Friday. You can see that also as a 100%, [116]% increase compared to the last closing price. Obviously, the reference irrespective of the financial communication, the reference is EUR 8.26, and EUR 8.26 has been structured as 40 days VWAP plus conversion premium of 40%. If we move to the next slide, we can see some additional common terms that you find in detail in the press release. This instrument is reserved to institutional investors. TCC is committed to take up at least its pro rata share, even less in case of demand from institutional investors, but obviously ready to go up to 90% in case of need. Conversion period will start from the first year. After the first anniversary, it will be fully convertible at any time. We do have a put option at year three and obviously the AGM approval for the rights issue, which is the way in which we will refinance this instrument by 2028, will be taken at the annual general meeting. Obviously, this will be triggered as long as the conversion price in the next five years will be reached, meaning that we will not launch any rights issue at prices that might be extremely dilutive for our minority shareholders. That's the reason why we structured this instrument as a bridge to equity, gaining time in order to give time to our stock to recover and to launch a rights issue open to all our minority shareholders, but at prices that are not dilutive as it will be. If we were launching a rights issue today, which is option B, moving to the next slide, we see the alternative that our minority shareholders have at the upcoming AGM, which is a rights issue today, a EUR 250 million rights issue today. That will be the most obvious instrument, maybe the instrument of what the market was scared of, if we look at the commentaries of brokers and the reaction of our stock price. This is the instrument that we tried through the structuring of the Green Convertible Bond to avoid, because as you can see from the dilution tables attached to the press release, this will be an instrument, even if complying with the market standards, with the market's, with the market's standardized practices, will be in any event extremely dilutive. We'll leave the decision obviously to our minority shareholders, but we are strongly convinced that the EUR 250 million Green Convertible Bond, by the way, essentially fully covered as of today, but open for subscription to everybody. Would be the perfect way to give to the company the money needed to continue the growth at this accelerated pace. At the same time showing the commitment of our majority shareholder. A commitment was already announced, anticipated by our Chairman, Nelson Chang, during the last investor call. That materialized in this announcement today, with the evidence in front of your very eyes that we have made, and we will make whatever it takes to continue, first, our growth at that pace. Second, with the ability to fully fund our own growth. Third, last but certainly not least, with an absolute minority friendly approach, extremely respectful of the current situation in which we have a rights issue today. Our minorities will be extremely diluted. This is what we believe in. We can move to the last couple of slides. This one simply represents what's EUR 8.26, which is the conversion price stands for. If we look at the stock price evolution over the last essentially 15, 16 months. From the last capital raise we made at the end of 2021. We see that our stock performance has been worse than the market, but not dramatically worse than the markets. I mean, all our peers in Europe and US, in storage, in e-mobility, in EV infrastructure, lost approximately 63% of their market capitalization. In our case, it was 78%, so worse than the market. We do not believe to be worse than the market. Not at all. Certainly not from the fundamentals and performance perspective at the energy storage level, where we are growing like our peers, if not at a higher pace, in a very profitable way, because we are the only company that is EBITDA positive, we do not deserve a treatment by the market which is worse than our peers. We do consider we should be, we should trade at a premium compared to them. Same reasoning for the e-mobility. Certainly for the potential we have with the Stellantis partnership. Lastly, Atlante. I mean, we do have today, as we said, in Italy, we have approximately 3,000 fast chargers and points of charge, fast points of charge. Today, Atlante, as mentioned by Stefano, has approximately over 1,000 points of charge online. Under construction, just in Italy. I mean, we have 30% of the Italian market share, which is the double of our original targets of 15%. So we do not consider to deserve a treatment by the market which is worse than our peers. We are well above. That's the reason why the conversion price has been set with the support of TCC and with the full commitment of NHOA at a price which is at EUR 8.26, which is above the market performance of all our peers. That's the outcome. This was not the intention. I mean, we analyzed that the stock performance after having defined, obviously, the conversion premium, we are absolutely in line with these results. Last slide, Chiara, we can move to the guidance, obviously. We reiterate all our guidances and all our outlook, essentially from EUR 220 million and EUR 280 million revenues this year. With EBITDA at NHOA Energy level from EUR 5 million-EUR 10 million. At the level of Free2move, we will see. We are on track and looking forward to restart from the second quarter towards growth margins and eventually cash flow generation. Free2move is not even mentioned in the fundraising process, as you know, for the simple reason that we do expect to have them cash flow positive at the end of this year. Therefore we do not expect major financing needs in going forward. Atlante, I mean, we reconfirm all our targets. Looking forward to generate the first EUR 100 million revenues in 2025. While the combination of Atlan— of Free2move and NHOA Energy will target EUR 600 million revenues by 2025 with approximately 10% EBITDA margin, while reconfirming the long- term outlook of over EUR 1 billion revenues with a 15% EBITDA margin plus Atlante, which will be an equivalent amount of revenues with a 50% EBITDA margin, which is obviously in line with the infrastructure play of the comp. Having said that, I think we can now move to our Q&A session and, together with Giuseppe, CEO of NHOA Energy, and Stefano, CEO of Atlante, Gabriele in his new role of Chief Integration and Strategy Officer, along with Alessio, the newly appointed CFO of NHOA Group for all financial aspects. We are ready to take any questions you may have. Chiara, floor is yours to open the Q&A session. Thanks a lot. We are now ready to open our Q&A session. Remember 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 Zoom, or if you are connected via call, enter the queue by pressing star one on your telephone keypad. We already have some questions coming. The first one will be by Mr. Alessandro Pozzi from Mediobanca. I will now ask him to open his microphone. Can you hear us and talk? [audio distortion] The first one is [audio distortion] Sorry, Alessandro, I cannot hear you. The quality is very poor. Can you hear me now? Slightly better. Okay. [audio distortion] Sorry, Alessandro, I cannot even catch any single word of what you're saying. I will suggest maybe Chiara to move to the next question while Alessandro tries to reconnect from a better- Yes, exactly. We have another question, coming from Mr. Guillaume Muros, from Societe Generale. I will ask him to open his microphone. Hello. Can you hear me? Yes. Thanks. Yes. Hello. Good morning, everyone. Thanks for taking my questions. I have four for the moment, and the first one, Carlalberto, you answered it partially, but I would like to have a bit more detail on why haven't you gave any range for valuing Atlante? Haven't you received any interesting offer as this is something that you were mentioning to be seeking with last few months? That's the first question. The second one is a bit more on communication. When you mention NHOA Energy, I understand that you mentioned the energy storage division as well as the e-mobility one. Looking at your presentations, you mentioned that you expect to be break even in 2023 at the NHOA Energy level. I guess it's only at the energy storage. Please feel free just to correct me here, 'cause I think it doesn't encompass both divisions, depending on the slide that we're referring to. The third question on the fundraising, you mentioned that EUR 50 million-EUR 100 million could be used so— to NHOA Energy, and you mentioned selectively retain equity interest in strategy projects. Could you elaborate a bit on that, please? The fourth one for now will be on utilization rates. Now that you started generating quite a lot of revenue in Atlante, could you let us know if, I mean, how are the customer adoption rates or utilization rates that you're seeing in some of your most iconic sites at Atlante? Many thanks. Thank you, Guillaume. Let me take your questions in the right order. I will leave to essentially Stefano comment on the last one. Why Atlante, have we received any interesting offer? Yes, we have. As we said very clearly, we are not gonna shop the company. We are not gonna shop Atlante. Okay? For the simple reason that we have many dialogues ongoing, meanwhile, we already received the offers. They certainly were interesting, but not interesting enough to close a deal. That's the reason why the dialogue is still going on. But the message we are delivering to the market now, today, essentially, is that we're not looking for a partner in Atlante because we are running out of cash, because we are not. The second message is that we do have the resources, thanks to the support of our majority shareholder, to fund our own growth. The only reason why we're looking for a partner that might top up, obviously, our financial resources, but certainly also giving to Atlante additional strength, is because we genuinely believe that partnering with the right investor, with the right capacity to fund our plan will be beneficial for Atlante. But this is our genuine interest, as long as we're not gonna find the right investor with the right conditions, we are certainly not gonna rush in trying to seal a deal in order to show something to the market of which we are already convinced of. On the NHOA Energy breakdown, yes, let me apologize for the confusion. But as you will see and you will see in the next coming weeks even louder, we are rebranding the group identity in a very clear way. When we communicate as a listed company, we do communicate with the NHOA Group identity. You will see also our new website will be NHOA Group. Our own emails will be nhoagroup.com. This is the listed company. When we set targets for not at the group level, but when we talk about NHOA Energy, Free2move eSolutions and Atlante, we do set targets for those three companies. If the target, your point was EBITDA, is set for NHOA Energy, the target is for NHOA Energy. Okay? If the target is at the group level, this is a target for NHOA Group. Let me apologize again for the confusion, but there is an historical, let me say scene, or an original scene, which is the fact that we were all coming from NHOA Energy, right? The Free2move eSolutions was added, essentially two years ago. Then we launched Atlante, there is this sort of implicit fogginess, but we are trying to be as precise as we can. When you will see the NHOA Energy logo, that by the way will have a green, the original green in the logo, this is a target for NHOA Energy. Let me just confirm your question. We do set the objective in terms of EBITDA at the NHOA Energy level, which is the energy storage division and the business line of the group. The one that was already EBITDA positive last year, and for which we set an EBITDA target between EUR 5 million and EUR 10 million this year. We will represent the figures as we represent during the trading update with the segment reporting. Very precisely, in order to avoid any confusion at the market level. Let me say that also from the financial communication perspective, with the support and under the leadership of Chiara we'll try to be even more precise and clear with the rebranding of the group identity. On the fundraising, at the NHOA Energy level, you noted selectively retain equity interest in strategic projects as I use the proceeds. Yes, correct. I mean, it's already clearly written, let me give you some color. When we say characterize the strategic projects characterized by highly innovative and deeply vertically integrated technology solution alongside our customers, means that we do have, we are aware of the fact that sometimes we do deliver to our customers a lot of value. Thirdly, that eventually they use in the process they own, they own typically 100% of the equity of those products. Sometimes the risk appetite of our customers, we do have technology solutions that are really innovative, deeply vertically integrated from the technology perspective. Retaining an equity interest in products that are extremely innovative, extremely technologically advanced, would help NHOA Energy to retain a part of this big value we have historically delivered to our customers, okay? The R&D of NHOA Energy is going on. We are really developing very well technology advanced solutions. We are working a lot with our customers. May we have the opportunity to again retain a strategic interest in a strategic equity interest in strategic projects in which we do deliver a lot of value. We will certainly take the opportunity to. In case you need, Giuseppe can further elaborate on that. Then on utilization rates, I, as we announced, we will start communicate utilization rates at the Atlante level starting from the first half this year, i.e. therefore there is no guidance. Okay? Again, this is not a KPI. This is the typical KPI that you use in countries where electric mobility is more advanced, like Netherlands, right? This is not really a KPI in which we focus on, and that's the reason why we are not even communicating this KPI at this stage, given the current EV market penetration in Southern Europe. Okay. It's not telling, even if I tell you that we do have some station at 35%, everybody will get excited, but it's not telling on anything because maybe it's the only fast charging station we have in Rome or Milan online today. Okay. We will pass a very bullish, a very bullish signal and communication to the market that might be extremely misleading. Okay. Let's imagine really the only fast charging, the only fast charger in Milan or in Rome, that is out of the major highway connection or out of the major traffic flows. Given the fact that this is the only one, yes, the utilization rate is very high. In the next 24 months, you will discover that is one of the worst investments ever made, right? That, that's the reason why we're not really focused on that. If you want, Stefano can further give you color on that, but, this is essentially what we think. In any event from H1, as said, we will start communicate on that KPI. Thank you. Very clear. Thank you. Thank you very much. I think we can now try again with Alessandro Pozzi. Do you want to try to reactivate your microphone and see if we can hear you? Yeah. Can you hear a little bit better [audio distortion] A little bit better. Looks better. Let's try. [audio distortion] I think that we cannot really hear you well, again. May I suggest you to write the question in the, in the chat, and I will read it out loud for you. Okay. Meanwhile, we can move to the next one, Chiara, I think. We received another question, like a written question from Mr. Claudio Cirino. There are two parts. The first part is, "Dear friends, how soon do you plan to finish the residual liquidity of the capital increase, and how do you plan to finance yourselves afterwards?" The second part is, "What do you think to do to reduce the loss and work against the going down of the stock market? Yes. I have to watch. Okay. Let me take this question. First, how soon do you plan to finish the residual liquidity? Sorry, the residual liquidity, I think is a wrong way to represent current situation which we are. I mean, current situation, as I said loudly in, even in my quote, is we do have over EUR 100 million of liquidity between cash in the bank account and credit lines available to draw and for utilization. I will not describe a situation of EUR 100 million in cash as of today as a residual liquidity. Certainly, if in case this is, in case this is the concern, we are not gonna burn EUR 100 million or even invest EUR 100 million in the next couple of months, looking forward to close the EUR 250 million convertible bond. Then, after having raised, starting from June, let's put away the skepticism on how much we are investing, because we're not going to invest or absorb cash EUR 100 million in the next couple of months. Don't worry, we're not running out of cash before our general meeting. Then we will have EUR 250 million in cash in the bank account. This is not a horizon in which we are planning to finish the residual cash. Okay? We have a massive amount of cash to be invested. We are not burning cash at the NHOA Energy level. We plan to be cash flow positive from Free2move eSolutions in the coming couple of quarters. Essentially, we are gonna use the cash to invest in Atlante as described the use of proceeds. Therefore, I rephrase the question is, what is the speed of investments we do expect at the Atlante level, and for how long does it take to invest for Atlante EUR 150 million-EUR 200 million. While for NHOA Energy, we mentioned, as we mentioned, we are looking for cash just essentially to back up the working capital exposure given the high level of backlog and strengthening the balance sheet. Okay? Vast majority investment. From that perspective, certainly we are not planning to invest over EUR [160] million in the next few months. Certainly this is consistent with at least a couple of years of investment plan horizon. Okay? Means that from the Atlante perspective, given the current speed of rollout of the network. Certainly, should we keep the same speed and let me reiterate. Should we keep the same speed, certainly the amount we are raising will be sufficient for the next couple of years. But again, it's just a matter of phasing the investments while we start the cash flow generation. Okay? By 2025. In the 2025 horizon, let me say that if you look to the original plan, this doesn't come as a surprise because the next couple of years essentially land to 2025. 2025 was the original horizon in which we're gonna start generating EBITDA and cash with the first significant revenues that will on its turn enable banking structures and indebtedness in a more structured way. This is, this is not shocking anybody I would say. Then on the second part of your question, how you plan to finance yourself afterwards. I think I already replied. There was a mention on losses and contrasting the drop of the stock price. Let me tell you the first on losses, we do not look at the losses at the group level as a driver for our growth, for the simple reason that we do have an infrastructure business line plugged in. Okay? Sorry, I look with a segment reporting perspective. We do report and we do communicate very clearly with a segment reporting and therefore we do plan anything from a segment perspective and per business line. Again, at the NHOA Energy level, we are EBITDA positive. We are not looking forward to have a net income positive in the next couple of quarters. This is not the strategy. However, any losses will be extremely limited because we start turning the page towards a profitable path. From the Free2m ove level, same thing. Atlante, sorry, again, we do not look at losses for the simple reason that we are investing, and we are heavily investing and therefore depreciation on an annual basis is important, and certainly, this concept is very important for any holder we have. We do have an infrastructure division, so by definition in the very first year this would, from the accounting perspective, generate losses even if, let me say this is not a KPI that we are looking for because this is a pure accounting effect of a strategy which is very clear, which is investing into the most strategic infrastructure of the world in the next decade. Okay? This is what we are looking for and what we do expect our investors are able to understand very well. I think Chiara, we do have. We do have the question from Mr. Pozzi right now. I will read them out loud for you all. Question number one: Can you provide more color on how the EUR 150 million, EUR 200 million capital will be spent on Atlante and an update and CAPEX unit cost versus initial guidance of 100K, 140K per charging points given in 2021? Second question: Can you provide an outlook for new orders in e-mobility? Finally, third question: The way the transaction has been structured, it makes sense for a minority to vote in favor of convertible bond. Do you already have commitments for convertible bonds from minority investors? Okay, I will hand over to Stefano to comment on the second part of the first question, which is on the CapEx per unit cost. On the more color how the EUR 150 million and EUR 200 million capital will be spent, I mean, you don't need Stefano, you don't even need myself to comment on, I mean, rollout of the network. Very simple. Okay. This is what we are looking, what we are looking for. And in order to maintain the current rollout speed that Stefano has been able to deliver, obviously there are also structural costs. The structural costs and the platform costs are, let me say, in relative terms, given the magnitude of the plan and the size of the plan, are a fraction of the investments that we are making, right? I hand over to you, Stefano, to comment on that and on the unit per CapEx or CapEx per unit evolution. Sure, sure. Thank you, Carlalberto. You rightly mentioned the platform cost, which albeit a small percentage of that amount, it's something that we are planning to invest in as well. Because just to be clear, you know our mission. Our mission is to create the largest network of fast charging stations in Southern Europe. This is a long-term business. This is a business where which we intend to serve millions of customers across the four countries and providing to them several millions of charging stations et cetera, et cetera. This requires a structure behind, requires a platform. Mainly digital, because as you can imagine, our stations are run and operated remotely via a so-called CPO platforms that we have mostly put together in-house. Therefore, you have to expect some costs to go towards running the show. This is not a fly- by- night operation where we just plant a few charger randomly across the four countries, and then we sell them off to somebody else. We are running an operation, we are running a company which will, as I mentioned, manage millions of customers for their charging needs mostly on the go. The vast majority of the money will be spent on rollout, so CapEx for stations. With respect to the bracket, we are definitely at the bottom of the bracket that we initially mentioned, and in many cases below that bracket, below the bottom of the bracket, so below 100K per POC. On average, of course, when we acquired, when we made two acquisitions, one in Portugal and one in Italy, we also acquired many AC chargers, which mostly we plan to substitute as soon as we have the opportunity. Therefore, the acquisition cost, if you take that acquisition cost, it comes well below that 100K per POC for obvious reasons. On average, the current portfolio is well below that 100K figure. Also what we have in pipeline, what we are developing is certainly at the bottom of the fork that we provided. With only a few exceptions, in some, somewhere in, let's say, in between the fork that we had initially provided 100K- 140K. That's obviously is, how did we achieve those better than foreseen CapEx per unit is by rationalizing the type of stations with the technological team, creating standard for stations, creating templates and the infrastructure team trying to deliver sites where we can install the most efficiently a larger number of... progressively a larger number of chargers, and including with, let's say, expansion places, so securing the optionality to expand the stations as we as the traffic increases. Okay. Let me then take the second question of Mediobanca that was, can you provide an outlook for orders in e-m obility? No. Not yet. I mean, we do communicate on the current backlog of orders. The current backlog of orders that has been announced is really sizable, and we do not plan to, let me say, give a regular update on that. We focus on converting orders into revenues and margins. The current backlog orders we have is more than enough to do that, we focus on execution. We will prefer to, starting from the second, third and fourth quarter to give guidance on the revenue generation rather than on orders, right? Because the conversion from the lead from a e-m obility lead from a Stellantis customer to revenue generation, you have many variables which are mainly related to the delivery of the car. Therefore, again, we focus on execution, we focus on revenue generation. When revenue generation will be there, we will certainly give to the markets more color on the path going forward, okay? We will prefer to be extremely prudent in financial communication on the Free2move level. We do deliver, and then we start communicating in a sophisticated way. Back to square one, let me say, and focus on fundamentals. On the third question, which is the way the transaction has been structured, it makes sense for minorities to vote in favor of the convertible bond. Thank you. I think you got the right message behind the transaction. Question is, do you already have commitment for convertible bond from minority investors? Not really for the simple reason that we carefully waited to go public with this instrument before contacting any minority investor. Therefore we'll start right now talking with our minority investors and liaising with potential new demand for this instrument. We'll see what the market reaction will be around this instrument. We do have, in any event, the full support of TCC as you can see. We will market the instrument. We will share with our minorities the opportunity that TCC has. Should we have the opportunity to, obviously we will be excited to have the largest number of minority investors in our stock, also subscribing the convertible bond. I think this is the last question. Do we have any further question, Chiara, or can we— No more questions. Okay. Thank you. Thank you everyone for joining our investor call and looking forward to give more details on our growth and our acceleration in the coming quarters. Thanks, and have a nice day.