Welcome to NHOA Group Investor Call on the Group's Q3 2023 Trading and Operational Update. The Investor Call will be opened by Carlalberto Guglielminotti, CEO of NHOA Group, and with him to explain all details about our trading update will be Giuseppe Artizzu, CEO of NHOA Energy, Stefano Terranova, CEO of Atlante, and Alessio Caruso, NHOA Group CFO, and also in his new role of Head of Strategic Planning and Investor Relations. Guglielminotti will open the call with the main Q3 2023 results, and then we'll go deeper in the results by business line with Artizzu and Terranova. 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 are 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 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. And as customary, the call will be governed by that language. So with that, I will now leave the floor to Mr. Guglielminotti. Carla lberto, the floor is yours. Thank you, Chiara, and good morning, everyone. I'm very glad to be here with you today to talk about the results of the first nine months of 2023. First nine months that in which we registered, once again, impressive results in line with our ambitions, starting from revenues at group level, which have more than doubled year-on-year, reaching EUR 195 million. And this give us even more clear visibility towards getting to our financial targets for year end, which is between EUR 250 million and EUR 280 million revenues, and EBITDA breakeven at group level, obviously, excluding Atlante, given the nature of the business. Thanks, to the successful capital raise, we can now count on more sound financial position, increased credit worthiness, which is well represented by EUR 430 million in cash and available trade lines, which is a testament of our readiness to fund our growth for the next month, for next years, in line with what we announced during the Capital Markets Day in July this year. Looking at the figures in detail, on top of the doubling revenues, we see cash deposits that now stand at over EUR 280 million, with a net cash, so essentially including cash collateralized, and excluding indebtedness, which is approximately EUR 200 million, and as said, the consolidated cash and credit lines available, over EUR 430 million. This number is really important because, give us also full visibility on, on the possibility to fund the growth in the, in the business model, within the business model of NHOA Energy. She's requiring a lot of, a lot of guarantees and, and, a sound, banking and financial, credit worthiness, and this is, significantly thanks to the support of our majority shareholder, TCC, as you can see in the notes, is, heavily supporting, the banking exposure that we have, on top of the subscription of the capital increase. So this to say, at the group level, impressive results, well represented by, by our growth in sales, given the right trajectory of, towards, the financial targets for year end, in line with the plan that we announced, in line with the guidance. Obviously, we stand up towards the high end of our guidance, so very close to EUR 280 million. And most importantly, EBITDA breakeven at group level, which was the very ambitious target that we set, that we discussed and commented during the Capital Markets Day, and that represents the ability of the NHOA Group to grow fast, to do it in a very EBITDA positive and profitable way, and once again, to meet all targets and all guidances that we announced to the market. And this is what we can say from the financial perspective and at the group level. Let me leave the floor now to Giuseppe to deep dive on NHOA Energy and its amazing results for the first nine months of this year. Floor is yours, Giuseppe. ... Thank you, Carla lberto. Good morning, everybody. As you saw in our press release, revenues went up by 70% compared to last year. In terms of backlog, which currently stands at EUR 160 million versus EUR 152 million on the 13th of September of last year. A bit of color on this. I mean, the end of the third quarter is always a low point in terms of backlog because during the summer, it's difficult to close contracts, while contracts are normally closed in the fourth quarter. One important element is considered that last year, out of those EUR 152 million, 2/3 were from our shareholders. This year, out of the 160, around 1% comes from our shareholders. So it means that, while we are grateful for what our shareholder has done during the first couple of years within the group in helping us supporting our flow projects, we have shown that we not only have fully replaced the backlog in terms of new contracts, but actually, we tripled practically the contract portfolio from third parties. And we are looking, we are extremely optimistic about the new contract flow over the next six months, which is what we need in order to keep on the trajectory that we set for ourselves toward 2025. From an order intake perspective, it's EUR 243 million over the last 12 months, against 10% more compared to the trailing 12 months ending in September 2022. And also on this, the same remark that I've just made applies. Online capacity, we have 535 MWh online as of the 13th of September, and we expect to have around 1 GWh online around year-end. This is really, we passed the test of fire, so we had a step change in terms of commissioning. We've proven that we can commission in parallel large projects across four continents, so we have proven that it is for real. What you see in the background is the kind of project that we are putting, we are putting on the ground. Under construction, we have over 1 GWh. As I said, around half a GWh will be commissioned around year-end, a bit before, a bit later than year-end, while the rest is feeding into the 2024 activities. We continue to have a pipeline just above EUR 1 billion. As you know by now, we are more and more selective in the definitional pipeline and the projects we take on. Important number is the one that you see at the bottom. We are six or seven, depending on how we define it, project in which we are shortlisted. In reality, it's significantly better than this. A number of these projects we are preferred bidder, and we expect to be able to close contracts by year-end and by the thirty-first of March. So looking good, and we hope that we will be able to provide guidance on 2024 early next year. So, so far, so good. Back to you, Carlalberto. Thank you, Giuseppe. Congratulations to you and to all NHOA Energy people, because, I mean, all of you, from the guys watching us from Australia and Taipei, to the ones that probably will watch the recording because they are living in Houston, the one in U.K., and the one that are in Italy with us today, really thank you for your very impressive job. Moving now on Free2move eSolutions. Very good news from Free2move eSolutions as well. It's one year now that we changed the management, that Mathilde took the leadership of the company, and as planned, the results are there. EUR 40 million revenues represents 5 x the revenues we registered last year. Even if the manufacturing capacity is in line with the one we had last year, reality is that we have proven also with Free 2m ove eSolutions the ability to grow and to grow in a profitable way. So let's see for the year-end, the clear path is set towards the breakeven also this year. And the growth we recorded is clearly saying and testifying the ability of Free 2m ove eSolutions to address the market. Obviously, growth was mainly in the U.S., even if the European market is moving maybe slowly than expected, but certainly is moving in the right direction, setting the path for further growth in 2024. So congratulations as well to our teams in Free2move eSolutions. Figures are good. I saw a few comments of some broker this morning saying that we have not given enough details and color on Free2move eSolutions, but in reality, the business model is the same. The markets are the same, so Europe and U.S., and before. There is no need to give more details. I think the best representation of the figures is revenues, obviously. And then, let's see what's... how the EBITDA will look like at year-end, but we are absolutely confident in the ability of the management team to continue that path. We can now move to Atlante. So even if Stefano Terranova should have been on a plane, he has been able to free up the agenda. So Stefano, if you can comment? Yes, good morning. The floor is yours. Good morning. Thank you, Carlalberto, and good morning, everyone. The headline number here is the one in the middle, more than 2,500 POC, Points of Charge online and under construction. POC is a super important KPI, as you know, it's the unit by which we can serve customers. So every POC is a charger available for customers to connect and recharge their vehicles. So we have we registered more than 2,500 by the end of September, and that means that we have already beaten the guidance we were given ourselves for 2023, with 3 more months to go. So that's, I think, a great number to show. The other key elements I would like to stress from this slide here is the fact that the pipeline continues to grow. We have obviously as we have we're closing in on our 2025 target, we can become more selective. Same thing as Giuseppe was saying for his business line, and in Atlante, we can be more selective, and we don't need as many sites to replenish the pipeline as before. So the pace of growth slows. We're still growing the pipeline, but at a slower pace because that's a reflection of the fact that we have we can be more choosy on the locations. In terms of utilization rates, as we onboard charges, especially in Spain and in France, and more new sites in Italy, obviously there's always a ramp-up period, so we have seen a downward inflection. But as you can see, we're still just above the 2% threshold, which is. It's a very good result, including the fact that in places like Italy and Spain, the EV sales have been, let's say, disappointing vis-à-vis our original projection. But nonetheless, you can see that we have good utilization rates across the board. For Portugal, we publish occupancy rates, as you might remember from the previous call, because in Portugal, we are paid by the minute. The regulator has settled for a different business model, whereby the CPOs are paid for the utilization of the infrastructure, so on a per-minute basis for the time being. As you can see, the occupancy rates have been growing steadily in Portugal, which is great, including the fact that we have been opening more and more fast charges. We had inherited a portfolio of slow or quick fast charges, and now we are moving to fast and ultra-fast. But still, we see a very good response from the customers. They seem to like very much, as we expected, the experience of fast and ultra-fast charging. The rest of the figures pretty much talk for themselves. I would just like to point out that, in terms of POC actually open to public, back in September, we had almost achieved 1,500. So again, a great result, and we keep, we keep pushing forward and opening up very very nice sites all across the geographies. Thank you, Stefano. I think that we can now move for a Q&A session together with Giuseppe, the CEO of NHOA Energy, and with Alessio, Group CFO, and Stefano, CEO of Atlante, ready as usual, to take any question you may have. Chiara, the floor is yours to open the Q&A session. Thank you. We are now ready to open our Q&A session. 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. We already have some questions coming. The first one will be from Mr. Mattia Bertazzini from Mediobanca. I will now ask you to open your mic. Please go ahead. I think we are not hearing you properly. Maybe I will just try again. We probably have a problem. You probably have a little problem with your audio system. We have other questions coming from Mr. Daniel Pires, which is actually asking the first ones about our recent capital increase. Following the capital raise and TCC's share in NHOA are now close to 90%, does a commitment remain to keep NHOA listed as flagged in prior calls? ... Thank you for, thank you for the question. I mean, we outlined in the previous call, but then, in the context of our capital raise, we have been very vocal and clear in saying that we don't have further, further indications from our majority shareholders. So, frankly speaking, we stick to that message. Certainly, the trend of our stock price is, is not, at least is-- I see that as totally decol- decorrelated from our fundamentals and from our results, if I may. But I-- nothing to comment on that. This is what we said in the context of our capital raise, and, at that time, and also today, we have no further indications. Certainly, this is not ideal from the liquidity perspective, but this is what it is, so. Perfect. Thank you very much. I think we have other questions coming from Mr. Auguste Darlix from Kepler Cheuvreux. I will ask him to open his microphone. Please, sir, go ahead. We are probably experiencing some kind of troubles. Okay, I think that with that, I will just go on with the following questions coming from Mr. Daniel Pires from Dalmore Capital. Well, as already addressed before, there were other questions concerning the recent capital raise, which are about if any members of the management team have participated in the capital raise, and what is being thought of to address the depressed share price, and reward the minority investors that have supported the NHOA journey for many years. For example, does it make sense to start providing benchmarking on peer evaluations, public and private, of EV charging networks? Okay, I mean, on the management team participating to the capital raise, I mean, the management team was heavily involved in the context of an LTI, voted by the annual general meeting. So, this is to say, our interest with the minority and majority shareholders are absolutely in line. Then, for our management team, given the particularly complex environment in which we are living and the careful management of potentially privileged information, that does not suggest the possibility to participate directly. However, thanks to the LTI schemes, our interests are totally aligned. So, back to your second question, addressing the depressed share price, you can trust me that the management team has the same feeling you have. When you mention rewarding minority investors that supported the NHOA journey for many years, sorry for that, but the best way to address the interest of minority investors was to avoid the rights issue and the capital increase. This is the reason why the management team worked heavily in March, April, May, and June to structure, with the support of the majority shareholder, EUR 250 million green convertible bond that was totally non-dilutive. However, as we all know, minority investors voted down that, and during the annual general meeting, this instrument voting positively for the capital raise. So I think that the depressed share price is simply the results of a trend of our stock that certainly was not driven by the results of, and the fundamentals of this company. Then minority investors have decided to vote for this capital increase. That even if the conditions and the discount on to TERP was absolutely in line with market standard, because of the starting point of the share price when the transaction was launched caused a significant dilution of shareholders that not participated to the capital increase, and a consequent further decrease of the liquidity. So I-- from my perspective, the current depressed share price is just a result of that. That's a result of a very thin liquidity, and... I, and... I, frankly speaking, no idea on how to, let me say, provide benchmarking. I think the best way to communicate to the market is to continue a very professional, serious, transparent, and intense financial communication. I think the best way is to meet the guidance, deliver expectations, and continue as we have done in the last years to deliver our promises to the markets and the financial targets. Frankly speaking, doubling our revenues, setting the path towards profitability, meeting the EBITDA, the EBITDA breakeven target at the end of the year, is the best way. I don't think, frankly speaking, benchmarking on peers evaluation, I mean, this is something that any investor can do. I usually do not comment on the multiples of, of the market. I mean, two years ago, anything that was, that was called with a sort of immo-, immobility, related, wording, was multiplying, without any, any limits, beyond the sky. Now, it's totally the contrary. Why? I mean, there's a market sentiment, maybe the inflation, the current geopolitical context, the war, tensions, the geopolitical tensions between, U.S. and China, the war in Israel now, the war in Ukraine, Ukraine, last year. Frankly speaking, I prefer to not comment on market valuations and multiples. To be frank, I prefer to comment the very good, and if I may, impressive results of our companies. The impressive result, the impressive results of NHOA Energy, the very good results of Free2move eSolutions, the outstanding rollout of Atlante. This is absolutely in line with our strategic plan. This is in line with the, the, the. This is even better than the plan that we announced during the first rights issue back in 2021. This is in line with the plan that we announced in the context of the green convertible bond that then turned into a capital increase because of the decision of our minority shareholders. I mean, we're doing our job, I think very well. We continue to do it, and I leave to our investors benchmarking peers valuations, public and private, or EV charging network. Thank you very much. We are experiencing actually trouble with opening the microphones of our callers. So they kindly sent their questions in the Q&A chat. And actually, the question from Auguste Darlix from Kepler and from Mattia Bertazzini from Mediobanca are very similar, so I will just sum them up. The main questions are related to the pipeline for both NHOA Energy and Atlante. What can we see, when, what we can expect for the next months? And second, for Atlante, if we can have an indication about the investments plans needed in 2024, and how many of the 1,814 POC charging points secured and under construction, how many are for 2024, and how many for afterwards? Okay, thank you. Let me, Giuseppe, you can take the one on, on NHOA Energy for the, the pipeline for 2024, and then I take the one for Atlante, potentially leaving the floor to, to Stefano. Giuseppe? Thank you, Carla lberto. As I said several times, our conversion rate on the pipeline is normally around 25%-30%. And even though the quality of the pipeline is improving for the time being, we kind of sticking to this benchmark. And once we have that conversion on a pipeline at any point in time, that becomes revenue, more or less, the following 18 months. So if you want to do a bit of mathematics, you may want to top up the existing backlog over the next six months by around 1/3, 1/4 of the pipeline, and then spread the revenue sort of the following 18 months. This is the way we think. I'm not giving guidance, so this is just intellectual scheme that I would use, if I was you, in making a stochastic assessment of our prospect. The bottom line of that is that we like what we see, and we think it is definitely consistent with the long-term objectives that we've set for ourselves for 2025 and beyond. But we are on the right path to continue the rapid growth path that we have undertaken over the last couple of years, delivering on what we promised, both on a revenue and profitability perspective. Thank you, Giuseppe. Let me comment briefly. On the investment plan of Atlante, I mean, we published the investment plan of Atlante in a very clear way during our Capital Markets Day in July. So frankly speaking, it doesn't really change the pace between 2024 and 2025. Stefano has been very clear in saying that he's increasingly choosing selective. So frankly speaking, this will depend from the business circumstances that certainly Stefano will manage carefully. But if you look to the investment plan, I mean, there is a clear target for 2025, a clear target for 2020, 2030, sorry. Frankly speaking, yeah, that level of detail between 2024 and 2025, considering the variables we may have, it doesn't really, it doesn't really add anything to what we already announced during the Capital Markets Day. Target is clear. Also, the concerns about the potential partner within Atlante being seriously addressed during the Capital Markets Day, we said very clearly that we do have enough funding, and we have also discussed the assumptions behind and the rationale behind. We do have enough funding to continue our rollout until 2030, targeting 20,000-22,000 points of charge by 2030. And in case we're gonna choose and find the right partner with the right balance in terms of governance and in terms of synergies we are gonna target the original 2030 ambition of 35,000 points of charge. So frankly speaking I do not see the necessity to go into detail between 2024 and 2025. It doesn't it doesn't really change the best from any circumstances. And while I would suggest to consider the targets as we have historically made that we set going forward and we will try as usual as we have done in the last years to meet the guidance and to and to achieve the goal. If I may add to the, Carlalberto, I agree entirely with what you said, obviously, but I can also add one small but important detail, that since the Capital Markets Day, we have been awarded additional funding from the CEF grant, Connecting Europe Facility grants. And that means that we have additional solidity in our funding plan, because we will receive EUR 50 million of grants and, in addition, approximately EUR 20 million from Caisse des Dépôts in France to support the program. However, in terms of rollout plans, it simply mean that we are accelerating, we are building better and bigger stations, let's say, more expensive ones, which maybe we would not have been in complete in keeping with the rationale of those grants, we would not have been able to build without the grants. So basically, we have additional firepower to build bigger stations in obviously key nodal points across our four geographies, as again, covering the TEN-T corridor of major highways and motorways. And therefore, that's operational matters, how to choose, how to increase the efficiency of our spending plans and... But the targets remain the same, 5,000 POCs by 2025. As Carlalberto said, if you, if you want, you can draw a line between what we have done now and end of 2025, and that, that's more or less how we would be moving. In our case, unlike NHOA Energy, we don't have big things that come all at once. It's more of a building up of a pipeline which delivers constantly small investments, right? So it's much more steady and and predictable now that the machine is fully up and running and well-oiled on all four geographies. By the way, if I may, the very good point, the one on the grants, because that's an interesting exercise, considering the question I received earlier on the potential benchmarking. Again, I'm not gonna make a benchmarking from the multiple perspective in the market, but I can make a benchmarking on European grants. This is one of our assumption for our rollout. I mean, figures are published in the Q3 trading and operational data. We have been awarded with over EUR 80 million grants, vast majority at the European level. If you look at the... Which is public, if you look at the amount of money granted to the different CPOs and different company in the mobility space, the number one, the European level, number one is Tesla, number two is Atlante. If you look at Bloomberg, the largest project is Atlante. So yes, from that perspective, let me proudly make a benchmark in congratulating with Stefano. If we are not number one, if we are certainly number two in Europe, and this is the best benchmarking I can make. Thank you. Thank you very much. We actually also received a comment from Mr. Daniel Pires that says, "Thanks, Carla lberto, on the responses to the capital raise queries, and agree 100% on the convertible bond. I think minority shareholders didn't really understand the two instruments voting, and unfortunately, the voting went adverse to management's recommendations. Good point, Daniel. I tend to agree with you. Adverse to the management's recommendation, adverse to the management interests that are fully aligned with interest of minority shareholders, because all our plans, all our shares, all our stock options, all our LTIs have been treated exactly as your shares. We have another question, which is: Can you explain the difference between net cash and consolidated cash and credit lines, please? I think I've mentioned that, but let me hand over to Alessio for further details. So, Alessio? Thank you, Carlalberto. So thanks for the question. As anticipated by Carlalberto, thanks to our successful capital raise, we can show you a more sound financial position, and together, give you more granularity on the KPIs representing our creditworthiness. So in this quarter, we decided to add, together with our usual consolidated cash and credit lines, also a new indicator, which is the net cash indicator. So while the usual consolidated cash and credit lines available for withdrawal indicator represents the bank account balances that we have together with available cash investments, plus the amount available for drawdown credit line facility. The net cash indicator represent the sum of cash and deposits invested, plus the cash investments that are deposited as bank collateral for guarantees issued under NHOA Group's projects after deducting the financial indebtedness. So basically, this new indicator gives you a clear view of what is net and available, together with the cash collateral that is, let's say, temporarily trapped as cash collateral. It's very important to note that in this quarter, we also added that out of the outstanding EUR 430 million of consolidated cash and credit lines available, in excess of EUR 140 million are credit lines that benefit from the support of our major shareholder, which is Taiwan Cement Corporation. This is strengthening, of course, what Carla lberto said about the support that we received in the last month. Another KPI that we decided to add is the one related to outstanding bonds and guarantees, which is representing the amount of bank guarantees and securities that are issued for the fulfillment of NHOA obligation, in accordance with the project and commercial contract that we have in place. So again, this is a measure of what we have been issued to support our business, and out of these, barely EUR 150 million, EUR 90 million of that are related to credit lines that again, benefit from the support of our major shareholder. Starting from this quarter, we are pleased to give you this more granularity going forward. Thank you very much. I think we have no more questions for today. I'm sorry again for the problem with the audio system. Carlalberto, floor is yours if, Thank you, Chiara. Thank you all, and next step will be the publication of the annual results. So I'll see you next year, and congratulations again to our teams, to NHOA Energy, Free2move eSolutions, and Atlante as well, because this quarter set the new trajectory for our growth. So thank you again to our teams, thank you to all our people, and thanks to all our investors who have attended. Thank you all. Thank you. Thank you. Thank you. Thank you.