Good morning, ladies and gentlemen, and welcome to NHOA Group's Investor Call on the Group's Q1 2024 trading and operational update. The investor call will be opened by Carlalberto Guglielminotti, NHOA Group CEO, and with him to explain all details about the trading update will be Giuseppe Artizzu, CEO of NHOA Energy, Stefano Terranova, CEO of Atlante, and Alessio Caruso, NHOA Group CFO. Guglielminotti will open the call with the main results, and we will then go deeper in the results by business unit 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 presentations 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 one on your telephone keypad, and once you will be invited to unmute yourself, press 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 forward-looking statement which is included on page two 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 covered by that language. With that, I will now leave the floor to Carlalberto Guglielminotti. Carlalberto, the floor is yours. Thank you, Chiara, and good morning, everyone. I mean, just two months ago we were here commenting our 2023 results with over EUR 170 million revenues at group level, EUR 3.8 million EBITDA at group level, without, of course, the Atlante perimeter. We are now back again today to deep dive on our results registered in this first quarter. I don't want to take too much time from my colleagues. The results, I think speak by themselves. This is a quarter which is, again, record-breaking in all our business units, and at group level, we can see revenues up 57% year-over-year, reaching EUR 58 million, as you can see. NHOA Energy recently commissioned the Suao system in Taiwan, which was not affected at all, together with our systems also in the Heping, by the earthquake that hit the island of Taiwan, which was a magnitude of 7.4. To give you an idea, the earthquake that destroyed L'Aquila in Italy 15 years ago, causing hundreds of deaths, was 6.3. And 7.4 in Taiwan means, considering that the scale is logarithmic, that the earthquake in Taiwan was 32 times stronger than the one that destroyed L'Aquila 15 years ago. We have, of course, monitored very closely the situation, and there were no injuries among our people working from Taipei, nor on site. Well, in this extraordinary event that caused serious damages to power plants and to the whole power generation and grid network of the country. Our systems, from the one hand, recorded 0 damages nor failures. But most importantly, are still running, supporting on a daily basis the heavily impacted Taiwanese grids. And this is a very important testimony, not only to the resilience of our technology, but above all to the crucial role that our storage systems play in the stability of a country's grid and network infrastructure like the one in Taiwan. Not to mention that we are talking about clean technology, which at the same time is an enabler of the country's energy transition, which is not a detail if I may. Having said that, NHOA Energy now counts approximately 1 GWh online and over 1 GWh of capacity under construction revenue-wise. We booked EUR 40 million with NHOA Energy, so as to say 19 + 19% compared to the first quarter last year. Free2move eSolutions keeps proceeding on its growth path in both Europe and U.S. After having registered EUR 65 million last year. Now closes the first quarter with a 6x growth year-on-year, with over EUR 70 million revenues, showing the fact that U.S. sales are ramping up. Even if U.S. sales in Europe remain modest. The outlook certainly is not reassuring, if I may. Disappointing U.S. sales in Europe, and in particular in Italy, that impacted also Atlante, reason why we see a slight decrease in the utilization rate. However. We stick to the vision of our majority shareholder and continue to invest heavily in infrastructure. Reason why we are very proud of having doubled the online network in just 12 months, reaching over 4,000 points of charge. Mainly fast and ultra fast. To charge electric vehicles in a few minutes. Between online and under construction, and which 2,000 already serving online and serving EV drivers on a daily basis. So in short, record-breaking results that bring us to your question on the outlook and future guidance. But given the unprecedented uncertainty to use the Roubini-esque words and volatility of the recent months in both the energy source sector, but in particular in the EV sector, we confirm all our standing guidances as of today, but more for more granular targets. Also for 2024, we look forward to invite you all to our annual Capital Markets Day that we will hold like last year after the annual general meeting in June. And that's all from my side. With that, I will now leave the floor to Giuseppe Artizzu to deep dive on NHOA Energy results. The floor is yours, Giuseppe. Thank you, Carlalberto. Good morning, everybody, and thank you for attending this call. Results of the first quarter are steady, so 20% up compared to last year. I remind you two factors that I mentioned during our last call. So unlike last year, this year, for the first time, we are fully dealing with third parties. So there is no related parties business, and it's a big thing. So all the numbers that you see are not coming from TCC projects, and it is the first time over the last five, six years before it was Engie and TCC helping our revenue and margin line. And now we are fully on the market. And second, I remind you that compared to one year ago, system prices have gone down on average by 30% per unit basis. So on a volume basis, really, that is something that affects. So despite these two factors, we are 20% up year-on-year, which is a testament to the solidity of of the growth story. From a backlog perspective, normally the first quarter is weak. The first half of the year normally is a weak period, but we had a couple of good wins. Still not yet in the public domain. We will be. We will be discussing those over the next several weeks. And the order intake, in fact, has been over the last 12 months, EUR 147 million. Which is a 13% growth over the comparable period of last year. So again, it's quite a promising start of the year from a contract acquisition in a part of the year that normally is quite weak. Online capacity is just short of 1 GWh. It should be, fingers crossed, over 1 GWh within a couple of weeks, with a commissioning of another project. But practically we have completed the unprecedented wave of commissioning that characterized our last 12 months. So we started 2023 with 100 MWh, 150 MWh online. We closed with 1 GWh. So in terms of in terms of proof of ability to execute the world-class project across continent, we passed the test. And we have 1 GWh + under construction. So enough. As much as we have built over our during our history, we are building it now over the next 12-18 months. Importantly, the pipeline has gone up by almost 50% in the quarter. Why this? I mean, putting online 1 GWh of system, or almost 1 GWh of system last year, required a magnificent engineering effort, which, of course, partly subtracted support from a technical sale perspective to our origination team. Now that on one side we have freed up some engineering resources to support further origination. But second, the references that we built over the year are also a very powerful tool to generate new business from existing and new clients. The results in terms of participation in tenders is clear. And if on one side we are suffering from on a top-line basis from the reduction of unit price of system. However, this is a boost to clients' business cases. So we do expect a benefit, and we are already seeing the benefit in terms of acceleration of origination activities. This is not only pipeline, say, general number, but also in terms of shortlisting. So products that are getting closer to potential conversion. We are shortlisted in six tenders, and at least in a couple of those. We are in more or less in a preferred bidder status. So with good chances of closing imminently. So very good, solid start of the year. The challenges on the market are there. Pricing environment is challenging to the battery oversupply, which is polluting price signals for our clients. But so far, so good. Back to you, Carlalberto. Thank you, Giuseppe. Let's move now to Free2move eSolutions. As said. Free2move eSolutions keeps proceeding on its growth path in both Europe and U.S. Last year we said the EUR 65 million sales closing this quarter with 6x growth. On a year-on-year basis, EUR 17 million revenues. This is thanks mainly to the over 28,000 wallbox and charging devices sold. In In just one quarter. Which is more than the number of chargers we sold in the whole 2023. Obviously, this is driven. You might not reconcile the figures because this is driven by the geography mix. We know that last year the impact of U.S. was huge, where we are electrifying. Essentially, it's the Stellantis dealers. In the U.S., while Europe was progressively ramping up. And this was the message that they passed during the last investor call. In terms of color. This is exactly what happened because in Europe, out of EUR 17 million this quarter, close to EUR 7 million are already booked in Europe with 26,000 wallbox and residential charging devices, which 17,000 are easyW allbox and 9,000 the most expensive ePro. Utilization rates is increasing. You will remember was 3% in H1, 13% at the end of the year over 2023. And we are now well above 15%, close to 17%. So this means that what we imagined last year happened. We passed the message. We clearly see a progressive reduction of fast chargers and electrification of dealers. Obviously, because this is one-off electrification by definition. But meanwhile, Europe will raise up. And also USA, because also in USA we have a utilization right? Sorry. A take rates over Stellantis sales, which is increasing as well. Which is, as of today, close to 6%. And considering that in the U.S., we currently have just a PHEV offering from Stellantis. So situation will be radically different as long as Stellantis will launch in the US market full electric models for each brands that is by definition well positioned in the US. So essentially, 6% means 1,000 wallbox overall in the U.S.. So ramping up again and approximately hundreds of fast chargers. So this is a picture in which the relaunch of Free2move Solutions is confirmed. The growth path. And also significant growth this year that we are expecting is confirmed. The positioning in the market has proven to be successful. And even if we are, as I mentioned earlier, an outlook which is not encouraging. Certainly from the EV sales perspective, certainly in Europe and potentially also in U.S. Reality is that thanks to the partnership with Stellantis. Even if the volumes are not enthusiastic. If I may, reality is that. Free2move will continue to grow. And will continue to grow in a profitable way. I now leave the floor to Stefano to give us an overview on Atlante, and then ready to take any question you may have. Yes, thank you, Carlalberto. Good morning, everyone. So Atlante is the headline number that I would like to start with is what Carlalberto mentioned. We have doubled the number of points of charge online as of the end of the first quarter of 2024. We had, in fact, more than 2,000 charge points, which is a doubling of with respect to the same time last year. So an amazing pace of growth that continues. As you can see from the geographical background, the growth is very much focused on three countries: Italy, France, and Portugal. In Spain, the pace of growth is quite slow, I would say, because of the fact that we haven't really a major grip yet on that country. But overall, the in terms of rollout and the numbers of sites and the four points of charge. Yeah, also under construction, you can see that we have kept pretty much with a strong pace to make sure we get to the first major appointment that we have. In terms of our long-term targets, 5,000 POCs online by the end of next year. So you can see that the pipeline is there to support the ambitious target. Something that last year would have still seemed very far away to achieve. One year further, you can see that the trajectory is very much set. One other point to note is that you will see that, instead, in terms of growing that pipeline, the pace of the growth of that pipeline has slowed down, but that is absolutely normal. In fact, this is what we intend. It's an intended result. In the sense that we do not need to continuously add too many opportunities, especially as we become much more much better at assessing early on what opportunities are viable and whatnot. Therefore, let's say that we have we can be more selective at the time when we we decide where the opportunity can be started or not. Then, if I may add a few comments. In terms of the the sales, you can see something that looks disappointing headline because sales quarter by quarter vis-à-vis the last quarter, same quarter last year have gone down overall, but that is because last year we had the EPC deal with the API Group. That was a one-off project. Obviously, the intention was to create some kind of synergies also with the API Group. Maybe explore additional future collaborations. You probably heard that the API Group has gone their own way with a financial partner in terms of massive electrification. So we will not continue the adventure of working for them as EPC contractor because it is not in our core business. But in terms net of the non-charging revenues from the charging revenues alone. This quarter vis-à-vis the first quarter of 2023. We would have we can measure almost five times as many charging revenues. So this is for me, it's it's a sign that we are going precisely in the right direction. With the doubling of the number of the charges online. And the revenues from those charges that more than double again, so more than 4x, close to 5x the revenues. So that's a great indication of working in the right direction. This is in overall. In an overall environment, as Carlalberto mentioned, which is not particularly positive, especially if I may give you some color on a country-by-country basis. Italy, we recently received the official figures from the Association of E-Mobility the Motus-E. That suggests that they confirmed that in the first quarter of 2024. Sales of BEVs in market share went back down as if you were in two years ago. We are in a regression mode. I hope that is just a temporary. Many analysts think this is a temporary blip, especially because Italy has announced some incentive schemes for the purchase of BEVs, which have been announced but not yet implemented. Hopefully that is just a delay in sales that we would say in the second half of the year. Nonetheless. The market overall for sales of full electric vehicles is not doing great in Italy. Same in Spain. Same kind of single-digit market share in terms of sales of the BEVs vis-à-vis the total vehicle sales. Whereas in France and Portugal, we continue to see growth. Approaching 20% of sales. So BEVs represent almost 20% of the sales of new vehicles in both France and Portugal. So this is in our geography. We have four countries. Two are doing quite well. Two not yet in the exponential growth phase. In terms of good news in each of these countries. If I start with Portugal, we continue to do well. We are now focused on the next phase. As you remember, last year we acquired the company which was mainly AC slow charger based and turning into a fast charging business. And that was successfully completed by the end of the year. And now we have in Q1 we have started a new phase. You would have seen probably the news that, for example, we have inaugurated recently the first CEF compliant site, the first CEF station. So that's a sign of things to come. More bigger stations on major traffic routes that is what is coming in Portugal. In France, we have continued with some interesting projects, signing up with important partners like Emil Frey. And also opening up a storage enabled station within a major shopping center. That's something. It's not the first storage enabled station, but it's the first one within a major shopping center. And that's again, it's a flavor of many interesting things to come. Again in Portugal of interest in Q1 2024. We sign up a technological a technology based memorandum of understanding with the grid operator of Portugal. Which I'm very proud of. Together we will try to deploy a technology which they have invented, the patented, to enable fast charging for very large stations, for example, dedicated to E-T rucks. So that's in a nutshell how the first quarter evolved. Again, I would say big wrap up summary with the growth of pace of our network deployment is strong and we have no intention to relent. We have the ability of being more selective on growing the pipeline. And of course, also we have the ability of deciding at what pace to grow in the four markets given the underlying dynamics in terms of sales. As I mentioned, net of EPC and the recognition of the CEF grants, by the way. Net of those two items in terms of serving customers. We have sold energy which is worth 4 times, almost 5 times as much as the same period in 2023. Versus simple inverted commas, doubling of the network. So I think this is this is a very important result. Thank you. Thank you, Stefano. I think we can now move to our Q&A session. Let me hand over to Chiara. The resource to open the Q&A. Thanks a lot. We are now ready to open our Q&A session. So 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 one on your telephone keypad. And once you will be invited to unmute yourself, press star six. We have a first question coming from Mr. Alessandro Pozzi from Mediobanca. So please, sir, go ahead. Yeah. Can you hear me? Yeah, perfectly. Thanks. All right. Thank you for taking my questions. The first one is on the revenue progression in 2024. I appreciate it's probably too early to give guidance given the number of projects that you have that could maybe slip into 2025. But I was wondering if you can give us some qualitative kind of indication of the pace of revenues in the energy storage business. Also vis-à-vis the reduction in prices and how that will impact or how that will translate into EBITDA in 2024. And also maybe you can give us your thoughts on the outlook for EV sales in your four countries and whether the slowdown in the EV penetration or BEV penetration maybe is leading to potential rethinking about the CapEx to be deployed in Atlante in 2024 and 2025. Thank you. Thank you. Thank you for your question, Sandro. Let me take the first and then handing over to Giuseppe. On the revision and backlog, as you said, we are not giving you specific guidance for a series of reasons that I already mentioned. And Giuseppe will elaborate. Let me say, let me just reiterate the message that we passed during last call that for 2024 we do see growth there. So we do not see obviously shocking growth because of the market momentum. Then Giuseppe will elaborate on that. But we do see growth there. Okay, so irrespective of the backlog conversion. I mean, we see we are positive and we do see growth in NHOA Energy and then eventually at the group level. But then Giuseppe, before I take the second question, maybe you can elaborate a bit more on that. Sure. So we have our 2025 targets are out there and are extremely ambitious and we are already working toward 2025. I would say that 70%-80% of our target that are not public for 2024 because of pricing price movements, but also because it's a bit of a transition area for us. We have 70%-80% visibility on achieving the internal target for 2024, but we are already working towards 2025 where if we manage to do the step up in terms of average size of projects, that is the key to our acceleration, then we will also benefit in the second part of this year in the tail because the front end of those projects will start generating revenues in the second part of the year. So again, it's too early and we would risk passing the wrong message. Given, being more grounded around on 2024, but practically 2024 is largely in the locker room already. We may benefit already in the second part of 2024 from the acceleration that we are targeting, significant acceleration that we are targeting for 2025 in a way that more than overcomes the two aspects that I mentioned before, that for the first time we are completely relying on unrelated party business and this is a big thing. Second, the fact that we are working in a significantly lower price environment which on one side affects this year because same volumes bring less revenue. So we need to make more volumes in order to make some revenues and margin. But on the other side, clearly boosts the business case in a number of jurisdictions. And therefore we are and we are already seeing that from an origination perspective. I hope that it's a sufficient feeling of what I'm talking about. Okay, thank you. And also notice that the pipeline has gone up and maybe can you give us more color on the number of opportunities that you see in the market and where? Absolutely. I mean, so that the acceleration in the pipeline is driven by two factors. So the first factor is the fact that we have we have had the chance to free up a significant number of further resources to to reorient from execution to origination, a significant amount of resources over the last thee-four months after the big wave of commissioning that we had last year. So we we need engineering support. Our origination model is driven by by engineering. We invest engineering hours in order to loyalize clients. And therefore that is something that affects our ability to originate. So there is one internal element which is we manage to strengthen the technical support to our sales. And again, it's a critical element in our sales model. But the second one is that the precipitous fall in battery prices is enabling business case across geographies and in particular geographies that are closer to home. So Southern Europe, that was not a market. I mean, we are Italian, but we made less than I mean, low single digit in terms of revenues and margin percentage. So low single digit percentage of our revenues and margin have come from Southern Europe over the last two years. This is a market that is waking up. And therefore we are seeing a very significant uptake in markets that for where we are the obvious incumbent. So it's Europe and in particular Southern Europe. It is Australia where a new capacity scheme has been put in place. And largely it's these two. We are still not happy of where we are in the Americas, even though even there we are seeing a couple of good signs. But in the Americas we still have to work. Then let me take your second question on EV sales and potential CapEx slowdown. I mean, the EV sales scenario, as I mentioned in my introduction, is living an unprecedented uncertainty. Okay. For we have two macro elements that might change the speed of the transition. Because the transition is unstoppable and that's the reason why investing in electric mobility and the infrastructure. However, obviously the pace depends from several factors. A couple of them are macro, which are first of all election in European Parliament. And secondly, elections in U.S. So this might accelerate or slow down the pace of the transition, but it's not gonna change the direction because the direction is, as we mentioned several times, already written. Not really by regulators. But written by car makers that have entirely shifted their production lines to electric vehicles. Okay? And you will start seeing the impact of Chinese automakers in Europe. That is a big challenge and also political from the political perspective. But this is what it is. And then we are going to see maybe slightly slower than expected, but the impact of EV launched by European and U.S. car makers in Europe in the coming months. So obviously these uncertainty give us a scenario in which is very difficult to predict what will be the utilization rates in the coming quarters. However, this doesn't change the strategy. So as Stefano was saying, we've become more selective in our investments, but it doesn't really change the CapEx commitment because as you can see, we do have a strategy. We do have a vision. Most importantly, we have the support of our majority shareholder. As mentioned by Stefano, we do have the support of the European Union. You see in our results the over EUR 90 million to be received from the European Union, from Casaletto, the Italian Casaletto, the French Casaletto. I mean, we do have the support of the majority shareholder. We do have the support of the European Union. We do have the support of two major Italian and French Caisse des Dépôts and Cassa Depositi e Prestiti. I mean, we are backed. This is not just a company that launched an investment program in something that is subject to uncertainty. I mean, this is a clear vision on where we are investing. This is a clear vision that is supported by major players, by our shareholders, and by major institutions at the European level. So that's the reason why we're not gonna change. We might be more selective. We might be more prudent. And certainly, as I mentioned in the introduction, we will share with you all different scenarios we are facing during our Capital Markets Day in order to share with the market. And with all our investors and stakeholders. How we are gonna navigate into this uncertainty. But again, the vision will not change. The strategy will not change. We'll simply adapt our CapEx and our investments to the different scenarios we are gonna surf in the next coming month. And that these scenarios will be shared with you all during our Capital Markets Day. Okay, thank you. So different scenarios beyond 2025 or for 2024 as well. But 2024, I don't see because of that major changes compared to what we already announced. I mean, we are already given color on the fact that we're gonna invest approximately EUR 100 million with Atlante. I mean, this is in our budget. This is the order of magnitude that we always discuss to the market. I don't see major changes in these figures. We might slow down a bit. We might maybe shift some investments. But I mean, the order of magnitude is confirmed. And I mean, it's in line with the financial capacity we have. It is absolutely sustainable, given the amount of cash being deposited, net cash, plus deposit we have. So it's something that we can do. We do have the financial strength to do it. We do have the right capitalization to do it. That's the reason why we don't see any reason to radically change what we announce to the market. Okay, thank you very much. Thank you very much. I think we can now move on to the next question that we have received, written from Mr. Matas Kudarauskas. Sorry if I mispronounced it from Covalis Capital, which is asking us, could you provide comments around the increasing demand for storage in terms of megawatts? What are demand developments between the E.U., U.S., and Australia? Good question. I will leave to Giuseppe the comments on generally E.U., U.S., and Australia. Let me add another one, which is a very good news, which is the unpredicted Italian perspective. Which is more granular compared to the broader question of Matas. But let me share with you a couple of data. Even in a small country like Italy, that, by the way, historically, in the last 10 years has not invested certainly has not invested heavily in renewables. Or at least in the last decade, I mean, announced compelling targets. Okay. Amongst these targets we have from now till 2030, a +70 GW of solar power, and coupled with 95 GWh of storage capacity. Okay. And then let's forget the residential and the distributed one. Let's focus just on the utility scale. We are talking of approximately 70 GWh of utility scale capacity. 70 GWh. I mean, today we have 1 GWh online, 1 GWh under construction. And the situation is very positive. NHOA Energy is ranking amongst the top five, not top four global player in energy storage, then 70 GWh. So 35 more than what done so far just in Italy. Okay. In which I hope we are we're gonna be well positioned. And for these targets, Italy already gets the money from the European Union because we received approximately EUR 17 billion, and then Terna from European Union, and Terna is talking about over EUR 20 billion, EUR 22 billion, if I'm not wrong, of investments. And this mechanism, which is called MACSE. In case directly Terna involved in this business. So essentially IPPs owners and operators will have contracted revenues with Terna long term contracted revenue. So this is to say, then I leave the floor to Giuseppe to give you the broader perspective of the European, U.S. and Australian level. But this is to say, even a small country like Italy may radically change the pace of growth of NHOA Energy, because just in Italy we're going to install in the next few years over 70 GWh of energy storage capacity with long term contracted revenue. So I think it gives you the small detail gives you the how the market is moving. And it will confirm that the potential is immense for this business, and the market is there. Then Giuseppe, I hand over to you for a broader view at the European, Australian, and U.S. level. Thank you, Carlalberto. Okay, two general aspects. The first one is we are still relatively small compared to the market. So that general trends of the market affect us only in part. Let me say that out of our ability to grow, it's very much driven by our ability to build our resources and execution capacity versus the ability of the market to absorb. So where we are strong, we see that we are able to take market share. Where we are not strong enough, we cannot take market share, irrespective of whether the market is going up or down. So this is important. The growth that you see in the pipeline is largely driven by our ability to accelerate our origination activities more than necessarily the fact of the acceleration of the markets we are in. So we are taking market share in the U.K., and the U.K. is a market that is slowing down for reason that I will tell about. So not necessarily it's the market in itself is as of in given our current status is the main driver of our volume growth. Unit prices. Instead, of course, affects our numbers. So this is the first element. So the market overall is our addressable market overall expected to grow by 30%-40% this year volume-wise. So which means a relatively low growth in revenue-wise because of what I said. But that doesn't mean that this is necessarily a significant constraint one way or another on our ability to grow. The second point is the market is transforming, and this is important for the market, is important for us. So we are seeing a slowdown in markets that were driven historically by ancillary services like the U.K., possibly Texas, PJM. So markets that have been the first ones to open the ancillary services market. So the grid stabilization. Those are markets that we knew were large, but not gigantic, and therefore within a few years time they may reach saturation. And it is not surprising, therefore, to see what we are seeing in the U.K. market. But on the other hand, we are seeing an exponential growth in negative pricing hours coming from solar over generation in a number of markets. And this is across the U.S., Australia, and Europe as well. This is what is going to drive growth. On On Easter Day in Italy for the first time, we reached 100% renewable penetration during the central hour of the day. In order to keep the system running, Terna had essentially to run conventional power plant in parallel with pumped storage hydro. Now there is a limited amount of pumped storage hydro, and every new megawatt of solar that we installed in the Italian grid requires storage in order not to be curtailed. So this is a general trend, and this will really drive growth across markets. This is what drives growth in Southern Europe. Carlalberto mentioned Italy, which we don't want to build a business plan that is Italian dependent. We don't want to be dependent on any single market. But clearly that is potentially Italy becomes the largest European market and one of the largest global markets. And we are the dominant Italian player. So overall the market is growing at 30%-40% volume-wise, and low double-digit, I would say. Addressable market. So excluding China in monetary-wise. But that is not necessarily a relevant driver for us, given our market share and the ability to gain market share when we are able to mobilize the right resources. First, second, the market is growing in the region where we are stronger. And therefore these two pieces combined position us very well. This is in terms of market dynamics. Thanks a lot, Giuseppe. I think we can take now another question, which was coming from another investor asking, I see you invested less than half the money you did in Q4 2023, just comparing net cash figures with the full year 2023 press release. Are you considering slowing down investments? Is your risk appetite diminished? And at the same time, why your indebtedness is reduced? Are you trying to reduce your exposure? Thank you. Thank you, Chiara. I take the first on the risk appetite, and then leave the floor to Alessio on indebtedness and general comments on the cash flow. But let me just introduce the issue. I mean, I think I already answered to the fact that we are not going to significantly change our investment plans. Because, as I said, we do have the financial capacity to do it. We do have the support of our majority shareholder, and we do have the support of financial institutions and institution at the European level. But in this context, we have to underline. So please do not forget that our investment plan is backed by the funds we raised. But again, institutional majority shareholder and European Union. At the same time, our companies within the group that are not investing. So NHOA Energy and Atlante are generating millions of EBITDA and are operating cash flow positive. So I understand maybe sometimes that the market is a bit penalizing, let me say, groups. Okay, generally speaking. But in our case, we didn't create it. We didn't create a group because of diversification, or because we are crazy, but we simply continued our pure play in the energy transition. A strong focus on sustainability driven by sustainable development goals. So this is the reason why we created the first and foremost NHOA Energy 11 years ago. On the back of the university spinoff that we have inherited. And this is the reason why we moved to e-mobility. But please do not forget that all our companies that are making a business model, which is different from the infrastructure one, which is Atlante. Okay. Where NHOA Energy and Free2move eSolutions are operative cash flow positive, EBITDA positive. Are continuously growing. And are positioned at the global level as a global leader. Okay. And in this context, yes, we raised the money last year. Yes, we do have the support of our majority shareholder. Yes, we have the support of financial institution at the European level to continue to invest. At the same pace, according to our strategy. Then there's a reason why, if you look to our, and then I leave to Alessio to comment on that. We have, I mean, between consolidated cash and credit lines available over EUR 300 million. Okay. Even if you're excluding debt, and then I leave Alessio to comment on that. We have over EUR 100 million of net cash. Okay. So that's the reason why I understand, even if I'm not sharing the worries of the market on the fact that we are investing into an infrastructure which is Atlante and a network of fast and ultra fast EV charging that has its own uncertainties in terms of utilization rate, in terms of EV sales. For the reasons that we discussed. But I can understand the doubts. But it doesn't. This doesn't impact the fact that we are extremely focused on our first two business that are generating cash, generating EBITDA that are continuously growing worldwide. And at the same time, we don't decrease our focus on investing with the money we have available that we raise in the market, and that we raised from a highly reputable financial player at the European level for a strategy that has been announced in a very transparent way, has been the core of our capital raise last year, and has been shared by, again and again, major financial institutions at the European level. So this is the picture in which any comment has to be made. And believe it or not, irrespective of the up. This is not a matter of risk appetite. I don't see, frankly speaking, any risk in investing after having raised the money for this purpose, after having had the full support of our majority shareholder and the full support of major financial institutions at the European level. I don't see that as a risk. Certainly, the rentability and profitability of this investment might have some uncertainties in terms of timing. But certainly, this is not gonna change the picture, because, as I mentioned many times, all car makers around the world have shifted entirely their platforms to electric. And this is a matter of fact. So this is not a matter of risk appetite. It's a matter of vision. And as long as this vision is supported by the right shareholders and the right financial institution, we continue. We will continue in in this direction. Thanks to the support of these guys, if I may. Then let me hand over to Alessio for maybe a more detailed comment on our cash flow investments and and indebtedness. So Alessio, floor is yours. Thank you, Carlalberto. So let me comment shortly on the variances of the quarter. As you can see from the table, we are showing the cash and deposits figures have been decreasing by around EUR 40 million. This has been driven by mainly two factors. The first one is the fact that we decrease our indebtedness, repaying debt to our main shareholders of around EUR 16 million. And the second factor is the investment of in excess of EUR 20 million in CapEx for Atlante deployment. If we look at the net cash, you see basically the residual over the quarter, the difference, sorry, over the quarter, which is entirely explained by the investment in Atlante. Looking at the outstanding bonds and guarantees, you may see an increase of over EUR 29 million, which is driven by the support that we gave in terms of guarantees. Towards both NHOA Energy and Atlante for their businesses. Leaving the group with in excess of EUR 130 million of available credit lines. Mostly backed by our main shareholder, TCC. Although, thanks to the positive operating cash flow from NHOA Energy, we are extensively working on adding credit lines on a standalone basis. So we expect the support from financial institutions to increase over the next few months. You may also see that we have been awarded by, you know, an E.U. financing of EUR 17 million, given to the awarding of the CEF grants. And we overall believe that in terms of support and cash credit lines, we are deeply and mostly supported by both our shareholder and its financial institutions for the next year. Thanks. I leave the floor again to Carlalberto or any other question. Thank you, Alessio. I think we are at the end of our investor call. But so is yours, Chiara? Yes, we have no further questions. So I think we can close the Q&A. Thank you very much to you all for attending this investor call. As I said, look forward to having you all during our World Capital Markets Day in the context of which we are going to announce our H1 results. Our Q2 details. Most importantly, all the outlook scenarios and analysis that we're going to share with the market as we have done last year. So thank you all, and have a nice day. Thank you.