Good afternoon, and thank you very much for attending the conference call on the strategic guidelines and the H1 2023 results of the Acea Group. Mr. Palermo, CEO of Acea, will be illustrating the strategic guidelines, and Sabrina Di Bartolomeo will be illustrating the H1 2023 results. A Q&A session will follow the presentation. Please go ahead, sir. Good morning. Good morning, everyone. First of all. I would like to illustrate the journey that we have embarked on, and that will lead us to disclose the new strategic plan Next4. Today, we are going to illustrate the strategic guidelines that are driving the drafting of the new strategic plan. Acea Group is an infrastructure operator with a strong presence in regulated sectors, mainly, and this sets it apart versus other similar Italian operators or players. Acea Group focuses mainly on the water business. Acea is number one in Italy in terms of number of customers served, 9 million customers, 59,000 kilometers of network, and very good results achieved because we have managed to reduce water leaks more than any other player in Italy. We are also operating in South America, where we have roughly 10 million customers served. The second pillar of the Acea Group business is accounted for by electric power, where we are number 2 in Italy in terms of number of customers served. Our power grid amounts to 1.7 million PODs, for 32,000 kilometers of grid. Again, we have been able to achieve major results in terms of reducing the grid losses, that are now down to 6%. We also operate in the generation market, 0.7 terawatt hour generated. A strong presence in the commercial business as well, with 1.4 million customers. The 3rd pillar is accounted for by the environment. We are number 4 in terms of waste managed. Waste management amounts to 1.7 million tons waste managed. This implies also waste-to-energy, which means 47% of recycling rate achieved by our plants, and waste-to-materials, generating 340 gigawatt hour of energy. Acea Group is one of the major players on the Italian market. I think it's worth mentioning that the presence on the Italian market is mainly related to regulated sectors. 85% of our EBITDA is accounted for by regulated sectors. These 3 sectors, these 3 pillars, as I call them, will be facing major challenges going forward as far as water is concerned. I think we are all aware that the protection of water resources is becoming increasingly important, not just in Italy, but also in Europe at large. According to estimates, 18% of GDP is directly and indirectly linked to the availability of water, this gives you an idea of the importance of this resource for the Italian economy. The average leakage rate of the Italian system is very high, unfortunately, 42%. That's why I said that Acea has managed to set itself apart the other European players. The European leakage, average leakage rate is 23%. 66% of Italians underestimated their water consumption. For there is a limited public awareness, which hampers the appropriate protection of water resources. As for electricity, the future challenges refer to energy transition. 1st and foremost, 65 GW growth in renewables by 2030 is expected, of which 80% solar. Then electrification and the role of grids, that is becoming increasingly important as consumption will be increased by 1.5 times in 10 years, which implies the need to guarantee the system resilience. Then there's a substantial need for flexibility for the whole system as a whole, that implies that 10 GW of energy storage expected by 2030. Again, Acea Group, as I've already pointed out, can play an very important role within this framework. The 3rd sector, the environment, we hear so much about circular economy, and we do know that circular economy is a major driver, especially as far as plastic waste recycling is concerned. Plastic waste recycling is expected to grow by 10 percentage point in Europe by 2030, and 2030, sorry. The regulatory framework is changing, and we expect an increase in regulation of waste in Italy. New forms of treatment are appearing on the market, like waste-to-chemical and special waste, and these are thanks to the recent technological developments that have characterized the global market. Engineering, last but not least, engineering is an area where we do operate, and we are witnessing an increasing demand for technical expertise to support the country's infrastructure investment. What is the Acea vision? How does Acea sees the future and its positioning on the Italian market? We definitely are going to support the development of the infrastructures in Italy, and this development and this growth of infrastructure will be driven by people and enabled by people. We are, as I said, a leading player in regulated sectors, like the water sector, and we are strongly positioned in the electricity sector, particularly in the Rome area, and we are strongly positioned as far as the environment services are concerned. We are already well known and seen as high level of service providers for the communities, which means customers are cities and towns, provinces and regions. We are increasingly involving, engaging our employees as a driver to achieve the ambitious results that we would like to achieve. Of course, we are also focusing on shareholders' return. All of this will be achieved by retaining our distinctive positioning in the three sectors I've illustrated, grasping the opportunities provided by the energy transition, which means that our business model will combine renewables. As I said, we are strongly positioned as far as photovoltaic is concerned. We'll be focusing on decarbonization, so waste recycling and carbon CO2 capture. We'll also be focusing on smart cities, particularly as far as public lighting is concerned. In other words, our challenge or the challenge we'll be facing going forward will also relate to operational excellence as far as the major projects are concerned, like the Peschiera plant and the waste-to-energy plant, and also in terms of, on field activities excellence, where we want to incorporate digital technology and AI in our business processes. Acea will focus increasingly on a strong financial diligence, also as far as investments are concerned, to support the growth of the three business lines. Focusing on, as I said, adequate or appropriate shareholder returns, but also focusing on an appropriate management of cash and investments. Coming to the 3 strategic pillars that I mentioned. Let's start with water. We'll be covering this extensively in our new business plan. Of course, we will be providing you with some more numbers on that occasion. As far as the water is concerned, we would like to consolidate our positioning in the Italian market. Currently are particularly strong in the center and the south of Italy, Tuscany and down to Campania. We want to further extend our geographical footprint in the center of Italy. We actually would like to strengthen our presence in the municipal water supply systems in Italy and in the industrial water services. We are already strongly positioned as far as industrial water services are concerned. We plan to provide direct and indirect support for the industrial water processing, where we have distinctive skills and competencies. We are also planning to leverage on our existing strength and consider partnerships with other operators, if needed, to strengthen our growth in the existing businesses. We want to further develop our business in the areas where we are already operating. The idea is that of becoming the Italian leaders on the water market, leveraging on our track record of industrial water services, and considering that we already have 9 million customers or 9 million inhabitants. We are going to develop the Peschiera Aqueduct, that is financed with public money, and it currently accounts for one of the major projects in Italy. As for electricity, the specific pillars imply ensuring the resilience of the grid and protecting the quality of the service in the city of Rome, which is our top priority. At the same time, we would like to develop a new renewable capacity, in response to the energy transition. The same time, we will be aiming at strengthening our performance and service on the retail market. These are 3 different areas, but they are particularly focused areas. As I said, the grid in Rome, we want to boost the grid's resilience and digitization by improving the service quality, by increasing distributed flexibility and local dispatching, and offering smarter city services to supplement the typical grid services that we already provide. As for renewables, over the years, the group has developed major projects with the contribution of financial partners. The idea here is that of optimizing the portfolio to balance the group's consumption, to achieve energy neutrality. As I said, we would like to consolidate our retail market performance and service, by focusing and boosting digital channels, the optimization of the customer management model, and ensuring the effective transition of customers to the free market, which accounts for a major step and also a major challenge for us going forward. The 3rd business area, the environment services, and here we aim at consolidating and extending our leadership position in central Italy. In the past six to nine months, we have been developing major projects like the energy to waste plant in Rome, and we are bidding to the tender. I would like also to recall the expansion and the revamping of the San Vittore plant. This is another important plant serving Lazio region. The idea is that of meeting future demand for new waste-to-energy plants to dispose of waste in central Italy. I'm referring not only to waste-to-energy plants, but as you might know, the company is focusing on the integrated waste cycle to be further developed in central and southern Italy. Recently, also thanks to the acquisitions made, we have been able to strengthen our position in this area, and we believe that this will enable us to achieve additional synergies with water business, for instance, because, as you know, sludge treatment implies necessarily a synergy between the environment and the, and water businesses. As I've already mentioned, we are going to focus on revamping and developing new lines, leveraging on the group's extensive experience in waste-to-energy, and boost our capabilities in materials recycling, that is growing in importance and could open up new opportunities. As you know, we are currently assessing new opportunities in new segments, like the waste-to-chemical segment. Our commitment to ESG has been confirmed and will be further confirmed. The SBTi targets for cutting CO2 emissions are confirmed. We confirm our determination to strengthen the waste recycling chain and reduce water leakage. As far as our people is concerned, we are committed to gender equality, to boosting youth employment, and last but not least, boosting personnel development and training opportunities for our employees. Acea has also committed to fully embed ESG criteria in our risk and compliance processes, which is something that we already partially done, then support the supply chain to enable ESG performance. We are also extending our operating ESG KPIs that are constantly monitored at our group level. This, in a nutshell, is what we expect in terms of group's positioning, and these are just the strategic guidelines that will be driving our business plan. We're going to focus on water, environment, and electricity, that account for the pillars of the group's business. As I already pointed out, over the next few months, we'll be working on this to disclose a new business plan next fall, that will be the result of the new managerial team that we have progressively built. My management team is currently working on this new business plan, focusing on the growth of the group, paying attention to financial diligence in investments, on working capital, and on debt, in line with best practices. Considering that we operate mainly in regulated businesses, as I've already pointed out. This is it as far as the strategic guidelines are concerned. I would like to start the presentation on the H1 2023 highlights. Would you like to have the Q&A session now? Well, if there are questions now, we can have some questions 1st, we can move on to the presentation of the financial highlights. This is the conference call operator. Q&A session can start now. If you wish to ask a question now, you can press star followed by 1. To leave the waiting list, you can press star followed by 2. Please ask your questions using your headsets. Please press star followed by 1 now if you want to ask a question. The first question, by Javier Suarez, Mediobanca, at Mediobanca. Good afternoon. Thank you very much for this presentation. I've got a couple of questions about the strategic direction of the company. First of all, what is the management perception of the capital structure for a group, as she currently is closer to 4 times rather than 3 times? What do you think would be the ideal debt of a company operating in regulated sectors, but also considering the volatility of interest rates? The 2nd question refers to the capital allocation of the group. Do you think the company should achieve a balance between CapEx in organic business, M&A, and growth? What, how do you view this need to rebalance the capital structure? The 3rd question, in the past few years, the Achilles heel has always been the margin. What managerial actions can be made to better control the working capital? Sorry, he said the working capital. Well, first of all, Javier, thank you very much for your question. Well, your, part of your questions will be answered during the presentation of the financial highlights. As far as debt is concerned, consider our guidance of 3.8. As you might have seen today, we are closer to 3.6 today. It would be too early for me to announce a target, because we're still drafting our business plan. I would like to mention this when we disclose the plan, I wouldn't like to give you any numbers now. Clearly, we are aiming at curbing our debt, definitely we'll be coming back to this when we illustrate our business plan. Definitely this is going to be one of our priorities, even though, as I said, we are planning to grow in a regulated business. This is one of the distinctive features of Acea. Acea is perceived as a multi-utility, but consider that 85% of its EBITDA comes from regulated businesses. You know that. Nevertheless, we're still able to curb our debt, and this is our intention, to go on limiting our indebtedness. As for CapEx, what happened in the first eight months, since I joined, shows that despite our CapEx, we're still limiting our indebtedness. For instance, the Peschiera plant is financed by public money. This is an example of what we are doing. The Resilience and Recovery Plan is going to provide us with additional public money to finance these projects. In the water business, I believe that major investments will have to be financed by external money, by public money, in other words, and not by companies directly. I know that the Italian government is working on this now, so we'll see what happens. As for capital allocation, if I understood your question correctly, in our case, the water business accounts for our most important business, and therefore, capital allocation will focus on this, and all the others will follow suit. As I said, we expect a short-term return on our investment that would have a favorable impact on cash, on our cash. This is something we've been focusing on. This is something that has always characterized the water business, and all the operators are actually focusing on this. In other words, shorten the period of time required to get a return on the investment made in the water business. We're working also on the other businesses we operate in, so electricity and the environment. I believe that the first positive signals will appear, will materialize over the next few months. Well, the working capital, to be well managed, implies cutting costs. As you're going to hear, we have already put in place some cost cutting, which has partially offset the financial charges that we have to bear. At the same time, we are focusing on optimizing our tariffs to recover part of these additional costs, and this would have a positive impact on our working capital. I hope I've answered your question. Next question by Stefano Gamberini at Equita SIM. Good afternoon. Thank you very much for your initial comments on the strategic guidelines. I've got a couple of questions or two. 1, about the leverage and investment development. Far, you invested EUR 1 billion per year, and the leverage has reached 3.7, 3.8 on EBITDA. How can the process be sped up over the next few years? I'm trying and understand this, because investments are definitely important and interesting, but I am trying and understand how you can speed up, the, your investment, considering the large number of projects you are working on. My second question is the following: Are there assets that can be disposed of more easily? You said that you are not a multi-utility, but a regulated business, so why are you investing on renewables then? Are the energy retail assets, more likely or easier to dispose of, or the water assets that you have abroad, could they be disposed of to finance investment in Italy, to finance CapEx in Italy, or would you need a capital increase? What are your strategies so that the EUR 1 billion CapEx needed every year can be sped up over the next few years? I'm talking about equity investment, of course, and not considering incentives, because then, of course, when it comes to investments made in the water business that are financed with public money, I mean, this is okay, but then the value detract or deducted from the RAB of the operator, there is no advantage. What is the dividend policy of Acea Group? A regulated company must inevitably have an attractive dividend policy. How can you combine all of these, say, requirements, considering that you are planning to grow going forward? Thank you very much for your question. Answering your question now means having our business plan ready now. That said, we are actually focusing exactly on what you have described. That's why we are presenting our initial strategic lines, guidelines today. Finding the right solutions that combines the growth and development, and attention to CapEx management and capital management, must inevitably imply the assessment of our business scope, and we are exactly considering what you just pointed at. As you correctly said, the regulated businesses are crucial to the group, and they account for 85% of our EBITDA. All the rest can be considered for disposal. Photovoltaic is an interesting business. Again, we have to think about what we plan to do. Please consider that, our water business does use energy, and so, but the remaining capacity in terms of energy generation can be considered for disposal. In the past, the group has considered these points already, which had led to a number of decisions made that inevitably had an impact on our P&L. This is exactly the type of evaluation that we'll be doing over the next few weeks, and then we'll be disclosing our business plan in October next. I believe that the dividend policy of Acea has always been a generous one, this year, too, and this has been testified by the interest shown for the company. Clearly, the dividend policy will be based on the, or related to the business plan targets that will be incorporated in the new business plan. As I said, we are going to focus on a rigorous due diligence, financial due diligence, paying attention to all the levers. I mean, there could be different levers that we can act on, and this includes acting on the business scope or resorting to different sources of financial resources to finance our investments. I don't think the RAB is an issue, as you said, because I believe the group can make substantial investments in the water business, because in the past, we, I mean, underinvested in this business. Over the years, Acea has acquired geographical areas where investments in the water business have always been negligible for years. Receiving public money to finance plans or finance projects in the water business can definitely be the right way to go, because this would enable us to generate revenues without undermining our RAB and having public money to finance large-scale projects like the Peschiera Aqueduct. The aqueduct, the Peschiera Aqueduct is financed partially by the tariffs and partially by public money, but the final result is the improvement of the whole system. Such projects do not imply extending the customer base, but are mainly meant to again, improve the whole system, the water system as a whole. It's not accidental that such large-scale projects have always been financed by the state, also in the past. I believe that in Italy today, we see a virtuous system, where the large-scale projects are financed by public money, while we finance the local distribution networks through the tariffs. When I say we, I mean the operators in the water business. For the time being, there are no additional questions. All right, then. I would like to say just a couple of words about the financial highlights, and then I'll hand you over to the CFO of the group, Mrs. Di Bartolomeo. The results of the first half of 2023 show a substantial growth of regulated businesses and testify our operational discipline. Revenues, group revenues, grew by 5%, reaching EUR 2.3 billion, including EUR 1.2 billion from water, energy, infrastructure, and environmental sectors. The organic EBITDA, net of extraordinary items, grew by 3%, up EUR 18 million on the first half of 2022. Such growth has been driven by the organic growth in regulated businesses, so water business grew by 6%, energy infrastructure by 3%, and it was driven also by major cost efficiency. Net profit, again, here we have reported also the adjusted net profit, because the previous year was characterized by extraordinary items that were one-off, of course. This year, we have estimated the net profit that is higher than the adjusted net profit of the first year half of 2022. Which shows us that by increasing operating efficiencies, we managed to offset the growth of financial charges that have been reported this year as a consequence of higher interest rates. It has also been possible to increase the depreciation of previous years' CapEx. CapEx amounted to EUR 503 million, growing in the regulated business, but in line with our investment plans, and fully in line with the average of H1 and H2 of 2022. The group has been able to generate free cash flow of EUR 103 million, up EUR 65 million versus the first year half of 2022, which has enabled the group to improve its financial structure. The net debt to EBITDA ratio is 3.7 versus our guidance of 3.8 times. Which I believe this testifies, despite the increase in the debt that is impacted on by dividends payment that took place a few days ago, as well as a taxation and financial costs. As I was saying, our net debt is improving. These are the key financial highlights. Again, growing revenues, growing EBITDA, net profit adjusted, so net of extraordinary items is improving, too. CapEx in line with our plans, and free cash flow improving. Now I'll hand you over to Mrs. Di Bartolomeo, our CFO, for more details about financials. Thank you very much. Good afternoon. I would like to carry on what the CEO already started. As you can see, the group is growing, and as a consequence, the investment plan is also growing, despite the full year target has remained unchanged. It's just the result of the bringing forward of some investments. Revenues grew, 87% of revenues come from regulated sectors. EBITDA grew by 3% on the previous year, and this, despite revenues slightly dropping as a consequence, mainly of the energy price and the impact that this had on the trading company. EBITDA is growing, as I said, as also a consequence of greater operational efficiency and greater attention to all the costs that can be reduced. Our CapEx plan is still ongoing, especially in the key sectors, like water. Again, our EBITDA is growing despite the increase of financial charges. As for net debt, net debt increases by EUR 359 million versus the previous year. We have to consider a very positive cash generation, and our guidance matches with the guidance that was already given at the beginning of the year. As for our EBITDA, our EBITDA is accounted for by 53% by the water sector, 28% by the energy infrastructure, and 6% by environment. Regulated sectors account for 87%, roughly, of our EBITDA. That reached EUR 670 million at the end of the first year, half of 2023, up 3%. You can see the evolution of the EBITDA. We have added two non-recurring items, that is to say, the bonus for the technical quality in the water sector in July 2022, amounting to EUR 26 million, and then the sale of CO2 allowances in the environmental sector for EUR 12 million, again, in 2022. These non-recurring events had a positive impact on 2022. Net of this, the organic growth is EUR 33.0 million, despite the negative energy scenario. The organic growth, so the growth of the tariffs and the attention paid by the management to the management of assets, has made it possible to grow our EBITDA by 3%. This year, no recurring events have materialized, with the exception of the change in the business scope. As for net profit, we have good news here. If you look at net profit, you see that net profit grew by 6% compared with the same period of the previous year. This more than offsets the depreciation of financial charges and interest rates year on year. Operational discipline has made it possible to outweigh the increase in depreciation and financial costs, and therefore, the rise in interest rates. I would like to recall the non-recurring events that had an impact on revenues and EBITDA in H1, 2022. That is to say, the roughly EUR 20 million capital gains for the disposal of photovoltaic assets, which materialized in H1, 2022. As for CapEx, as we already pointed out, when I commented on the EBITDA, 87% of our CapEx relates to regulated sectors with the same breakdown that we have seen for our EBITDA. We go on focusing on generating value in the regulated businesses, which implies growing our RAB going forward. The main actions that have been put in place refer to repair and widening of water and sewer pipes, sewage pipe in water business, the extraordinary maintenance of the existing plants and networks, and also, the improvement of treatment plants. As for energy infrastructure, the action has been focusing mainly on the upgrade of the grid and on the installation of 2G meters. As for the environment, as you already heard, we are carrying out a maintenance work on the San Vittore, Terni, and Monterotondo Marittimo plants, and on the construction of the plastic sorting plant, which accounted for EUR 18 million CapEx this year in this sector. As for the other sectors, we are definitely still investing, though in a much more limited way than in the regulated sectors. As for our cash flow, in the first year half, we have witnessed a generation of EUR 103 million of free cash flow. An increase of EUR 65 million versus last year, same period. As such, an increase in free cash flow has partially offset the payment of dividends and also the payment of taxes. Please remember that this year, we did not benefit from the tax allowances of the previous year. This year we have experienced a different timing in the payment of taxes, and therefore, we had to pay such taxes in advance. The increase in free cash flow has made it possible for us to cover this increase in financial charges and due to the rising interest rates. As for our debt structure, we confirm our guidance. Our net debt amounts to EUR 4,798 million, growing by EUR 359 million versus December 2022, with a breakdown between long-term and short-term debt and cash and cash equivalents, that enable us to honor all the deadlines of the next couple of years. The debt structure is mainly fixed rate debt, 91% is fixed rate debt. Because of the rise of interest rates, the average cost has reached 2.02%, an average duration of 4.6 years. As you might remember, in January 2023, on the 17th of January 2023, we have successfully placed a Green Bond for EUR 500 million, paying coupon interest of 3.875%, maturing on the 24th of January 2031, followed by a tap issue of EUR 200 million, same conditions, with a coupon interest of 3.875%. On 6th of July 2023, EIB loan was granted for EUR 435 million for 15 years, which will enable us to meet all the deadlines of the next years. Moving on to organic growth in the different sectors. In the water sector, as we already pointed out, EBITDA grew from six. Sorry, revenues grew from EUR 664 million to EUR 716 million, up 7% versus the first year of 2022. Net of non-recurring items, it increased from EUR 638 to EUR 672. Again, you see, organic growth amounts to 6%. As you know, the first phase of ASAP Terna closed in December 2022. As for CapEx, as I said, it's just a matter of bringing forward investment in the first part of the year to close in line with the previous year, with 2022. As for energy infrastructure, again, our CapEx plan is still ongoing. We still focus on improving the grid, and on the installation of 2G electricity meters. In June, we have reached 804,000 meters installed. Revenues growing 3%, EBITDA growing 3%, too, just organic growth. CapEx was limited and confined, mainly in the first part, I mean, limited in the first part of the year to the benefit of the water business, that will be recovering in the second part of the year. Please consider that energy infrastructure and water are the areas where we would like to focus our CapEx, mostly. As for the environment, we are still working on the integration of the plants acquired in 2022. We have seen a substantial increase of waste treated that grew 8%. Revenues are slightly down, mainly because of a pricing effect that impacted the first year of. As for the EBITDA, I will, again, what I said about revenues apply here, too. EBITDA benefited last year from the sale of CO2 allowances, which is not there this year. EBITDA was impacted by the energy scenario and the reduction in prices. Treatment and disposal reached 941 tons, whereas we see a reduction of electricity, waste-to-energy, electricity sold. As for the events that have occurred, on the 23rd of January 2023, we have acquired the 100% of Deco, after acquiring the remaining 35% stake in Deco. We have acquired 70% of Tecnoservizi on the 3rd of October 2022. As for electric power generation, we have reached over 200 MW of ready-to-build photovoltaic plants, so we're still developing our photovoltaic plants pipeline. We have reached 860 megawatt hours, of which 208 already authorized, and 652 megawatts are waiting for the authorization. Revenues have been impacted by the energy scenario. Both revenues and EBITDA were impacted upon negatively by the energy scenario. CapEx grew to EUR 25 million. In terms of total electricity produced, electricity produced increased, especially in the thermal electric area. In 2022, we did have some problems with the production of a hydroelectric power, sorry. The hydroelectric power grew in the first year half of 2023. As for commercial and trading, we see an increase in our customer base on the free market. We have reached 1.2 million customers, 262,000 for gas. Revenues are impacted upon by the price of energy, so they drop to EUR 1.2 billion. EBITDA shows a recovery on the one hand, thanks to the price of energy and also to organic growth, thanks to the good management of the commercial and trading business. As for CapEx is in line with our budget. This is it. Thank you very much. I think we can now start the Q&A session. This is the call operator. If you wish to ask a question, you can press star followed by one now. The first question by Stefano Gamberini at Equita SIM. Thank you very much for taking my question. I got a couple of questions about the guidance for this year. One refers to the EBITDA growth. You have considered the EBITDA adjusted, so I would like to understand whether this 4% growth refers to EBITDA or EBITDA adjusted. I would like you to clarify this, because my second question refers to how you plan to grow by EUR 55 million of EBITDA in the second year half. You reached roughly EUR 25 million, EUR 30 million in the first year half. How can you reach EUR 55 million, considering that in waste and power generation, the energy scenario will inevitably be impactful? My second question refers to your debt guidance. Why the leverage guidance is not improved, despite the more positive signs in Q1 and even more so in Q2, whereas you see a deteriorating working capital, because if you make a calculation, the expected EBITDA, EUR 1.350, and then consider financial charges and CapEx, roughly EUR 1 billion, the difference is even more than the figure I mentioned, and this is probably due also to different management of funds. Why working capital is expected to deteriorate even further? Why in Q2, the working capital deteriorated substantially? In end March, working capital had improved by EUR 135 million. If we look at what happened in June, the working capital appears to have deteriorated by EUR 70 million, which means that there's been in a quarter, only a deterioration of EUR 200 million. I try and answer your questions one by one. As for the guidance you asked about, the guidance is based on EBITDA and not, as Fabrizio Palermo already pointed out, the group is working hard, focusing on costs and focusing on operational discipline. This will enable us to achieve our targets, and therefore confirm the guidance provided in the past. As for working capital deterioration between Q1 and Q2, this is mainly a timing effect that, compared to previous year, led to a Q1 that benefited from energy prices. The cash ins are made in Q1, but then the energy price dropped, and therefore the impact on Q2 was completely different. The working capital of the first six months of the year has been positive, despite the dividend payment, and so on and so forth. We have been particularly rigorous in managing the working capital. If I may, a very quick follow-up. The full year guidance for your EBITDA, you do not expect no recurring events in the second part of the year? Well, there could be some non-recurring events that anyway, had already been estimated. I'm sorry, we couldn't hear what you said. As I said, we are working on this. There might be no recurring items also in the second part of the year, as was the case last year. Okay, thank you very much. Next question by Javier Suarez at Mediobanca. Good afternoon again. I'll try and ask a couple of questions. Probably you have already answered some of them. I missed part of what you said because of the poor quality of the sound. My first question refers to slide 22. I see a substantial recovery of profitability of the trading activity. You mentioned an increase of the customer base, especially in the free market. Can you please tell us more about the new commercial policy of Acea? Whether this customer base increase will be accompanied also by a margin increase in the second year half. My second question, probably you have already answered this. If you can, please repeat your answer. During the presentation on slide 16, you mentioned an improvement in terms of a generation of free cash flow of EUR 65 million. What kind of managerial actions led to this result, and what other managerial actions can be put in place in Q3 and four to further secure the working capital? Well, I'll start with your last question about working capital. As Fabrizio already pointed out, the attention to expenditure and to our cashing policies. A lot of rigor in managing receivables and payables, and on cost efficiency is what enabled us to achieve this good result in H1 2023. We go on with the same rigor, the same discipline, also in the second year half. As for the performance of the trading business, as we said, our customer base is progressively increasing in the free market. Like all the other players, we have adjusted our contracts to the increase of energy prices, which has enabled us to increase our margin. We try and do the same also in the second year off. Can you hear me? Hello? Can you still hear us? We don't hear anyone. We don't hear. For the time being, there are no more questions. Okay, I would like to ask Javier whether he was satisfied with the answer. Yes, sorry. I had a problem with the line. Yes. If I may ask a follow-up question. I would like to ask you a question about the extraordinary activity, because during the presentation, I understood that the group may carry out extraordinary transactions in the waste sector. How do you plan to finance these extraordinary transactions? If I understood correctly, you are open to have partnerships or sign partnership agreements. Thank you very much for your question. As I said, we'll be focusing mainly on regulated businesses. Then we'll be defining our priorities in our business plan. We'll be considering our priorities, and what remains will be evaluated on its merits. Consider that we want to go on being very rigorous in our financial management, but to strengthen, retain, and strengthen our positioning in certain businesses, we will have to consider different funding opportunities. It would be too early to talk about this now. We are working on this, and we'll go on working on this over the next few months, of course. At the time of the disclosure of the business plan, we will be able to provide you with a clearer picture. Again, we're going to focus on the development, retaining and developing the regulated businesses further, and all the rest will be evaluated on its merits. We are considering also a capital structure that is not going to be burdensome. Honestly, I cannot say more than this. Otherwise, I would have to illustrate the business plan altogether. Javier, you already had too much. Retaining and further developing regulated businesses. Very interesting. Thank you very much. Any more questions? For the time being, there are no more questions. Thank you very much for attending. Of course, we are here available for further questions, if any. Thank you very much and have a nice evening. Goodbye. This is the conference call operator. The conference call is over. You can disconnect your telephones. Thank you very much.