Morning, ladies and gentlemen. I'm pleased to welcome you to our presentation of the financial results for Q1, 2022 of doValue. Alberto Goretti here in Investor Relations, and as usual, I'm here with our CEO, Andrea Mangoni, and our General Manager of Corporate Functions and CFO, Manuela Franchi. As usual, in the first part of the presentation, Andrea will walk you through the developments of doValue since the beginning of the year. In the second part of the presentation, Manuela will give you an overview of the financial performance of the company. Andrea will then wrap up for a few final remarks. Following the presentation, we'll be glad to answer all your questions. Andrea, over to you. Thank you, Alberto, and good morning to all of you. Starting from page 3 of the presentation, we are pleased with our performance so far, which represents a very strong start of the year, both in terms of GBV evolution and financials. In particular, we have already secured EUR 6 billion in terms of new GBV since the beginning of the year, mostly from Italy and the Atlantic region, which once on board it will bring our GBV above the 158 billion euro level. What makes us very positive is also seeing a growing pipeline of servicing mandates being tendered in the market across all of the country in which we operate. In particular, at the moment, we see an aggregate of more than EUR 24 billion made of both outright portfolios as well as servicing platforms to be sold. We are actively participating to all the tenders in the market. In terms of collection, despite a marginal decline in GDP year-on-year of approximately 5%, our collection activity has remained solid at around EUR 1.3 billion, substantially in line versus the first quarter of last year. The resilience in our collection performance is a particularly important aspect to note, especially in context whereby economic growth is slowing down. Our collection rate of 4.2% is also relatively steady versus the figure reported for the full year 2021. The first quarter of 2022 is well ahead of the first quarter of 2021 on virtually all the P&L metrics, which is particularly remarkable, considering the slight decline in GDP and the overall stable collections. The key event of the first quarter has been the decision by Sareb of substituting all the current default servicer, including doValue, with the two new servicer which have no prior experience in managing assets on behalf of Sareb. The financial impact of such a decision has already been reflected in the results for the full year 2021, where we essentially fully amortize the residual value of the Sareb contract. At first read, that already anticipated, estimated at up to EUR 15 million, will be no recovery in nature and will occur in conjunction with the reorganization of doValue activities in Spain in the second half of 2022. All in all, we reiterate our 2024 targets and the limited impact on 2022, 2023 for the Iberia region and for the group as a whole. In terms of market backdrop and outlook, we have no direct links to Ukraine nor Russia, and the current macro situation hints towards stronger generation of NPE. Looking at the full year 2022, we reiterate our previous guidance in line with 2021. With EBITDA ex NRIs marginally below 2021, and net income ex NRIs marginally below last year. In terms of leverage, we expect to remain at around 2x for 2022, considering that cash flow generation will be absorbed by the digital transformation CapEx, the Sareb-related NRIs, and by the payment of the 2021 dividend. The deleveraging profile should resume from 2023 onwards, with growth in EBITDA and a positive cash flow generation after dividends. In terms of our dividend policy, we confirm our commitment to grow dividend per share by at least 20% per annum, which means a DPS of at least EUR 0.60 for 2023. Moving to page 4, as already mentioned, we had a pretty strong start of the year in terms of new mandates with a series of projects both in Italy and in the Hellenic region, some of them which we will be able to disclose soon. All in all, we are more than 40% done in terms of our 2022 target of EUR 13 billion-EUR 14 billion of new GBV, as presented in our Capital Markets Day in January. We are particularly pleased of our performance in the Hellenic Region, where we have gained the additional contracts secured from February to today, which is a first demonstration of the sound rationale behind the acquisition of the current doValue Greece in 2020, but also the strategic relevance of having a footprint in Cyprus, which derives from our acquisition of Altamira. In addition, as you know, the Frontier portfolio was successfully onboarded in early February and is already contributing to our P&L. The overall securitization transaction was awarded the prize of NPL Deal of the Year by GlobalCapital. Moving to page 5, the market is very active and the pipeline of potential mandates has actually grown substantially from what we presented at the end of January during our Capital Markets Day. First of all, we have already won more than half of the mandates that have been awarded since the Capital Markets Day. In addition, about EUR 16 billion new pipeline has materialized in the last few months, and we are working on all of these projects. Please consider that this update pipeline already excludes what has been awarded and is focused on new deals up for grabs. As you can see, the pipeline is particularly intense in Italy and in the Hellenic Region, and it's made both of outright portfolios looking for a servicer, as well as disposal of servicing platforms. Some of the deals in the pipeline are actually quite significant in size. Moving to page 6, in terms of macro outlook, many clouds are gathering on the horizon. What was an already complex situation at the beginning of the year, compounded by the war crisis in Ukraine, which has added further pressure on growth. All in all, let me remind you that the activity of doValue has no direct links to neither Ukraine nor Russia. We manage less than EUR 20 million GBV linked to Russian borrowers, but on that GBV, the collateral is based in the Hellenic region, and foreclosures can be enforced regardless of sanction. Asset collection activity so far has proven very resilient to the macro slowdown, but we are monitoring the situation carefully for early sign of deterioration. On the flip side, we believe that faster NPEs will be generated by the system, and this aspect will become more and more visible during the course of 2022. Moving to page 7, going back to the financial results for the first quarter of 2022, we are very pleased with the progress made so far. In particular, considering that the results for the first quarter of 2021 were positively impacted by the EUR 400 million capital gain of the release of the Relais notes in Italy. Stripping that effect out, you have high single-digit gross revenue growth and a double-digit EBITDA growth. This is particularly remarkable considering that GBV is marginally down year-on-year, and that the first quarter is typically a slow quarter in our business. All in all, these results have been pretty much supported by the marginal GBV mix shift towards the Hellenic region, which is a pillar of our 2020- 2024 business plan. Going back to Sareb on page 8, and here you have a summary of the overall Sareb process, which started in the summer of 2021, and, which saw us at doValue witnessing the evolution of the approach of Sareb from being relatively commercial regulated and reasonable to becoming purely driven by fee. As you know, the, current four incumbents, including doValue, will be substituted by, two new servicers in June, and we will start the reorganization of our activity in Spain post-summer. Actually, because of the delays from Sareb in onboarding the new portfolio to new servicers, the annual contract will be prolonged for an additional two months. All in all, we currently estimate the cost of up to EUR 15 million in relation to such reorganization. Such cost will materialize in the second half of 2022, and will be treated as a non-recurring item, given its nature. Moreover, not being reappointed by Sareb means for doValue not having in our portfolio a pretty dilutive contract in terms of expected EBITDA margin. We believe that not being a Sareb servicer does not impact our ability to win other contracts from banks and investors. In fact, we are currently performing a very intense origination activity, also looking at products related to the management of UTPs, early arrears, and Stage two loans, leveraging on the best practices gained in Italy and Greece. All in all, despite Sareb, we remain confident about the medium-term prospects of our business in Iberia, and we reiterate our 2024 business plan target presented for the group in January. Moving to page 9, a few words on the transformation. Our plan is moving along as expected, with few key milestones being already achieved in 2022, such as the rapid onboarding of the Frontier portfolio and the onboarding of the Neptune portfolio. Besides these highly visible achievements, we have a number of smaller activities coming along, which will contribute to meeting our mission for doValue 2024 and to achieving our business plan targets. Let me now hand it over to Manuela to go over the financial results in detail. Over to you, Manu. Thank you, Andrea, and good morning, everyone. Starting from page 11, you can see that the GBV has remained broadly stable year-on-year, and in particular, considering the mandates already awarded and that were not yet onboarded at the end of March. As already mentioned by Andrea, collections stood at EUR 1.3 billion, marginally ahead of the first quarter of 2021, which is a very positive sign considering that the GBV dynamics and the deterioration of macro conditions in the month of March. Gross revenue have grown at a low single-digit rate year-on-year, but if we normalize the positive effect deriving from the sale of the Relais note in the first quarter of 2021, growth has been more pronounced and stand at high single-digit rate. EBITDA has grown at low single-digit levels year-over-year, and that's partially reflected in the increasing costs related to the transformation plan, in particular in relation to Iberia, which we expense in the P&L, and they are in the recurring EBITDA. Again, stripping out the Relais effect, EBITDA has grown at double-digit rates. Despite increased costs incurred in Iberia, EBITDA margin remains at 30%. Growth in net income was remarkable year-over-year and is a result of the growth in EBITDA, lower D&A and the net valuation gains on the minority stakes held in the Value NPL portfolio, in which we co-invested and we manage 100%. Leverage is stable compared to the end of 2021 and is likely to remain at around 2x during the course of the year. Let's move now to page 12, where we can see some more details around the GBV evolution. In the first quarter, we received inflows from our current customers of almost EUR 1 billion, evenly split between Spain and Greece and Italy. On top of that, in the first quarter, we completed the onboarding of Frontier, which was awarded at the end of last year. Collection write-off and disposal stood at EUR 3.4 billion in aggregate, partially compensating the positive effect of the new GBV secured. In particular, disposal relates mainly to portfolio we manage in Italy on behalf of Intesa Sanpaolo and UniCredit. As already mentioned, pro forma for the EUR 6 billion worth of mandates already won and were not onboarded at the end of March, our GBV stands at EUR 158 billion. Moving to page 13, our GBV mix is slowly shifting towards the Hellenic region, which now contributes 21% of total GBV at the end of 2021, increasing 25% at the end of March. This is a favorable shift, considering the relatively above-average fees as well as the higher profitability of our operation in the Hellenic region versus the rest of the group. We are still reporting Sareb as part of our GBV, as the current contract remains in place until the end of June. The Sareb NPL portfolio will be off-boarded already in June, while the REO portfolio will be managed by doValue for a few extra months until the end of September. At that stage, the GBV will decrease by approximately EUR 22 billion. On page 14, we can see that in the first quarter of 2022, there is a continuation of the accretive nature of our REO, UTP, and Early Arrears businesses, which produce a share of revenue, which is higher than their respective share of GBV. We have started a pilot project in Italy with a leading commercial bank for the management of their Early Arrears, which is progressing very well, and we are already pitching the product also in Spain. You will hear on this front very soon on new contracts. On page 15, we show gross revenue, which have been growing by 3.6% year-on-year or 7% stripping out of the EUR 4 million positive effect of Relais in 2021. In particular, the first quarter of 2022 was reflected by strong increase in ancillary services revenue, mostly referred to the activity in Italy of a couple of large projects on data quality and due diligence. In general, the overall regional trend sees the Italian business performing well despite a marginal decline in GDP year-on-year with growth recorded across all business units. The business in the Hellenic Region posting double-digit growth on the back of a marginal growth in GDP and our business in Iberia posting a decline in gross revenue broadly in line with the decline in GDP. Lastly, outsourcing costs have marginally reduced as a percentage of gross revenue from 11.9%- 11.5%, in line with our strategy. Moving to page 16. Operating expenses as a percentage of gross revenue have remained broadly at around 59%, while it grown by 5% year-on-year in absolute terms. The increase is mainly due to the SG&A related to the various transformation programs and in particular to costs incurred in Iberia, which we fully expect in recurring EBITDA. On the other hand, HR costs, which make the bulk of our operating costs, have remained stable in absolute terms and have decreased by 80 basis points as a percentage of gross revenue. On page 17, EBITDA has grown by 1.6% year-on-year or by 13.3%, taking out EUR 4 million of capital gain booked in the first quarter of 2021. The evolution of the GBV mix is favorable to both gross revenue and EBITDA, considering the 50+% EBITDA margin which characterize the Hellenic Region. Some of the trends seen on gross revenue are further amplified at the EBITDA level, considering the operational leverage of our business, with Italy posting a 24% increase in EBITDA, the Hellenic Region posting a 19% growth in EBITDA, and Iberia posting a decrease as anticipated, landing close to breakeven. All in all, EBITDA margin remained at 30%, supported by the increase in margin in Italy and the Hellenic Region despite the decrease in Iberia. This theme is likely to persist for the remainder of 2022, as Italy continues its optimization journey, the Hellenic Region continues to enjoy a strong pipeline and above average profitability, and Iberia goes through a deep transformation process towards a center of excellence in Spanish servicing, coupled with the exit from the Sareb contract. Moving now to the regional performance on page 18. Looking in the first quarter of 2022 on a regional basis, you can clearly see the broadly even spread across region of our collection. The relatively stable collection rate was versus what achieved in 2021, which translate, considering the difference in fee structure and movements in GDP, to a level of EBITDA is in line with the previous year. Please note that, again, if we strip out the group costs, which are currently allocated on the Italian P&L, the EBITDA of Italy would be at 30%. Moving to page 19. Net income growth was solid, both on a reported basis and ex NRI. This was due to higher EBITDA and lower D&A and to the valuation impact of the co-investment we held at fair value. The impact of NRI was limited at EUR 1.5 million post taxes and post minorities, and mainly refers to the consultancy costs and provision for redundancies. Above EBITDA, NRI were negligible. Looking at cash flow generation on page 20, the first quarter of 2022 shows a relative increase in CapEx, which was expected, and due to the transformation program, and a cash absorption of EUR 50 million due to the Eurobank early fee payment scheme, which is progressively unwinding and, which was also anticipated, too, and a temporary mismatch between booking of redundancy provision and cash out related to the same provision. Both effects are expected to normalize during the course of 2022 and 2023. All in all, cash flow generation in the first quarter of 2022 was limited, which resulted in a limited deleveraging and a stable financial leverage at around 2x. As already discussed in the business plan, the year 2022 is also going to be a transition year in terms of cash flow generation of the company, with a relatively lower cash conversion compared to the history of the group. It is going to normalize in 2023 and 2024, bringing us much below the 2x. To wrap up on the financial structure on page 21, as said, net debt was stable in the first quarter of 2022, and financial leverage too. We currently enjoy a very simple financing structure, with the two bonds outstanding at a fixed coupon, limited use of bank financing in relation to our CS loans, and more than EUR 150 million of book cash on our balance sheet. Thank you for your attention, and back to Alberto for the Q&A. Thank you very much, Manuela. Thank you everyone for joining. I see already in the queue a couple of questions, so maybe we can take the first one from Nicholas Binda from Intermonte. Hi, good morning. Thank you for the presentation. I have four questions. The first one is on fourth quarter results. I would like to understand how the fourth quarter actual results were compared to your budget, and if you're factoring in the actual figures if you do confirm the full year 2022 guidance for an EBITDA between EUR 190 million-EUR 195 million. The second one is related to the GBV. In the last couple of weeks, press reported that BPER is analyzing the opportunity to sell its NPL platform. On this front, I was wondering if this potential transaction has been incorporated in the pipeline you disclose in the presentation. I was also wondering if you could be interested in this kind of deal. The third quarter is related to the financial position. The quarter has been negatively affected by the evolution of a net working capital and the change in other asset and liabilities. I was wondering if could you please provide us a guidance for the year regarding these two items. Finally on D&A, embedding the quarterly figures of EUR 60 million, do you confirm the guidance you provided in the business plan for an annual figures between EUR 75 million and EUR 85 million for 2022? Thank you. Yes. Let's go through one by one. On the first Q result versus budget, we are much ahead of our budget. I think we are almost 30% ahead of the budget. We usually budget the first part of the year quite low, given the market circumstances and the significant push, the old NPL system, and we don't talk about only doValue, but the costs and, you know, the lawyers and the activities done at the end of the year. We confirm the guidance of 190-195 EBITDA for 2022, as you have mentioned. In terms of GBV included in the pipeline, we confirm that the BPER transaction is included in that pipeline. We are actively working on it as other deals in the market. This is a relevant one given that, you know, many of the platform of the largest Italian banks have already been sold. Going down the list of the main banks, BPER was the next one to arrive. You might remember that BPER in the past didn't envisage the sale. Yeah, this is a massive trend in the industry which we have observed since our IPO. The increase in outsourcing and the higher efficiency of outsourcers in leading the activity on NPL and UTP has demonstrated that outsourcing is now a factor for the vast majority of the banks. I think the market is above 70%-80% outsourcing. In terms of working capital, we said that the overall impact was influenced by the unwind, obviously, of the upfront fees we received to stabilize 2020 and 2021 due to COVID as part of the Eurobank contract. We can confirm that, through the year, the net working capital and change in liabilities will have on one side a net effect or slightly positive on net working capital and still be negative by around EUR 20 million on the other assets and liabilities. On the D&A front, we confirm the guidance we have given in the Capital Markets Day. Thank you. Just a follow-up, if I may, on how much the actual figure were ahead of budget. 20% you said? 30. Lower. 30. Okay. Thank you. Thank you, Nicholas. We can take the next question from Andreas Mattern from Berenberg. Yes. Hi there. I have, thank you for the presentation. I have a few at my end. Maybe let's start with Spain. Obviously you said, you know, big transformation program here, and this is even before you started the whole sale process. What sort of margin should we expect for the year? Should it be because obviously, you know, we're looking at a margin of 4% for Q1. That's the first one, and then I'll take the rest one by one. Thank you. Yeah. On Spain, obviously we are not going to wait for the offboarding of Sareb to make our actions. That's why you see that we are already working now on reorganizing the operating machine. This was anyway independent. It was part of the transformation program. If you add to the transformation of system, backend and the organization cost, this you know has already you know been considered for the first quarter results. Actually, vis-à-vis our budget, you might be surprised, but we are above our budget. We expect to confirm the EBITDA that we have indicated in the Capital Markets Day. It was around EUR 10 million for the Iberia region for the whole of 2022. Okay, that's clear. Thank you very much. The second question is on fears of a recession. You obviously mentioned that you're kind of monitoring the situation to see any early signs. I mean, what is your view so far? What are you seeing? Are you changing your budget for the year? Are you increasing the probability of recession within your internal budgeting? Obviously you have a lot of experience in navigating these tough periods historically. What can you tell us at this stage? No, as we said before, the negative impact of the current crisis and the economic slowdown will be zero because the Russian borrowers are just a few. We didn't have any budget exercise post the start of the crisis. Because we really believe the impact of the crisis itself will be positive on our results because of the NPL generation driven by the economic slowdown and the rise in interest rates. We didn't have update of our budget after the start of the crisis. I really believe our current budget is because of the crisis a little bit conservative. Maybe one data point which could be helpful to assess the impact. If you look at the auction of real estate that have been put in the market in the last period, so up until end of April, so capturing also the month of March and April, which were already affected by the macro slowdown. We have seen in Italy this is also the effect of the fact that last, you know, there was a blockage on the auction in the first part of 2021, went up by more than 40%. The resolution of this auction was, you know, in line with the number of auction, especially on the retail segment. The retail segment, which should be the one most impacted by the energy prices and by higher interest rate and cost of financing, which is a factor also on the mortgages, it seems not to have been having an effect on these elements. People are buying in the auction much more properties than last year. As I said, there is a technical aspect because many auctions didn't happen last year. Still, this is what we observed so far. On top of this, we have an example of the impact of the crisis in the Italian market, because in April this year, we experienced a significant upward move in the flow generated by our forward flow contract in terms of NPL. Okay. That's clear. I mean, I do understand that so far you actually haven't seen signs and obviously, you know, there have been a catch up effect of the auctions and, you know, people are still buying houses. Obviously things have changed a lot since the invasion and I guess since you presented the plan. Obviously it's very clear that, you know, NPL volumes will increase. Are you, let's say, not more concerned at this stage versus what you were in February in terms of how collection rates might evolve? Not necessarily for this year, but potentially for next year and the year after. For next year and the years after, we are working on it. For this year, we were extremely conservative in terms of budget because of the uncertainty driven by the crisis. I believe even considering the impact of the higher interest rate on the auction, etc, our budget is conservative. I'm definitely positive on the impact of the current situation on our P&L. For the 2023 and 2024, we are still working on it. Okay, that's clear. The last one from me is on the Ariadne portfolio. Where are we in the process, and what do you think are your chances of winning the mandate, given that you're actually teaming up with other PE funds and platforms? So it's like a joint bid. The Ariadne transaction is a quite important transaction, so we are strongly committed on it. I think the preferred bidder will selected end of June more or less. We are positive because our partnership with Fortress and Bain in Greece is a successful one. We won at least three important portfolio with Fortress and Bain, including Frontier, Neptune and Icon. So we are extremely positive on it. Okay, great. One thing which is remarkable, I believe, we don't work only with them in the region because for example, the additional mandate you can see on page 4 in the slides is with a new investor, which we will announce soon. All in all, we are strengthening the existing relationship and diversifying into new clients. I think also in Greece, we sold our loans to Mexico to a new investor. This is a good message in terms of building the client base. Okay, that's very clear. Thank you very much. Thank you. That's all from me. Thank you. I think. Excuse me, we can no longer hear you. Are you on mute? Sorry, yes. I was saying, maybe we can take the next question from Filippo Prina at Kepler. Hello. Good morning. Thank you. I got three questions. The first one is your debt position. I see that you mentioned to have a stable debt this year compared to last year. Just wondering if you do not expect any clawback of the tax claim for this year in Spain. The second one is on your dividend. Is it fair that the EUR 50 million of additional restructuring cost in Spain will not affect your dividend payment? Still related to dividend, given that yield start to be very high, dividend yield, if you plan in the future to pay also an interim dividend. Finally, if I'm not wrong, I haven't found in this presentation or in the press release the split at consolidated level between base fee, collection fee. Just wondering if you plan to not share these figures anymore in the future. Thank you. Yeah. On the net debt position, we indicated in our Capital Markets Day that to give indication on the net debt at year-end, we are not including it. We consider it as an upside on which we are working on. If that is closed by the end of this year, we'll improve our net financial position. In terms of dividend, we confirm that despite the restructuring cost, we confirm our proposal for the dividend. At the moment, we are not envisaging an interim dividend. In terms of on the total fee, the base versus collection, we are pretty much in line with the overall 2021 mix, which was, you know, a bit lower than the nine-month view. As you know, some contracts have been shifted from the Eurobank to the new securitization structure. In terms of mix, it has not been significantly changed. Just to remind, we are at around 53% base fee and 63% collection fee. Obviously, with the Sareb exit, this mix will change a bit because Sareb has a relevant base fee. In our plan, we were already including a base fee, which was almost zero on Sareb in the business plan. It changes versus the past, but it doesn't change versus the business plan. Filippo, just to add, on top of what Manuela said, I think we made the decision in the Capital Markets Day, considering, you know, the strategy of the company, the structure of the group to focus our disclosure more on the three regions as opposed to the, you know, fee split. That is why we are not proposing that split proactively upfront in our presentation and report. Thank you. All right. I think we can take the next set of questions from Equita, Luigi Pedone. Hi, good morning. Thanks for taking my question. A very quick question regarding the strong increase in the ancillary revenues in Italy in the quarter. I was wondering if it's something specific of the quarter or it's something that could be more structural in the next quarter. Thank you. As you know, ancillary services is a mix of different products, no? Which goes from real estate services in the auction facilitation to due diligence to data quality services. It's more lumpy in the sense that we might have, you know, a specific large due diligence in a certain period and less so in the following. Given the amount of pipeline you have seen, we did several projects on these two fronts. Helping banks to clean up their data quality issues and on the due diligence, a lot of activity. In the next month, we will see still relevant business on that front given the pipeline of EUR 24 billion. I cannot say it's always stable, because it depends on the transaction and the clients who ask us for these services or not. Because you might have a big pipeline, but the clients we work with are not asking for the service. Obviously, it's a product we have been pushing since our IPO, has been growing quite well as a percentage of revenue, and we will continue to push for it. Okay, perfect. Thank you. I think we can take the next set of questions from Borja Ramirez from Citi. Hi, Borja. Hi. Good morning. Thank you very much for taking my questions. I have two quick questions, if I may. The firstly is a follow-up from a previous indication. If I understood correctly, the inflows from forward flow grew in April. I would like to ask a bit more details on the regions and maybe also on the asset classes where you are seeing increased inflows. And linked to this, if you could give a bit more color on the expectations for the default rates for the rest of the year and how the rising inflation and rising rates could impact on default rates. Thank you. Okay. On the increase in the NPL flows in April, we saw a significant increase of the NPL generation both in Italy and in Greece. It's just April, but I think it's a clear sign of the impact of the crisis on the NPE generation. The impact of the inflation, it's not material in our business. The main driver of the NPE generation is the interest rate growth because of the impact on the borrower. We are definitely positive on the NPL generation for this year, both in Italy and in Greece. The situation in Spain is slightly different because the NPL generation is substantially stable versus the previous months. I really believe it's just a matter of time because the again the impact of the rise in the interest rates will be material. Thank you. If I may, a very quick follow-up. On the impact of rising rates, if you could kindly provide color or maybe could this impact more on the potentially on individuals or on corporates? Yes. Yeah. These are the areas most impacted. Yeah. It's individual residential, and this is where we have most inflows. Consider that in Italy, under the integrated contracts, we receive anything which is produced under the EUR 1 million mark. We are capturing, you know, the individual and residential, and that's why they grow more than on the upper end. The same in Greece. In Greece we actually have, you know, we manage the arrears and the retail portion, which is something with the size, which is much more granular than we do in the other countries. We do it even internally, while in Italy and Spain, we outsource some of the management of the lower tickets. This is all coming to us as a new opportunity given the structure of the contracts we have. Thank you very much. Very useful. Okay, thank you, Borja. I see no further questions on the queue, so unless there's anything else, thank you very much and have a good day and have a good weekend. Goodbye.