Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the ENAV nine months 2022 results conference call. As a reminder, if all participants are in listen only mode, after the presentation there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Vittorio De Domenico, Head of Investor Relations of ENAV. Please go ahead, Sir. Thank you, Sabrina. Good afternoon, ladies and gentlemen, and welcome to ENAV nine month results conference call. Here with me today are Mr. Paolo Simioni, ENAV CEO, and Mr. Luca Colman, ENAV CFO. They will be running you through the formal presentation, and after that we will be happy to answer your questions. With that, I leave the floor to Paolo, please. Thank you, Vittorio. Good afternoon to all, and welcome to ENAV's nine months 2022 results call. In these nine months, we posted a solid performance which was driven by air traffic volumes recovery in the entire period, and particularly through the summer. We have seen a return to the typical seasonality of the core business, and the back to normal in terms of traffic volumes, which in August exceeded the pre-pandemic levels. En route and the terminal traffic in nine months 2022 in terms of service unit almost doubled year on year, reaching 94% and 88% of 2019 levels respectively. Net revenue were EUR 714.4 million, increasing 21.6% year on year, driven by a solid growth not only in operative core business revenue, but also in non-regulated business. EBITDA was EUR 219.8 million, up 49.7% year-on-year, despite the expected rising costs. The EBITDA margins stood at 30.8%, which means 5.8 percentage points higher than the one recorded in the nine months last year. Thanks to the just mentioned solid performance, we recorded a EUR 91.8 million net profit, more than doubling the last year achievement. CapEx was EUR 48.4 million, and net financial debt was EUR 429 million, decreasing versus the EUR 483.8 million at the end of 2021. Therefore, also the ratio between net debt and full year 2021 EBITDA decreased to 1.9 x. Cash at the end of the nine months was EUR 256 million, which remains more than adequate to face all group's needs. Moving to the next slide, we can see the en route traffic performance, which shows an 86.86% year-on-year growth in terms of service units. Within en route, international traffic increased the most, 119.8% year-on-year. Overlight was up 86.9%, and national grew 52.5%. Overnite continues to be the most important component within the en route mix, accounting for 44% of total traffic, while the international component accounts for 36% and national for 20%. Nine months 2022 en route service units were 94% of those recorded in the same period of 2019, following a very strong traffic recovery, especially during the summer. Indeed, in the third quarter 2022, traffic volumes in service units reached 99% of pre-pandemic volumes, with the month of August 2022 being one percentage point above August 2019. Another element that testifies to the back to normal is the quarterly traffic re-trend, which reflects the return of standard seasonality typical of our core business. Let me provide you also with the last available data recorded in the month of October that show the en route service units managed at 3%+ if compared with October 2019. The next slide, let's focus now on the terminal traffic on this period. Service units recorded an 86.2% year-on-year increase, showing solid performance in all three zones. Looking at terminal traffic by destination, the international component grows by 118.2%, and the domestic by 53.2%. Nine month 2022 terminal traffic reached 88% of the 2019 volume, confirming also for terminal the solid recovery already seen in enroute. The recovery is even stronger in the third quarter 2022 in terms of traffic volumes, which reached 94% of pre-pandemic 2019 third quarter. With that, I leave the floor to Luca. Thank you, Paolo. Thank you, Paolo, and good afternoon also from me to all of you on the call. Slide six, you can see that the total revenue reached EUR 714.4 million, growing 21.6% year-on-year. Within total revenue, the most important thing to note is the total shift in the relative weight of the various items compared with what we have seen in the last two pandemic years. As already occurred in the first half of this year, main contribution to the 2022 growth comes from operating revenues billed to the airline and cashed in within two months, and no more from the balance credit. As you can see from the first graph, en route revenue increased by 126.3% and terminal revenue by 84%, reporting a positive performance in all segments, thanks to the back to normal in terms of traffic volume, especially during the summer. With regard to the balance, we have recorded a negative net amount of approximately EUR 16 million, which comes from four main items. Firstly, the traffic growth this year was higher than the one expected and included in the RP3 performance plan approved in May. Therefore, in the nine months 2022, we have generated negative balance as per the standard traffic risk sharing mechanism. Secondly, we have accrued a positive balance driven by inflation that was materially higher than the one forecasted in the performance plan. The combined effect of these first two movements, together with some other minor adjustments, resulted in a negative balance of approximately EUR 29 million. Third component to take into account is related to the approximately EUR 10 million of a positive balance reversal related to the previous year, to which we have to add the fourth one related to another positive component for approximately EUR 3 million coming from the previous year EUROCONTROL adjustment. Moving now to the non-regulated business shown in the second graph. We can see a year-on-year increase, mainly thanks to the new contract signed above all the one in Qatar. Let's turn the page and move to the next slide, where we can see how traffic recovery to pre-pandemic volumes and a rise in inflation impacted our costs. With regard to inflation, let me remind you that ENAV is fully covered by the protective regulation. The delta between the actual inflation and the forecast, including the performance plan, is generating a credit that will be recovered in the coming years throughout the traffic balance mechanism. In the nine months 2022, total operating costs of EUR 494.6 million increased 12.2% year-on-year, in line with our expectation, and mainly due to the variable component of personnel cost and the cost of energy accounted in external OPEX. Deep diving into our expenses, we can see that personal costs went up by 10.5% year-on-year, mainly due to a rise in variable remuneration related to overtime needed to manage the increased number of flights, especially in the summer, which also caused the rise in Social Security contribution and higher accrual related to the new holidays recorded in the period and not yet utilized. External OPEX also increased year-on-year, mainly due to the cost of energy, which driven by inflation rise grew approximately EUR 11 million year-on-year, and was the main reason for the total EUR 16 million OPEX increase. Another one is the professional services, which went up approximately EUR 2 million versus nine months of 2021, and other costs related to operating personnel travels, which grew year-on-year for approximately EUR 1.8 million. All these cost increases are fully manageable given the regulation covering our sector and thanks to air traffic volumes back to normal. Now, let's take a look at how ENAV's total revenue and EBITDA evolved in the nine months 2022 compared to the same period of the last year. As shown in slide eight, total revenue increased 21.6% year-on-year, and the main drivers were en route and terminal components, thanks to the solid air traffic recorded in the period, coupled with the 30% growth in a non-regulated business. These rises in operating revenues were partially offset by year-on-year balance decrease, which was driven by COVID-19 pandemic impacting 2021 traffic volumes. Extended flight contributes to positive EUR 1.2 million, while other operating revenue for negative EUR 2.2 million due to the lower year-on-year European financing. It is important to note that en route and terminal revenue growth generates a cash-in for ENAV based on our usual two-month lag billing cycle, while the year-on-year balance decrease is not a cash item. The second graph we show how main contribution to EBITDA growth comes from the top line rise, which was fully capable to absorb the cost increase in the period. In the second... In the nine months 2023, EBITDA stood at EUR 219.8 million, showing a solid 49.7% growth year-on-year, with margin at 30.8%, which means 5.8 percentage points better than last year. The notable year-on-year performance at EBITDA and margin level is also partially coming from a non-full comparability among the two periods under exam. Let me remind you that we said in the previous results calls, in fact, last year balance calculation methodology applied was based on actual costs on ENAV instead of actual traffic volumes. This different methodology deleted standard seasonality in our quarterly financial trend, flattening 2021 quarterly performance. As a result, last year, second and third quarters were partially penalized in favor of the first and the fourth, which were, on the contrary, boosted up. Therefore, in the year-on-year comparison, the third quarter 2022 as well as the nine-month 2022 have been helped, while the fourth quarter 2022 will be slightly penalized versus the last year fourth quarter. Anyway, this will not impact expected solid full year 2022 performance of the company. Moving to slide nine, we can comment movements below EBITDA. G&A decreased by 4.0% year-on-year, mainly as a consequence of a reduced capital expenditure in the recent past. The item is expected to slightly and slowly increase in the coming years as the new ATM platform currently under development will become operational. Provisions and write-downs in the nine months amounted to EUR 3.3 million and prudentially include, among other items, the write-down of the total credit related to the Russian activities. As already occurred in the previous quarters, we have a positive financial income and expenses mainly related to the actualization of the previous year's balance credit. With regards to the income taxes, we can see a EUR 26.3 million increase year-on-year due to the higher taxable income in the nine months of 2022 compared with the same period of the last year. As a result of this movement in the P&L, we recorded EUR 91.8 million net profit, which more than doubled year-on-year. In the slide number 10, we summarize ENAV's liquidity and financial position, which, as you can see, remain very solid. We closed the nine months with EUR 256 million of cash, having additional undrawn credit lines for EUR 294 million, of which EUR 220 million are committed. Net financial debt stood at EUR 429 million, decreasing compared with a net debt of EUR 484 million at the end of 2021. Mainly thanks to the dynamics of trade receivables and payables related to the ordinary operations. In more detail, the net debt reduction is mainly attributable to a net cash in from operations for approximately EUR 129 million, cash outflows for approximately EUR 51 million related to the capital investment, and change in non-current commercial debt that actually is related to the gross negative balance to be returned to airline for approximately EUR 24 million. Therefore, net debt to full year 2021 EBITDA for the nine months stood at 1.9 x compared with the 2.2 x reached at the end of last year. Please note that the net debt calculation does not include the EUR 58.5 million dividend paid at the end of October, as well as cashing of the traffic balance in August and September. In conclusion, the nine months 2022 solid results highlight a back to normal from all points of view, starting from the traffic volumes, passing through the approval of our PT performance plan, and lending to growth in revenue and EBITDA, as well as a positive cash flow generation. With that, I leave the floor to Paolo, who will provide you the outlook for the year 2022. Thank you, Luca. With regard to our full year 2022 outlook, given the traffic flows recorded in the first nine months of the year, we expect traffic to recover approximately at 96% of pre-pandemic levels, with our route reaching 9.6 million service units, in accordance with the latest EUROCONTROL forecast issued in October 2022. Given that, our forecast 2022 is consequently improved, as you can see from the figures in the slide. Total revenue and non-regulated revenue are both expected to grow approximately 15% year-on-year. EBITDA is expected to grow approximately 25% year-on-year. Finally, with regard to the CapEx, we expect to reach at year-end approximately EUR 90 million of investment. With that, we are ready to answer your questions. This is the Chorus Call Conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch tone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Ivar Billfalk-Kelly of UBS. Please go ahead. Good afternoon, and thank you for taking the questions. Can I please start with the balance unwind and the working capital position that you have that you generated over 2020 to 2021. What are your current expectations in terms of both timing and amount of how this is going to unwind? Linked to that, your leverage has now fallen below the threshold of 2x, which you stated you wanted to fall below as a first priority for your capital allocation. Now that you've achieved that, do you see any material opportunities for M&A in the near term, or is it more realistic to assume that excess cash will be used for shareholder remuneration? Secondly, you mentioned your CapEx outlook for the year is now lower at EUR 90 million compared to EUR 105 million previously. Is this simply a phasing issue, or are there efficiencies that you've been able to realize that are driving the reduction, but equally are your longer term targets of EUR 350 over 2022-2024 or the even longer outlook of over EUR 1 billion to 2031, unchanged? Thank you. For what concerns the balance, the expectation is to have this EUR 650 million balance recovered in five to six years. This is the actual forecast that we have. For what concerns the CapEx, I mean, the level CapEx less than we forecast by the end of this year versus our initial forecast is mainly related to some problems that we may have with material, with the pricing. It's a global problem, I would say. It's not our problem. It's not really something that could in some way affect our strategy, our implementation, our strategic investment, but just a little slow down in the next year. We keep the EUR 1 billion, we confirm the EUR 1 billion CapEx in the next 10 years. It will not change. I guess maybe. Regarding the dividend, I confirm certainly the company to provide an adequate return to its shareholder, like it has as always done, but ensuring that this does not stress the medium-term prospect of the company. In the coming months, we will start thinking about it with the board of directors, considering expected full year 2022 results. Regarding M&A, let's say that at the moment we don't have in our pipeline any particular item or situation to analyze. I mean, we have time to look around and to check it, but it's not something that we have now. Understood. Thank you very much. Can we follow up on the five to six year timeline that you mentioned for the EUR 650 million? Is the expectation that that will start from 2023? Or might we be waiting until 2024 until that starts to unwind? I confirm 2023 from the next tariff. Thank you very much. You're welcome. The next question is from John Campbell of Bank of America. Please go ahead. Hi there. Thanks for taking my questions. Two, if I could. I noticed that you upgraded your 2022 traffic guidance now to 9.6% of 2019. As we start to think sort of for the outlook for enroute traffic for 2023, if I remember properly, I think your forecast officially used November 2021 EUROCONTROL forecast, which has traffic volumes about 4%-5% above pre-COVID. Do you feel now based on the information you currently have, does that look conservative, and could we see upgrades to 2023 traffic guidance? The second question I had was on the inflation compensation that ENAV is very likely to be entitled to for 2022. Please, could you kind of give us a quantification of how much is expected, based on the percentage point deviation versus your RP3 performance plan? Thank you. To me, sir? Sure, sir. For what concerns the 2023 traffic forecast, if you look at the very recent last forecast that EUROCONTROL published in October, I go by memory, but it should be around 100.2% versus 2019 figures. If you look at 2023 for Italy, you should have this value. This is something that we are looking at at the moment. Vittorio was just telling me that there's also 2024 forecast is 109% in 2024. If you need also this information, it's available, and we confirm these are the forecasts of EUROCONTROL for Italy, the very recent one. For what concerns inflation, just to have the final number, at the end of the year, we have to wait for the, you know, actual inflation. Now, the forecast is it could be somewhere around 7%-9%, so we still cannot confirm the value. What we can say now is that in the nine months 2022, what we have posted is EUR 21 million of inflation that is related to the actual inflation that we foreseen in this moment. Okay. That's good. You're basically saying you accrued EUR 21 million in inflation balance in Q3, which happens I guess to be nine months as well? Oh, yes, definitely. Because we calculated just in the third quarter the inflation as you know, at the beginning, the first or second quarter, we have never calculate this value as you know, the value the figure could really change a lot by the end of the year. That's the reason we always every year normally calculate the inflation delta inflation in the third quarter. Okay. Excellent. Thank you very much. As a reminder, if you wish to register for a question, please press star and one on your telephone. The next question is from Luigi De Bellis of Equita SIM. Please go ahead. Yes, good afternoon. Thank you for taking my question. I have three. The first one on 2022-2024 business plan. Considering you are better than expected 2022, do you confirm the target to achieve an EBITDA pointing to about EUR 300 million? The second question on the bonus malus, do you feel confident to reach the 100% bonus of EUR 12 million in 2022? The last question, we are very close to the publication of 2023 tariff. What is your expectation for 2023 and the balance included in the tariff for 2023? Thank you. Just a second. Okay, at the moment, yes, we haven't changed, we haven't given any other indication about the outlook that we gave for the business plan for the future year. We at the moment confirm that as a potential forecast. We will see in the next month if after also the budget 2022 budget process will be ended, if update also is open. At the moment, we confirm it. For what concerns bonus malus, at the moment the result of the nine quarter are still in line with what could be the best performer in terms of bonus, very very close to because, you know, the increase of traffic was very very high. We are still in line, we were very close to the most. We have to wait at the end of the year also because now the traffic, as Paolo said before, even October, I mean, we have registered in October 2022 the highest traffic ever had in October in Italy. You can imagine that, even if we could imagine to go a little bit down the volume traffic managed month per month, instead we still are increasing, always compared to the relative month of the previous year, we are always increasing the traffic. It will be tough part, but we are working to reach the highest value of bonus that we can reach. For what concerns the tariff, they are not public, they are still under discussion, but more or less, at the moment, we foresee, actually by definition, to have the tariff that we have agreed with, in the performance plan with the regulator, so the performance tariff. On top of this, put the balance that you know, that is more or less, one fifth to one sixth of EUR 650 million. You should imagine a tariff very close, very close to 2022 tariff. A little bit less or a bit higher, but more or less the same one at the moment. We can confirm in just a couple of weeks. I guess there is an Enlarged Committee next week where we will present officially together with the other three, the 2023 tariff, but it is in line with what I told you. Thank you very much. The next question is from Marco Limite of Barclays. Please go ahead. Hi. Good afternoon. Thanks for taking my questions. I have got two questions. One is on actually, your staff costs. So you have highlighted that I assume mainly during the summer period in Q3, you had to pay for more extra time of your employees, given the traffic outturn. So I'm just wondering how are you going to prepare for next summer peaks. Will you be able to hire more people? I'm just wondering if the market of tower controllers is a tight market and if therefore that's kind of a challenge or not. Second question is, again, on your balance on inflation. You said that you booked about EUR 21 million of inflation balance in Q3. In your Q4 guidance or implied Q4 guidance, from the full year 2022 outlook, what's broadly the range of inflation balance you have assumed? Is it a similar amount to the 2021 or is something, you know, much different to the EUR 21 million of Q3? Thank you. Okay. For what concerns the staff costs, 2024, I mean, the way we are going to manage the increase of traffic, to manage the high traffic forecast now for 2023, next year, probably we have to analyze our budget. Our thinking is ongoing. Probably would be a mix between the two options, so hire people, controller actually, and extra time. We are trying to find the best mix to manage this. Also forecasting what will be the traffic in 2024, something that we have to do in time also to manage the increase of the future years. For what concerns the inflation, just consider that one percentage point of inflation, delta inflation between the plan and the actual one is more or less EUR 5 million. We should wait what will be the end of the year inflation, the actual inflation, and then. I imagine that we may have at least 1-2 points, 1. 5 Inflation more from the 2021 nine month result inflation. More or less is the idea. We need to wait for, you know, the final actual inflation data. Okay, thank you. The next question is a follow-up from Luigi De Bellis of Equita SIM. Please go ahead. Yes, thank you. Just a follow-up on the cost of debt. We have seen higher interest rates due to central bank policy decision. Can you elaborate on your current average cost of debt and evolution going into 2023? Thank you. We are just finalizing and we will provide you with some details. Just a second, please. At the moment, our net debt, the sum of the cost of our debt is around 1.1% on an annual basis at the moment. In the future, it's something that we haven't yet disclosed because it's something that we are now really in this moment analyzing, also looking at the future action that we can put in place in the next month in terms of raising the debt. Thank you. Once again, if you wish to ask a question, please press star and one on your telephone. For any further questions, please press star and one on your telephone. Gentlemen, there are no more questions registered at this time. Thank you everybody for joining us on the call. Anything should come in your mind after the call, please don't hesitate to contact the IR department here in Rome. With that, I wish everyone a good evening. Bye. Bye-bye. Bye. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones. Thank you.