Good afternoon. This is the Chorus Call C onference Operator. Welcome, and thank you for joining the Fincantieri First Quarter 2024 Results Conference call. As a reminder, 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. Folgiero, Chief Executive Officer and Managing Director. Please go ahead, sir. Good afternoon, ladies and gentlemen. Thank you for joining us. Let me welcome you to the Fincantieri Quarter One 2024 financial results. Before discussing the first quarter, I would like to tell you more about the recent executed transaction for the acquisition of underwater armament systems from Leonardo. We are very proud of this transaction because we believe it's a crucial milestone in our equity story, and it's a big step ahead for the implementation of our underwater strategy. This transaction follows a number of previous agreements aimed at creating the new ecosystem of the underwater: agreement with C.A.B.I. Cattaneo, agreement with Leonardo, WSense being a company in the telecommunication underwater IoT, and Saipem having some good already on-the-market solutions for the underwater domain. This company is highly specialized in the development and construction of defense systems, including torpedoes, but we want to put the spell on the sonars and on the acoustic heads, so on telecommunication solutions, technological solutions for the traditional underwater communication. It originally, according to page number 4 number 5, was established as Whitehead Alenia Sistemi Subacquei, having long, long roots in the historical know-how of the country in the underwater domain since the very old times. Revenues are in the region of EUR 160 million, and EBITDA is at EUR 34 million, and is located in two sites in Italy, one in Livorno and the other in Pozzuoli. In the same company, we will find also a 50% stake in EuroTorp, which is a business dedicated for the commercialization of a specific torpedo. More in general, UAS enjoys a strong positioning in the EU with EU navies, but also in the Middle East and also in the Far East, being two very strategic geographies in our business plan. We believe that it will be a perfect complement to Fincantieri's underwater strategy, and in particular because it will accelerate also our market footprint in the underwater domain. First of all, with the Italian Navy, enhancing the relationship with the Italian Navy, including also this kind of technology, leveraging on the interface with Fincantieri's surface ships and traditional submarines. Again, it will also help in developing new products, new vessels, new underwater vessels, non-conventional underwater systems, considering the application in the defense, but also enlarging the application on adjacency in the civilian market, such as the drones for energy infrastructure, underwater energy infrastructure, and other adjacency such as seabed mining and other applications on the seabeds. At a glance, the transaction is characterized by a value of the acquisition equal to EUR 300 million as fixed enterprise value, which will be subject to price adjustment mechanism. On top of it, there will be a maximum 115 million amount as a variable component, which will be based on certain growth assumptions linked to the performance of the business in 2024. The total maximum amount as enterprise value will be, therefore, equal to EUR 415 million. Since we are aiming at having a flexible capital structure, at the same time consistent with group's growth strategy as per our 2023-2024 industrial plan, we will work and the transaction is expected to be funded through a share capital increase by way of rights offering. Such capital increase will have an amount maximum of EUR 400 million to be offered in option to shareholders. The underwriting commitment for the controlling shareholder CDP Equity is already there, and on top of it, a pool of primary financial institutions have signed an agreement to enter into an underwriting agreement for the subscription of the newly issued shares. All in all, shareholders subscribing to the capital increase will receive also free warrants to be exercised in the future for a second tranche of capital increase up to EUR 100 million. This acquisition marks the move to a new business segment, which is characterized, first of all, by strong margins, more than 21% in terms of EBITDA margin. This new business, as a first step, will be also managed in combination with Remazel, being immediately accretive in terms of EBITDA margin, which will move from the 5.2% standalone to 5.5% pro forma in 2023. Then, obviously, we expect higher marginality for Remazel, and therefore this accretive calculation, it's just a starting point for the way forward. Fincantieri revenues in 2023 will reach, therefore, EUR 7.9 billion, and the growth of it will continue even better than the standalone results. Fincantieri is for sure fully fledged to become a leader in the underwater domain. We want to be a catalyst and a consolidator of the existing technologies and existing realities, we in the underwater domain, which are currently fragmented and mostly SMEs. Fincantieri enjoys long roots in the underwater business, having produced 180 submarines so far, being the legacy of the country, having vast and historical experience either in Italy and in the exports. And, you know, the newly acquired companies, this legacy, this tradition of the past, and our role of consolidation and association, quote-unquote, of the other existing SMEs in the industry is expected to be a very powerful setup for Italy, for the Mediterranean Sea, and for the expectation of Europe to work on strategic autonomy, and developing a Mediterranean strong Mediterranean geopolitical footprint. Let me move now to page 10 to the highlights of the first quarter, where we are recording solid performance in all key financials and metrics, absolutely along the line of the guidance provided for 2024. First of all, revenues were in line. While we are recording a very impressive performance at EBITDA level, achieving 5.7% in the direction of the guidance provided at 6% for the full year. In terms of net financial position, we are at EUR 2.4 billion, being fully aligned with our deleveraging path. In terms of deliveries, we delivered 4 ships as we speak, and we have 85 ships in portfolio with deliveries up to 2030, with a total backlog, including soft backlog, at more than EUR 39 billion, being a record level in the history of Fincantieri, equivalent to approximately 5.1x the revenues of 2023. We believe we are very well equipped for our journey to strengthen our position in the underwater space, acting as an aggregator, acting as a catalyst, as I just mentioned, in the defense fields and not only in the defense fields. In February, we closed again the acquisition of Remazel, and we are eager to finalize the transaction with Leonardo. Let me tell you more about the record-high commercial pipeline as of today. Commercially, the performance is being increasingly and consistently positive. Over the period, we signed more than EUR 1 billion of contract with the Ministry of Defense of Indonesia. This is another milestone for our strategy. Southeast Asia was definitely a key market, being our entry point for the Southeast Asia. Geopolitically, it's a very important quadrant. It's a very important theater, because it's very big, 250 million inhabitants, with the Muslim religion, living on 17,000 islands in front of China. And we are very happy with this achievement. Again, in the quarter, we signed four offshore units, with different clients, having basically two important features. One is that we are again touching base in Far East, in Taiwan, and two, because we are experiencing also a restart of the oil and gas offshore vessels. So it's not only this big trend in the direction of wind farms, offshore wind farms, but it's also some early signs of restart and quote-unquote "renaissance" of key oil and gas offshore investments. The third very important element of the commercial performance of the first quarter has to do with the Norwegian Cruise Line Holdings. It's again another milestone, another cornerstone, testifying the relationship with Norwegian Cruise Line, testifying the solid restart of the cruise industry as anticipated in the past months. It's a deal with two legs. One leg is already financed and already in execution. A second leg is related to a new generation of jumbo ships, currently in negotiation for the financing of the relevant financial institutions and expected to be finalized in the course of 2024. Moving to the deliveries, again, we delivered 4 vessels, Sun Princess being the first in the Sphere Class, 178,000 gross tons, basically the largest ship ever built in Italy, very modern in terms of digital applications, but also in terms of propulsion system, being driven by LNG. It's a great success, and we are very happy with this achievement. Then we delivered Queen Anne to Cunard, being a kind of legacy in cruise liners from Europe to the U.S. It's an historical brand. On top of it, in May, we received other offshore vessels that are again testament of this continuing growing financial performance. A few words on the order book, visibility up to 2030. We are going full swing, and we are crystallizing a very solid and visible backlog, driven by the dynamics in the cruise sector, but also driven by the geopolitical scenarios that are calling for naval expenditure in different countries, and in particular in Middle East and Southeast Asia where we are very, very focused. Now, I will hand over to Giuseppe, and we'll get back later. Thank you. Okay. Good afternoon, ladies and gentlemen. We move quickly over page 14 and 15. We pretty much already commented on the performance in terms of order intake, and of course, being the order intake of a little less than €600 million, this is a stale number, as Mr. Folgiero mentioned, referring to the Indonesia project and the other cruise projects for the brands of NCL. These two orders, the first one subject to financing, but we are quickly moving to the effectiveness of the Indonesia contract, and the other orders, which are already effective and signed in the first days of April, add in excess of €5.5 billion to the €593 million. Of course, within the €593 million, we have to note the consistent performance in terms of order intake of the offshore business, both in the wind offshore, and we are seeing some signals of a restart of orders also in the oil and gas offshore segment. On page 15, our total backlog has reached record levels, as we mentioned before, almost EUR 22 billion in backlog, plus EUR 17 billion in soft backlog, and we expect this soft backlog to turn pretty quickly into fresh new orders. The delivery plan is confirmed with visibility up to 2030 with 85 ships in portfolio. Of course, these 85 ships do not include Indonesia and NCL, for which that will be included in the second quarter results. Page 16, revenues almost EUR 1.8 billion, pretty much in line with the first quarter of last year, but as you already know, we do expect pickup in production activity and therefore in revenues in the coming quarters, most notably in the second half of the year. Shipbuilding accounts for 70% of total group revenues, and of course, within shipbuilding, cruise is at almost 50%, 48%. In the offshore and specialized vessels, we keep growing, plus 25.7% vis-à-vis last year, and this is thanks to the very strong order intake of last year and the contribution of the wind offshore orders acquired last year, most notably in the last quarter of 2023. In this business, we are a leading player for the construction of vessels for the offshore wind sector. Equipment, systems, and infrastructure recorded a 5% increase in revenues. This is thanks to the consolidation of Remazel Group, EUR 14 million in the mechatronics segment, subsegment, I would say. On page 17, EBITDA, EUR 100 million, up 16% year-on-year, EUR 87 million as of the first quarter of 2023, with EBITDA margin that stands at 5.7% and margin improvements across all the segments. Shipbuilding at EUR 84 million, with an EBITDA margin of 6.2% versus 5.4% of first quarter of 2023. EUR 13 million in the offshore, with an EBITDA margin of 4.3%, and this is pretty much in line with the margin recovery path of VARD and the business plan, and the targets that we set in our business plan. Equipment, systems, and infrastructure stands at EUR 16 million, in line with our expectations, with a margin of 4.4% to 5.8%. Of course, we have also here the contribution of Remazel Group, which is roughly EUR 3 million as we consolidated Remazel starting in February. On page 18, we are perfectly on track with our deleveraging path. Net financial position is slightly negative, slightly more negative with respect to the end of last year, but dramatically improved quarter-over-quarter. Last year, in the first quarter of 2023, we were at roughly EUR 3 billion. Right now, we stand at EUR 2.4 billion. Of course, you know very well that the net financial position is affected by the delivery dates of cruise vessels in which we have a large cash inflow. Of course, we still have in our books non-current financial receivables granted to clients in the COVID aftermath of roughly EUR 633 million, and we are working, you know, towards cashing in this money. Net working capital is negative at EUR 245 million, pretty much in line and thanks to higher trade receivables due to the delivery of a cruise ship in April and the related increase in trade payables. Now back to our CEO. Thank you. Thank you, Giuseppe. We want to touch base on the market developments, on the market expectation. I just mentioned that cruise is back to the level before COVID, even better than the level before COVID in any respect, in terms of number of passengers, revenue per passenger, cash generation. In terms of expectation, the cruise market is envisaging 32 million passengers in 2023, but it's envisaging this number to become 39 million passengers in 2027 and 46 million in 2030. So there is a lot of space to go. In the first quarter, we are also seeing a significant revamp of new orders, and we are best positioned to capture the opportunity offered by this market growth, and we are also more than prepared to address this market thanks to the green transition of the whole cruise market, sticking to the new thinking to the new solutions for the energy transition, but also for the digital ship. Moving to the naval business, as anticipated before, growth in naval expenditure is expected, either in our captive clients, such as the Italian Navy and the US Navy, and for export purposes in key markets such as Southeast Asia and Middle East. Underwater, we repeated several times, it's a macro trend. We are in, and we are ready to push hard. Offshore, again, it's in front of everybody. It's a multi-geographical. It is driven by a strong positioning of the company. According to the recent metrics, we account for approximately one-third of the market, so enjoy a dominant market share also in this respect, a market, which is experiencing not only wind farms, not only this kind of business, but also oil and gas recovery and, quote-unquote, renaissance. At page 21, a few words about ESG. We confirm our relentless commitment to drive sustainability in our sector industrially with new solutions, with new vision of the future. In this respect, we are setting the target of a zero-emission ship import in 2035. With this in mind, with this in our targets, all ratings are being confirmed in early 2024 with Sustainalytics also including Fincantieri in its list of top-rated ESG companies. To conclude, we are very pleased with our performance in this first part of 2024, and we perceive that the positive momentum of 2023 is continuing also in 2024 and forward. We are fully committed to our deleveraging process, going in the right direction and going better than expected. The backlog is very strong, and the commercial pipeline is very robust. Our business model is truly unique with distinctive competitive positioning, with cross-fertilization among the three different core businesses, and on top of it, with the vision of the group to expand in the underwater domain with a dual perspective. We remain very focused on, the, higher priority strategic initiatives envisaged in our 2023-2027 business plan targets, focused on the evolution of the operational systems, working on how to, valorize the human capital, how to, increase our capabilities and expand our employees to take advantage of this big wave of growth, to take advantage of those tailwinds that we are experiencing every day more. Execution is key in a market like ours. We confirm 2024 guidance in any respect, and we are fully committed to reach all the targets of the business plan, not only 2024 but also beyond. This concludes my presentation, and we are now open to take your questions. Thank you. This is the 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 telephone. To remove yourself from the question queue, please press star and two. We kindly ask you to use handsets when asking questions. Anyone with a question may press star and one at this time. The first question is from Alessandro Pozzi of Mediobanca. Good afternoon, and thank you for taking my questions. They're both on the acquisition of the underwater system from Leonardo, and I think it makes a lot of sense for a manufacturer of submarines to have in-house expertise to manufacture torpedoes as well. But I suspect the transaction is a lot more than that, and I think there are skills in WASS that maybe were not fully utilized within Leonardo and can be very synergetic to the vision that you have for Fincantieri to grow in the underwater domain. Can you talk about which skills or which system do you think can have a much greater potential in Fincantieri compared to Leonardo? And how do you expect this business to evolve in terms of EBITDA over the next few years? What is the potential opportunities that you see to grow topline and to grow EBITDA margins within Fincantieri? Thank you. Well, I'm very happy that you are appreciating the strategic rationale of the transaction. It's important to ask your feedback. It's a company with long, long roots and very strong legacy in the torpedo business, i.e., in the present business. So the beauty of this transaction is that, first of all, it's, in its core business, already very effective. You know, the current defense situation, it's a situation that is calling for "ammunitions," quote-unquote, as the first need, as the first reaction to the current, current scenario. But, you know, on top of it, what is truly driving our interest is not only this, it's not this, but is the possibility to evolve the sonar and the acoustic heads of this company. You know, Italy has very, very long roots in the sonar. I don't know if you know, but the La Spezia Center of Excellence, Center of Excellence, the San Bartolomeo, the Center of Technological Excellence of Marina Militare Italiana, used to be an international center of excellence for the Western navies well before NATO creation. So the tradition, the legacy, the strength of the Italian, quote-unquote, "acoustic engineers," it's a very, very, very long story, and there's long, long roots in the industry. So the first, strategic rationale is to take advantage of this, technology and evolve it and evolve it. Those kind of applications will be not only in submarines, but will be in all the new underwater vessels, including unmanned drones, manned drones. So all these new inhabitants of the underwater ecosystem will have to be equipped with active defense measure and passive defense measures. So the possibility to grow is evident and is, is there. On top of it, we believe that there is the possibility in the medium-long term not only to evolve this current technology, not only to apply in brand new market products such as drones, but it will be also part of the underwater infrastructure. So the doctrine of the underwater defense, it's a doctrine whereby you will have to build underwater telecommunication infrastructures, and you will have to create choke points in key hot spots in the geopolitical seabeds, and those hot spots will have to detect what is happening and also communicate accordingly. So it's a very short-term vision, i.e., torpedoes, cross-fertilization, defense to civil, expansion to new vessels, unconventional vessels, but also underwater infrastructure as a new ecosystem to be mapped and defended with a totally different doctrine, as I was telling you before. We are not today in the condition to give specific guidance on what for sure qualitatively. I hope you're given I've given clear and strong rationale for the big growth of what once it is incorporated in Fincantieri frame ecosystem, and once it is evolved with a new entrepreneurial vision, which is typical of our company and, you know, typical of what is happening in the underwater domain. Thank you. Just maybe a follow-up on the guidance side. Can you give us a qualitative, maybe, a guidance for what in 2024? I mean, we haven't seen numbers from Leonardo, because he was inside the defense systems. And in 2023, margins looked very healthy. You mentioned 20%-21% EBITDA. I mean, was it a year that was particularly strong for what, 2023, or is this something that we should expect going forward, so high EBITDA margins on, and topline growth in the next few years on a standalone let's say, on a standalone basis, even before assuming synergies with the rest of the group? There will be time for details at the right moment. What I can tell you today, it's a very positive outlook. So we believe, for the reason I was mentioning before, that there is in front of what a lot of growth. So the qualitative guidance is positive. Okay. Thank you very much. My pleasure. The next question is from Renato Gargiulo of Intesa Sanpaolo. Yes. Good afternoon. Well, my first question is still on the acquisition. I was wondering if you can give us any more details about the potential synergies with the rest of the group. From a geographical standpoint, are there any international markets where the acquired activities are present where you could leverage on it and do cross-selling with the other activities? And also with Remazel, if you can give us an update about integration and what could be the potential opportunities for synergies. Are they more from a technological standpoint or commercial side, meaning that you're offering an integrated offer? Then the second question. I was trying to understand the competitive scenario, with the acquisition of Leonardo's activities, Remazel, and the other commercial agreements. Do you think your positioning in the underwater segment is, should be now okay also from a technological standpoint, or you can you think you will need more deals ahead to acquire further new capabilities and technology? And then the third question is, is more on the on the results and on the guidance. Your full-year guidance on net debt, clearly pre-capital increase, is implying at any point of the region a debt of EUR 2.9 billion, taking into account the first quarter results with seasonality, improving operating performance, and the advanced payment on new orders. You have already announced several new orders also on the offshore side, on the top of the of the Indonesian contract. Is there room to potentially over-deliver on your target for, for the full year on net debt? Thank you. Thank you for your different questions. First of all, the synergies of WASS integration is in the commercial field. It's very clear because, you know, the penetration of what in the different navies in the world will be a potential entry point and for sure a potential source of distinctiveness of Fincantieri offering. So, this is something basic, and at the same time very, very clear. In terms of other synergies, it's obviously the synergies in the current submarine market, not only because, you know, it's obviously the submarine is sold along with the ammunition with the torpedo, but also because it will help the process of creating a 100%, quote-unquote, "Italian supply chain" kind of vessel. This is a target of Fincantieri, according to a project that we launched in 2022, so how to procure that we become fully autonomous, in all the key components of the submarine. And the key component of the submarine is the bow of the submarine, which is the launching platform of torpedoes. And by having our own torpedo business, we can accelerate the, let me say, self-sufficient approach in terms of engineering and production of submarines. Obviously, this is the initial synergy. Then it's a matter of scaling up the same kind of launching technology to the different vessels I was mentioning before, with respect to Remazel. So the integration with Remazel, Remazel is already active, for example, in what are called LARS, L-A-R-S, that are the infrastructure and the equipment that you need to launch drones. And again, WASS is very active in the propulsion system, obviously, of small items of small vessels. So all those companies, in the medium term will contribute to the definition, construction, and implementation of new solutions, solutions that are highly and remarkably requested by the market. And by cherry-picking those two companies, we are securing ownership on the key components, on the key subsystems. With respect to your third question, do we have in mind other acquisitions? I believe that with this acquisition, we are achieving for sure a phase one stage of the underwater project because we are creating this platform of agreements with the provider of the key components, and we are also going for our internalization through M&A of the key subsystems. There is another item which we didn't mention in the presentation, and your question is an occasion to mention, which is the battery package. If I have to think of the key items of an underwater vessel, it's obviously the armament part, the propulsion part, and then the optronic tree, which is another story. On the battery pack, we are remarkably happy to achieve not only the proof of concept, but the industrialization of a lithium battery pack for the Italian Navy, with a solution that is a proprietary solution of Fincantieri developed along with other Italian SMEs. This is the answer. Once we have our own battery package, as we have, we are completing the phase one of the underwater project. You know, apart from small details, we are truly okay. On your last question related to the Net Financial Position dynamics, you're right. The number of the first quarter are encouraging in terms of financial performance. There are other developments that are expected to happen throughout 2024 that can lead us to overperformance and overachievement. That's what we are working on relentlessly. You know how much we are focused on financial discipline, and we and you know how much we know how the market is appreciating the speed and velocity of the leveraging. So rest assured that our target is to go better and do better than the guidance on the ratio between Net Financial Position and EBITDA. And yes, I agree with you that the first quarter is encouraging, and we are on the right path to do even better than that. Perfect. Very clear. Thank you. The next question is from Martino De Ambroggi of Equita. Thank you. Good afternoon, everybody. The first question is on the EUR 115 million additional cash out in case you achieve certain targets. I don't know if you are willing to share just what are the items you refer for these targets. And just to have an idea, if it's just a matter of execution or what is already in your backlog or is something that has to materialize. This is my first question. The second one is on the obviously on again on what. I clearly understand no quantitative guidance going ahead, but just to have an idea, in the past, the 20% EBITDA was recurring or maybe was up and down during the years. And just a clarification, if I understand correctly, you are not actively looking for additional acquisitions in anything else? Thank you. So on the earn-out mechanism, you should imagine something, I would say ordinary. I don't want to disclose what we didn't disclose in agreement with Leonardo, but again, it's not rocket science. Obviously, we are more than happy to recognize this extra value, if and when the performance is growing as it is expected to grow. You are at the same time, and equally, right when you imagine that this performance is driven by backlog dynamics, existing projects in the backlog, and expected new acquisitions. So it's something ordinary. So I'm not in the position to disclose, but I'm sure I can tell you it's nothing weird. It's nothing unconventional or unorthodox. That's your first question. The second question is? It's on WASS the historical performance? Yes. Again it's a company with long history. The performance is stable. The EBITDA is solid. The quality of earnings is good. And for sure, for sure, there is stability in the marginality, in the percentage marginality, you know, with some movements that are physiological of a company driven by project dynamics. So you can go better depending on how you somehow manage your contingencies. This is the ordinary business in a project-driven kind of business, but 21% is not a marginality that is abnormal or not recurring at all. And on M&A, I clearly understood in the previous answer you are not looking at anything else. No, no. I made it clear in the previous question. So again, we wanted to create a rock bottom of competencies, and then we want a market positioning, a market entry very synergic and synergetic, quote-unquote, with our submarine business. So our underwater division is the combination of our submarine business, what, Remazel, creating the internalized competencies, and then commercial alliance, C.A.B.I. Cattaneo with Saipem, with WSense, with Leonardo for sensors and electronics, and I believe it's a kind of parterre de roi being a very good starting point. Thank you. The next question is from Gabriele Gambarova, Banca Akros. Yes. Good afternoon, and thanks for taking my questions on the Q1. Basically, the first one is on the Constellation Program. In your press release, you mentioned lower production volumes. So, I was wondering if you could comment a little bit on this specific program that was the keel laying in Q1 and so on and so forth, so any color on this front. The second one is on pricing for cruise ships. If I understood well, in the oil and gas world, the clients are not only, let's say, willing to pay more, but are also somehow willing to take more risks. I mean, there is a parallel in my understanding. So, I was wondering what's going on on this front of pricing for cruise ship, both in terms of price per se and maybe adjustments on pricing and possible cost swings. And the last one regards Pierroberto. You mentioned, if I'm not wrong, negotiations for jumbo cruise ships. I've read something in the news. So I was wondering if you get, let's say, a new order for jumbo ships, I guess, 200,000 tons. Are your yards, let's say, big enough, or you should maybe invest something more to increase the capacity, I mean, to widen the dry docks and so on? Thank you. Pricing. I partially take the point in your question. So pricing is the result of an estimation process. Estimation process is based upon the experience of the company, offers collected from suppliers, vendors, and subcontractors. It's the, let me say, the core competencies of a company like this. So in the cruise sector, more color on the pricing is basically a kind of conceptual one, i.e., if there is a lot of demand, you have probably more bargaining power. If the demand is very limited, you have less bargaining power. So let me say the level of "health" of a price is depending on your historical and industrial capability to manage the estimation process according to all the gold rules of the estimation techniques, plus the bargaining power depending on the contingent moment of the market. So in this second respect, it is very clear that the market is very solid. The demand is very robust. So I believe that the ability of Fincantieri in this very sparkling commercial environment will be to cherry-pick, to be selective in terms of clients and opportunities, and at the same time to be very disciplined in terms of estimation process of the cost, of the technical cost, which is more or less what happens also in the offshore market, which was another side of your question. Then the other question was on what's the negotiation? Again, regarding remaining on your point on cruise. The second question was on the jumbo, let's say, cruise ship. If you get, let's say, a contract for, I don't know, a 200,000-ton ship, hypothetically, you should invest on your infrastructure or you are already, let's say, right-sized to deal with something like this? On this second question, the answer is that our shipyards are prepared to accommodate this kind of size. You know that at the same time, we are working on the modernization of all the equipment. We are working on enhancing all the cranes, all the uplift capacities, and we are working also on the maintenance of our dry docks. So let me say, with some specific interventions along those lines, we are ready and equipped to accommodate this kind of size. So that's why we are addressing the market. Otherwise, it would have been impossible for us to start the negotiations. Your last question on Constellation Class, I don't have any special disclosure to give. It's a very key program for the United States because frigates are somehow kind of backbone on top of air carriers and submarines of a very large and complex fleet as the U.S. one. It's a key program. U.S. is experiencing lack of workers, but at the same time, is also pushing hard in order to find workaround solutions. The shipbuilding is the key priority for the US Navy and also for the U.S. defense system. So I believe there is a lot of alignment of interest between shipyards, all the key shipyards of the U.S. and the Navy, in order to cope with the scarcity of resources, find fast-track solutions, and push hard for the progress of the fabrication of this key component of the U.S. defense base. Okay, Pierroberto, thank you very much. You're welcome. As a reminder, if you wish to register for a question, please press star and one on your telephone. Gentlemen, there are no more questions registered at this time. Thank you. Thank you for attending. Excuse me, there is a follow-up question from Renato Gargiulo of Intesa Sanpaolo. Yes, sorry. Very, very quick one. On the infrastructure business, in the first quarter, you reached 5% EBITDA margin, and in particular, break-even for the Miami terminal project. I was wondering if you can you expect now to remain structurally at these levels going forward, and if you can give us an update on the Miami project and confirming that it will be delivered by your end. Thank you. So if I understand correctly, some details on Miami project and more in general on the infrastructure business. The infrastructure business is, after two years of "cure," is performing better and better. This is the result of new processes, new procedures, and also new management. So it's the typical virtuous circle that is translating into progress. Miami, it's a different story. It's a project that was difficult and suffering from the very beginning. Nevertheless, the terminal is there. It's a unique infrastructure. It's truly a big achievement that the infrastructure is there. The marine works are moving forward in an, let me say, expeditiously. There are milestones of completion according to which the marine works are expected to be delivered, let me say, within the end of the summer so that the autumn will be dedicated to the finalization of the big terminal. Whoever will be in Miami will be impressed despite the economic frustration of myself and of the company, by the way. However, whoever is going to Miami will be impressed by the size, by the complexity, by the architecture, by the technology. And so, again, despite the tales of the past that, as you know, we have already acknowledged and embedded in our accounting of the project, but autumn will be dedicated to the finalization of the terminal itself. Again, to build in U.S. today is not easy, but our team is focused relentlessly to work on this schedule, and this is what we are able to disclose today. Perfect. Thank you. Thanks a lot. Mr. Folgiero, there are no more questions registered. Thank you. Bye. Thank you. Bye now. you. Bye now.