Good afternoon, this is the Chorus Call Conference Operator. Welcome, and thank you for joining the Fincantieri First Half 2024 results presentation. 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 Pierroberto Folgiero, CEO and Managing Director of Fincantieri. Please go ahead, sir. Good afternoon, ladies and gentlemen. Thank you for joining us, and welcome to Fincantieri First Half 2024 results conference call. Let me begin by expressing our strong satisfaction for the successful completion of the EUR 400 million rights issue we launched on June 24. We received an extraordinary reaction from the market, with 99.2% of new shares offered, subscribed during the rights offer period, and the residual rights sold in the very first minutes of the auction session. A total of over EUR 152 million new shares were subscribed, paired with an equivalent number of warrants, giving the right to subscribe new shares in the ratio of five shares for every 34 warrants for an additional aggregate maximum countervalue of about EUR 100 million. I would like to thank all of the investors that believed in our equity story and strategy and supported us in this important process. As already communicated, the share capital increase of EUR 500 million is intended to finance the acquisition of the Underwater Armament System business line, or UAS, from Leonardo. The total maximum value of the acquisition amounts to EUR 415 million, consisting of EUR 300 million as fixed enterprise value, in addition to max EUR 115 million as a variable component, based on growth assumption linked to UAS performance in 2024. The closing of the acquisition is expected by the beginning of 2025, subject to regulatory approval and customary closing conditions. Moving now to our First Half 2024 performance on page 5, we are very satisfied with the performance achieved, and our results are fully in line with our growth expectation for 2024. Revenues stand at €300.681 million, substantially stable year-over-year, with the offshore and equipment system and infrastructure divisions confirming the growth of the first quarter, and the production level in shipbuilding expected to accelerate in the second half of the year, with a contract for two PPA units for the Indonesian Ministry of Defense expected to be effective in the second semester. EBITDA is up 15.6% year-over-year, with the margin at 5.8%, up 80 basis points over first semester 2023, reflecting our focus on profitability in all our businesses, including cruise. Finally, net financial position at €2.42 million improves versus first half 2023 and is in continuity with fiscal year 2023. On the commercial side, we achieved impressive results, with order intake at EUR 7.6 billion, 3.6 times the orders acquired during first half 2023, and higher than all the orders acquired in 2023, with a book-to-bill equal to 2.1 times fiscal year 2023 revenues. As a result, the backlog reached EUR 27.4 billion, up 18.7% compared to December 31, 2023, with the total backlog, sum of backlog and soft backlog, reaching an all-time record level of EUR 41.1 billion, 5.4 times 2023 revenues, supported by a strong commercial acceleration in all business segments. The solid performance, supportive macro trends, and clear visibility we have on our business outlook allow us to confirm our 2024 targets for revenues increasing to EUR 8 billion and for EBITDA margin at around 6%. Our deleveraging process is well ahead of our business plan assumptions and is accelerating further, enabling us to improve our 2024 guidance of leverage, net financial position to EBITDA, to between 4.5 and 5.5 times, one turn better than the previous guidance of 5.5 to 6.5 times. Considering the temporary effect of the rights issue, the ratio would have been between 3.7 and 4.7 times. Our commercial performance in first six months of 2024 remains exceptionally strong, and our commercial performance in first six months of 2024 remains exceptionally strong, and our portfolio has benefited from a number of new orders, confirming Fincantieri's positioning at the forefront of naval technological progress, as well as its global reach across all business segments. Let me share with you the most relevant achievements for each business segment. On the left, the six new next-generation cruise ships for Norwegian Cruise Line Holdings to be delivered between 2026 and 2031 represent the pinnacle of technological advancement and exemplify the commitment to environmental sustainability. On top of it, a few days ago, we closed a deal with Carnival for three ships, which will be the biggest ever built by Fincantieri in an Italian shipyard. In the middle, the next-generation Near Future Submarine program, where we are both design authority and prime contractor. The order for the fourth submarine of the program contributes to the strong commercial acceleration recorded in the defense and underwater domain. It also provides for the application of Fincantieri's new lithium battery system. Lastly, as for the offshore segment, we can highlight our success in penetrating new markets, such as the Asian one, and our ability to meet the growing international demand in this sector, which is experiencing a new pickup in oil and gas. Just a few comments on our order book on page 9. As you can see, we have a full slate of deliveries scheduled for the medium to long term, up to 2032, offering a full visibility on our top line for the years to come. Considering also the recent order for Carnival, this timeline will extend to 2033. As of the end of June, cruise accounts for 27 vessels in portfolio, defense for 35 units, and offshore for 34 further vessels, for a total of 96 ships in backlog. Overall, the commercial performance is strong in all segments, with further significant opportunities coming from the other underwater domain and not only. Now, I will end the call over to Giuseppe, who will discuss our financial results. Please, Giuseppe. Thank you, Pierroberto. And good afternoon, everybody. I now move to slide 11. Of course, we already commented with very strong order intake, with a book-to-bill that is in excess of two times revenues so far, and the contract with Norwegian Cruise Lines for six new ships, two new Constellation-class frigates, and the submarine. Of course, these figures do not include the €1.2 billion contract with Indonesia, which is expected to become effective in the second half of the year. Moving on to page 12. Total backlog is at all-time highs, €41.1 billion, and, of course, backlog increased to €27.4 billion, with a soft backlog of €13.7 billion. Of course, the soft backlog shows how the commercial momentum is not ended yet, and still we expect further orders coming up in the next months. Of course, recently we announced the order for Carnival, which is a very important milestone for our company. Of course, with the new order acquisition, we extended our visibility, as we said before, now in the fourth decade of this century. On page 13, revenues. Revenues at EUR 3.7 billion, almost, in first half, were substantially stable year-over-year, and shipbuilding revenues were slightly lower, but again, they will accelerate in the second half of the year, in line with 2024 targets and expectations, when the contracts for Indonesia will become effective towards the end of the third quarter of 2024. Shipbuilding accounted for almost 70% of group revenues, and within shipbuilding, of course, the contribution of cruise is 46% and defense for almost 23%. Both offshore and specialized vessels and equipment systems and infrastructure segments grew substantially, 20% in terms of revenue year-over-year. Of course, first of all, offshore confirms and consolidates the positive revenue growth trend that we have seen in the past years, mainly driven by the increase in demand in the market for offshore wind support equipment, even though we are seeing some signs of a pickup also in the more traditional vintage, I would say, offshore oil and gas business. Revenue growth in equipment systems and infrastructure comes from solid performance in all clusters. The true drivers are the consolidation of Remazel Group, roughly EUR 46 million, and the growth in infrastructure. Moving on to page 14. EBITDA reached EUR 214 million, up 16% year-over-year, and a margin of 5.8%, significantly higher than the first six months of 2023, which were 5%. Shipbuilding has recorded a slight pickup in EBITDA margin to 6.2%, with an EBITDA of EUR 172 million, and this is a proof of our focus in execution and profitability in this segment. Offshore improved to 4.5%, and this margin recovery path is in line with the targets set by VARD and the business plan, and we will see further growth, of course, driven by the positive momentum in the offshore wind market. Equipment systems and infrastructure, EBITDA reached EUR 40 million, and this is roughly 6 times the performance achieved last year, in the first 6 months of last year, and EBITDA margin is at 6.2%, both supported by the contribution in the mechatronics business, also thanks to the consolidation of Remazel, and the contribution of the infrastructure business, and this comes from two reasons. Of course, the contracts in the hospital sector and the break-even result on work booking into the Miami terminal project. Net result, adjusted net result, net of extraordinary—page 15, of course. Net of extraordinary non-recurring items was negative for EUR 10 million, mainly due to the increase in depreciation amortization, and within this, we have the effect of the amortization of the purchase price allocation of Remazel. Of course, we have a pickup in net financial expenses, and the extraordinary items related to asbestos claims and one-off costs in relation to M&A and capital increase. Asbestos claims are at EUR 18 million, lower than last year, and then we have EUR 5 million that are costs related to the M&A activity and the capital increase. On page 16, net working capital and net financial position. Here, the name of the game is the leveraging. It's the plan of the leverage. We are ahead. Of course, net financial position is still negative EUR 2.4 billion, but with the market improvement compared to the first half of last year, and it's slightly higher than the situation at the end of last year. Of course, this net financial position is still affected by the deferrals granted to clients after COVID-19, and as of the end of June, we have roughly EUR 600 million of deferrals granted to clients. They were EUR 630 million at the end of last year. The leverage ratio, we are at 5.7x EBITDA. As we said before, expectations are to further improve this leverage ratio, and we have upgraded our guidance for a leverage ratio between 4.5-5.5x EBITDA at the end of 2024, and this, of course, excludes the benefit that we received from the capital increase. Let's stay a little more on leverage and capital structure on page 17 right now. We confirm the quality, let me say, and the robustness of our situation as we do not have any significant debt maturities until 2027, and the debt maturities of 2024 are already refinanced. We do not have, therefore, any refinancing risk, but at the same time, we have no covenants in our financial liabilities and a low average interest rate compared to current market levels, as we are hedged for roughly 80% of our interest costs. Now back to Pierroberto for the market trends and concluding remarks. Thank you, Giuseppe. Turning to the market trends on page 19, the momentum in cruise orders confirms the very strong rebound of the industry. The number of passengers in 2023 exceeded all expectations, reaching 31.7 million. CLIA also confirmed the 2027 forecast for more than 39 million passengers, a trend that would lead to about 46 million passengers in 2030. We are best positioned to capture further opportunities from the comeback and the green transition and digitalization of the whole cruise market. In this context, efficiency, sustainability, innovation, and collaboration across stakeholders are key. Global defense spending is expected to further accelerate in the upcoming years, with the 2027 forecast revised upwards to $2.58 trillion. Underwater is becoming increasingly important due to the presence of critical infrastructure resources and assets. The main goal for the coming years is to strengthen product and business development for the subsea domain, targeting its security and fostering industrial and economic opportunities, and we will play a pivotal role in this market. Offshore market continues to display a high volume of new orders for SOV, CSOV units. At the end of June, CSOV and SOV split amounted to 46 vessels and the order book to 59 vessels, with Fincantieri accounting for approximately 1/3 of the market. Moreover, more than 200 vessels are estimated to be required by 2030, supporting new building demand in the next three years. We confirm our relentless commitment to sustainability in the sector, and our performance is already well recognized at the international level. As you can see from page 20, Sustainalytics included Fincantieri in the list of top-rated ESG companies, and we also received the Top Employers Italy 2024 certification from the Top Employers Institute. In July, the group received the Travel Risk Management certification from RINA, being the first company in Italy to obtain it. Before opening the floor to your question, let me wrap up our presentation with our key takeaways. We continue to deliver the business plan with a strong top-line visibility and margins growth, thanks to our unique positioning and to favorable market conditions in all business segments. The last months marked a further acceleration in our commercial performance, thanks to the major cruise and defense orders already finalized and to a strong pipeline in all market segments. We are driving these results also thanks to our significant focus on green transition and on the digitalization of our business. Our delivery trajectory is well ahead of our business plan and guidance for 2024. The execution of the group strategy in the underwater domain is also accelerating. The extraordinary market reaction to the rights issue shows that we are on the right path and that investors appreciate the growth dynamics in a sector characterized by high margins and very promising intersectoral synergies. The acquisition of UAS and Remazel, along with other commercial agreements signed over the last months in the underwater and naval defense sectors, places Fincantieri as the leading technological integrator at global level. All in all, thanks to the results achieved, we confirm our 2024 guidance for revenues and margins and improve our guidance for deleveraging to a net debt-to-EBITDA ratio in 2024 between 4.5-5.5 times, excluding the positive effect of the capital increase. This is all the more significant if compared to the 2023-2027 business plan target for 2024 of 6-7 times. We are now open to take your questions. Thank you. This is the Chorus Call Conference Operator, and we will now begin the question and answer session. Anyone who has a question may press Star and One on their touch-tone telephone. To remove yourself from the question queue, please press Star and Two. We kindly ask to use handsets when asking questions. Again, anyone who has a question may press Star and One at this time. That's Star and One. We will pause for a moment while questioners join the queue. The first question is from Monica Bosio with Intesa Sanpaolo. Please go ahead. Good afternoon, everyone, and thanks for taking my questions. I have three. The first one is a more general question. It's on the cruise business. With the resumption of the orders, what is now the pricing scenario in the segment? And as Fincantieri is planning the deliveries of the new cruise orders in a disciplined way, and I understood that the group agreed with the customers' deliveries, part of the deliveries beyond 2030. I was wondering if the lengthening of the time horizon for the deliveries is impacting on the pricing scenario, and if yes, how? My second question is on the defense business. Can you please give us any update on the Constellation program and on the expected evolution of the margins related to these programs from now on? And the very last is on the equipment, systems and services that beat my personal expectation. On the back also of the Remazel consolidation, what can we expect in terms of margins for the division by year-end, and if you can give us any color on the evolution of the margins from 2025 onwards on this division? Thank you very much. Thank you for your question. If I properly understand your question on cruise, it's a kind of comment with respect to this big order intake and how this order intake is expected to be rolled out, rolled off, and also how this is going to affect the overall top line of the company. Let me say, in our 2023-2027 business plan, we took the target in order to keep revenues in cruise segment with a continuity vis-à-vis the past. So one of the, I would say, trajectories for the new course is not to grow in terms of production with respect to cruise, which is absolutely confirmed. So the order intake that we are securing is needed in order to feed our cruise shipyards in a way that is seamless vis-à-vis the past. So our objective in the cruise business is to work on optimization, is to work on saturation of fixed costs in a way that we can go in continuity with the initial level of the business. In absolute value, revenues are in the region of EUR 4 billion, and this is the threshold that we are expected to keep throughout the business plan. So the order intake in cruise is big because the market is going very well, but we need those kinds of developments in order to feed our shipyards at the level of the past. So I confirm that the target, the managerial objectives are to work on optimization of those revenues in order to increase margins, so marginality, quote unquote, and cash conversion. We are collecting encouraging evidences that this optimization of top line into bottom line is going according to expectation, and you can measure it also overall looking at the percentage margin in the cruise sector. Sorry if I ask a follow-up, is there any extra capacity from other players, other cruise manufacturers in the industry? Because I'm just wondering, the customers are putting the orders, but a part of them will have to wait until 2030 maybe to have the ships. I was just wondering if there's something that is changing in the dynamic of the industry. No, no, no. Let me put it in a different way. We are in a moment in which the availability of slots in shipyards is being particularly scarce, quote unquote. Okay. So now it's time to allocate them in an optimized way in order to go for saturation, as I told you before, in order to fit and to adjust all the available holes in the schedule, in the production schedule, in a very optimized way. This is the first macro trend in the industry. Our commercial policy is being to give space in the short term if you are a long-term partner. So we like to get into this commercial relationship whereby we give long-term visibility to our shipyards. And we take, quote unquote, advantage today of today's conditions for a period as prolonged as possible, you know what I mean? So we are very happy to have such a long-term visibility because it is something that is accepted by our clients on the one hand. On the other hand, it is the best way for us to have certainties, to have certainties of volume, and to create also certainties in the supply chain with a long-term visibility, and therefore to negotiate at the best all the purchasing of the different equipments and components that you need on a ship. So market is made of ups and downs. We are on the right part of the cycle. It's very good that we, from this point, from this privileged point, we secure as much as possible long-term commitments because it's positive for our operations and it's very positive for our procurement activities. Thank you very much. But all in all, this is not going to increase our yearly revenues on cruise. Very clear. Moving to the defense and Constelation-c lass. I had other occasions and previous occasions to give you more color on what is the position of Fincantieri in the U.S. and what's the role of Fincantieri in this kind of shipbuilding renaissance in the U.S. Frigates are, along with aircraft carriers and submarines, frigates are one of the key components of a fleet. The program, it's a very long-term program for the U.S. It's 5 + 5, plus, I would say, up to 20 in terms of long-term planning, up to 50 according to long-term strategy. So it's a long journey whereby our shipyard, the Marinette, is expected to be the shipyard for this program. The strategy is to accelerate as much as possible along with the U.S. supply chain and along with the shipbuilding of the U.S., the productivity, the progress, the production rates in order to achieve even 2 frigates per year. So this is the capacity of the shipyard. So it's a long-term relationship, very long-term relationship, which is very visible for the future, which we'll have to accelerate more and more depending on the availability of workers, depending on the availability of materials. So there are a number of ecosystem contributors to this acceleration. What is important for me and for you to appreciate is that the run rate will be a strong one, and the faster, the higher is the productivity of the shipyard, the more fruitful will be the collaboration with the U.S. So you have to assess this program as a long-term program. There is not zero opportunism, and it doesn't make sense to look at the photogram, you know what I mean? You need to assess the complete long-term story, which is definitely a success. Perfect. On the third question about the equipment and other components, Giuseppe, I don't know if you want to add some color. Yes. Yes. My comment from here—sorry, sorry, sorry for interrupting you. My fault. My comment from here is that it's a combination of different sub-businesses. So to find a common macro trend is difficult. Infrastructure is there, which is a business that we are improving and strengthening, the risking as per our original commitments. But you have also, for example, our components business, which is partially captive and partially not, which is getting along with the macro trend in the shipbuilding, for example, which is by definition different from infrastructure. Remazel is part of another value chain because it's part of the oil and gas at sea kind of value chain. So this is a common macro trend, and so a common tendency is peculiar. That's why I leave the floor to Giuseppe. Thank you. Yes, good afternoon, Monica. On guidance, on equipment systems and services on a standalone basis without the consolidation of Remazel and, of course, of UAS, we guide for 6% in 2024 and 7% in 2025. Remazel on a standalone basis has targets of an EBITDA margin of 15% for 2024 and 13% for 2025. This is the latest guidance we published in the prospectus of the rights issue on Chapter 7. Okay. Thank you. I will have a look. Sorry. No updates with respect to that very recent, let me say, disclosure. Okay. Thank you very much. You're welcome. The next question is from Alessandro Pozzi with Mediobanca. Please go ahead. Good afternoon. I have a couple of questions. The first one is on the recent agreement you signed with Accenture for the digitalization of your operations. I remember that digitalization was a key pillar of the strategy at the capital markets day back in 2023. Can you give us an update on the progress, the tangible progress that you've made in the last year or so in terms of digitalization and how that could improve basically your margins and synergies within the group? The second question is on defense. You recently signed an important order for the fourth submarine for the Italian Navy. Can you maybe tell us what potential other orders are in the pipeline for the Italian Navy in the next few quarters? Thank you. On your first question, we are working hard. We have been working hard in order to deliver a Fincantieri digital platform to be based upon our automation systems. So we explained as clear as possible during the capital market day that we want to enlarge our, I would say, scope of work, our scope of influence from the physical domain of the ship, which is made of equipment, steel manufacturing, cables, and automation, so from the physical domain to the logical domain. And to do this, you need, first of all, a platform that is managing the industrial data of the ship. Then this industrial data of the ship should contribute to a new layer on top of the automation layer whereby you can have different vertical applications for energy optimization, for preventive maintenance, for cybersecurity, for a number of other kinds of applications, creating a kind of digital ecosystem which is, first of all, an internal one, so dealing with our vertical know-how and skills, and to third-party ones. We are building this infrastructure. So we are building this platform, and we want to join forces with someone that can be helpful in the development of the software. So there is a lot of technical skill. Then there is an architecture. There is an IT, IoT, telecom application. And then we need a partner that can help us translate this architecture into products. So the relationship with Accenture, it is exactly in this direction. So we want to create a vehicle in which the skills, the key people in charge for developing the software applications are part of the Fincantieri family because our ambition is to create a product that then will be sold by Fincantieri along with our ships to all our set of clients. So this is the strategy where we are. We are quite ahead because we are selecting the companion of journey for the implementation for the software. Just not only buying a Fincantieri hardware, but buying a Fincantieri hardware plus software. What's the value of it? The value of it is, first, it's very intuitive, is to increase the distinctiveness of our product. So in a world that will never differentiate only on the cost competitiveness, we want to compete on the ability to differentiate our product from the others. So the first result of this new offering is to increase the distinctiveness. The second result of this offer is to shift gradually, so no magic sticks, but to shift gradually from a business model of seller of asset, producer, manufacturer of asset to a life cycle partner. So to procure that our ship is also for the functions, for the characteristics, for the features, but our ship can also impact, optimize the operational costs of the ship. So we want to get into a business model whereby we have new sources of revenues that are recurring and that are functional to the management of the operating cost, which is an evolution of the first objective. So the first objective is to compete on an NPV of CapEx plus OpEX. So the Fincantieri ship, it's a ship that does more things and therefore has some NPV in terms of OpEX savings to be associated with the CapEx for manufacturing the asset. The second ambition is to get into a space in which we sell also other kinds of services, which becomes extra revenues. This is something we already do in the defense business. So when we sell, in particular, historically in Italy and, in particular, abroad, when we sell a ship, we don't limit ourselves to the sale of the ship, but we remain for the life cycle management of the ship. So we know exactly what it means. We know exactly how to organize ourselves. We know exactly how to manage the logistics, how to manage the maintenance engineering, for example. So it's an evolution of our business model. Again, it's not a revolution. It's an evolution of our business model. We have very encouraging results that there is space, that there is need thanks to our credentials, also thanks to our already existing defense experience in rendering these kinds of services. We have very encouraging results. Moving to your second question. Just before we move on, do you have a timeline for the next key milestone for this project or for when the software will be ready to be rolled out? Of course. I don't think it is going to change the face of an EUR 8 billion company next year. So consider it a kind of evolution in the attractiveness and distinctiveness of Fincantieri. So it is not that you're going to see an extra line in your Excel model where you can collect numbers next year. It's an evolution. For sure, next year, we will validate with our first client this platform and we'll use it. It will become operational. So next year will be the year. But again, I don't want you to have expectations that you will see something macroscopic in the top line. It is a way to enter a new business. It's a way to enlarge, again, our presence in the market. It's a way for us to be life cycle partner of our clients. It's a process that will be evolutionary. Okay. So next year, stepping stone, and then it will grow over the years. Okay. Yes. Then on your second question, defense, you have highlighted our order intake in the underwater, in the submarines. As anticipated in the past, we have a number of national and international possible acquisitions. From a national perspective with the Italian Navy, we are basically very close to the frigates. We call it FREMM Evo, which is two extra frigates with new technologies on top, some initial new digital tools, plus other kinds of ancillary equipment from the underwater, which will be progressively adopted as a kind of ancillary equipment to the mothership. So this is one. This is basically there. Then we have in Italy the DDX program being the destroyer ship, the new destroyer ship of the Italian Navy, which is already envisaged in the investment program of the Italian Navy and is in the phase of the pre-engineering and engineering already. So that's the next in the pipe. And then there are for 2025 other programs expected to be implemented by the Italian Navy. Then there is the international space. In the international space, we are very active, as you know, with Abu Dhabi, with Saudi, with other countries that we are developing in the Middle East. So that's another possible source of good news in the next months. So in 2022, we made acquisition in the region of EUR 300 million-EUR 400 million in the Navy. We are targeting something like EUR 3 billion for this year. So just to tell you how steep is the curve and how nationally and internationally we are very well positioned. Thank you very much. The next question is from Gabriele Gambarova with Banca Akros. Please go ahead. Yes. Good evening and thanks for taking my questions. The first one is on the guidance for net financial debt on EBITDA. Is it possible to understand what's behind? I mean, there is this big improvement around EUR 480 million. Is it a matter of, I don't know, higher advance payment or some lower CapEx? I don't know. Could you tell me something more about this? And then on the Constellation, again, I understand it's going to be a, I mean, it's already a very important program and it's going to grow in size. Is it possible to have an idea of the margins that this program carries? And connected to this question, do you think you will have the opportunity to offer a life cycle support for the fleet or the Constellation? Is this something possible? Thank you. Thank you. Thank you for your question. I will start from the second. Obviously, we don't disclose margin on a single program. So it will be, I would say, uncommon and unfortunate for different perspectives. What I can tell you again is that it's an healthy program with an healthy client with very long-term perspective. So I don't know why among billions of orders, we are focusing on Constellation class. Maybe there is someone in the U.S. that is worried, but none in Italy. None in Italy. Moving to the, and again, to sticking to your second question on the life cycle. Absolutely, yes. So this is normal in the naval business. Again, it is crucial in our business. It is a kind of very, very important component to the business model. So we are not only ready, but we are already preparing ourselves in a dedicated place, which is Jacksonville in Florida, which is a kind of hotspot for repair and maintenance of U.S. naval ships. So we already carry out that kind of activity over there. And not only for Constellation-class frigates, but we were also selected as provider of repair and maintenance service to the destroyer class of the U.S. Navy. So I'm happy that on this second question, I can give you a more black and white and precise indication. On the net financial position to EBITDA, sorry, on the net financial position to EBITDA in the second half, as well as for the revenues, the development that is very, very close to happen is the effectiveness of the Indonesia contract, which will be very important in terms of revenue recognition because it's a sale of an existing ship. So as a sale of an existing ship, the trajectory of revenues is very fast and very accelerated. And accordingly, also the financial consequences of this entrance into effectiveness will be there. Then obviously, there are other financial dynamics that are expected to take place in the second half, also connected to initial payments of certain new orders. But if I have to tell you what is making a little bit more the difference is the economic and financial consequences of the Indonesia project, whose effectiveness is driven by certain fulfillments, export license. Just to tell you one of the most important, as soon as the export license will be there, the financial effects and the economic effects will be there. So we have been filing this kind of paperwork since the last months. Now we are very close to the finalization of this paperwork, and therefore we have a very positive expectation in terms of securing revenues and cash from that contract in the months to come within the end of the year. Okay. Perfect. Thank you very much. For any further questions, please press star and one on your telephone. Gentlemen, there are no more questions registered at this time. Thank you, ladies and gentlemen. Thank you very, very much. Thank you. Bye-bye. Bye. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones. Thank you.