Buon pomeriggio tutti. Siamo qui nella solita formazione con l'amministratore delegato. Good afternoon, everybody. We're here with the usual team, our CEO, our CFO, and our Investor Relations director. For the H1 financial results, which our board recently approved, these results confirm the good results posted in Q1, and they are in line with our business plan, the one we approved early this year. What we're seeing, in terms of the revenues, is a reduction turnover, which is down by some 33%, linked to the energy scenario, with lower prices on the supply side, a lower turnover. As you know, that is a positive element for us, and we also had some lower intermediation activities, and therefore, this is the outcome. In terms of EBITDA, after the extraordinary growth we posted last year, we're continuing to grow, even in Q2, which is in line with what we had seen in Q1 this year. We are now up to EUR 733 million. This is a growth which, much like in Q1, increases in terms of percentages as we move down the lines. In terms of EBITDA, it +2%, EBIT is +2.8%, and we'll be seeing further details on the following slides. All the way down to a major growth in terms of our net profit increase, which is some 16%, roughly EUR 30 million more compared to Q1 last year. The growth in net profit, as we'll be hearing from Mr. Vai, is a growth that allows us to transfer the value we have generated. In terms of EBITDA, both last year and this year, all the way down to the net profit, thanks to a decrease in the financial burdens, which are, for the most part, linked to a more relaxed energy scenario, leading to a larger stability in flows, and a possible rationalization in terms of the debts we have. Now, moving on to the EBITDA, you may remember that last year, we had posted major results linked to the super eco bonus. We were capable of extracting the highest possible value from those results, and we're seeing that, the structural growth worth EUR 66 million, more than offset the dip as far as the super eco bonus is concerned, with a EUR 15 million net growth, which has a higher value compared to what we see, the EUR 14 million. Because we're replacing the opportunities that we took advantage of in previous years with elements linked to structural growth, which are very balanced between our activities on the market and the activities that we are working on in regulated sectors. EUR 37 million on the market, and EUR 29 million on the regulated side of things. Now, how is it that we can transfer the growth we posted on EBITDA, all the way down to EBIT? Well, because, linked to the growth in amortization that we're seeing, given the fact that we have increased investments, you may remember that we're investing some EUR 2 billion in development investments, which leads to greater EBITDA and greater amortization. We are offsetting the growth in amortization with a reduction in the accruals for provisions. This is the effect of the decrease in turnover, and this allows us to recover and increase efficiencies worth EUR 16 million compared to last year. Now, moving on to the creation of value. Now, what does this growth mean? In terms of the stability, in terms of our financial situation, we wanted to create value, and we can see this through three different indicators which point in the same direction. ROI is up by 1%, roughly 10%. The same applies to ROE, up by over 1%, and a growth above 10%. And therefore, the profitability and the, capital of equity sees that we're hosting a 10% growth. And even as far as the total shareholder return, as far as H1 is concerned, what we're seeing is that we distributed a dividend, which gave us a 4% dividend yield. And if we look at the EPS for H1, this EPS is up by almost 17%. Now, after this quick overview, we can go into the details of the various businesses and their specificities. As for the previous quarter, we will be giving you a brief summary of the figures, to leave some time for a Q&A, so that we can conclude by... For since you have other commitments today. As far as the energy supply business is concerned, in this case, we have a reduction in EBITDA compared to last year, due to the fact that we no longer have the super super eco bonus contribution linked to the various tax opportunities that the the government would give final consumers up to last year. We created a value with that, and we are now replacing that. And even in this case, with the organic growth we've had, +EUR 28 million, which offsets more than half of that negative item stemming from the expiry of the tax eco bonus. Now, the organic growth, as we see, as we also saw in Q1, is supported by three elements. On the one hand, we've had a growth in our customer base with 125,000 further customers. We also had a growth in margins linked to renewals of contracts and a reduction in shaping costs. In a moment in time in which the volatility of energy is very reduced and prices are more stable, those costs are now back to the pre-crisis levels, which allows us to increase margins. Now, as far as our customers are concerned, we've had an organic growth through which, at the end of June, we added. We're now up to 3.1 million customers with an overall growth of 125,000 customers. But as you know, on July first, we had an extra 1 million customers from the Maggior Tutela market, which we started to manage. This is very much in line with the activities that we had expected for this first month. Now let me give the floor to the CEO for some further insight on our other businesses. Thank you, Christian. Good afternoon. Moving on to the waste business. Now, while we were commenting Q1, we mentioned that this business continues to grow, and we've seen a further acceleration, as you can see in the lower right-hand graph. You've seen. You'll see that in Q2, there has been a speeding up compared to Q1. We now have +EUR 9 million compared to H1 2023. Now, this growth was brought about by the contribution from all of the waste activities, both the regulated side of things, with waste collection, which posted an overall growth equal to +3% compared to H1 2023. This is a growth which is supported by an increase in the regulated return, but also by further efficiencies, by the integration of value-added services. And it's also due to the fact that the one-off initial costs of concessions are no longer there. We have 15-year concessions, therefore, we have a good visibility as far as the waste collection business is concerned. And that business is linked to the other business, which gives us even more satisfaction, which is the waste treatment business. This is an area of business in which we have +9, if we don't consider the energy market, that we'll be commenting later on. And this is a business which is growing both in terms of volumes and prices, so that, in the first few months, we've been able to expand our market share. As you can see on the graph on the right-hand side, the volumes of special waste have a bit gone up by 170,000 tons, especially the industrial waste, which, we are leaders in, in Italy. And therefore, despite a slowdown, as far as the industry is concerned, we have been able to grow, given the fact that we're also present in the oil and gas sector, which, as you know, is anti-cyclical compared to other businesses. And therefore, this allows us to grow, both in terms of the solid waste, but also, more recently, as far as liquid waste is concerned. We also had a growth in special waste, coming from urban waste, which are imported from other regions, the other regions which are having a hard time in terms of waste treatment. Also, as far as the industry is concerned, let me say a few words regarding the land remediation business. You may remember that in early 2023, we had made the ACR company. That segment is continuing to grow. We're very pleased with it, with an increase in the business brought about by the more traditional customers, but also from new customers. Therefore, this business we sell, which is a way of selling circular economy, of cleaning up sites through a company which allowed us to become market leaders even in the land remediation sector. That too, is a very positive thing for the growth of the business. As I mentioned earlier, prices also contribute to growth. They are stable, and in some segments, they have, in fact, gone up, specifically in liquid waste. When it comes to margins stemming from the energy source and waste energy plants. We are expecting this component to become neutral when it comes to the growth of results at year-end. Last year, this segment had given us a very good result, but thanks to our fixing policies, but then also thanks to the lower pauses, lower amount of downtime we'll be seeing in the second half of the year, that figure will tend towards zero. Now I would like to move on to the networks. As you know, thanks to the update of the WACC, of the regulated WACC, we're seeing that this is the largest contributor to the group's growth. In absolute terms, we're looking at +EUR 269 million for networks, which are 37% for the overall group's numbers. This is a growth even compared to Q1. As you know, we're already seeing the effects of the increase in regulated return, plus 110 basis points, which have supported the growth of EBITDA. As you can see on the graph on the right-hand side, this is a double-digit growth, almost up to 11%. The growth drivers also increase the inflation of RAB. The inflation was approved by the regulator with revenues which are significant. Then, inflation was also recognized on costs and OpEx. As you can also see in the graph on the right-hand side, all of the networks contributed to growth, especially in the water business, because it is the largest business, with its RAB, which is worth EUR 1.8 billion. The water networks posted a growth worth EUR 18 million. Then we have electricity distribution, which grew significantly. The main reason for that is linked to the application of the ROSS method, a regulation setting targets for costs and services. And it sets an average for specific players and no longer an average based on NL figures. And this is an opportunity that we are capable of taking advantage of. We'll be doing that both this year and in the following years. Also, our gas distribution business has grown. And all of these different various positive results have more than offset the negatives linked to district heating. And therefore, compared to H1 2023, which benefited from major non-recurring growth elements... In a few weeks time, we'll also be, we're also going to be discovering the new tariffs, which will be, set by ARERA for, 2025, since, the current ones are transitional ones. The network's EBITDA, therefore, has, significantly, increased the traditional results for networks. In fact, on the left-hand graph, you'll see that despite a significant update in, in, the WACC, and despite the major inflation rates, we were able to offset those impacts with, constant efficiencies and, development investments. Therefore, the, impact of regulated businesses on the remaining, part of the portfolio will be rebalanced progressively, thus further improving the group's, risk profile. I'll give the floor to Massimo Bai now for a comment, on the following slides. Thank you. Good afternoon, everybody. If you slide on page seven, you have an update of our cash flow, and on the right-hand side, you have the development of the net debt to EBITDA ratio. The operating cash flow for H1 is up to EUR 536 million, with a further EUR 230 million that can be added to the results posted in Q1, which you may recall was equal to EUR 236 million. And as you know, in Q2, we no longer have the components stemming from the thermal season, especially as gas is concerned. Therefore, this continues to be a major figure. And if we compare this figure with the one we posted last June, we have a growth equal to EUR 76 million, which is equal to 17%. Moving towards the right, you'll see that the working capital absorption has reduced compared to what we had seen in Q1. Therefore, the effects of the commercial development at the end of the thermal season diminished the absorption of the working capital, which is in line with our expectations. You may remember that at the end of Q1, we had to pay the debts we had to suppliers that we still had at the end of the year. Referring to all of the 110 Superbonus that we had completed last year. Moving on to CapEx, the investments we made in H1 this year, EUR 328 million. They are up by EUR 22 million compared to last year, and they are very much in line with our development plans, as envisaged by the business plan, which we approved in late January this year. We then also have a column which we didn't have in March, the one linked to the distribution of dividends, the dividends which we paid in June, worth EUR 252 million, which is up, as you know, compared to last year. Because with the results we obtained last year, the company decided to increase the dividend per share, which was then distributed. All in all, therefore, all of these elements combined led to an increase in our debt equal to EUR 236 million. But if you compare it to the growth in EBITDA, allows us to have a stable net debt-to-EBITDA ratio, which, is well below the threshold, which, we feel, is essential for our financial soundness, which, as you know, is 3 times. Therefore, the results are very positive in terms of cash generation. And moving on to the next slide, and beginning with the graph on the left-hand side, we also have a very relevant element, which is the reduction of the, average cost of debt, down to 2.7%. And if we, compare H1 this year with H1 last year, you may recall that, last year, in H1, we had, begun a review, of our, debt towards banks that we had activated in H2 2022. You may recall a link to the last incidence markets and the gas storage. Those costs were reabsorbed last year, and that was replaced by the working capital that we needed to take advantage of the super bonus. Therefore, we paid back the bank debt that we had over that twelve-month period. That led to a reduction in the cost of debt, and now we are back to a value which is very much similar to what we had in H1 2022. As far as our interest rate is concerned, as you can see, 97% of our debt is at fixed rate, and therefore, we are very marginally exposed to the varying cost of debt. We also paid back a green bond, which expired. We paid that in July, and then next week, we will be repaying another bond, which was launched 15 years ago, and we'll be paying back that bond without having to ask for further financing. This was all done thanks to the cash that the company generated in recent months. As far as the ratings are concerned, on the right-hand side of the slide, this is just a way of confirming what we already know. There is nothing new. Our adjusted parameters are well in line with the thresholds, and therefore, there will be no variation in ratings. So things are looking very good, which confirms what we had expected to do. We are in line with expectations, if not somewhat better, and that gives us a good outlook even for the second half of 2024. I'd like to give the floor back to the chairman for the conclusion. Wonderful, and so far, we went over the economic and financial results. Now I'd like to focus on sustainability. As you may remember, our business plan was focused on value creation, sustainability, and resilience as the main drivers. Let's focus on being sustainable for a moment. Well, that's because in Q2, and especially over the past month and a half, we have been working very hard to reach out to three very important stakeholders as far as growth and development are concerned, but also as a way of achieving our business plan results and targets which go beyond the length of the business plan. We decided to reach out to our workers, our suppliers, and the environment more in general, at the external environment, as a way of achieving carbon neutrality. What we did was we concluded our strategic defined and the strategic development plan for our employees. Our employees, of course, are essential in terms of achieving the results that our company has always strived to achieve. Therefore, we decided a strategy allowing us to deal with the challenges in the field of labor, including security, including training, professional growth, increasing productivity, and the remuneration of our employees, of course. We also decided to focus on a number of topics which are very sensitive, especially for the younger generations. Namely, welfare and the integration between our jobs and our personal sphere. Therefore, we decided to launch a 70-page document, which we signed with all major trade unions, which includes plenty of innovation, as highlighted by many entities and Italian government bodies. We want to allow our employees to grow, but we also want to focus on our suppliers. We have constantly worked to support our suppliers, so we become more competitive. They themselves are professional, they support the growth of our group, and therefore, we have this virtuous cycle through which they help us, and we help them to grow. We have set up a specific plan for suppliers with a focus on safety, which is increasingly important, but we also want to focus on growing sustainably, and therefore, we want to focus on professional training and services for suppliers. We have set up the HeraPro platform, the goal of which is that of supporting the development of our business plan with a specific focus on suppliers. So again, we focus on both our employees and our suppliers. You may also recall that in 2021 and 2022, we set a target for the reduction of CO2 emissions, especially for Scope 1, 2, and 3 within our company. What this target set was that our goal to 2030 was to reduce CO2 emissions by 37%. Currently, we are halfway to that goal, which means that at the end of the business plan, we'll be up to 29%. Now, over the past six months, we focused on understanding what our ambition can be and what our possibilities can be, always supported by tangible steps when it comes to reaching carbon neutrality. Today, the board of directors approved our strategic plan, allowing us to become carbon neutral by 2050. And if you consider that less than 10% of our emissions are linked to direct activities, whereas more than 90% of our emissions are linked to the emissions of our clients, those who buy energy from us, and therefore, we want to act both directly and indirectly, through a number of very concrete initiatives that we will be carrying out over the next 25 years, so that we can achieve the target of being net zero by 2050. And we intend to achieve that by 90% through a 90% reduction in emissions, and with a 10% emission capturing system by 2050, all of which is consistent with keeping the increase in global temperature below two degrees. So again, in H1 this year, we did very well in terms of, our figures, in terms of our economic and financial performance, but we also worked from the operational standpoint, so that we can involve, the company stakeholders in this virtuous cycle, in which the growth of all stakeholders together can, help us amplify our good results. Moving on to our conclusions, which are, a way of underscoring the things that we've, already seen over the past, 30 minutes. EBITDA continues to grow. After the EUR 200 million growth last year, we continue to grow in absolute terms. But the really relevant thing to note is that EBITDA grew by EUR 15 million, but the growth we're seeing in terms of structural growth, if we don't consider the super eco bonus, that growth is equal to EUR 66 million, and therefore, the potential for growth we have continues to be very strong, even in the first half of this year. From the financial standpoint, our lever stands at 2.7 times, roughly, which means that we continue to have a good cash generation, allowing us to support our investment plan, along with the dividend policy that we have. You may remember that in our business plan, we said that our debt level would remain stable and that all the cash we generated would be used to drive growth, both in terms of investments, in terms of M&A, and in terms of the dividends we expect to distribute to our shareholders. So we're well on track, and this result may be a bit of an outlier, and I'm referring to the net profit, which grew by EUR 30 million in H1, with a growth equal to 16.4%, following the growth we posted last year, which was equal to 16%, on... So continuing to grow at double-digit rates, even as far as the bottom line is concerned, and that's something that we're very pleased with in terms of value creation. I'll leave it at that, and I'll open the floor for any questions you may have, so we can have some 30 minutes for any comments or questions you may have. Good afternoon. The first question is by Javier Suarez, Mediobanca. Good afternoon, everybody, and thank you for your presentation. I have three questions for you. The first is on the supply business. We saw a EUR 30 million growth, organic growth in the business, besides a moderation in the commodity prices, which helps. What are your commercial policies that can justify the growth in the supply business? My second question is on the waste business. I noticed a growth in volume, but EBITDA is up more than volumes. Therefore, there is an underlying dynamics linked to special waste, which is very positive as far as prices are concerned. Can you explain the dynamics you're seeing as far as prices, and how you expect the volumes and the prices to evolve in the second half of the year? The third question is on the company's financial structure. The net working capital absorption was equal to EUR 100 million. Where is it that you expect this net working capital absorption to happen by year-end? And is the EUR 4.1 billion debt you have, can that be a good guidance for the end of the year? And just one final question as far as the bottom line is concerned, can you give us a guidance for net income for 2024? Thank you. Thank you for your questions. As far as your first question is concerned, of the supply business, currently, we are supporting growth because we are increasing our customer base, and we've had an extra 125,000 customers who contribute very well to the EUR 28 million growth we've seen. That contribution, for the most part, is linked to the reduction in shipping costs. So that has an impact on our customers, and we've also increased our overall margins by a few euros, also as a way of taking into account certain elements of risk that we saw in recent years. But that isn't a major growth in terms of margins, just a few dozen euros per customer, so minor figures. But what we can appreciate is a good performance in our commercial activities. Despite the end of the Maggior Tutela market and the gas market first, and then in the electricity market in June, typically, that leads to a certain degree of movements on the market, but we're still seeing a positive growth level. So we're continuing to leverage on good acquisitions and low churn rates. Something I didn't mention earlier is the topic of the extra 1 million customers that we obtained from the Maggior Tutela market. We've been managing them as of July the first, and in a few days' time, we had uploaded all of their information in our systems, and we have already gotten in touch with our customers, and we have already concluded our initial contacts with all customers in July. The customers' level is currently very good, and it's in line, if not slightly above our expectations, and we're doing what we had envisaged in the business plan. We're off to a good start, and we had prepared ourselves for six months for this situation, and we are in line with that. Orazio, do you want to answer the question on waste? Yes. Thank you, Javier. Good afternoon, everybody. As I was saying earlier, prices are stable, but as I was mentioning earlier, in some cases, they have gone up, and I'm referring to liquid waste, specifically, and the waste we treat in the oil and gas sector. We have now become a major player, a benchmark of sorts for that sector, both in terms of the liquid waste that we treat in our various treatment facilities. We treat liquid to solid waste, hazardous to non-hazardous waste, and we've seen a slight increase in some of those materials, especially for liquid waste, and in some cases, even in terms of the special waste stemming from urban waste. The second point I wanted to raise is thanks to the synergies that we were able to extract, even through the acquisitions we made in 2023. The most obvious example, of course, is the ACR company, and in H1 2024, that acquisition led to some major results. And with their site remediation activities, we are doing very well. Not always do we generate waste in that, that business, although we certainly do generate EBITDA and value, and we generate value. Let me give an example. We are accompanying larger players more and more. For instance, when it comes to Enel, we were the ones chosen for the purification of the Suviana basin. And I'm sure you've read about a future partnership with Fincantieri, so that their shipyards can become more sustainable, allowing them to reduce their industrial waste and to extract values from them. That is a very interesting opportunity. And just yesterday, we signed a closing deal with TRS, a company which focuses on the pretreatment of waste in the Piacenza area. That allows us to expand our geographical presence commercially, moving towards the northwest of the country, as a way of tackling the Lombardy region, which, as you know, is a very wealthy and a very important region as far as the entire industrial waste sector is concerned. As far as your questions on the financial structure are concerned, let me begin with debt. Currently, our vision for year-end stands roughly in line with the value we saw for this half, EUR 4.5 billion, give or take a few million. Then, of course, we have elements linked to the seasonality of things. As you know, we are developing commercially, and of course, to that, we have to add the extra 1 million new customers. I don't expect to see any major impacts compared to the visibility we now have. And then, of course, we also have to manage the working capital, which is no longer linked to 3.8 million customers, but, well, 4.8 million, if not 5 million new customers. So that should have an extra impact. Of course, given the price scenario, that may either grow or decrease a little bit, but the level is at around EUR 4.1 billion or EUR 4.15 billion, based on the information we have. That's about it. I think that's a very clear answer to your questions. Thank you. Moving on to the more complex question. The question regarding the net results. As you can see, over the past six months, we grew by some EUR 30 million. The company is performing well, so we don't see any negative elements from here to year-end compared to how we're currently doing. So, as I said three months ago, while answering the same question, the consensus started with the business plan. We're working on the business plan, which means that, those are the references we have and that we expect to continue focusing on. So for the time being, everything is going well. We're maybe ahead of schedule compared to what we expected. That doesn't mean that there will be, posting the results expected for 2027 this year, as we did last year, but we're doing slightly better than compared to what we had expected to do for the first six months of the year. That's about it. Thank you very much. The next question is by Emanuele Oggioni, Kepler Cheuvreux. Thank you, and good afternoon, everybody. Thank you for your presentation. I have a few questions. The first is on the extra 1 million customers that you made the acquisition of through the tenders, which is down over 11% compared to the figures at the beginning of the year, meaning that there was a natural migration, so to speak, from this segment towards the liberalized market, and not necessarily within the Hera perimeter. That's a very important focus as far as investors are concerned, so can you give us some extra details on the steps taken to monitor this partial shift of customers? So what can you expect over the next few months? What can we expect from here to year-end in terms of customer migration? What is the timeline you envisaged, and what are the commercial offers that can push customers towards the free market? I know that is a recurring question, but it's always a major focus as far as investors are concerned. I have a second question regarding your financial situation. I'm sure you have space to re-leverage and to make further acquisitions. Can you give us the sectoral focuses, the assets that you are especially interested in? In recent times, despite the announcement you made yesterday, we talked about the gas distribution and the potential merger between Italgas and 2i Rete Gas. Are you interested in buying assets in gas distribution? Were they to be sold due to antitrust interventions, or are there any other areas you may be interested in? And then I have a third question on financial charges. They were very low in H1 and Q2. I don't know... I know that you don't want to give any specific answers as far as the net profit is concerned, but can you give us an idea regarding the full year for financial charges? And finally, a final question on the use of fiscal credits. I understand you should benefit from some EUR 200 million per year, including 2024. As far as fiscal credits are concerned, how much of that have you already used in H1? Is the use of this EUR 200 million already included in the EUR 4.1 billion, which is your debt for the full year period? Thank you. One million customers. Now, in January, when we finalized the plan, we were expecting 1.1 million customers, and we began with our lots, which had 1.4 million potential customers. So we had made an estimate of a possible exit of customers, and our estimate was 1.1 million, and now they stand at 1 million. Roughly 40% of the difference between 1 million and 1.1 million are customers that we have already taken on board in our territories. We began ahead of schedule with our activities because we already started with those activities before we obtained those customers, and therefore we have already concluded part of that work before July. So we're ahead of schedule. What do we expect from now on? Well, for the time being, we had a very conservative, a very cautious plan. We're doing a little bit better, but for the time being, we want to confirm the plan, and I think so that everything we've seen is better than expected. It's only been one month since we acquired these customers, so we still don't have the full picture, but the signs we're seeing are very positive and very comforting. We're not seeing any criticalities. We had a conservative plan, and I think that we can at least work in that direction, if not to outperform those figures. As far as the availability of cash is concerned, as you know, we're always very careful. We're always very focused on M&A. We're always on the lookout. Orazio mentioned the closing of the TRS deal. Waste is certainly an interesting sector. The energy sector is the other interesting one. Of course, we always want to look to the market with the idea of creating value and extracting synergies from deals. So I'm not going to go into the specifics of the possible targets. We only say what they are when we conclude the deals, but understand that we're always on the lookout on the market for deals that can be consistent with our business portfolio, and with the opportunity of creating value and synergies, with prices that are consistent with the asset that we buy, and they have to be in line with our views. Regarding your questions on the financial side of things, the estimate I gave you earlier on the debt level for year-end, that also includes the completion of all activities linked to the use of the fiscal credits we have in our portfolio that can compensate and allow us to use our tax capacity. That is, effect is already included. As far as the use of that during the year is concerned, we are following a very careful and specific plan. And over the year, we allocated roughly 50% of those compensation activities, because they are distributed throughout the year. As far as the financial charges are concerned and their impact on our figures, obviously, the impact of this of H1 compared to H1 last year is an important figure. And as far as H2 is concerned, it'll be similar to the figures in H1. Of course, the difference compared to last year will be slightly lower, because already in the second part of last year, we had optimized the thing, and therefore the difference tends to decrease. Great, moving on to the next questions. The next question is by Francesco Sada, Banca Akros. Over to you, Francesco. Francesco, if you can, click on the button at the center of the screen. Yes, we can hear you now. Thank you, and good afternoon. I have two questions. The first is on energy efficiency. There was a decrease in the first few months of the year, so what is the outlook for the second part of the year and for the medium period? Can we expect the levels in the first two quarters to be the business levels in the short term? Can there be a slowdown in the short term and then a recovery beginning in 2025, maybe? The second question is on supply, especially electricity supply. The contracts that you signed last year are starting to expire. They are being renewed. Are you seeing any compression in margins, maybe, offset by the number of customers, or do you not see any major differences? Thank you, Francesco. As far as the topic of energy efficiency is concerned, after three years of work and to take advantage of the tax bonuses, what we're left with after the tax bonus is higher compared to what we saw earlier. So there are some things we're seeing. Even this year, the contribution on that side of things exists. Think of condominiums. That gives us EUR 10 million over the first two quarters. The activities are still ongoing. Of course, the 110% super bonus and the passing on of the tax credit allowed us to restructure or refurbish buildings without having to pay EUR 1, and that was a very appealing commercial offer. And, of course, we're working to continue growing in that sector because that's an area in all segments, the residential, the industrial, the condominiums, the public administration sectors, both on the thermal side of things, on isolation, and also on public lighting. So all in all, it's a sector that we are continuing to focus on, and we continue to focus on supporting companies for energy efficiency. So we'll continue to develop things, and from here to the end of the year, we will continue with the values that we're currently seeing, and then beginning in 2025, we'll be seeing a normalization and then further growth. As far as energy or electricity and gas supply is concerned, for the time being, we're not seeing a decrease in margins for our customers. In the retail and SME sector, we are in line with the margins we were seeing at the last year, and early this year. We have a small presence in the industrial sector, and we are seeing some extra competition there, leading to a reduction in margins, but it isn't anything significant in terms of the visibility of our results. We have very low volumes in the industrial segment. We have some very loyal customers there, so we're not concerned with that. In the smaller size segments, we're not seeing any criticalities, and quite the opposite, in fact. Thank you. The next question is by Davide Candela, Intesa Sanpaolo. Good afternoon, and thank you for your presentation. I have two very quick questions for you. The first is on the waste sector. Can you give us an update on the authorization processes you're involved in? And as far as the environmental services are concerned, and the agreement with Fincantieri, for instance, how much further can you expand your services? And can that have an impact on your legacy businesses, and what can the positive effects from that activity be? Then we have a second question. linked to, your possible further commitment for your extra 1 million customers linked to network and capital. Were you to do better, how would that impact your capital allocation, your capital structure, with any possible, M&A opportunities also in view of the gas season? What can the possible evolution of the scenario be? Let me give you a very quick answer- Sì. -to the second question. Yes, we have an extra 1 million retail customers. We have an efficiency process on, working capital, which is, very strict. Earlier, Massimo was mentioning, some slightly increased impacts initially. Because, of course, when you have new customers, it takes some time to fine-tune things, but we'll be back to normal either by year-end or early next year. So that won't have a major impact. In fact, it'll be negligible, as far as the potential development we have. We're staying at 2.7, and that difference is below 0.1% of the lever, so that won't have a major impact. Over to Orazio for the other answer. Yes, very briefly. As far as your first question is concerned, keep in mind that our investments have already been authorized. As mentioned in the business plan, we're on track with our business plan targets. The most important is the high-density plastic site in Modena, and we have started that as per program. Then we have the Padua line, line four, in the Padua waste-to-energy plant, which is worth EUR 126 million in investments, the largest investment in the business plan. We're on track compared to our expectations, so we don't see any criticalities as far as authorizations are concerned. So everything is running on track. Your second question on Fincantieri, that is a partnership. We signed an MOU with them. We have a preliminary agreement, and we'll have a business plan and a possible company vehicle by year-end. And if everything goes according to plan, we will have a volume equal to 100,000 tons per year, linked to the byproducts or the residues from the Fincantieri businesses. Thank you very much. And as far as the timeline is concerned, we are in line with our targets. I wish you all the very best. Have a wonderful summer, and we will see you in a few months' time for our Q3 report. Thank you.