Good afternoon. This is the conference operator. Welcome to the presentation of Business Plan Guidelines, Planning 2025-2027 of IGD. Let me remind you that all participants are in listen-only mode. After the presentation, a Q&A session will be held. If you want to be assisted by an operator during the conference call, press star and zero on your phone keypad. Let me now turn the conference over to Mr. Roberto Zoia, CEO of IGD. Good afternoon to all of you, and thanks for joining us today. The way we are meeting today is not the usual one. Normally, a business plan is presented once completed, but somehow we are tracking what I told you before on May the 7th when we presented the first quarter results. I told you that we wanted to be very transparent vis-à-vis the market and share the different steps we are undertaking with you. So we've come up with the main guidelines to roll out our three-year business plan. Today, I will try and walk you through them. Of course, today's question and also in the coming weeks, I myself will be fully available together with my team to listen to your suggestions, remarks, comments for whatever you think is worth sharing with us. The three action lines along which we will be working with for the three years spanning 2025-2027 have already advanced, but we've gone further into them. We've deep-dived into them. Two of them, let's say, are very much tied in with the business. That is to say, our core business, increase the profitability of our core business. Then we want to further create value through our business unity that provides services to third parties. We want to better plan the timeline of our financial maturities to match them more consistently with cash flows. These are the main three action lines we are going to engage in, and they run in parallel somehow. We started working to really fine-tune these priorities, and therefore, they are running in parallel over the same timeframe. What do we want to do starting from business, from our core business? I think when you have a relationship between a landlord and his tenants, especially in the retail industry, we have to come up with a new role. What we are proposing is a new. It's a different landlord-tenant relation. We've built what we call an ecosystem. It's a shopping mall ecosystem, and we want to have a partnership between landlords and tenants. It's going to be a relationship that's not just based on a contract. It's not just, "you get to lease or rent a space," but rather, we want to build a much more strategic relationship with them. What does it mean? Somehow, we want to strengthen what we already have in the pipeline. We want to strengthen it and enhance it. And I'm talking about digitalization and digital tools that will help us and support us in communication to tenants and also communication to clients, to visitors. We want to build commercial partnerships with initiatives for, and I mean event and advertising, both sides of the matter, and co-marketing based on, again, the shopping center. We want to value the relationship with our tenants and co-workers. We want to enhance the spaces that are let or leased to really make them available for online sales as well. We know very well that all of our tenants somehow rely on an omnichannel policy, and they say, "Sending products home is very costly. We have a problem of returns." So we will build a partnership to try and make sure you buy wherever you like, or the client buys wherever you like, but they pick up from our shopping center. So we wish to offer services, asset management services more specifically, that have a high added value. The latest disposals were aimed exactly at that. IGD is still managing the disposed assets with the same level of attention that it was paying before, with the same priorities we had when we owned those assets. And all of that will be, of course, reliant on an ESG vision. We know very well that it's no longer an option, but it's something we must have. But we're not going to deal with ESG as a world apart. It is very important that in every action we perform on a daily basis, we have to have an embedded ESG vision and ESG compliance vision. In today's presentation, you will see many slides with colored dots placed top right on the slide. And they recall what you see on slide four, the five actions, the five lines along which we are committed and that we want to really transfer into any day-to-day activity we run. Some of you have probably noticed that we've already completed the first action by the new IGD's governance, and it meant reorganizing things. We went through a reorganization above and beyond the little boxes on the screen. This really bears witness to the fact that there's a new way of working, an innovative way of working. I know many companies who are in the same business as we are. But once again, I see there's a very stiff approach, quote unquote. I see it both in owners and co-workers. What we did was come up with a business setup that is very close to the stakeholders, is very close to the assets. On page five, you see that what I highlighted are the different operations that go from asset management. They range from monitoring, constantly monitoring performance, so not just footfalls and revenues, but whatever is happening inside the shopping mall. Unlike what we had in the past and unlike other players, we've come up with an organization which is not just a leasing structure. It's based on digital and innovation as well because we want, of course, to sign contracts with our tenants, not just for individual spaces, but to rely on something and contractualize something more. Of course, we have decision-making powers for managing our shopping malls at best. We work a lot more than in the past with an asset-by-asset approach. This is what I asked my teams. I asked them to have really a maniac approach and attention to whatever is happening in the shopping mall, in the shopping center. Luckily, we have technologies and means of communication that are very modern and that are looking forward somehow, are looking up to the future. In order to increase profitability, we have to focus on enhancing our portfolio, and we need to identify new opportunities to increase our net operating income. We have to contractualize whatever we can inside the shopping mall. Of course, we want to look at investments on an asset-by-asset basis. We don't want to have prevailing elements such as ESG or sales fit-out or the purchasing of a technology. Depending on the type of asset, we want to have a constant assessment in the area, in the geography we are active in. Then IGD's philosophy. We are already unfolding it, proposing it to our customers and clients. The proposition will be even stronger in the future as we move forward. Let's move to page six. You see that asset services, asset management services for third parties, so that instead of having a parallel business unit that is not talking to the main business unit that I described before, we have inside this asset management business unit, we have dedicated teams that have the know-how so as to be able to directly manage assets so that they can transfer that know-how to clients. So this business unit will not just work based on fees, but it will somehow share with clients a long-term vision for the asset they provide services for. So we will not have any overlapping of business units. We want to optimize costs, and we do want to leverage on our know-how. We want to show our clients that the same way we manage our own assets, we're going to manage theirs as well. We want to be partners for our tenants. Day in, day out, we, with the help of our shopping center management, we want to come up with plans. That is an ad hoc plan for each and every tenant so that they all have opportunities maybe to work on lead walls, to have their own promotions shown. For those who want to organize an event, we will be partnering in them, supporting them to really make our shopping malls really attractive vis-à-vis customers because at the end of the day, that's our bread and butter because we want, of course, to increase revenues and profitability as well. And in order to do that, we have started up on a pathway that is of, well, whatever we've done is of utmost importance. And I mean what we've done with CRM systems, which enable us to have a full knowledge of our clients to make them more loyal, of course. And we want to communicate not just for selling purposes, not for physical sales, but also for online sales. You can buy on any channel you want, but then you pick up from the shopping mall. That's why we have to provide our tenants with a communication tool. We have our own clients because those are the clients who come once a week to the mall, once a month, or every day to the mall. We know exactly who they are. And if we can talk to our tenants about them, we will achieve a shared result that will improve performance for us and the tenants. We're not reinventing anything. We're not providing anything new. In the previous two years, we worked on digital. We worked on websites for our shopping malls. We've worked on totems, LED walls, Wi-Fi, whatever was needed to really provide a communication. In seven shopping malls, we've already launched an app project. Once we've captured a client, the client is constantly receiving promotions. Based on the success of a given promotion, the client itself can add either purchasing points or benefits or bonuses. In turn, we will get more data about the client. We are working. Of course, we're being cautious because it's been the talk of the week and talk of the year, and I'm talking about artificial intelligence. If you focus on digital applications or social applications and apps, we cannot talk to our clients on a one-on-one basis, but we need to have an advanced, an evolved system to rely on an evolved system. And we are already working on it from a marketing perspective, but also from a point of view of maximizing our equipment. Today, AI can help us maximize the switching on and off of systems, energy systems or whatever it is, to exactly maximize energy savings. On page 10, let's talk about co-marketing. Co-marketing for us is a must. Managing to somehow contractualize not just a space, but also marketing activities to be able to offer one-of-a-kind exclusive content and that helps footfalls, organize events, and initiatives in cooperation with tenants. And we think that is a key to success. And we've already experimented with it in the past. Today, somehow, it's under our radar. Because of the transaction on Kiko, we've been cooperating with them a lot. They organize events in our shopping malls where they offer makeup sessions. It's good to increase footfalls, but also it's good for the tenant, good for the brand to increase sales. All of that has a purpose, has a goal. Of course, it's that of attracting upward or anchor tenants. That is those brands that really make a difference in a shopping mall and then help us attract more brands. Also, and that means for us increasing our revenues and profitability. We put a few pictures telling you that wherever you have a certain brand, a very attractive brand, it's much easier to attract other tenants, other brands. Needless to say that IGD has never been focused just on only shopping, but we're building very effective shopping experience for wellness. So it's not just shopping. It's wellness, cinemas, restaurants, you name it, and a number, a bouquet of services if you wish. And all that is really prepared, lays the foundation to build a new relationship with our tenants so that we can talk to them. We can maybe apply higher rents, but telling them that IGD is going to invest for their benefit, to benefit them. To deep dive into a greater level of detail, as I said before, where I'm walking you to slide 14. Indeed, we want to increase occupancy, the malls' occupancy. At the end of March, shopping malls had 94.2% occupancy in Italy and 95.5% occupancy in Romania. And here, there's still a lot to do. What I am sharing with you today is that we really want to aim to the top vis-à-vis when it comes to occupancy. But our strategy is diversified depending on the different assets we are focusing on. We've clustered also to really come up with the right figures in our business plan. We've broken down our portfolios in clusters, three main clusters, just to mention. We have nine so-called key assets with an occupancy that's quite high, ranging between 97%-99%. And those account for 62% of the shopping mall asset class value. This is where we have to earn money and make money to be very blunt and very transparent. And we already have a very good occupancy rate. And today, it's a matter of really aiming to increase our net operating income, reducing expenses, increasing rents, and leveraging anchor tenants for appeal. And then we have 11 assets that have potential to be better unlocked, so to say. And we said, "Realign their metrics to the best-performing assets, the one we would have on the first line." And they account for about, well, less than 30% of the full portfolio. And there's still a lot of work to be done and maybe more investments to be made. And then we get to the so-called value-add assets, and there's a specific box for them. And we have a dedicated team focusing on these assets so that they can be brought to the right levels by increasing the sales of level, changing the destination use, changing into gyms or something different. So some areas of the shopping mall are the so-called last-mile logistics because end customers are somehow under the same roof as the tenants. We are leading ad hoc studies on these value-add assets so that these five assets that account for about less than 10% of our total portfolio, to bring them to occupancy levels that are in line with the remaining part of the portfolio. Here again, let me stress that investments in CapEx are of three different types: commercial, maintenance, and ESG. All of that as being part of the overall asset strategy that is set up for each and every asset we have in our portfolio. We are working, and I think that in Q2, we'll be able to share results with you, interesting results with you. As I said last time, today, because of COVID on the one hand, and because of the pressure we got from big retailers, we have a WALB, Weighted Average Lease Break, landing at 1.8 years. But in this business plan, 2025, 2027, we have to increase that because that means we want to make our retailers more loyal. We want to have less turnover, less stress for everyone. So we'll see that already in the interim report, but it's going to be one of the must for our business plan, upcoming business plan. Having said all that, and with those rationales in mind, let's talk about this new business unit. Why did we build this business unit? Because, as we've seen with the last two disposals, where I was personally involved and committed to maintain, to retain, sorry, the asset management for those assets because we stayed in the setup as a minority. And I think it would be a pity for a company like ours to waste resources or lose business, asset management business. We've seen that our clients very much appreciate what we do, also with a special vision in mind. This business unit already has an excellent profitability, but we want to further enhance it by retaining what we have and at the same time, as of next year, to start and seize up more opportunities. It's not that we want to enter a market that's too poor in low-added value services. We are proposing ourselves as fully fledged asset managers providing added value services. These opportunities will also enable us to somehow have to rely on the management of a wide number of assets when we deal with retailers and therefore also have the opportunity to partner with clients we offer services to through our asset management unit. Just to give you a few figures to crunch, because in the past, we'd never realized anything of this kind. Today, we have 28 assets owned by third parties that we are managing for them. A large portion, a large chunk comes from the last disposal, the Food Fund with Prelios SGR. We had 6 hypermarkets with Savills SGR. And then we have more with third-party clients. So there's 28 of them that we manage assets for. And it's a good portion. We have two master lease contracts expiring 2026 and 2027. And we can, with the owners, make an agreement and offer services, management services to them. So 28 is already a good number. And IGD's positioning in this type of business could be appealing, could be interesting, I think. And today, we have large asset management companies that engage in asset management, but then they have to outsource facility management services, pilotage construction, leasing, marketing, etc. We have everything in-house. As I said before, we have this universe of resources that can be used. They are all on one asset. We're all colleagues. We drink coffee. We talk. I think this will lead to a good result. It's a plus to have in-house resources that either work full-time or 20% or 30% of the time for this business unit without ever wasting energy or in looking for novelties that we have in-house instead. The digital business is not that we just keep it to ourselves. In the future, it could be a way to offer our clients a digital service that they had maybe not thought of or that they maybe did not want to invest into in case they had, when they have a startup, for instance, in a given asset. I very much believe in this type of operations, investments, investments and CapEx. Today, it's very important to keep our assets attractive, modern. We don't want them to decay or degrade because then tenants do no longer want to rent them. And then trying to invest in the digital world, in technologies, in this very idea of offering an ecosystem, all comprising also digital tools, etc. And then targeted actions. We need to perform targeted actions. Shopping malls in Italy, not just IGD shopping malls, normally they are 15, 16 years old. So systems have to be old. The systems and facilities have to be updated and modernized. Quantity-wise, the first thing I want to share with you is that we expect a reduction of total investments, but that doesn't mean we're just happy with what we did. We don't want to do anything else. It means that in the last three years, we have to complete the Porta a Mare development that really took up a lot of resources. So in our CapEx rationale, ordinary and business-as-usual investments were in line with our expectations, but the overall amount of investments spanning 2025, 2027 will probably be lower because we've completed the big Porta a Mare project. And then on page 22, I wanted to give you a couple of examples of the so-called value-added. In the first picture, you see the downsizing of hypermarkets. You know we've engaged in quite a few of them. And then average services in shopping malls and then former reserves. We have come up with so-called last-mile logistics to improve online sales for our tenants. It's not for everyone. It's devoted to the tenants that are in our shopping malls. We had restaurants as well. It's smaller now. I just put two. It was a closure for a former restaurant. The restaurant was downsized to offer a different product class. We have a coworking space, and it's very much used by workers, but also by our tenants. And you pay for the space. When they have to run training courses for the personnel, they use those spaces. They reserve the room and use it. Let's now move on to page 23. For the first time, we want to commit on disposals, major disposals. We've been talking about them for a long time. In the previous business plans, we've always talked about or focused on standalone solutions. I think now the time has come, from our perception of the market approach, we need to focus on disposals. You know that we've mentioned that before. The targets are Romania and the three Porta a Mare areas. On Romania, we changed our strategy, and successfully so, if I may say that, because we've had a lot of interest shown to these sales in clusters. So not full portfolio, but clusters, portfolio clusters. I don't have any particulars to share with you yet, but we have witnessed that the market sentiment is very positive. So business plan will include disposals in the range of EUR 100 million-EUR 120 million. If everything goes well or as expected and our financial condition becomes well-balanced, we cannot keep selling. And considering Romania is non-core, we could also envisage a possible asset rotation towards the end of the business plan timeline to achieve targets or given targets or to have a plus cash in versus the 2027 FFO results. This is something I would engage in tomorrow morning, but our priority is that of focusing on our debt, of course, reducing our debt. So disposals will be mainly targeted to reduce our debt. A short focus on Romania. You know, assets are in the very center of cities where the city hall is located in these medium-sized Romanian cities. They're very interesting as locations. And also, the tenants that are in these shopping malls are very interesting ones indeed. And the advantage they have. Can you hear me? Can you hear me? Yes. Okay. So all of these assets are in city centers, and those who are showing interest want to understand how many square meters they are. So definitely, they want to further. Maybe they have a different development in mind versus the one that is currently ongoing. No, no. We thought you could no longer hear us because I could no longer see the link on my PC. Can you hear us? Yes, we can hear you very, very well. Apologies, Mr. Zoia. So talking about Romania, we came up with these clusters. Page 25, you see the clusters. We have a premium asset, which is worth about EUR 14 million, and that is for more institutional investors. We have six medium-sized assets ranging from EUR 7 million-EUR 12 million, seven minor assets ranging from EUR 2 million-EUR 7 million. So typically, assets that will be for family offices or private clients. And one office building worth EUR 2.9 million, which accounts for 2.4% of our total remaining portfolio. It's a single tenant, state single tenant. And it could be suitable for the purchase from a, sorry, purchased by a family office or a private investor. The three areas based in Livorno, we've mentioned many times. It's three areas for mixed use, as we've said before. So it could be a residential, could be a hotel, something for the tertiary sector, or for nautical-related businesses. We have 12 apartments. 103 were already sold. Out of the 12, 5 already have a deed with the notary public. And we have a cash-in plan for 12, landing at EUR 6 million. And the three mixed-use sections, as I mentioned before, and the value is roughly EUR 20 million on three sections. And they will be possible disposals for 2025 because we have the latest authorizations that are ongoing because we want to sell plots of land. And then financial strategy. We have a concentration of maturities in 2027, EUR 572 million, so quite meaningful. We would like to, or we are working to really cut this cliff, reduce this cliff, to extend maturities and reschedule them, and therefore have a better balance for refinancing purposes. On page 28, you see the 2027 cliff. We've already started to talk to bank and investors. As I said before, we are working on organization, business plan, rate increase, services, and not to leave anything untouched. We've started quite a few meetings with the banking world. For sure, the repayment in May, post-closing of April the 23rd, we repaid EUR 155 million. That really put everyone in a good mood, both on the bank and investor side. So everyone is in a much better mood now. So we're working to revive our financial strategy. And how are we going to achieve that? Maybe relying on the traditional banking world, work more on mortgage loans, amortizing mortgage loans over the years. And let me remind you that IGD today relies on EUR 1.1 billion worth of unencumbered assets that could be used as collateral. So we have the opportunity to offer the traditional banking system with a number of sizable collaterals, assets to be used as collaterals. In the coming weeks, we'll talk to them so that we can have a better organized refinancing strategy. I've already mentioned our focus, but I think I have to mention one last thing. On May the 7th, after a question, I said that we want to increase the profitability of our portfolio. We want to have targeted investments on an asset-by-asset basis. We want to redefine our financial setup, and we want to return to dividend distribution. As you know, that is of paramount importance for SIIQ as we are. By definition, we should have revenues that are consistent over time. So we want to be able to go back to distributing, paying out dividends. And that if we somehow do our homework, and I am confident we will definitely be able to do our homework and work on all of the elements I mentioned before. I think that IGD can be at the highest levels of the European market. I'm not just saying European market by chance or to really boast, to really be boastful and proud of our operations. But it's because we are competed with European peers. If we talk about listed property companies, you know that the very big companies, Klépierre, Eurocommercial, you name it, are all retail players. We know we have a smaller, much smaller size. But if we look at the discount to NAV level and some indicators and ratios, you will be able to see and appreciate that IGD can play on a level field with other peers because we have the same abilities, the same features, etc., same peculiarities. Last slide. We've included our agenda going forward, both corporate and investor relations. They are confirmed as of today. So from now to year end, you can see very well that we have a number of dates, and there will indeed be opportunities to talk to you also in depth about the different matters. Let me now turn the conference over to you for questions. Thank you very much. This is, of course, Collaborator. We now start the Q&A session. If you want to ask a question, press star and one on your phone keypad. To be removed from the Q&A queue, press star and two. Please ask your questions using your phone handsets. To ask a question, star and one on your phones now. First question comes from Simonetta Chiriotti with Mediobanca. Good afternoon. I have a couple of questions. The first one is about your asset management operations for third parties. What is the competitive universe like? Who are your competitors? What kind of clients are you going to target? I imagine funds, but could you elaborate on that, the competitive scenario and the clients you're targeting? And the second question is about your objective to go back to paying out dividends. As you are a SIIQ company, it also depends on your ability to increase profitability, but also on how profits will fare and impairments. In a few weeks, you will disclose your interim results. Is there anything you want to share with us ahead of time already? Very well. Right now, if I look at the Italian market, the competitive scenarios, the main asset managers are former funds or owners who over the years disposed of their assets but retained the management, Pradera, Forestiera, and ECE. But in Italy, they have a couple of assets and a contract. Pradera has a number of asset management contracts. Pradera is probably more in capital markets. Forestiera has a couple of shopping malls as a JV. And this is more or less the market of asset management. While if we talk about other services, it's CBRE, for instance. I'd like to stay at the high end of the bracket, so to say. We have 60 assets that we own that enable us to have a very strong organization supporting it. Others have a very small supporting organization. Every time they acquire a mandate, they have to reshuffle everything, and they have to increase their costs. Today, we instead. Well, this is the competitive scenario. The reference market is one of the most profitable ones with SGR, Prelios, and Savills. And then a third one, which was a private player with a shopping mall in Veneto. We had a master lease with dissolution of the master lease. Everything went to the private owner who said, "Dear IGD, I would like you to keep on managing my asset." And there we have very strong profitability given by the fact that we do everything for them. The owner stays at home, and in the evening, he wants to just know how much he cashed in. And he gave us practically the key of the place, so to say, if you allow me to say that. Funds. There are a lot of funds, SGRs, a lot of them, also with large assets. But very often, they're not specialists in the retail world. If you think of Kryalos, they are these main SGRs. They have a lot of offices, logistics over the last few years, especially. Some hotels and retail is not in their DNAs. And that, for me, is a market I can address, definitely. I can attack. You have a fund. You do your homework as an SGR. You do your work as an SGR. And the remaining part, the business part, I can manage for you. And another benefit for our clients, regulated clients, I mean, is that IGD is also regulated as a player. I've seen the latest, the last contracts with Prelios and Savills. And the type of contract went through Banca d'Italia's clearance, etc. And for us, it's bread and butter. It's day-to-day business. It's business as usual. So for the sake of the SGR's transparency vis-à-vis the funds, having a listed company as a service provider is indeed a plus. So I believe in this type of competitive advantage, competitive edge that we can have vis-à-vis our peers. And on the second question, we'll talk about it on August 1st. The background is not—the backdrop is not very aggressive, let me say. Claudio is going to hear me, but I can say that discount rates have not gone up because the ECB did a first rate decrease of, well, 25 basis points. So discount rates are still the same. So this is a piece of information. On the rest, we're still—well, drafts still have to be enforced, plus the auditors, plus the auditors' work. I mean, on August 1st, we will have data to disclose. But the only thing that I see today is that I didn't see, rate-wise, any major differences. That is the house view of all the operators. I'm talking about discount rates, of course. And there's something else. And officially, if we think of inflation levels, we had estimated in December, in December's account. And the real inflation we see these months, they're at a bit lower level. But if we look at discounted cash flows and we look at individual rent increases, maybe a percentage point down a bit because in the perception of inflation, inflation levels are slightly lower than the levels we had in December. Just to be, let's say, give you a general perspective, but there's just a few weeks from here to the interim report disclosure. Next question comes from the line of Federico Pezzetti with Intermonte. Good afternoon. I hope you can hear me well. Yes, sir, we can hear you. I have two or three questions out of curiosity. First of all, the timeline of possible disposals because of what you wrote about Porta a Mare on Romania. I think I had the perception of a rather positive sentiment. I don't want to rush too much. Can we assume 2025 as a possible year for Romanian disposal? Maybe not all of them, but to actually unfold Romanian disposals. From an operating viewpoint, you talked about occupancy rates. You talked about net operating income that could improve thanks to an increase in occupancy. Do you see any results that you can achieve in the short term, or will you need investments in order to achieve these for us to see results along the NOI line or other? And then medium-long-term curiosity. You talked about asset rotation. It's not a priority, indeed, but maybe it's something that could be interesting at the end of the business plan. But could you elaborate on the asset profile, assets that could be of interest to you, I mean? And I'm thinking of the disposal that you made three years ago of the portfolio you now have 40% of. So what could be under your radar in that respect going forward? Thank you very much. Let me follow the order of your questions. It's a plan spanning 2025, 2027. So disposals, we're going to start talking about them in 2025. Otherwise, well, I still have to keep something that I have to work on in 2025. Leaving jokes aside, maybe I've already said it, but the disposal of Romania based on different portfolio subclasses will be probably more lengthier and more cumbersome. Maybe we will sell an asset worth EUR 7 million or EUR 8 million. It won't be noticed, but it will still require a lot of work. But I hope that between 2025 and 2026, we'll be able to close most of Romania based on the new strategy I defined. To be clear, if somebody asks for a EUR 2 million asset, well, we put in the same amount of work and commitment. To me, this is a priority. Well, it takes more work. It's going to take longer, but I think it's going to be the more efficient and effective. So 2025 and 2026, I think those will be the two years for the completion of that disposal, just like for Livorno. And they've just had the elections. And luckily, we have the same people we had before. And then the authorities, we still have to talk to them at year-end. So 2025 could be a reliable year. On the net operating income, we're doing a lot of work on it now. So you should see the first wild results on August 1st, the actual effect, the full effect. Rents with upside, even seen in October and November, you won't see the actual effect. The growth, like for like, you will probably see them from year one in the business plan. Asset rotation, you asked a question, and you've already answered your question yourself. More than the huge disposal, whether we're standalones. And I said that last time. It was a tactical disposal. It was very meaningful to take home EUR 155 million, but we have to sell hypermarkets that were inside shopping malls where we own the shopping malls. And therefore, yes, the fact that for some of these shopping malls, we could, for instance, get back hypermarkets is one of the goals. Today, the contract for the Food Fund has no clause. The contract has no call or put clauses. It's clear that once we have the right conditions in place, it would be interesting rather than go out and look for opportunities elsewhere. This is something we've always said, and we see it day in, day out. Owning shopping malls and hypermarkets to have one single ownership, indeed, has a value, is a plus. And even before in the drawings I showed you, it was Faenza. We own everything there, and indeed, that is a bonus. That is a big advantage. Thank you very much. Just a follow-up on your asset-by-asset approach. Will that not entail additional costs? Could that approach lead to additional costs? Because you talked about maximizing efficiency, etc. According to me, it's exactly the opposite. Meaning that if decisions are made in areas where we have our own shopping malls, it's much easier. As I said before, there's no overlapping. We maximize resources. There's no overlapping of resources. And the fact of having decisions made scaled too high makes things more difficult. Groups work with clusters of assets, tend to cut costs. And even our business unit, today, we talked about it, and it's no secret. The survey contract on the food portfolio is EUR 600,000 per year. And I haven't hired any resource for that. It means that if I unfold synergies in-house among the different teams, whatever I make, it's a profit. And then if we're really good, we will have to do even better. So far, both the use and food portfolio, we did not have any need to acquire additional resources. So I see this asset-by-asset strategy, I see it more as a way to maximize cost efficiency and time more than anything else. And I think it will be a winning play going forward. Thank you very much. The next question comes from the line of Giuseppe Grimaldi with BNP Paribas. Good afternoon to all of you. Thank you very much for the presentation. I have a couple of questions. The first one is worth the asset service business unit. Have you identified an asset pipeline already that could be addressed by you? And to what extent, well, how much would be the pipeline worth? And then on disposals, in your press release, you said EUR 100-120 million worth of disposals. Romania, if I remember correctly, towards year-end was EUR 120 million. Were you particularly conservative, or you are not expecting to sell a full portfolio within the business plan time range timeline? First question, on the service business unit, we launched it. We have two negotiations underway, especially on the two master leases that come to expire. As much as we could understand, in 2026 and 2027, we could reach that agreement. Now, we are, of course, taking action to, as I said before, it's been weeks that we've been working on a number of fronts. The target is the announced one, the one announced with the first question. More specifically, there'll be two lines along which we'll work: SGRs that do not have a specific expertise on retail. The second one, it could be private owners who don't have the necessary resources and who may need a company like us going forward. EUR 100-EUR 120 million of disposals. Of course, there we want to be cautious. The selling of Romanian portfolio subclusters, the large portion, the large chunk would be between 2025 and 2026. It's not that we want to sell at a discount because it was 122, and now I say 100, simply because I might have a tail left practically over the timespan. What we are thinking figure-wise for our business plan implies that as we dispose of assets, we will also zero-set the full organizational setup for that asset. You know that in Romania, it works differently. We have a company that owns the walls, so to say, the building, and then another company providing services and with personnel. Most of the personnel is hired by the asset. So when we dispose of the asset of the building, people will go with the asset. We've included in the disposal system that will hit our bottom line. We're going to reduce direct costs, cut direct costs. Once we've disposed of enough assets, we'll then address the headquarters where we have central functions consolidated, especially admin functions and legal functions. But we're talking about just a few FTEs or heads. We've put together all of those synergies and assumptions one way or another. Thank you very much for the clarification. Next question comes from the line of Francesco Sala with Banca Akros. Good afternoon to all of you. I would need clarification on the refinancing part, about the timeline. What is the timeline you are envisaging? Can you say something about the negotiations, or could you elaborate on rates that you actually see as viable on this type of refinancing strategy? As I said before, we are just completing the meetings and negotiations. You know very well that the two financings, excluding the Gavis, the mortgage EUR 250, now EUR 119, and another EUR 215 facility. It's a pool of banks or players, so it's not one single bank. It means we are having one-on-one meetings that take up some time, of course. The idea is by year-end, not to have super clear ideas, but at least to have some level of consensus by the banking world. On the rate side, it's part of the first answer I gave, meaning that today we have to have one-on-one meetings and then put things together. It's true. We have EUR 1.1 billion worth of unencumbered assets, but a refinancing transaction is only meaningful if the pools we've been relying on so far, if all the players in the pool follow through. It's not that we can't afford bilateral agreements. It's a very accurate type of work, and we really are all in because we are disposing of Romania in small clusters. We are talking to banks one-on-one. It's really a demanding type of work. On the rate side, first we try and get consensus, and then based on the timing by which we can be ready and where the rate curve will be at that time, we'll find the right corrective actions, I'm sure. But as of today, there's not much difference apart from the bond. But over the next few months, we hope there'll be some adjustments, and there we will have room for negotiation. This is more or less the current situation we're in. To be very clear, right now, what is really concerning us and concerning me is the 2027 cliff and also the cost. We know that if all indicators, if the curves for all indicators are real, if we assume that, there will be a declining cost of debt, both on reference rate and, well, the negotiate rate side. But why are we doing all this? Because the last refinancing was done at the very last minute at not fabulous conditions, if you allow me, with contract conditions that were disclosed as being very demanding. But it took us to having EUR 572 million by 2027. So generally speaking, if we present ourselves with a different maturity profile, more consistent with cash flows, above and beyond costs, this is more reassuring for the long term as well. Our company has real estate assets. We have to generate very visible revenues. We have to have a very visible cost of debt. But it's not that every two years we have to undergo the anxiety of refinancing 50% of our net financial position. So if I have to have priorities for my financial strategy, we want to cut as much as possible the 2027 cliff and then negotiate 20, 30, 50 basis points if the conditions will be there. How do we do that? Today, the world who can listen to us is the banking world who can listen to us at best because they can find interesting collateral guarantees. The company proved over the years that we managed to service debt in a timely fashion. Our core business is doing well, is faring well, and we want to improve it even. So if in the coming months, and we'll see that if the disclosure of the business plan or immediately after that, we can give you a debt duration profile with less of a roller coaster effect, I think it's going to be good for everyone, well perceived by everyone. So first we look at the cliff, we cut the cliff, 2027 cliff, and then we talk about rates. Thank you. The next question is a follow-up by Simonetta Chiriotti with Mediobanca. Thank you very much. I wanted to know the next communication steps are above and beyond the interim report. Today, you gave us the guidelines of your future business plan. How about a detailed communication of your financial targets? When are we going to get that? As I said, the time is year-end. The objective is year-end. I cannot take up any commitment on a specific date, but it's going to be year-end, to be fair. Above and beyond myself, our chairman, the board is fully new, so we had to have a number of induction sessions, a couple of induction sessions to provide a full overview about the company. We had to start dealing, handling figures again, but Simonetta, please be rest assured that it's going to be towards year-end. And as we've always told each other, and I like to reiterate that, I am working, well, I'm here 24/7 to talk to you anytime you have questions, and then we have sensitive data. Today, we are in a blackout period. Starting from October the 5th, we'll be in blackout period, etc. So there are not very many windows that are available, but I would like to also hear from all the stakeholders, even the meetings we're having with banks above and beyond the refinancing objectives. For me, they are food for thought from many points of view. What we're doing on the business side, we are proposing a new approach for contracts. This is also very interesting to really have a feedback, to get a feedback from the parties we submit the proposals to. And the first steps have proven to be very positive. So July and August, we are going to devote it to a kind of preparation phase to then start working for year-one 2025. But by year-end, we're going to present economic and financial data for the 2025-2026 business plan. Thank you. Perfect. The next question comes from the line of Arianna Terazzi with Intesa Sanpaolo. Good afternoon to all of you. Thank you very much for your presentation. Above and beyond, well, some of the questions out of curiosity have already been answered. The deadlines of your lease-to-lease contracts in Italy, what are the targets that you think will be attainable when it comes to extending maturities to have a better visibility? It's quite a demanding piece of work, let me say. On new contracts, we are really fighting to extend the maturities. The problem we have is the rolling we have behind us. It's not so much new contracts. New contracts will have deadlines that are a bit more comfortable than the 1.8 I showed you. But every month, I get others that expire, and we either don't exercise the break or we have to meet the tenant and extend the deadline. It's a complicated, as I said, piece of work. We're trying to launch the idea of an IGD ecosystem also for existing tenants. We say, together with the lease agreement, you can use a LED wall, you can use our sites to promote your products. How about, as I'm investing for you as well, let's have an extension of the lease? So again, it's a one-to-one negotiation process. We are lucky that we have big chains who have five, six, or seven stores. It's harder to negotiate, but if you find an agreement, then you find an agreement for seven contracts and not one. So in my head, we should give ourselves two types of targets: new contracts for a given WALB and old contracts, which are mainly 12 months rolling, if we can possibly extend them a little bit. And this is a question I asked about WALB. I raised the issue of WALB already in the Q1 results, but we will explain that in the final business plan that will be presented by year-end. Thank you very much. For further questions, you may press star and one on your phone keypad. Let me remind you that if you want to ask a question, you may press star and one. Mr. Zoia, for the time being, there are no more questions in the queue. Well, thank you very much to all of you for joining us, and we'll give you an update on August the 1st with our interim results. Thank you very much and fruitful proceedings. Thank you. This is the conference call operator. The conference call has come to an end. You may disconnect your phones. Thank you very much.