Morning everyone, welcome to our full year 2022 results live Q&A session. Before taking your questions, I would like to hand you over to our CEO, Alessandro Profumo, for some initial remarks. Thank you. Many thanks, Valeria, and good morning, everybody. Before starting our Q&A session, I would like to highlight some key messages. 2022 was an important year of delivery, solid execution and growing commercial success. We are pleased to report today a strong set of full year results showing a group that is stronger, more robust and resilient, sustainable, steadily growing year after year. We have continued to deliver on our promises, meeting or exceeding all our key targets once again. As a group, we are in a better and stronger position to capture new opportunities. We have stepped up and we are accelerating our commercial momentum. We have grown our top line and continue strong program delivery. We have also continued to improve our profitability. We have a structurally more solid increase in cash flow, and we are laser focused on the leveraging. On ESG, we have also continued to make important progresses. Finally, we are fully committed to creating value for all our stakeholder. With this, we are ready to take your questions. Many thanks. Of course, if you'd like to ask a question via the telephone lines, you can do so by pressing star followed by one on your telephone keypad now. If you choose to withdraw your question, please press star followed by two. When preparing to ask your question, please ensure your phone is unmuted locally. Alternatively, you can submit a written question via the webcast. As a reminder, that's star followed by one on your telephone keypad now. Our first question comes from Alessandro Pozzi of Mediobanca. Alessandro, your line is open. Please go ahead. Good morning, thank you for taking my question, sir. If I look at the 2023 guidance, if I take the midpoint, we could see maybe a slight progression in margins. I think that's a good data point given that concerns around inflationary pressure. I was wondering, how should we read this in 2023? I mean, assuming that we are going to see stabilization of inflation, are inflationary pressures as worse as they could get in 2023? We should see an improvement from 2024 also because you are maybe renegotiating some of the contracts in defense, or you are able to pass on price hikes to the end customers, especially in defense programs. I was wondering if you can give us maybe bit more color on that. The second question is on order intake, obviously came much above guidance despite having raised the guidance over the Q3. I was wondering perhaps if can give us some indication of why it was so strong even after you raised the guidance. Maybe was it some of the orders that were supposed to come in in 2023 were brought forward in 2022, given that the order intake guidance is around EUR 17 billion for next year? Also on the order intake for 2023, can you give us a sense of how you built it up? I guess, we already, potentially you already included some of the big orders like the one in Brazil. I was wondering, does it rely on, jumbo orders? There could be a lot of opportunities in 2023, and if so, how much? Thank you. Many thanks, Alessandro. I think that Alessandra will start talking of inflation. It's very, very important, if you consider the fact that we also gave a view on the longer term future, so we will continue to grow also after 2023. I think that the number in 2023 is very important because you remember the idea you had that we were not able to face the inflation pressure. While here with this guidance, we demonstrate that we are capable to manage that, and we will continue to do so also in the longer term perspective. I leave the floor to Alessandra. Thank you, Alessandro. You highlighted the key elements. Alessandro, certainly 2022, as an EBITDA level, double-digit growth over 2021 testifies that the group was able to manage inflationary pressures. 2023 is another step forward in profitability in line with the plan that we had, capturing all the opportunities that we have in the top line and managing well for another year, the supply chain and the inflationary pressures. Honestly, you know, your view is well drafted and well crafted. 2023 would have been a year of even higher growth and profitability if we had not to manage the pressures on inflation. Clearly 2023 is the year where this impact is the highest. Going forward, there is going to be an opportunity to reprice contracts with customers, as well as we are embedding, starting from 2022 in the new bids, and this is the key, the new curve of costs that will be factored into our bids to customers, therefore, we will be again naturally hedged from 2024 onwards, and will accelerate the pace of profitability growth. In any case, 2022 and 2023 are evidence of the fact that inflation is well managed and has been more than offset by the actions taken by the group. On order intake, Alessandro, in 2022, we had the EUR 1.4 billion order from Poland. In reality, this was expected to come in 2017. Sorry, in 2023. The 17 number is in reality 15.6, which is higher than the guidance we gave to the market at the beginning. In this order there is as well this EUR 1.4 billion. The EUR 17 billion of 2023 is composed by small orders. There are no jumbo orders, so it's very, very solid, and I think it's a clear demonstration of the fact that we continue to grow. It's also important what we said for the plan. Overall, we are seeing EUR 10 billion more of orders on same lines in terms of years vis-à-vis the previous plan, giving the view that we are really managing well the growth we do expect that the market overall with the 2% expected expenditure on defense by all the NATO countries will realize. I think is the 2023 number is really a solid number, again, without jumbo orders. Okay. Just going back on the contract negotiations, are you able to have discussions on existing contracts, or you need to wait for the roll off and the start of new ones to pass on price hikes? Well, Alessandro, it depends on the individual contract. I think, you know, the key message here is that overall, at group level, we are weathering inflationary pressures well, and we're continuing to grow profitability year-over-year, 22 over 21 and 23 over 22. Okay, that's fine. Just last one for me, if I can. In terms of guidance on free cash flow, you reiterated the EUR 3 billion, if the starting point is 2021, when net debt was EUR 3.3 billion, it means that, and if we adjust it for Hensoldt, by the end of 2025, we should see a net debt around EUR 1 billion. Is that a fair assumption? The way I would look at it is that our guidance is focused on cash flow generation, Alessandro. Over the five-year term, 2021 to 2025, we are confirming cumulative cash flow generation of EUR 3 billion, of which two years are already delivered. The third one is, as per guidance, planned to be at EUR 600 million, and the other two, clearly, you know, you run the math better than us. We continue at the same time to pay a consistent return to our shareholders. As you have seen, the board of directors yesterday decided to submit to the EGM in May, the proposal to confirm the dividend payment for EUR 0.14 per share, same as we had in 2022. Our focus in the capital allocation principles that we have set for the group is to be absolutely prioritizing net debt reduction over the plan time, as we have demonstrated to be doing and capable to be doing in the past few years. I think that it's also important why we decided to confirm as the numbers are showing, the 2021-2025 cash flow generation. We received hundreds of question on Aerostructures. This is this cash flow generation is included Aerostructures, that as you know, has been different due to the 787 program and later on, maybe that Valerio will say something more on that. This is these numbers, which is quite a good number, is included Aerostructures, which means that the all the rest is really quite strong. It's important to say that if we would crystallize Aerostructures in 2022, the conversion rate would be already 70%, which is quite a relevant conversion rate. I think it's a very clear demonstration of the fact that our group is capable to generate a significant cash flow. We are delivering on cash flow. The culture of the company is focused on cash flow. I think it's the most relevant element for all of us. Okay. Thank you. The disposals were included in the free cash flow guidance? No, disposals are not free cash flow. The US disposals are excluded. Okay. It's not, it's not the cash flow. All right. Yeah. Thank you very much. The operating cash flow is a reduction of data, but it's not the free operating cash flow, clearly. Here, we are talking of free operating cash flow. Okay. Thank you very much. Thank you. Our next question comes from Virginia Montorsi of Bank of America. Virginia, your line is open. Please proceed. Good morning. Thank you for taking my questions. I have two quick ones. The first one is, could you just tell us if or confirm to us if going back to investment grade remains kind of one of the key priorities in 2023, if you're confident about that? Just to confirm, the EBITA CAGR you're providing for the medium term, would that be still 2023 to 2027? Am I correct? Thank you. On investment grade, Virginia, absolutely. Becoming investment grade, we are already investment grade for Fitch. Becoming investment grade for the other two rating agencies is a priority for the group, we are confident in saying that we are delivering with these results in 2022 on the plan that we have set to the agencies, and we are having clearly a very constructive and engaged dialogue that will have an appreciation of the results achieved to date. On the CAGR, the CAGR is a 2022-2027 CAGR, it's basically the five-year plan CAGR accumulated for the time being. I think, yeah, we're talking about double digits as a plan and starting from levels. Thank you very much. Very clear. Sure. Thank you. Now Martino De Ambroggi of Equita, your line is open. Please go ahead. Thank you. Good morning, everybody. This question is on free cash flow again. Focusing on 2023, am I right in assuming that the improvement basically comes from the Aerostructures division improvement? Could you specify what are the underlying assumptions on factoring CapEx, networking capital, and dividends from unconsolidated assets? The second question is on the order intake that you increased, the accumulated order intake in 2022-2026. I was wondering what are the divisions that you expect to benefit more from this trend, and what regions presumably will be Western countries, but I don't know if you have some comments on this. Still on the free cash flow, you are providing the EUR 3 billion accumulated free cash flow for the group. Could you specify what is the underlying assumption for the aerostructure accumulated cash burn in the same period? Martino, I'll take the first one. Free operating cash flow for 2023 and improvement drivers. The main improvement are associated with our core business, Defense and Governmental. Aerostructures, as we said, will slightly improve year-over-year, this is not going to be the determining factor. What you see is that we are going to grow top line. We're growing profitability while maintaining a strict control on working capital. We have expedited significantly timing of cash-ins from our customers, that's a key element of the culture of cash that Alessandro was referring to before. In 2022, we also managed to accelerate payments to suppliers. These drivers will continue to make a difference in delivering cash. While the CapEx level is around EUR 700 million-EUR 800 million per annum, CapEx meaning both tangible and intangible investments. The dividends from joint ventures will be consistent throughout the plan for the group. Alessandro, do you want to take the second question? Yeah. On order intake, we do see a growth in all the division. The one which will grow more is Defense Electronics, which is clearly incredibly important in order to manage interoperability and multi-domain requests we are seeing from different customers. In terms of geographies, it's very well spread. Really, we do have a significant growth in all the geographies. There is not one geography which is more relevant than the other one. What we have seen in the period 2018-2022 is more or less reflected in the following period. Here you can see where we received the different orders. There is not a single country which is really dominating. U.S.A. is the most relevant one in terms of single country, is by far the largest market worldwide, and we will continue to move in this direction, but all the others are also relevant. U.K. clearly is not only U.K., but since for us, U.K. is very important for the Eurofighter, the end customer in some case are in the Middle East, which is the area and where we have the strongest export in terms of Eurofighter from U.K. If I can add, I think that the balancing that you have seen, so mainly, 62% in our domestic markets, the 20% that we have in Europe, including Poland, and 18%, 20% in the rest of the world, will be maintained also in the new order intake that we are presenting now. We will have some new opportunities which are in Middle East and in North Africa, where we have built and are building several potential opportunities, and that are markets in which we are investing on. Finally, Martino, on your question- Thank you. On free operating cash flow for Aerostructures. As you know, year-over-year, free operating cash flow is improving in the division, and is improving at a good pace. We had an absorption of cash of EUR 339 million in 2021, which went down to EUR 296 last year. For 2023, we're projecting a slightly lower cash flow absorption, but again, not material, with a goal to achieve cash flow breakeven at the end of 2025. As we have always said, Valerio reminded about this several times, this is going to be a back-end loaded profile, considering the mix of programs, and level of production that the division will follow, mainly on the 787 program. Alessandra, I should correct a little bit, you. It's not mainly, is due to the 787 program. As we know, the 787 program will have a completely different profile from the Fuselage 1407. Maybe that Valerio can elaborate on that. As you have seen, as you have heard, we are mainly doubling all the numbers year by year on the 787. Last year, we delivered 2 fuselages per month, while this year we are expecting 4-5. On Boeing latest plan, we will arrive at 10 ships per month within 2025. We are doubling year by year. On the other program, we are on a clear upward trajectories. For any program, we are already on levels higher than in 2019 for the A321, the A220. We are restoring higher level on ATR. As Alessandro said, we need to arrive as soon as possible to 1406 serial number of Boeing in order to increase profitability as per contract and restore higher volumes such as we had before the COVID. Thank you. If I may just add two quick follow-ups on the cumulated cash burner for Aerostructures. Am I right in assuming EUR 900, EUR 1 billion over the plan period? On the division that is benefit more from these current improvement in the cumulated orders, being Defense Electronics, which is the most profitable, am I right in assuming some positive mix effect on the EBITA margin going forward? Martino, I have to say, you know, the way I would look at it is, widely spread improvement in cash flow generation and profitability throughout the group, with the qualifier for Aerostructures that we discussed, with a clear target to break even and a consistent improvement year-over-year. The mix is clearly an element that plays into the equation. Honestly, what we're seeing is that overall, throughout the group, we do see consistent strengthening of cash flow generation and improvement in profitability. Being in Defense Electronics, in helicopters, in aircraft that maintain, for example, a top margin level in absolute terms and even relative to peers. You know, we're capturing all of these effect at divisional levels and embedding this in the plan for group, which we are delivering to you today. Okay, thank you. Done with questions. Thank you. If you'd like to ask a question, please press star followed by one on your telephone keypad. We now have a question from the webcast. Exactly. Before moving on with question from the call, let's take a question from the web that is coming from Monica Bosio at Intesa Sanpaolo. Good morning. Can you please provide us a rough indication on financial charges as for 2023 and going forward? Do you expect further restructuring above the EBIT line this year? Sure, Monica. Good morning. Financial charges for 2023 are expected to be around EUR 230 million. The number you see in 2022 reflects some one-off effects, including some FX fair value effects, as well as some actualization of balance sheet accounts that has dropped the number significantly. 2023 is going to be in the range of EUR 230 million, with a figure that over time will clearly decline as we decline net debt in the plan horizon. On restructuring, what you do see recorded in 2022 is the effect of the pre-pension plan signed with the unions in December, focused on a changing mix in corporate functions and staff functions of the group. Going forward, we do not see any specific restructuring, happening, therefore, guidance for, below the line, on the restructuring line will be below EUR 100. Perfect. Thank you. As a reminder, it's star followed by one on your telephone keypad if you wish to submit a question. Our next question comes from Gabriele Gambarova of Banca Akros. Gabriele, your line is open. Please go ahead. Yes, thank you. Good morning to everybody. The first one is on DRS. I saw that in the first nine months, the margin, EBITDA margin in absolute term, was almost flat, and then there was a nice acceleration in Q4. I was wondering if you succeeded in fixing the supply chain issues, or even, let's say, you passed higher costs to clients. Basically, I was wondering how it could perform in 2023. This is the first question. I saw that in the press release, you made a reference to reduce the factoring. Is it possible to have a number on this on this item? The third one is on the new medium helicopter contest in the U.K. Any update on the timing of the RFP would be very useful because there are not many information on this. And that's it. Thank you. DRS, in USA, as you know, there are still some problem, not for us, but for the overall industry in terms of supply chain. It's not something related to Leonardo DRS. In any case, DRS is working quite well with the customer base. The profitability of DRS is going up, as we said two years ago, and it is continuing, and will continue to happen because many programs are moving from development to production. There is and there will continue to be a good growth in terms of marginality of DRS. Again, is included in what is already on the book, because we know and we were saying that when we were talking of the listing of DRS, we have been capable to grow in a very significant way in terms of new programs. This is also one of the reason why I'm so positive on the Proxy contract, because thanks to the Proxy, we can bid in any classified program. Clearly, there is a significant program, the Ohio Replacement Program, so-called, that is moving forward. While before was absorbing cash and was also negative in terms of marginality, today is positive, and we are talking, working on second rounds of opportunities. is clearly very relevant. There are many other programs on which we are in a similar position. DRS will continue to move positively in terms of marginality. I will talk of the last question on helicopters, and then I will leave the floor to Alessandra for factoring. We don't have any news on the new medium helicopter in UK in terms of timeframe. We continue to have a continuous contact with the customer. We have a platform which, in our opinion, is incredibly strong. It's a 149. It's the helicopter we just sold as well to Poland, is the military version of the 189. We think that this is the most ready for sure. In terms of readiness, is really. We are sure that there are no doubts on that. We are the one most advanced. We think that is also an incredibly good helicopter for this type of mission. We continue to seek to be confident, but we don't have any news in terms of timeframe. Alessandra, factoring. Yes, Gabriele. Factoring has been decreasing in the last two years consistently, and, at year-end 2022, we were below EUR 400 million. Maybe Perfect. Thank you. Our next thing comes from Ian Douglas-Pennant of UBS. Ian, your line is open. Please go ahead. Thanks very much. Yes, I've got a couple left, please. In helicopters, very strong order growth there, even accounting for the jumbo order from Poland. Clearly some bullish language from you as well. Should we see this as evidence of a structural turnaround in helicopters? Do you believe that the market outlook longer term has improved? Secondly, following up on a previous question on factoring, apologies if I missed the answer, but you gave some guidance on CapEx spending and dividends from JVs, cash flow next year and in future years. There was also a question on factoring in that question. I'm not sure I heard the answer. Thank you. Helicopter. First of all, many thanks, Ian, for your question, because I think it's incredibly important to stress some concept. First of all, you talk of restructuring, the I would say redesigning process of helicopter is completed. We really incredibly satisfied by what Gian Piero Cutillo and his team did in this six years. You remember that when I joined Leonardo in 2017, we made a profit warning on helicopters. Today is completely behind us that time. The team is strong. The way they manage the programs is incredibly relevant. We are very solid and very positive in terms of forward-looking. What we do see in the helicopter world, on the military side, we will continue to see a demand which is not incredibly growing. The growth rate is not very relevant, but we are sure that as Leonardo, we are capable to increase our positioning in this market. What we have done in U.S., I think, is a clear demonstration of that. We are the only, the only foreign company, not U.S. company, present on the defense system in U.S. with 139, the MH-139. Just in these days, we started the production after the first prototyping. This is very, very relevant. Our AW139, we will deliver to the U.S. Army. This is relevant. We have the 135 order, which in reality is not yet in the backlog because, as you know, in U.S., we book as a yearly order. The total number of the TH-73, which is an AW119 for training. The total order there is 135. We are delivering. The customer is incredibly satisfied. We assume that there will be something more in the future. If I may say so, I'm very confident on that. On top of that, you know, the FLRAA tender, how it's been completed, where the TiltRotor technology has been the one who has been the winner of this tender. This is again incredibly relevant for us because we are closer to the certification of the AW609, and we already received the 4 first orders. This is incredibly important because the technology is solidly accepted. Thanks to that, we do see a very good perspective also for us. This is the military award and the AW609. On top of that, we are seeing a more dynamic market in the civil domain. Search and rescue is very important. You have seen, I think yesterday or the day before yesterday, a very important order from THC, the helicopter company in Saudi. This is very, very relevant. Emergency medical services is another important market. We do expect some improvement as well in oil and gas. It's not in the plan, but we are positive as well on this domain. Overall, we are very positive on our Helicopter Division. I hope that I answered to your question. Thank you. The assumption on factoring in 2023, please. Ian, as you know, and I'm sure you have not missed, the quality of free cash flow generation has significantly strengthened. Not only the absolute value, but also the quality. You must have appreciated the lower cyclicality throughout the year, as on a quarterly basis, our cash flow absorption profile has significantly smoothened out throughout the last 2 years. With respect to factoring, the answer for 2022 is that we have a level which is below EUR 400 million. Sorry, the question was a follow-up on the prior question on 2023. You said CapEx EUR 700 million-EUR 800 million. You said dividends from JV consistent throughout the plan, and I missed the answer on factoring 2023. I mean, factoring 2023 would be around the same levels of 2022. We're clearly continuing to work throughout the group to accelerate cash-ins from customers, and we're confident that the quality of the free cash flow will continue to improve year after year. Thank you. That's very kind. Just following up on helicopters, sorry, the U.K. NMH has been delayed. Do you expect to hear something soon after the Integrated Defence Review is published? Maybe I could ask, do you expect to hear something this year? We don't know. We think that will come next year, but you never know. It's not in the 2023 numbers, just to be clear. Thank you. Okay, let's take another question from the web. It's from Jan De Roeck from Oddo. Can you give a little bit more color on the negotiation with your unions in terms of wage increases in your main geographies? He asked again about factoring, I think we have already answered. The third question is, unlike peers, gross customers advances did not grow strongly in 2022. Given your expectation of a book-to-bill greater than 1, can we anticipate an increase in down payments in 2023? Negotiation with the trade unions. There are no negotiations in the sense that there are the contracts. The trend is very clear. We don't expect a pressure higher than the one are implied in our numbers because the contracts are already signed. Clearly, this is one of the piece of the inflation pressure because if you have a step-up in 2023, then this increase will remain also the following year. Will not increase furthermore, maybe, but. Overall, we are incredibly satisfied with the capabilities we have in terms of offsetting the inflation pressure because. You have seen the guidance and also, we will continue to grow also after 2023 in terms of marginality, offsetting completely this increase. Because if you have a 5% increase in one country, and you don't have another 5% the following year, but in any case, the base is higher. You have a higher cost, which will continue to be there. Despite of that, we will continue to improve our marginality. This is, I think, a demonstration of the strengths we have. This is very important. As you know, in Italy, we have a contract for which we have an increase, an expected increase of salary related to the core inflation. Today, the inflation is mainly imported, this is the reason why in Italy, we have a lower impact in terms of salary increase. Alessandra? Yes. On customer advances in 2022, the flow of cash-ins was ordinary, I would say. Nothing, nothing material to report. This is honestly good news, again, going back to the quality of the cash flows, because we have delivered increasing cash flow year-over-year, more than double cash flow, organically with no jumbo contribution from any single order and from no contribution from customer advances, which over time need to be repaid as we all know. You know, we're really happy with the mix of this cash flow generation in 2022, and we're projecting a similar composition also in 2023. Thank you. As a reminder, if you wish to submit a question, please press star followed by one on your telephone keypad now. Alternatively, you can submit a written question via the webcast. Thank you. Let's take another question from the web. Could you please provide us with an update on the 787 and the other programs within the Aerostructures division? Valerio. Okay. As I have already anticipated for the other question, we are on an upwards trajectory. We are at already volumes higher than in 2019 for the A321 and the A220. The A220 has also renegotiated terms in order to increase profitability by the end of this year. ATR is strong with large potential portfolio, also due to sustainable configurations. We have the cargo version. We are near to deliver the stall version. On the 787, as I anticipated last year, we delivered 2 fuselages per month. We are planning to deliver 4 to 5 this year, latest Boeing plans are foreseeing 10 ships per month within 2025, so doubling year by year. At the same time, in Aerostructure, on the military side, we are robust and profitable on Eurofighter and JSF. We have several new opportunities which have not been included in the plan relevant to newer packages. We have in the plan EuroMALE, where the first order for the wing in terms of design has been already finalized. in top of all these commercial potential contracts and opportunities, we have reduced our cost base. You know that we reduced headcount 20%. We reduced our manufacturing cost with automation, digitalization. This year, we will have our first fuselage in terms of production for the ATR in Pomigliano, which grant us higher quality level standards and profitability. I think that our volumes are coming back to previous one, and 2021 was the bottom year, as confirmed also by number that you have in 2022. Thank you. Our next question comes from the telephone lines, and it's that of Harry Breach of Stifel. Harry, your line is open. Please go ahead. Yes, thank you for taking my questions. Good morning, Alessandro. Alessandro, can I ask you maybe three simple ones? Firstly, Alessandro, forgive me if I've misunderstood. MBDA. The cash that you owe to MBDA, I think, increased by EUR 50 million around that number in 2022. Clearly, with the level of orders and down payments, the cash position at MBDA should continue to get very strong. Do you expect to increase your debt to MBDA or effectively your withdrawals of cash from MBDA in 2023? Should we think about the same level as in 2022? Second question, Defense Electronics. Guys, you know, overall, you know, very impressive full year margin performance at Electronics EU particularly. How do you think about margins at that business overall, following what you reported? Are we kind of at a natural ceiling level for EBITA margins at Defense Electronics at the current level, 11.7%, or do you think it could get even higher, especially as the equity income from MBDA continues to rise? Final question, maybe more for Alessandro. Alessandro, supply chain. We've spoken about it more in the past in the context of DRS. Over in Europe, in Italy and the U.K., as well as the U.S., is the situation in terms of on time, on quality and health of supply chain about the same as it was maybe 3 months ago? Is it stabilizing? Is it getting better? Can you give us any idea, please? Sure. Okay, on supply chain, starting from. No, we don't start on supply chain. Sorry. Okay. From MBDA. MBDA. MBDA cash is basically projected to be stable. The company has ended 2022 with a high level of cash, absolutely. We are currently in discussions at treasury committee level with the other shareholders to understand how to best utilize this cash that is available in the joint venture. In any case, for us, it's honestly quite neutral because we, as you know, we get the cash, it's accounted for as debt. From a net debt perspective, it's absolutely nil impact. The group has strong liquidity. Clearly, the cash from MBDA is one of the component, but is one of the multiple components of this liquidity base. On Defense Electronics, we do see a continuous growth in terms of profitability in, during the plan. Clearly this is in terms of contribution to the group in the period of the plan, the one the division with the highest growth rate in terms of volume, but as well in terms of profitability of contribution in absolute terms. This is clearly the area with the highest G at the group level, which is positive for us because do confirm the view we had in the past, being saying for us as a two platforms are relevant, helicopters and aircraft also because are receiving a lot of benefit and the Defense Electronics division is learning a lot from these platforms in order to be capable to grow furthermore. Today, there is no one in this market which is as strong as we are in terms of integration of the system. I learned in these six years how much is difficult to have the right integration process in the area where any program is more risky. The fact that we have this 3 division together is really a strength for us. By chance, I open and close a bracket. When we made the investment in Ansaldo at EUR 23, at the time, Ansaldo was in the market at the price of EUR 16, I remember quite clearly someone was saying, "Why are you paying so much?" Now, let me have a look, today, Ansaldo is at EUR 34, which is, in any case, not bad. Defense Electronics really is incredibly relevant. I'm never. Just to be clear, which, in the plan, the margin for the Electronics EU business, it is continuing to increase in the plan period, the margin? Yes. The answer is yes. That clear. Thank you. Sorry. Clear. Thank you. For me, clearly it's relevant, the margin in percentage, but if you are reducing the volume, is not good. We are increasing the margins, and we are increasing also in absolute terms, which is clearly at the end relevant for you because is the value of the company. In order to be very clear, we will have an increase in terms of percentage, and in terms of volumes, so that at the end, the bottom line will grow quite significantly. It's clear? Having said that, supply chain, Harry. You remember that we started today the situation is better than 3 months ago. Also what is very relevant is what we have done, on the supply chain, in Italy since 2018. I think that Valerio, since the procurement structure, belongs to the area, Valerio can say some word on the results of our program on the supply chain. Yes. We started, as Alessandro said, in 2018, we are creating a real partnership, in which obviously, we are assuring to our supply chain, a future, a strategic view. We are creating a stronger supply chain. They are obviously putting on the table, stability, financial stability, sustainability or of their competencies. Now, we have created a taxonomic mapped supply chain, which for the future is strong, not only for Leonardo, but for the supply chain in international programs. We are moving on with supply chain towards sustainability and digitalization. We have done a lot of work, and our supply chain is stronger, and stronger again more, with respect to previous year. You shall take into account that, for example, in the international programs, cooperation programs, supply chain is one of our building block, in order to create a value chain. Great. Thank you. Thank you all. Thank you. I will now hand back over to the team for other webcast questions. Yeah. Again, from the webcast, they're asking for a little bit more color on our role in the GCAP. Valerio. Okay. I think that my answer will also cover a few point that Alessandro said before. We are strong because we have electronics and we have platforms. Really, these are the reason for which we are a leading partner in the GCAP. The GCAP is an exciting new adventure, is the demonstration that Leonardo is strong in international cooperation programs such as Eurofighter, EuroMALE, and other program. The GCAP, with the UK and most recently Japan, it's the program dedicated to a system of system which will cover all the domains, air, land, maritime, space and cyber. Will take advantage not only by our divisions portfolio, but also will take advantage from our labs and the choice to have internal labs developing disruptive dual use technologies. We will leverage on artificial intelligence, big data analytics, quantum computing, digital twin, which is now a framework that we have in all our divisions. The program, which that now is not really in the number of the plan without only a technological activities that we are planning in next two years, will provide the sustainability and prosperity. Above all, will also provide capability to preserve and safeguard our core competencies, while generating STEM employment. In our value chain that start from universities and research centers with startup in a new innovation contract, we will have really a strong opportunity being a leading partner in a new program that will arrive to an air combat, a new platform in 2035, but covering a real system of system interoperable and in multi-domain. Thank you. Actually it was the last question. Thank you all for having been with us this morning and for your attention. As usual, we are available for follow-ups. Good. Many thanks. Bye.