Good afternoon, everyone, and welcome to our Q3 and 9 Months 2024 results presentation. I'm Valeria Ricciotti, Head of Investor Relations and Credit Rating Agencies. Today, our CEO will take you through the progress that we've got during the first nine months of this year and how we are positioning looking forward. And our CFO, Alessandra Genco, will then take you through the Q3 and 9 Months 2024 results and performance across the group. We will then welcome your questions. The call is planned to last no longer than one hour and a half, including the Q&A. The supporting slide presentation is available for download by registering to the webcast, and all the Q3 and 9 Months results materials are available on our website under the Investor Relations sections. Please note that throughout the presentation, we will be making forward-looking statements, so I invite you to refer to our Safe Harbor statement, which is available on our presentation and applies to this call as well. And now I will hand you over to our CEO, Roberto Cingolani. Thank you, Valeria. Hello, everybody. Nice to see you digitally again. So let's go with the presentation of the third quarter 2024. Trying to move the slides. All right. Okay, this is the agenda. We'll start with the execution of the Industrial Plan. before. I'm sorry, I do have a problem with the remote. Can you operate from there? Thank you. Sorry. Go ahead, please. So before showing you the data of the quarter, I would like to remind you that tomorrow it will be exactly 18 months. So we are at the midterm of this mandate. So it's a special occasion. Despite the Q3 normal, it's not so exciting. But this coincides with our midterm report. And I would like to tell you what we've been doing in this first 18 months. So first of all, I think we developed a technology roadmap that was rather innovative, giving a vision and some ambitious Industrial Plan that were actually timely and appreciated by the defense institution, by the peers, the other companies, and I would say also by the market. So the Industrial Plan delivery was an important point of this midterm report. Second, we set up the strategy for the internationalization and for the creation of industrial alliances. In this respect, the main delivery is the new joint ventures that I'm going to introduce you later during the presentation. And the third was we launched the deep SWOT analysis of Leonardo to start the transformation into a more profitable high-tech global security multinational company. In this respect, the main deliveries were the savings plan that was started, the reinforced capital allocation, the divestment of core business, and many other issues dealing with reorganization of the corporate. The numbers are good. You will see in a minute. The numbers are very good. We're convinced there is still a lot of work to do. In the next 18 months, we're committed in pushing the Industrial Plan execution and creating new business sectors, accelerating on better efficiency, better margins, and improving our capability in handling and disciplining capital allocation. Finally, we want to tackle the historical weakness of our Aerostructures Division that was amplified lately by the Boeing crisis and the new Industrial Plan of the Space Division. All those things will be introduced to you in a few minutes during this presentation. Can you go ahead, please? Thank you. Those are the numbers for the company. In the first column, you have the comparative column of the third quarter of 2023. In the second column, we have the pro forma that includes Telespazio. I'm sure you remember that we consolidated Telespazio starting on January 2024. So in order to compare the numbers, we'd like to propose you the third quarter of 2023 and the pro forma quarter of 2023, just like if we had included Telespazio in the KPIs. And those are the numbers of 2024. So you see the new orders are growing by almost 8%. Revenues are growing by almost 12%. EBITDA is growing by approximately 15%. We're reaching EUR 766 million. Return on sales is increasing by 0.1 compared to the pro forma. We are working on the efficiencies, as I said before. The free operating cash flow has been increasing by 13.7%. The net debt has been reduced by 19%, so in short, the financial KPIs are positive, and to be honest, we would increase guidance if there were no exogenous problems, primarily the Boeing situation versus Aerostructures and the Telespazio business versus Thales Alenia Space that are not really positive for us, so we feel at the moment that we should confirm the guidance 2024, even though the numbers are quite promising and apparently things are doing very well. Just in short, because then Alessandra will give you much more detailed information, helicopters continue the strong orders and revenue growth. We're focusing on efficiency to improve order, actually revenue versus margin increase. We have double-digit 15%, 13% growth in orders and revenues, 7.5% return on sales. Cybersecurity is undergoing a strong increase of all KPIs. This proves that the so-called intensive therapy or intensive care we did at the beginning of the year is giving good results, and apparently, the shift towards a very attractive market of the Cyber Division is returning very good results. 21% increase in orders, 11% increase in revenues. We moved towards 5% return on sales. Those numbers were by far worse one year ago. DRS confirms a strong momentum, 9% return on sales, 12% return on orders, increase of orders. Aircraft still confirms very high margins, which I should say the best in the company. Orders are affected by a shift of some commercial operation dealing with the M-346 and the C-27J, but this is just a temporary shift that has nothing to do with the performances, and so we are confident that things will grow as usual. We just have to wait for a few months because some of the campaigns are shifted by a few months because of political reasons in the customer countries. About Aerostructures, I will talk to you later. We have a plan to show. Telespazio is giving good numbers, fortunately. You remember Telespazio has been consolidated from January, so it's one year, almost one year now. It is experiencing good momentum after consolidation. The new Space Division is under construction. This was launched officially September 30, so the other components of the Space Division will be accounted for in a few months. I will show you what this situation is, but we should commend Telespazio because the orders are increased by 12%, revenues by 10%, and return on sales is approaching 8%. Much better than in the recent past, so we are very happy about this performance. But of course, Alessandra will tell you much more in about 20 minutes. This was just to give you a flavor of how things are doing. All right, so let's go to the next slide. I want to remind, but I'm sure you remember very well, we have two pillars: strengthening the core business and paving the way towards new technologies and products for the global security challenge. This is primarily space and cyber. Those are the legacy product: aircraft, helicopters, electronics, and so on and so forth. And I'm sure you remember we were separating the organic growth, the efficiency boost, and the inorganic growth as the three pillars onto which we create the financial strategy. Now, let's see the execution of the plan so far. About digitalization, main delivery in organic growth was increasing the digital content of all our products, data fusion, and data analytics. This has now been applied primarily on helicopters and aircraft, but it's being extended to many other areas such as space and cyber. And we launched very recently a new multi-domain innovation hub that is a physical place where our engineers are coexisting with the military forces of the country to develop the multi-domain picture that will be for the national defense. This is located in the Tiburtina plant where we have the electronic facility. And it's a very important point for us because we are mixing the military expertise with the engineers and the technical expertise to be very practical in the implementation of the multi-domain strategy, which is at the basis of the future development of the company portfolio. The portfolio streamlining, this has something to do with the efficiency boost that we promised. I'm sure you remember that recently we sold the Underwater business unit, rationalizing the portfolio of electronics, and this is actually doing very good numbers at the moment. According to the best forecast, the orders were growing. You remember this. I'm sure you remember that the conclusion of the finalization of the sale is supposed to be in the first quarter of 2025, and the orders are already exceeding the expectations, so we should be at the maximum value of evaluation that was EUR 415 million. So we are quite satisfied with this, and also, we exited non-core businesses such as divesting the Industria Italiana Autobus for electric bus fabrication and Skydweller, the solar-powered drones. You will see later in another plot that has to do with the saving plan that this brings in a remarkable saving of money that contributes to the good performance in terms of free operating cash flow and savings. Organization and governance, the main deliverable here is the definition of the new integrated division in space. There will be a specific slide for that in a minute, in a few minutes. I'll give you details. This is again part of the organic growth. About the saving plan, again, on the efficiency boost, I will show you in more detail the job we did about accelerating the efficiency plan, developing a new class of KPIs to measure in a quantitative way how money is saved, basically. At the moment, we confirm the expectation for the fiscal year 2024 of saving approximately EUR 190 million. The original forecast was 150 for the current year, but apparently we cannot perform this number. Of course, this means having more flexibility over the next years. I will give you details in a few minutes. Concerning Aerostructures, this is again organic growth. You will see in a few minutes in the continuation of the presentation a new reactive strategy for the Aerostructure Division. In a nutshell, we realized we cannot go inertial anymore. We cannot trust anymore a single customer, undiversified production. So we decided to elaborate a new scenario. This will be officially presented at the beginning of 2025 with the update of the Industrial Plan, presumably before the end of Q1 2025. But I will give you some of the elements we are working around. Now let's go on the inorganic part. Actually, those are left at the bottom just because now we will start with a presentation on those specific initiatives. I would say that the most important initiative that we launched recently was the creation of the joint venture with Rheinmetall in the land domain. That's paving the way for the land defense strategy that Leonardo has launched as a concept a few months ago, one year ago. And on the same footing, we are progressing quite fast on the finalization of the GCAP joint venture. And we can anticipate the GCAP joint venture will be very likely signed between the end of November and December because the three member states and the companies finally found a good agreement that will give you the details in a few minutes. So those are very important actions in terms of inorganic growth and merging to create a giant that can compete at global level with the other giants of defense. And finally, about merger and acquisition, I'm sure you remember, we had in the inorganic growth, we had a component that was merging with giants and another component that was acquiring small companies, keeping the concept that the cost of the operation should never exceed 15%-20% of the turnover of the division that is acquiring a startup or a company. So I will update you in the course of this presentation. There are a number of opportunities at the moment, 14 due diligences. One half of those are already completed. So we are waiting for response from the companies. And those are primarily in cyber, then in space, and one on unmanned systems. So this is actually what has happened over the last nine months. Let's start with the description of the Leonardo Rheinmetall joint venture. I think you have read extensively on the international press. So this will be named Leonardo Rheinmetall Military Vehicles Company. It's a light joint venture established on October 15. The headquarters will be in Rome, and the production sites will be in La Spezia, in Rome, and in Dusseldorf. The aim of this initiative is to create a new player in E.U. tank production and in general land defense vehicles. Just for your practical information, if we can turn the camera, the key point will be as a first set of orders will be to satisfy the request of the Italian Army about renewing completely the arsenal of land defense machines. There will be approximately 100 large main battle tank systems based on the Panther platforms and approximately 1,050 infantry vehicles based on the Lynx platform, this smaller machine here. Actually, you should be aware of the fact that those will be multipurpose machines having more than 16 variants for different applications from infantry vehicles to logistics, anti-aircraft, anti-threat, and so on and so forth. Actually, the program for the Italian initiative has a value of approximately EUR 23 billion. Depending on whether we are dealing with the main battle tank or with the infantry vehicle, the small one, this one here, this bunch of money will be spread over 10 or 12 years. I mean, generally speaking, we're talking about a long-term plan that will start essentially now and being completed between 2035 and in some cases up to 2040. Of course, this is only the Italian part. We aim at acting like a catalyst for European cooperation. The machines will be state-of-the-art. Leonardo will be in charge of mission systems, electronic suites, weapons integration, and there is a very clear work share that has been established with the partners of Rheinmetall, and it's a work share that is approximately 50-50. For the specific case of the Italian supply, it will be 60% of the job will be done in Italy, 40% in Germany, but of course, we kept this very flexible for export because we know that being those machines state-of-the-art in terms of interconnection, defense, electronics, and all kinds of technical characteristics, we expect those to become very important for export, and we evaluate that the joint platform for future land programs should serve customers in other EU countries identifying a market in the range of EUR 50 billion. So actually, we better do a very good job in terms of new technology on those platforms because this will open up a much bigger market than the Italian one only. Now, this is how the joint venture Rheinmetall Leonardo will start working. And we expect to deliver the first machines in a couple of years, the light machines, and maybe in three years, the first machines for the main battle tank. And we are already working, and we're now fixing some of the details of the joint venture, appointing the CEO and the chairman that will be rotating between Leonardo and Rheinmetall. And we are very happy because this seems to be very fast. I mean, I'd like to remind you that this started in June. So, after five months, we are up and running. It's very important that we deliver fast what we promised in the plan. The second important initiative has to do with the GCAP. There was an acceleration recently. Member states, the U.K., Japan, and Italy have been working hard. The companies, Mitsubishi Heavy Industries in Japan, BAE Systems in the U.K., and Leonardo in Italy found a very good agreement at the moment. Very likely we're going to sign and create a joint venture before the end of the year. The development contract is for 10 years at the moment. The Italian Ministry of Defense has already allocated EUR 8.8 billion. I roughly estimate more than EUR 40 billion overall already allocated for the entire contract. The governance has been defined, and we have also set up the rules for the appointments of CEO and managers. The work share allocation and the key terms have been agreed. There has been a lot of work over the last couple of months. There will be four sites, the headquarters being in the UK and NATO, the national headquarters will be in all three countries. There will be equal rights among all partners. And actually, the part of work share that will deal with Leonardo is about flight system integration, weapon integration, training integration, and the number of activities for the mission system, weapon effect management system, flight system, such as the flight control systems. All of this becomes very important for the future extension development of the GCAP as a System of Systems technology. So we are particularly happy of this agreement because, of course, this is also very important for future updates and upgrades. It takes value of the technology developed by Leonardo in a central way. And of course, it opens a lot of future technologies within the System of Systems frame. This is the plot, the image, the rendering of the GCAP that you might have seen already at some international exhibition. So we are finally entering in the hot phase of the program. Hopefully, at the presentation of Q4, we will bring you more data on the final JV after signing the final agreement. Let's go now on the merger and the acquisition activity. This is a very dense slide, but don't worry, I'll be very quick. There are approximately seven targets. For obvious reasons, we cannot disclose names and many details from different countries. Overall, the due diligence are 14. Seven are quite ahead. The business is primarily in cyber. Those are the issues, service and solutions, cross-domain solutions, network security. One is in space. Another one is in drones. The other one is also cyber. They are all quite ahead. So due diligence either ongoing or completed. And in some cases, we are finalizing the agreement or waiting for a go, no-go decision by the counterpart. So that has been the effect of the intensive work done with those companies. For your information, I'm sure you remember we promised to stay within 15%-20% of the turnover of the divisions. And indeed, we report here an indication of the turnover of those companies. You see, those are from very small to, let's say, mid-size, around 60 million. So if you accept the idea that there is an EBITDA in the range of, I don't know, 10% or so, and you have multiplier factors, multiplying factors in the range of eight, 10, 12, depending on the sectors, you see that we made specific selections of companies that will bring in new technologies, new capabilities, or new products that it is at this point easier and cheaper to buy than to develop in-house, and this was a criterion that we promised since the very beginning. That's why we did such kind of selection. It's a lot of work, of course, but I think it will pay back. Okay, let's go now on the other important delivery, the other important promise that we did. It's cost and efficiency. Now, you remember that was the plot that you still find in the presentation of the Industrial Plan. The idea was to realize, to accomplish savings for approximately EUR 150 million in year one, this current year. Well, to be honest, we started, we launched the program, the Industrial Plan in March. So it's only seven months from now. So this is not even one year. But okay, we are accelerating. We were pushing like crazy. Now, for the nine months that we're considering now, we can expose approximately under EUR 50 million of savings with a forecast of EUR 190 million after 12 months. Now, let me tell you which was the difficulty. Making a quantitative assessment of the savings is not that easy because you cannot simply compare what you spend this year compared to last year because conditions are changing. Headcounts, number of travels, or consumption of energy, inflation, raw material costs, and so on and so forth. So we need KPIs. Most of the effort done so far was not only saving money, but also identifying KPIs that are significant enough to have a reasonable estimate of the savings. For this, CFO, planning and control, engineers, strategists that have been working together, including the procurement organization. Just as an example, this is a bit boring, but I would like you to understand how much work there is behind. For instance, travel rationalization. I remind you that there's 58,000 people in Leonardo. So travel matters. Travel optimization, rationalization brings in EUR 30 million savings. In order to evaluate this, we had to develop a metric. For instance, we found out that the average cost per day in the lodging is diminished by almost 9% on average. International flight costs diminished by 4%. National flight costs by 3%. Average train cost by 16%. Even revisiting agreements for roaming and international phone calls, mobile devices, and so on and so forth has resulted in a reduction of 34% in the total cost. Real estate has been optimized, and now we can estimate 24% reduction in cost per square meter. Of course, this includes all services, cleaning, securities, and so on and so forth. So it's a huge effort for a company having more than 100 sites in the world with different buildings, quite complex logistics, and so on and so forth. The corporate cost has been kept under control in these seven months. We can ensure that this year we will spend the same amount of money that we spent last year for a corporate that, by the way, had much more expenditure for security. That has become an important central cost because of the international situation for personnel and for information technology because the digitalization has a big cost, actually, and to keep under control inflation. This will improve, and we will see important savings now with the new budget for year 25, on which we are already working after having learned the lesson and having developed the right KPIs. Direct procurement so far has been under control. Primarily, savings were aimed at the containment of inflation. That was successful, fortunately. And then business and product disposal that I told you before, exiting Industria Italiana Autobus and Skydweller, account for approximately EUR 30 million per year Industria Italiana Autobus and EUR 15 million per year the Skydweller. So those were non-core business programs, and it was fair to quit them because they were never taking off as products. Now, least but not last, the organization streamlining was very important. We have reduced the participated and associated company that we have in all countries where we do have representative offices from approximately 151 to a bit more than 100 by clusterizing and making efficiency, and this has resulted in EUR 2.5 million savings, and the complete redesign of the foundations controlled by Leonardo, the Leonardo Foundation, the Med-Or Foundation, and the Ansaldo Foundation that are making outreach and geopolitics and so on and so forth has actually cut by a factor of two the investment. We saved EUR 4.5 million starting from EUR 9 million yearly investment, so this is just an example, but I think it gives you an idea on how specific and how detailed and serious was the job we did in order to make a quantitative assessment that is as reliable as possible. Let's go now to see the new Space Division. That's another important delivery. We promised, you remember in the Industrial Plan, we promised to create a new division because Leonardo has to be perceived as a company that makes space technology, space economy. Last year, when we started, there were only a controlled company. We didn't consolidate anything. And so in the balance sheet, there was no real existence, no real presence of the space activity, but for the dividends. So we made a new division. We are creating, we are preparing the Industrial Plan. The new division, the new Space Division realized, first of all, on the financial consolidation of Telespazio. That's very important. You remember this was the first good news in 2024, in 2024, yes. Then we carved out a business unit of the Electronics Division that was entirely dedicated to space electronics and space robotics. This is now. It's about 500 people carved out and moved into the new Space Division. Of course, we rely on the Thales Alenia Space Italy factory with the exploration capability. There is a lot of hardware, very high-end capability. We have incorporated e-GEOS, which is a company 80% Leonardo and 20% the Italian Space Agency, primarily dedicated to geoinformation and ISR capability. And of course, we have allocated a substantial part of the high-performance computing and AI capability to the Space Division because this will be a data-driven division for data collection and analysis for end-to-end satellites. Now, end-to-end satellite services. Now, the new business model, as I reported to you at the very beginning, will be no satcom for us, no launchers, and a specific choice on end-to-end satellite services, primarily in geoinformation and satellite services such as energy, governmental services, maritime, different utilities, space awareness domain, space traffic management, mission operator in ground infrastructures. There will be, of course, defense and intelligence applications. Those are mandatory because we are also using important public, as in any country, institutional money. There's a lot of work in cloud in space and exploration. We are trying to move computational capability directly in orbit, and of course, exploration is one of the key points, the key capability of Leonardo through the Thales Alenia Space components, and then a lot of work on low Earth orbit and lunar space economy with new programs that have been recently accepted. So this new business model is being now elaborated and transformed into a business plan. We will present the new Industrial Plan. We will release on the first quarter of 2025 when together with other news that I'm going to tell you in the next few slides. So far, the organization of the division is almost completed. The new division director has been appointed. It's a world-class space expert, Massimo Comparini, that has 25 years, 30 years experience in the field at a European level, definitely one of the key characters. We have appointed the new CEO of Telespazio, the new CEO of e-GEOS, the new CEO of the Thales Alenia Space. And we're now working quite intensively with our partners in Thales because we have now a few ideas that we are sharing. We are analyzing together in order to modify and evolve the Space Alliance towards a more oriented Industrial Plan, such as the one I told you, the end-to-end satellite services, which is a common interest because, of course, we need constellations. We need high-added value services, primarily based on capability and computation, AI, and a plethora. There's a plethora of application domains that I've shown you before, and I think this is of common interest, and of course, there is an ongoing discussion with peers at the EU level because we are all aware of the fact that space needs to be boosted in Europe, and I think big companies should consider together how to align and how to do something with big critical mass. This is a discussion ongoing. I can't say much more than that, but just be aware that we are discussing on a very solid and grounded basis about future potential alliances and collaboration to be competitive with the American space industry and also with the Chinese and the Indian space industry. So next appointment will be Q1 2025 when we will release completely the business plan and the strategy. All right, so let's go now quickly to another important point, which is aerostructures. Basically, we have to focus a little bit on the problem we are having related to the Boeing events in 2024. There is a short story here that you can see. In June 2024, there was a reduction in the volumes of the 787 by 25%. In September 2024, there was a strike on the 737, 767. On October 2024, there was an additional delay in the 777X and 767. In November 2024, there was a labor contract renewal approved after seven weeks of strike. And in November 2024, so after a few days, there was a second 787 volume reduction by 11%. So to simplify a complex story, if you see the total shipment we rely on, we went through three plans, Z59, Z60, Z61. And the shipment for 2024 were 80 components according to the first plan, 55 according to the second, reduced to 49 according to the third version. And considering 2025, the forecast originally was 112 shipment, then went down to 97, then went down to 81. The collaboration with Boeing is actually, I mean, we have to acknowledge the very good will of Boeing to find an agreement. Our teams were working together trying to find a solution. And I think we both made our best. But unfortunately, this is not enough for us to keep the division running. I mean, it's true that we have essentially five plants, four plus a minor one. Three of those are doing relatively well. The one in Grottaglie, which is primarily involved in the 787, is the one having more problems. But the point is that the civil aviation technology in this moment is rather critical at global level. And of course, we are impacted by the situation. In a few words, in a nutshell, we did a strong assessment, a very detailed assessment of the aerospace capability in Leonardo. And the industrial challenge is very clear. Our maximum industrial capability is based on 4.5 million hours of engineering and capability, basically. The average workload that we might expect in the best case between 2025 and 2029 amounts to 3.2 million hours. So that part missing, which is 1.3 million hours, is hard to replace if we stay on an inertial scenario. So the unused capacity is a burden to the economic and financial position of the division. And of course, on top, you have to consider the impact of inflationary pressure on materials and labor costs. So the combination of those things, it's of course not very easy. And I think it was time to make a very detailed analysis such as this one because we need, let's say, staying still is no longer an option. We cannot continue with the pace we kept so far based on a single provider and supplier. So we have a team with international advisors, our engineers, the people in the division, people, financials, and we're trying to study different scenarios. Scenario number one, that was the inertial one that was kept for many, many years, is no longer an option, so we are not able to wait anymore for the solution of the situation of Boeing or any other supplier. We cannot wait. We cannot survive otherwise. The second scenario is an improvement scenario. We are introducing new programs, including military product. We are enhancing the industrial efficiency with a strong focus on automation, and we are studying incremental optimization of the cost base and supply chain. That's a big issue. I mean, I can tell you that after our analysis, we found out that 80% of our supply chain is based on suppliers that operate in countries where the cost of labor is very high. I mean, maybe the quality is good, but the cost of labor is very high, so we have to find a trade-off for that. Our competitors are relying on the opposite fraction. 80% are coming, approximately 80% are coming from countries that have low labor cost. So this is, of course, an optimization we are working on. It's already ongoing, but very likely is not self-sustaining, though necessary in the short term will not be enough. So we decided to go ahead. And we're now elaborating an end-to-end industrial transformation, which includes cost structure repositioning, the reconfiguration of the footprint of the division, restructuring of the supply chain, which is not simply optimization, restructuring. We are analyzing new business opportunities. There is a focus on diversification, on higher profitability segments. Of course, those things are still under study. I mean, but the important point is that all this will be implemented with financial and/or industrial partners. Basically, we have to think in a totally different way and prepare alliances that can make the division very attractive at the international level. The quality of our manufacturing is outstanding. The situation, however, needs an evolution that goes towards maybe a carve-out and the creation of alliances to do something that can compete at a global level on the market. So we are working on that. This is under construction. The team of people that we constituted together with the international advisors is already in contact with financial partners and other partners. So we are studying all the scenarios. And this will be presented again at the update of the Industrial Plan, first quarter of 2025, together with the Space Division and a few other news. So this is to tell you that we decided to accelerate. No longer an option is the inertial scenario. I mean, the inertial scenarios cannot be any more used as possible scenarios for the future. Now, I conclude with some good news about the sustainability. This is an important part of our sustainability action. You have the slide. I don't go through this, but it's very important to see that Leonardo is making an effort on all the most important ESG parameters, and we are always among the best, maybe the first in class, among the top three, top four, sometimes top ten in a very vast plethora, vast group of companies, not necessarily only in aerospace and defense. This is important for our sustainability balance sheet. It's a complete report that we have every year. We will insist, we will invest, we will insist, try harder because we want to keep this leadership and want to improve where we can improve, where we already have leadership. We want to stay at that position. I mean, overall, S&P Global Corporate Sustainability Assessment, we are in the highest score in the entire segment of the A&D. I can tell you that the data are very interesting, very good. I think our sustainability division, the sustainability unit, is doing a very good job. I think this contributes to increase the reputation of the company together with the KPI, financial KPI that I've shown you before, and together with the technology roadmap that we have established. I stop here. It was a bit long, but as I told you, this was a midterm report, not simply a Q3. I think in a midterm report, after half of the mandate, you have to be aware that we have great attention on delivery, great attention on capital allocation, great attention on saving money, and great attention to future technologies, innovation, because without innovation, Leonardo will never take off and will never take the right position in the international scenario. Last, but not least, great attention in joint ventures and internationalization. As I told you, no one can make it on its own. We have to think bigger. I think we are on the right track for that. Thank you for your attention. Now I give the stage to Alessandra. See you later. Thank you, Roberto, and good afternoon to everybody. I'm very pleased to be talking to you through the solid Q3 and nine-month results. They show continued commercial and financial progress, especially in our main defense and security businesses. We're seeing orders coming through at a good pace, leading to sustained good growth in order intake. We're delivering off a record backlog of EUR 43 billion, driving volumes and double-digit top-line growth and double-digit operating profit growth, driven by good performance in defense and acceleration of the efficiency plan. Improving free operating cash flow is on track, and it's driven by better operational performance. We're also reducing net debt, and we have, as Roberto recalled, a disciplined capital allocation that is aimed at supporting growth while continuing to deleverage and improve shareholder returns. In this framework, we are continuing to see positive trends, as we saw earlier in the first half results, and we're seeing good performance in all core businesses. We have been accelerating the efficiency plans, meaning that we expect to offset the recent exogenous negative contribution of aerospace structures and the space telco business, thus confirming our full-year group guidance on all our key metrics. As you can see, the solid performance at group level resulted in order intake of EUR 14.8 billion in the first nine months, an increase of 7.8% year- on- year on a pro forma basis, including the consolidation of Telespazio starting from 2023 pro forma. We had good commercial performances across defense and security, especially in electronics and in helicopters, reflecting good positioning in domestic as well as export markets. This growth in new orders is again well balanced, with a good spread geographically and across business areas, and without any concentration in any single country or any single customer and no jumbo orders. Book-to-bill was again above 1.2x. We're seeing sustained demand all across defense and security, with good traction for our products and solutions and growth in areas like cybersecurity. We can also see growth opportunities across our main business areas, in defense especially, and also governmental plus civil areas like helicopters. Group revenues increased 12.4% to EUR 12.1 billion as we delivered off our solid backlog. Higher EBITDA across the group, especially driven by defense volume as well as efficiencies, with an increase of 15% to EUR 766 million and a return on sales improving slightly to 6.3%. As you can see, the continuously improving cash flow and reduction in debt delivered a free operating cash flow of absorption of EUR 550 million. As of September, our group net debt was also lower at EUR 3.1 billion versus EUR 3.9 billion in September last year, also reflecting the monetization of the DRS stake we did last November last year. A good first nine months on track and underpinning our confidence in our full-year targets. Now let's go deeper into the results and performance at business level. In helicopters, we see positive momentum with continued demand across the business. In particular, in this segment of the business, we saw that we achieved new order intake in the first nine months of EUR 4.8 billion, up 15%. Revenues also grew 13% to EUR 3.6 billion, and EBITDA is up 8.4% to EUR 271 million, with a return on sales of 7.5%. Order intake continues to be strong in both governmental and civil sectors, in addition to the defense market. Just to mention a few of the major orders included, we have 20 aircraft AW139 for Saudi Arabia, AW189 for the Malaysian Maritime Enforcement Agency, and NH90s, plus a good spread of orders across defense, governmental and civil across customers and across geographies. Revenues grew mainly driven by the delivery of backlog, which now stands at over EUR 15 billion, 1.5, with further increased activity on dual-use helicopter as well as on customer support services and training. EBITDA growth reflects higher volumes and also our continued management of some supply chain constraints that are affecting the wider industry. So a good performance from helicopters and continued commercial momentum with good demand across business areas. Next, defense electronics. We see also here continued solid performance across both the European portion of the business and the American side. Double-digit growth in new orders and revenues and a step-up in profit. As we showed you at the half-year results, the numbers on this slide for defense electronics have been restated to exclude cyber security solutions, which is now a separate segment standalone, and also to exclude the space business line, which is now included in the Space Division, so there's been a certain level of portfolio restating. Starting with electronics in Europe, you see that order intake was at EUR 4.9 billion, up 10% year- over- year, and book-to-bill was at 1.5x, showing good growth across all domains and leveraging on our key strength in our integration capabilities. To mention some of the notable orders, let me refer to the combat systems for the Italian Navy surface patrol ships, orders for combat systems for the next generation minesweepers, and next generation communication systems for light tactical vehicles for the Italian Army, plus several export orders for naval guns. Revenues were up 10.4%, EUR 3.2 billion, reflecting mainly the delivery of backlog across segments. The EBITDA grew to EUR 381 million at an increase of 23%, with return on sales stepping up to 11.8%, thanks to growing volumes, the good performance of the business, and of our joint venture, MBDA. So Electronics Europe was again a key growth driver with continuing very good performance and momentum. At the same time, Leonardo DRS also had a very solid first nine months with significant increases in new orders, in revenues, and in profit. New orders, in particular, were EUR 2.8 billion, up 12%, with DRS seeing good demand for its naval network computing, its electric power and propulsion activities, force protection, and advanced infrared sensing technologies, which you know are the core of their product suite. They've also won important orders for electric propulsion components for the next generation Columbia-class submarine for the U.S. Navy, where they've established a very strong position within the market and with the key customer, plus the order of the family for weapon sights and systems for the new U.S. Air Force tanker aircraft. Revenues at DRS were up 18% to over $2.2 billion on the back of the delivery of key programs in key strategic areas such as advanced infrared sensing, force protection, and tactical radars. EBITDA also grew to $204 million, an increase of 29%, with an increased return on sales of 9.1%, reflecting higher volumes. Moving now on to our new segment, cyber, you can already see that the first nine months there is a growing business with new orders up over 20% at EUR 586 million. Revenues also were up 11% to EUR 447 million, and EBITDA was up 22% to EUR 22 million. Book to bill well above one and continuing its positive trajectory with increasing volumes and profitability, as Roberto explained to you earlier. The first nine months order intake growth was mainly driven by domestic markets and included in the area of defense and governmental the implementation phase of the JOC COVI, the Joint Operations Center, and the cloud infrastructures for the Italian public administration through the national entity PSN. Revenue growth is reflecting higher order volumes, while improved profitability is mainly driven by operational leverage. Moving on to aircraft, we see here continued good delivery of progress and profit continue to remain at really highest standards. Order intake in the first nine months was EUR 1.2 billion, lower than last year because of the phasing and delay of some export orders. There are a number of international campaigns that the division is pursuing and that we'll progress and that we'll deliver the results and are progressing well. Revenues were EUR 1.9 billion in line with last year if we exclude pass-through activities. Profitability continued to be extremely good with an EBITDA of EUR 246 million, an increase of 1.7% year- on- year, and a return on sales of 12.9%. The division continues to be very profitable, anchoring its profitability on strong fighter business, both the Eurofighter and the JSF, with Eurofighter experiencing a renewed boost from potential additional supplies and upgrades to Italy, Germany, and Spain, and potential export campaigns as well. We can be positive looking forward as we see a natural step from Eurofighter upgrade business to the next generation GCAP program. Turning to aerostructures, we made some further progress in the first nine months. The order intake went up, revenues were slightly higher and increased activities. As you have heard, the volumes on the B787 were higher with 37 fuselages delivered in the first nine months versus 27 fuselages the previous year, however still below the rate we should have had. And the aero structures EBITDA loss in the first nine months was EUR 129 million. On a side note, the aero structures first nine months results are not reflecting the full challenges that the business is facing, and that has been widely commented by Roberto. So in Q4, we expect to see a higher impact on the division from the slowdown in the B787 program, with a lower level of full-year deliveries than we had earlier and expected. And you have seen the numbers from Roberto that speak for themselves. There is a comprehensive set of material improvement actions that has been defined and is being implemented. Speaking about ATR, 20 aircraft were delivered in the nine months versus 21 the previous year, and a contribution broadly the same as last year. Moving on to space, here we have been putting in place the building blocks for our new focus Space Division, which we see as a growth area for the future with sizable opportunities for the group. We now include the full consolidation of Telespazio. We saw a good commercial performance in the first nine months, and specifically at Telespazio, new orders were at EUR 383 million, which highlights some of the key activities that we have done, specifically the Moonlight initiative for the creation of lunar communications, and this is also reflected in the revenue line. Revenues are up to EUR 527 million, driven mainly by satellite system operations and by geo information, with an EBITDA of EUR 41 million and a return on sales of 7.8%. A solid performance of the business. The year-on-year EBITDA fall is at sector level, reflecting the performance of TAS, Telco satellite segment, which, as you have heard from us in the past few quarters, continues to face the same challenges with some complex development programs in a highly, highly competitive market. As we expected and mentioned at the half year, the TAS operating performance is impacting materially the segment results. These are expected to be negative for the full year due to the combination of a fall in commercial telco activity, a high level of R&D, and the impact of restructuring costs. That's a performance all across the group businesses, and it has also translated into a better bottom line performance. EBIT grew to EUR 636 million in the first nine months, up 15% on a pro forma basis, and restructuring costs were lower, EUR 17 million versus EUR 32 million. On the other hand, non-recurring costs were higher at EUR 72 million versus EUR 49 million last year, relating to the favorable conclusion and termination of certain legacy contracts, namely the Doha stadium contract and some legacy ATC air traffic control contracts signed back in 2016. The ordinary net income was EUR 364 million versus EUR 290 million last year, while net result of EUR 730 million benefited from the capital gain on the consolidation of Telespazio. That's an accounting element that is factored into the result on the back of a fair valuation assessment according to the accounting principles that we have followed. Importantly, we have continued to make progress this year in improving our cash generation. You see a lower level of seasonal outflow in the first nine months with free operating cash flow absorption of EUR 550 million compared to EUR 637 million on a pro forma basis last year. This improved performance underpins our confidence in our positive trajectory going forward and our full-year target. We continue to focus on executing on our disciplined financial strategy with our clear priorities here, fully committed to maintain investment-grade status while supporting growth and improving shareholder returns. That's a capital allocation framework that we want to stick with. Now to conclude, we are pleased with the first nine months with a very good performance across all key metrics. We have seen continued stronger commercial and financial performance, especially in our main defense and security businesses, which are delivering strongly. We are seeing orders coming through at a good pace, plus solid double-digit growth across revenues and EBITDA and improving cash flows. For the full year, the performance in our core business and the acceleration of the efficiency plans are expected to offset headwinds from the exogenous negative contribution of aero structures and the space telco business. So overall, we are confirming our full-year guidance at group level, and that is based on our current assessment of the effects of the geopolitical and macroeconomic environment on supply chain, on inflation, and on the global economy, assuming no major deterioration. You can see it here on the slide. We expect this year continued commercial momentum, top-line revenue growth delivering from our backlog, improving profitability, and strengthening cash flows while reducing net debt, and all translating into the first important steps in delivering our Industrial Plan. We are confident of our path forward, and thank you for the time we are spending together today. I'll now hand you over to Q&A. Thank you, Roberto, and thank you, Alessandra. We are now ready to take your question. As usual, you can ask questions via the webcast or via the conference call. Waiting for all of you, I would start with the question received from the web, and it's coming from Bashir Soumaya from Lombard Odier. The question is the following: Now that you have closed the joint venture with Rheinmetall, could you update us on your capital allocation priorities and thoughts in the defense business, specifically on Iveco Defence, which you briefly discussed at the Q2 call? Have you started analyzing the synergy case with them? Any color on this would be appreciated. Thank you. Sure. That's a very good question. Thank you. Of course, as soon as we finalized the JV, the one hour after, we were discussing how we should have handled the situation of the, let's say, domestic industry. So we discussed with, of course, with Rheinmetall first, and we are absolutely aligned, and also with Iveco. Let's say scenario number one is very simple. We already negotiated with the colleagues in Iveco Defence the possibility that they act like subcontractors of the JV, and we can allocate some, maybe 10% of the activity to Iveco Defence because we expect to have such a big amount of workload that for sure, having synergies could help a lot in maximizing productivity and speeding up the production of machines. Another possibility, of course, is to consider merging acquisition, but for this, we need to know exactly the numbers, open the data room. We know that Iveco Defence has expectations in terms of EBITDA for the current year. We should see the multipliers. The number seems to be rather high. We are open to discuss anything. That was shared also with Mr. Papperger in Rheinmetall. We are absolutely aligned, but in the easiest case, I mean, the simplest solution is that we involve Iveco Defence immediately as a subcontractor or part of the job, and that will facilitate the life of everybody. Notwithstanding this, we can, of course, consider for the future other hypotheses, but we don't see any need at the moment. Let's take the next question from the conference call, please. Let's take the second question directly from the conference call. We will now take a question from Alessandro Pozzi from Mediobanca. Your line is now open. Please go ahead. Hi, good evening. Thank you. Alessandro, go ahead. Yeah. Thank you for taking the question. The first one is on a broader political landscape with the U.S. elections. I was wondering, clearly, the conflict in Ukraine has been a wake-up call, but now with the new Trump administration, we could be in a different paradigm for the European defense sector. And I was wondering, with this new administration, how do you think what would be the implications or the impact on your business, on defense contractors in the coming years? And the second question is on the aero structures. You mentioned the financial partner potentially. Can you please elaborate a bit more on the timing and appreciate that you will provide more color on during the capital markets day? I was wondering if you are looking for a partner for the whole of the division or for a subset of the operations. And clearly, I guess you have to have a very good visibility on how you restore the profitability of that division. And I was wondering when we could have that. So the first question about the politics or the political scenario, my personal understanding of the situation is that the new president of the United States has stated clearly that he would like to see more active Europe in participating in the NATO global expenditure. Now, even if maybe the way this was stated was a bit colorful because in the election period, of course, statements are very strong, but I think the message is clear. They want to have a stronger Europe participating more effectively to the global investment in defense. To be honest, this is consistent with what I told you at the very beginning when we didn't know anything about the future president of the United States. I think it's very reasonable that Europe gets together, makes synergy to create a European space of defense. Even the commission is going in this direction. We need to be stronger as a continent, but also we need to be more reliable and stronger partners in the NATO alliance. So if the pressure from the new president of the United States will be, "please increase the budget for defense up to the famous 2%," I think the defense companies will benefit of a positive situation such as this one. On the other hand, you might argue that he promised that the war will be finished in 24 hours. I mean, this is what he said. So you might argue that, but if the conflict will stop, there will be less business. To be honest, this is not true for Leonardo. We didn't get any peak in our revenues or orders because we didn't sell directly to Ukraine. But for sure, in terms of market and geopolitics, you could think that the two phenomena, increasing the expenditure 2% and maybe stopping all the conflicts in that area of the planet, could sort of balance each other or contribute to the balance. We will see. But I have to say that we are a multinational company. For us, it's important in the politics, but the most important thing is to have very competitive high-tech products. And I think as long as we can develop a brand new class of products, very competitive through synergies, international alliances in Europe, and also with new ideas, new contents, we're going to be competitive anyway. And don't forget that the paradigm is to move from simply defense to global security. And global security includes things that are not immediately related to war. And I think also this means opening a market which is much bigger than the traditional defense market. So if you put all those things together, we have to work hard. Of course, listen to the institution, hoping that Europe goes towards a stronger European space of defense, and of course, believing in the importance of the NATO alliance in which Europe and Italy have to be strong partners. Last consideration, I think politically in this moment, as far as I understand, as a citizen, because I'm not in politics, but I think our government has some good chance to be in a very good relationship with the new U.S. government. And I think this could facilitate, at least in the early stage, the discussion, the dialogue among the parties. So I'm quite positive. I hope I answered, of course. I mean, this is a little bit mixed. It's a personal and also industrial. Concerning aero structures, I promise that when we meet next time, we will disclose everything. In this moment, it is extremely important for us to be very confidential. We have NDA with different partners and with the parties. And I'm really in difficulty in telling you more than I told you before. But you don't have to wait six months, eight months, because we are working and we will release the business plan and all the potential partnership, let's say, by Christmas. So at the next appointment, I will be much more outspoken. You know that I'm always very outspoken, but in this case, it would create me quite a problem. So please allow me not to give you more details. One thing I can say, I would prefer, of course, a strong alliance, not simply a production line. I think to something infrastructural, okay? I will do something big, not simply taking a production line and finding a partnership. Should this big idea fail, well, we could see something smaller, but we think big. Let's take the next question from the call as well. I think George from Bernstein is the next one. Could you please open the line? Hi, George. Yes. Yes. Yes. Yes. Yes. Yeah. First question on the Q4 impact. You said there'll be a higher impact in Q4 from the slowdown. And so I wanted to clarify what that means. Should the Q4 losses be higher than the EUR 58 million in Q3, or should the Q3 be the peak when it comes to the quarterly losses for aerostructures? And second question for Roberto, kind of adding on to kind of the last question, when you think about partnerships and alliances, I guess what realistically can you do with the existing businesses? I mean, can those be carved out and separated, or do your existing contracts with the OEMs prohibit you from even considering that? Okay. Alessandro, you go ahead. Sure. George, basically, at the end of the year, there will be some industrial phenomenon associated with the result of aerostructures, as well as some accounting elements to be taken into account, reflecting the agreement signed with Boeing, reflecting also the future trends in delivery rate that Roberto mentioned, and all of this will translate into a certain level of loss. But the concept here is that clearly, as you look at the nine-month result, more than the three months, the nine-month result benefited from a first half, which was almost a going concern, while the last part of the year, Q3 and Q4, are actually mostly impacted by the downward revision in production. So the comment was more related to the nine months versus the full year, not necessarily the three months. Okay. George, concerning your question, well, let me say something in a very maybe rude way, but this Aerostructures Division is more than 10 years. It It has problems, okay? So it comes a time that we have to do something a little bit disruptive. As I said, we believe that the internal approach would fail anyway, maybe sooner or later, but would fail. So I think it's time to be a bit more aggressive, at least in the way we develop, we conceive possible solutions. To me, yeah, carving out, trying to make as much as possible to protect as much as possible the workforce, and of course, diversifying the business, having strong partners. And this is very important. I mean, the partnerships are important. And in maybe a couple of months, we'll be clear. There have to be partners that are in the field, not simply. I mean, we don't need money. We need, first of all, partners that are important in the civil aviation market. The problem is that there is a generalized problem with the civil aviation. I mean, this is clear. The margins for the supply chain, we are supply chain at the moment in the civil aviation market. The margins are very low. The competition is really tough, especially in countries with low-cost workforce. Margins are low because the contracts are also long-lasting. They are not very flexible. And we understand that the cost and the request of the builders, so the manufacturers, are very strict, stringent because of security. So we need to do something, yeah, very strong. So for the time being, I would stop here. But yes, we are thinking to something like carving out and creating something, a joint venture or something that is really competitive and that is highly recognizable in the market. Our next question comes from the line of David Perry from JP Morgan. Your line is now open. Please go ahead. Yes. Good evening, Roberto and Alessandra. Just two questions. I hope they're not too pedantic. They're just about specific use of language. So one of them is on your slide six. It's just a little bit curious to me that you described the international alliances, so GCAP and the Rheinmetall JV as inorganic growth. I would have thought they were organic unless you're actually planning to inject some money into any partnerships, maybe to equalize your stakes on the programs. So maybe you could just clarify what you mean by inorganic there. And the other one is just when you use the term Industrial Plan. I mean, the Industrial Plan of 2024 was a very dramatic event. It was more than just a capital markets day or a results release. It was something that gave us a new savings plan. And when you say a new IP, just to manage my expectations, is it a small update or do you think there is scope to actually expand your ambitions? Thank you. Okay. Concerning the inorganic growth, simply because when we simplified our pillars, we said everything dealing with mergers and acquisitions was gathered under the umbrella of the inorganic growth. I mean, yeah, maybe we can discuss as sort of organic growth. But if you remember the presentation of the Industrial Plan in March, we said the big mergers will be essentially cash-free. Otherwise, there would be gigantic investments, but this was not coherent with the capital allocation strategy. The acquisition was supposed to be within 15%-20% of the turnover of the division that is making the acquisition. So in this respect, we oversimplified the picture saying this is the inorganic growth. But yeah, that was simply to show that there was some coherency in the delivery roadmap. Maybe you are right. This is not strictly inorganic. But I think it doesn't change the spirit and the picture that we wanted to give. It was done in absolute good faith, okay? There was no specific back thought about this definition. Sorry, which was the other question? The update of the IP? Industrial Plan. Yeah, yeah, yeah. Sorry, yeah. About the Industrial Plan. In March, we said that some of, especially the new staff connected to the new division or part of the cyber and maybe some new business that is now quickly growing and aerostructures that was not new, but we felt the urgency to intervene. That would have been the subject of an update that was a rolling update. So frankly speaking, I think we were quite fast in delivery. Some of the things were even faster than we expected. So I think it's quite okay. It's quite physiological that after one year, the things that are growing fast and well, such as the Space Division or other things, or those things that are urgent, like the new plan on aerostructures, will be presented as an update of the plan 2024-2028. I expect this to be very likely the case every year. I mean, whenever we have something new or something that can be optimized, which is rather substantial, this will be the subject of an update of the Industrial Plan. The Industrial Plan, to me, is inherently rolling, and this was the reason why last year, sorry, in March, we have shown you very transparently all the data of the divisions because division by division, there might be some corrections, some changes during the course, during the development of the plan. And I think when we make an update, we give you all the forecasts. We update the forecast, and you will follow with us the roadmap that we try to present to the market. Let's take a question received via email. This is from Ian at UBS, two questions. When should we see a profitability improvement in aerostructures as a result of the actions you are taking? And the second one, Thales Alenia Space profitability continues to be challenged. How much cash does the JV have, and would you rather maintain your stake or contribute cash in the event that it needed capitalizing? Yeah. Okay. Concerning aerostructures, well, of course, we are doing our best to accelerate. Honestly, it seems ages ago, but in February, the turnaround, sorry, the break-even point was really within reach. Things were doing well, and apparently, in less than 12 months, and the forecast was very conservative. So we were very safe. After the COVID, there was a recovery, and things were running well, and no one could predict what happened with Boeing. Of course, we hope Boeing would recover very soon, but for Boeing, not for us, first of all, because the company deserves more fortune at the moment. But anyway, because those are exogenous problems, and it's hard to make a prediction. If we stay inertial, there will be a break-even point maybe in 2028 or 2029, and we don't think this is affordable. Let's see what happens with our search for alternative solutions with the other partners. And well, I think that when we finish the analysis and the work we're doing now, we will be able to give you a more precise answer. I can't say much more now because simply we don't control the exogenous factors. Concerning Thales and TAS. Yeah, you're right. I mean, the satcom part is losing money. We are constantly in contact with our colleagues in Thales because we're trying to monitor this from the financial point of view. Alessandro with a colleague in Thales and at CEO level and strategy level because that requires some analysis in terms of product strategy. It's a couple of years now that it's going down. There are countermeasures that are being conceived that will be presented soon. We are also discussing shifting a little bit the focus of the core of the space alliance activities on other areas that seems to be much more profitable. But of course, there are commitments that Thales has with the French government. Because we are together in the joint venture, in the alliance, we have to respect those things on one hand, but on the other hand, of course, we are also worried about the fact that this should be fixed, that this problem should be fixed. The relationship with Thales is extremely collaborative when we are doing our best. I mean, our teams are meeting continuously, and I don't think this will last very long. But it happened in the past that Leonardo was the component of Leonardo in the joint venture was losing money, and Thales at that time had the bad part. And now it's the other way around. But this is, I think it's rather physiological in the market when you have big joint ventures. The point is to mitigate the impact and to be short and fast in neutralizing the losses. As I said, this does not depend on Leonardo. It depends, of course, on Thales, on the agreement with the French government, and we try to give all the support in this difficult situation, but I believe it's rather under control. I mean, it's not something which is exploding, and we're working on that on a weekly basis. Our next question comes from Gabriele Gambarova from Banca Akros. Your line is now open. Please go ahead. Yes, sir. Good evening to everybody, and thanks for taking my questions, specifically on aircraft. You mentioned there are some delays on some important programs. I was wondering, I mean, I think you are referring to the end of September, so I was wondering if, let's say, in the last 40 days, you saw some more clarity on this front. I've read of some contracts. Again, on this aircraft division, I was wondering if you have an idea of when the award from the Italian Air Force for a further 24 Eurofighter may happen. Thank you. Sure, Gabriel. So I think you're referring to orders. As you know, our orders are lumpy, and there is a matter of phasing. And especially if we are talking about export orders, there are processes that clients are going through in order to get the purchase authorized within their governmental system. And the timing of this process may shift by a few months. So there is no full control from Leonardo. However, what I can tell you, and this is clearly a very strong statement, is that the customers are absolutely committed to the purchases. They have provided us constant evidence on the commitment to buy the platforms in the proprietary segment of the aircraft division. So it's just a matter of timing. We have to be patient, and you will see the order included in the portfolio of the division. Now, with respect to the Eurofighter Italy, as you know, the need is urgent for Italy to renew the fleet of Eurofighter. Germany has gone through the renewal process. Spain, the same. So Italy clearly is very determined. It may happen between now and the end of the year. That would be the ideal scenario that we're all working for. In any event, again, it's a matter of timing. The commitment of the Italian government and the funds within the budgets are there. Yeah. I'd like to mention one specific case. Sometimes exogenous problems are even very small, but they can create problems. There's a country that is a little bit under the spot. They're trying to purchase two machines for maritime monitoring. So no military applications, okay, whatsoever. But unfortunately, the two platforms that are built by Leonardo, 99%, they're adopting a few components from two other member states of Europe. And those member states put the veto about selling these machines just because they're contributing with a small piece of electronics to a machine that is maybe 95% Leonardo's product. And in front of those things, you waste weeks because maybe the diplomacy, the Minister of Foreign Affairs, they have to talk to each other and try to demonstrate that we're not selling a war aircraft, but simply a coast guard aircraft or stuff like that. And those things are shifting easily by a few months. And then we are losing in the order portfolio and revenues portfolio because we don't get even the letter of credit, nothing. And when those things happen, okay, how to say, you should not be so much worried. This order will come maybe three months later, unfortunately. And that is our life at the moment, especially in recent times. Things have become very difficult. It's enough that somebody gives you one single screw in an aircraft, and because of that screw, they can stop you delivering the aircraft to a specific country. Sometimes it's very difficult to work this way, but it's part of the game. So we're not worried, to be honest. Okay. This was the final question. So thank you, everybody. As usual, the IR team is available for follow-ups. Thank you. Thank you. Bye-bye. Roots must be strong and deep. This is the only way to ensure stable and lasting growth. Leonardo draws its energy from all the regions of Italy. From north to south, the Italian regions, each with its own cultural identity, guarantee the company's professional resources. Leonardo draws on the creativity that distinguishes Italy in many fields and enhances its innovations and technological development in everyday challenges and in challenges of global dimensions. The bond between Leonardo and the regions of Italy is rock solid, an alliance that strengthens the country's employment system and investments because positive results are never obtained by chance. Leonardo is among the leading European corporations for investments and in research and. Number one in Italy with Leonardo Labs, the company champions emerging technologies anticipating future market demand. It is committed every day to generating social and economic growth in Italy. 86% of the supply chain is made up of small and medium-sized businesses. Leonardo operates in the heart of Europe and is the second European player in terms of number of projects won under the European Defense Fund. In 2023, in Decimomannu on the island of Sardinia, the International Flight Training School was created, the result of a strategic collaboration with the Italian Air Force. Presence, know-how, commitment. This is Leonardo. Roots must be strong and deep. This is the only way to assure stable and lasting growth. Leonardo draws its energy from all the regions of Italy. From north to south, the Italian regions, each with its own cultural identity, guarantee the company's professional resources. Leonardo draws on the creativity that distinguishes Italy in many fields and enhances its innovations and technological development in everyday challenges and in challenges of global dimensions. The bond between Leonardo and the regions of Italy is rock solid, an alliance that strengthens the country's employment system and investments because positive results are never obtained by chance. Leonardo is among the leading European corporations for investments and in research and development. Number one in Italy with Leonardo Labs, the company champions emerging technologies anticipating future market demands. It is committed every day to generating social and economic growth in Italy. 86% of the supply chain is made up of small and medium-sized businesses. Leonardo operates in the heart of Europe and is the second European player in terms of number of projects won under the European Defense Fund. In 2023, in Decimomannu on the island of Sardinia, the International Flight Training School was created, the result of a strategic collaboration with the Italian Air Force. Presence, know-how, commitment. This is Leonardo. Roots must be strong and deep. This is the only way to ensure stable and lasting growth. Leonardo draws its energy from all the regions of Italy. From north to south, the Italian regions, each with its own cultural identity, guarantee the company's professional resources. Leonardo draws on the creativity that distinguishes Italy in many fields and enhances its innovations and technological development in everyday challenges and in challenges of global dimensions. The bond between Leonardo and the regions of Italy is rock solid, an alliance that strengthens the country's employment system and investments because positive results are never obtained by chance. Leonardo is among the leading European corporations for investments and in research and development. Number one in Italy with Leonardo Labs, the company champions emerging technologies anticipating future market demands. It is committed every day to generating social and economic growth in Italy. 86% of the supply chain is made up of small and medium-sized businesses. Leonardo operates in the heart of Europe and is the second European player in terms of number of project won under the European Defense Fund. In 2023, in Decimomannu on the island of Sardinia, the International Flight Training School was created, the result of a strategic collaboration with the Italian Air Force. Presence, know-how, commitment. This is Leonardo. Roots must be strong and deep. This is the only way to ensure stable and lasting growth. Leonardo draws its energy from all the regions of Italy. From north to south, the Italian regions, each with its own cultural identity, guarantee the company's professional resources. Leonardo draws on the creativity that distinguishes Italy in many fields and enhances its innovations and technological development in everyday challenges and in challenges of global dimensions. The bond between Leonardo and the regions of Italy is rock solid, an alliance that strengthens the country's employment system and investments because positive results are never obtained by chance. Leonardo is among the leading European corporations for investments and in research and development.