Good day, welcome to the Mediaset 2021 First Half Results Web Phone Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Ms. Sara Bersan. Please go ahead, madam. Good morning, ladies and gentlemen, and welcome to the H1 of 2021 results of Mediaset. Today, the speakers are Marco Giordani, CFO of the company, and Matteo Cardani, Managing Director of Publitalia '80. Given the restriction of time, I will hand over immediately to the speakers. Matteo, please go ahead. Thank you, Sara. Good morning, everybody. Today we comment H1 results with a short outlook on current trading. Starting from the economic scenario, I'm commenting chart number three. With regard to confidence index indicators, the monthly evolution shows a continuous gradual improvement of the economic scenario. It is worth underlining that since April, we are definitely in the positive field, both for consumers and business. This important soft indicator is, of course, strictly confirmed by hard indicators. As you can see in the following chart, number four, you can see that consumption and investments, consumption in services and goods are growing faster, and they are recovering the level of 2019. If we move to gross domestic product dynamics, the conjunctural and trend variation of GDP in Q2 are both positive. Moreover, the 2021 forecast is in a positive range. There are different forecasts ranging between 4.5%-5.0% growth year-on-year. A similar growth rate expectation is also gaining consensus for 2022, due also to the recovery plan. These are just a short look on macroeconomic indicators. If we move to the advertising market in chart five, H1 2021 indicators are all positive. In particular, for our addressable market segment, the recovery is really solid and robust. TV and digital are respectively in line and above 2019 levels, while radio is still below but fastly recovering and catching up. I'm talking about the market. If I move from the market to our performance, so I'm commenting chart six. In this positive recovery scenario, Mediaset is outperforming the market by five points in growth trend. Our growth is 31.7% versus 26.7%. This positive spread delivers a further increase in market share, reaching the highest level of H1 market share. We are 42.1%. We are growing by 1.5 points versus a year ago. The interesting thing is that the overall result has been achieved with a double-digit positive contribution of all three media. TV, radio, and digital are all growing at double-digit rate. The important thing, commenting this chart, as you can see also from the absolute number, you see that the total advertising collection in H1 2021 recovered the baseline level of H1 2019. This is definitely a big achievement. The interesting point is that the Q3 performance is expected to be positive. I'm commenting this with a look at the chart number seven, where you can see that we have four quarters in a row, four positive quarters in a row. Of course, the Q2 performance is, to some extent, totally outstanding, fully recovering the downside in Q2 '20. The interesting thing is that we are still progressing over the Q3. September is the most important month in the quarter. We are mid-September, but I anticipate that Q3 will be the fifth positive quarter in a row. It's important to underline the fact that we are achieving this result despite some discontinuities and the market competition related to football that affected the quarter in 2021. In fact, in Q3 2021, we didn't have, of course, the Euro Championship and the Olympics. Last year, we had the final matches of Champions League that were postponed to August, while this year, we have these counter digits. Notwithstanding these three, let's say, negative factors or negative drivers, we can confirm that in nine months, we will be slightly above the 2019 level. The performance will be around% year-on-year growth in nine months 2021 versus nine months 2019. The baseline we are considering. I go to the last part of my presentation with a quick reminder about the main drivers of our performance. Total audience and total video growth and the dynamics of the economic sectors. I'm commenting chart number eight. As you can see, total audience and total video are strongly growing for the second year in a row with remarkable results versus 2019. We are in the lucky position where we are combining the strength of linear TV, that is above the baseline level in 2019, with the growth rate of the nonlinear assets, connected television, mobile, desktop. This creates a strategic advantage that protects the business, increasing the revenue diversification towards a solid digital mix. Commenting the following chart, number nine. Mediaset linear TV audience share is 34.5%, aligned to the same level of 2019. While the digital nonlinear audience share performance, certified by Auditel, is even higher. We are almost 40%. We have a solid leadership both in linear and in digital screen in the broadcaster arena. Last but not the least, the sector dynamics. Commenting chart number 10 and the following ones. With regard to sector dynamics, we have been using this 3 R scheme, the resilient, restarting, restrictive sectors. We adopted this scheme since the very beginning of the pandemic, and it proved to be an effective device to understand the dynamics of the crisis quarter by quarter. As you can appreciate in Q2, and therefore H1, as you can see in chart 11, finally, the so-called restrictive sectors definitely reached the resilience in the restarting sectors in the positive green area. After the easing of major restriction, the beginning of May, thanks to the evolution of the vaccination campaign, those sectors as travel, tour, food chain, leisure time services, turned the advertising key on and started to invest at a high double-digit rate to recover as much as possible their baseline sales. The last chart number 12, highlights the fact that on top of this conjunctural situation, our structural solidity is also due to the fact that we have a market share above our market average in all key sectors that represent the backbone of our advertising market. This is my presentation regarding the advertising part of our conference call, and I hand over to Marco for the financial part. Thank you. Thank you, Matteo. Good morning also from my side to all. I'll take you through the first half consolidated result first. If you flip to page 14, you will see the highlights, group level. You can see easily that the group EBIT has been close to EUR 200 million in the H1 2021. More than six times higher than last year. That's clearly understandable looking at last year, let's say first half, bad situation. I would like also to underline the fact that group EBIT is even higher than 2019 once by almost 4%. That's really remarkable. Moving down to the net profit. We closed the first half with EUR 226.7 million profit, more than double compared to 2019. Again, I don't think it's important to underline the differences with 2020. You know that in the first half, we accounted an extraordinary contribution of EUR 86.7 million deriving from the sale of Towertel by EI Towers. That's something that has been already disclosed to the market in May. In any case, also excluding these extraordinary items, the group net profit would have been 36% higher than 2019 level. That's clearly the best, I believe, effect of the good management of revenue and cost at group level. Moving down to group financial position. The debt at the end of June was EUR 732 million debt with a very remarkable cash generation during the six months. Actually, we moved down from a debt of EUR 1,064 million to, as we said, EUR 730 million debt, with a cash generation that has been really remarkable as well. As you can see from the chart, the group net financial position for covenant purposes, it's EUR 222 million debt. That's clearly, again, the proof of a solid balance sheet with an improvement of EUR 350 million. In respect to the end of 2020. Moving to page 15, clearly, Matteo has already explained the advertising performance in Italy looking at the Italian P&L, starting to comment the other revenue line, we registered EUR 123 million other revenue. As you know, 2021 for this line will be affected by phasing, as you know. This phasing are more related on one side for the theatrical revenue that are clearly missing in the H1 of 2021, whilst last year was present at least for the first two months. Secondly, because, as you remember, in November last year, we sold our home shopping business, that's clearly a revenue that are no more present in 2021 numbers. On the other side, you know in the H2 of 2021, there will be the Champions League streamed by Infinity. There will be contribution from acquisition fee and other revenue coming from content sales, so that we can confirm the guidance for the other revenue line, for full year 2021 in line with 2020 level. Moving down in the cost part, you can appreciate the total cost in the H1 2021, was EUR 869 million, with a pretty important reduction of more than 10% compared to 2019. Clearly, again, I'm not comparing 2021 with 2020 for clear reason, but it's important for us to keep this efficiency pace. We are proved to execute in the first half. As far as the guidance, we are confirming the guidance on total cost to a level of EUR 1.78 billion. This guidance, it is including also the cost for Coppa Italia rights, the Italian Cup, that clearly has been bought in July and was not present at budget level. Again, we will be able to maintain our total cost for a full year, within the guidance we gave last time we met. These numbers of this total cost of EUR 1 billion 780, will represent 6% less than the 2019 number. That is, again, a real proof of the financial discipline. Lastly, on page 15, I would like to comment the EBIT margin. That is a level that the company has not reached since 2011. It is almost 10 years that we are not reaching this level of profitability at EBIT level. Moving down below EBIT in slide number 16. No big surprise, everything is going on as foreseen. As far as financial income, we can confirm the guidance we gave, in line broadly with 2019. On associates, we confirm the guidance of 110. I'm not commenting the first half result because more or less are similar to the last year one and the extraordinary element in these two lines has already been disclosed in previous communication. Moving to page 17 on the CapEx. Cash discipline has been confirmed. The numbers of the first half is pretty low. It's lower than 2020 by almost EUR 100 million. We are facing some phasing effect from first half to second half, so that we can confirm our guidance for CapEx for the full year, declining by 15%-20% versus 2019 to a level around EUR 350 million in total. Let's say performance of revenue and cost control and cash discipline, take us to the cash flow statement on page 18, on slide 18, where you can appreciate the result has been really impressive. In the first half, we generated more than EUR 300 million of cash flow from operation, a level that is more than double than last year, and better by 30%, roughly, than 2019. Lastly, I would like to comment the target on net financial position. You know that after closing the first half, we have distributed EUR 342 million of dividends. Clearly the net financial position in the nine-month accounts will then report that also this cash outflow. We can confirm that by the year-end, the ratio between net debt and EBITDA will stay below 1x as previously guided. I have completed my part and so now I believe that we can leave you the room for the Q&A session. Thank you. Thank you. We are taking our first question from Julien Roch from Barclays. Please go ahead. Your line is open. Yes. Good morning, everybody. Two questions for Matteo, one for Marco. Matteo, can we get July and August advertising trends? You already have the numbers. When you say that the nine months will be slightly above 2019, do you mean 1% above, 2% above, 3% above? Some color on Q3. Coming back on page nine, what is the 39.9% number? Is it your audience of non-linear, which would be above the audience of linear at 34.5%? Is 39.9% your combined audience of linear and non-linear, and if linear is 34.5%, your non-linear audience is 5.4%? That's two questions for Matteo. Then for Marco, I assume you're still very bullish, or you still very much want to do consolidation. If I look at the list of people that you can talk to, I actually don't see anybody in Europe because TF1 and M6 are busy merging and they're not going to know whether they can merge until June next year, so they won't speak to you until then. ITV, well, there's Brexit, but also the government really seems keen on privatizing Channel 4, and ITV has a good chance of having that, so I don't think they're speaking to you either. RTL has said, "We don't believe in pan-European consolidation, only in-market consolidation," so they're not really speaking to you either. Among linear player in Europe, we're kind of left with ProSieben. If we look at U.S. players, I think they're all concentrating on launching their SVOD offer, not going into linear in Europe. I'd like to know whether you think I'm right and nobody speaks to you, in terms of consolidation or what could happen over the next six months. Thank you. Hello? Okay. Sorry, I was on mute. Okay. A typical COVID side effect. You are always muted during conference now. Sorry. I'm answering the two question raised by Julien Roch. I start from the easiest one, the clarification about the chart number nine regarding our audience performance. The two numbers, you cannot cumulate the two numbers because the 34.5% is the linear TV share measured by Auditel. The 39.9% is our digital, non-linear share, always measured by Auditel. For the time being, they are two separate currencies, and we are looking forward to have the total audience measurement next year. The hope is next year to have the possibility to cumulate the total audience results. Anyway, we are leading both separate arena. With regarding to Q3, you asked to add more color on Q3 performance. As you know, we don't comment on each single month. What I can share with you is that notwithstanding the fact that the very important sport event, the UEFA European Football Championship and the Olympic Games, the sports rights were in the hands of our competitor, and that we didn't have the positive contribution of Champions League in August. The performance of the summer month, June, July and August was always positive. We start the last month of Q3 on this solid base. As anticipated, Q3 is expected to be positive. Implying a 1% year-on-year growth in nine months 2021 versus nine months 2019. This is our expectation. We are mid-September, and it should be considered a solid expectation. Then if you want to expand, let's say, this perspective to the fiscal year, of course, the performance will depend on Q4. However, at this stage, we don't have clear visibility on Q4. It is worth remarking the fact that the quarter, as you can see in chart number seven, both Q3 and Q4 in year 2020 were definitely positive quarters. 4.6% Q3 and 3.5% Q4. We are, let's say, benchmarking ourself with a positive semester last year. Q4 for sure will be tougher compared to 9 months because Q4 is an important quarter, the most important in the year. In 2020 was already, +3.5% above Q4 2019. We are, let's say, confident, because we have also, and this is the positive difference, a strong football offer in our advertising portfolio, greatly appreciated by our advertisers. Football is a typical forward buying, forward selling factor. It helps us to address the pressure targets. Let me say that in the current context, our base scenario is to achieve the 1% year-over-year growth in FY 2021 versus FY 2019, consistently with the expected nine-month 2021 performance. Hope to have fully addressed both questions. In case I am over to Marco. Julien, first of all, maybe it's important to repeat, let's say, where we stand. It's already a couple of years in which we said loudly, I would say, that consolidation in traditional media will happen in Europe. I think that the last two years has just confirmed it. We never said that our project would be the one that will succeed, but that clearly we will see. We'll try our best, but clearly we cannot pretend to be 100% sure about that. We are pretty sure that consolidation will happen. Clearly, Mediaset starts from a very good point in any case. Being active or passive in this process, being the controlling shareholder in Spain, mathematical controlling shareholder, and we are the largest shareholder in ProSiebenSat.1. We believe that that is already good news for our shareholders because the company is well-placed to play a role in this consolidation. Moving to your comment on the others operator, let's say, with which probably you have contact. I can tell you that it is clear that all the traditional media managers are reluctant to participate to the consolidation process. Why? Clearly seats will be less than it is today. Whatever manager you can talk to, they are structurally and naturally against consolidation. Different perception you get if you talk to shareholders. I would be very surprised that shareholders will tell, let's say, to anybody what their intention before really striking deals or I would be very surprised to see a comment confirming talks to us or to others. The only thing that I can say is that we are receiving everyday interest from financial and industrial investors in traditional media, trying to assess where we are, what's the reason behind our strategy and our ideas. I can confirm that the interest is growing, and it's not declining. Frankly, we don't see anybody from the ones that are investing in media that are thinking that staying local and small will be more fruitful than trying to be larger and European. That's the only comment that I can make. We will see. We will certainly announce things only when they will be done, not before. I can confirm that our position is the same. Consolidation in media, in traditional media in Europe will happen. Okay. Thank you. Our next question comes from Fabio Pavan from Mediobanca. Please go ahead. Your line is open. Yes, good morning. Congratulations for the results. I have a couple of questions for Matteo. While looking at Q4, do you think that normalization in the audience with overall number of viewers lower than last year, given the reopenings, may represent a risk, or do you believe that consumption trend, which remains strong, will support the positive trend? For Marco, follow up on the European project. Today, local press was mentioning potential interest for Mediaset on France and Greek assets. We know that starting from next Saturday, the legal headquarters will move to the Netherlands. We may expect something concrete on Pan-European consolidation to happen before year-end. Thank you very much. Okay. Thank you for your questions. It is absolutely interesting, and give me opportunity to give more, let's say, understanding about the market we are facing. You're right, the normalization of audience in Q4 is a key point because last year, due to COVID-19 restrictions, we benefited, let's say, from a sort of captive audience, and this definitely drove the Q4 results. I say that there are three positive factors that should be considered in this perspective. The first thing is that we are dealing and managing the counter digit in audience since the, let's say, the very beginning of this year. Mainly Q2 and Q3, with the reduction in social restrictions. We are managing with the market the year-on-year comparisons of total audience results. The good thing to know is that we successfully manage to recover the deflation prices that all the TV players suffer from last year. This was a sort of, let me say, of a gentleman agreement, among the market players. Clients, agencies, and media owners not to speculate on the last year discontinuities and to move towards normalization of the market in terms of media inflation. This is the first point. The second point, as you mentioned, for sure, the consumption trend and the fundamentals trend are stronger than any, let's say, counter digit in audiences or businesses. Companies are looking for the consumers. We are going to expect these upward trend in the macroeconomic variables to sustain the advertising demand. The last but not the least, you're looking for eyeballs, but eyeballs are not all made equal. I mean, there's a precious target audience that is the so-called light TV viewers, mainly men, 15 to 60 years old, medium, upper class. This is the precious target segment, for many sectors like automotive, financial, telcos, and so on. We are in a stronger position compared to last year because we have strengthened and enriched our advertising offer related to football. We are in a very strong position with the three most important football competition. The Champions League, we already had the past year. We also purchased the sports rights for the Coppa Italia TIM Cup. Last but not least, Serie A. Thanks to the sales agent mandate from DAZN to our sales house, Digitalia, we have, let's say, the best-in-class portfolio of football for club in our markets. We do think that it will be a key driver for our revenues collection because it offers address to all those economic sectors targeting these precious clusters. This segment is absolutely complementary to the target segment we already effectively reach through our Mediaset production. The three factors combined. Inflation trend in media prices, consumption trend, plus our football offer, should compensate for the normalization of audience issue you raised before. I thank you again, and I hand over to Marco. Ciao, Fabio. As I said to Julien, we are not willing to create any expectation at all. Clearly, let us working, and we will announce a deal only once they will be done, not certainly before. Clearly, rumors will appear. That's a part of the game. Certainly, we are not going to comment them every time that a journalist says something. Otherwise, it would be pretty difficult to react to any kind of rumor. As far as the Dutch Quarter movement to Holland, as you know, because we always said it's important. It's important for the future of the company, and I can confirm it, but cannot be considered the first step of anything. As I said, once that deal would be signed and reached, we will announce it. We don't want to create expectation before that moment. Thank you. Thank you very much. The next question comes from Sarah Simon from Berenberg. Please go ahead, ma'am. Hi, good morning. Just one question. You've obviously done very well out of EI Towers selling the telecoms part of the business. Is the game plan now essentially to wait until you can consolidate the residual business with RAI, and then some kind of an exit at that point? Do you feel it's necessary strategically to still own this stake, or is this more about thinking that you can create more value still from what's left? Thanks. Sarah, we were always in favor of a consolidation between Rai Way and EI Towers. If you remember, it's already four years probably, I don't know exactly. It's in any case a long time when we tried to be active in that process and, for many reasons, we were stopped. In any case, industrially speaking, the merge or the combination, it's certainly rational and value-enhancing for all the stakeholders. Having said that, as you know, we are minority shareholders in EI Towers, so we are not really managing the company. What I can tell you is that the company, in any case, following their strategic plan, they are creating value and we are happy with the performance of the company. As far as our position versus the participation, as we said, we will stay until we don't see the complete valorization of the stake. We believe that the Italian environment today it's a little bit more in favor for the consolidation than before, but that's just, if you want, a sensation we got from around the country, but certainly from rumors we got from Rome. We will support the company in that process, and we favor certainly any integration project that the management will provide to us. We are certainly positive in that respect. Thank you. Okay. No problem. Thanks. We are now moving to Stefano Gamberini from Equita. Please go ahead. Good morning, everybody. Two questions from my side. The first regarding Spain. In the previous MFE project, you started with a proposal of merger between Mediaset and Mediaset España. What is now the view that you have in a consolidation for Spain, and what is the role of this company that you control also on the side of savings that you also set for the previous MFE deal? The second regarding the change of the TV sector law that should happen shortly by the government. Some rumors underline that there could be a cut-off ceiling for advertising collection for RAI, and as a consequence, an advantage for the other operators. What is the net impact that you expect at the end of the day from this law? An advantage for the commercial TV or not? The third one regarding the OpEx. Despite the cut of 10% in the first nine months, you still keep the full year guidance with a 6% cut on 2020, on 2019. What could we expect on 2022? What I mean is, are there some inflation, significant inflation that we can experience next year? Many thanks. Gracias, Stefano. Let's start from Spain. You resumed exactly what we did, clearly, I don't want to comment again. Maybe it's important to repeat the fact that the merger has been blocked by Spanish tribunal and court, let's say. Spain, during the COVID-19 emergency, let's call it in this way, has issued emergency law regarding listed companies. Technically speaking, we don't think it's the right moment to do anything because of these two elements. I can tell you that we are not working on anything like that currently, because as I said, the external conditions are not providing a positive environment versus the merger. Having said that, Spain and Mediaset España share the view we have in consolidation. They are active in that, you know that they bought some ProSiebenSat.1 Media as well. They are exactly aligned with our view regarding the future, and that's clearly also reaffirming the fact that Mediaset España will be part of the consolidation as well. As I said before, clearly, for the time being, we have nothing to announce, and we don't want to create expectation in that respect. I would like to repeat the formal legal and regulatory environment today in Spain, it's suggesting us not to move. If things will change, certainly, we will reconsider the situation in the future. Moving to the creators or the draft law, let's call it in this way, that has been in discussion in these days. It's a pretty large draft law. This is clearly not only, let's say, regarding RAI, but as you know, being a draft, it's better to wait, because clearly making calculation on providing expectation on a draft law in Italy is pretty difficult. I will wait the final law before commenting anything, because I believe that is completely not useful to do it before being the discussion already ongoing. As far as 2022 cost line, we don't see specific inflation on cost. It's true that the budget exercise will start only at the end of this month, and so it's very early to say anything precise. As you know, the conference in November can guide you a little bit more on that. As I told you, we are in the middle of the transition we started many years ago to moving away from purchase of TV rights. That's also, you can see it and you can appreciate it also from the first half result, moving the investment from rights purchase to local exclusive and original content, and that's clearly proving, also looking at the audience and the digital performance to be effective, and that's something that will go on. In this, let's say, shift, for the time being, as I told you, we don't see total cost inflation. There will be certainly some costs that will grow, because you can understand that we have variable cost, variable to revenue cost in our total cost base. The general statement for us is cost discipline, and we will create as much as possible a cash flow increase as we proved to have done in the first half. That's our objective. Cash flow generation will be at the top of mind also for the next year budget. As I told you, I cannot guide you any way because the budget exercise has not started yet. Thanks. Just a quick clarification if I understood well. Nine months advertising target is up 1%. Did you spend also the same target for full year advertising, or am I wrong? It's up to me, Marco? You are, yes. Yes. You got it properly. We have the same expectation both for the nine months progression and for the fiscal year progression compared to 2019 baseline. You're right, 1%. Just to understand why you expect a decline in the first quarter versus the first quarter 2020 in advertising, more or less 4%, if I'm not wrong? No. We don't have any expectation about decline. As I remarked during the presentation, we are benchmarking ourselves versus two quarter, Q3 and Q4, that were already positive quarter last year. I remind you, it's 4.6% for Q3 and 3.5% for Q4. Our expectation is to keep on in the positive progression. We have 5 quarter in a row of positive progression. That is why we say, okay, we do expect to have the nine-month progression around 1%. To maintain our performance in the positive area compared to what is the real benchmark, that is 2019. You see, this is a fil rouge, a leitmotif for all our presentation, both for advertising and financial. We compare ourselves versus a normal year, 2019. Compared to a normal year, we are saying that we are beating the baseline two years ago and fully recovering any loss, any damages due to COVID-19 in the year 2020. We are positive on our progression in numbers. Thanks. Thanks a lot. Our next question comes from Richard Earl from UBS. Please go ahead. Your line is open. Hi. Morning, everyone. three questions. Just first two on clarity and the last one just on going back to MFE-MediaForEurope. I just want to be clear on what you said on the advertising. Are you saying that the first 9 months, your expectation is to be 1% above 2019. Is that correct? Of which the 2019 base for the first 3 months? Yes was EUR 1.25 billion. Yes. Sorry. Our expectation is. Okay. Thank you. Okay. That's great. The second question, just on the cost side, just to clarify, you're saying it's down 6% down from the 2019 level. Does that include the additional cost of the football cup that's come through or not? Or do we have to add that on? No, it's including. It's 6% down, including Coppa Italia. Okay, EUR 1,780 is the number that we should be thinking about, Marco? Yes. EUR 1 billion, EUR 780, yes. Okay, brilliant. Just for clarity on numbers in terms of other revenue lines, is there anything that we should see happen in this third and fourth quarter that sees that number? Originally, I think you'd guided to EUR 300, I just want to be clear on that, whether that's still in line with your targets, which means that we're expecting a bigger fourth quarter. Yes. I am confirming that the target for the full year is to be very close to last year's numbers, so the EUR 300 you said. Clearly, in the first half, we were behind the mathematical, let's say, half of it. I explained the reason for it, because we had some, let's say, like for like, differences between 2021 and 2020. Mainly regarding 2020, we had the first two months in which we launched two big blockbusters that clearly, they were not possible in the H1 of 2021. Last year, we had also the sale of the home shopping activities carried out in November. These are two elements of comparison that will clearly revert in the second half of 2021. In addition to that, we have other revenue that are going through in the second half of 2021. I meant the streaming of Champions League. We have some content resale. Also some retransmission fee that will come through, and that will cause the fact that full year other revenue will be in line with last year one. Okay, thanks. Just lastly on MediaForEurope. From what you said, I understand why you not want to create any expectation, and you'll announce a deal when a deal is done. We can assume that a deal will be done in time. It's just a question of timing. You're not stepping back away from the original idea of MediaForEurope? As I said, we are a full believer of the consolidation. We cannot be 100% sure to be consolidator or consolidated. That's something that only the market will say. We will try to do our best to be large as possible. We, in the sense Mediaset, will try to be as large as possible, to grant the shareholder the maximum value of it, because we consider size as a very important criteria in companies' valuation, generally speaking. Deal has to be done before announcement. We are clearly working, and we can confirm that everything we are looking around, it's confirming that size is crucial. It's crucial more for revenue opportunity than for synergies. That's the reason we try our best to pursue it. That's the point. We are less in favor of a deal that will deliver synergies on cost, because that's clearly easy, fast value. It's easy also to calculate the value that can generate. Strategically wise, we believe that traditional media in Europe will suffer for revenue growth missing. We need to build platform that could grant revenue growth, because otherwise, the size of the media company in Europe will go on in decline. That's part of the changes on the industry sector, as far as we can see. Marco, just to ask a follow-up with that. Are there any opportunities that may come out of the Warner Discovery merger that you see that may present other consolidation opportunities, either in Italy or Germany? I believe that Discovery, at least, it's one of the European traditional media company that somehow will be part of the process. As I said before, I don't know if Mediaset will be consolidator or consolidated, and I don't know where Discovery stands. That's clearly something you should ask to them. I can confirm that Discovery, it's a European operator, and clearly will be part of the consolidation of the market. I don't know which role they will take. Thanks, Marco. Thank you. Okay. Si. Thank you, Marco. Now just, I would like to add, let's say an important qualification to our statement with regard to nine months and fiscal year progression. I repeat that our base case is to maintain, let's say, the positive speed in our progression around 1%, both in nine months and in the fiscal year. Of course, this should be considered on your side as the base case. If the market is going better, of course, we will do our best as usual, to track the market trend. The important qualification in your analysis is to consider this as the base case. We are confident on our strength. Then, let's see in Q4 the market performance and if this base case could be also improved to some extent. Okay. I thank you. I think I should hand over to Sara, probably for the conclusion, if I'm not wrong. Yes. Thank you, Matteo. Thank you guys for all the questions. We would like to thank you very much for taking the time for the conference call. As always, we will be available for any question, any information you would like to ask. Have a great day. Bye-bye. This will conclude this conference call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.