Someone again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Sara Bersan. Please go ahead. Good morning, ladies and gentlemen, and welcome to the MFE-MediaForEurope first half of 2024 results presentation. The presentation will be hosted by our Group CFO, Marco Giordani, and by Matteo Cardani, Managing Director of Italy. Let me hand over immediately to Matteo for the audience and advertising outlook. Thank you, Sara. Good morning, everybody. Thank you for attending. Today we will look at our H1 2024 results with a short review of ongoing indicators for current trading. I'll start with a review of the overall economic situation in Italy and Spain, which, generally speaking, is fairly positive. Inflation indices show a decreasing trend, more or less in both countries helps the overall confidence index. Beyond the minor oscillation in the confidence indices, looking at consumption trends, goods and services, as you can see in chart number three, trends are positive in the first half of the year in both countries. Moreover, gross domestic product is registering a positive forecast for 2024, for both Italy, plus 1%, and Spain, plus 2.3%, better than the Euro area GDP forecast for 2024, which stands around plus 0.5%. The overall positive economics scenario leads me to the advertising markets trend consideration. Generally speaking, the top five European countries are in a positive trend. The market is also positive in Italy, as you can see from chart number four. In the first half 2024, Italy is plus 6.7%, and Spain plus 5.5%, with television doing quite well in both countries. The interesting thing is that, if we exclude the structural crisis of the press, we have seen growth in the combination of media we manage in both countries. I mean, individual, digital, digital out-of-home, and so on. So, this positive trend in the market derives also from a strong performance in almost all sectors in both countries. In particular, the driving sector, the grocery, automotive, also supported by a positive trend in registration, retail, and pharma. All these four strategic sectors are experiencing a positive value sales trend in both countries. Moving now to chart number five, I want to remind the fact that this positive advertising market scenario further increases the efficiency of media MFE cross-media offer, which gives value to the media diversity, combining the resilience and longevity of linear legacy business, TV and radio, and growth opportunity in new market segments. This is the main meaning of the picture you see in chart number five. The key point is that in order to meet the needs and expectation of both consumer and investor, MFE offers the best of both worlds and places itself in the market with a flexible approach and across media selling proposition that develops in two directions. A dual approach, combining longevity of legacy linear business and acceleration of new market segments, and on top of it, exploiting Italy-Spain synergies on top of existing local business relationships to best support customers internationalization strategies. Therefore, MFE, as you can see in chart number six and then seven, separately for Italy and Spain, is in the interesting position to offer the possibility to the client to plan campaign across anything from one to eight media platforms, which achieve a total reach that not even over the top can offer. As you can see on slide six and seven, MFE assures that a monthly total reach among products higher than Google and Meta in both countries. This is, definitely a competitive edge. If we move then, to audience, results, so speaking about volume and product growth, whichever way you look at it, broadcaster-only, first screen-only, total screen, MFE really is irreplaceable in our customers' media plan. What do I mean? In the broadcaster-only arena, MFE leads in the commercial target audience with a 40.3% share in Italy and 28.4% in Spain. But if we, let's say, from another perspective, look at all individual, and we include over-the-top estimates with regards to the first screen only, competitive arena, estimates based on, official data from Auditel and Kantar, the interesting thing is that over-the-top offer accounts on the first screen for only 5.7% in Italy and 14.7% in Spain. This difference can be explained by the different digital penetration and age structure in the two countries. So the, OTT, penetration estimated for Italy is something below 50%, while in Spain is something above 50%. But there are two strong pieces of evidence. There is a clear over-the-top paradox of high penetration and less time spent viewing, and this creates a structural constraint on how we offer. To make it clear, let's think about Italy. You have probably an estimated household penetration around 45-50%, but this delivers only 5% in terms of time spent. So there is a sort of paradox, the excess of abundance of offer and scarcity of really must-watch content. The second thing that we are all experiencing in Italy and Spain and, you know, other Western countries, is that after the pandemic growth, the rate of growth of subscription video-on-demand platform is declining. We are not far from low single digit or even zero growth rate, because customers have definitely entered a stage of over-the-top platform selection. You can appreciate the things I just mentioned in chart number 8, 9, 10, and 11. Now I'm commenting on chart number 11. A key driver in building our total video, total audience offer is the strength of our own content production, which supports both linear resilience and digital development. You can see on slide number 11, that through connected TV and digital screens, live and on-demand, our leading programs deliver a significant net positive addition from 5% to 30%, 50%, and even 100% in best cases, both in terms of reach and audience profile. All these build a foundation of the materiality of our digital offer that is well represented by digital KPI matrix in chart number 12. In terms of total time spent, we are growing double digits, and our volumes are among the highest compared to other European measurable broadcasters, with more than one billion hours view in the rolling twelve-month period to June 2024. And significantly, for addressable advertising purposes, login unique users are over eight million. Just to give you an idea, the proportion of this data reflects the weight of the two countries, so approximately two-thirds for Italy and one-third for Spain. Moving forward in our presentation, this is related to quantity of digital inventory. Now coming to price, and so value leverages. As you can see in chart slide number 13, we have a positive multiplier between linear and digital. So, each hour of content consumption moving from linear to digital deliver the higher revenue per hour. The index is 170 compared to 100 as base for linear. And this is explained by data-driven advertising. That is a key element of the leverage, supporting and sustaining this positive price multiplier. And, of course, technology, so that is an enabler for demand increase and customer acquisition. So, final remarks before commenting on the H1 results. There is a key point about the variety of our cross-media offers, that, as I said, this produce volumes that are not comparable with our competitors. And, this has led to a change in the media mix of our customers, who invest in an ever-increasing number of media, of our media platforms. Advertisers are striving for total reach and incremental reach, and in this regard, the linear part of our business definitely represents a competitive edge in the competition versus over-the-top streamers and video sharing platforms. It's not only a legacy of the past, but it's a competitive edge for the present competition. In both countries, the advertisers' initial experiences with advertising video-on-demand offered by streaming platforms made them aware that they most definitely represent a solid complementary add-on to their planning in terms of reach, incremental reach, and upscale profiles. But nevertheless, until now, nothing can compete with the bulk and the baseline of reach offered by linear media, which, when complemented by an addressable offer, build an unrivaled cross-media reach, which we described at the beginning of the presentation. This quest for total reach explains the growing trend of cross-media advertising in our customer base. As you can see, in the two slides, numbers 14 and 15, you can appreciate that over the past years, MFE clients investing in at least three different media platform has gone from 66% in 2019 to 78% in 2023 in Italy, and in Spain, MFE clients investing at least three media has gone from 30% in 2019 to 70% in 2023. They almost doubled. Then let's move now to MFE advertising performance in H1 2024. The overall MFE total results was +6.7%, +7.2% MFE Italy, and +5.7% in Spain. So, better than the advertising market trend in both cases, and in both countries, the overall result is the outcome of the contribution of traditional and linear media, and double-digit growth in addressable media. Okay, I stop here with the page one review, and I hand over to Marco. Thank you, Matteo, and good morning everybody, also on my side. Let's start with page 18 with the overview on the group results. MFE Group achieve a result that are frankly above any expectation we had at the beginning of the year. Clearly the progress achieved in the integration process has contributed to the efficiency also through action that has been planned and forecasted last year. All the KPI are positive in the first half. Total consolidated revenue were up almost 8% compared to 2023, due to a better-than-expected advertising collection, but also an excellent performance in the other revenue. At the EBIT level, we grew 13% compared to last year, and the net profit grew by almost 20%. Frankly, a very good performance in the first half that also contributed to the performance of the group net financial position. That ended the first half with 554 million EUR debt, compared to last year, 115 million better, after having, let's say, clearly paid dividends last year and also invested in M&A, as you well know. In the first half, we were able to generate 241 million EUR cash. Really outstanding, frankly, performance, and that's clearly the KPI that we most look at. It's really our key rationale for any decision we are taking. Then moving to slide 19, we are stepping in the operating segment. As far as the Italian business is concerned, the total revenue went up by 8.6%. As I said before, together with the great performance of MFE Advertising, we also accounted a very good performance in other revenue. At the EBIT level, Italy registered a very good result with almost 60 million EUR EBIT, with an increase of more than 50% year-on-year. Total cost better than our budget and fully aligned with the guidance. Clearly, we are managing the cost base with the natural and ordinary efficient approach. You know that we built our strategy to adapt cost also in relation to the revenue growth evolution. Clearly, the market was better than expected, and we were clearly pushing also on scheduling in order to collect as much as possible this money that the market was granting to us. As far as the French business is concerned, total revenue was up almost 6%. And again, this is a combination of good results, both in advertising collection and also in other revenue. Total cost was in line with our budget, higher than last year. That is clearly due to the decision we already communicated to spend more on the grid, also to renew, if you want, the grid with new content and adapt also the old content to the new audience and the new, let's say, user request. In any case, we reach a very good EBIT result of 76 million EUR. That is clearly the highest EBIT margin among the European broadcasting. Stepping in the P&L, as we said, we grew 8% to last year, more or less, a little bit more than 160 million EUR, more than 2023. We generated 136 million EUR of EBIT, 13% better than last year. Clearly, basing on these very good and outstanding results, we can reconfirm and recap the guidance for the full year. In terms of other revenue, we are guiding for EUR 430 million consolidated other revenue, more or less... EUR 330 million in Italy and EUR 100 million in Spain. As far as the total cost for 2024, for the full year 2024, we are confirming the guidance of EUR 2.56 billion, more with plus and minus 30, again, linked to how the market, the advertising market, will perform in the second half. If we want to split this number in Italy and Spain, as far as Italy is concerned, we are guiding EUR 1.87 billion, again, with a range of plus and minus 20, and in Spain, EUR 690 million, with a range of plus and minus 10, again, linked to the advertising market evolution. This guidance also means that, also in 2024, we will be able to achieve a very good result in the, let's say, financial discipline and in the cost control. You have to remind that clearly, both in the two countries, inflation was pretty strong, and we suffer from CPI increase in the cost of labor, the unit cost of labor, after the negotiation of the national contract. Maintaining the total cost flatish compared to 2023 for us will be really very important, and we are targeting the full year in that direction. Moving below EBIT, financial charges has been negative for EUR 8 million in the first half, in line with our expectations and better than last year. Clearly, this better performance is due to our cash generation and also that clearly taking a decrease of the debt level. In 2023, the financial charges line, we accounted also the dividend cashed in by from ProSiebenSat.1, so almost 3 million EUR. The difference is between 2024 and 2023, actually, it's better than what we see in the line, and the better performance is of around 5 million EUR. Regarding associates, the line is positive for a little bit more than 10 million EUR, of which 4.7 is the equity part of the ProSiebenSat.1 reported profit in the first half, that you know already since the beginning of August. Net profit was 104.7 million EUR, as I said before, better than last year, with an increase of 20%. In terms of guidance, we can confirm the net financial expenses for the full year of almost 25 million EUR. And on the associate line, again, we confirm the guidance of around positive, let's say, number, positive line for around 15 million EUR, excluding any impact of the stake of ProSiebenSat.1, as we don't know anything about that. We can only rely on what the management is saying, and so we have to wait the actual performance to then adjust the guidance. Moving to investment, frankly, no news on that. More or less in line with last year, and also for the investment line, we can confirm the guidance we gave already. And despite the enrichment of the programming grid in Spain and the reopening of the cinema activity, we can guide to a total CapEx of around 420 million EUR, of which 270 million EUR in Italy and 140 million EUR in Spain, lowering a little bit the level of CapEx by almost 10% year on year. Last page, page 22. Regarding the cash, as I said, it's where we focus our target, where we work more during our, let's say, operating activities. Free cash flows from activities amounted to 344 million EUR in the first half 2024, better than last year. Free cash flow was 223 million EUR. Again, a very good result. In the first six months of the year, we were able to generate EUR 241 million of cash. As I said before, that the best proof on how we were able in the first half to outperform our guidance in the first half. Before entering the Q&A session, again, I'd like to remark the ability of the group to decrease the debt level on a like-for-like basis. We still believe that as a shareholder, the most important criteria to evaluate any company is the ability to generate cash, and clearly the performance of the first half is a good sign of it. The idea on which we built up our strategy is that the cash flow generation of the group needs to cover both shareholder remuneration to dividend distribution and also any possible M&A extraordinary project. That is where we are driving the company also in the second half of two thousand and twenty-four. That's all for my presentation, and we can start now the Q&A section. Thank you. Thank you. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced.... To withdraw your question, please press star one and one again. We will now go to our first question. One moment, please. And your first question comes from the line of Fabio Pavan from Mediobanca. Please go ahead. Yes. Hi, good morning, and thank you for taking my two questions. The first one is on the advertising outlook. Clearly, performance has been quite strong in the first nine months. What we should expect for the last few months, lower growth, or you think the multi-cross media approach could allow you to continue to perform ahead of the market? And the second question is for Marco. Cash flow generation was quite strong. What kind of level we should have in mind for the full year? Thank you so much. Okay, thank you. Thank you for the question. With regard to our advertising outlook on the nine months based on current visibility, and I see group advertising revenues in the first nine months of 2024 maintain a trend above expectations, definitely. In fact, notwithstanding the European Football Championship and the Olympic Games in Q2 and Q3, which were broadcast by our competitors, the advertising performance of nine months 2024 for the group is aligned with the H1 2024 performance. With regard to our expectation for the last part of the year, let me say that the advertising market visibility in both geographical areas remains low, considering the instability of both the geopolitical context, ongoing conflicts in Ukraine, Middle East, moreover, U.S. presidential election in November, and the general macroeconomic situations. We also commented on the fluctuations in the confidence in both countries. So not negative, but for sure, cautious. Furthermore, in Italy, the last quarter of the year will be compared with strong advertising revenue performance in the same period of 2023, and as we said several times during previous conference call, the weight of Q4 in Italian advertising market increased by five points in the last four years, and so we reasonably do expect under rebalance. Moreover, with regard to Mediaset, Italy, in the same period, Q4 2023, our performance was the highest, and this year, as you know, we will not broadcast. We do not have the rights for the Champions League, so this is not a like-for-like comparable figure. I hand over to Marco for the second question. Thank you, Matteo. Clearly, the full year free cash flow will be highly dependent on the last quarter performance of the two advertising market in which we are operating. In any case, our best estimate is to be between 300 and 350 million EUR free cash flow generation for a full year, consolidated number, clearly, and clearly not adjusted, so real free cash flow. As I said before, it's very hard to say exactly the right number because revenue performance in the last quarter will be the most important figure to assess exactly where we are going to end the year. Thank you. Okay, thank you very much. Ciao. Thank you. As a reminder, if you would like to ask a question, please press star one and one on your telephone keypad. We will now take the next question, and your next question comes from the line of Pierandrea Randone from Intermonte. Please go ahead. Thank you, and good morning to everybody. My first question is about ProSiebenSat.1, if you can provide us with an update on what I mean the talks you are with the company you have with the company, and I mean if in general about the process of selling the non-core assets, if you have any news we are not aware of. The second question is about slide number 10 you presented, and in particular about the difference between OTT estimate you are reporting between Italy and Spain. In general, the question is, we are aware you are running a cross-fertilization project between Italy and Spain. I mean, where you are at this point, and what we can expect, you can do more in the coming months? Thank you. Thank you. As far as the ProSiebenSat.1 question, frankly, we don't have anything to say, because clearly we are, we got the message coming from the management that they are going to focus on the core business, and clearly we are supporting that, as you know, and they are in the process of disposing two assets. That, that's what the management said to the market, and clearly, we don't have any other information. We are now waiting for results of this kind of strategy, both in the core business, so we hope that the audience can improve following the investment in content, in local content, and on the non-core assets on the other end, we are waiting for news in the process of selling Verivox and Flaconi. But, I mean, clearly, we don't have any other information than you, meaning the market. The last conference call of the company has been at the beginning of August, and all the information we have is that one, so more than that, we cannot say anything. Matteo? Yeah. Okay. Thank you, Marco, and thank you for the question. Coming back to chart number 10, these are the first evidence we are collecting in both countries. They are internal estimates, but based on official data, so Auditel in Italy and Kantar in Spain. So two different sources, almost comparable, but not exactly the same. One is a joint industry committee, the other one is the commercial company estimate. Anyway, the main differences is in, as I said, in the age structure of the population. Italy is definitely older as an average age compared to Spain, and the penetration of digital devices is higher in Spain compared to Italy. But again, the crazy thing for me is the paradox that platforms that have almost 50% of penetration, household penetration, actually delivers such a tiny fraction of the total time spent on the first screen. And this means to think that they are definitely interesting, upscale profile, but they simply represent a complement in the communication planning. If you want to build a plan, the broadcaster offer still is the keystone to build an effective communication plan. On top of this, we are progressing quite good. We are satisfied in the collaboration between the two countries, both in the, let's say, marketing offer of total video products, and on top of this, they are based on a common data and technology platform. So over the past year, the two teams are collaborating very well, in this. Thank you. Thank you very much. Thank you. We will now go to our next question. And the next question comes from the line of Milo Silvestre from Equita. Please go ahead. Good morning, everybody. The first question concerns follow-up on the advertising outlook, so if you can elaborate on the trend that you see in October. The second one concerns integration with Spain. If you can help us to quantify the synergies that you gained so far on the top line level. And the third one concerns digital. So if you can elaborate on the medium-term strategy and if you see the risk for additional investment in order to create more content to let the library grow. Thank you. I start from the latter. As you can remember, when we merge Spain with Italy, we declare a guidance of EUR 55 million total synergies level, split more or less half in cost and half in revenue. What we can say is that the one regarding cost will be completed by the end of 2024. You remember, a big part of it has been already accomplished last year, so clearly, the cost integration process will end at the end of 2024. As far as revenue is concerned, clearly, they are coming, so you see already the good performance. I believe that the target will be completed in the next two years, probably. Frankly, maybe Matteo can also elaborate a little bit more on that. We found other potential, let's say, I wouldn't call them synergies, but, I mean, certainly, opportunities that the collaboration between the two countries are delivering. If you want on revenue, we can also say that what has been declared a synergy will be beaten in the coming years through, let's say, different commercial proposition and different collaboration. Mm-hmm. But then I'll leave it to Matteo to elaborate more on that and also- Yeah. No, no, I thank you, Marco. I would like to say that the big opportunity, if you take a look at chart number 14 and 15, regarding the increase in revenue diversification in both countries, that now we are in the position, thanks to integration to look across our portfolio of clients and media in both countries, and we are accelerating in what I call the cross-media, cross-country, cross-fertilization. I mean, it may happen, it happen quite often, that you have the same customer in both countries with different degree of cross-media differentiation, and you can leverage on the best practice of country one to accelerate cross-media penetration in country two, and the reverse. The question you raised before is about our advertising outlook for October, the remaining part of the year. You know, the beauty and the difficulty of our market that we operate quite well, but with a limited advertising market visibility. We are receiving early signals from October that are quite good, but again, it's limited visibility. I would like to remark the fact that we should consider the last quarter of the year, mainly for Italy, to be compared with the strong advertising revenue we had last year. Because, again, it was an exceptional result for the Q4 last year for us and also for the market, and we do expect a rebalance of the Q4 weight. We are doing well, but one should take into account that, at least for Italy, we will not have the rights to the Champions League. In a way, our editorial is compensating with investment in content, as we did in summer, because our performance was good also because we kept on investing on our content even when there was the Olympics and the European Football Championship. Thank you, and I hope to have answered. Okay. Thank you, Marco, and thank you, Matteo, and thank you all for your time. Investor Relations department will be available for any question you may have. Have a good day. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.