Good evening, ladies and gentlemen, and welcome to this full year 2025 Results Presentation of MFE-MediaForEurope Group. The presentation today will be hosted by our group CFO, Simone Sole, and I'm Matteo Cardani, Chief Marketing Officer of MFE Advertising. Let me hand over immediately to Matteo. Matteo, please go ahead. Thanks, Sara. Good evening, everybody. Let's start with an initial chart highlighting the pillars of our commercial strategy. What we are presenting today is how we are building a European total audience and total monetization platform, leveraging our leadership in linear broadcasting. We are expanding our audience potential into comprehensive total video, total reach platform, combining the strengths of owned and operated video with the opportunities offered by third parties and strategic business partnership. We start from our established presence in the five plus one countries. We are extending advertising opportunities to additional European markets through partnership. You will appreciate today that our business model is a unique combination of a multinational and multi-local, designed to generate value initiatives in different areas. Our ambition is to offer advertisers and agencies a compelling communication alternative opportunity in the prisoner's dilemma between global platforms and national champions. As we commented in past presentation, we offer an overall rich scale. We are a leading media group, operating across a cluster of countries with a combined population of 200 million people, of which 190 million are reachable through our media portfolio with advertising. To start from, let's say, our core business, our legacy business, so our linear audience share. We should remind the fact that at any given minute across our three core markets, there are 22 million individuals any minute viewing television. We consistently capture around 25% share of linear TV viewing. This delivers a daily reach of approximately 73 million viewers any day, 123 million people any week, and 155 million people any month. This strong audience positioning directly translates into commercial leadership. Across markets, where the TV advertising industry is worth more than EUR 8.5 billion, we achieve a combined advertising market share of 45%. Confirming our role as a key partner for advertisers. At the same time, we are successfully accelerating transformation. Our digital KPIs are growing at a double-digit rate, on the basis of more than 70 million unique monthly users. Registered users are growing +15% year-on-year. Time spent is growing +20%, reaching more than two billion hours a year. Here in this chart, we comment on our, let's say, positive monetization leverage, because we have a stronger monetization profile. Any hour on digital video delivers a revenue per hour index that is 169 compared to linear. Any additional digital hour or any hour that is moving from linear to digital is delivering a higher revenue and a higher profitability. What we are offering clients and advertisers is a single platform that's starting from a base of eight million individuals reached every average minute, every day of the year. We enable advertisers across linear TV and cross-media and digital to achieve a reliable, certified audience reach over the day, a week, or a month of the magnitude that you can appreciate in the graph in this chart. The valuable thing is that this is consistently delivered across the three regions. We are implementing linear reach with extended reach, maximizing campaign effectiveness and reaching an average threshold of 90%-95% of reach in any country. In this context, it's worth reminding the fact that we are able to deliver superior reach results compared to global platforms, with a net monthly average of 96% across all countries, and with important competitive edge compared to the direct video competitors. At the core of our offer model is the strength and relevance of our premium editorial content, which continues to attract large audiences and support both our leadership in linear television, but also our ongoing digital growth. Content strategy is a key driver of our selling proposition. In this chart, we have our top 10 flagship programs, what we call crown jewels. They are performing well in the total video ecosystem, and you can appreciate the fact that they are generating a natural audience transformation and translation from linear TV to digital on demand. With regard to scripted content, 50% of audience and more than 30% of audience for unscripted are already digital-native audiences. Just to deep dive on that, in this chart, we have a powerful example of the rich capability of our crown jewels in the three regions. Here you have free programs, entertainment programs in Italy, Spain and Germany. You can appreciate that if you were an advertiser in any minute, any episode, any season running on any multi-screen environment, the amount of reach we are able to deliver. This powerful combination of cross-media reach, combined with premium quality content, is a key benefit attracting more and more advertisers in a virtuous cycle, where the performance is driven by the increasing strength of our cross-selling model. A growing share of our clients in the three regions is investing more and more across multiple platforms with our cross-media system. The final charts for this first part of my presentation is our new business perimeter in terms of net advertising revenue. For fiscal year 2025, the reported perimeter is EUR 3.238 billion. The second part of my presentation, I will briefly touch on our, let's say, business model, how we are moving from a multi-local strength to international business model, leveraging scale, integration, and creating value for our advertisers. In the following chart, you have let's say, the representation of what we call our business compass. This is our starting point. We have a very strong local relationship with client and agencies. The north bound part of this compass. If you take a look at the south part of this compass, this strong relationship is coupled with our capability on local market insights and our capability of new business development. On the right-hand side, in each country, we have a very strong local ad tech and ad product innovation capability that we deliver. On the left-hand side on our local total TV and total video competitive position, as we appreciated in the first part. The interesting thing is that, starting from this multi-local strength legacy, we are in the position to develop an international business model that to some extent is unique, because we are generating four added values areas. We are strengthening agency and client relationship from local to international relationship, and there is a strong synergy in this move. We are harmonizing and unifying our ad tech platform and our ad product portfolio offer. We are, on the left-hand side, extending our owned-and-operated reach with third-party partnership, both at local and international level. Last but not least, we are addressing the potential of the small medium business long tail, and we are making it synergistic with our standard new business model. I would comment on each of the four, let's say, angles of this business compass. Coming to our, let's say, ad tech and other product synergies. We are in advanced process of full ad tech stack convergence with a single customer data platform and a unified targeting and data activation approach. This enables the build-up of a harmonized ad product portfolio that is also Artificial Intelligence empower. It is harmonized but also simplified because actually our aim is to offer, very simply, six ad formats for three screens in the three regions, and we are building a unique total video, total reach offer. The interesting thing is that this delivers additional revenue opportunities because we are strengthening local offer, because we are circulating best practice across the countries. We also are in the position to offer exclusive multi-country first option choice, both to advertisers and agencies. With a cost initiative perspective or cost efficiency perspective, in this virtual cycle, we are avoiding ad tech duplication of investment. We are accelerating both ad tech and ad product innovation, and we are minimizing waste in development. When we come to the much-debated potential regarding small-medium business and retail media, we have a self-service ad platform already built that is integrated with a core ad tech and programmatic stack, and is a fully scalable platform across core markets. It's a self-service platform, the ad manager, unlocking long-tail demand. We are in the position to address a larger advertiser base beyond the standard client. We are unlocking new business opportunities also for standard sales. The interesting thing is that in the long tail of small-medium businesses, there are a lot of opportunities to develop new large clients for the future. This platform is alive and kicking and revenue generating in Italy. We have a European roll-out underway Q2 Spain and Q3, Q4 Germany. The interesting thing is that this year, fiscal year 2026, will be the first year consolidating multi-country revenues under the small-medium business chapter. With regard to international ad sales, we do believe in local execution powered by centralized coordination. We have a consistent, let's say, double access, both national and international budgets. We have actually European scale to compete for central spend. We have already enabled a direct presence in central media decisions, traditionally dominated by over-the-top and digital giants. We are able to defend the TV centricity within integrated media plans. We are offering simplified central buying approach. The interesting thing is that, in Q1 this year, we are already fully operational. We are already getting early positive response from agencies and client headquarters. They are really interested because we are offering, as said at beginning, a true, unique alternative opportunity in what I call the prisoner's dilemma. Either you go with the global giants or you are with national champions, or we are offering scale. There are central budgets already flowing and strengthening Q1 performance. Last but not the least, we have this, let's say, media neutral perspective. We want to leverage our leadership in broadcasting, but we are also expanding our audience potential. We are very open to any third-party partnership. With regard to the first three months of the year, we have a long-term partnership with DAZN confirmed. We started a SuperTennis mandate that is particularly relevant for Italy, the country of the number one tennis player in the world. With Spain, we have a very interesting agreement with Discovery and Cuatro that will impact from H1 on. We replicated the DAZN partnership in the DACH region, specifically in Austria. Having said that, this chart simply represents our, let's say, media neutral platform. We are monetizing advertising wherever we can offer our clients and agencies a measurable total reach audience. Starting from own content on own media and extending to third-party content on own media, own content on third-party media, and typically the third-party content on third-party media. As it is shown, and I don't comment because it's quite self-explanatory in this matrix where you can appreciate the fact that we pursue the same multi-platform total reach strategy that, for the time being, is executed to varying degrees at the local level. Final comments. This chart represents, let's say, the vertical north to south and south to north synergy between standard clients and the new business, small-medium business relationship. While the following chart remarks the fact that there is an evident synergy if we can distribute a multinational unified ad product on an extended total reach platform. This is the final representation of our virtuous cycle unfolding across Europe. Materially, what does this mean? Two final things. From multi-local strengths to international business synergies. This is our portfolio of owned and operated media and business partnership. I would like to spend some few more words about the partnership between Media for Europe and Impresa in Portugal. This is a natural alliance between two groups that share the same vision of media, and they have built over time an articulated cross-media portfolio. It is designed to leverage economies of scale, positioning both groups to better navigate the increasingly competitive landscape of European media, promoting growth and innovation. Any investment in Impresa will allow the parties to foster a close and collaborative partnership. Last chart, all in one. Here you can appreciate our multi-country and multimedia unique proposition. We ensure a cross-country solution, message consistency, and a seamless user experience across all markets. Thanks for your attention, and I hand over to Simone. Thank you, Matteo, and hi everyone, and thank you for being with us today. Before presenting the group results, I would like to make a couple of preliminary remarks, if I may. Following our investment in ProSiebenSat.1, the group financial profile, scale, and strategic. The transaction, I have to admit, has been clearly transformational for the group. It has acted as a sort of catalyst for a profound process of internal reorganization, a strong discontinuity, and a structural streamline across our core markets. All these actions are aimed at preparing the new organization for the value creation path that we have recently outlined to the market. After a few months from the acquisition, I can say, and you can appreciate that from Matteo's presentation, a new chapter for the MFE Group has started. After the successful outcome of the voluntary offer, ProSiebenSat.1 has been included within our consolidation perimeter line by line, starting from our fourth quarter of 2025. Alongside the change in the scope, together with our colleagues in Germany and in Spain, numerous action has been implemented to align the accounting frameworks and treatment in Italy, Spain, and in DACH region. In addition, apart from the one-offs in the various region, further adjustments have been introduced, such as the different accounting treatment of the operating income and certain refinements were also required on a like-for-like perimeter, such as, for example, the alignment of the advertising revenue definition or the revision of the amortization methodologies or accounting treatment of media for equity participation. As a result, a reconciliation of the old publicly reported figures requires a careful interpretation. Without delving into unnecessary details today, we wanted to provide the market and our shareholder with a new homogeneous reporting baseline package that could represent a sort of day one of the new chapter of the MFE Group. For this reason, we have included it in the appendix to this presentation, the 2025 12 months pro forma P&L and cash flow, thereby offering a more meaningful reference point for assessing the group evolution in the coming years. This is most important, we will provide guidance based on this new information package. Now, looking at the 2025 financial highlights that we recall include only the Q4 ProSiebenSat.1 contribution, net consolidated revenues up to EUR 4 billion, group recurring EBIT at EUR 317 million, excluding EUR 78 million of one-off, which are mainly restructuring and transaction costs. MFE did not consolidate the goodwill impairment of EUR 138 million made at ProSiebenSat.1, simply because we will proceed with the PPA exercise on ProSiebenSat.1 in the next month, and we considered, let's say, ProSiebenSat.1 as a single business unit in our, let's say, impairment test. Consolidated net profit picked up to about EUR 301 million. The group reported a consolidated free cash flow of EUR 498 million, showed a resilient cash generation on a like-for-like basis, EUR 290 million, further boosted by ProSiebenSat.1 Q4 cash contribution of a little bit more than EUR 200 million. Despite the major M&A transaction, which is, again, has been really transformational for us, the board of directors propose a dividend of EUR 150 million distribution, which means EUR 0.22, the highest in last 15 years, excluding extraordinary dividend distributed in 2021. We will come back to this on the next slide. In the financial summary, MFE net financial position for covenant purposes at the end of the year amounted to EUR 959 million, excluding, of course, ProSiebenSat.1 net financial position and IFRS liability, implying a net debt to EBITDA ratio at the end of the year of 1.5x well below our 2.5x, which are our covenant. Moving to the next slide, you can find the full group P&L showing the reported MFE figures for final year 2025. I'll skip the advertising revenues because Matteo has already covered in total, and provided the necessary details. Within the advertising line, there are also the clear alignment with our overall strategic direction. With total advertising now encompassing both proprietary media and third-party media. This is, again, one of the key changes that we implemented in the accounting, at trying to align the Italian, the Spanish, and the German reporting. Moving to other revenues, performance was fully in line with our expectation. The reported growth in this line is primarily driven by Q4 contribution from commerce and ventures at ProSiebenSat.1 level. That said, when looking at the like-for-like perimeter, other revenues were very much aligned with the guidance that we have provided in the past. As we look at the end of 2026, we do not currently anticipate any material change in the other revenues line within the entertainment business at this stage. We expect it to remain broadly stable in line with 2025 as far as the MFE Group is concerned. Turning to profitability, intending Italy plus Spain. Turning to profitability i ncluding the contribution from ProSiebenSat.1 in the fourth quarter, reported EBIT came to EUR 239 million. As said, the figure reflects EUR 78 million of non-recurring items, mainly related to restructuring and transaction costs. Including these one-offs, recurring EBIT stood at EUR 370 million. Let me comment below the EBIT line now, because I will try to give you some guidance at this level. Financial charges were negative for EUR 48 million. We see in 2026, interest around EUR 130 million, EUR 10 million more than we compare final year to the pro forma 2025, of EUR 120 million. Associates positively contributed for EUR 290 million, including, as we already reported in the nine months results, the revaluation of the stake of ProSiebenSat.1 in the first half. Going forward, we see associates to be around EUR 20 million going forward. As far as the minorities are over EUR 60 million, these reflect the consolidation of ProSiebenSat.1 in the fourth quarter minorities. In 2026, group minorities are close to zero, excluding ProSiebenSat.1 minorities. As a result, the group reported a net profit of around EUR 301 million. Going to the next page. Regarding CapEx, total CapEx reached EUR 560 million, again, including fourth quarter ProSiebenSat.1 contribution. On a like-for-like basis, TV rights investment increased by EUR 44 million, reaching EUR 367 million. This is mainly due to some phasing versus previous year and to the production of all-time box office success in Italy, which cost EUR 25 million. Some investment we did in Spain to reinforce the programming schedule at the very end of the season for about EUR 10 million. Looking at 2026 and beyond, in Italy and Spain, we will come back to a sort of cruising altitude level of EUR 400 million CapEx, including TV rights amortization, compared to the EUR 437 million of last year. Moving forward to the free cash flow, it is clear that the cash generation from operating activities remained solid, despite the numerous one-off costs and higher CapEx at the constant perimeter. Reported free cash flow picked up to EUR 498 million, of which EUR 290 million on like-for-like basis. At constant perimeter, Italy contributed for more than 65% of this EUR 290 million, while Spanish operation generated the remaining 35%, reflecting some weaknesses of the operation in the advertising market that are now under careful attention within the group. ProSiebenSat.1 consolidation led to additional of around EUR 200 million in the fourth quarter. Turning to the net financial position, let me make two basic reminders. First of all, ProSiebenSat.1 financial debt is non-recourse to MFE. This means that as far as MFE covenant calculation should be done only considering Italy plus Spain. Second, MFE's covenant parameter is different from the ProSiebenSat.1. As a reminder, again, MFE is subject to a net debt to reported EBITDA covenant set at 2.5x for 2026. This slide shows the evolution of MFE net financial position for the financial covenant purposes that exclude the ProSiebenSat.1 financial position as well as the IFRS 16 liabilities. As already discussed, the free cash flow in Italy and Spain amounted to EUR 290 million during the year. The group distributed dividends for EUR 153 million last year, and the ProSiebenSat.1 acquisition implied a total cash out of something more than EUR 500 million, of which EUR 462 million, the cash in relation to the cash portion consideration for the VTO, plus the related transaction cost, and around EUR 42 million for the previous in-market purchases. As a result, the net financial position for covenant purposes stood at EUR 959 million. We expected the leverage to happen reasonably fast, targeting around 1x EBITDA in the next couple of years. Thanks to our solid fundamentals, we are pleased to propose to the upcoming annual general meeting a dividend distribution of EUR 154 million corresponding to EUR 0.22 per each A and B shares, which is the higher ordinary dividend in the past 15 years if we include the extraordinary dividend distribution in 2021. That reflects our confidence in the group cash generation profile in the future. Once approved by the AGM, just to add a technical reminder, record date will be set the 28th of July and the payment date the 29th of July. The dividend decided or proposed today is in line with our policy targets of a payout of at least 50% of the net income. In this context, despite the EUR 500 million investment in ProSiebenSat.1 and the uncertain economic environment, we have chosen to remain fully consistent with our shareholder remuneration approach, distributing 55% of the free cash flow generated in the year. Just a few data points as a reference. Considering the A shares, EUR 0.22 dividend represent a yield of 7.8% on the last closing yesterday, 7.8% on the three-month VWAP, 7.6% on the six-month VWAP, and more than 6% on the first day of trading of their shares delivered to the ProSiebenSat.1 shareholders that have turned their shares into the offer. We continue to follow disciplined capital allocation strategy, balancing the long-term growth investment and deleveraging with attractive levels of shareholder return. This is our objective. Now, let me start with the first key update of our new chapter that we would like to share with you today, which is essential to properly frame both our targets and our strategic direction in the medium term. On slide 37, you can see the new segment reported based on the full year 2025 pro forma figures. This assumes 12 months of ProSiebenSat.1's consolidation, which has been realigned to consistently reflect our new footprint and the core business underpinning our strategy. Starting from the left-hand side, when we refer to MFE Entertainment, we are including the old Italian and Spanish operation and businesses, together with the entertainment business of ProSiebenSat.1. Only the entertainment business of ProSiebenSat.1. This perimeter represents the core business of our group, and as I said in the last presentation to the market, also ProSiebenSat.1 will present the numbers coherently with this approach. Obviously, in the future, we will provide the market with the full consolidated results, including both ProSiebenSat.1 Entertainment and commerce and dating businesses. We will give guidance and indication only on the entertainment center, which is our core business. As far as the dating and ventures, only ProSiebenSat.1 as an independent company will provide details and information. Based on the 12 months, looking at the number and based on the 12 months pro forma consolidation, the MFE reported the total revenues of EUR 2.8 billion, EUR 2.6 billion net advertising revenues, of which EUR 1.9 billion in Italy and EUR 680 million in Spain. Other revenues totaled around EUR 247 million. While ProSiebenSat.1's total revenue were around EUR 2.2 billion, of which net advertising EUR 1.7 billion almost, and other revenues for around EUR 520 million. On the 12-month pro forma basis, the MFE Group entertainment business had revenues in total of something above EUR 5 billion, total cost of EUR 4.9 billion, including EUR 149 million one-off on a 12-month basis, and an EBIT of EUR 206.5 million. Before turning to the end of the presentation and the cost guidance for 2026, I would grab just one minute of your attention to revisit what we communicated in September last year. As a brief reminder, slide 38 shows the expected ramp-up of EBIT level following the acquisition of ProSiebenSat.1. On that occasion, we outlined a total uplift between EUR 260 million and EUR 350 million by 2029, in four years. With approximately 54% expected to be delivered through cost initiatives, and 46% through revenue opportunities. In year one, we assumed between EUR 53-EUR 65 million improvement, of which around EUR 30 million linked to joint cost initiatives. Today, we're in position to provide more optimistic update on this cost side. Based on the EUR 4.8-EUR 4.9 billion of total pro forma MFE total cost, and excluding one-off cost of EUR 149 million, which again, these are restructuring costs, cleaning up, and costs associated with the transaction. Across all countries, we can derive a pro forma entertainment cost base of around EUR 4.7 billion in 2025 for the group in the entertainment business. Based on this, we expect to have, in 2026, between EUR 120-EUR 160 million of total efficiency, of which cost efficiencies among the five countries between EUR 80-EUR 100 million, and cost initiatives between EUR 40-EUR 60 million, which means approximately 2x the speed originally estimated. Basically, we are one year ahead of the announced plan. We are at the beginning of this journey, but anyhow, these numbers and these, let's say, guidance, demonstrate our ability to deliver meaningful efficiency beyond the plan, and an excellent work done with our colleagues in Germany and Spain. This cost initiative will be progressively allocated among the countries as they enter into the income statement after the assessment of the respective related parties transaction committee. In addition, as discussed in the latest months, we're also expecting some net incremental cost of about EUR 10 million-EUR 20 million in Spain due to two effects, basically, combined. One is the new third party advertising agreement with Warner and Cuatro, which will have certainly a positive impact on EBIT, but incremental cost in isolation in the cost line. Some possible reinvestment in content to fuel potential improvement of the advertising market in the second part of the year. All in all, we are all targeting a reduction of around 3% on total underlying entertainment cost. In an environment in which effective inflation in our key markets will be approximately between 2% and 3%. Just a last slide. Just to sum up what we have been going through, and apologize, very long presentation. I think it was worth to have it at this stage. In 2025, we have executed transformational transaction that has immediately reshaped the scale of our group, making a clear step change for MSP and laying foundations for long-term value creation. As highlighted, 2025 represents the day one of a new chapter for the group. It's a pivotal year in which we have aligned the group around common strategy, shared vision, while introducing uniform standard across operation and reporting. As expected, for a foundational year, this required substantial restructuring effort, a significant human and financial investment. On this purpose, let me take this chance to thank our colleagues in Germany that have been very constructive, professional, and are making a great contribution to the growth of both companies and to the value creation of the entire group. Today, we benefit from an unrivaled pan-European reach with six-country footprint that acts as a powerful multiplier of opportunity, both on advertising and operations. The objective is to become more and more relevant in the advertising market in Europe, and seek for further adaptation and cooperation within the new business perimeter. At the same time, we have maintained a strong focus on shareholder remuneration, delivering the highest ordinary dividend distributed in the past 15 years, despite the acceleration in the Pan-European project. Looking ahead, execution is our priority, without neglecting the core business rotation in an evolving context. This brings both new challenges and significant opportunities which we're addressing every day, having in mind that it will be a long journey made of small wins every day. Finally, while 2026 will still be a transformational year, our main objective is cash flow maximization through a fast and effective execution of the revenues and cost initiative that the new pan-European dimension is allowing. I thank you and apologize again for the very long presentation, but now I will open the floor for your questions. 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. Our first question today. Call from the line of Julien Roch from Barclays. Please go ahead. Yes, it- Oh, it looks like the line of Fabio Pavan has been opened. Fabio, please ask your question. Yes. Hi. Thank you for taking my 2 questions, if I may. First of all, congratulations for the numbers and thanks for this presentation. First question is, could you provide us some update on the advertising trends in the three countries, main countries, for April and May? Are you see any change in the trend following the recent macro updates? Second question is, a follow-up on cost. Just was wondering if you please can follow up on the real impact on 2026 numbers and the upward revision on targets. Could you tell us something more on what's going better than expected or you are speeding up things? Thank you very much. Okay. I take the first question. Thank you. What about the key outlook in the initial part of 2026? It's true more than ever that we live in a very uncertain international environment, so our recovery statement about we have a limited visibility is true more than ever. This is true for us and for any other players in Europe up to now. Anyway, I could confirm that we started with a positive first quarter in Italy, despite the fact that we were facing a very challenging comparison due to major events, sports events broadcast by our competitors. First of all, the Winter Olympics are very successful in our country, so we are proud of that. Having said that, we had a positive first quarter in Italy, while Spain and Germany also showing early signs of improvement compared to the last quarter of 2025. They remain in negative territory. The next thing to share with you is the fact we have a better outlook for Q2. Again, Q2 it's quite complicated to read because okay, we are all under this very uncertain economic backdrop, and the uncertainty linked to the international situation. We don't know how long the war will last, and we also have to manage the impact of the football FIFA World Cup scheduled for June. However, the outlook for the first five months of the year is becoming increasingly positive. In April and May, both Spain and the DACH region appear to be improving towards a more positive trajectory. Italy continues to demonstrate resilience. We are optimistic. As far as cost, let me summarize again. Maybe it was not clear. I'll try to be very fast, just to not lose or waste your time. The reported 12 months pro forma 2025 cost of entertainment, which includes the old Italy, the old Spain, and only the entertainment vertical of ProSiebenSat.1, was EUR 4,874 million. That was the reported. We announced EUR 149 million one-off, which I said are mainly restructuring costs, happened in the three countries. Some cleaning up, clearly, when you have such a transformational deal. All the costs associated with the transaction, both in Italy and in Germany. The base for your consideration in 2025 should be, in our view, something in the region of EUR 4.725 billion. We are assuming between EUR 100 million and EUR 160 million efficiencies, which are, let's say again, between 80 and 100 are pure efficiencies that will happen in each country. Plus cost initiatives between EUR 40 million and EUR 60 million. The value of this cost initiative will be allocated during the year and will be part of the discussion that our respective related party committee will have, and they are actually having in these days. What are these cost initiatives? You remember that, in our September presentation, we had a clear path. We've been studying for a long time these potential initiative, and we based all our strategy in the pan-European level on these, let's say, studying and this evidence that we had with the Spanish business. We're talking about something that is already running, in a way, which is already being implemented, regarding the OTT platform operations, regarding the ad tech operation in Italy and Spain. The implementation of best practices in, for example, organization accountability, procurement, real estate management. There is also a part which is a purely, as I said, alignment of accounting principle. We are also starting to deliver, as you've seen in one of the last press release, AI application, both on the production, let's say, side and also on the, let's say, service to production. These are the main things that we are trying to implement these days. Clearly, probably you remember that we have 18 actions that we could deploy on the cost side, and we are, let's say, running on these very rapidly. It's learning by doing. Clearly, now that we have in play, and thanks again, let me say that. Thanks to our German colleagues that have been very open and they shared immediately our vision, we are going to be faster than expected. Thank you. We will now take the next question. Come on, Julien. It's your turn now. Yes. Thank you, sir. It's Julien Roch from Barclays. Please go ahead. Julien Roch back again. Good evening, Simone, Matteo, Sara. On the 425, which is the base, you're talking about EUR 120 to EUR 160 as efficiency. Let's call that 140 as the midpoint. Do I take 4,725 and I subtract 140, or will there be one-off cost in 2026? Yeah. Julien, sorry to interrupt. The line is not very clear, and it's hard for us to understand what you're saying. Is that better now? Maybe if you can speak a bit. Okay, one moment. A little bit far from the speaker. Okay. Is Okay. Is that better now? Much better. Thank you. Okay. Much better. Thank you. Yeah. Sorry about that. Sorry. Coming back on the 4,725, you're talking about 120 and 160 of efficiency, so let's call that 140. Do I take 4,725, remove 140 and that's my 26 number? Or will there be one-off- Yes. Cost to achieve those 140 of efficiency? Will there be normal inflation? No. There are no one-off costs. There might be some additional investment and no more, let's say, in the region of 100, sorry, EUR 10 million-EUR 20 million, but no additional cost apart from what I said on Spain. On Spain, there might be additional between EUR 10 million and EUR 20 million, which is the combination of two effect. One is just nominal in a way, because we are getting new advertising agreement on the Warner and Cuatro channel, which clearly are creating an uplift of our advertising revenues. At the same time, we have to give back, let's say, part of this revenue share to the publisher. That will be accounted in the cost line. At the EBIT level, there will be clearly an improvement, but if we isolate the cost line, there will be clearly an increase. In addition to that, also, we are planning to have, in case the advertising market in Spain improves, we would like to invest a little bit more in content just to be ready to capture all the opportunities that may happen in the second part of the year. That net impact could be between EUR 10 million and EUR 20 million in our estimates. On top. I take 4725- Net saving. If you take EUR 140, you have to add EUR 10 and EUR 20, that means EUR 130 or EUR 140. Okay. Sorry, 130, 120. There's the EUR 10-20 in spend coming from the third party, and then there's also EUR 10-20 coming from potential reinvestment. there's EUR 10-20 twice. No. It's just the combination of the two. What I'm saying is that the increase of third party, let's say, revenue share plus some, let's say, additional investment in Spain should bring between EUR 10 and EUR 20 additional in costs. Okay. Not efficiency. Costs. Okay? Okay. When you say that other revenue would be flat, I assume that is Italy, Spain, and non-ad revenue for EUR 10 million possible, and you're not taking a view on DAZN and commerce. Is that correct? That is correct. Okay. Then historically, you never adjusted nor disclosed purchase price amortization, which was like EUR 8 million in Spain and maybe EUR 10 million in Italy. With ProSiebenSat.1, you're going to have a PPA that's going to be quite high. Does your 425 include the ProSiebenSat.1 PPA, and will you start to actually disclose and exclude PPA or not? No, the 2025 does not include the PPA, of course, because we don't know how much it's going to be. It's going to be a process, I agree with you, a little bit, I would say, complicated. We will give clear evidence of the PPA that will be at the end, decided. Since it's no cash, I tend to say that it's going to be somehow adjusted by the PPA, any P&L impact. In any case, it's up to you how to treat the PPA. In any case, we will give the evidence of what is the amount of the PPA. Yeah. Now that you're CFO, if we could get it in the actual accounts, because historically, you actually never disclosed the PPA. No, we will. And then- No, we will. There was like EUR 8 million in Spain and like EUR 10 million in Italy, that actually was never disclosed. Yeah, that'd be- We will disclose the PPA. I actually think you should report EBIT free PPA, like everybody else. It's on cash. We will. All right. We will. As your EUR 120 and EUR 160 is basically, you're like a one-year ahead in terms of synergies, does that mean everything's going to be lower going forward? Because if we look at page 38, your initial guidance was like EUR 30 million, and now you're doing EUR 120-EUR 140. I assume that it's not going to be in four years, it's going to be in less, and then you're going to be down by, I don't know, EUR 27 or something like that? Of course. I'm still on the four-year, let's say, plan. That is for sure. Now I'm not in the position to tell you whether the synergies on the cost initiative will be more than expected, as it seems, honestly, or we're simply going to have something anticipated. Same amount anticipated. I'm not yet in the position to tell you. Okay. Last question is, when you look at the free cash flow you generate, your shares are arguably quite undervalued. Anything you think you can do to reduce that undervaluation, either buy back or buy more ProSiebenSat.1 and have less cash flow leakage? Any consideration in terms of value creation for shareholders, apart from the high dividend yield? Well, I believe that high dividend yield is pretty much a good, let's say, shareholder return. No, for the time being, we are not planning to have any buyback, even if we ask at the next AGM to renew the authority we had in 2021. As of today, there are no plans to buy more shares in ProSiebenSat.1. I believe that now the company should focus, and the group should focus on, as I said, on cash flow generation and synergies and maybe also a sort of a deleveraging of the present net debt, both in Italy and in Germany. Okay. [Non-English content] [Non-English content] Thank you. We will now take our final question for today. One moment, please. Our final question today comes from the line of Pier Andrea Randone from Intermonte. Please go ahead. Thank you and good afternoon. Just a quick few questions. The first one is, if you can help us in having an idea about the cash generation you expect in 2026 according to this guidance. If you can remind us of the dividend policy, I wonder if you can help us in understanding on what numbers will be applied to the dividend policy. The last question is about the cost guidance. If you can help us in understanding what is the portion related to Italy and Spain on the total amount, in order to understand also how the target talks to the target provided by ProSiebenSat.1. Thank you. Okay. Let's speak about cash flow forecast. Honestly, it's very difficult because clearly, as you know, every year, we have a sort of sensitivity budget and plan, which is very dependent from the first line, the top line. Honestly, now it's very difficult to provide you with an indication. Clearly, it will pretty much depend on how the next few months will progress. I cannot give you any guidance, but let's say that it seems to me that the EUR 290 million might be a certain level which we believe could be affordable thanks to the cost initiatives that we are implementing. I'm always talking about Entertainment. As far as the breakdown between Italy, Spain and Germany, let's say we will provide you with the breakdown between Italy and Spain and Germany. Spanish business is fully integrated and also from our, let's say, managerial point of view, it's just, let's say, the MFE channel in Spain more than a standalone business. Honestly, for reporting reasons, we have a budget and everything split. From the business model implementation, this is something that we prefer not to because it doesn't make any sense at this stage. Sorry, I don't remember the first question. The first was the dividend policy. No. As part of the dividend policy, going forward, the intention is to keep our dividend policy, which is 50% of the reported net profit and decided every year in function of the general trends of the market, the kind of leverage we are at, and also the potential additional investment in M&A. I have to say that this year, after having invested EUR 500 million in the acquisition of ProSiebenSat.1, the board decide anyway to propose a pretty high, let's say, dividend yield. This is a sort of exception. Going forward, we will keep our policy. No changes in the dividend policy. Thank you. Thank you very much. Thank you. We have some more questions. Our next question comes from the line of Milo Silvestre from Equita. Please go ahead. Yes. One question also from my side, on 2026 synergies. Can you elaborate on the revenue initiatives and how are they developing? And do you confirm the target for 2026? If I got it right, the question is about revenue synergies. Am I right? Yeah. Okay, thank you. The 2026 target. Yeah. The honest answer is that, we just started 12 weeks ago, so a very short time span, but I will say that for year one we are on the right track. There are two main areas that you could easily understand, they could deliver revenue synergies in the very short time period. This fiscal year. They are the international ad sales that, as I commented in my presentation, we are already leveraging the new area of that relationship with Cuatro and generally speaking, with international clients. On the other end, there is the pure additional revenue we are getting from the small medium business, because any additional euro coming from the long tail of the small, medium business is by definition, by default, by design, a new euro add into our revenue. These are the two main, let's say, areas that will contribute for year one in our ambitious plan. Of course, we are also addressing all the other areas we presented last year in our, let's say, equity story, the tech and the ad product synergies. I also commented on the third party synergies. We position ourselves as a unified European multi-platform, not only for our owned and operated properties, but also for third parties. And as I commented, we are progressing in that direction. Impresa is one important chapter, but also the local third party synergies are generating additional incremental revenues for our business. That's the full, let's say, answer at week number 13 in our first year in the new chapter, as Simone commented before. Thank you. Thank you. You confirm 2026 target of about EUR 20 million? Yes, it was confirmed. Sorry. Okay. Thank you. Thank you. We will now take the next question, and the question comes from the line of Julien Roch from Barclays. Please go ahead. Yes. Hi there. I'm back. On cash flow, I understand you said it's very difficult in terms of forecast because there's a sensitivity based on top line, but if advertising in the three countries is zero, i.e., same as last year, not zero on an absolute basis, what could be free cash flow? That's the first question. Looking at your pro forma 12 months free cash flow of EUR 219, which you show at the end of the presentation, with spend in Italy at EUR 290, that would mean that ProSiebenSat.1 at -70 of free cash flow. Is that correct? And if it is correct, can we have a split between entertainment and commerce and dating? Yes. Well, your assumption on ProSiebenSat.1 are correct. Yes, that is correct. For the last time, they are reporting the adjusted free cash flow. From the first quarter 2026, they will report the free cash flow. You will have all the information. You can add up to our, let's say, free cash flow generation now in each and every period. As far as the assumption zero advertising, I believe that we will remain more or less in the same, let's say, EUR 300 million cruising altitude. Despite the EUR 120-160 plus EUR 10-20 reduction in cost? Why is that not going into cash flow then if top line- It is going to cash flow, but it depends when the advertising revenues will be shaped. Because Matteo told you that the Italian business is flattish in the first quarter and still resilient in the first two months of the year. You know that we have 90 days of cashing of our revenues. It depends when the shape of the year. Same for Spain and same for Germany. Probably you have seen and you have listened to ProSiebenSat.1's conference call as we did, and they said that the full year, they should have zero free cash flow. Okay. It's not easy to say zero. It depends also when the revenues will come in. Sorry, Julien. It's very difficult for us. Okay. I would be happy to provide you with the free cash flow generation guidance because you know how we are focused on that. It's very difficult for us. Okay. Do you know the split between entertainment and commerce and dating of the -70? Yes. Clearly. We know that, but we cannot give it to you. It's ProSiebenSat.1 that has to deliver this information. Okay. Got it. Thank you. We'll now go to the next question. The next question comes from the line of Pier Andrea Randone from Intermonte. Please go ahead. Thank you. Just a quick follow-up. When you talked about April and May performances, about Spain and Germany, you talked about an improvement or about a positive figure? Just a clarification. Thank you. Thank you for the question. No, we are talking about positive figures. April is definitely positive in both countries, and we are quite optimistic. We can confirm a similar trend for the next incoming month. So that's the answer. I thank you. Thank you. Thank you very much, Matteo, and thank you very much, Simone. Thank you, guys, for all the questions and for spending your time today with us. As always, Investor Relations department will be available for any question you may have. Have a nice evening.