Good day, and thank you for standing by. Welcome to the MFE - MEDIAFOREUROPE 2026 first half results conference call and webcast. At this time, all participants are in listen only mode. After the speaker's presentation, there will be the question-and-answer session. To ask a question during the session, you need to press star one one on your telephone keypad. You will then hear an automatic message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Sara Bersan. Please go ahead. Good evening, ladies and gentlemen, and welcome to MFE - MEDIAFOREUROPE Group First Half 2026 Results Conference Call. Thank you for joining us today. The speakers are Matteo Cardani, Chief Marketing Officer of MFE ADVERTISING, and Simone Sole, Group CFO. Let me hand over immediately to Matteo, who will take you through the advertising key business drivers of the first half. Matteo, please go ahead. Thanks, Sara. Good evening, everybody. Thank you for joining us today. We will begin with a review of our first half 2026 results and provide a brief outlook on the key indicators shaping the current trading period. Before discussing our first half performance, just a brief recap of the broader context. The first six months of 2026 were shaped by a macroeconomic and geopolitical environment that remained uncertain, definitely, with ongoing international tensions and pressures on energy costs. This led to a slowdown in advertising investment, particularly across traditional media, because in times of uncertainty, in the very short term, performance-driven investments are less affected by cost-cutting tactics compared to brand-building investment. That is why advertisers remain cautious and increasingly selective in their spending decisions, and the market result in a limited visibility and a high degree of short-term volatility. In addition to this general macroeconomic environment, we should also remind the fact that the first part of the year and also Q3, July month, was also influenced by the FIFA World Cup, and I have to remind that the event was carried by other broadcasters, different from MFE across all three of our core markets. This affected audience dynamics and advertising demand during the period, particularly in Spain and Germany, where audience engagement around the tournament was especially strong. Simply a reminder of the fact that differently from other European broadcasters, MEDIAFOREUROPE did not have any sport rights around the World Cup in 2026. In the chart number three, you see that the underlying economic indicators anyway remain broadly supportive. We still are experiencing growth in consumer spending on goods and services across the three markets. A positive gross domestic product growth expectation from 0.5% in Italy to 2.1% in Spain. Of course, there are some concerns in the three countries, and they are increasing concerns over the past months that the average inflation above 2% could be a constraint for growth of demand. Having said that, in the following chart, number four, the slide shows the contribution of each advertising sectors to MFE ADVERTISING revenue performance during the first half 2026 across our three core markets. Sectors are ranked based on their contribution, and this chart is quite self-explanatory. You can see the differences across the three countries and the different sector dynamics in the three countries partially explain different underlying market dynamics, mainly for the television core business. Moving to, let's say, our business performance KPI. Let's have a look at our audience performance, linear audience performance. Notwithstanding, let's say all the facts that I mentioned before, our viewing metrics remain strong across all three markets. Despite a highly competitive viewing environment, the presence of major sporting events such the Winter Olympic Games hosted by Italy and the FIFA World Cup, audience share levels across our markets remain broadly stable. The average audience share in the pre-markets, it's around 25%, as in H1 2025, and that means that, regarding linear television on a daily reach, we approximately reach more than 70 million viewers. The scale and the quality of our audiences, of course, remain a competitive advantage. You can appreciate this in the fact that 25% of audience share delivers an advertising revenue market share of 44% across our core markets. This is with regard to linear audiences, and in chart number six, you can appreciate the overall potential of our, let's say, audience platform across linear and digital cross-media reach. Reaching 190 million users in a month. What drives this, let's say, audience potential, of course, is content strategy, and I'm commenting chart number seven. We do believe in reach with quality, we do believe in scale, reach, and quality, and premium content drives the audience leadership across platforms. Across our three core markets, our flagship programs continue to attract large audiences and demonstrate the strength of our national content offering. As the chart illustrates, our leading entertainment formats and scripted formats generate substantial incremental reach through Connected TV on-demand and second screen viewing. Thanks to this content strategy, we are significantly expanding audience delivering beyond the traditional linear television. We keep on investing on these content and formats that has a high audience transformative power from linear to digital in a total video perspective. From a business material point of view, this is the foundation of our MFE Group KPIs regarding digital transformation. In chart number eight, you can have a short synthesis of our key performance indicator in H1. We continue to strengthen our digital ecosystems across all three markets. Overall, our digital platforms reach over 32 million viewers in Europe and more than 70 million browsers, providing us with a broad audience base that we are progressively converting into deeper, more direct relationship. Now we have 15 million monthly logged-in users across the group, and of course, our focus is increasing on further qualifying this audience, encouraging more users to engage regularly with our platform and to become registered, profile loyal users over time. This, of course, will improve our digital monetization. If you take a look at the further KPI, total time spent compared to the number of total video views, you can appreciate that compared to a +3.5% increase in total video views, we are delivering a +11% in total time spent. This is a clear and engagement matrix because when you have a time spent increase higher than video views increase, it is a clear signal of users' loyalty and content engagement with the premium quality content, as said before. We confirm the fact that as audience consumption expand across platforms, we continue to benefit from a highly effective monetization model. In chart number nine, we confirm that if we put to 100 the average revenue per hour on a linear TV hour consumption, our digital and addressable video offering generates a revenue per hour index of 178. This demonstrates the increasing value of digital consumption. We are not scared, but we are accelerating to some extent the gradual shift of audience consumption from linear only to linear plus digital environments. Each additional viewing hour in a digital addressable environment contributes more than proportionally to our revenue generation and profitability. Having said that, I am moving to chart number 10. All in all, this is our trend in net advertising revenue, all media in the three regions, H1 2026. As I reminded at the very beginning, at the opening of this presentation, the first half of 2026 was marked by a challenging market environment impacted by international geopolitical context, a continued pressure on the linear TV advertising market, and all the European broadcasters are experiencing this pressure. On top of this, we have, let us say, the counter cipher of the FIFA World Cup that made the second quarter comparatively more challenging for us compared to the Q1. Overall, we closed the first half of the year with advertising revenue of EUR 1.991 million, so down 5.2% year-on-year. This is, let us say, the short-term perspective. As we presented and commented on in our fiscal year 2025 results presentation, we are strongly committed, and we continue to execute our business compass strategy and deliver against our objectives. We want to leverage our leading local position and progressively build a more integrated and scalable international advertising platform. Having said that, in chart number 11, the last four charts are evidence of these strategies going on. First of all, we are building a European platform, and so I confirm that we are strengthening our international advertising proposition. Our international advertising strategy is delivering tangible results. They are actually material, the international ad sales contribution. Early performance has been ahead, sorry, of expectation. There is a solid contribution from new business and there is a growing interest from international clients and agencies that consider MEDIAFOREUROPE proposition a real viable alternative to an international market dominated only by global operators. Here we are definitely on track or even better than our expectation. Secondly, regarding chart number 13, our digital revenues continue to outperform. We are particularly happy about the pace of our innovation in advertising products and technology. In particular, digital revenues continue to outperform, supported by the growing contribution from Connected TV that is growing highly double digit, the increasing adoption of programmatic advertising. We are aligning our AdTech stack across the three regions. As a result, across MFE markets, digital revenues increased their share on total advertising revenues year on year. The average growth is double digit. I mentioned the fact that on Connected Television is high double-digit growth. This is the second positive contribution to our business. A third, let's say, diversification areas is the fact that we are expanding into new addressable market segments through the development of our small and medium business proposition. I am commenting chart number 14. Italy continues to lead this initiative, and we are on track or even better than expected. In June, we had the recent launch in Spain, and the rollout in Germany is taking place in the next month of October. We are, let's say, on track with our business development plan. Early performance has been encouraging. We are validating the attractiveness of the model across different geographies and even, let's say, trial and repeat dynamics by new clients is really encouraging. Even if we are, for the time being, at an early stage of development, we will continue investing to further scale the business over time. Last, let's say, good news in this perspective, and I am commenting chart number 15. In one week time, next Thursday on September 23rd, we will launch All-to-One Europe. It is the first European linear and digital simulcast advertising offer. We will be combining the reach of leading broadcaster in Italy, Spain and Germany across the countries. We will provide advertising with a very simple problem, easy to buy, with access to an audience of 40 million viewers almost in one single minute. 9:00 P.M., Munich, Madrid, Milan, Italy, German and Spain, the same spot will be running across the three countries, achieving the highest, the fastest, and the most safe and qualitative reach in just one single minute. I want to remark these four drivers of our business compass, because despite the tough market environment, we are, let's say, strongly committed to deliver our business compass and our business strategy and our plan. Having said that, now I hand over to Simone for the financial part of the presentation. I thank you. Thank you, Matteo, and thank you, Sara. Good evening, everyone, and thank you for joining us. Let me start by taking you through the main highlights of the first half performance. Despite the challenging advertising market environment that Matteo just outlined for the first half for the group, the group delivered a significant improvement in profitability, supported by strong contribution from especially entertainment business and in particular, the cost efficiency initiatives implemented across various geographies. Before commenting the key result presented on slide 17, it is important to remind that year-on-year comparison of the group first half financial performance is impacted by the change in the group perimeter in the fourth quarter of 2025. To provide a clear and meaningful view and to underline the operating performance, we decided to have a presentation that compares the first half results with the respective 2025 pro forma figures, assuming therefore the consolidation of ProSiebenSat.1 as of January 1st in 2025. After this boring methodological introduction, let me lead you through the key financial highlights of the first half results. Group adjusted EBIT reached EUR 146 million, up EUR 153 million year-on-year, reflecting strong operating step up achieving during the period, which also translated into a material uplift in adjusted net profit, as we will discuss later in the presentation. As you know, the group now reports its figures based on two business segments: Entertainment, our core business, and Commerce and Dating based mainly in Germany. The main drivers of the first half growth was clearly the entertainment business, where adjusted EBIT reached EUR 164 million, up to more than EUR 100 million year-on-year. The deposit development reflects the combination of the operating performance and the progress on the cost efficiency and cost initiatives program. Entertainment costs were reduced by EUR 217 million, reporting almost 10% decrease year-on-year based on the pro forma figures. In addition, the EUR 64 million year-on-year reduction in group investment demonstrates that the strong focus of the group, in cost and capital discipline during the first half, and I can guarantee for the rest of the year. From a financial structure perspective, our net financial position for covenant purposes was EUR 857 million at the end of June, showing an improvement of more than EUR 100 million compared to the one in the 1st of January 2026, before clearly payment of any dividend. Even if H1 2026 shows significant improvement in profitability and our execution on the cost efficiency initiatives will remain fully focused on delivering against our full-year objectives. As we will detail throughout the presentation, the economic and financial performance achieved in the first half provides us with confidence to confirm all our full-year guidance in 2026. Now let's move to the group consolidated main economic results. Following the finalization of the purchase price allocation in relation to the acquisition of ProSiebenSat.1, starting from the first half of 2026, which is exactly 12 months after the acquisition of control, we decided to further improve the group financial disclosure by isolating PPA related amortization items arising from the ProSiebenSat.1 acquisition, as well as one of the previous acquisition or business combination made by the group in the past. In line with the market practice, and in order to provide a clear view of the underlying performance of the group, we have isolated all the non-cash components related to PPA amortization. We consider these metrics to be the most appropriate for assessing the underlying operating performance of the business, and these are the same metrics we use for our internal reporting purposes. In addition, in the first part of the year, the group incurred in one-off cost in connection with the Pasapalabra proceeding in Spain. Given its non-recurring nature, we decided to exclude this expense from the adjusted EBIT to provide, again, a more representative view of the recurring profitability with the main focus on the entertainment business. The detailed impact of the PPA, including the relevant breakdown, is now available in the backup of this presentation because I want to make the best use of your time together with the related impact for the full year. Total net consolidated revenues were at EUR 2.95 billion, compared with the pro forma figures of EUR 3.1 billion in the first half of 2025, impacted also by the changes in perimeter occurred in relation to some disposal in the commerce and dating business. Net advertising revenues were something a little bit above EUR 2 billion, while other revenues amounted for EUR 875 million. On the cost side, also at the group level, the reduced cost recovered more than proportionally the negative revenue trend. Total operating expenses decreased from EUR 2.66 billion -EUR 2.38 billion, an improvement of EUR 285 million or approximately 10.7%, also including change occurred in ProSiebenSat.1's consolidation perimeter. TV rights amortization other D&A also decreased by approximately EUR 69 million, from EUR 489 million -EUR 429 million, given also the change in the accounting methodology of TV rights amortization implemented by ProSiebenSat.1. As a result, adjusted EBIT moved from a negative of EUR 7.3 million on the 2025 pro forma basis to around EUR 146 million this year, up by EUR 153 million. Below the EBIT, financial losses were broadly stable around EUR 52 million, and conservatively, we continue to expect total interest charges of EUR 130 million for the full year, given also the interest trend in the Eurozone. Associates remained broadly unchanged in H1 and should amount to around EUR 20 million in the full year. At the bottom line, adjusted net profit increased from EUR 7 million on a pro forma basis to EUR 50.5 million, with an increase of around EUR 44 million. Let's move to the entertainment business. Total revenue was EUR 2.37 billion, compared to the pro forma figures of EUR 2.7 billion in the first half of last year. I don't want to comment more because Matteo has already commented the net advertising revenues in the different geographies. Let me give just a comment on other revenues that amount to EUR 377 million, slightly above the EUR 370 million pro forma numbers in 2025. With Italy and Spain broadly flat, and Germany a little bit benefiting from growth in the VOD revenue scheme on Joyn. While managing the top line in a challenging advertising environment, the strong growth progress in profitability was primarily driven by significant reduction in the cost base. Total cost decreased from EUR 2.4 billion -EUR 2.2 billion, with an improvement of EUR 270 million year- on- year based on pro forma figures. These results show that we are proceeding with adequate speed to achieve our targets, even incorporating also some positive phasing and accounting alignment between ProSiebenSat.1 and MFE in the first half of the year. This cost discipline has more than offset the decline in the revenues, resulting in a marked increase of the adjusted EBIT to EUR 164 million versus the pro forma 2025 of EUR 47.5 million. I have to say that we are bang on track with the cost initiative and the efficiency program. This allows to confirm the ambition guidance for the full year 2026. As a reminder, we expect to have in 2026, in the entire year, between EUR 120 million and EUR 160 million total efficiency. And we can confirm also the progress in the next years to come. Let's move to investment now. Total group investment in the first half amounted to EUR 485 million, compared to EUR 584 million on a pro forma basis in the first half of 2025. The largest component remains TV rights and cinema at EUR 389 million versus something above EUR 400 million in the same period last year. Technical intangible investment amounted to EUR 96 million, compared to EUR 144 million in the compared period. Overall, the total investment was approximately EUR 64 million lower year- on-y ear. The declining trend in the TV rights, cinema, and technical investment is part of our plan of cash efficiencies and initiatives. At the same time, the group confirmed its main strategic focus to invest in two main areas, local content and scalable technology, supporting and preserving the long-term value of the business. The overall picture is one of lower total investment year- on- year, while continuing to protect strategic investment required for the long-term competitiveness of the group. We are confirming our guidance in Italy and Spain, where we aim to achieve around EUR 400 million compared to EUR 337 million of last year. Let me go to the last slide. Cash flow, evolution, and financial position. The group generated EUR 47 million of free cash flow in the first half, whereby Italy and Spain cash generation remains strong. We are close to EUR 200 million. Slightly less last year, but mainly reflecting the advertising market weakness in the relevant countries. We then had EUR 97 million equity investments, including. Sorry, in this investment and other items, which include the one-off cash impact of EUR 75 million related to the Pasapalabra procedure. Proceeding. Changing consolidation perimeter contributed for EUR 38 million, while dividends received and dividend paid had a limited overall impact. For covenant purposes, excluding IFRS and ProSiebenSat.1 net debt, net financial position improved of around EUR 100 million - EUR 870 million at the end of June. Overall, as you know, we remain very focused on cash, capital location discipline, and cost savings in order to further deleverage. On leverage, we can confirm the guidance that provided during the full year presentation, for which we expect in a reasonably fast deleveraging, targeting around one time net debt to EBITDA ratio, this is just for Italy and Spain, in the next couple of years, assuming stabilization of the advertising market in the coming years. I guess that was my last slide, so I would hand over to the Q&A session now. Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star one one on your telephone keypad and wait for your name to be announced. To withdraw your question, please press star one and one again. Please stand by while we compile the Q&A roster. This will take a few moments. Now we are going to take our first question, and it comes to line of Julien Roch from Barclays. Your line is open. Please ask your question. Yes. Good evening, Matteo. Good evening, Sara. Good evening, Simone. Hope your eye is better, Simone. I will be greedy and ask four questions. The first one for Matteo is, can we have TV trends in the third quarter in your three markets? The other one for Simone. The synergies were much higher in 2026 versus the initial plan you unveiled at the time of the merger, but you have never updated that plan. Higher synergies in 2026 means lower in 2027, 2028. So can we have the extra synergies versus 2026 in 2027 and 2028? The third question is, now that you understand ProSieben better, what can you do to increase free cash flow outside of cost cutting? How much is free cash flow in entertainment versus commerce and dating? If you keep only Flaconi and dating, is the free cash flow better? Lastly, any developments around the Vivendi stake? Are you speaking to them? What might happen here? Thank you. Let me try to answer the first question on finance. First of all, we remain on our target EUR 120 million, EUR 160 million synergies and cost efficiencies. There are different reasons. First of all, because still, there is a strong uncertainty on the revenue side. So we prefer to remain conservative on this. Secondly, because part of the synergy that you have seen in the first half are in relation to, as I say, accounting alignment between ProSieben and MFE, especially regarding the TV rights depreciation. So we are still there, maybe cautiously, but we remain still there. So no changes in the progression of the synergies going forward. To be honest, I do not want to avoid the question in the sense that clearly we have estimated a step-up of the synergies and the cost efficiency in the next four years. We are not yet at the time in which we can say that the synergies, the total amount of the synergies and efficiency could be higher than expected. For sure, it would be faster. So, I would say that probably they will be more likely front-loaded than back-loaded. Regarding cash flow, what can we do to improve cash flow on ProSieben? You know that cash flow on ProSieben is very fourth quarter weighted in terms of cash flow. So, unfortunately, this depends pretty much on the revenue progression throughout the years and the ability to cash in in the last quarter of the year. What can we do? For sure, entertainment is producing cash. Not huge and we are not happy with the present level. No one is happy with the present level of cash generated by the entertainment business. There is still some work to do. If Flaconi and dating are producing cash, probably you name the only two assets that are producing some cash. Therefore, yes, keeping Flaconi and dating helps in a way, but they are not core business. Therefore, they cannot be considered an asset of ProSieben, of the group in the longer term, unless we find ways to extract synergies between entertainment and these businesses. The last question was regarding Vivendi. There are no, let's say, stable contacts with them. Clearly, there are contacts, very professional. I believe that they are happy shareholder, also because of the dividend that in the meantime, we distributed. But honestly, for the time being, there are no projects, no industrial cooperation. There are no plans whatsoever. So for the time being, they are shareholders. We manage the company, and I hope that they are happy being shareholder of MFE. Okay. Thanks, Julien. I answered the question about TV trends in Q3 in the free markets. Let me do one step backwards. Q2 was, of course, tough as expected because in the free countries, there were the World Cup affecting our revenue progression. And of course, the outbreak of the, let's say, the war, the tension between Iran and the U.S. affected the initial part of Q2. Regarding Q3, what we are observing for the time being, there are no official market data. They are updated to June or maximum July, but there are no official market data on the trends of Q3. The general pattern we are observing is the sort of stabilization of the trend in the free countries. So Q3 is affected in July in the free countries for the final stage of the World Cup. That was the most important with all the most important TV matches with the highest audiences. So July was still tough, but August and September are to some extent stabilizing. That is why, if I have to do a general remark regarding Q3, given current market indication, we expect the consolidated advertising revenue to decline by low single digit year-on-year in Q3. And I anticipate a possible question from other people attending the conference. For the time being, honestly, we have really limited visibility on Q4. My general consideration is that while on the one end, in the free regions, we have a linear television decreasing low single digit with different degrees in the free countries. We are all experiencing in the free countries and the free regions, a double-digit increase in digital and Connected TV investment in the market, and we are profiting from that. If we take a total video perspective, the combined balance between the linear TV underlying baseline trend and the growing connectivity plus digital is, of course, better than linear TV only. Okay, thanks. Okay, a really quick follow-up, Simone. If you keep entertainment, Flaconi, and dating at ProSieben and sell all the other assets, how much free cash flow contribution do you get as they are. No, first of all, Julian, it's important to say that ProSieben is an independent company, so we cannot do anything. They have to, let's say, do things. They're doing a tremendous job in terms of restructuring the company upside down. To be honest, we need some help. In order to restate a proper, say, cash flow generation profile, we need to stabilize the advertising revenues, clearly. Because clearly, now the situation is such for which clearly it's very difficult to make prediction. I would be happy to answer this question once the advertising market in Germany, and particularly on ProSieben, stabilize. Now it's very difficult. Sorry about that. Okay. Grazie. The business is safe. It is running well. The engine is a good engine. The problem is that advertising market, and they need some time to, let's say, restructure the company a little bit more. But they are doing a very good job. Okay. Grazie. Thank you. Now we are going to take our next question. The question comes line of Fabio Pavan from Mediobanca. Your line is open. Please ask the question. Yes. Hi. Thank you for taking my two ones. First one is on this initiative for pan-European advertising spot. It will be just live for one day or starting from September 23rd? Second question is for Simone on which kind of free cash flow we may expect for the full year when looking just at Italy and Spain. Thank you. Many things happened since we gave a guidance at the full year, let's say, presentation. Clearly there is a, let's say, geopolitical uncertainty which is going on. Inflation is going up. The consumption trend is not really going in the right direction. I have to say also some disappointment on the overall advertising market during the FIFA World Cup in our relevant countries. Not only because we did not have the rights, but overall the advertising was a little bit disappointing. I believe that the cash flow generation in Italy and Spain will be strong. But very difficult to give you now a precise guidance, because we need to wait for the year-end. Difficult. I believe that probably it will be in the I do not know. It is very difficult. It depends what you put on the revenue side. I believe that we can stay more or less where we are now. But it depends on the revenue side. Thank you. Okay. I answer your question, Fabio. Thanks a lot for the question because it gives me the opportunity to give more, let's say, colors on what we are doing on this side. A long story short is we are starting on September 23rd. It is quite a symbolic date because the ALL21 offer was launched in Italy in 2013, exactly on the same date. We have a European client investing, but now the offer is on and is available from September 23rd on. The real point is that behind is like the tip of the iceberg because over the first eight months, we align all the digital marketing and AdTech operation teams across the three countries. We are sharing best practice. We are aligning our full advertising tech stacks. We are aligning linear operations. The vision is that we are, let's say, circulating best practice across the countries, aligning the portfolio of the ad formats. We want to make our offer easy to buy across Europe. This is just the first product. Let's say the advertising message is stay connected because each month we will deliver an innovation. The concept is very simple. We are all striving for the highest quality, fastest and safer, richer. We are providing this reach in one minute across the three countries at 9:00 P.M. It's linear plus digital because as I said, total video perspective is our mantra. This is the first product, but we have an innovation plan. For example, we are aligning all the short advertising break in the three countries. Advertising break lasting just one minute, positioned in the highest peak of the audiences in order to give a high quality position to clients. We are aligning our offer, but respecting the national standards in terms of negotiation. This must be said. This is absolutely clear and this is a, let's say, a work stream we are particularly satisfied because we are learning of each other and we are circulating the best practice across the countries. The acceptance and the interest on the clients and the agency side is definitely high. You should consider this product as a sort of matryoshka because you can buy the ALL21 linear plus digital only in Germany, only in Spain, only in Italy, or you can buy it throughout the three regions. Europe, so is scalable and it's scalable and flexible across the three countries. Thanks. Thank you. Fabio, just a quick follow-up. Clearly, you know that we had this EUR 75 million proceeding for the Pasapalabra lawsuit, so actually excluding this one-off event. Okay, thanks. Thank you. Now we are going to take our next question. The question comes line of Andrea Randone from Intermonte. Your line is open, please ask your question. Thank you, and good evening. Just a quick follow-up. The first one is on your other revenue guidance. Probably I missed this part of the presentation in case if you can repeat it. The second is again on guidance. You are confirming the guidance on leverage. I wonder if you can detail your assumptions about this kind of guidance, because you changed the accounting, you got the non-recurring cash out. So I want to be sure to have fully understood on what numbers you are talking on. The last question is more business related. The advertising environment has been weak in general, and some people are wondering if the use of artificial intelligence tools from consumers is somehow eroding some budget somewhere. I ask you if you can comment on this. Thank you. Okay. On the other revenues, no, we confirm the guidance we gave, so flat year-on-year based on pro forma 2025. As far as leverage, there are no big differences because as you know, we measure leverage for covenant purposes. As you know, covenant regards only Italy and Spain. Germany has its own covenants, which are different on different KPIs compared to MFE. So no big changes on our side. We are now discussing with our relationship bank regarding how to treat the Pasapalabra proceedings. But apart from that, no changes. So the metrics will be the one already we used to have in the past. So net debt on reported EBITDA. Thank you. Okay. Thank you, Andrea, for your questions regarding advertising. Artificial intelligence, of course, is a trending topic in our market, raising a lot of interest and also concerns. Let's see what happens. Of course, we are all commenting on the fact that ChatGPT is starting delivering advertising in artificial intelligence environment is a new challenge. From my perspective, it is competing directly with our, let's say, environment like the typical search engines or social media. But honestly, we have to take care of this. Your question gives me the opportunity to add additional information. Of course, artificial intelligence is in our plans and is our, let's say, day-by-day reality. Coming back to the work streams across the three countries, we set up over the past eight months regarding digital marketing and operations. We are sharing all internal best practices on artificial intelligence. For example, we had a best practice with contextual advertising, so using artificial intelligence to optimize the contents and quality of the placement of the spots in total video fruition. This was started in Spain, adopted by Italy and definitely launch in springtime in Germany. Artificial intelligence is reshaping our, let's say, internal AdTech operation management system. So delivering, of course, efficiencies and will definitely contribute to the cost efficiency plan Simone was keep on, let's say, underlying reminding during his presentation. So we are positive about the beneficial effects of artificial intelligence in our, let's say, day-by-day workflow and operations also with media agencies. Thank you, Simone and Matteo. Thank you. Now we are going to take our last question for today. The question comes line of Milo Silvestre from Equita. Your line is open. Please ask your question. Yes. Good afternoon, everybody. Just to follow up on advertising trends of the first six months. Do you think the decline, especially in German for the advertising, is more related to cyclical component or an outflow of advertising budgets toward OTT? Okay. I thank you for the question. Yes, you are right. You read the figures in our presentation. There is a general trend, but let us say there are different shades of advertising trends in the three regions. Definitely, Germany is the toughest market for many reasons. There are macroeconomic reason, of course. GDP growth is low, so the confidence indices is not at the maximum, and for sure is one of the most competitive market in Europe in terms of the new battle competition between broadcasters, streamers, and over the top. This is the general explanation. Let me say that from a positive perspective, we are, let us say, taking advantage from the lesson learned in Germany to accelerate our innovation path throughout Europe and also in Italy and Spain to protect our business. On top of that, the World Cup impact was quite high in Germany and also in Spain. As I said before, after July, we are, let's say, experiencing a stabilization in trend, even if we have honestly real limited visibility on Q4. Okay. Thank you, Matteo, and thank you, Simone, and thank you guys for all the questions and for taking the time today for the conference call. As always, we will be available for any question, information you would like to ask. Have a nice evening. This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.