Good afternoon, this is the conference call operator. Welcome, and thank you for joining the presentation of Moltiply Group first half 2024 results conference call. As a reminder, all participants are in listen only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and one on their telephone. At this time, I would like to turn the conference over to Mr. Marco Pescarmona, Chairman of Moltiply Group, Alessandro Fracassi, CEO of Moltiply Group, and Mr. Francesco Masciandaro, CFO of Moltiply Group. Please go ahead. Thank you, and welcome, everybody. As always, we rely on the presentation that is available on our website, and we shall start from page 18 of the document with the H1 highlights. And, well, in the first half of 2024, we recorded revenues of EUR 216.3 million, and that's up 9.2% year-on-year, compared to the same period of 2023. And the mix is 48% from the Mavriq, the Broking division, and 52% from the Moltiply or BPO division. The EBITDA in the first half 2024 is EUR 55.5 million. That's up 6% year-on-year, and the mix is 53% from Broking and 47% from BPO. The margin is 25.8%, and that compares to 26.6% in the same period of the previous year. In terms of EBIT, we have in the first half 2024, EUR 31.6 million, and that's down 9% year-on-year compared to the first half of 2023, but this is affected by the fact that some PPA that was not booked in the first half of 2023, that all was made on the acquisitions that was made at the end of 2023, and finally, the net income in the first half 2024 is EUR 20 million, and that's up 5.7% year-on-year, compared to the same period of 2023. More interesting is probably the performance of the quarter. And in terms of revenues, on the next page, we have the revenues of Q2, and the revenues are EUR 109 million, and that's up 5.6% year-on-year. The mix is 48% from Mavriq and 52% from the Moltiply division. The EBITDA is in the second quarter of 2024, EUR 28.4 million, and that's down 1.7% year-on-year, and it counts for 53% from the Broking and 47% from the BPO division. The margin in the second quarter is 26.1%, and that compares to 28% in the second quarter of the same period of the previous year, to the second quarter of 2023. EBIT is in the second quarter, EUR 16.2 million. That's down 7.6% year-on-year. And net income is EUR 9.1 million in the second quarter of 2024, and that's down 3.7% year-on-year. Overall, I would say this is not a particularly exciting quarter and is a bit worse than what we originally anticipated in the, you know, in, in, when we, we, when we announced the results of the first quarter. And now, to explain better why, you know, we have this type of performance, I think it's best to focus on the two divisions and to look at the second quarter for both divisions. And so we can comment on the trends and also on the outlook. So if you go to page 21, we have the Q2 financials of the Broking division. You see Q2 2024, Broking does EUR 52.3 million of revenues, and that's up 9.3% year-on-year. Whereas the EBITDA is EUR 14.9 million, and that's down 5.9% year-on-year. So the EBITDA of the Broking division, you know, despite growing revenues, is down in a year-on-year comparison in the second quarter. A nd to understand, you know, this performance, let's look at the different business lines. But the overall explanation is basically that, you know, we had the anticipated weakness in e-commerce price comparison, and that was very much expected. But also we had a softer performance of credit broking, and in particular, mortgages, where we had expectations or hopes for a faster recovery. And in fact, regarding credit broking, which again is mainly mortgages, revenues were down year-on-year, both in the full first half of 2024, but also, and this was not exactly expected, in the second quarter of 2024, because of maybe a weaker market. At the same time, we had an increase in marketing costs, because basically we had an increase in the strengthening of the pipeline, but it didn't transform into new mortgages as quickly as we expected. So we had, in terms of, of course, mortgages and revenues, a relatively soft situation, a decline, basically. In terms of incoming volumes, we had some strength, and so we had to spend more on marketing, which tends to be very linked to demand. So, the negative impact on the economic performance, year-on-year of credit broking. At the same time, you know, the fact that we're paying to acquire all this pipeline means that we are confident, we expect to see growth year-on-year in both top and bottom line in credit broking from the third quarter of 2024. Insurance broking went as expected. It continues to grow year-on-year, and, you know, this growth is more or less continuous and stable, and, obviously we see expanding profitability because this is to a business with fixed costs. So this is delivering expanding margins, and this progress, there is no reason to expect any change in this trend in the coming quarter, so we can expect growth there. Telecom energy comparison was very exactly as expected, I would say, so with strong growth in the first half, and particularly very strong in Q1, and then a slowdown with growth in Q2. From Q3, the comparison would be a bit more difficult, but we would benefit from the contribution of Switcho both in terms of you know just adding expanding the consolidation area and adding the new business, but also the integration would lead to efficiencies that should benefit both Switcho and the existing businesses, so that would be an extra boost, maybe not in Q3, but more in Q4. In In Q3 could just be additional volumes, and in Q4, maybe some synergies. But it's this is going to help us grow in also in the coming quarters. E-commerce price comparison, this is quite interesting, because basically we had in the first half, and particular also in Q2, a robust revenue growth. So revenues went up in a significant way, but basically we were able to to generate much more traffic, thanks to new features introduced by Google with the entry into force of the DMA. But all this traffic was traffic that is basically very low or zero margin. So basically, Google after the DMA came into force, they made it possible for comparison websites to drive traffic also directly to their websites, and we experimented with that. In terms of volumes, it has a positive impact, but then in terms of cost of this traffic compared to the revenues that this traffic is able to generate, it was sort of a wash. So we remained in a, you know, we offset the damage of the reduced organic visibility that affected all comparison websites in the previous months. So again, it was in this period, it was especially in Q2 strong growth in revenues year-on-year, but we've had significantly lower EBITDA year-on-year. Then we also know that the European Commission started an investigation on Google for non-compliance with the DMA, exactly with respect to comparison shopping or in general, favoring Article 6.5. And, from Q3, we don't know if things were changed or we also tried to optimize things and also, you know, last year we started suffering because of the reduced visibility in Q3. Anyway, from Q3, we are seeing a more favorable comparison, and so we expect from Q3, even for e-commerce price comparison, to see revenues and EBITDA up year-on-year. And finally, you know, we are here, fingers crossed, are waiting for the final judgment of the European Court of Justice on the Google Shopping antitrust case, which is due on September 10th. And, this is important because, basically, you know, if everything goes well, this is the last obstacle before proceeding with potential damage claims. And, finally, international markets. International markets, which means, mainly, Spain and France, for broking. Revenues were up moderately in the first half, but we had a faster increase in marketing costs, and the general market was also less favorable than in 2023. So, we didn't have such a strong performance year-on-year. At the same time, we continue to improve things. We have the new CEO and the new CTO in France, so there we have now a very strong team, and we are, we're also able to free their coordination resources. What we expect and what we see is year-on-year growth from the third quarter. So even this, you know, more difficult situation of the markets, the first half is possibly something that, you know, has changed. Also here we see growth both in top line and bottom line from Q3. Finally, we are still waiting for the authorization to close the Pricewise transaction, and as soon as that is approved, you know, that company will join the group, and it will start contributing. This is for the Broking division. The summary is Q2 was weak, but then we expect at least Q3 and possibly the coming quarters to see growth across the board. Different speeds, but growth across the board. That's for the Mavriq or Broking division, and now I let Alessandro continue with the Moltiply division. Ladies and gentlemen, please hold the line. The conference will resume shortly. Oh, hello. Sorry, I was on mute. Can you hear me? Hello? [Foreign language] Okay. Sorry. Hello? Shall we start again? Yeah, yeah, Ale, I'm back. So I was handing it over to you. I think I finished if you are. Yeah. Yeah, yeah. I don't know if we are conference call operator, are we still online? Yes, you are. Okay. Sorry, everyone. I guess there was a miscommunication. Okay, hello, everyone. So, we are on page 24 with the result of the BPO division, what we now call Moltiply division. So in the first half of 2024, revenue grew year-on-year 3.9%, from EUR 107.9 million to EUR 112.1 million. Also, the EBITDA grew 7.4% year-on-year, from EUR 24.2 million to EUR 26 million. The EBIT grew 9.7% from EUR 11.8 million to EUR 12.9 million. The EBITDA margin grew from 22.4% to 23.2%, while the EBIT margin also grew from 10.9% to 11.5%. If we look just at Q2, we see results that are a little lower than, you know, the result, or the overall result of the semester, but are kind of on the same trend. So again, small growth overall in revenues, and basically, a stable marginality. So what you see in Q2 is growth year-on-year of 2.4% in revenues from EUR 55.3 million to EUR 56.6 million. And at the EBITDA level, a growth of 3.3% from EUR 13.1 million to EUR 13.5 million. That's an EBITDA margin that basically remains stable from 23.6% to 23.8%. EBIT here shows a very significant growth year-on-year, but again, this is those impacts of when is the moment in which we recognize the PPA, so probably something went out of the amortization schedule. So what you see in Q2 is really nothing significant, this growth in EBIT, and it's more significant to look at the overall of the H1 result in terms of EBIT. Now, if we look a level beneath the Moltiply division and went at the different business lines, the dynamic is actually very, very different, looking at the different business lines. So first of all, looking at each, you know, overall, we expect the second part of the year to show a weaker result, a more challenging environment, and therefore, we expect that H2 2024 will bring more or less the same results, at least in terms of EBITDA, so that the overall year results will be in line with 2023. That means that probably the comparison of the second part of the year relative to 2023 will show a negative sign. And the reason relies basically on the different business lines. So if you look at Moltiply Mortgages, we have had an increase in demand in Q2 2024, but this increase in demand is mainly relative to the para-notarial services. In terms of the our classic outsourcing, historic outsourcing, services, demand is still weak, and we are also seeing some of the dynamics that Marco talked about for the Broking division. That is, we see demand, but we don't see the closing, which means we work with the same costs, but not necessarily we have the revenues at the end. That supposedly, we expect that to improve. Part of the problem is also that we have some new clients, so we have to build up a little bit of capacity that, at this point, is still not efficiently used. We hope maybe not to see better results in Q3, but we hope to see them by the end of the year. So we have to expect to see a positive contribution of the new clients in Q4 2024. Moltiply Real Estate. And by the way, this weakness in mortgages was not expected, but we were a little bit more positive, because we were seeing the increase in demand, so we hope that also, that would mean increase in profitability, that didn't really happen. Instead, we expected weakness in Moltiply Real Estate, and both in terms of margins and in terms of revenue, and this is exactly what we have seen. And the reason, as you all know, is the fact that we don't have any more, basically, any revenues from the Ecobonus -related business. And the volumes related to valuation of real estate guarantees, our classic appraisals of property, although it's slightly growing, has not offset the decrease and the termination of the Ecobonus related business. Also, in terms of profitability mix, the Ecobonus business was highly profitable, relatively more profitable than the appraisal part. Moltiply Loans, which grew very nicely in the first quarter, is basically stable in the second quarter. So we have a single digit overall growth in H1. We expect H2 to be basically very similar to H1 overall, so here, we have a positive sign at the end of the year. Moving on to Claims. Claims is actually what offsets, you know, the negative sign, or zero signs that we have seen in the rest of the businesses described up to this point. We have had robust double-digit growth in Q1 and Q2, and as you know, this started basically last year, when we started recording an increase in business volumes due to the exceptional weather events. Therefore, we are now seeing basically the tail of this, which will continue also in the next quarters. The tail is also the most profitable part of the business, because it's what we call as very complex claims, or very rare claims, which take longer to be processed, but in the end, as they are more complex, allow us to add more value, and we are also recognized more value by the insurance companies. Therefore, we are not only seeing growth in revenues, but also seeing growth in profitability in this tail of the volumes. By the way, 2024, in terms of new claims that are being opened, is still a good year. Obviously is not as exceptional as was 2023 to date. Then obviously we will see the events for the rest of the year. Anyway, this means that for the second part of the year, we will still see very high volumes in terms of revenues and profitability, but they will compare with already good numbers in 2023, therefore here, the offset capability of the insurance claim business line will be less significant than it was in the first half of the year. Moltiply Wealth business line is also displaying growth. Revenues are up double digit, and we expect the H2 2024 performance to be more or less in line with H1. So here, we have good news, but this is still the smallest of our business line. By the way, I should also say that just three days ago, a new manager for this business line started because the previous one retired. So we have a new person that brings a more than 10 years of experience in multiple roles in the fund administration area, which is part of what we do in the Moltiply Wealth area. So it's very good person that we have now on board, and that I hope will fuel the growth of this business line. Moltiply Lease continues to show a stable performance when compared to 2023, but this is actually good news, because you might remember that 2023 had, you know, a lot of one-off items that contributed to a record year for this business line. So what we expect is that by the end of the year, we'll have the same results, but at this point, they will be organic, so without the one-off items. So very negative news, that means that this will become the base of growth for the following quarters. Finally, it should be pointed out that the other revenues decreased significantly, and most, if not all, of the other revenues refer to our pro-lending platform to perform lending as a service activities. This is a regulated entity called Centro Finanziamenti. This part has impacted not only the revenues, but also, and significantly, the profitability, because it's a very small structure, and therefore, if the revenues go down, obviously the fixed cost of a regulated entity are all there, and therefore, that impacted negatively the EBITDA. Therefore, we have decided to refocus, to simplify the structure, and to focus only on what today appears as a promising product, although not as quickly as we expected it would be promising, which is the release mortgages, the equity release mortgages. And anyway, we have also started a review of what the strategic options are for this initiative, looking forward. So with this, I end the discussion on the results and the outlook of the BPO division, the Moltiply division, and hand it back to Marco to give us a point on the net financial position. Thank you, Alessandro, and we can move to page 29 of the presentation for some comments on the net financial position. And basically, here, what is worth explaining is the fact that the evolution of the net financial position, which is about EUR 16 million worse compared to the end of Q1, is basically linked to three or four factors. First of all, at the very end of June, we acquired Switcho, and that added a negative effect of EUR 18 million, EUR 12 million of cash that we paid right away, and EUR 6 million of liability that we recognized, of financial liability that we recognized for the put and call. So that's one factor. Another factor is, you know, Alessandro explained that we are doing very well with insurance claims and we are happy with that, but at the same time, we have options on the 49% of Gruppo Lercari that we don't own, that are linked to the results of the company. And so the price we need to pay for the minority is increasing, and this is recorded as a financial liability. And so basically, for this reason, we recognize an increase of EUR 5 million, roughly, mainly for this reason, in financial liabilities. By the way, this liability will be due normally in the second quarter of 2025, so there is also a reclassification of this liability from non-current to current. You just see, you know, if you want to see the details, you just read the half year report, but basically, so we have this liability that shifted from non-current to current, and was increased by EUR 5 million because, you know, our estimate is that we would have to pay more because of the results. And then, we had, but this is more in line with what we have every year, a negative impact of the working capital of Agenzia Italia. As always, this is a company that advances custom duties on a huge fleet of vehicles for, you know, the owners, and this is a very short spike, and this happens a few times a year, but the worst time for the, it is visible in the financial position, is June, because it's not too far away from, you know, the cut-off date, and so Agenzia Italia absorbed cash and generated receivables because it advanced this money, you know, before the end of June to the fleet owners. Again, this is more similar to what we have in an ordinary way. The part that is not ordinary is EUR 18 million of Switcho and the EUR 5 million of recalculation of the new estimate of the liability for Gruppo Lercari. So this is, these are the comments that I had on the financial positions, and we have tried to explain it in detail anyway, so it's clear exactly, you know, all the different factors in the half-year report. With this, I think we are done with the presentation, and we can go to the Q&A session, and I hand it over to the operator for this. Thank you. This is the conference call operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. Anyone who has a question may press star and one at this time. We will pause for a moment as participants are joining the queue. The first question is from Aleksandra Arsova with Equita. Please go ahead. Aleksandra Arsova, your line is open. Can you hear me? Yes. Now, yes. Okay, sorry. Two questions on my end. The first two on Mavriq, and the other one on Moltiply. So on Mavriq, on the e-commerce, first of all, can you just clarify a little bit, what are the steps and the timing of when, let's say, the process you will start in after the 10th of September, so after the European Commission will put up just—sorry, will provide its final decision, so what you expect after that? Then the second one, again, on e-commerce. So you have seen that you had a lot of volumes, but with very low or insignificant marginalities. Can you better clarify, explain, what is the dynamics here, and maybe make some example of, let's say, revenues which does not generate, EBITDA in the e-commerce? And then on, Moltiply BPO, so on, on the claims, insurance claim business, so from what I understand now, the government is finally finalizing, the regulation, the law, on this mandatory insurance claim, insurances, insurance policies, by companies. Maybe by the end of the year, we will get this regulation. So do you have, or did you make any simulation on what could be the impact on your business and the benefit for you, even in quantitative terms, in the coming years? Thank you. Thank you. This is Marco. I will handle, of course, the Mavriq questions. Well, first of all, the implications of what will happen after September the 10th. But first of all, let's assume that we get a positive decision so that Google's appeal is rejected, as I think everybody expects. And at that point, we will be able to. It will take us a while, but, you know, not too long, but we should be able to file a damage claim, to sue for damages, without, you know, in an Italian court, without the thing is sustained. So it will be just a normal litigation for antitrust damages, the fact that in abusive conduct was carried out will be undisputed at that point, and it will be mostly a matter of quantification, and of course it could be very technical. It will take long time. By the way, we expect you know these damage litigations to take place in all jurisdictions. In every country, there is a similar situation, so there will be in the E.U., I don't know, 10, 15, 20, at least, parallel litigations of this type that are mostly at the starting blocks. Some are already ongoing, because they were not blocked, but most are at the starting point, and we see what happens, and it's the timing will be what you would normally expect from an Italian court, so it's likely to be a few years, not forever, you know, but not. It's not a matter of months if it has to go through the entire judicial process, and it's also worth saying that, you know, this all comes from the abusive favoring of Google Shopping by Google as the dominant operator in Google Search. This matter has not been solved and is also addressed by the DMA, and so there are other things that are moving which are not directly related to this claims process and so on, but you know related at least to the same matter and basically you know part of the DMA there is one article. It's 6.5. It was designed to avoid this possible favoring, this possible abusive favoring, without requiring to prove an antitrust a breach of antitrust regulations. Google was supposed to start complying with this in March 2024, and they did some changes, but you know, the changes that they did were not considered acceptable by, well, not by us, but not probably also by the European Commission that opened an investigation for non-compliance, for potential non-compliance on this. Also on this, and this is much faster turnaround times, and this could also have an impact. On one end, we will be able to sue for damages, you know, without any obstacle at this point. On the other end, the DMA should be able to fix or improve the situation on a shorter time frame. This is the first answer. The extra volumes are linked to, instead, the changes that indeed Google made, but you know, again, are not changes that in our mind are bringing compliance with the DMA, but the changes are very simple. You go to Google, and you make a search, and you see some product adverts. These are called product ads, or this is called the shopping box and basically this is, you know, product features and descriptions, and normally, you know, this used to always link to the merchants, so the sellers of the products. We were able to participate but more as catalog providers, so you could have an advert for a particular merchant by Trovaprezzi, and you know, by clicking, you could go to that merchant, but we were not allowed to send traffic directly to our website. With the entry into force of the DMA, the biggest change was that Google allowed us also to participate to these shopping ads with adverts sending traffic to our website instead of to merchants. That's more interesting for us and also for consumers, so we have been using that. The problem is, the cost of this traffic, you know, which is significant because, you know, that does increase our visibility. That, and, you know, we have been able to drive much more traffic, thanks to this, to our website, but in order to do that, the remuneration that we have to pay is comparable to what we are getting out of that traffic, so it's very low margin. Then, you know, it's something which is experimental for us, and, you know, Google, we know in other situations, apparently has knobs to decide, you know, how things, you know, should work. And, you know, today, this is not working. You know, this is just driving volumes and not transferring any margins, basically. And with the DMA, Google is supposed to provide transparent and fair, reasonable, and non-discriminatory access terms for each whatever is done within search, which includes this one. And so far, we don't have any of, I mean, at least we don't have the transparency, so it's very hard to say exactly what is happening. That's part also of the issue. So the extra volumes come from this new feature. This new feature is nice, but not profitable, so doesn't make an economic difference. Of course, we could do some tuning, and we have been doing some tuning, and maybe that will improve the situation. But you know, this is what is happening. All right, and relative to the claims, I have read the newspaper reports of you know, the decree, the ministerial decree that should create the application framework for the law that makes it compulsory. It's really recent, I mean, and I haven't read the actual decree, which has not been approved yet, but should happen shortly, at this point. It seems from, again, what you can read in the newspapers, that, you know, one of the important points, some important points are being addressed, which are basically, you know, the worries that the insurance company had on this decree, that, you know, there had to be set very clear limitations of what you know are who would be able to file a claim, and this seems to be very clear, and so going in one of the right direction, as well as giving a, you know, a platform from the government in supporting insurance company and reinsurers on this. What I haven't found, at least in the reports, is what they're gonna do if a company does not comply with the compulsory policy, so if they don't take it out. Which is actually, in the end, the real incentive to sustain this increased cost by companies, and that is not yet completely clear. I don't know. So we haven't done an analysis to answer directly to your question. Obviously, whatever happens is gonna be down. The, w ell, this first of all is only a positive impact, and the amplitude of this positive impact will be depending on how much actually this market catches on. So if it actually becomes very significant, as it should be, then we expect, you know, even with a constant level with an average level of natural catastrophes, to see a significant increase in our activities in claim processing, because there will be many more insured subjects, especially in the less dense areas of Italy in terms of populations, and especially for industrial plants, which normally bring about to, you know, complicated claims, complex claims, which are the most profitable, as I finished to say. Then, you know, each time there is an increase in demand for our service, you can also expect that there will be an increase in supply, and therefore an increase in competition. But, you know, it is a dynamic that still definitely has to play. But, you know, all of that I believe is just a positive thing, and I think that the most positive aspect is that the government have said that they would issue a regulation within the month of October, and it seems like that this is gonna happen, because we are in early September, and the first drafts are being circulated, and there are the first anticipation. So I think that all of this is positive. Okay, very clear. Thank you. The next question is from Filippo Prini with Kepler. Please go ahead. Good evening. I've got two questions. Firstly, given your comment about the decline of revenues related to mortgages, this decline in the second quarter is coming also from a decline of revenues linked to refinancing, because refinancing is positive, but still overshadowed by the other part of the business. And the second and final question. Given what could happen after the sentence on September the 10th, will you file the same request of damage against Google that you filed five years ago, almost five years ago, and asking for a total damage of EUR 800 million-900 million? Thank you. Okay. Thank you. Well, in mortgages, I think this year refinancing is up year-on-year. And there is more weakness in purchase mortgages. By the way, you know, it's always very difficult to make comparisons. I was looking at Assofin, and according to Assofin, actually, there is a bit of growth in the second quarter. So maybe we are seeing a different market. I don't know. I don't think we have any competitive issue actually. We are quite convinced of the contrary. So I think the proper description is that there is a soft purchase market with people buying cash when they have the opportunity, especially people that are better off within the population, which are quite often our clients. And remortgages are picking up a little bit. Regarding the. Marco, just let me comment that indeed is definitely the case for the BPO. So we saw increase in the para-notarial services related to refinancing, while it was weak, the part on normal purchase mortgages. Yeah. No, so we are seeing the same, clearly. Yeah. Regarding the potential claims for the abuse of dominant position, I think not much has changed, so we are going to be talking about. Of course, we will need to update, you know, basically when you do those claims, you work with economists that are specialized in antitrust cases, and they will do what they call counterfactual scenarios, and so on. Basically, they build models to assess the damages. I don't think that much has changed, at least for now. I don't see why, you know, it could be if you update the numbers, because basically, you know, the way you do it is basically say, look at an explicit period and then like sort of a terminal value in that type of situation, and maybe now the explicit period is a bit longer, and maybe we have some more information about how the market evolved, but I think that, you know, ballpark, the ballpark numbers are of the order of magnitude. Yeah. Thank you. As a reminder, if you wish to register for a question, please press star and one on your telephone. The next question is from Giada Cabrino with Intesa Sanpaolo. Please go ahead. Thank you for taking my question. Just a clarification for me. I would just like to understand if you feel with the end of the year guidance, full-year 2024 guidance of EUR 119 million-120 million EBITDA. Well, there is a lot of background noise. If we can, she can go to mute. Well, we don't have a guidance that we issue now. I think what we are saying for now is that BPO will be kind of flattish year-on-year for the full year. Whereas broking, we see growth in the second half year-on-year. So let me see. Yeah. I think, you know, then I don't know what we can say. I think it's not impossible. Maybe, you know, it's a bit optimistic, but it's really hard to say. Let me see. Yeah. So, I mean, it's not really a big change, that you know that we are seeing at least for broking, not at all. I don't know, Alessandro, if you have any view on this, but I think for what we can say, this is more or less it like last year, we had another in Q3, EUR 55 million, another EUR 55 million, or we did that. It's, you know, given that we don't give a guidance, I would say it would be on the high side of what is feasible. You know, if you just another reference point for the second, that means that we did EUR 55 million in the first half, I think, it would mean doing EUR 65 million in the second, when we did EUR 55 million in the second of last year. But I would say that, that's maybe aggressive. That's maybe aggressive, the EUR 120 million. Yeah. But the low side, I think it's okay. What do you mean? Yeah, so exactly. Okay, thank you so much. I meant consensus. I'm very sorry, not guidance. Okay, yeah. Okay. The next question is from Aleksandra Arsova with Equita. Please go ahead. Aleksandra Arsova, your line is open. Sorry again. A very quick one. So let's say then, in a few time you get the, let's say you win against Google, and you get some, let's say, compensation from Google, which is relatively significant. What would be the use of proceeds in this case, M&A or strengthening the balance sheet or whatever? Just a follow on this. Thank you. Well, okay, it is one of those things you don't want to, you know. Well, you know, in Italian we say, [Foreign language]. So, I mean, let's not think about how to use the money until, you know. We got it. Yeah, we still don't have a decision. We still have to do a litigation and so on. Mm. So, it's a very sizable amount of money, potentially, but it's a bit far away in time for now, unless, you know, they decide to try to close all these things, but, you know, for now, it's impossible to predict what will happen. Okay. Thank you. For any further questions, please press star and one on your telephone. Gentlemen, there are no more questions registered at this time. All right. Okay. Thank you. Thanks everybody for participating to our call then, and we are available as always, for one-on-ones, and otherwise we'll speak to you, you know, with the approval of the Q3 results. Thank you. Yeah. In early November. Bye-bye, everyone. Bye-bye. Bye. Thank you. Bye. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.