Good morning, everyone. Thank you for joining to this call on the nine-month 2025 results of NewPrinces Group. I'm Benedetta Mastrolia, the Investor Relations Director of NewPrinces Group. I'm delighted to be joined by our Chairman, Angelo Mastrolia, Rocco Sergio, our CFO, as well as Simon Harrison, Princes Group CEO, and Fabio Fazzari, Princes Group CFO. Before starting, as usual, I'd like to remind you that this presentation may contain certain forward-looking statements that reflect the company's management's current views with respect to future events and financial and operational performance of the company and its subsidiaries. These forward-looking statements are based on NewPrinces Group's current expectations and projections about future events. Any reference to past performance of NewPrinces should not be taken as a representation or indication such performance will continue in the future. Also, this is not an offer to sell or a solicitation of an offer to buy NewPrinces securities, and this presentation shall not form the basis of any investment decision in relation to any of the NewPrinces securities. Now we can move directly to page six of the presentation, which is our financial highlights for the period. Before starting, I'd like to highlight that the group experienced fluctuation, again, in the fluctuating environment in the last nine months, and we focused mainly on margin-created growth as well as operational efficiency and disciplined portfolio management. Because of our pass-through mechanics with our customers, this resulted in lower revenue, again, because of the pricing conditions across the core materials of the group. In terms of revenues, now getting into the financial allies, in terms of revenues, we generated EUR 1.94 billion in revenues as opposed to EUR 2.03 billion at the end of the nine months 2024. There was also a currency exchange impact slightly, which is now around 6% from pounds to euros, minus 6%. In terms of breakdown by business unit, we had a really good performance in dairy with a 2.3% increase, drinks which traded up 4.6%, and especially B2B partners, which increased by 8.5% year on year. We also had a very positive return in terms of gross profit with an increase of 9% year on year. As said, we focused mainly on our margins, especially given the really good performance of Princes in terms of margins. We had an adjusted EBITDA for the period of EUR 157.4 million, which is an increase of 20.2% as opposed to the nine months 2024 figures. Adjusted EBITDA was also pretty positive, so we had an increase of almost 200 basis points to 8.1% EBITDA margin as opposed to 6.3% at the end of the nine months 2024. As said, this is mostly thanks to the implementation of a new cash strategy within Princes. Looking at EBIT, we look at the normalized EBIT. There was an impact both in 2025 and in 2024 of the business combination, so the badwill coming from the acquisitions of Princes in 2024 and of Diageo Operations Italy in 2025. Looking at the normalized EBIT, which excludes the badwill from these acquisitions, we had an increase in EBIT of 140% as opposed compared to the first nine months of 2024. Looking at the reported EBIT, we had a reported EBIT of EUR 147.3 million in the first nine months of 2025. Net income was also impacted by this badwill. Looking at the normalized figure, we had an increase of EUR 43.8 million. We had a net income of EUR 39.2 million as opposed to a loss of EUR 4.6 million at the end of the nine months 2024. In terms of reported figure, we recorded EUR 106.2 million net income for the period. Moving on to net financial position, we also had a very good improvement in our net debt figure. Excluding IFRS 16, we had a net debt figure of EUR 236.3 million, which is an improvement of roughly EUR 10 million as opposed to the end of 2024 number. Also looking at the figure, including our fresh 16, we had an improvement of around EUR 13 million. If we do exclude the investment of GBP 83 million in the investment for the Aurora level building and cross-grade facilities, net debt would have actually improved by EUR 108 million compared to the very first December 2024 figure. Moving on to free cash flow, as you know, this has been one of our key focuses, and we had an underlying free cash flow, which excludes CapEx of EUR 163.4 million, which is an implicit EBITDA to free cash flow conversion of 104% for the period. Moving on to business units, as we said at the beginning, there was a Brazilian performance in terms of volumes, despite the deflationary environment that affected our core raw material prices, which reflected in lower revenues. Looking at some of our core business units, we can highlight that drinks performed really well thanks to new contract gains in drinks, which resulted in higher volumes for the period and an increase in 4.6% year on year. Dairy also performed quite well thanks to an increase in milk sales as well as dairy sales and also a slight increase in the average selling prices. All the other business units were affected by a lower average selling prices. Moving on to distribution channels, again, we see the deflationary effect on all the distribution channels. However, we had a very good performance in terms of B2B partners because of two reasons. One is the new contract wins in drinks, which is mentioned, but also an increase in the baby food categories. Within the Italian category, we had a really good performance in that sense. That results in a 9% increase in the B2B partners channel as opposed to last year. There were some effects, for example, in food service and normal trade. This was also a strategic move. We decided to exit some low-margin contracts, especially in foods, and we also rebalanced our oils and Italian products within this channel to be able to have a better margin overall. Moving on to geographies, same impact of the flesh environment across all geographies. In Italy, we had a very good performance in milk and dairy, as we just mentioned, and there were some headwinds in terms of pasta and bakery and also some lower volumes in fish, which were the result of some strategic exits from some previous low-margin contracts that were in place within Princes. In Germany, we had, again, a strategic decision to exit some low-margin contracts in tomatoes and pulses, and we tried to optimize our portfolio within Germany. However, our volumes within pasta and Italian have been pretty stable and positive. Same deflationary effect also across the U.K., across different business units. However, we had, as we just said earlier, a good performance in drinks. Moving on to probably some of the most exciting part is the EBITDA increase. As we said, adjusted EBITDA increased by 20.2% as opposed to last year. We had an EBITDA margin of 8.1%, which is very well ahead of the curve of our 10% midterm targets that we declared at the beginning of the year. This was the result of a very disciplined margin improvement strategy, which was done through mix improvement, cost optimization, supply chain improvements, as well as general procurement improvements across the group. Two notable improvements were in foods and Italian. Foods improved by almost 200 basis points, and this was the result of some lower direct costs compared to last year, and also, as we just explained, the strategic exit of some low-margin contracts. The most notable improvement, however, has been in Italian. Italian almost generated a 6% margin improvement, so 600 basis points, so 570 basis points margin expansion as opposed to last year. This has been a recurring instance. Since the nine months 2025 results through to Q1, H1, and now to nine months 2025, we have seen a stable improvement in our margin in Italian. We went from 8.1% in the nine months 2024 to 10% in Q1, to 12.3% in H1, and now to almost 14% at the end of nine months 2025. Really strong and also the result of some improvements done at group level. For example, the integration of production within the Napolina pasta within the existing NewPrinces facilities, as well as some efficiencies in terms of logistics from Italy to the U.K., which resulted in a very good performance in terms of margins. Now, very briefly on cash flow generation. As we mentioned at the beginning, we had an underlying free cash flow generation, which excludes the CapEx for the rural building and cross-grade facilities of EUR 163.4 million. This is, as you can see, the result of two main factors. One is, of course, a higher adjusted EBITDA, but also really good improvement in networking capital of EUR 64 million. This resulted in some very positive results in terms of our leverage ratios. Net debt to EBITDA went down to 1.58 from 1.95 at the end of 2024, and a gearing ratio of 80%. Very much aligned with some healthy, I would say, leverage indicators as a testament to the group's financial flexibility and also an ability to deleverage quite quickly over the course of the last year. Very briefly on M&A, we know this has been quite an important part of our recent news. The two acquisitions currently announced and pending are Carrefour and Plasmon. Carrefour Italia is supposed to be completed very soon. We are indicating at the end of the year. We expect to complete it by the end of the month, but of course, we've been cautious. In terms of Plasmon, the Plasmon acquisition will be concluded at the end of Q4, so around the 31st of December 2025. Just a couple of points on these two acquisitions. We expect that there will be a positive impact on net debt and equity following these two acquisitions. Despite the investment in Plasmon of EUR 120 million, we expect that there will be an improvement in net debt by at least EUR 100 million. This is because there will be a recognition of badwill, which will be on top of the current one that we have from the Diageo acquisition of EUR 67 million. There will be a positive impact of at least EUR 200 million on equity. Really positive results from these two acquisitions as well. We will, of course, inform the market as we complete these acquisitions hopefully soon. Now I'll hand over to Fabio Fazzari, Princes Group's CFO, to walk you through some of the Princes Group results for the first nine months of 2025. Thank you, Benedetta. In this first slide, we can see a summary of the performance in the nine months of Princes Group. Despite the general deflation headwinds that we are going to see more in deep in the next slide, it's important to highlight the strong results in terms of profitability that the company achieved with the adjusted EBITDA that is up 23% versus the same period of last year on a like-for-like basis with 180 basis points of improvement, always on a like-for-like basis. It's an additional improvement after the 170 basis points of margin improvement reported at the end of the first half. This is the proof that the target of 300 basis points could be achieved next year and that the integration and the synergies delivery is going on in line with the original plan. We also need to highlight the strong cash flow conversions, free cash flow conversions on an underlying basis. Excluding the investments for the Royal Liver Building and cross-grade warehouse, the underlying free cash flow generated was EUR 136.5 million, 123% in terms of cash conversion versus the EBITDA reported. In the next slide, we have a bit of details about the single divisions in terms of the revenues dynamic and the margin improvement. As you can see, all the divisions show a very important improvement in terms of profitability. Despite the headwind that we face in terms of deflations that obviously impacted the top line, you can see the delta reported by the top line and also the impact that we had in our P&L in terms of direct material deflation. In the next slide, we have some example of the trend that we experience in this period. Olive oil experienced some material cliff since the beginning of the year, but also the same for durum wheat that impacted obviously pasta for some packages and also other materials. Obviously, these are just an example to give you a bit of feeling of what is happening in the market. In the next slide, we have a more in-depth explanation of the quality of our earnings that is, I would say, underlined by this 123% of cash conversion. This, despite we experienced in September a peak in terms of inventories due to the tomato season. Despite that, the change in net working capital continued to be strong and to drive most of the cash conversions with GBP 67 million of contribution. The CapEx remain under control and we can confirm the target of GBP 30 million-GBP 35 million for the end of the year. It is important to highlight that the contributions from the net working capital was also driven by a further improvement in terms of the management of payables. We got at the end of September 68 days versus the 63 reported at the end of June 2025. It is important to note the material difference versus the end of March 2024, so the period before the acquisition of Princes Group by NewPrinces. In the next slide, we have a summary of the net cash positions that we reported at the end of the period. We have a net cash of GBP 18 million on which we made several different adjustments related to the cash pooling with NewPrinces, the impact of the perimeter that was acquired linked to the new IPO perimeter, and the impact positive of the IPO proceeds. On this basis, the group at the end of September could count on GBP 268 million of net cash. It is important to highlight that inside the balance sheet, for a conservative approach that wanted to leave substantially clean the net working capital movement to allow investors to appreciate the strong improvement on the net working capital, we decided to account under IFRS 9, the non-recourse receivable finance. This is fully non-recourse, so all the risk are on the shoulder of the bank. There is no cash out required to close this amount. Substantially, this is a pure cash that is on the liability side of the balance sheet just for an accounting decision. If we consider also these contributions, the company could count at the end of September on a real GBP 558 million of net cash. We are very well prepared to think about the new opportunity in terms of M&A. In the next slide, we have a bit of view about the important investments that we made on the real estate side. This is the Royal Liver Building, a historical building in Liverpool. We can say that is the building that substantially conserves all the history of the city. Together with this building, in the next slide, we show the acquisition of an important warehouse that we have in Leeds that is also the headquarter of Symington's with the office inside. An important investment all together allowed the company to have a saving of GBP 3.7 million per year of rent. If we consider the cost of the financing, but also the cash in that we are going to have from the other tenant in the Royal Liver Building, we can summarize that this investment is going to give to the company a yearly free cash flow generation of GBP 3 million net of all the other costs and a total investment yield of 11%. This explains substantially the reason why we remain always focused also to grow in terms of real estate assets to optimize our capital structure. In the next slide, we have the summary of the midterm ambition. We can confirm that we expect starting from 2026, the top line to grow around 3% of organic revenue growth. On top of this, we expect to have GBP 1.5 billion of potential contributions from the M&A strategy. We expect to complete the margin improvement of 300 basis points during 2026. We confirm that the CapEx spending for the year for Princes Group could be around GBP 30 million- GBP 35 million. At this stage, considering the cash that is available in our balance sheet, we do not have a particular issue in terms of leverage. In case of a very big acquisition, our target is not to go above two times net debt on EBITDA and to maintain an attractive return on capital above 20%. Okay, now we can open the call for questions. I think we do have some questions from our analysts. Alberto Gegra from EQUITA, I think, was first in line. You can go ahead and ask your questions. We will also answer all the questions in the chat as soon as possible. Thank you. Good morning. Can you hear me? Yes. Okay. My first question is on the outlook. In particular, in the press release, you are confirming the flattish trend for the sales on a comparable basis for this year. This implies an improvement in the top line in the fourth quarter. If you can maybe elaborate on the driver behind that and on profitability as well, if you feel confident to confirm the previous indication of EBITDA for this year between GBP 210 million and GBP 220 million. On the net financial position, if you can clarify if Diageo had any impact on the net financial position as of September, then maybe talk about the main drivers of operating and non-operating working capital, particularly compared to the situation in June. One last, if you can confirm that all the cash out for the Liverpool building has been completed. Thank you. Yes, thank you. A lot of questions. I hope that I remember sort of everything. About Q4, yes, Q4 is the strongest on the business side of the year. We expect to have a good performance according to the visibility that we have as of today. The quarter is going on very well, and we expect to have a strong quarter in Q4. Too early to say how much it will be this impact, but we expect to have a good impact during this quarter from on the business side. This obviously could give an additional support in terms of profitability. We expect in any case to have the EBITDA between the range that you mentioned and that is the range that we gave at the beginning of the year. We have full visibility that we will be inside this range. This is absolutely confirmed. In terms of the net financial position, at the end of September, we closed the deal with Diageo. The impact that we got from the closure of the deal was GBP 7 million positive on the cash side, and this will impact the Q4. In terms of the net working capital, I can tell you that September is usually the weakest, if I think especially at Princes Group, is the weakest month in terms of net working capital contribution because we have the end of the tomato season. This obviously is impacting the inventories. Starting from September and going forward, this impact will be reduced. I would expect to have in Q4 a better contribution from the net working capital linked to the contributions of all the other actions that we have in place and also a reduction of the inventories due to the starting of the commercial activity on the tomato side in particular that was the negative impact in September. The last question is the level building. You know the final, we finished the total payment at September, is totally included in the investment and the effect on the accounting. We don't have a future effect for the Royal Liver Building. We have adjusted the free cash report to generate over the income to revenue about the tenant to use the other office in the Royal Liver Building. Okay, very clear. Thank you. There's a question for Arianna Terazzi. You can go ahead. Yes, thanks. Good morning, everyone. Thanks for the presentation. First, I would ask you, I have a follow-up on the top line guidance. Is this at constant forex or what kind of impact are you factoring in? And then on profitability, you recorded an impressive increase in Italian EBITDA. Does this somehow include a timing effect or some mismatch on raw material cost variation versus the price list applied? And what level of, let's say, steady state margin are you assuming for the pasta for the Italian business unit? Second, on Diageo Princes Ready to Drink, it was already discussed during the previous call, but now after closing, can you share something more about the visibility on volumes going forward after the transition period? Lastly, my last question, I would appreciate more color on the transfer of Princes Ready to Drink and Plasmon to Princes. Thank you very much. Okay, Arianna, about the top line, it's clear that we were speaking about the organic development. We expect a stronger development in Q4, in particular, due to the fact that is the quarter that on the commercial side is the strongest of the year. It's clear that as we represented in the presentation, the effects are starting to have an impact. In Q4, the impact, if this remains, the exchange rate should be obviously higher than the impact that we experience in the nine months because it is an average of the nine months. In Q4, in particular, it should be also in this case the highest of the year. Having said that, we believe this is an impact on the accounting side, but the performance that we expect continues to be strong despite any kind of movement on the effect side. Regarding the profitability, the drivers of the profitability were several and different. It is clear that specifically on pasta, we got also an important development specifically for Princes regarding the integration of the production inside the group. We expect that this should be for the Princes business in particular, the strong level on which we can build up the future development. Also in Germany, speaking about the NewPrinces, we got an important improvement that it will be absolutely sustainable and the base on which we can develop further additional improvement in the coming quarters. About Diageo, what we can tell you is that for sure the Diageo business started with a strong base of revenues and profitability because it is a company that generates GBP 220 million of revenues with roughly GBP 20 million of EBITDA. It is a critic for the rest of the group because it is a margin, a profitability that is for sure higher than the average. We expect this base of business to remain because at the moment we start to produce for the Diageo business that was already inside the plant. We are also developing a lot of new businesses with other counterparts, B2B and retail. We expect this to develop further in 2026. I have to say that at the moment, this part of the business is having strong attention, strong interest from other parties in B2B and retail. We expect to have next year a very strong development of the business. Now, I want to ask you to underline, maybe Fabio does not know the progress. We have a good opportunity now for evaluation of the dismissal from Campari side. Many brands, you know Campari, we have in progress some contact with them to buy evaluation to see if there are some brands interesting for us. We believe yes. In any case, we inform the market in the future if we have material progress. About the Plasmon and Diageo businesses, Plasmon is confirmed for closing, as Benedetta already said, by the end of the year. These two assets will be discussed by the related party committee of the two companies, NewPrinces and Princes. They will be part of the Princes Group perimeter. We need to define which will be the way. If we follow the way that we already consider for the rest of the Italian business, so the lease of the operating assets or an internal sale of these assets, we will inform you as soon as the two committees will decide the best way for the group. Thank you very much. You're welcome. There was another question in the chat. Okay, maybe we'll let Alberto ask the question again, then we'll go through the ones in the chat. Thank you. Just a couple of follow-up. The first on Carrefour, since it is expected, as you said, in September to generate around GBP 80 million of pre-cash flow in the fourth quarter, assuming the closing to be, let's say, by the year end, should we assume that you will receive Carrefour with the GBP 80 million of net cash? The second question on the rationalization of portfolio and the fact that you exit some low-margin contract. Are you okay with the current portfolio of customers, or should we expect this trend to continue in the following quarters? No, at the moment, we believe the view of the portfolio is completed in general, but it is clear we have the monitoring very strong on the marginality. At the moment, we want to consider to totally conclude the review of the total review portfolio customer regarding the non-performing contracts. Thank you. About Carrefour, I can confirm that the closing accounts are at the end of September, even if the closing will be in the next weeks. Nothing is changed versus the picture that we gave in September. In September, we said that according to the budget of the company, we should find this cash performance of Carrefour. If the performance is confirmed in line with the budget, this is something that we will find inside the company because independently than the date of the closing, the closing accounts are at the end of September. Okay, grazie. We have a question from Gabriele Fabbri from Allianz. You can go ahead. Thanks a lot. Good morning. Can you hear me? Thanks for the presentation. Let's speak about supply chain facility. If I don't go wrong, I have understood that you didn't consider about GBP 190 million cash arising from direct factoring facility. Your group is becoming a fully vertical integrated group. In this new habit, how do you think to manage liquidity internally to the group as regards supply chain with the specific instruments, for example, revolving facilities or securitizations? Will you go on with the traditional instruments like, for example, factoring? Regarding these, we have the different options on the table. Honestly, we have many offers also for securitization, package, etc. At the moment, the situation of the cash available in the group is very positive because we have a very big amount available. Honestly, we manage in the best way because we have the necessity to have the yield from the deposit in time to maintain the good relationship with the bank to maintain also the credit line open. In the future, maybe we can evaluate the different strategy depending on the, for example, on the Carrefour side, we have many offers to securitization or credit we have regarding the franchisee. Maybe we take into consideration also this option, but at the moment, we do not need any supporting or extraordinary support from cash necessity. Our position is very positive at the moment. We have in cash available, not the net financial position, about at September, GBP 700 million, if I am not mistaken. At the moment, we are up to around GBP 1 billion. This is a totally positive situation about our capability to manage any necessity regarding the cash to supply, etc., etc. In any case, we believe we have also the interesting instruments internally. The Carrefour Group is Carrefour Finance, and maybe we can use also these instruments to improve our yield regarding our cash available we have in the balance sheet. Thanks a lot, Mr. Mastrolia. Treasury management is centralized at Group Holding at the moment? At the moment, no. We have the Princes Group to maintain the very strong cash in bank with the cash management independently. On these, for example, total at September, half to half on Princes Group, we have about GBP 300 million to deposit on the HSBC, and the rest we have on the NewPrinces Bank. Thanks a lot. Okay, we have a couple of questions from the chat. First one is, can you provide some details regarding CapEx and admin costs? Will the cash allocated to PP remain proportional to the currently reported amount, or was it a one-off expense related to Royal Liver Building purchase? And regarding administration, are there any possibilities for substantial improvements in this area? No, about the CapEx, the amount of CapEx is confirmed for Princes Group in particular, since we are speaking about the Royal Liver Building investments. The underlying level of CapEx remains between GBP 30 million and GBP 35 million for the entire group. NewPrinces, we remain below 2% of revenues in terms of recurring CapEx need. The Royal Liver Building was obviously an exceptional investment. In any case, this acquisition is not going to change anything in terms of the cash allocations and the structure of the cost, in particular administrative expenses. There is another question, which is, which amount of new revenues do you expect from the current NewPrinces products, including Diageo and Plasmon, with the Carrefour acquisition in 2026? Yes, we can mention which are the revenues base of the entities they reported in 2024. Plasmon reported EUR 170 million of revenues. Diageo, as I said, EUR 220 million revenues. Carrefour was EUR 3.7 billion of revenues in 2024. This is the base on which we may start the 2026 calculation. I think also maybe we can mention the projection in terms of new revenues coming from the integrations of products into Carrefour. I I think that was the question. Additional revenue coming in. Yeah, yeah. Obviously, all of the categories in which we currently operate are categories that are sold in Carrefour. There are some obvious opportunities there. We think they can all be supplied within our existing supply infrastructure. Obviously, post-completion, we'll start to do that exercise to quantify that. Certainly an opportunity for NewPrinces. Okay, there was another question, which is, given the current valuation levels, do you foresee the company taking advantage of this environment to expand its buyback program more aggressively in the near term? For sure, we are always considering, or we were always considering the buyback program. Also linked to the share performance is an opportunity that we have on the table to give to the shareholder return. We will see. It is something that is a possibility that is on the table. If there are no more questions, we may end the call here. I know there is a question here. Is it expected in a few months for the assignment of an official rating? Okay, is it expected in the next few months that we will get an assignment of official rating? We are considering also this, but I would say it's not a priority. It depends how the interactions with the agency will go on and which kind of opportunity we may have, also considering the size of the group. You know that below certain size, there is a sort of difficulties to get the triple B, at least, so the investment grade just linked to the size despite the general situation of the company. We need to consider also that because obviously, we have a very strong financial structure, and we don't want that just for the size of the revenues of the business, this part to be maybe hidden and not to be considered as it is so very, very strong. We will see. It's another thing that we are evaluating. In the meantime, there's also another question. One was on, I guess we already answered, on buyback. The second question was, now that Princes Group is successfully listed in London, how do you intend to unlock the value of 66%-72% ownership within NewPrinces? Would you consider a partial spinoff or dividend in kind to shareholders in the future? We will see. It could happen. We have another question. Results show strong improvement in margins and cash generation. Do you have any view on why the market has reacted so cautiously today? I don't know, honestly. Probably they need to, they were waiting for the call. I hope that after the call, maybe everything is more clear, but I don't know. This is another quick question on asking the product. You talked about double current to double current product revenues in Italy with Carrefour integration and if that is the expected amount for 2026. It is not a project that could happen in a couple of months, obviously. What we shared last time is what is the picture. The picture is the one that as of today, NewPrinces is not involved in the Carrefour business in material terms, is not involved in the private label business of Carrefour. It is clear that going forward, if we have the possibility as NewPrinces to enter in the private label productions for Carrefour and to have the possibility to put all our products in the shelf of Carrefour, we have a very strong opportunity to roughly double the revenues that we are currently doing in Italy. This is factual, but it's not something that we can do in one month, two months. Obviously, we need to plan and to execute. If there are no more questions, we may end the call here. We remain fully absurd. There's another question right now. Looking at GSSBA, there were intercompany financing with Carrefour France. How do you plan to substitute the financing line with bank loan or holding line? If so, at what rate? At the moment, as we said at the beginning, you have to think that the company will benefit from EUR 236 million of cash injections from Carrefour. We got the commitment to inject other EUR 200 million to support the structure of the company. I think that on this basis, there is any kind of issue going forward, even if the company obviously won't be more linked to the Carrefour Group lines. I think that at the moment, we can discuss about maybe several different things, but at the group level, we do not have any kind of issue in terms of financial flexibility and the support that the NewPrinces Group could give to the Carrefour unit. I saw this new question, clarifications about the closing date. The closing date for Plasmon will be at the end of December. This is just for accounting reasons in the sense that we need to complete the year-end of the previous ownership and to start since the beginning of the year with the new ownership. The 1st of January 2026, Plasmon will be operating and contributing to the NewPrinces Group. In terms of Carrefour, we expect, as we said, by the end of the year. Honestly speaking, beginning of December should be the right period for the closing. There is another question. Can you comment on the expected timing for the EUR 400 million in CapEx to be deployed in the Carrefour assets? Is there a chance that you do not need to deploy such amount? I think that in particular on the Carrefour investments, probably it could be better to wait for the closing, and then we can speak about the assets. No, regarding these, I can join to the our planning is to invest in five years, the total amount. This is the medium spending, but in line with the planning, we have the strong cash generation because we believe we have the rebate, for example, on the total revenue regarding Carrefour centralized cost up to 2%, about EUR 70 million plus for every year. This consent to neutralization of this CapEx commitment because we have the improvement margin without an action. This is just a consequence to move from Carrefour Group to the NewPrinces Group because actually in this situation, there are some margin to remain in the centralized organization, etc., etc. We have the expectation of very positive impact. In any case, we believe this is a total alignment with the capability of the Carrefour Group to generate cash. We do not see the negative impact on the net financial position of the Carrefour Group or the group. Thank you. We may end the call here. We remain at your full disposal should you have any follow-up questions. We look forward to speaking to everybody very soon. Thank you. Have a nice day. Thank you. Thank you. Thank you. Thank you.