Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the OVS 2025 financial results. 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 zero on their telephone. At this time, I would like to turn the conference over to Mr. Stefano Beraldo, CEO of OVS. Please go ahead, sir. Thank you. Good afternoon to everybody to this conference for the full-year results. As you have seen from the press release and from the document that has been distributed, and as you were already aware, another very good year. No surprise on the fourth quarter after our meeting regarding the nine months. The fourth quarter delivered the same growth rate compared to the other three quarters. As you have seen from the title also, we witnessed a very, very positive start for the new year. All the KPIs are great in my opinion. Net sales are up, EBITDA up. Cash flow has been higher than expected by ourselves, mostly because the last couple of weeks of January generated higher sales, which is the confirmation that OVS is now considered a destination for people who are not able to buy during the full price season, but they are interested in buying our brand, so PIOMBO, Les Copains. Les Copains has been the brand that has been most successful even during the sales period, as a proof that this quasi-premium positioning, which is not premium at all, but is seen as a premium by our customer, is motivating people to buy more than normal during the sales period. Great cash flow, in my opinion, and that's why also combined with the very good beginning of the year, we, as a board, decided to suggest to the next shareholder meeting to increase the dividend from EUR 0.11 to EUR 0.14. As I mentioned, the main reason for the good result in a quite stable market, which has been the market behavior in 2025, has been the success of the house of brands strategy, if I may say. Our customers are realizing that OVS is not anymore only the place where to buy affordable items, sometimes nice, sometimes less, depending on the opinion of our customers, but is a place where to look for solutions for their lifestyle needs. PIOMBO has its own privileged customers. B.Angel has his own customer base. Same for Les Copains, which is attracting young lady looking for a more feminine style compared to the most eclectic and sophisticated style of PIOMBO. People which are looking for sport or fitness are finding in Altavia a great solution. Also very young generation, Z Generation are quite interested to Utopja, which is together with Altavia, the brand which is growing more compared to the other. I think that the strategy of OVS is confirmed as the main reason for the good result in a still flattish market. Also the brand, and I move from the page with the histogram to the first page with the images. I think that you can perceive from these images, which are speaking better than any other comment about the quality of our aspirational, almost aspirational proposition at super affordable prices. This is telling our customers that OVS Group is now able to attract a different typology of customer at different prices with Stefanel, which is performing very well as well, together with other brand. Because as we said, all the brand inside the group performed with positive figure in 2025. Also Stefanel, which is more premium compared to Les Copains or PIOMBO, is continuing to increase like-for-like their turnover. Some images also regarding Utopja in the next following page. B.Angel and Altavia. Each of those images has its own typology of style, typology of message for customers, very often different media. If Utopja is communicated mostly in TikTok, B.Angel is mostly Instagram, et cetera. In page five, we want to give you solid evidence of one important effect of our strategy. Within the different product line, the line which is growing the most is the woman. This is extremely important because fashion is the business where the woman segment is most important. As you can see from the right side histogram, the total market for woman is accounting for 55%. In our group, only four years ago, woman was representing 32%. Now is increasing, and in four year we increased by 19%. This is the segment of business which increased mostly. Now we are at 35%. There is still a gap to be filled before considering the growth of our group in women, having achieved the end of its potential. As you can see, in a four-year, we grew by 8%. This is the like-for-like, basically. Within this, the segment which grew the most has been the women with 19%. To me, it's very noticeable also that the men has been able to increase. In spite of all the competitors like Dondup, Doppelgänger, and many others which are approaching the value segment, we have been able to grow in a slightly negative market. Meanwhile to notice that in kids, we have been able to resist in a negative market, maintaining the same level of absolute sales, in spite of having lost some customers which are moving in favor to cheapest brand like Pepco or Primark. We have been able to maintain our important turnover. Some images, again, regarding what the woman is representing in our offer today, from PIOMBO to B.Angel, from Stefanel to Les Copains. Also a couple of words about the very positive start of our initiatives regarding Goldenpoint. We have been able to operate in the product development, basically only starting from the autumn/winter collections. In autumn/winter, we already communicated to the market that we grew materially, I think almost double digit. Same growth rate we are experiencing in the first three months of the new fiscal year. Still we are aware that there is a lot of room to further increase our sales once all the product categories will be approached and developed by our team. Very good news for Goldenpoint and also very good news for Shaka. The initial development of Shaka out of the OVS standalone store gave us so promising results that we decided, as anticipated, to continue with the expansion of the network. We are still in the very early stage, but we have now 10 independent stores, all very successful, with sales density much higher than the typical apparel sales density. The gross margin is a little bit lower, but the combination of sales per square meter and gross margin gives to this format a very attractive EBITDA generation perspective. Still we see potential for further increase of the Shaka corners inside the OVS stores, because we are seen by the best player in the sector, like the Korean big groups, as the privileged distribution channel for Italy, because they realize that we have been the first movers. The ones that today represent to the eye of Italian customer, the most attractive place where to buy Korean mask and K-beauty in general. Having said that, I think that all the project that we launched are generating very good results. I hand over to Francesco Leoncini for a more detailed comment on the figures. Thank you, Stefano. I start on page nine, the financial section of this presentation, with Q4 results that show a 10% increase in revenues. Sales performance is driven on one side by the consolidation of Goldenpoint, the left side of this table. Also on the organic side, we recorded a 3% growth that sums up to the growth of the previous year. For instance, we are +8% versus the same Q4 of 2023. Q4 has always been one of the most robust quarter of the year for OVS as for most of the companies. In fact, we realized EUR 60 million last year. Thanks to the operating leverage this year, we grew EUR 63 million, excluding Goldenpoint, and EUR 66 million, including Goldenpoint. An increase of almost 10% versus previous year. On the next page, we then have the full year results. In which the pro forma figures excluding Goldenpoint, again, show a +3% increase in sales. That becomes then +7%, including the seven month of consolidation of Goldenpoint. I remember that Goldenpoint was purchased on the 1st of July of 2025, so accounted the whole quarter four, but only seven months in the full fiscal year. One important result is to mention on gross margin. Gross margin increased by 60 basis points on the pro forma perimeter and including the Goldenpoint that has a business model with higher gross margin, almost by 100 basis points versus previous year. Thanks to the operating leverage, this increase turns into a material step up in EBITDA that grows by almost EUR 20 million on the pro forma perimeter and by EUR 23 million including Goldenpoint, first of all, breaking the wall of EUR 200 million. Last year we were just EUR 195 million, so one step ahead from this important threshold. This year, we broke it by almost 10% to EUR 218 million. After depreciation, amortization, interest, and taxes, it leads to a net income close to EUR 90 million, growing 14% versus previous year. This is also the basis as anticipated by Stefano for the increase in the dividend that we propose to the shareholder meeting end of May. On page 11, we go a little bit deeper on these figures, breaking down by channel and breaking down by sign. All the numbers are positive, both including or excluding Goldenpoint. What to remark, first of all, the growth in the EBITDA margin from 12% to 12.8% on the full year. A growth also by segment, OVS growing from 13.5% to 13.8%, which is in the very high part of the benchmark compared to the other fashion players. Also UPIM, that couple of years ago was below 10%, is now at 11.4%. All the main brands are growing. Also the other brand that by size are not represented in this picture, like Stefanel and Goldenpoint did perform in 2025 and are also performing now very well. On page number 12, I move to the balance sheet and the cash flow side. The trade working capital reported needs to be, of course, adjusted for the consolidation of Goldenpoint. Net of the consolidation, we have a EUR 6 million increase versus last year. Basically, the working capital was stable in a growing business. Within the working capital, some dynamics, receivables are going down, both for a structural element, which is the progressive swap from the wholesale to the consignment business model. The receivables is born at the moment of sale. On the other side, the good performance in January impacted also our customers, our partners. They were more on time in some payments, especially in the end of January. Overall, we have this important improvement. On the inventory side, we have a reduction, EUR 17 million. A part is due to the many projects that we have in order to be more efficient and increase stock rotation. On the other side, we also have the dollar impact. The spring/summer 2026 as it was purchased at a lower price, and so the quota of stock related to the spring/summer of the following years has a lower value compared to last year. Lower value that reflects in the opposite sign to the payables, because of course, these goods are not yet sold but are not even yet paid, and so the trade payables are lower versus last year. The other element of the lower value of trade payables are the investments that, as you will see in a moment, are EUR 20 million less than in 2024. Also has an impact on some quota payments to the benefit of the cash generation of 2026, because we start with EUR 30 million-EUR 35 million less payables, less invoices to be paid in the next few months. On page 13, we have the breakdown of capital expenditures by nature. Starting from the total, we have overall EUR 15 million lower investments compared to last year. These are concentrated on logistics. As mentioned also in previous years, we had some important automation projects in our Pontenure distribution center close to Piacenza. The project was completed in 2024, and so we have less impact. While on the other assets of OVS, we continue to invest. We continue to invest, first of all, on our stores, both in terms of new opening and in terms of refurbishment. On the other side, on technology in general, especially in 2025, we want to mention the completion of the first wave, the most important wave of the introduction of the new SAP 4. After, let me say, 25 years from the previous SAP, we are now to the state of the art in terms of ERP system. On page 14, we summarize these elements into the cash flow statement, which shows a significant increase versus last year. The cash conversion increases by 600 basis points from 35% to 41%. Basically, the EUR 90 million is no more, no less than the EBITDA, less the investments, interest, and taxes. No particular movement in working capital affected this result. A new KPI that we would like to drive to the attention is the cash flow return on investment. In our balance sheet, we can see a couple of billion assets. If we just look to the reported data, then most of you know that, of course, there is a quota not to be considered related to the IFRS 16, which is just an element that does not represent any asset or debt. In our assets, we also have some intangible. If we just concentrate on the real invested capital that are working capital, hardware stores, et cetera, that sums up EUR 350 million. Then the ratio between the net cash flow generated, EUR 90 million, and these EUR 350 million of real net invested capital is 26%, which is quite a high value compared to the industry. On page number 15, we have the picture of the net financial position, which is slightly improving versus last year, after, of course, the distribution of dividends, the buybacks, and all the other cash out that we had in the course of the year. As we can see also from the graph below, we are in an extremely safe situation with no issue in terms of financing. That situation pushed us to leverage this moment to complete, at the end of March, a refinancing for acquiring, let me say, availability of 300 million lines. Of course, not all of them are drawn, because we do not need them. This is important also in view of the expiration in October 2027 of the EUR 160 million sustainability-linked bond. We already have the availability either to, of course, renew with a new bond or in case to switch to normal bank debt at the moment. The net financial position is represented not considering the almost 12 million treasury shares that we have in portfolio as of this week. Page 16 is a synthesis of what are the relationships between OVS and its shareholders in terms of remuneration. That is, thanks to the cash flow generated operating level, we increased year-over-year the distribution of dividend, and we bought back more than EUR 100 million in the four years. The low value of buybacks in 2025 is due to technical reason. That is, the strong performance of OVS in the stock exchange allowed for two purchases of stock within the same rules that we now have since a few years. Page numbers 17 and 18, the outlook for 2026. We split in two because, of course, there is an important element to comment, which is the war in the Middle East. At the moment, we have to say that the most important element, the Italian apparel market was very resilient to this war. In the month of March, that is after the outbreak of the war, the market grew 1.6% after a +3% in February. The situation is good on that side. Even, of course, we cannot say anything if in the long term, this crisis should continue. On the cost side, we are even more robust because the sourcing is not directly involved. The sourcing countries are not part of this war because they're mostly Bangladesh, China, and Southeast Asia. We do not transit from the Strait of Hormuz. We used to transit from Suez, but it was closed and for the moment, so there is no change on the route of the container that brings goods to us. Freight rates, of course, are part of a long-term relationship with the carriers, so of course, there will be some adjustment on the fuel price, but nothing material given the size of our business. On the energy that we purchase for our stores, part of it was already blocked with a full year contract on 2026. In any case, also thanks to the self-production, thanks to the photovoltaic panels in many stores, is much less relevant than 2022, for instance, when, of course, there was a similar issue on energy. Said that, on page 18, the outlook for 2026 starts from the good performance, even better than the market in February, March, starting looking to the number of projects that we have to support the sales, especially in women, considering the improving euro dollar exchange rate. This started, of course, months ago, but we can see it starting from the season summer 2026, so this year. In synthesis, we expect 2026 growing both in terms of EBITDA and then this growth transfers to a cash generation growth compared to 2025. I thank you, and I leave you space for Q&A, and Stefano is here to answer. Thank you. This is the Chorus Call conference 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. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. First question is from Francesco Brilli, Intermonte. Yes. Good evening. Can you hear me? Hello? Yes. Oh, okay. Thank you. Thanks for taking my question. Congratulations for the results. Few questions from my side. The first one is on 2026. You mentioned the benefits from Forex, that you are even better than what you expected before. If you can share roughly what you're expecting from just these elements on 2026 for the full year pre-reinvestment in promotions. Then the second one is the level of CapEx for 2026, if we can expect something similar to what we saw last year. The third one is a little bit more general on womenswear. We saw that you showed in the presentation that these category grew gradually in terms of incidence of total revenues in the last four years. How much do you expect this trend to accelerate in the next few years? Do you think it's possible to see a catch up with the market quite soon in the next 3-4 years? Thank you. Okay. Regarding the first question, I may say that in total, the advantage that can be considered in the range of EUR 30 million-EUR 35 million can be split in three parts. One part will be given to the benefit of the gross margin, for sure. Let's assume 1/3. 1/3 will be postponed to year 2027 because it will remain in the stock of year-end. An amount of EUR 10 million-EUR 15 million, we believe we will dedicate to higher discount, given that the market dynamics are telling us that there is a growing interest from the Italian consumer to buy during sales period compared to the past. Our company, as I said before, has became more interesting also for those type of customer which are looking for discount because they are looking for better brand, better higher prices, but they want to buy them at During the period of Black Friday or January, February. That's why, if I had to guess, I have to consider that maybe EUR 10 million, maybe EUR 15 million of increase of discount will be dedicated in order to capture this portion of demand, which otherwise would remain without answer from our side. You may consider maybe EUR 15 million of margin improvement, thanks to the better intake due to weak dollar. In terms of CapEx for year 2026, we believe that because we are looking at very interesting opportunity for new openings, we can assume in total maybe from EUR 5 million to EUR 10 million, maybe EUR 15 million, but I think EUR 10 million more than in 2025, hopefully, mostly, because of refurbishing of store, opening new stores, and obviously also refurbishing and opening a material portion of Goldenpoint store. We already refurbished about 25 stores-30 stores in the last six, seven months. All the refurbished stores of Goldenpoint are posting very encouraging results, like double-digit growth. We have to continue. We want also to invest in new video screens, digital videos in Goldenpoint, because we believe that we need to tell the market clearly that there is something new in this company, and the best way to do it is not to buy media space like billboards or TV, but the best way in the short to medium term is to use, in a more efficient way, the windows, because the locations of Goldenpoint are excellent. The traffic of consumers in front of our stores, either downtown city stores or shopping malls, is very high. There will be some CapEx dedicated to stimulate the increase of interest for all the renewals which we are generating in the product range of Goldenpoint. I'm not sure to have captured the meaning of the third question. Probably, you want me to elaborate a little bit about the perspective of the women? Yes, please. If you think the target of the incidence on the market is Okay. is something reachable. Yeah. Okay. For sure, season after season in the last three year, we are increasing the space within the OVS store dedicated to women. We are gradually reducing the space of kids, and it is worthwhile to notice that in spite of reducing the space of kids, we are able to maintain the same turnover. It means that there is a greater level of loyalty that our customer are paying attention to us, and they are buying in OVS, even if we are reducing the space, to the advantage of the space dedicated to women. Either because of increasing the sales density and also because of giving more space within the OVS store to women, we are convinced that the 35% amount of women on the total sales of the group will continue to increase. I cannot say up to which level, but we are convinced that we will continue growing at least another 10 points. From 35% to 45% will be achieved, but I think even more. We are extremely positive even because, as you said, as you have seen, within our segment, the women is the one that is growing the most. Les Copains is becoming a super successful brand. The sales density of Les Copains is the highest within all the range of the OVS brand. It means that it was to give more space to Les Copains. Only as an example, in Zalando, out of Italy, we introduced six months ago, Les Copains, and even if Les Copains accounts only for 5% of our total merchandising offered in the Zalando marketplace, it is accounting today for 25% of the sales. Good indication, I'm sure that women's will continue to grow in our company. Okay. Thank you very much. Next question is from Domenico Ghilotti, Equita. Good afternoon. First is just a clarification. When you say the current trading is up high single- digit, then on top I should include the perimeter effect of Goldenpoint. Second is on, well, you were mentioning in the presentation a tax rate higher in 2025 due to some regulatory changes. I'm trying to understand if this is a structural element or is more as a temporary element. If we can give any sense of any guidance for 2026 or generally speaking. Given the many projects that you have, if you can help us summarize a little bit what are the expectations in terms of key openings or indication on net openings for different brands. Last, M&A opportunities always interesting to see if you have some new dossier on the table. Hello? Sorry. We were mute. Okay. Sorry. I was speaking to myself, saying that I will answer, Domenico, to your business question, and then I will hand the word to Nicola for the tax question. Single-digit growth is taking place for OVS. OVS, without Goldenpoint, is in this moment, almost at the end of the first quarter, growing about 6%. We have one day of advantage in the quarter, which is Easter. Because last year, Easter was the day after tomorrow, we have another maybe EUR 4 million, say, incremental sales to be added to the very healthy growth that we are experiencing as of now. As you asked, on top of it, there is also the, obviously the result, the sales of Goldenpoint, which is in turn also growing double-digit like-for-like in this moment. It will be all in all, either at historical perimeter and also at enlarged perimeter, including Goldenpoint, a very positive quarter in terms of sales. Projects. Yes, we have many. In terms of product, we are enlarging the space and effort in terms of intake dedicated to Utopja, which is working extremely well, to Altavia, which is working very, very well, mostly with the Altavia Studio, but also the ski season performed very, very well. We are enlarging our effort on Les Copains. Basically we are increasing intake in every business line because every line is doing well. Something new on the apparel of OVS, I would say no. Expansion of network, yes, a lot. We have more than 10 new OVS stores to be opened during the year. We have about 10 UPIM stores to be opened this year. I was in Faenza last week, for instance, a very small, nice, cost-effective store performing very well. Yesterday we opened in the main street of Messina, a nice UPIM, working already very well from the first day. We think we will open at least another eight, 10 Shaka standalone, achieving the number of 20 stores by the end of the year. Each store has a turnover between EUR 7,000-EUR 10,000 per sq m sales density. The store sales area is about 80 sq m-100 sq m, so you can consider it EUR 800,000 each. We will open from four to five, six new CROFF. We will open at least 3-4 Stefanel. Goldenpoint, we will open another 10-15 stores after the 2025 new openings. On top of this number, there will be maybe 50, 60, 70 new franchising stores under the different brand of Stefanel, Goldenpoint, maybe Blukids, some OVS Kids still, but not many. I think that we will open more than 100 stores even in 2026. M&A, nothing to be said, honestly, in this moment after the decision to stop with Kasanova discussion. I think we have so many projects. We have Goldenpoint to be relaunched, which is doing well. We have CROFF to be expanded. We have Shaka to be exploited and expanded again. We have international. We have so many projects underway, which are all worth to be well curated, that in this moment, unless something falls by itself in my table, I prefer to continue with taking care of the project. Nicola, something about the tax rate? Yes. Tax rate fiscal year 2025 was affected by one-off of about EUR 2.7 million, and related to the first implementation of a global minimum tax, specifically for our sister company in OVS, Hong Kong. If we exclude this non-recurring one-off, the tax rate would be improved compared to the 2024. Going forward, we see a tax rate that will be around 28% or less. Okay, thank you. Next question is from Andrea Bonfà, Banca Akros. Hi, good afternoon to everybody. Thank you for taking my question. Most of them are being answered. Just a detail, Stefano, if I may. The target to reach a 45% of women or more, can you define it, in which time frame, just to have a vague idea? Thank you very much. No, Andrea, I think that the question was a very wide question, and I answered in a very open way. It can be achieved in different ways. Partially by increasing the space, as I said, dedicated to women inside the OVS store, which are growing like-for-like in the last four years. We want to continue the expansion of our like-for-like growth, and this will be made mostly regarding the women. If the initial experiment of launching OVS Atelier, which we opened in Novara, will be successful, and based on the initial result, I would say it is going to be another success, but still I have to cross fingers. We opened two small OVS store in super top location, one in the high street of Novara, one in the new shopping mall in Genoa, called Genoa Waterfront. These two stores are small, mostly women, and the average price of the items that we put in these stores is higher compared to the average, because we don't sell the entry-level prices there, and they are working well. It might be another way to grow. We might sooner or later decide to open a standalone young women's brand. This is something that can take place or not, also depending on many other aspects that we are evaluating now. There might be different ways to improve, but I think that in the 3- 4-year period, we will achieve at least 40% in the women. Thank you very much. Thank you. Next question is from Luca Orsini Baroni, ORSA. Good afternoon, everyone. Just one last question for Stefano. Can you update us on what happened in India, and what are you doing in Goldenpoint outside from Italy? In India, what happened was much better than we expected. We opened one store in Delhi, in the fourth, fifth shopping mall in terms of size in the city, a very nice shopping mall. In the same mall, we have Uniqlo and Zara. Our sales was at least 20%-25% higher compared to our budget, and our budget was to achieve a 15% store EBITDA. This was true till two weeks ago. With the oil crisis, which is hitting more Asian countries, you might have read about Bangladesh, about Vietnam, Cambodia, and also India, and Philippines, reacting to the lack of gasoline with promoting smart work and reduction of mobility. We are experiencing a 50% lower traffic and about 30% lower sales, which is also happening to all our competitor, because my team was in Delhi and Mumbai yesterday. I will be in Mumbai next week because I want to see our second store, which we opened last week. There is a lower traffic generated by the effect of the war, but I believe that this will be temporary. In India, I'm still convinced that we can do very well despite of the present difficulties generated by the lower mobility of the population. Goldenpoint out of Italy, yes, soon, but not now. We want to complete all the steps in order to have a perfect assortment. What we did on the leggings, on the loungewear, on the outerwear has been great. Also, in terms of what we did in the more typical lingerie has been great. Still, we have to put our hands on the socks. Once everything will be done, yes, I think because of the very high gross margin, which is typical of this business, the brand will be open also out of Italy, mostly with the logic of franchising. You know that opening a 1,000 sq m store worth being part of the investment, because otherwise, the volatility of the partner may endanger the solidity of our business plan. Once we speak about small stores, our experience teach us that this is the ideal format to be opened under franchising, as we did with opening hundreds, maybe 500 of kids store under the OVS and the Blukids brand. OVS Kids and Blukids. Long story to say, not now, but I think that in one year from now, we will see the first openings of a Goldenpoint out of Italy under franchising agreements. Okay. Thank you. Keep up. Thank you. Next question is from Domenico Ghilotti, Equita. Just a very quick follow-up. You were mentioning the decision to move to in consignment for some franchisee. Why is that? Don't you think that you are taking different risk, not credit risk, but the inventory risk? Second, curiosity on, well, you were mentioning in a recent interview, the Dubai opening, I think it is just postponed, but if you can give us a sense of what is the situation now. Okay. On the consignment, the game is only a switch of formal condition from one to the other, but the substance doesn't change. If I have a pure wholesale method and I sell to my franchisee, and it doesn't sell accordingly to the seasonality or my mistake in prices, he will never buy back. He will not buy the year after. I will reduce my sell-out next year. We have experienced that it is much more serious to take our risk on the success of our assortment. He is fully responsible for the risk of tenant, for the risk of rent and payroll. I have the risk of the goods. In this way, I can command the price policy, I can command the retail strategy, which I cannot do if he is the total responsible for it. We understand that this is the better way, the more safer at the end of the story, and the more solid way to continue having long-term relation with our partner. Sorry. Is this something that you are adopting with some franchisee or more in general? No, some. It depends. Okay. For instance, in Mexico or in Japan, we have and we will have a pure wholesale logic. There are countries which are too far in term of culture, in term of ability of our partner, whatever reason, where we don't want to have any risk on the merchandising. This is the case of- Okay ... for instance, of Mexico and Japan, as I said. There are countries where it is better to have a control of the goods with a subsidiary, like India, or where we have agreement, which are never a full right of give back, of return the stock. There is, depending from country to country, player to player, a threshold, maybe you can give back 10% of the unsold items, not more. There are situation which vary from country to country. Okay. Never it is a pure consignment without other rules. Clear. The other question was interview regarding Dubai. Okay, Dubai. In Dubai, the mall which is suffering the most are the touristic ones. Dubai Mall is a touristic mall. Clearly, in this moment in the mall, we have one store, which is a kids store, since 10 years. The store was performing extremely well until the war. After the war, the store is making -40%. The traffic in the mall is -50%. If I have to guess what is going to happen, if we open today the store, maybe we make 50% of our budget. But obviously we are discussing with the landlord, which is Emaar, how to manage this period. If deciding to postpone the opening, in case we open, we will open with a reduced amount of merchandising, because we know that it will take time for the tourism to come back to the country, and obviously we have to reduce the rent. We are negotiating. Okay. Thank you. Thank you. As a reminder, if you wish to register for a question, please press star and one on your telephone. Thank you. I think that it is about 4 o'clock, so one-hour discussion. I hope it has been useful for you. Thank you for your questions, and see you to the next opportunity. Good afternoon and good weekend to everybody. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.