Good afternoon, this is the Chorus Call conference operator. Welcome, thank you for joining the Rai Way first half 2023 results analyst 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 zero on their telephone. At this time, I would like to turn the conference over to Mr. Giancarlo Benucci, Chief Corporate Development Officer of Rai Way. Please go ahead, sir. Thank you, operator. Good afternoon. Let me start thanking all of you for joining us today. Welcome to our first half 2023 results presentation. Today with me, Roberto Cecatto, CEO, who will share the highlights for the period, and Adalberto Pellegrino, CFO, who will take you through the financial performance more in details. At the end, we will open the line to your questions in the usual Q&A session. Let me therefore hand the call over to Roberto. Please, Roberto, go ahead. Thanks, Giancarlo, and good afternoon to all of you. I have to give my apologies because just today I'm sick, and just now I am at high fever. Sorry if my speech will be not much loud and sharp. Anyway, let me start from the extremely positive news in term of result and material growth we are delivering. The second quarter fully confirmed the trend already shown in the first three months of the year, bringing first half revenues up 12.2%, mainly supported by CPI and regional refarming. An adjusted EBITDA up to 16.1% year-on-year, as a result of higher revenues and manageable underlying cost trend. Benefiting from a further reduction in energy consumption, with declining tariffs helping the second quarter and the quarter-on-quarter improvement. As for investment, maintenance CapEx broadly confirmed at 2022 level, while on development, lower refarming related component are partially replaced by spending on new infrastructure projects. The aim here is to make this part more and more material by accelerating our execution. Having commented the first half financial performance, I also take the opportunity to anticipate, as we will see better at the end, that on the back of these results, we were able to confirm the guidance for 2023, express increasing confidence and comfort about achieving the communicated targets. Viewing the slide five, from an operating and strategic perspective, as you may remember, in my debut call just a couple of months ago, I stressed the opportunity to focus and to operate on two main direction: value and cash generation maximization in the traditional business, use of cash to invest in value accretive diversification in new businesses which Rai Way can have a competitive positioning. We have started to actively work with my teams on both. On the traditional business, the new broadcasting networks, both from National RAI and Regional for other parties, are now up and running. They are still working in DVB-T, the past technology, but according to indication of the ministry, it's likely that at least one of the RAI multiplex will move to DVB-T2 in the coming months. As you know, all the networks we have installed in the context of the refarming are already T2 ready and compliant, therefore, we expected limited activities on our side. The recurring nature of this business provides confidence to also look at some development opportunities ahead. For example, the possible extension of the DAB radio networks after the release of the new dedicated DAB frequency plan, or some possible small extension in the broadcasting value chain, which will be analyzed ahead of the next industrial plan. On the second point, diversification. While recognizing the significant amount of work already done by the company, then my intention and the intention of the board is to go through all the initiatives in terms of risk and reward, market positioning, rollout, financial plan, go to market, and so on. We are fully aware that the diversification, expansion of managing infrastructure and capital deployment are a key parts of the company's success, of the growth we will be able to deliver in the midterm. At the same time to market is a success factor for many initiatives. That's why with the team, we will lifts up. We are using this opportunity also to adjust and optimize, this is very important, some details in term of asset design, rollout priorities, and so on. The overall picture in term of opportunities related spending and returns remains valid as of today. The review is underway. I mean to get the green light from the board soon, really very soon, in order to go ahead and speed up the execution. Catching up some delays that have accumulated for various reasons. The relevant initiatives will likely affect the definition of the capital location strategy of the next industrial plan, where we will provide more color, more definition on phasing of investment and profit and loss contribution. We could pass to the slide six. Going back to the 1st half performance, the results are fully in line with the anticipated material growth path. In particular, revenues are up 12.2%, boosted by the same drivers already seen in the first quarter, specifically, indexation to inflation, growing contribution of the new regional multiplexes business. Drivers that, together with the sound authenticity with FWA operators and ready broadcaster, confirmed the significant growth, almost 27%+ of revenue from customers different from RAI, this is very relevant for our company. Adjusted EBITDA reached EUR 90.8 million, with a margin close to 67%, 230 basis points higher than first half 2022, as a result of revenue growth and limited cost increase. As Alberto will explain in detail, once excluding some non-core items, like level of personnel capitalization or prior year adjustment, total OpEx grew by a modest 2.3%, also benefiting from lower energy consumption, -14%. I read that we are used to install all the new technology that give very, very low consumption in our assets, and only marginally as limited in the second quarter only, lower electricity tariff compared to 2022. Below adjusted EBITDA, after taking account no recurring cost, D&A and financial charges, net income level rose by a remarkable 21.3%, as you know, a relevant metric for next year dividend. I commented the trend of our cap just before, while the net financial position, including the IFRS leasing, closed at EUR 138 million, remaining below one time the adjusted EBITDA generated in the last 12 months. Considering that compared to the end of 2022, the net financial position increased only by around EUR 30-35 million, despite EUR 74 million dividend payment and EUR 14 million of development CapEx. You can easily deduce that the cash generation capacity of this company backing your development, our development projects and ambitions. With this, I'll hand over to Alberto. I give the floor to Adalberto to provide you with details on the main items of our result. Please, Adalberto, go ahead. Thank you, Roberto, and good afternoon to everyone. Let's go to the slide on the core revenues that continue the consistent growth that began in the first quarter, coming out at EUR 136 million, a consistent growth of 12% compared to 2022 levels. Confirming the overall trend we have already commented in the last call. More specifically, on the right component, we can see that the roughly 10% growth was driven by the CPI indexation, despite the termination of the medium wave radio service that has been effective since the end of the third quarter last year. As concerned third parties revenues, the important growth recorded in the first quarter continued in the second quarter, with a 27% increase in the first semester, mainly supported by the full contribution of the new regional MUX capacity sold to local broadcasters, and to a lesser extent, by the positive CPI link and the strong activity on as concerned the fixed wireless access player and our radio broadcaster customers. The percentage growth in the second quarter was of lower vis-a-vis the first quarter figures, because in the first three months of 2022, the contribution of the new regional MUX was still negligible, while it start to be more material in the following months. Let's now move to the following slide on OpEx. Total cost for the first half year amounted to EUR 45.5 million with a modest growth of 4.5% compared to the first half 2022. In particular, excluding non-core items and lower capitalization, personnel costs increased by 3.9% against the 8.3% reported. On the other hand, underlying other operating costs are broadly stable without considering one-off impacts. Energy cost decreased by EUR 1.6 million, as you may see in our chart at the right end of the slide. Let's now move to the slide on the profit and loss from core revenues to net income. Our net income reached almost EUR 45 million with a double-digit growth, 21.3%, in the first half. Mainly reflecting the non-recurring cost for approximately EUR 3.6 million, significantly higher EBITDA, lower D&A, following the termination of, as we already comment, of the useful life of the DVB-T equipment. Heavier financial charge due to the higher net debt and as you know, the rising interest rates, with a stable tax rate in line with the previous year. Moving now to the slide on the cash generation. You see how our net debt evolution, which was the evolution of the net debt in the first six months of the year, consistently with the user dividend payment in the second quarter, leverage in the first six months increased, with net debt at the end of June, standing at almost 139 million EUR. 37, almost 38 of which related to the IFRS 16. Delivering all in all, a recurring free cash flow to equity of roughly EUR 62 million. That's all on my side. I leave the floor back to Roberto for the closing remarks. Thanks, Adalberto. In term of expectation for the full-year, the guidance for 2023, precisely, a percentage growth of the adjusted EBITDA expected in the mid-teens area, and CapEx substantially at the last year's level, both on development and maintenance scope. It's for the time being confirmed also to take a prudent stance against the volatility of energy price, seeing the recent path. Saying that, it's also fair to admit that the result of the first half and the current energy price expectation for the second half, provide us increased visibility and comfort on achieving these targets. To put it very simple, if by mid-teens growth area, you literally means a range between 15 and 17. Within this range, we are moving into the higher end. At the same time, please do not get overly enthusiastic about immediately extrapolating, an algebraic extrapolating of the EUR 91 million adjusted EBITDA, absolute figure of the 16% growth on the first 6 months. In absolute terms, let me remind you that based on current features level, second half energy spending is expected heavier than in the first half, due to the lack of tax credits and the possibility of some start-up costs related to new infrastructure. In terms of percentage of growth compared to the last year, if on the one hand, the second half will benefit from an easier comparison of the energy cost, considering the super high tariffs recorded in the last 6 months of 2022, also including the tax credit. On the other hand, please consider the more difficult comparison on the regional refarming contribution that in 2022 increased progressively, quarter- after- quarter. Therefore, EUR 2 million higher in the second half compared to the first. The EUR 2 million una tantum paid by RAI in the second half, 2022, for the medium wave shutdown, as well of the benefit, always in the second half 2022, from the temporary cost mitigation action. That's all on our side. We can now open the line from the Q&A session. Thank you. Excuse me, 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 1 on their touchtone telephone. To remove yourself from the question queue, please press star 2. Please pick up the receiver when asking questions. Anyone who has a question may press star 1 at this time. The first question is from Fabio Pavan with Mediobanca. Please go ahead. Yes. Hi, congratulations for the results, and thank you for taking my question. We had today statements from the Finance Minister Giorgetti, which was opening the door to potential sale of stake in Rai Way by the state on broadcaster RAI. My question for you is: do you think this may have any impact on the potential consolidation process, or do you think it's gonna be neutral? Thank you. You already know our position on consolidation, a statement showing that apparently something is moving on. Let me say that is a point that we have just now evaluating quite properly. Let me say that going more around on these items, on governance, shareholder structure, I don't comment because it's not our responsibility. Let me say that it's something that is moving, for sure. Okay, thank you. The next question is from Milo Silvestre with Equita. Please go ahead. Good morning, everybody, and thank you for taking my two questions. The first one concern the data center, so I would like to ask about the last update regarding the edge data center, and if you think the foresight can be commissioned by year-end. The second question concern the service contract with RAI. Here I would like to ask if you see a potential risk on the introduction of a cap on inflation, considering the high inflationary environment, and the fact that there are that RAI reported negative EBITDA in 2022. Thank you. Sorry, the second question was on the CPI on the contract. Could you kindly repeat? Yeah, exactly. Concerning the possible if you see a possible risk on introduction of a cap on inflation? Okay, now, as concern the last, the second question, as you know, we just renew our contract at the time of the refarming agreement. The contract now will cover all the years till to June 2028. Any change to the contract has to be agreed between the parties. From our side, is something that is quite difficult to accept. I don't see here any risk on this point. On the first question was about the edge data center, right? Do you need then some clarification on... Exactly. The status of the project, right? Yeah. Okay, hi, Milo. On the edge side, as you know, we have five assets that are already under construction, and the construction is, I would say, proceeding in according to the plan. These five assets will progressively come into operation starting from the end of the year and in the beginning of 2024. Out of the three additional data centers on which we were completing the awarding procedure, on one of the three, we will award the construction pretty soon. We are at the end of the awarding process, while on additional two, we are evaluating potential alternatives in terms of sites in order to get some benefit on the sites and on the cost of the assets. I would say for the time being, everything is. ... is on track. Thank you. You're welcome. The next question is from Giorgio Tavolini with Intermonte. Please go ahead. Hi, good evening, and thanks for taking my questions. I was wondering if you can provide more clarity or maybe based on your visibility regarding the timing for, I mean, the capital market day, the new plan, when you expect to give some update to us? Secondly, just a follow-up on the data center questions. The hyperscaler data center, is it something that is currently under review in the strategy review you announced today? Or you expect to have a green light on this project? I mean, for sure the consolidation discussions could delay this big project or not. I don't know if there is some link between the two initiatives, I mean, the data center hyperscaler and the consolidation. Thank you. Uh, uh, Thanks for the question. The hyperscale is on the path. Of course, it's a relevant investment, but consider that we are running all the process to receive the permission on our field of our property. Of course, in Italy, the permission issue is always a difficult task. To give you an idea, the next week, there will be a high-level meeting between the local authorities with the measure and the chief officer from Rai Way to define in the best way, also the timeline to receive the permission. Consider that the permission on our property is a milestone, so they give all the grant on the project, evaluation and development. Considering the size and dimension of the from the financial point of view, we are managing all the development plan to give some reserve that will not impact on the consolidation option in case of. We are running to make the proper development path with the proper funds, but without affecting the make the limit to the possible option of the consolidation. Many thanks. For the timeline of, I mean, the capital market day, should we expect some news in February, March next year? Of course, this is something that would be decided by our board. I believe, personally speaking, that makes sense, the time frame you mentioned. Mm-hmm, mm-hmm. Okay. Many thanks. The next question is from Lampros Mylis with Panmure Gordon. Please go ahead. Yes, hello, and congratulations on your results, and thank you for allowing my question. This is also about the consolidation with EI Towers. Assuming it does happen at some point, would acquiring more towers be of interest, or if not, or different? Perhaps can you share a bit more of color on your thoughts of what Rai Way might be post-integration with EI Towers? Could you clarify? Sorry, the line was not good. Are you mentioning about the post-integration scenario with Rai Way? We didn't get the beginning of your question, sorry. Sorry. Yes, assuming the consolidation happens, would acquiring more towers be of interest? What would the strategy be once Rai Way consolidates with EI Towers? Can you give a bit more color on it? I'm sorry, here, in our office, the line is really bad. We didn't get your point on what Rai Way should acquire more in the potential consolidation. Could clarify, sorry? yes. I would like to know if The interest stake, are you referring? no. If acquiring more towers would be of interest. Ah! for. Okay. For Rai Way, once the consolidation with EI Towers happens. Sorry. I would say big important step would be the consolidation. This is today one of our priority on which we have to work with our board. Having said that, happy to comment probably in a second moment what we could do in term of further development. For the time being, I would focus on the first step. For sure, a potential second step will be decided with the relevant stakeholder, taking into consideration the size of the potential company that would be higher. This could be for sure be interesting for focusing on some opportunities. This is quite too early now for commenting on this. Okay, thank you very much. You're welcome, and sorry for, didn't get properly at the beginning of your question. No problem. Mr. Benucci, gentlemen, there are no more questions registered at this time. Okay. Thank you, everybody, for joining the call and speak soon. Bye-bye. Thank you. Bye-bye.