Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the full year 2025 consolidated nine months 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 zero on their telephone. At this time, I would like to turn the conference over to Mr. Jacopo Laschetti, Stakeholder and Corporate Sustainability Officer of SeSa. Please go ahead, sir. Good afternoon, and thanks for joining the SeSa Group presentation. On behalf of SeSa, are participating Alessandro Fabbroni, CEO, Caterina Gori, IR and Corporate Finance M&A Manager, and myself as Stakeholder Relation and Corporate Sustainability Officer. Today, our board of directors has approved the consolidated results as of January 31, 2025. Additionally, our nine months corporate presentation was made available on the SeSa website this morning, and will serve as a reference during this conference call. Alessandro will open the presentation with an overview of our main strategic achievements. Good afternoon, and thanks to all of you for joining our call. Today, we disclose our nine months results as of January 2025, with a 5% growth in consolidated revenues, driven by 12% increase in Q3 only, and the back to growth of EBITDA that increases 2.6% quarterly, with a significant reversal from the first half and a positive trend that now we target to extend in the Q4. We underline that the Q3 consolidated figures are reported without any pro forma adjustment as GreenSun financials has been included in the consolidation scope starting from the Q3. The nine months 2025 results include the pro forma figures of GreenSun just for the first half 2025. Consolidated revenues in the nine months period were equal to EUR 2.5 billion, up 5% year-on-year, and consolidated EBITDA to EUR 177 million, down 2% year-on-year. In the same period, we confirmed our ability to attract and retain skills with higher than 6,000 people as of January 2025, up 14% year-on-year. In terms of group sectors, trend of revenues, we underline the business services sector that increased by 32%, driven by the development of applications and digital platforms dedicated to the financial services industry, with a great 45% growth in Q3 only and a 50% contribution from external leverage. Digital Green grew by 28% year-on-year, including the acquisition of GreenSun, while on a like-for-like basis, revenues declined by about 30% with a stabilization in Q3 compared to a down by higher than 40% in the first half. In Q3 2025 only, the old perimeter of Digital Green reported revenues growth by 60%, with a trend that now we target to confirm in the Q4 with a back 2 in organic growth. That means revenues increase like for like. System integration and software revenues were up by 6.1%, with an external leverage of contribution around 50% to the nine months growth. VAS declined by 1.7% in the nine months period, with a solid back to revenues growth in Q3 only, up 8% year-over-year, and a progressive recovery expected also in Q4 under an organic growth trend. Nine months 2025 consolidated EBITDA amounts to EUR 177 million, decreasing by 2% year-over-year, mainly driven by the adverse market conditions in Digital Green and VAS sector, in particular in the first half, and driven also by some margin erosion in system integration due to the ongoing industrial process re-engineering. Q3 2025 shows a very positive swift, with EBITDA increasing by 2.6% year-over-year, driven by the strong performances of business services up 100% in Q3 only, and the recovery of Digital Green sector up 25% in the Q3 only. In the nine months 2025, group EBIT adjusted declined by 10% compared to the nine months 2024, improving from the down of 16% report in the first half compared to the previous year. Notably, in Q3 2025, the decline was significantly mitigated with group EBIT adjusted down only 2.7% year-over-year. This positive trend reflects the stabilization of financial charges, which amount to EUR 10.4 million in Q3 2025 compared to EUR 10 million in Q3 2024, and with a 10% improvement compared to higher than EUR 11 million of Q2 2025. As of January 2025, net financial position reported that includes around EUR 200 million IFRS debt recorded a net debt of EUR 92.2 million compared to EUR 62 million as of January 2024. This represents substantial recovery from the EUR 65 million gap recorded between October 2025 and October 2024. As of January 2025, the group achieved a notable improvement despite the impact of EUR 26 million of buyback and dividend distribution last 12 months, along with approximately EUR 130 million in M&A and CapEx over the last 12 months to sustain our future long-term growth. Now I give the floor to Caterina, who will provide us an overview of our M&A programs and pipeline. Please, Caterina, go ahead. Thank you, Alessandro. Over the past 18 months, our M&A strategy has been focused on high margin and growth sectors as business services and software and system integration. In FY 2024 only, we completed 13 M&As at more than EUR 110 million revenue, a progressively growing EBITDA, and brought in more than 460 skilled new accounts. In FY 2025, we realized 10 M&As, generating roughly EUR 160 million annual revenues and onboarding more than 490 experienced professionals. We will now provide an overview of the latest M&A transaction by sector. In the business services sector, we announced two strategic deals, which contribute to enhance the exponential growth of the sector and build a unique software solution portfolio. More in detail, in May 2024, we acquired the majority stake of ATS, a leading Italian company in the digital platform for capital market with annual revenue of EUR 14 million. In September 2024, we announced the acquisition of Metoda Finance, a leading company specialized in offering software solution for the supervision of financial intermediaries. With more than 200 clients, including some of the main Italian banking groups, generating approximately EUR 8.5 million at the acquisition date. In terms of Digital Green, following the authorization of the Italian Competition Authority received last November, and according with the binding agreement already disclosed last October, in December 2024, we announced the acquisition of the 66% of GreenSun, a key player in the renewable and energy saving sector, which offers technology and specialized consultancy services. From Q3 2025, GreenSun figure has been consolidate in the perimeter. Please note that Q3 2025, Digital Green sector achieved EBITDA margin of 7.2%, representing an improvement of 0.7 percentage point compared with the Q1 and Q2 2025. This positive trend is expected to be further consolidated with the merger of GreenSun into PM Service scheduled for early 2026. In the SSI sector, following several small-medium sized acquisitions, including two international M&As, Smart Engineering Germany and Buot Systems LBS in Spain, we have further enhanced our expertise in consulting, digital service and business application. Additionally, we acquired Metisoft, a leading Italian company specializing in consultancy and digital solution for SAP platforms with 160 highly skilled accounts, annual revenue of EUR 15 million, and EBITDA margin of 8%. Further expanding our presence in this sector, we recently realized the following acquisition. On February 2025, we acquired the 52% of ETAS, company with EUR 3 million revenues, EBITDA of approximately 15%, and 25 skilled accounts specializing in ServiceNow platform consulting. ETAS utilize artificial intelligence-based solution to automate and enhance efficiency of enterprise and organization processes across various industries. On March 2025, we acquired the 60% of InnoFour, a Netherlands-based company specializing in electronic design automation and simulation software solution with EUR 6 million revenue, EBITDA margin of approximately 10%, and 15 accounts. In terms of M&A process, we have recently intensified our activity towards high margin and growth sectors to support group's ongoing transformation. Consider that in FY 2025, we are going to realize approximately 20 internal mergers in the SSI sector only, of which 16 in the nine months. Our deals are typically structured as oriented towards a long-term commitment of key people of the target company with an entry valuation of 5 times EBITDA and the gradual integration within the group strategic business unit, typically ending in a full merger. I also underlined that during the Q3, SeSa completed the EUR 10 million buyback annual program. As of today, the treasury shares consist in approximately 1% of the share capital at the end of the Q3 2025. In addition, our parent company, ITH, improved our stake from 53% to 53.5% as a result of the purchases carried out in the month of December 2024 and January 2025. Now I leave the floor to Jacopo to provide an updated overview of our HR and sustainability path. Thank you, Caterina. After a great improvement in our ESG performance in the fiscal year 2024, in the nine months period, SeSa Group strengthened ESG programs and continued to increase the activities aimed at reducing its environmental impact and consumption of natural resources. In terms of people management, in the nine months period as of January 2025, we continue our long-term development of our workforce, achieving 6,367 headcounts, up by 15% compared to the nine months period of 2024, with a growing focus on key growth areas as technology, consulting, and business application, and further improvement on loyalty rate. We continue to reinforce our education, hiring, and in particular, welfare programs with wider and specific measures to support parenting, diversity, wellbeing, and work-life balancing, thanks to dedicated programs in favor of diversity and inclusion. In terms of capability to create value for all stakeholders, our last fiscal year results was characterized by a significant improvement in ESG performance and the achievement of some relevant sustainable development goal set. We reinforced our group purpose that confirmed our corporate values and goals of long-term sustainable value creation for the benefit of all stakeholders. Digital innovation, value creation, the long term, sustainability, and digitalization continues to be core pillars of our group strategy. I also remember the award achieved at the end of 2024 with the inclusion of SeSa among the top Italian companies in the most climate conscious companies ranking. The ranking identifies the 175 Italian companies that have achieved a significant reduction in the intensity of emissions over the period 2021, 2023. The companies ranked were selected from a sample of more than 600 Italian companies. Once again, this award highlights the longstanding commitment that our group has always placed on the issues of sustainable growth and value generation. Finally, we underline the confirmation of our ESG ratings in the high level of the range as EcoVadis Gold Medal, Morgan Stanley BBB, and Carbon Disclosure Project with a B score. I give the floor again to Alessandro for the final conclusions. Thank you, Jacopo. The results of January 2025 achieved in a challenging scenario have confirmed our resilient path and capability to extend our industrial development, gaining market share, consolidating years of consecutive double-digit growth in revenues and profitability, driven by all growth sectors. The Q3 2025 shows very positive swift, with a 12% growth in revenues and 2.6% increase in EBITDA, we target to grow double digit both revenues and profitability during the Q4. In the light of the positive trend of Q3, today we confirm the outlook for the full year ending April 30, 2025, with a mid-single digit growth in revenues and EBITDA, thanks to the expected growth in Q4 and the positive trend ongoing in the business services sector, as well as the Digital Green. We underline that for the FY 2026, we are working on our group's new industrial plan, targeting results in line with the market consensus, with a nice single-digit growth, both revenues and profitability, targeting higher than EUR 3.6 billion revenues and EUR 270 million EBITDA. We will continue to move forward in our group's industrial transformation path, increasingly oriented to consultancy, digital platform, and technology innovation across the main drivers of evolution as digitalization, AI, cybersecurity, and digital platforms, pursuing sustainable and long-term value generation for our stakeholders. Taking also the opportunity of an IT market that now is recovering interesting growth rate after the deceleration of the year 2024. Thank you for your attention. Now we stay available as usual for the Q&A final session. Thank you. This is the Chorus Call conference operator. We will now begin the question and answer session. Anyone who wish 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 Andrea Randone, Intermonte. Please go ahead. Good evening. Thank you for taking my question. The first one is on the business service segment. I wonder if you can give us more color about the business achievement in this segment, and also on a longer term perspective, what is your ambition? The second question is about the software system integration segment. You mentioned a number of internal mergers in order to streamline the organization. I wonder if you can comment on the benefits you are expecting in the midterm, also in terms of marginality from these kind of actions. Thank you. Good afternoon, Andrea. Thank you for your questions. So yes, the business services is improving very well, with a growth in the nine months by 32% in revenues, and in the quarter only by 45%, an improvement in EBITDA by 60% in the nine months, over 100% in the Q3 only, and an increasing in group PAT, adjusted of around 60%. So we managed to enlarge our perimeter of operations to improve our portfolio of main customers in any of our significant offerings, from security, to, in particular, vertical software application, and around 50% of this growth derive from the last two acquisitions. Approximately 50% is organic. We plan to continue to grow with the same pace, more or less, in the Q4, to achieve around EUR 160 million revenues and higher than EUR 25 million EBITDA in this full year, in FY 2025, and to achieve like for like EUR 200 million revenues in FY 2026, thanks to the great development that we are performing in all business units. We may achieve a leadership role in the market scenario that is very fragmented, thanks to our proprietary software and vertical platforms. The plan is to achieve the line of EUR 300 million that will put us in the first three players in Italy, with possibility to enlarge our operation also abroad. The system integration and software trend in Q3 continue to be our expectation. The EBITDA margin shows slight increase because it was 11.3% compared to an average of 11.1% in the full period of nine months. We continue to grow year-on-year. At January, we grew by around 6%. We improve our range in process. We close around 20 M&As integration. That means higher than 20 mergers inter-company inside this perimeter. We really believe to achieve a first recovery of marginality in the Q4. We target an 11.5% of sustainable EBITDA marginality. In any case, to continue to take the pace of high single digit growth year-on-year. Remember that this sector developed around EUR 300 million revenues in FY 2019, and delivered a 20% average growth year-on-year up to the FY 2024. We believe that is, in any case, a great and crucial driver to grow organically also in coming years, that means also in FY 2026. Thank you. Thank you very much. Thank you, Andrea. Next question is from Marco Sormani, Varenne Capital Partners. Please go ahead. Hello. I have a question still on the software and system integration numbers versus corporate. Is there any change in perimeter also that is impacting negatively the software system integration numbers, so some turnover were moved from service integration to corporate. If I remember well, there was a company called Agilium. Can you elaborate a little bit more on whether is this effect or not in the accounts? Thank you. Yes, good afternoon, Marco. We move a perimeter of around EUR 15 million revenues and EUR 1 million EBITDA from software system integration to corporate. We show in the first nine months, a growth in the corporate sector of around EUR 700,000, and that is the effect of the Agilium sentence. That means there's also a negative effect on the software system integration that we should normalize. If we consider this effect, the trend in revenues is more or less a single digit, 7%-8%. It's true that, in any case, our digital experience consulting practice we have inside the system integration and software is improving its perimeter of operation. That means we make a reorganization that, as of today, is positive for the group. Okay. Thank you. Very interesting. I have a second question more on the interest expenses. When do you think the decrease in interest rate that is going on every month will have a positive impact, so some less interest expenses for you, so a better financial result? When do you think it will materialize? Thank you. We already materialized this in the last month of the quarter, in January. Starting from February, we will have a positive effect. Consider that in Q3 2025, more or less, we had financial charges, net financial charges equal to the Q3 2024, with a down of 10%, with an improvement compared to Q2. We're expecting Q4, a significant saving, to be considered that for a significant share of group financing, interest rates are accounted for in advance on a quarterly basis. The Q4 2025 and also Q1 2026 will benefit of the down of the interest rates from around 3.5% in mid 2024 to below 3%, 2.5% in February 2025. We will see positive effect in Q4. Okay. Yeah. Thank you very much. Also, I remember you were doing some cash management measures in order to improve the position, the factoring of the raw cash management of the company, of the different also subsidiaries. Maybe an update on the work you are doing on that, yeah. I think it probably contributes also positive in the improvement. Thanks. For example, inside Software System Integration, we centralize the funding in the subholding Var Group that paid around EUR 4 million interest rates, which EUR 2.5 are internal because we have withdrawn the cash pooling procedures for around 90% of the perimeter. We increase a lot these practices in order to rationalize our funding operation. Okay. Thank you. Yeah. Maybe a last one from me, more on the international development. Ma'am, any update on your operation outside Italy? Thank you. We have just closed an operation in the Benelux and Scandinavia that completed the coverage we have in the digital industries segment. We're already operating in Germany and France, also in Italy. That means a perimeter of more than EUR 60 million revenues with a strong partnership with Siemens Digital Industries Software and more than 3,000 customers across Europe. That is one update. Another one is that we are developing the country coverage inside software system integration, among them, in particular, Spain and Germany. We continue to work also in these directions in progressive way. We are obviously expense this cost of development, but we are doing really well, and we will benefit from this job. Thank you. All of me for today. Thank you very much. As a reminder, if you wish to register for a question, please press star and one on your telephone. Next question is from Aleksandra Arsova, Equita. Please go ahead. Hi. Good afternoon. Thank you for taking my questions. One on my end on M&A strategy. I was wondering, are you still willing to pursue your bolt-on M&A strategy at the same pace as over the past years? Or maybe you're willing now to focus more on organic growth and recovery of operating margins? Just some color and details on this. Thank you. Thank you, Aleksandra. Yes, we are more selective than the past. We are closing the FY 2025 with around 10 M&As, compared to more than 15 one year ago. We are reacting to consider more international M&As than the past, and in any case, we consider a higher size than the past. Any M&A comparison to the past is integrated in our business unit with a plan of merging within a period of time, and with the process of integration that is defined before the acquisition. We will be more and more focused on this job. That is, in particular, considerable in software system integration. As I said before, in Q3, software system integration sector performed with an EBITDA margin of 11.3% compared to the 10.3% of Q2. That was down. That is a first sign of our different way to integrate M&As and to work in order to generate synergies and efficiency. Okay, very clear. Thank you. Once again, if you wish to ask a question, please press star and one on your telephone. Next question is from Andrea Randone, Intermonte. Please go ahead. Thank you. Just a quick follow-up on the cash flow generation. I mean, the lower net debt at the end of January was one of the most important positive surprise in the quarter to me. I wonder if you can comment on what are your expectations for the full year and in general, what do you expect in terms of free cash flow generation going forward? Also connected to the expectation of a lowered financial charges you were talking before. Thank you. We closed the nine-month period with EUR 108 cash, and EUR 92 reported net debt, net of around EUR 200 million IFRS liabilities. We improved by around EUR 30 million, our report in a financial position compared to October 2024. That is driven mainly by the down of net working capital that we reduced from EUR 100 million-EUR 79 million from October to January. That is very positive considering the growth we have in the Q3 only because we grew revenues by around 12%. We managed to increase a lot our efficiency. We target to improve again, in considerable way, for the closing fiscal year. As of April 30, we will plan to have net financial position reported more or less in break even as last year. This effect will be obviously positive also on our financial charges. Now we plan to generate saving of around 20%-25% in Q4 financial charges compared to the Q4 2024. We are working in order to secure these objectives that are crucial for our future development. Obviously, in FY 2026, we will benefit, in additional way of our job, of our way to work in M&As. That means to be able to work in more selective way and also to improve in sustainable way our cash flow generation and in addition to that, the net working capital efficiency as we did as of January. Thank you. Thank you again. For any further questions, please press star and one on your telephone. Mr. Laschetti, gentlemen, there are no more questions registered at this time. Sorry, there is a follow-up from Marco Sormani, Varenne Capital Partners. Please go ahead. Hello. Yeah. Yes, maybe one last question from my side. Given the extremely good results for business services, could you please provide us with some more color on the driver of that? How you can be so successful in that segment? Is externalization from banks, from financial businesses? Can you explain us a little bit more how you are developing so well in this segment? What are the main drivers? Thank you. How sustainable are these drivers also for the future? Thank you. Thank you for the question. Our business is 100% recurring and based on a proprietary platform, not driven by externalization. We work by a long-term agreement to provide consulting and platform for operation of digitalization of some banking of financial services departments. We work a lot in terms of portfolio of customers, we won several tenders and term years for some of the major Italian banks. We are confident we are able to move forward with this space. In the last year period, we increased a lot of our portfolio of proprietary platforms, and we are making also great job of cross-selling between our customers and our platforms. That is the reason we increased our EBITDA margin and net profit after taxes margin of sales in considerable way over the last two financial years. We do believe we are really in the right place to continue to work and deliver results. Thank you. Next question is from Andrea Björnsdóttir, private investor. Please go ahead. Hi, Alessandro. Can you hear me? Yes. Very well. Hi. Very good to speak to you again. I have a question around the guidance. For the first nine months in fiscal year 2025, you are -2% for EBITDA. When I look at the full year guidance, it seems like you're expecting still a mid-single-digit growth of EBITDA. To me, it looks like the last quarter of 2025 is going to be very, very strong. Is that a correct interpretation? Yes. In the Q4, we will benefit from two main drivers, in our view. First of all, the great trend of business services that will continue. In the Q4, we will come back to grow also like-for-like in terms of revenues and EBITDA of Digital Green. We will perform really well, because to an organic growth, we will add the contribution of GreenSun. We may perform higher than we did in Q3. Obviously, we expect a recovery also from our core sectors, system integration and GES. It is the way we continue to consider achievable the growth in single digit in EBITDA. Yes. For the full year. Okay. Perfect. Headcount is growing quite rapidly. It's up 14% year-on-year. Sales is lagging a little bit. When you see a market recovery now, can we start to see the good margin progression that we saw before, like in the previous years? We would typically increase 0.2, like 20 basis points, 30 basis points a year or sometimes even more. Can we continue coming back to the positive margin trajectory going forward, like for next year or the year after? Consider that we are in the middle of group transformation, we are growing in areas like business services, system integration, that are typically areas of consulting software and IT services, while we are flattish in the reselling activity. If you consider the number of employees of our distribution activity, they are absolutely flat year-on-year. The growth we had is in particular in the business services and in software system integration. Also, if you compare the nine months employees that are 6,370 compared to the first half employees, that was more or less 6,200 employees. The only change derived from the two acquisitions, in particular the acquisition of Metisoft, that is a consulting company in SAP, one of the largest in Italy, with 200 people, that we consolidated just for one month, and that will contribute for EUR 15 million revenue. The headcount is not comparable to revenues because we consolidate just for one month revenues and for 12 months, year end, period end, the number of employees. These are the drivers that are moving our employees, our account. We are working well in our HR management. The churn rate is below 7%. We work a lot in terms of employment. We increase our under 30 employment from 15%-25% over the last three-year period. That is very positive, obviously, in order to increase the quality of our human resources and our skills, and to take under control, obviously, also the cost of our average employee. That is a really relevant driver for us to perform well in future. We believe we are working well with a good balance to perform our group transformation that is moving forward towards a sector with double-digit EBITDA margin towards practices as consultancy or software or platforms, instead of pure reselling activities. Okay. I just have one final question on stock repurchases. You've done a little bit, I think you hold 1% in treasury shares. When I look at SeSa today, the company is basically trading on the same multiples that you acquire new companies to. Would it be sensible to do more stock repurchases? Because if you pay the same multiple for existing businesses that you already own, rather than taking an increased risk by acquiring new companies. I understand it can be strategic reasons for acquiring various new businesses, but at the end of the day, your company is basically trading on the same multiples that you can do acquisitions for. It looks to me like it would be quite sensible to take some of the cash that you generate and buy back more shares. Yes. I agree on your considerations. Consider that we completed the buyback plan we deliberated last September 24. Now we will have a new appointment next August, and we will evaluate to increase the plan buyback obviously, because at this particular level, it is particularly convenient for us. As for the M&A's price, consider that our industrial value is not 5x the EBITDA, that the industrial value of our industries are 10x. That is the value that currently are applicable in our industries, for example, by private equity or industrial transactions. We consider to work with the 5x the EBITDA very well. Obviously, we should be more selective. In any case, we have to select only companies that we may integrate, generating synergies and additional value in order to reduce. Maybe we pay 5x the EBITDA, but we work with an implied multiple of three and a half if we are successful in the integration. On one side, we would like to evaluate also to increase the buyback plan. On the other side, to continue the M&A in more selective way. In any case, to be able to generate value, to reduce the implied multiple below 5x. Okay. All right. Thank you so much. Thank you very much. Thank you for the question. Mr. Laschetti, gentlemen, there are no more questions registered at this time. Thanks everybody for your participation, and as usual, we stay available for any additional information by May. Thank you very much.