Good afternoon, everyone, and thank you for joining the SeSa Group presentation. Representing SeSa today are Alessandro Fabbroni, Group CEO, and myself, Jacopo Laschetti, Head of Sustainability and Stakeholder Relations. Earlier today, the Board of Directors approved the consolidated financial results for the FY ending April 30, 2026, and the new industrial plan covering the fiscal year 2027 and 2028. The corporate presentation is available on the SeSa website and will serve as a reference throughout today's conference call. During today's presentation, Alessandro will first review the group's financial performance for the fiscal year 2026, then present the main strategic priorities and targets of the new industrial plan, 2027, 2028. I will then provide an overview of our sustainability achievements and value generation for our stakeholders before Alessandro concludes with his final remarks. Now, I give the floor to Alessandro. Good morning, everybody, and thanks for joining our group presentation. In a digital market supported by growing demand for data management and data protection, driven by the increasing adoption of AI and automation, the SeSa Group closed the fiscal year 2026 by achieving all industrial and financial targets set out in the 2026 and 2027 industrial plan by delivering a strong organic growth twice than the market trend and by increasing our market share and our role of digital integrator, able to combine technology, digital platforms, and vertical application with AI adoption. In particular, we are pleased to report that we achieved all financial targets in the upper end of our guidance that we communicated to the financial market, and we are starting now the new fiscal year 2027 with a double-digit growth in revenues, and we expect also in profitability. In the fiscal year ending April 30, 2026, the SeSa Group reported consolidated revenues and other income for EUR 3.6 billion, up 7.9% year-on-year compared to pro forma results. That means like-for-like performance and up by 10.6% against reported ones. Consolidated EBITDA reached EUR 260.4 million, increasing by 8.2% year-on-year compared to pro forma and by 10.6% against reported results, with an EBITDA margin stable at 7.2%. The second half of 2026 marked a clear acceleration in our path, with revenues growing by 9.8% year-on-year and an EBITDA increasing by 9.9%. In the Q4 2026 alone, group revenues reached EUR 915 million, up 9% year-on-year, while EBITDA amounted to EUR 69 million, up 8.2%, with a quarterly EBITDA margin at 7.6% of revenues. The group closed the fiscal year 2026 with around 6,700 people. That means a 3.6% increase year-on-year, but on the other hand, with a stable trend during the second half of the year, that confirms our strategy to be more and more focused on operating efficiency, combined with scalable growth and the adoption in increasing way of AI and automation. Consolidated revenues show positive contributions from all group sectors. ICT VAS reached EUR 2.25 billion, growing 8.6% year-on-year with a strong acceleration in the second half, up 13% year-on-year. Growth was entirely organic and supported by increasing demand for data management and private infrastructure, driven by the AI adoption and the growing request of digital sovereignty and security solutions. Green VAS achieved EUR 412 million in the year, up about 20% year-on-year, driven by growing energy requests from business segment, resulting from the acceleration need of data management governance and private AI solutions. Software and System Integration sector reported EUR 909 million revenues, growing by 3.8%, despite slower demand in some manufacturing districts, while with a significant 7.5% increase in Q4 only. Business Services finally reached EUR 159 million, up 3.2% year-over-year, fully organic, supported by the development of digital platforms and vertical applications dedicated to the financial services industry with an expected return to double-digit growth in FY 2027, thanks to some main contracts that we acquired during the second half of FY 2026. Consolidated EBITDA increased to around EUR 260 million, up 8.2% compared to pro forma results, so like-for-like, and up to 10.6% compared to reported figures, driven by the positive performance across all sectors, particularly sustained by ICT and Green VAS. The ICT VAS sector reported EBITDA for EUR 101 million, up around 13%. With EBITDA margin improving to 4.5%, gaining 20 basis points in comparison with 4.30% of the previous year. 8 The Green VAS sector achieved EBITDA for EUR 29 million, increasing by 18.4% compared to pro forma and so like-for-like, with a stable EBITDA margin at 7.0%. Software and System Integration recorded EBITDA for EUR 96.6 million, up around 2% year-over-year, with a solid 5% growth in the second half, reflecting the positive impact of organizational re-engineering implemented throughout the year. Finally, Business Services reported EBITDA for around EUR 30 million, up 9% year-over-year, with an EBITDA margin increasing to 19% of revenues. Group consolidated EBIT, adjusted for goodwill amortization and non-monetary costs, reached EUR 197.5 million, increasing by 6.5% compared to pro forma results and by 9.6% versus reported ones, after depreciation and amortization for EUR 55 million and provisions equal to EUR 8.2 million. The reported EBIT amounted to EUR 152 million, up 4.3% year-over-year compared to pro forma results and 8% versus reported 2025, after goodwill amortization for EUR 37.5 million, up 15% year-over-year. In FY 2026, the Group benefit from a significant reduction in net financial expenses, equal to EUR 34 million, down 16% compared to EUR 41 million year-over-year, driven by lower interest rates and by the FY 2026 improvement in financial efficiency and net financial position. The Group EBT, adjusted for goodwill amortization, reached EUR 106 million, up 10.7% year-over-year compared to pro forma results and 13.3% compared to reported 2025. Net income after taxes reported amounted to EUR 80.6 million, up 13.2% compared with EUR 71 million as of April 30, 2025 on a pro forma basis and up 20% year-over-year compared to reported results. The FY 2026 was also characterized by a solid set of financial results and strong cash flow generation. The operating cash flow reached EUR 205 million, driven by profitability growth and higher efficiency in working capital management after EUR 110 million of investment, net of EUR 10 million of non-core asset disposals. The full year 2026, the EUR 110 million investment consist of EUR 50 million of CapEx in digital platforms for the Group transformation and of EUR 60 million dedicated to a selective set of small and vertical M&A, and in particular focus on the program of minority interest acquisition to drive the organizational simplification. After the EUR 110 million of investment and EUR 40 million distributed to shareholders through dividends and share buyback, during the year, the net financial position improved significantly from EUR 75 million as of April 30, 2025 to EUR 17.5 million of net debt as of April 30, 2026, up by around EUR 60 million. While excluding the IFRS liabilities, the group net financial position was equal to net cash for EUR 182 million as of April 30, 2026, compared to EUR 158 million as of April 30, 2025. With a so positive picture of FY 2026 results, I give the floor to Jacopo to present an overview of our ESG results and our value generation programs for the stakeholders. Thank you, Alessandro. In line with our purpose to create long-term sustainable value for all stakeholders, promoting innovation, including digital innovation of businesses and organizations, as well as the well-being of people, sustainability continues to be fully integrated in the execution of our business strategy. It remains one of the pillars supporting long-term development of our group. In the fiscal year 2026, we achieved a very positive set of ESG results. The value generation was equal to EUR 550 million, of which 90% distributed to stakeholders with a 10% increase year-on-year. We also successfully achieved all the targets set out in the 2026-2027 sustainability plan. Electricity consumption per capita declined by approximately 4%. Natural gas consumption per capita decreased by around 5%, while approximately 97% of the electricity purchased by the group now comes from renewable sources. Our renewable energy production exceeds 1 million kilowatt hours, resulting in more than 300 tons of CO2 emissions avoided. During fiscal year 2026, we also confirmed our main ESG ratings, including EcoVadis Platinum, MSCI BBB, and Carbon Disclosure Project B, while continuing to strengthen our governance framework and transparency towards investors and all stakeholders. Finally, our Green value-added solution sector grew organically by reaching EUR 412 million of revenues, driven by the growing request of energy deriving from digitalization of corporate and organization, and AI adoption. In terms of value creation for our stakeholders, we work to combine sustainable growth with a solid shareholder value generation. In the fiscal year 2026, the group raised its payout ratio at approximately 40%, distributing dividends equal to around EUR 50 million, and delivering a share buyback program for around EUR 25 million. Consistent with this approach and supported by the strong financial performance and cash generation achieved in FY 2026, the board will propose the next shareholders' meeting, a dividend distribution of EUR 1.33 per share, up 33% year-on-year, equal to approximately EUR 21 million. Together with the renewal of the share buyback program for an amount of EUR 20 million, confirming a payout ratio of around 40%. In particular, dividend payment date is set for the next September 23, with ex-dividend date on September 21, and the record date on September 22. In light of this, we will continue to operate with strong commitment in creating sustainable value for all stakeholders, and growing payout for our shareholders. I give the floor back to Alessandro. Thank you, Jacopo. Today, the board of directors has also approved the new group's industrial plan for the fiscal year 2027 and 2028. In a scenario where Italian digital market is expected to grow with an annual rate of around 3.5% in the 2026 and 2029 period, driven by the increasing demand of technology data management and protection, boosted by the adoption of AI automation, SeSa will target to extend the high single-digit growth already achieved in 2026 by growing twice the market trend and leveraging our positioning as a leading digital integrator, able to combine technology, digital platforms, and vertical application with AI adoption. The new industrial plan, in particular, focuses on organic growth, organizational streamline, and technological innovation by accelerating organic growth of our business core through increasing market penetration and organization streamline by reducing the number of legal entities, enhancing productivity and operational scalability through the progressive adoption of AI and digital enablers, while maintaining a substantially stable people throughout 2028, and supporting the group transformation through annual investment of around EUR 110 million, including EUR 60 million dedicated primarily to acquisition of minority interest and select M&As, and about EUR 50 million of CapEx on digital platform and skill development for our group transformation. Building on these pillars, the new industrial plan targets to extend the high single-digit growth revenues achieved in FY 2026, with expected revenues over EUR 4 billion, EBITDA above EUR 300 million, and adjusted EAT reaching around EUR 130 million for the fiscal year 2028. In particular, we plan to achieve the following growth targets over the FY 2027, 2028 period: annual revenue growth in the range between 5%-7.5%, targeting a range between EUR 4 billion-EUR 4.2 billion in FY 2028. Annual EBITDA growth in the range between 5%-10%, reaching the range between EUR 290 million-EUR 315 million in FY 2028, with an EBITDA margin increasing from 7.2% up to 7.5% in FY 2028. Annual group adjusted EAT growth in the range between 7.5%-12.5%, targeting the range of EUR 123 million to EUR 134 million in FY 2028. Within VAS, including ICT and Green, we expect mid to high single-digit growth in both revenues and profitability, driven by increasing demand for data management, data protection, AI adoption, and digital sovereignty, combined with the increased request of renewable energy solutions. Business Services is expected to deliver annual double-digit growth in revenues and profitability, driven by the development of vertical applications and digital platforms dedicated to the financial services industry, and by the increasing market penetration. Finally, Software and System Integration sector is expected to achieve a low single-digit growth in both revenues and profitability, driven by greater focus on higher value-added activities and the progressive reduction of labor-intensive business. Considering the very positive beginning of the first quarter of the new fiscal year 2027, with double-digit growth in terms of revenues and profitability, particularly across VAS sectors, we are strongly confident in the achievement of the targets outlined the new industrial plan for new FY 2027. Revenue growth in the range between 5%-7.5%, that means EUR 3.8 billion to EUR 3.9 billion. EBITDA growth between 5% and 10% targeting from EUR 275 million up to EUR 290 million. Group adjusted EAT growth between 7.5% and 12.5%, targeting from EUR 114 million up to EUR 119 million. We are entering the new fiscal year 2027, focusing on executing our new industrial plan with great determination, leveraging our strong competitive positioning, broad technology ecosystem, and highly skilled people. Together with all our people, we will work with strong commitment on our evolution path as a digital integrator, with a target of continuing to grow at more than twice the market rate, and by extending the continuous growth track record on revenues and profitability achieved since our foundation. Thank you all for joining us today. We are now pleased to open the Q and A session as usual. 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 touch-tone 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 Pier Andrea Randone, Intermonte. Thank you. Good afternoon. Thanks for taking my questions. I have two. The first one is about your value-added solution business, so the core business that performs very well. You provided us, in your introduction, some explanations. I wonder if you can provide us more details about this quite surprising trend. If you can detail if there are any particular product, if you are gaining market share also in relation to some changes in the competition, and what are the drivers that make you confident in your ability to sustain this high single-digit trend also for the coming months and quarters that is probably above what you expected 12 months ago. If you can focus on this area. The second question is about your net working capital. Again, the results are good. You lowered the level of your working capital, and in particular, I see higher commercial liabilities. I wonder if this is a number in relation with the slightly different revenue mix. In other words, if the stronger performance on VAS business is also driving some benefits in working capital. Thank you. Thank you, Andrea, for your question. First of all, it's true that our VAS solution is performing really well, overperforming our expectation because we closed the full year with the growth by 9% in revenues, 12.6% in EBITDA, and 21% in net profit after taxes. That means absolutely overperforming our guidance. We enter the new FY 2027 with a great growth, double-digit. That means we are really confident to be able to maintain our guidance to grow mid-to-high single-digit. The change is that the high adoption as a driver is generating a growing demand for data management and data protection, that means a great job and opportunity for us as digital integrator that is able to combine technology with vertical applications and digital platforms with AI. I underline again that this trend was accelerating during the year, because we increasing in progressive way our path quarter-by-quarter. As for the trend of net working capital, we really made a great job because we improved our efficiency by roughly EUR 40 million year-over-year. That is, generally speaking, a result of well performance coming from all sectors, not only from VAS. I underline that we are working in progressively moving of our software baseline as a service model that is part of our Software and System Integration business, that is not so relevant in comparison to 100% of our revenues of Software and System Integration, just 20% of our Business unit breakdown of revenues, but it is another point that is improving our capability to release net working capital management. We are confident to be able to continue to work in this direction also in FY 2027. Thank you. Thank you, Andrea. As a reminder, if you wish to register for a question, please press star and one on your telephone. Next question is from Gabriele Berti, Intesa Sanpaolo. [Non-English content], Alessandro. [Non-English content], Jacopo. Thank you for the presentation. A clarification from my side on the expected profitability trend. If I'm not wrong, at the midpoint of the 2028 targets, the implied EBITDA margin is around 7.4%, so only slightly above the 7.2% achieved in 2026. Given the top-line growth expected in the range of 5%-7.5% and the assumption of broadly stable head count, I would have expected more visible operating leverage and margin expansion. Is the limited improvement merely a matter of prudence giving the guidance, or is it related to something else such as cost inflation, business mix? If you can provide some color on that would be helpful. The second question, maybe if you can explain the reasons behind the soft top-line growth for the Business Services in Q4. Thank you for the question, Gabriele. First of all, we are planning to work, as you mentioned, with a number of people stable in the two-year period up to 2028. On the other side, we are planning to increase our EBITDA marginality from 7.20%-7.50%. That means we are planning to gain 30 basis points. I believe that we are planning in a prudent way, if you want our evolution of operating profitability. In any case, higher than the path of revenue. We are planning to grow in revenues between 5%-7.5% and in EBITDA between 5%-10%. That means, if you consider the mean of our average guidance, we are planning to increase our operating efficiency. I think it is possible to catch the upper range of the target of profitability as we did in the last fiscal year. We will work in this direction. I don't remember what the second question. It was about the Business Services in Q4, which registered a slightly softer top-line growth than expected. What are the reason behind that? In the Business Services or in Software and System Integration? In the Business Services. In the Business Services, we have a slowdown and in the Q4, due to some postponement of several contracts that will be balanced by a great start of FY 2027 because we are starting with a revenue growth higher than 15% in the quarter one. While in the Software and System Integration, we grew by around 7% in revenue and in operating profitability. That is the result of the great job we did in the reengineering process of that business unit. The two effect will be balanced. The positive things is that we are, as in the past, able to work to grant a good mix in term of growth of revenues and growth of operating profitability. If you want this a sort of risk diversification, because it is possible that a single business unit may underperform, but the other business unit may be overperform. The net result as group is in any case overperforming our guidance and in particular our market. Because I remember that we are growing organically, and more or less with a pace that is over two times the market trend. That is the same, obviously, if we consider VAS sector, because we are growing three times the market trend in that case. But also if you consider the mix of the last three-year period for Business Services and Software and System Integration, we grew always by around two times the market trend. That is the job that we will continue to do in the new fiscal year. Very clear. [Non-English content], Alessandro. Thank you. Next question is from Aleksandra Arsova, Equita. Hi. Good afternoon. Thank you for taking my questions. Two follow-up questions. The first one may be on the guidance and on the first quarter trends. If I got it correctly, you are seeing double-digit growth in the first quarter, at least in the first part. Your guidance for the fiscal year 2027 is mid to high single-digit revenue and EBITDA growth overall. It's just a matter of prudence, or do you expect some deceleration of growth in the coming quarters after the first one? Just a clarification here. The second one is on the growth rate recorded in the distribution business. It's very strong, and I was wondering if you can give us some color on what is the price effect and what is the volume effect. How much it depends on the increase in memory prices, and other component prices, rather than increase in volumes. Thank you. Thank you, Aleksandra. First of all, our guidance. I think that is very positive that we started with a double-digit growth. That means it is an opportunity to over-perform our guidance in the full year. I think it is better to respect the Q1 before improving our guidance. I remember that our new guidance is in line for FY 2027 with the previous one, and we extend to 2028, in any case, a path of growth, at a pace that is two times the market and that is fully organic. With this kind of trend, that means we may rise our dividend distribution, our dividend per share to EUR 2 per share, because we increased by 33% in that year. Growing organically means a great value generation and cash flow generation. In terms of trend of our VAS sector, there is a mixed effect because, for the most of products, we don't have an increase of price. The increase of price is impacting just server and in middle share PCs. In any case, this effect is more or less stabilizing. Our backlog is really strong also in the mid-term, there is a great opportunity in that area to continue to grow organically, with great value generation. We expect that the problem of price more or less is evolving and stabilizing. Obviously there is a general positive trend not only in the data management, data center, driven by great demand of private infrastructure and data strategy that is enabling the AI adoption, but also in particular on the data protection, also for the requirements of national compliance and security. For example, driven by the adoption of the new regulation name NIS2. That means a great set of opportunities to continue to grow in the coming two year period in that area. I remember, and underline also, our integration inside VAS of green, because there is a growing demand of energy, a great opportunity to develop plant for producing energy from renewable sources. That this business unit is growing really well and with great perspective in coming two year period, considering also the level of price that is low. There is an opportunity to develop plant for producing energy for renewable sources at very convenient price. That is another upside opportunity for our plan. Okay. Thank you. Thank you. For any further questions, please press star and one on your telephone. Mr. Laschetti, there are no more questions registered at this time. Okay. Thank you very much for your participation in the conference call. As usual, we stay available for any additional information via mail. We remember that we are organizing also several meetings with our brokers in coming hours, we stay available also for one to one to explain better and more details our new industrial plan and our FY 2026 results. Thank you very much. Thank you very much. Bye. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones.