Ladies and gentlemen, good afternoon, and welcome to TIM first quarter 2026 results presentation. Paolo Lesbo, Head of Investor Relations, will introduce the event. Good afternoon, ladies and gentlemen, and thank you for joining TIM first quarter 2026 results presentation. I am pleased to be here with the CEO, Pietro Labriola, the CFO, Piergiorgio Peluso, and the rest of the management team. Today, we will present the highlights of the first quarter and review the main operating and financial results. As usual, we will conclude with a Q and A session. Please refer to the safe harbor statement included in the annex for details on the reporting perimeter. Before we begin, I would like to briefly highlight one aspect of today's call that reflects a broader transformation journey underway within the TIM Group. This session, including the Q and A, is supported by AI leveraging the digital twins of our CEO and CFO. This solution is part of a wider set of initiatives through which TIM is leveraging artificial intelligence to enhance internal processes, operational efficiency, and the quality of communication with our stakeholders. We will outline these initiatives in more details during the presentation. With that, let me hand over to our Q1 2026 results. Pietro, the floor is yours. Thank you, Paolo. Good afternoon, everyone. Let me start with the most relevant messages for this quarter. First, our Q1 results were fully in line with what we expected. As already guided, domestic performance reflects the MVNO transition, an expected impact already embedded in our 2026 targets. The underlying trajectory is unchanged. We are on track versus the path we set out, guidance confirmed with full focus on execution. Turning to infrastructure, as part of our ongoing efforts to optimize TIM's cost base, we have launched a set of initiatives aimed at updating our tower strategy. I will come back on this topic later in the presentation, also providing additional disclosure following a specific request by the Italian Companies and Stock Exchange Commission. On capital structure, the share capital reduction process faced no opposition from creditors, and the saving shares conversion will therefore be completed as planned by the end of May. Finally, regarding Poste Italiane's full voluntary public tender and exchange offer, the TIM board of directors has appointed financial and legal advisors. The board has initiated a structured and fully governed process to assess the offer in the best interest of the company and all shareholders. The fairness opinion will be delivered in due course based on complete information and rigorous analysis in line with market practice. Let me start with an overview of our results. As usual, we disclose performance at group, domestic, and Brazil levels. For the domestic perimeter, we present revenues and EBITDA after lease on a year-on-year basis, both including and excluding the MVNO business. This allows you to clearly distinguish between the overall performance and the underlying business trends. The difference is material, and it is entirely explained by the MVNO phasing. Compared with Q1 last year, MVNO transition accounted for EUR 54 million lower revenues and almost EUR 50 million lower EBITDA after lease, while the underlying business performance remained very solid. Starting with the group. Revenues increased by 1.4% year-on-year to EUR 3.3 billion. Excluding the MVNO impact, growth reached 3.1%, supported by continued commercial momentum across our core businesses. EBITDA after lease decreased by 2.7% to EUR 0.8 billion. Once again, this reduction was entirely driven by the MVNO transition. Excluding MVNO, the underlying business delivered a 4.1% year-on-year growth reflecting operating leverage and tight cost control. CapEx remained disciplined at 12.5% of revenues amounting to EUR 0.4 billion fully in line with our investment framework. As a result, EBITDA after lease minus CapEx increased by over 5% to EUR 0.4 billion. Cash generation reflected the usual seasonality of working capital absorption at the beginning of the year, as well as the reversal of the advanced payments from public administrations received last December. Accordingly, equity free cash flow was negative by EUR 0.4 billion. Piergiorgio will provide more details on the cash flow dynamic later in the presentation. Net debt after lease stood at EUR 7.3 billion, with a leverage ratio of 1.99 times. From a geographical perspective, performance was solid across both of our markets. At domestic level, despite continued competitive intensity, the underlying business remained resilient. Total revenues stood at EUR 2.2 billion, down 0.9% year-on-year, while service revenues were flat. Excluding MVNO impact, the underlying business recorded growth of 1.5% in total revenues and 3% in service revenues. EBITDA after lease stood at EUR 0.4 billion, down 8.2% year-on-year. Excluding MVNO, performance was robust, with growth of 4.5%. CapEx was soft at EUR 0.2 billion, or approximately 9% of revenues. As a result, EBITDA after lease minus CapEx increased by 4.1%, reaching EUR 0.2 billion. In Brazil, market conditions remained rational, and TIM Brazil continued delivering robust growth. Let me walk you through how the MVNO phasing and the expected EBITDA after lease acceleration are already fully embedded in our plan. Starting on the left-hand side of the slide, you can see the evolution of MVNO revenues. As anticipated, the impact is front-loaded in the first half of the year, with a pronounced decline in Q1 and a more moderate reduction in Q2. As we move through the year, the MVNO headwind progressively fades, with Q3 and Q4 showing a much more normalized trend. In the second half, MVNO revenues reach a stable run rate of approximately EUR 45 million per quarter, in line with last year, effectively closing the gap. Turning to the right-hand side, this dynamic is directly reflected in our domestic EBITDA after lease trajectory. We expect a clear acceleration in the second half of the year, with EBITDA contribution increasing from around 19% in Q1 to approximately 29%-31% in Q4. This acceleration is driven by four key factors. First, the contribution from our consumer price up initiatives. Second, favorable seasonality in the enterprise segment, particularly in the 4th quarter. Third, the continued execution of our cost transformation program, with the majority of benefits materializing toward the end of the year. Finally, the stabilization of MVNO revenues in the 2nd half. Overall, this profile underpins our confidence in confirming full-year guidance with a clearly back-end loaded EBITDA after lease trajectory. Turning to TIM Consumer, let me first remind you that MVNO revenues are included in the wholesale and other line of business. As a result, the full impact of the MVNO phasing is reflected in TIM Consumer's trends. Total revenues and service revenues declined by 3% and 1.8%, respectively. On a normalized basis, excluding the MVNO impact, the same metrics showed year-over-year growth of 0.6% for total revenues and 2.2% for service revenues. As already seen in the fourth quarter of last year, retail performance remained resilient, delivering a 0.4% year-over-year growth. Backbook repricing continues to be a key driver of TIM Consumer's top-line stabilization. This marks the fifth consecutive year in which our strategy has been firmly focused on value rather than volume, a necessary approach in a highly competitive market such as Italy. Compared to previous years, we have brought forward the timing of price increases, with more than four million wireline and mobile customers already repriced in the first quarter. This will allow us to anticipate the benefit in terms of incremental revenues over the course of the year. The impact of these actions was visible across all key KPIs. Wireline ARPU increased by 5.4% year-on-year. Mobile ARPU rose by 1%. Churn remained firmly under control, despite multiple pricing actions implemented over time. Customer KPIs were stable on a sequential basis, with wireline and mobile line losses of approximately 50,000 and 100,000, respectively. Notably, we continue to see an accelerating contribution from FWA, while mobile number portability remained broadly neutral, a further indication of strengthened customer retention and competitive positioning. Finally, turning to our customer platform, TIM Vision service revenues continued to grow steadily, increasing by almost 4% year-on-year. TIM Vision represents the most comprehensive content aggregation platform in the Italian market, now including also HBO. The sustained top-line momentum confirms the strategic soundness of this positioning. Let me now introduce a new chapter in our consumer strategy, namely the launch of TIM Premium. We are launching TIM Premium now because we can finally combine network, platforms, and AI to deliver a materially better experience. This is not a rebranding exercise. It's about higher quality, more services, and more simplicity, with pricing discipline aligned to the value we deliver. We are witnessing an unprecedented increase in bandwidth demand, driven by three structural trends: the rapid adoption of generative AI applications, the acceleration of high-quality video consumption, with 4K and 8K streaming becoming increasingly mainstream, and a growing need for seamless multi-device connectivity. Together, these trends are reshaping customer expectations and require a step change in network performance, reliability, and quality of service. In this context, TIM is uniquely positioned to lead the transition. Our unmatched fiber footprint, combined with our nationwide 5G infrastructure, enables us to deliver superior connectivity and positions TIM as the best-placed operator in Italy to capture this evolving demand. Building on these strengths, we are launching TIM Premium, a new high-performance connectivity proposition designed to serve the most demanding customer segments and digital use cases. We have identified five key target groups. First, sports and live event fans who require congestion-resilient connectivity to share and engage in real time, even in highly crowded environments. Second, influencers and content creators who depend on reliable multi-platform streaming, cloud-based content production, and real-time interaction with their audiences. Third, streaming and gaming families with growing expectations for uninterrupted 4K content and high-quality cloud gaming experiences. Fourth, students and AI power users increasingly relying on advanced digital tools, collaboration platforms, and immersive technologies such as virtual reality. Finally, smart workers who depend on cloud applications, real-time collaboration, and increasingly virtual reality-enabled workflows. TIM Premium is designed to address these needs through a combination of best-in-class network performance, value-added services, and enhanced security features. In summary, TIM Premium represents a key step in our strategy to move further up the value chain in the consumer segment, monetize network superiority, and respond to the evolving digital lifestyles of our customers. Just as we have been committed to a volume-to-value strategy, we firmly believe that telecom operators must also take the lead in educating the market that higher levels of service quality and performance need to be adequately priced, even more so in a highly competitive market such as Italy. TIM Premium is a concrete step in this direction. Turning to TIM Enterprise, Q1 marked the 15th consecutive quarter of growth, with both total and service revenues increasing at mid-single digit pace, further confirming the structural momentum of the business. The integration of our infrastructure assets with advanced cloud, IoT, and cybersecurity capabilities continues to underpin TIM Enterprise's competitive edge and to translate into tangible results. Cloud was once again the clear growth engine, expanding by 15% year-on-year and representing 44% of TIM Enterprise service revenues. Connectivity delivered modest growth, supported by the positive 1-off impact related to the Winter Olympic Games. Other IT services declined by 7%, reflecting a deliberate reshaping of our portfolio to phase out low-margin activities and focus on higher value solutions. Finally, the National Strategic Hub, Europe's first concrete implementation of a sovereign cloud initiative, delivered revenue growth of 50% year-on-year. This provides TIM with a clear structural head start in a strategically critical segment with long-term relevance. Turning to digital sovereignty, last December, we launched a CEO-led strategic initiative aimed at positioning TIM as the player of reference in this space in Italy. Building on the capabilities developed within the National Strategic Hub, our objective is to extend sovereign technology solutions beyond the public sector to strategic private enterprises managing critical data. This initiative is grounded in three key pillars. First, we continue to invest in integrated proprietary network and cloud infrastructures. Our focus is on secure, scalable, and fully controlled platforms capable of supporting mission-critical services while ensuring the highest standards of reliability, resilience, and data protection. Second, we are strengthening our positioning in sovereign cloud and AI. In this context, we are developing a sovereign AI platform designed to support independent software vendors, startups, and developers, enabling them to run high-performance workloads in a secure and compliant environment. We see this as a key enabler of the next wave of enterprise digital transformation. Third, we act as a trusted partner for hyperscalers. By combining our proprietary infrastructure with leading global technologies, TIM positions itself as the guarantor of sovereignty, allowing Italian enterprises to benefit from innovation while retaining full control over their data. Our unique positioning is supported by tangible assets and capabilities. We operate 16 data centers fully integrated with our proprietary network backbone. We have built deep expertise in sovereign cloud platforms already serving over 650 public sector customers. Our organization is further supported by more than 2,000 certifications in key competencies and a dedicated sales and pre- and post-sales force of around 1,600 professionals. Looking ahead, we plan to invest approximately EUR 500 million between 2026 and 2028 to further strengthen our sovereign infrastructure, platforms, and capabilities. In summary, TIM Enterprise is uniquely positioned to capture the growing demand for secure and sovereign digital solutions and to play a leading role in shaping Italy's digital future. To conclude on the domestic perimeter, let me explain how we are leveraging agentic AI to improve service quality while driving leaner and more efficient operations. We are moving at full speed with a clear focus on three priority areas. First, in customer care, we are leveraging generative AI to significantly improve response times and the quality of interactions. Second, in back office, we are using AI to materially increase productivity while reducing manual errors. Third, we are enhancing agility by building an agentic layer that allows us to bypass legacy IT constraints. To enable this at scale, we are building what we refer to as an industrial-grade AI environment. This includes establishing centralized data governance, strengthening data quality, and upgrading our cloud and machine learning operation capabilities. In parallel, we are developing a common data platform with reusable APIs, allowing us to scale use cases quickly across the organization. We are also taking a pragmatic approach, starting with pilots and then rapidly scaling what proves effective. Equally important is people's empowerment. We have established robust AI governance and security policies to ensure safe and controlled access to internal knowledge. At the same time, we are equipping employees across functions with AI licenses and have launched a company-wide AI Literacy Program supported by targeted training initiatives. Adoption is closely monitored through usage and productivity KPIs. All these initiatives are expected to translate into tangible performance improvements with go live targeted in the second half of 2027. Specifically, we expect around 50% of inbound calls to be managed by AI agents, 70% automation of back-office activities, and a 50% reduction in customer issue resolution time. Overall, these initiatives will be a key contributor to the efficiency gains embedded in our Cost Transformation Plan. Before moving to TIM Brasil, let us now show a short video to further illustrate the AI-driven opportunities we are pursuing. Everyone's talking about AI. At TIM, we're actually doing it. TIM is agentifying its operating model, beginning with what matters most: customer relationships. Our customer service specialists will be supported by AI agents handling thousands of requests autonomously across voice and digital channels, resolving billing issues, capturing full transcripts, analyzing sentiment, and optimizing for customer satisfaction, driving real impact across key metrics. This will allow our team to focus on complex high-value interactions where their judgment, empathy, and expertise make the real difference. Back-office operations. Tasks that once took hours will be handled effortlessly. Agents will navigate any legacy system, eliminate manual data entry, and validate data automatically. This is just the beginning. TIM's AI agents will be operating at full scale by year-end. We're already underway. By mid-2027, this transformation will be tangible. This is TIM's operating model, rebuilt for what comes next. Let me be clear. This is not AI as a buzzword. This is AI at scale embedded in our network, our operations, and our customer journeys. It's a real lever for better service, faster execution, and structural efficiency. Moving to Brazil, results once again confirm strong execution and discipline management. Market conditions remain healthy and rational, and TIM Brasil continued to deliver profitable growth, reaffirming its position as the most efficient operator in the country. Topline growth was in the mid-single digit range, driven by mobile service revenues and supported by a growing contribution from the wireline segment. Monetization of the customer base remained a clear priority, underpinned by successful upselling from prepaid to postpaid, resulting in the highest ARPU in the market. Strong operational execution translated into mid-single digit EBITDA after lease growth above inflation. The combination of EBITDA after lease growth and disciplined CapEx delivered high single-digit growth in cash generation. These results clearly demonstrate that the operational discipline and value-oriented approach that have driven success in Brazil are the same principles guiding the ongoing transformation of our domestic business. With that, I will now hand over to Piergiorgio for a detailed review of the financial results. Thank you, Pietro, and good afternoon, everyone. Let me start with a few comments on group OpEx and CapEx. In the first quarter, group OpEx increased by 2.7% or EUR 62 million. Approximately 80% of the growth was attributable to Brazil, where half of the growth was linked to revenue-driven costs, while the remainder was driven by the V8 acquisition and higher operating expenses. In Italy, the increase in OpEx was modest and entirely driven by revenue-related components, namely higher cost of goods sold associated with ICT revenue growth. These were partly offset by lower industrial costs, including savings in network operations and energy. OpEx related to FiberCop MSA were flat year-over-year and accounted for 24% of domestic OpEx. Given the current geopolitical environment, I would also like to reassure the market that our energy costs remain well under control. In Italy, we have hedged approximately 80% of 2026 energy consumption and approximately 50% for 2027. This applies to consumption that we manage directly, representing approximately 60% of total consumption. FiberCop, which accounts for around 40% of total energy consumption, manages its own independent hedging strategy. In Brazil, more than 80% of the electricity is generated by hydropower, meaning that energy costs are primarily influenced by weather conditions rather than by gas and oil price dynamics. Group CapEx amounted to EUR 0.4 billion, corresponding to 12.5% of revenues. CapEx in Brazil increased slightly year-on-year, while domestic CapEx was particularly soft, decreasing by 18% year-on-year as a reflection of lower IT spending due to the timing realignment of major software license renewals, continued IT spending optimization, and lower customer-driven investments. Approximately 20% of CapEx was customer-driven, while over 50% was allocated to infrastructure investments, including mobile networks, the IP backbone, and data centers, where we continue to expand capacity to support the growing demand for cloud services. Moving to financials, the first quarter reflected the expected seasonal working capital absorption, mainly driven by the payment of the significant CapEx recorded in the fourth quarter of each year. The cash dynamic was also impacted by the reversal of advanced payments from public administrations that were originally due in the first quarter but were collected in December. Financial charges were EUR 30 million lower than last year, thanks to the optimization initiatives implemented in 2025, while cash taxes arose mainly in Brazil. As a result, equity free cash flow was negative by approximately EUR 0.4 billion. In Q1, we launched a new pre-retirement scheme. Compared with the schemes implemented by TIM up to 2021, this new program delivers higher cost savings with a better cash-out profile, benefiting from recent changes in the regulatory framework. Under this program, approximately 1,000 employees will enter pre-retirement by the end of this year, up to five years ahead of the statutory pension. TIM will pay approximately 70% of salary over the 2027 to 2031 period, with severance indemnity paid in two installments. We expect annual cost savings of approximately EUR 60 million once the program is fully implemented. From a cash perspective, the scheme was cash neutral in the first quarter as we booked a one-off provision of approximately EUR 0.2 billion in the income statement with a corresponding increase in working capital liabilities. Below equity free cash flow, we recorded EUR 30 million in dividends paid to TIM Brasil minorities and EUR 30 million related to the acquisition of a small B2B business in Brazil. Net debt after lease closed at EUR 7.3 billion, with leverage at 1.99 times. Regarding the concession fee, we expect to cash in approximately 50% of the amount in the coming weeks, with the remaining 50% spread between the third and fourth quarters. A breakdown of net working capital is included in the appendix. With that, I will now hand back to Pietro. Thank you, Piergiorgio. Let me now turn to our ongoing corporate actions aimed at delivering a leaner, more efficient, and remuneration-supportive capital structure. Starting with the saving shares conversion, the reduction of share capital from 11 billion to 6 billion has been completed without any opposition from creditors. This allows us to proceed with the final steps of the saving shares conversion. The voluntary conversion period will run from May 6th to May 19th, with the outcome announced on May 20th. This will be followed by the execution of the mandatory conversion on the subsequent day, which will also represent the last trading day for saving shares. Moving to the 10-to-one reverse stock split of ordinary shares, execution is planned for June. I remind that this is a purely technical adjustment with no impact on total share capital or on shareholders' proportional ownership. At the same time, it will allow TIM shares to exit penny stock territory, enhancing liquidity and potentially broadening the investor base by improving overall investability. On the share buyback, the program approved at the last annual general meeting authorizes purchases of up to EUR 0.4 billion, corresponding to a maximum of 700 million ordinary shares or 70 million ordinary shares post reverse split, representing approximately 3.3% of share capital. The execution of the program remains subject to the completion of the Sparkle disposal, which we expect by the end of the second quarter. These actions are fully aligned with our strategy to optimize capital structure and enhance shareholder returns. Let me walk you through our tower strategy, which is a key lever in optimizing our infrastructure cost base. To recap, we are progressing on three main fronts. Firstly, on RAN sharing with Fastweb, we have reached a preliminary agreement to enable mobile access across approximately 15,500 existing sites. This will support a faster and more capital-efficient 5G rollout, particularly in lower density areas, while preserving full commercial and technological independence. Importantly, this approach allows us to avoid unnecessary duplication of infrastructure and deliver midterm cost and CapEx efficiencies. Secondly, we have signed a non-binding agreement to establish a tower joint venture with Fastweb. The joint venture is expected to develop and manage around 6,000 new mobile sites and will be equally owned by the partners. We also see potential to bring in third-party investors over time to further optimize the financial structure. The model will be open access, creating additional optionality and value. Finally, regarding our MSA with Inwit, we have served notice of termination effective August 2030. Following the notice of termination served by Fastweb, TIM termination notice would be effective upon the original expiry date of 31st of March 2028, in case it is established, whether by court ruling or by agreement between the parties, that the change of control occurred in December 2020. Overall, these initiatives strengthen our industrial flexibility, accelerate 5G deployment, and support a structurally lower cost base over the medium to long- term. Upon request of the Italian Stock Market Authority, let me now go deeper into how we may execute this strategy and the path toward a potential exit from Inwit. We are structuring our approach around three complementary pillars. Firstly, leveraging existing third-party towers. The market currently offers around 30,000 towers, excluding Inwit, and we plan to utilize approximately 8,500 of these sites, less than 30% of the total available. This provides significant flexibility and avoids the need for incremental capital deployment. Secondly, new towers built by third parties. We are already seeing strong market interest in developing around 6,000 towers with a feasible rollout of roughly 500 sites per year shared across operators. Importantly, about 80% of existing Inwit sites already host both TIM and Fastweb, making these new sites highly attractive for tower companies given the built-in double tenancy. Thirdly, towers developed through the new joint venture. This adds a further 6,000 sites over the next 12 years with full flexibility to adjust the rollout pace depending on market conditions. Supporting these pillars, we benefit from a number of structural enablers. From a geographic standpoint, a large portion of our sites are located in smaller towns, which simplifies site acquisition and deployment. The RAN sharing agreement further streamlines migration by reducing complexity. On the regulatory side, the increase in electromagnetic limits from six to 15 volts per meter creates additional capacity while remaining well below European thresholds. Operationally, we expect to internalize key activities such as design and permitting by 2029, and we can leverage AI to accelerate network planning and deployment. Putting all of this together, we see a clear and achievable path to a full exit from Inwit in approximately 10 years while maintaining operational continuity and enhancing long-term efficiency. Let's now move to the closing remarks. To wrap up, Q1 2026 came in fully in line with our expectations, which allows us to confirm our full -year guidance. We are continuing to strengthen our leadership in AI and digital sovereignty in Italy with TIM Enterprise clearly positioned as the reference player. The results delivered so far provide tangible evidence of the progress we are making along this strategic path. With TIM Premium, we are redefining our consumer proposition around performance and translating network excellence into differentiation. In parallel, we have defined a new, clear, and realistic tower strategy. It gives us flexibility and control while preserving value, and it embeds significant OpEx and CapEx savings should a satisfactory agreement with Inwit not be reached. Finally, we are about to complete the saving shares conversion process. This was a long-standing overhang that this management team has been able to resolve after decades in a way that is satisfactory for all shareholders. Let me close on a positive and pragmatic note. For years, M&A was seen as the main lever for telcos. It mattered, but it was not enough. Today, the opportunity set is changing. Cloud and digital sovereignty are moving from nice to have to must have. New services increasingly require assured performance, not just best effort. AI is reshaping business models across industries, driving demand for low latency, secure data processing, and predictable connectivity. This is where telcos can be central again, not by talking about it, but by building it. Networks engineered for performance, platforms designed for trust, and capabilities that make AI usable at scale. One final point for European policymakers. This opportunity is real, but it is also fragile. It would take very little to destroy value again, uncertainty, outdated rules, and a framework that discourages long-term investment. Europe needs a pro-investment agenda, clear rules, predictable enforcement, and genuine reciprocity across the entire digital ecosystem. Same responsibilities, same contributions, same accountability for those who build the networks and for those who use them. If we want a stronger Europe and stronger nations, we must act with vision and courage now. As a sector, we must do our part with discipline, speed, and execution. For the first time in years, the future is genuinely in our hands. Let's not miss it. With that, we are now ready to take your questions, also with the support of our digital twins. Ladies and gentlemen, we will now begin our Q and A session. For analysts who wish to ask questions, please use the Raise Hand function at the bottom of your Zoom screen. Once your name has been announced, you can ask your question. If you need to withdraw your question, please lower your hand using the Raise Hand function. Thank you. The first question comes from Mr. Giorgio Tavolini with Intermonte. Mr. Tavolini, please unmute yourself and ask your question. Good afternoon, and thanks for taking my two questions. The first one is on the MVNO segment. In 2025, this segment generated EUR 210 million in revenues. In 2026, you expected the trend to stabilize at around EUR 45 million per quarter in the second half of the year. I was wondering if these steady state revenues could be approximately EUR 180 million per year. Giorgio, you are touching on a crucial aspect of our wholesale dynamics. That is a very important point about the phasing of our wholesale revenues. We are currently managing a planned transition in our virtual network operator partnerships. The first half of 2026 reflects the exit of certain older contracts, while Poste officially began migrating its customer base to our network in the first quarter. This is a temporary dynamic that we already anticipated in our guidance. Everything is moving according to the trajectory we set out earlier this year. We expect these revenues to stabilize and build significant momentum throughout the second half. This will lead to a normalized run rate as the new contract reaches full scale. Our focus remains on high margin service revenue rather than just chasing volume. This stabilization is a key part of our domestic performance for the full- year. I hope that it was clear. Thank you. My second question is on the repricing campaign. You announced that in Q1 the price up will involve more than four million consumer lines. What impact do we expect on financials and KPIs in the coming quarter? If you confirm around EUR 100 million revenues incrementally? Thank you, Giorgio. This is an important theme for our consumer strategy. Excellent question on our strategy for value extraction in the consumer segment. We have deliberately brought forward the timing of our price increases this year. This maneuver allows us to capture the benefits of incremental revenues much earlier in the cycle. Our strategy remains firmly focused on prioritizing value over volume. This is a necessary approach in a highly competitive market like Italy. The results we are seeing confirm the soundness of this direction. Despite these actions, our customer loyalty metrics remains very stable, and churn is firmly under control. We are translating our network excellence into a clear and differentiated consumer proposition. We expect this proactive approach to support our top-line stabilization throughout the coming quarters. Everything is under control as we continue to execute our value-driven strategy. I hope that answers your question. Thank you very much, Pietro. The next question comes from Mr. Paul Sidney with Berenberg. Mr. Sidney, please unmute yourself and ask your question. That's very kind. Thank you. Thank you for taking the questions. I had two, please. Firstly, on domestic consumer, ARPU up 1% year-on-year for mobile, up 5% for fixed. Are we generally seeing recent Italian price increases really sticking? I know on Swisscom's call earlier, I know different market, but they're really struggling to make these price increases stick. They're getting promoted away. Are we looking at a different dynamic in Italy because of the differences in ARPUs, the different starting positions, and does that allow for even more price increases going forward? I know it's something close to your heart, Pietro, from the last call. Second question, very big picture, maybe this is too big a question, events in the Italian market over the past 24 months have really kept investors very busy and analysts as well. There's a huge amount of optionality, potential mobile consolidation, fixed consolidation, tower disputes, the Poste bid. Just do you think, Pietro, there's a scenario that exists where all the players can win and we can unlock the investment, the infrastructure investment that Italy needs? Apologies if that's a very sort of high level question. Thank you, Paul. About the first question, I will leave Andrea to elaborate. On top of that, first of all, what's happened is that in the last four years we were the first mover in the approach of price increase with our strategy of from volume to value. It means that Andrea and the consumer team was very good in the approach of the CVM to try to avoid that the price increase could become just a new bleeding or more than bleeding strategy. On top of that, for the future, the good is that what we define as TIM Premium or premium connectivity strategy will give us a further boost because today is more complex to think that we can continue like we're doing today forever. You must start to increase the price to the customer because they are going to ask better quality, and so there will be a willingness to pay much higher. It will mean that we'll be able to increase price with a further lower level of churn. I will answer to your second question, but I will leave Andrea to talk about that. Thank you, Pietro. Thank you, Paul. What is the difference that we see versus other markets? Certainly, we worked hard to exploit several levers to reduce churn. Hence, during the last four years, and this is the 5th consecutive year as Pietro highlighted, we work to enhance three practices for, to reduce broadband churn, convergence, migration to FTTH, so better technology mix. Quite prominently also the use of content and TIMvision as a churn reduction tool and by the way, an ARPU increase tool. This is maybe a difference versus other markets, where other competitors are playing also because the TV market in Italy is quite unlike some other European markets. On mobile also, we have refined and we commented this in previous calls, we have refined the repricing practices to act in a more segmented and careful way and to prevent churn effect. After all, what we learned during the last years is that the market of mobile is evolving with the number of rotation and portabilities that are reducing, and this is also unlike other markets. We are, I have to say, positive that other players in Italy will follow our example. We have been quite vocal in favor of back book price up, and we are actually positive that other competitors are now following the lead. Paul, about the second question, I think that we have to find a new equilibrium among all the player of the telco ecosystem. The truth is that until today, inside this value chain, the only player that were paying the check was the telco. If I look who was investing in infrastructure had very good return on investment. The software company that was delivering software were having very good return on investment. The hardware vendor, good return on investment. Also sometimes the employee because we're obliged to adapt our salary to the inflation. Until your pocket is big enough to continue to sustain all the value chain, there's no problem. At least in Europe, the telco market, mainly in some country, is no more able to pay the bill for everybody. Now what is happening? I think that everybody are understanding that the game is over for everybody if we are unable to rebalance through all the value chain, the different element. It means also that also the regulator have to do something. My opinion, my personal opinion is that this is now well understood. If you look at what is happening in the rest of Europe, for example, in France in terms of market consolidation, what's happened in the U.K. in terms of market consolidation, what is happening at EU level when we talk in the DNA about a kind of review of the net neutrality to allow the telco player to use the 5G frequencies differentiating the quality of the service. We paid the 5G frequencies because of that, while today the regulation do not allow always to do that. I'm very confident that this time the things will change and there will be not a winner and a loser. Everybody will win, but sometimes someone that was over winning will have to do a step back. I hope that it was clear. Really appreciate it. Thank you. The next question comes from Mr. David Wright with Bank of America. Mr. Wright, please unmute yourself and ask your question. Yeah, thank you very much. Hopefully, you guys can hear me, and thank you for the AI Twin presentation. I will give you some feedback on that separately. I actually have a super quick question for Piergiorgio. You said annual cost savings of EUR 60 million from the retirement scheme. I'm assuming that means EUR 60 million less OpEx, EUR 60 million more EBITDA, and then 70% of that, let's call it whatever, EUR 42 million or so of working capital outflow. Is that the way it works? EUR 60 million less OpEx, increased EBITDA but EUR 40 million or so. Yeah, David, it's correct. As you said, the total amount has been provisioned in our accounts. You will have also in our EBITDA reported and in our networking capital, you have the full amount. In the next years, you will have the use of this provision, as you know, consistent with the payment of the pre-pension plan as you had in the past. The mechanism is exactly the same. It is slightly different from the Article 4, but the mechanism is exactly the same. Okay, that makes sense. In terms of impact on EBITDA, it's exactly what you said. Correct. Okay, very good. A couple of other questions. Pietro, first of all, can you just remind us, you know, just amidst press reports of your earn-out protection around Italian consolidation. I understand the protection runs until the end of this year, like 31st of December, and it could be triggered upon just an MOU, if I'm right. It doesn't need to be any kind of deal completion. If you could just remind me the mechanism. I remember it was a high percentage of potential synergies. That's question one. If you don't mind a little hypothetical, and maybe you just can't answer this, Poste have set a 2/3 acceptance level for a TI bid, which could theoretically leave a 1/3 minority listing. Under that circumstance, what I don't understand is how synergies could be allocated, and I wonder if you know how that would be done. For instance, if there are EUR 500 million cost synergies, of course, they're in the consolidated top co. How much of that, you know, in theory, could be allocated to the TI standalone accounts, if that makes sense? That was my second question. Just very finally, reports of Sky Italia suing you guys on the DAZN deal, if there is anything you can say. Thank you so much. Thank you, David. I know I already image your comment about my digital twin. It was too polite with a few level of anger, we will try to improve that. I'm joking, in any case, for us was very important in this moment that is so important for the company to show to all the shareholders that we are not crossing finger. We are continue to work in the interest of all the shareholder to continue to improve the number of the company. AI is an important lever for us to continue to achieve the number that we put in this year plan, also for the next years. It was very important to show that we'll continue to deliver what we promise. Let me go through the three question. The first one is related to the earn-out. It's quite easy. We can have the earn-out if there will be a closing, so not subject to approval, but it's something that is at the last stage by the 31st of December. It's clear, as we try to explain also in the past that if they will try to do a full merge. It's quite difficult to imagine that a full merge will have a closing, a full merge between Open Fiber and FiberCop by the end of this year, looking also at all the process at the EU level. While if they sign a commercial agreement that will allow them to exploit industrial synergy, we will have an earn-out up to 75% of the industrial synergy that FiberCop will reach. This is in a nutshell, what is happening. We were reading on the press that they are talking about a commercial agreement. Let's stay at the window or as someone say, "Stay tuned," we'll see the next step. About the Poste synergy, it's quite difficult for me to answer. I was also hearing the Poste call that ended less than one year ago. An hour, sorry, an hour ago. If you take a look at the list of the synergy that they put, a good part of that, but again, is a first reading based on what was told less than one year ago, is difficult that can be considered without a full merge. When they talk about the reuse of the redundancy of the employee in activity of Poste, it's quite difficult to imagine that it could be possible as two separate company with related party committees, so on and so forth. Again, I think that Poste will give more details also when they will release the final prospetto informativo. As I mentioned, the board will do its own homework, and then will be also the market that will evaluate the offer. Related to Sky, a joke I saw, this is an advertising spot that Sky in Italy renewed the copyright for the Formula 1, I love Kimi Antonelli, until 2032. Sometimes they will need some more money to finance that because this is the only way to think about that. To give you some details, someone is thinking that at that time we had an issue of anti-competition approach. Just to highlight to you, the agreement with DAZN was giving us the exclusivity of the bundle. Now to details. The first one, if you were a Wind, Vodafone, Fastweb, Sky customer, you could buy in any case the DAZN offer on the digital. We were not closing the market. The second, also having exclusivity for the bundle, I have to remember to everybody that in 2021 this company was vertically integrated, and at regulatory level we were obliged to the ex-ante analysis of the price that will not allow us to do anything in dumping. We were unable to subsidize the connectivity with the content and vice versa. It's very complex to understand the reason for that. Here we have also Agostino Nuzzolo, our Chief of Legal Department, but we like to talk about these things in the right place because we don't like to live in a constant Big Brother where, because I'm seeing that in the last period, a lot of people talks about litigation as they were in a Big Brother. We are used to say what we think and do what we say. This is what we did in the last four years, and we'll continue to do that. Very good. Thank you so much. The next question comes from Mr. Keval Khiroya with Deutsche Bank. Mr. Khiroya, please unmute yourself and ask your question. Thank you for taking the questions, I have two please. You had planned a CMD for later this year. Do you still intend to give midterm guidance, and when could that be? Presumably benefits from working with Poste would have also been part of your plans. How are these now affected, given the offer to TI shareholders? Secondly, we've seen a 10% improvement in the Brazilian real this year, and the currency is also just over 10% better than the FX you assumed in your guidance. If the FX stays where it is, how does this affect your group free cash flow versus what you guided for? Thank you. On the second question, I will leave to Piergiorgio to answer. Okay. Thank you. As you know, yes, we, compared to our guidance, we are seeing a material improvement of the FX. We are in the process of updating our forecast, and this is probably something that Pietro will comment in relation to your first question. Of course in the forecast process, we will reevaluate all the market conditions. In terms of impact of the cash flows, I can only say that let me say in a different way. In terms of hedging, we are using a dynamic hedging process, so we are covering the tail of the distribution. We, and this is something that we have done in the beginning of the year in order to protect us from additional devaluation, and this is something that we are slightly changing in order to, let's say, have the whole benefit of the appreciation. In terms of impact on our cash flows in the first quarter, just to complete the point on FX in our networking capital, we have of course the impact of depreciation in relation to the debt in Brazilian real that is going to be partially compensated by the improvement on the cash flows and of course going forward in the next months, this component will be, of course, bigger and we expect to have an impact on a positive impact on cash flows on year and on the full- year. Keval, about the first question, by the second quarter result, we will present to the market an update of our plan because it will allow everybody to have all the elements to do all the evaluation about the public tender offer. That's clear. Thank you both. Thank you. The next question comes from Mr. James Ratzer with New Street. Mr. Ratzer, please unmute yourself and ask your question. Yes. Thank you very much indeed, Pietro, thank you for taking the question. I had two please. The first one was just coming back to the offer from Poste. I'd just like to kind of almost wind the clock forward by a couple of months from now or three months, the prospetto informativo is published, the deal goes live. I'm just trying to work through what happens at that point, because presumably then the board will review where the implied offer price is from Poste based on Poste share price. Presumably if the price is above the board's view of intrinsic value, they will recommend the offer to shareholders. I'm interested in what happens if the offer is below what they think the intrinsic value is. What happens then? Will the board, you know, formally tell shareholders they're rejecting the offer? I was just trying to kind of work through what happens there, because I'd imagine the board is gonna be putting forward quite a compelling case for what the intrinsic value is, given this is effectively an unsolicited, hostile takeover offer. I'd just be interested to work through the scenario here on what happens with the intrinsic value and if the board were to reject the offer. The second question is just regarding, I'd love to hear more about an update on your FWA strategy. You know, that's seen good momentum and growth despite the fact that fiber in the market is continuing to be deployed to more locations. I mean, are you seeing any evidence that FWA customers disconnect and go back to fiber, or are you now starting to pick up more FWA customers in fiber areas? I'd just be interested to get an update on your strategy there. Thank you. Thank you, James. About the Poste offer, it's important to remember to everybody that a public tender offer is well defined in terms of step, routes, and procedure by Italian regulation. In a nutshell, we will follow the timeline that will be released by Poste jointly with all different regulatory institution. At the end, the board has the obligation to give an advice. That is not an obligation towards the shareholder. It is, let me say, kind of digital advice, yes or no, fair or not fair. We have the chance also to prepare ourselves studying all the different answer the different board in Italy gave to this kind of public tender offer. The stage will be for the shareholders that will evaluate to accept or not independently by the board advice. About the fixed wireless strategy, I will leave to Andrea. Thank you, Pietro. Thank you, James. Update on FWA, how do we see? First of all, the market in Italy is remixing a technology or, if you want, some technologies are growing in diffusion and some others are actually reducing. Quite obviously, the most prominent growing technology is FTTH. That is constantly growing ever since the last, like, basically five years. FWA is growing as well, thanks to the implementation of 5G technologies by several players. TIM has been the latest operator joining the club of those offering FWA 5G. We just started at the beginning of 2025, the outcomes have been very encouraging. The share of FWA 5G acquisition has increased quite a bit. It is now over 20% of the acquisition are going to FWA 5G. That is coming from basically single digit share of FWA 4G that was up to the end of 2024. You can understand that now this is representing an important element of our offer. Let me be precise on a couple of things. We do not offer FWA as a subscription in areas where there is good FTTH coverage and service. Where there is FTTH service and where this is available, we do offer FTTH because we see that the quality of service, level of churn, in general customer satisfaction is better. FWA represents a very valid optionality in all those areas where there is no FTTH coverage and where also the quality of FTTC, for instance, is not very good. We see that people, our customer adopt FWA, and the level of satisfaction is actually quite high. Despite the fact that we are just offering this since five quarters practically, we are improving level of service and level of satisfaction. We do see an opportunity as a complementary technology to FTTH, and we do intend to use it as such. I hope that answer your question. Yes. Thank you very much. I was wondering if I could go back to the first question. I mean, is there any possible route by which you can then get Poste to increase the offer that they're making to TI shareholders? Is that essentially could only happen if it becomes clear that shareholders in August are not going to meet the required threshold for them? James, it's too early to give any kind of answer because just to give you an idea, just 1 hour ago, for the first time, we have a further detail about the synergy. That is also a further important element in the evaluation process. We'll have to understand the value of the stock of Poste at that time. Answer today is too early and unfair. Got it. Okay. Thank you. Thank you. The next question comes from Mr. Ajay Soni with JP Morgan. Mr. Soni, please unmute yourself and ask your question. Hi, guys. Thanks for taking my questions. I've got two. First is on TIM Premium. I wanted to know what portion of your existing client base do you think you can target with this offer, and what would be the price premium for this offer to other tariffs? The second question is around CapEx relating to TIM Enterprise. Obviously you've announced an envelope over the next three years. Do you see this being a risk to your midterm guidance of 11% capital intensity, because maybe you need to continue to invest in the TIM Enterprise offering? Thank you. About the first question, I will leave to Andrea, just to highlight something. What will drive the request for a better connectivity is not a push activity. It will be a pull activity driven by the need of the customer to have a better quality. If you have a son that used to play with cloud gaming, you very well know that your son is claiming with you if the latency and the uplink is not good enough. We have to remember to everybody that the service that we are delivering to you today is a kind of best effort service, we'll move to a premium. The last example, we were in the stadium of San Siro during the inauguration of the Winter Olympic Games, and we gave a better quality, a kind of premium taste of our solution to all our customers. In the future, we are going to ask them to pay to have a very good quality during a public event in crowded situation. My question is, when you are there and you pay the coffee three times the price that you pay usually, the sandwich four times the price that you pay usually or whatever, from three to four times of what you pay usually, why for a premium connectivity you shouldn't have to pay more? I leave Andrea to give more details. Thank you, Pietro. Thank you, Jay. TIM Premium is something that we are very eager to launch very soon. We are working actually with our technology team. Our CTO, Elio, may further comment on that. I want to highlight a couple of things. First of all, the need for this service comes from mainly two factors. The mobile traffic and as well as the broadband traffic, the most impressive growth has been on mobile, has grown tremendously in Italy during the last 15 years. Recently, a competitor highlighted that the growth was more than 100 times in the last 15 years. Very importantly, since 2017, the traffic multiplied almost 10 times. That is due to also competition, enlargement of allowance, and this of course has enabled completely different patterns of usage in the mobile use. The usage increase is a factor. The technologies, as Pietro highlighted very well, are changing. AI is driving new pattern of usage. I also want to highlight that we have already done a lot of things. Maybe more silently during the last four years, we completely changed the mix of customers on 5G. We enabled already priority service. This we commented maybe some quarters ago. We already have millions of customers that are paying for a premium quality on 4G. What we intend to launch is a further step in technology with higher level of price and higher level of quality and priority. Now, we may imagine a gap of, let me say, some euros in the order of magnitude of EUR 3-EUR 5. Over time, we will have to see, of course, how the market evolves. We believe that this, as the previous premium service that we launched some years ago, will trigger in very interesting revenues, but most importantly will be distinctive for TIM quality. I hope that answer your question? That's great. Thank you. Just on the enterprise CapEx would be great. Yeah. I will leave it to Elio. Hi. Good afternoon, everyone. Ajay, thanks for your question. As you probably remember, last October, during our TIM Enterprise unboxing, we said that we would have invested EUR 1 billion in the plan horizon, so in the three years of plan. We actually recently announced that EUR 500 million, which are part of this EUR one billion, will be dedicated to the development of our infrastructure. As you know, our capability to intercept cloud growth in this country, our unique positioning on infrastructure because we have 16 data centers and one in construction, and our unique positioning in the public administration because I want to remember you that we are the only probably telco B2B in Europe, generating more than 50% of our total revenues on the public domain. This actually recommended us to concentrate our effort on redirecting part of our CapEx investment, yeah, on our infrastructure, which was originally already part of the plan, but we now feel that we need to make an additional effort on that side because this will not only help us to defend our positioning on a component that today represents more than 44% of our total revenues, but more importantly, to intercept the sovereign cloud, it's a need that is arising in our country and fortunately across the entire Europe. We do consider that for the sum of the asset that I've just described, so our capability to intercept the demand, the infrastructure, and our positioning on the public administration, being also part of the National Strategic Hub, this will put TIM Enterprise in a good spot in order to intercept most of the EUR 4.2 billion that Gartner says will be generated by Sovereign Cloud during the next four to five years. Thank you. Thank you very much. The last question comes from Mr. Domenico Ghilotti with Equita. Mr. Ghilotti, please unmute yourself and ask your question. Hi, good afternoon. I hope you can hear me. very two quick question. The first is on the MSA revenues that I saw were up in the quarter, so I'm trying to understand what is driving this increase and if it is sustainable. Second is a clarification on the energy cost that was mentioned before, in particular on the part related to the MSA, so with FiberCop. Trying to understand if it is a pass-through, so who is at the end taking the risk of energy cost, if it is FiberCop or if it is it's a your own risk because it is a pass-through. About the energy cost, what is happening is it's true that it's pass-through, but in the agreement, we have the possibility to ask to the counterpart to build hedging activity. It's us that we drive the hedging strategy. This is for the not regulated party, because for the regulated party, we follow the traditional regulated approach. About the MSA revenues, what is happening there is that there was a seasonality related to the consumption, some component of the contract. I hope that was clear, Domenico. Yes, sure. Thank you. This was the last question. I want to thank you, everybody, and we will stay tuned, in the next three months. As we told at the beginning, by the second quarter result or during the second quarter result, we will update our plan 2026 to 2028 to put everybody in a more trustable position to do all the evaluation related to the public tender offer. Thank you, and see you soon. Ladies and gentlemen, the conference is over. Thank you.