Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the WIIT First Half 2024 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. Alessandro Cozzi, CEO. Please go ahead, sir. Good afternoon, everybody, and thanks for joining in this conference call. The board of directors this morning approved the results of the first half 2024. You can follow the presentation I sent before. There is a highlight section. After the presentation, there is a Q&A session. You can jump to the page number 3, highlights. The revenue grew 13.4%, EUR 72.7 million, compared with EUR 64.2 million of H1 2023. EBITDA adjusted grew strongly 9.3%, EUR 36.7 million, compared 34.3 in H1 2023. EBITDA margin was 36.7%, but if you consider the like-for-like margin without the impact of the acquisition of the German branch, Edge & Cloud, and the Swiss company, the like-for-like margin was 39.8%. EBIT adjusted grew 3.7%, EUR 13.9 million, compared to EUR 13.6 million H1 2023, and the EBIT margin was 19.1%. Like-for-like margin grew more fastest, 21.4%, better than the previous year. Net profit adjusted was EUR 7.3 million, compared to EUR 6.7 million, and the growth was 10%. Net debt adjusted, excluding IFRS 15 impact, was EUR 163.9 million, compared with EUR 155.2 million end of December 2023. You can jump to the breakdown of the figures, the line number four. Italy's contribution was EUR 29.8 million in terms of revenue, and EBITDA was EUR 13.6 million, and the EBITDA margin in Italy was 45.5%. EBIT margin Italy was EUR 6 million, and the EBIT margin was 20.5%. Germany contribution was higher, 39.5, and the EBIT margin was 13.2 million. EBITDA margin was 33.4%. EBIT was 8.3, and the EBIT margin was 21%. Switzerland, you know that, the Switzerland is, for us, is a turnaround situation. In these figures, we consolidate in our perimeter only two months, in May and June. Revenue contribution was EUR 3.4 million. EBITDA was close to zero, and EBITDA was negative of 0.5 million. Revenue adjusted on the page number 5, you can analyze the breakdown of the revenue. The organic growth totally was 5.2%, but it's very important to show that the increasing of core revenues was 7.6%, improving compared H1 2023. In Germany, the total revenue growth, 5.2%, and the total, the core revenue grew 4.4%. In the other figures, the contribution of the new acquired company was, two point one million, related to Edge & Cloud, asset deal, and three point four million of the Econis Switzerland company, consolidated from first May 2024. In terms of, the quality of the revenue, the page number 6, in Italy, we have 83% of recurring revenue. In Germany, we have 98% of recurring revenue, in Switzerland, 86%. In terms of core business, the core revenue growth 15%, thanks to the acquisition of, in Germany, of, Econis, sorry, for Edge & Cloud and Switzerland of Econis business. The EBITDA adjusted, the page number 7, totally was, 26.7. The EBITDA margin, total group, was 36.7%, but, in the like-for-like EBITDA margin, without the, the, the, the impact of the acquisition, was 39.8, increased compared to 37.9% in the H1 2023. The EBITDA margin in Italy was very, very strongly. We are very happy for the, for that. Italy was 45.5% because we are more focused in the high value services in Italy. 45%, we need to compare with the 43% of previous year. In Germany, we have 33%, but the Germany like-for-like, without Gecko and without the acquisition of Edge & Cloud, was 37.4%. Because Gecko is a different business of consulting business and reduce a little bit our margin, and naturally, the Edge & Cloud, at the beginning, is close have a very, very low profitability. EBIT adjusted was 13.9 million EUR. EBIT margin was 19%, but like-for-like, the margin was 21.4%, compared 20.9% of the previous year. Net profit was 7.3% +10%, and net profit reported was +70% because we had a positive impact of the goodwill of the acquisition of Econis. Net debt group was EUR 219 million. In these figures, naturally, we don't have the value of the treasury share and high interest impact. In this growth value, we have to consider the total CapEx of acquisition M&A for EUR 7.8 million, but in this EUR 7.8 million, we included EUR 4 million of possibility of future earn-out. At the moment, the visibility we have is a very, very low probability to pay that. The acquisition of Econis for EUR 1.4 million, and CapEx exposure for EUR 17.2 million. Consider that in our budget, we have forecast EUR 27 million of total CapEx full year, and the first half of the year, we have just spent a lot of them. Treasury share buyback impacted the net debt for EUR 0.5 million, roughly, and dividend payment, EUR 7.8 million. Okay, this is possible to have now a Q&A about the figures. Thanks. Alessandro, are you still there? Yes. Okay. Yes. Operator, we are ready for the Q&A session. This is the Chorus Call conference operator. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking question. The first question is from Giorgio Tavolini of Intermonte. Please go ahead, sir. Hi, good evening, good afternoon, actually, and thanks for taking my third question, please. The first one is on Switzerland. I was wondering if you can comment a little bit on the expectation for the full year, because you had an EBITDA breakeven in the first half. So I was wondering if it's fair to assume a negative or still breakeven EBITDA figure also for the full year. I don't know if it's correct, EUR 9 million revenues and, I don't know, slightly negative EBITDA. The second question is still on Switzerland. We saw that you recorded a negative goodwill component, so a bargain purchase, a positive one-off for EUR 1.8 million in first half. I was wondering if you can elaborate a little bit on this positive one-off. And the third question is on the contract renewal in Italy for four-year that you announced yesterday for EUR 4.7 million. I don't know if it's given this is a renewal, I don't know if you expect, I don't know, additional revenues from upselling on this contract or is basically a replacement of an existing contract at the same terms and conditions. Thank you. Giorgio, I start to answer the first question about Switzerland. We will have forecasted to achieve a breakeven point by the last part of this year, because we started to do cost cutting in the second quarter, and we expect to achieve a positive EBITDA by the end of this year. But in the next year, we have a full achieve the cost synergy. That means the next year, in our budget, we have EUR 2.2 million-EUR 2.5 million of positive EBITDA in 2025. But for the total, for the current year, we expect to close the fiscal year with a breakeven point and with a positive profitability starting from the last quarter of 2024. About the badwill, consider that we have difference of the price paid for the company and net equity of the Econis. For this reason, we are counting in the Q2 2024, a positive impact of EUR 1.8 million in terms of net income, because there is a positive difference between the price paid for the company and the net equity of the target company. It's only una tantum in this Q2. For this reason, in our adjusted reviews, we exclude this positive impact, but in our reporting, there is a natural insight. The third question about contract renewal, we have a little upselling. It's roughly 20% of the previous value of the contract. We renew for additional 4 years, with a little more value in terms of yearly value of the contract. It's roughly 20%. It's not material, it's 20% more. But in the next 2 months, these other 2 or 3 important contract renewals, and we are at the moment optimistic to obtain the renewal for this client because we have a historical relation with this client, and the mood we have at the moment is to sign the renewal in the next 2 months. Naturally now, we are in the vacation period, and it's not easy, but we think in September, we can sign an additional 2 material renewals. Okay. Thank you very much. The next question is from, Domenico Ghilotti of Equita. Please, go ahead. Good afternoon. My first question is on the organic performance. You are delivering something around mid-single digit organic performance on your core business. Is this the run rate that we should expect also for the second half, for the full year? Do you see any acceleration or deceleration on that? And second, just a clarification because I see there is in your core revenues, you are taking out Gecko. So can you remind us what is the contribution in terms of sales and what is the trend that you are expecting, and also if there is any strategic consideration on that? Yes. At the moment, currently, we have our expectation is to continue with this organic growth rate in the range from 8%-10%. In term of net booking, we are highest with this value. Naturally, the revenue depend of the schedule of the activation of the contract, no? We have always deferred revenue for the migration plan. But in term of pipeline, pipeline in term of sales, we are sure over 10% of organic growth. In term of revenue, we stay a little lower from 8-10 because we have the third time for the, for the project for activation. About Gecko, we still just-- Yeah. Sorry, just before moving. So because if I look at the first semester, you had a core revenue increase in Germany at 4.4, and Italy, 7.6, so it's more, it's more than mid-single digits, so it should be quite a significant acceleration to get to the 8.8-10. Yes, but consider that in the second half, we have the full results of the activation of the first quarter, because all the contract activated in the first half, we don't have the full revenue in the quarter. Okay? The contract activation in May, for example, we have only one month inside these figures, but the first quarter, we have the full results of the revenue related to the contract activated in the first half. For this reason- It was the same also last year. So you mean that you are booking more than last year, and so this is more relevant in 2024 compared to 2023, because the seasonality is also true for last year. Just to understand well. Yes. Yeah, yes, correct. Consider that, in the, in the, to be more transparent in terms of revenue, we split the growth of the all German business, because now, I remember that, all the company in Germany is full merged in with WIIT AG. So currently, we have one single company with a core business in Germany, with WIIT AG, and we have the Gecko company, naturally inside the perimeter, but it's not consolidated in our legal identity, with the business of consultant business. For this reason, we split, in this presentation, the growth of the revenue in the core business and Gecko is outside of the core. In terms of exact figures, one second, I want to check, double-check with you. Stefano, Stefano, do you have the figures in detail of Germany and Gecko? Yes, of course. Perfect. Gecko contribute about EUR 8.5 million. In 2023? In 2024. Sorry, in what period? I missed. No, Stefano, you compare Gecko 2024 with 2023. Ah, 2024. If you can, tell the 2 value, 24. Sorry, I'm checking. Just a second, and I open the sheet. Okay, 2023, Gecko, First half, EUR 8 million and EUR 8 million and, EUR 8.7 million in 2024. Of year 2024. Okay, thank you. As a reminder, if you wish to register for a question, please press Star and one on your telephone. Once again, if you wish to ask a question, please press Star and one on your telephone. We have a follow-up from Domenico Ghilotti of Equita. Please go ahead. Just to follow up on your cash profile. So can you give us an indication or an update on the CapEx guidance for the full year? And what do you see basically the net financial position landing for year-end? And any comment on the M&A that you are looking for? Yes. About the PFN, we missed to tell you one information. In the value of end of June, we have a negative impact for EUR 4 million more receivables in Germany, but [May] is very, very extraordinary because with the merger of six companies, you could imagine, you know, little deferred to invoices and in general to receive payment from the client, because the client receive invoices from a new brand, WIIT AG, and it's not usual to receive that. Then we have a little mismatch about this. But if you think in just in the Q1, we can recover this value. And we have inside these figures EUR 4 million of earn-out. So for this reason, we have forecasted to close by end of this year to EUR 200 million our net debt. Because EUR 8 million is extraordinary increase, 4 for earn-out and EUR 4 million for contractual timing of the receivables of the end of June. If you consider these two topics, we are just in the area of EUR 211 million. And with the cash flow of the second half and reduced CapEx to EUR 10 million, we will come back to EUR 200 million by the end of this year. This is our view. Okay. For any further question, please press star and one on your telephone. The next question is from Gabriele Berti. Please go ahead, sir. Hi, good afternoon, everybody. Can you please provide some color, some indication on what was mentioned in the press release regarding the creation of a dedicated data center towards the GPU technologies? And then, if you can give us the usual update on the M&A pipeline. Okay, I answer the first question, and after, if Francesco is connected, I don't know if Francesco can give more color about, I mean, the- Yes, yes, I'm here, I'm here. But, uh. Okay. Okay, perfect. Thanks. So about what we declare inside our press release is, we signed the first contract in November in the gaming segment, and it was GPU processor, the same CPU used in the AI technology. Currently, we have the possibility to enlarge this contract with, this is one of the first global providers in gaming. In case of success of this deal, we need more capacity in term of power. That means, our data center is not projected to support the GPU. In the future, we were willing to plan to build one data center with a specific characteristic to support these powerful devices. Consider that in a normal data center, in a rack, we have 5 kilowatts for rack for consumption, but for GPU, we need 15. For this reason, we want to plan to build one smaller, but with specific characteristics, because we see cloud business in gaming and the AI. To be honest, at the moment, we have more pipeline in gaming, but AI is one topic, and start to discuss with our client, I think in the next 2-3 years, is additional path to growth. About M&A, we have a great pipeline because Francesco is always very active. Francesco, you want to tell about some color about short term, view and medium term? Yes, yes, it's a pleasure. As you said, let me start from the short-term view. We are actively involved in the evaluation of a small company, both a small potential acquisition, both in Zurich, in the Zurich area and in the north of Germany. Obviously, these two companies are different, but in terms of figures, they are very similar. I'm referring to companies with roughly EUR 5 million and CHF 5 million in terms of revenues, with profitability around 1 million, just to give you a very high-level view on the dimension of these two targets. We are very positive in the sense that at least one of the two could see a positive outcome in the next quarter, or in any case, before the end of this year. In terms of financing, we don't need nothing more of what we already have, because the dimension of these two companies is compatible in terms of equity value with the cash we already have. Both are very, see, they could both boost a lot the growth of the company, because as always, these kind of companies are a huge source of cost synergies. Honestly speaking, the Swiss target could give us also an help in the restructuring process that Alessandro was mentioning before. So to summarize, both these potential acquisitions are in a good stage. We are very positive. As always, we will never be sure unless we go to the notary, but we are very positive that at least one of the two, but maybe both of these two opportunities will result in something positive before the end of the year. Just some words also on the midterm, as Alessandro was suggesting, you probably remember that we had a leak on a potential acquisition on UK. In that specific case, we denied our interest, but in general, UK is an area where we are actively having a look at. There are some interesting potential targets. For the first time in our history, there is at least an interesting potential target also in France. This is quite new, to be honest. We've been working, as you probably remember, for more than three years on France, and we were not able so far to find anything interesting. So for the first time, there is something interesting, and we are also, in this case, actively working to see if there is an industrial fit, if the price is correct, and all the other topics that you can imagine we are exploring. But, so all these opportunities are very material, but let me conclude saying that, these kind of acquisitions are bigger, much bigger, and, we, the board and, the shareholders, more specifically, we have in case, the evaluation process will be satisfactory, the board and the shareholders will have to evaluate, capital increase, and/or also some other sources of financing, because the dimension of this acquisition is not compatible with our current dimension and current cash in our balance sheet. But in any case, in any case, let me summarize and finish. The small acquisition I was mentioning before, and in general, those kind of opportunities are still a huge source of growth, both with a contribution both on revenues and EBITDA, especially as far as cost synergies are concerned. So we are more than happy with the standard pace we are able to produce by ourself. And as always, in case there will be a good opportunity to acquire also a bigger company, we will evaluate other possible scenarios in terms of equity and debt. Alessandro, do you want me to add anything more, or? No, perfect. Only information to add, the two targets we are looking currently, we don't need capital increase because the size is below EUR 50 million. The different case scenario for the second one you said, naturally, is bigger. In this case, we need to get capital increase. But currently t he target is in the range below EUR 50 million. We can manage with our own power. Okay. Correct. Thank you. Thank you very much. For any further question, please press Star and One on your telephone. We have another follow-up from Domenico Ghilotti with Equita. Please go ahead, sir. Yeah, my very last question is just on, say, follow up on the idea of the plan for a new data center focused on GPU. So where are you in the process? Are you, s o have you already taken a decision or something that will be taken during this year? And how do you see the ramp up of the capacity? So it's something that you are moving forward if you have, let's say, good occupancy rate from clients, or how, or you say is more a project that will take some time? Currently, the occupation rate for our data center, for our core business, is 40% in Italy and 65% in Germany. So we don't need additional space for data center to support our organic growth. The notation about the build a new data center with specific characteristic for GPU is in attach with the extension of the deal we have just signed in Germany with this big player. And in case we have success with the relationship with the client, because this client asked us to evaluate the possibility to support him to globe, to the whole Europe. And actually, the whole Europe means a lot of space data center. We don't want to use our quality data center for this business. For this reason, in case we have success, by the end of this year, to extend our current contract for gaming, we plan to build a new data center next year, considering the CapEx will be roughly EUR 5 million. It's not so material, but only in case of the extension of the contract. We don't need to expand our capacity to support our business plan, our growing growth. Okay, thank you. Once again, if you wish to ask a question, please press Star and One on your telephone. Ladies and gentlemen, there are no more questions registered at this time. Do you perhaps have any closing comments? Thanks, everybody, for joining the call, and goodbye, and see you soon for the next results.