Hello everyone, and thank you for standing by. The Ermenegildo Zegna first half 2025 preliminary revenues conference call will be beginning in two minutes' time. We thank you for your patience. Good afternoon and good morning, everyone. Thank you for joining us for the Ermenegildo Zegna first half 2025 preliminary revenues conference call. Please note that today's material and presentations are available under our zegnagroup.com website. Joining us today is the Ermenegildo Zegna Group Leadership Team, including the CEO, Gildo Zegna, and CFO, Gianluca Tagliabue. Before we begin, I need to point out that we will make certain forward-looking statements during today's call. Our actual results may be materially different from those expressed or implied by these forward-looking statements. Also, statements are subject to a number of risks and uncertainties, including those described in our SEC filings. Please refer to the forward-looking statement's cautionary statement included at page two of today's presentation. I'll now hand over to Gildo Zegna. Hello, good morning and good afternoon to everyone. Thank you for joining our H1 2025 preliminary revenue call today. There are several important developments I'd like to draw your attention to today. First, let me comment on Temasek's decision to invest a 10% stake in our group. It is a privilege to welcome such a renowned investment company in our shareholding as a long-term strategic partner. I'm also delighted to welcome Naji Ameyek, the Head of Temasek EMEA Region, as a member of our board at its renewal next year. As a Zegna Group and Temasek have a joint ambition: to develop our existing brand portfolio in an organic and sustainable way by uncovering the vast untapped potential of our two brands. I look forward to this valuable and enriching partnership. Ever since our listing, I've greatly appreciated the input and feedback from across our investor base. I'm convinced that Temasek's insight and engagement will further strengthen our profile as a public company. Let me now move to our results and the key highlights of the past few months. I'm pleased to report that our Q2 2025 revenue in the group and direct-to-consumer channel are up 8% on an organic basis. This is an acceleration versus Q1, which confirms that our strategic initiatives and actions are yielding results despite the challenging macro environment. For H1, this translates to organic growth of 6% in the DTC channel and encouraging results we will aim to build on in the second half of the year. In terms of region, the Americas and EMEA continue to perform solidly. The U.S. and the Middle East, in particular, continue to show great momentum. In Europe, our brands continue to resonate with tourists and local clients alike. Looking at our part, the Greater China region remains challenging. We are developing a plan to make our network more efficient, especially for Zegna, while continuing to invest in the brand. In this context, I would like to elaborate on the role of the DTC channel a little further, as it is core to our vision and growth strategy. Let me be clear: a tightly controlled wholesale presence will always play an important role for our brands, but if we want to truly excel in DTC, a client-first culture is essential. Our ambition is to make our clients feel like they are being welcomed into our home. Therefore, we are evolving our store concept from a place of products to a place of feelings and experiences. People might forget what they saw or bought, but they will never forget how the experience made them feel. When we will be implementing this new approach across our three brands, and I stress across our three brands and not only Zegna, we are charging ahead with this transformation at the Zegna brand, which is currently our portfolio's most advanced in terms of client-first culture and size. One expression of our new retail vision at the Zegna brand is Villa Zegna, an immersive experience which has been traveling around the world. In June, we held our latest edition of Villa Zegna in Dubai, a vibrant market for the luxury sector and the core market for Zegna. It marked a true milestone, which we celebrated with our first-ever runway show outside the city of Milan. Over the course of five days, we hosted more than 200 of our most important global clients, what we call Zegna friends, who we will refer to as guests going forward. Their feedback was overwhelmingly positive. Our guests truly appreciated the highly personalized engagement around our exclusive collection made to measure with innovative fabrics from our unique textile platform. Our Filiera is the engine behind Zegna's success. The excitement and the momentum at our events in Dubai resonated around the world with significant media coverage and social media engagement globally. There is more: in the past month, we also opened Zegna Salotto, our lounges, our hidden by invitation-only stores where our guests can spend quality time enjoying a personalized shopping experience and exclusive collection of products they cannot find in the stores. We've opened two Zegna so far in Beijing's Xingou Place and in Paragon, Singapore. I look forward to updating you on further openings in new cores: Plaza 66, Shanghai, and Dubai Mall soon. That is not all in terms of our quest to engage with the Zegna community in new and unexpected ways. We also signed two important and exclusive collaborations fully aligned with Zegna's DNA, legacy, and authenticity. First, Zegna has become an official multi-year partner of Art Basel across all its four, five, and 26 annual art fairs. It's Basel, it's Miami Beach, it's Hong Kong, it's Paris, and also Qatar in 2026. Secondly, we recently brought the Oasi Zegna Global Initiative to Aspen, Colorado, as part of our global commitment to conservation, reforestation, and ecological education in an area damaged by important fires. Here we went back to the roots of our founder that was really a pioneer in all these projects. With this project in Colorado, we took over the city of Aspen in collaboration with private and public partners last week. We will continue in the years to come. After having talked about Zegna today, let me now turn to Tom Ford Fashion and Thom Browne. Looking at the first half of the year, it is important for me to congratulate both brands on their amazing presence at the Met Gala in New York in May. Regarding Thom Browne, we have just announced that Sam Lovin will become the brand's new CEO effective September 2nd. I have known Sam for many years and have long appreciated his innovative approach to merchandising and client-first culture developed both at Mr. Porter and at Nordstrom, which have shaped this distinct view on luxury retail. His insights and experience will be instrumental in pushing boundaries at Thom Browne and implementing the client-first culture I talked about earlier. He is also an ardent fan of Thom Browne. He deeply understands the DNA and the unicity of the brand and the essence of its creativity. I am confident that together with Thom, he will take the brand to new heights. I also want to take this opportunity to thank Rodrigo Bazan for his leadership and contribution to Thom Browne's growth since we acquired the brand in 2018 and wish him the best for the future. In the past months, Tom Ford Fashion opened an outstanding showroom in Paris at the Palais Royal, 800 sq m, over four floors, where now all the people in the style department work together with Peter Hawkings. This has become truly his atelier and his Paris headquarters. You know we have also wished to say that we will find a new home for Tom Ford in Paris soon. Now, let me conclude with our priorities for the second half of the year. The sector is facing challenging headwinds, and it is adjusting to a new normal. These are facts. Even in this new normal, there are significant opportunities, and we are ready to grasp them with a firm focus on innovation, on quality, and a timeless proposition together with a very strong team. To me, the team is key to the success of any brand, which I believe will become far more important than fashion brands and logos. Our three brands are ideally positioned to thrive in this new normal, also thanks to our unique filiera, our integrated supply chain. To support our brands, we will continue to invest strategically, all while keeping a close eye on cost and inventory and staying vigilant in today's complex and fast-paced world. With this in mind, thank you for your attention, and let me turn now to Gianluca. Please. Thank you, Gildo. I take it from page 12 of the presentation where you find our consolidated revenues by segment. In the first six months of the year, group revenues reached EUR 928 million, down 3% year-on-year and 2% in organic, which means in constant currency, with a solid performance of the DTC channel, 6% organic in the semester, in acceleration in Q2 since we landed in the second quarter with DTC at + 8% organic. Let me underline that during my presentation, I will comment on the organic growth performance, if not otherwise stated, since it's a better representation of the trend of the business, in particular in Q2, when the euro appreciation versus the dollar, versus the renminbi, and versus other currencies pegged to the U.S. dollar has been relevant. In Q2, the group reached revenues of EUR 469 million, down 3% organic, with positive performance at Zegna and Tom Ford Fashion segments and the negative performance at Thom Browne. In particular, Zegna segment, which I remind you includes Zegna brand, the textile division, and the small third-party brand revenues, recorded positive organic growth driven by the Zegna brand, while textile and other product lines reported a negative performance. Let's now move to page 13 for a brief comment of Q2 revenue performance by brand and product line. Zegna brand showed a solid performance in Q2 with a 2% organic growth driven by the DTC channel, in particular in Americas and EMEA, and I will come back to this more later. Thom Browne in Q2 reported - 24% organic, reflecting the decision to streamline the wholesale channel in order to enhance a DTC-driven organization. As Gildo commented, the new CEO is expected to focus on the DTC-oriented transformation of the brand. Tom Ford Fashion in Q2 continued to perform with a solid + 4% growth driven by the DTC channel. As already mentioned, textile performance was negative - 4%. Let's move to page 14 with a breakdown by geography, starting with EMEA. In Q2, EMEA recorded - 2% organic performance, exclusively reflecting the negative trend of the wholesale channel, while the DTC performance in the region has been positive with Zegna and also Tom Ford Fashion up double digits. Moving to Americas, the region showed a great + 10% organic growth in Q2 in sequential acceleration compared to the previous quarter, driven by the DTC channel, in particular at Zegna brand. Some round DTC growth in the region has also been supported by some store openings like LA Merrell's Place that you saw at the beginning of the presentation, Palm Beach, and New York Madison Avenue. Greater China region continued to report a negative performance at -17% in Q2. This sequential deterioration compared to Q1 is only related to the performance of the wholesale channel, while the DTC trend for all the three brands was substantially in line with the previous quarter. Indeed, also in terms of cluster, for Zegna DTC, the performance of clients from Greater China in Q2 is in line with what we have seen in Q1. Finally, the rest of Asia reported a -1% organic in Q2. Revenues in the region have been penalized by the performance of the Japanese market due to the demanding base of comparison and by an ongoing challenging consumer environment in Korea. Moving to page 15, breakdown by channel. I would skip commenting this page since we will analyze the performance by channel specifically for each brand. I just call out that at this point in the first half, wholesale has been 18% of the revenues of the three brands compared to 24% of last year. The movement towards the DTC center of gravity is very well seen by the decline of the weight of wholesale. Let's move to page 16 to analyze at this point Zegna brand by channel. In Q2, Zegna DTC revenues grew by 7% thanks to a sound double-digit growth in Americas and EMEA. In particular, in Americas, DTC, the brand reported a performance in sequential acceleration compared to the previous quarter, which further reflects and confirms the strength of Zegna brand, the appreciation of our collections, and the solid bond that our client advisors have been able to create with our guests. EMEA DTC for Zegna brand continued to report a very solid double-digit performance with Middle East outperforming the results of the region, also boosted by the important event we did in Dubai in June. As Gildo commented, Villa Zegna at Dubai had an amazing brand resonance and reached also important business results, which will be also reflected in the numbers of the next month since most of the products sold during the event are to-measure or bespoke, which means that they will be delivered and generate results and revenues in the second half. On the other side of the world, GCR DTC remained double-digit negative, broadly in line with Q1. Looking at Japan and Korea, as already commented, the two regions, the two markets saw a deterioration of performance. In Q2, the brand opened three net new retail stores, including Dubai Mall Level Shoes, for which you will see a picture at the end of the presentation, and Porto Cervo in Italy. Moving to wholesale, in Q2, the revenues were down 31% organic, driven by the decision to limit the distribution in the channel of some iconic products, including Triple Stitch, but not only. This decision to limit the distribution is in order to preserve the exclusivity of our icons. Moreover, the performance in the quarter was impacted also by some difference in the timing of deliveries compared to the prior year. As you know, quarterly performance in wholesale is not so meaningful. It is important to look at the semester or season performance to have a better read. H1 performance of Zegna wholesale can be considered as a better proxy of how we are expecting to land the year in Zegna wholesale. Let me move to Thom Browne on page 17. In Q2, Thom Browne DTC grew by 7% organic, supported by the new space created in the last 12 months and with a specific strong growth in Americas, where indeed the brand opened a few important stores such as, as I said before, Merrell's Place in Los Angeles and New York Madison. At the end of the quarter, the brand at this point counts 120 directly operated stores worldwide, three more than the last quarter. On top of the ones already mentioned, let me underline also that the brand opened a beautiful flagship store in Tokyo, Ginza, which is a relevant market for the brand. Moving to wholesale, in Q2, Thom Browne saw a - 56% performance in the channel due to the ongoing streamline of the brand presence that we expect to last until the end of 2025, even if at a slightly lesser degree. As we already had anticipated during the past call, we expect Thom Browne wholesale at - 35% for the full year performance of 2025. I will finish commenting on page 17 about Tom Ford Fashion. In Q2, DTC for Tom Ford Fashion achieved a great + 11% growth, driven both by the halo effect of the appointment of the new designer, Peter Hawkings, and by some store openings in the last 12 months. In terms of regions, EMEA definitely outperformed with a very strong double-digit growth in the quarter. In Q2, Tom Ford opened one net store in Hong Kong Pacific Place. Looking at the wholesale channel, the performance was down -5% in the quarter, mainly due to the impact of some conversions, which will continue to weigh on the wholesale performance also in the second half and could lead the channel to a low double-digit negative performance for the full year. I will stop here at this point. We can now open the Q&A session led by Paola. Thank you. Thank you all. Please, operator, we can move to the first question. Thank you. We will now begin the question- and- answer session. If you would like to ask a question today, please do so now by pressing the star followed by the number one on your telephone keypad. If you have joined today's call via the webcast, you may also submit questions through there. Our first question today comes from Oliver Chen with TD Cowen. Please go ahead, Oliver. Your line is now open. Thanks so much. Hi, Gildo, Gianluca, and Paola. Regarding the Greater China region, the revenue decline there was a slight sequential deterioration due to wholesale. If you could help elaborate on what you're seeing in that region with respect to the key brands as well as traffic, that'd be really helpful. On Thom Browne, the new management announcement is exciting. I would love your thoughts on key priorities as you continue to broaden the awareness of that brand and also as you rationalize wholesale. For Thom Browne, how many more quarters will that persist and what should we know there? Thank you. Thank you. Thank you, Oliver. I think the first two questions are for Gildo mainly, and then maybe the last one for Gianluca. The first on China, what we are seeing there and what some comments on the region by the three brands, and the second one on the new management, the change in management at Thom Browne. Yeah, on China, Lisa and Ollie, hi. I was there two weeks ago, and I must be frank with you. I think China remains challenging, but I think for everybody overall. I think that, you know, the traffic is not what it should be. I think that we have to get adjusted to the new normal. I think we have to do the best with the new normal without thinking that, you know, China will be back tomorrow to pre-COVID years. I think we have a plan. I think we are well-organized. I think we should probably, you know, consolidate some of the stores. I think we should bring more of this Villa Zegna experience there. I think we should push more of the personalized service. That's why, incidentally, the first two Salotto are in that region. One is at Xingou Place in Beijing, the other one in Plaza 66, Shanghai, because there are certain customers that want privacy. There are certain customers that don't want to buy what everybody else does in the store. I think this is a different approach, and it just takes time to get used to less traffic and to this new way of doing business. We remain confident in the long term. We are going to keep investing, surely not in opening more doors, but in changing how the store looks in order to embrace this new Zegna experience and, at the end, making our network more efficient. I would say the similar will apply to Thom Browne. Thom Browne, we have an extensive network, and I think we have to do a better job in explaining the evolution of Thom Browne and bring also this personalized service to Thom Browne. For Tom Ford Fashion in China, we are at the beginning of a new journey, and it's hard to make predictions. Surely, you know, it's not known for women, and we have to do a job to introduce Tom Ford more as a fashion brand and less as a beauty brand. I think that each brand has different challenges. We know what we're doing, and it just will take time, but don't think that, you know, a miracle will come soon in China. It's as simple as that. In terms of Thom Browne, I think the change came apropos. First of all, it was Rodrigo's decision, but I think that I was able to get the right person at the right place at the right time. As I said, Sam is, first of all, knows America very well. He's an international citizen. He knows the brand inside out because he did introduce the brand into Nordstrom with success. I think that he will embrace this customer-centric, personalized, iconic Thom Browne experience by fostering the women's side, by fostering the accessory side. I think that we are just at the beginning of the journey. I understand that the wholesale side has hit the brand in the last two years, but it's part of the transition. It was promoted by us, and we just have to prove that the retail can make more than up for the fall in wholesale. Another important part that we forget is that part of the Zegna journey is related to sell full-price merchandise. After New York, after the listing in 2021, we declared that we are going to eliminate sales total. That has been a difficult journey, and we want to take the same approach to the other two brands. I think that 2026 will be the starting of this journey, and that's why I must say the sell-through of Zegna has been superior than any of the two other brands. Simply, the same rule applies. Become a better merchant and a better retailer. I think that by 2026, we're going together. In terms of wholesale, Thom Browne wholesale, how many quarters we are expecting? I leave to Gianluca. Consistently with what I said before, we need to read it by semester, not by quarter. By semester, I think that we should be coming to the substantial end of the journey by the end of this year, which means the major part of the pruning has occurred in 2024 and 2025. There might be some fine-tuning, but at this point, we believe that the cleanup and selection of the distribution intermediated by third parties is going to be substantially, the big departmentality, done by the end of this year. Okay. Second note. Thank you, best regards. Thank you, Oliver. Thank you, Operator. Thank you. Our next question comes from Adrien Diverga with Goldman Sachs. Please go ahead. Hey. Good afternoon, Gildo, Gianluca, and Paola. Thank you very much for taking my questions. I would have three if possible. The first one would be on the current environment, a consumer environment in the U.S. Could you please describe what you're seeing in terms of the confidence from customers, and maybe a few comments on traffic and conversion as well? My second question would be if you can comment on wholesale and the trends you're seeing for the second half. You just commented on Thom Browne, and you hope that most of it will be done by the end of the year. Could you please also give us comments for Zegna and Tom Ford? My final question is on Tom Ford. Can we confirm that the acceleration we've seen from the first quarter to the second one is driven by like-for-like acceleration, or is there also a bit of help from space? Thank you very much. Okay. Thank you, Adrian. I think the first question is actually for Gildo, for our CEO, and then I'll lead. Can you repeat the question? The question is on U.S. consumers, what we are seeing, what is the environment there, and if you can make some comments on traffic, conversions, and some other retail KPIs. Okay. I think America is very resilient. To be honest with you, we were a little bit concerned on the tariff, you know, when we heard about the 30%. The fact that now it is set at 15% makes us more serene. I think we were prepared for that amount. We slightly increased our price already in June, taking care of more of the tariff than the dollar. The dollar, we were pretty well covered. I think that we will be making the rest of the year okay. So far, this small price increase has been taken well by the clients. To be honest with you, the traffic is keeping up all across the board. We just opened a new store in Vegas and it's doing extremely well. New York keeps doing well. Rodeo Drive as well. These are the key doors we see. The personalized part of the business is extremely strong. I would say that compared to the rest of the world, it's one that is keeping up the most. We have a level of loyalty and a level of conversion that is quite high as compared to the rest of the world. We maintain a positive attitude in America. We have an extremely strong team. I think it surely makes a difference versus others that are not doing that well. I remain positive, not only in the United States, but also to the rest of America. We always talk about America as only the United States. We forget about Canada. We forget about Latin America. Latin America, Zegna has a presence and there's a brand awareness that is stronger than the one that it has in the rest of Asia, but China. We have an incredible leadership. Brazil and Mexico are two relatively small countries that are giving us some double-digit growth year- after- year and well managed. We are practically a total retailer there. Canada, we converted our major customer with wholesale, Harry Rosen, into a retailing operation. There, we are on a learning curve, but we see good progress. I think that that's an area that is going to work for the rest of the year and for 2026. I remain positive on that. On Zegna. What we are doing. Browne and Tom Ford Fashion. Sorry, Thom Browne and Tom Ford, yes. Tom Ford, likewise, I think that we have a similar situation as in Zegna. With Ford, we are not present in Latin America yet. I think in America it's a similar path as Zegna. I must say that the clients are waiting with anxiety, positive anxiety, the arrival of the new higher collection, particularly the women's side, which will be delivered early September. We can't wait to do that. The Paris show, it seems to be going to be another impressive, outstanding show. I think that we are building momentum. I wish the momentum built in America could translate into other parts of the world. I think that the role of the CEO is doing that. The success and momentum retail from America into the rest of the world, we are going to get there. On Thom Browne, America is, you know, its homeland. If you speak to Thom, this is not priority number one. Priority number one is to make America strong. I think the brand awareness is there. We just have to get new customers. The fact that we opened two stores in Madison Avenue, the fact that we opened one store in LA, and. Chalmbeach. rationalization also will help to do that. The fact that we are in with Nordstrom with a kind of a concession model, we had too. I think it's just a matter to build up. The fact that Sam is British, but he's American too, and he's based in New York and has a deep knowledge of the American market and retail, I think that probably America is the country in which we see the quickest lift up for the year to come. That's it. Okay. Perfect. On all sales second half for Zegna and Tom Ford Fashion, the second question. The third one was on Tom Ford, the second quarter acceleration, how much comp versus space. I guide you on the wholesale on a full-year basis. Zegna, as I said before, we expect the full year to land in line with the first semester. First half was - 15%, so we expect something in the mid-teens negative area for Zegna wholesale. For Tom Ford, which in the first half landed at - 6% organic, we expect to have also, due to some conversions, we expect to be closer to the low double-digit range, - 10%. On a yearly basis. On a yearly basis. On a yearly basis. On Thom Browne, I recall to complete the picture, we expect to have the full year at - 30%, - 35%. On Tom Ford Fashion, the answer is that the driver, definitely the major driver in Q1 and also in Q2, has been space. The driver of acceleration has been space for the several openings we have done in Europe, also in Americas. The answer is the space is the driver of performance and acceleration trend. Thank you very much. On Tom Ford, if I said Tom Browne, it was Tom Ford. Sorry. Tom. It was Tom Ford Fashion. Oh, that's the Tom Ford Fashion. Yes. Sorry. Thank you. Okay. As a reminder, before we take our next question, if you would like to ask a question, please do so now by pressing the star followed by the number one on your telephone keypad. Our next question comes from Anthony Ciaffagi with BNP Paribas. Please go ahead. Yes. Good morning. It's Anthony from BNP Paribas. Thank you for taking my question. I have a few. The first one would be on wholesale. Sorry, I have to discuss margin because it seems to me that your wholesale business is quite profitable, especially at Thom Browne and Tom Ford Fashion versus DTC. With these negative numbers, what should we expect in terms of margin for H1, but also for the full year? Maybe if you want to comment on the consensus a bit, adjusted a bit that is at $175 million. Maybe if you have a quick comment on that. Also, any color on the gross profit margin would be helpful. My second question is on the current trading, but also thinking about the comp base in terms of not just yourself, but the entire luxury sector is facing quite easy comps this summer. It's not so true for Q4. How do you see the remainder of the year between Q3 and Q4 in your DTC channel? That That is quite strong and impressive. My third question would be on Zegna. If you can give any comment on, we heard one of your competitors that is performing quite well, that is under a bit of scrutiny on the supply chain. Do you see any benefit into Zegna in the past months or so, or do you think it's non-material and it's not a subject here? My last one, sorry for asking four, is on the liquidity of the shares and given your press release from yesterday. A bit of dilution with the treasury shares at the EPS level, but also, we see the free float now being a bit less than 18%. A bit of an impact on liquidity. Do you have any comment on how you see your Zegna Group being listed in the future, the benefit of being listed? Also, if you think about listing also in Europe, any comment on this could be interesting. Thank you very much. Thank you, Anthony. All very interesting questions, but quite a few of them. The first one I think is for Gianluca, is clearly on the wholesale performance and how this can impact on EBIT margin in H1 and full year and also gross profit. I'll leave the second one on current trading, maybe for Gildo after, and then we take from there. I'll leave to Gianluca to answer first. H1, as you pointed out, the revenues level has been impacted, in particular, Thom Browne by a sharp streamlining of the wholesale revenues and also by several openings that in the ramp-up period can be dilutive on the margins. This is why we expect on the first half something like what happened last year. There was a seasonality between H1 and H2 in terms of the weight of the first half and second half. I'm talking about EBIT margin, adjusted EBIT in absolute terms. I think that we will see a similar seasonality this year or probably even higher in terms of the balance of the two years because of the ebbs and flows of the wholesale that you rightly called out. In terms of the consensus, I think that today consensus is $176 million and between $130 million and $140 million on the top line, considering also the effect not just of the wholesale that you called out, but also the currencies that in the last three months, at the end of March, the dollar was $1.08 and it was below $8. I think all in all, considering also the effect of the currencies, I think that today the consensus is directionally reasonable, both on the top line as well as on the bottom line. On the current trading and the expectations going into the second part of the year, Q3, a little bit higher, easier based on comparison with St. Anthony. I'll leave maybe Gildo to comment to provide some comments. On Q3 and Q4? On current trading, July and then Q3. Listen, I don't think that we're going to find a different path in terms of trends in the second half as in the first half. As I said before, the countries that do well, like the Gulf and the Americas, and I would say also Europe, will continue their path and Asia will keep being volatile. The news is Japan, you know, is not as we used to be because their lesson is shopping. China, I think I did already comment. Korea, for us, it's a small market. Even maybe Southeast Asia, we see prospects. I think the fact that Temasek, you know, has become a major investor, I think they can surely support us in developing in that part. I don't see different trends as compared to the first half of the year, I would say, in any of the three brands. The third question was actually, I don't think we want to comment, but I open up to Gildo. Anthony referred to one of our competitors that had issues on the supply chain. If we have seen any benefit or any from us, but I don't think we. I don't think I want to comment on that. I will pass on that. On the liquidity on shares, the question was on how important it is to be listed for us given the fact that the free float after Temasek and the dual listing. No, dual listing, forget about it. I think it's, you know, surely not a priority. We have several other priorities in front of us in the rest of the year for next year. I think the liquidity, I don't think that it will be a major issue. There is a little less liquidity, but for the ones that want to trade, they can find. I mean, I can make you many examples that demonstrate the contrary, that liquidity will not be an issue. We remain confident, you know, that the dilution of the companies of the family is not an issue either. I think that we do believe that being listed is a +. There is no intention to go private. I just want to make that clear. I made it clear with the press. There is no intention for the family to sell. I just want to stress that the family has not sold a share. It was a different way around. They came to us and this NAV that sold to them 5% of the treasury shares. The family remains still, and it was just diluted a few points because of the transaction. That's it. I think that I also want to say that on this Temasek, not only the board of the NAV., but also the board of the family company was totally supportive because it's a strengthening way to think about the long-term strategy of the company. I think it goes on a very positive direction for all the stakeholders. Thank you. Thank you very much. Thank you. Thank you, Anthony. I don't know if there are other questions. Otherwise, I know that there is another call in very few minutes. Operator? At this time, we have no further questions, and I hand the call back to the management team for closing remarks. Thank you. Thank you to everybody. I know that you have to run, so if you need any follow-up, as always, Alice and myself, but Alice, first of all, is available today, tomorrow, not on holiday. I just remind you that our first half of full financial results will be released on September 5. We thank you, and we wish you a very nice holiday. Have a good summer. A good summer. Thank you. you. Goodbye. Thank you. Goodbye. Ciao. Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.