Okay. Good afternoon to everyone, and welcome to El.En.'s first quarter, 2025 Financial Research Conference Call. Today's call will be recorded, and there will be an opportunity for questions at the end of the conference call. With me on the call are Andrea Cangioli, El.En. CEO, and Enrico Romagnoli, El.En. Chief Financial Officer and Investor Relations. Before we begin, please note that there are remarks management makes on the conference call about the future expectations, plans, and prospects, and forward-looking statements. The statements in this call, including those addressing the company's beliefs, plans, objectives, estimates, or expectations of possible future results or events, are forward-looking statements. Forward-looking statements involve known or unknown risks, including general economic and business conditions, and conditions in the industry we operate and may be affected should our assumptions turn out to be inaccurate.
Consequently, no forward-looking statement can be guaranteed, and actual future results, performance, or achievement may vary materially from those expressed or implied by such forward-looking statements. The company undertakes no obligation about the contents, nor to update the forward-looking statements to reflect events or circumstances that may arise after the date year off. At the end of the presentation, if you need to ask a question, please book your question on the chat of Bianca Versini-Masterluni or raise your virtual hand, and you will have the word in order of request. At this time, I want to give the floor to Andrea Cangioli. Please go ahead, Andrea.
Thank you, Nicola. Thank you, Bianca, and thank you to each of you who is attending this call today, a conference call that we are holding after the release of our financial report as of March 31, 2025, for the first quarter of 2025. As usual, on this call with me will be Enrico Romagnoli, who will drill down into the details of our financial performance. We are very pleased with the financial results of this quarter, which confirm the strength of our positioning on the markets, registering an interesting growth in both our main sectors. Revenues were up 8.8% on a consolidated basis, with a slightly faster increase in the industrial sector, whose revenue grew more than 10%. The increase in revenues came along with an increase in profit generation, and both EBIT and EBIT margin improved with respect to the first quarter of 2024.
In general terms, we can say that the progressive growth in revenues and in profits, which took place over the whole year 2024, continued in the first quarter of 2025. With respect to the expectation that we had on the financial performance of this quarter, the results were substantially aligned. They were actually a little bit better than we were expecting. As we are active on several application markets and several geographical markets, I will give you some more color about the trends in order to understand how each market actually behaved and how our positioning changed in each of these markets. Demand was solid in the medical sector. The performance was once again strong in surgery, where system sale marked an increase, and where the revenue flow from the consumable optical fibers exceeded EUR 10 million in the quarter, a very remarkable result.
The urology system growth was less intense in this quarter than in previous ones, and we forecast a reduction in the acceleration of sales in this segment, in the acceleration. On the other hand, also in light of the continuous expansion of the installed base, we expect the sales of sterile optical fibers to further increase. As I mentioned in other occasions, Quanta System, who is the main provider of these optical fibers, is currently executing a plan of expansion of the production capacity, which started with the purchase of a dedicated area beside Quanta's plant, and that during 2025 will complete the construction of a new larger white room, which will allow the further increase of our production capacity of sterile optical fibers. The trend for aesthetic applications was very good as well. The star of the moment is the old faithful CO2 laser.
The rejuvenation procedures that our sophisticated technology allows are now the worldwide reference standard. Cool Peel is a brand that we assign to the treatment, which effectively rejuvenates a face in less than 20 minutes, performing a so-called lunchtime treatment: quick, effective, and with no collateral effects. It's a laser treatment, which is thermal by definition, but it's cool because you don't feel the thermal effect, and you can walk away from the doctor's office and go back to your occupation without anybody noticing on you anything else than your skin looking younger. We continue to witness a slowdown of the hair removal market, especially on the international markets.
In the quarter, this trend was mitigated and canceled by a very strong performance on the Italian market, both in the medical field and in the professional aesthetic field, where the diode laser Mediostar, which is manufactured by our German company Asclepion and distributed in Italy by our company Estelog, which is dedicated to the sale on the professional aesthetic market on the Italian territory, I mean, the Mediostar reported a very significant sale volume and success. Anti-aging treatments are the most popular in this phase, and we are proud to report the acknowledgment that our Red Touch Probe by DEKA Laser system received from the AWMC, so the Anti-Aging Medicine World Congress, which was held earlier this year in Monte Carlo. This novel device exploits the rejuvenation and regeneration capabilities of the 675-nanometer wavelength, which is proving to be extremely effective in such anti-aging treatments.
I'd also like to mention the very positive trend of sales in the therapy market, meaning the area covered by our company AESA Laser, based in Vicenza, Northern Italy. The company is undergoing a management transition and is proactively working in order to pursue the growth targets that we set when we invested both in infrastructure and people in order to be set to capture the opportunities of this interesting application niche. At the end of February, we sold the majority stake of our Japanese subsidiary With Us to our partners, with which we had launched it more than 20 years ago. We acknowledged that the subsidiary is not anymore in the position to effectively distribute our products on the aesthetic business in Japan.
The activities needed to be redesigned with a different approach and structure, especially considering the weakness of our largest customers that were accounting for most of the company's revenues in terms of service contracts. We therefore decided to assign the company to its managers that will take care of its restructuring. The financial performance with us has been very negative in 2024, with a EUR 3 million loss, and losses continued in 2025. We are still holding roughly 30% of the company, and its financial results are consolidated with the equity method starting from March 1, 2025. One of the most significant expected improvements drivers in this 2025, and I'll talk about the industrial markets, is the rebound on the Italian market of the laser cutting business.
Last year was really dreadful in Italy for the sale of capital equipment in the manufacturing markets, and we are counting on the rebound on this market in order to see Cutlite Penta growing again. Such rebound is actually taking place, and we have seen improvement in order booking since the last months of 2024, and we are continuing to see this trend. For the industrial application markets, we are investing in the widening of our commercial footprint in Europe. The market business is already benefiting from the contribution of its sales subsidiaries. Three new subsidiaries will allow a better position on the European market for the laser cutting business as well in the very next months. As Cutlite Penta and Cutlite do Brasil have been excluded from the sale to YOFC of the cutting business, we are taking actions in order to enhance their capabilities and improve their market position.
One area of investment has been the acquisition of a small manufacturer of automation systems needed in support of the laser cutting business. The need for automation is an increasingly requested feature or accessory of a laser system that becomes more and more necessary as the improved productivity of the laser cutting activity calls for increased productivity in the handling of the materials, both in input and output to the cutting process. Loading, unloading, and process integration capabilities are of utmost importance in enabling our customer to fully realize the productivity improvements made possible by our technologies. Another significant aspect of our performance is the cash position. The performance of the first quarter was pleasing under this profile as well, considering that seasonality in cash generation is penalizing the first and second quarter due to the cycle of production planning and sales seasonality.
In the first quarter of 2025, the net financial position decreased by only EUR 3 million in correspondence of a revenue growth and therefore a functional expansion of the net worth in capital and also of a peak in capital expenditure, where capital expenditure will be lower in the next coming quarters. For what concerns the sale of the laser cutting business, which then is just the sale of Penta Laser Jiang, our Chinese subsidiaries engaged in the laser cutting business, I do not have any substantial update from what was disclosed on March 31st. We signed a share sales and purchase agreement with YOFC for the sale of the majority stake of Penta Laser Jiang, and we are now sorting out the formalities needed to proceed to the closing. The most time-consuming is the release by the presidency of the Italian Council of Ministry of the so-called Golden Power.
We filed the request right after the execution of the agreement, and we were requested some additional information, and we are confident that this process will come to an end in the very next weeks, allowing us to proceed to closing. In closing the section of my remarks, I would like to share with you a few comments in general terms. I'm used to state, by the way, quite proudly and on behalf of our organization, that we are confident in our ability to size the growth and profit opportunities that our markets are outlining. The confidence is based on the awareness of our capabilities and strengths, which are financial, structural, but at first place reside in the capabilities of our people, in our knowledge that we built up over the years of fruitful activities.
We are now, of course, concerned about the unease that the international relations, the wars in Ukraine and Palestine are not coming to the hoped end, and the trade relations among the most important countries of the world are threatened by the new protectionist approach of the U.S. administration. My confidence and the confidence of our organization is still solid, and should we face less favorable market conditions as an effect of, let's say, exogenous events, we are confident that our organization will be able to brilliantly weather also such circumstances. For the moment, I give the floor to Enrico Romagnoli.
Thank you, Andrea, and good morning to everybody.
As for the year-end, the Q1 report has been prepared in accordance with IFRS accounting standards, excluding the consolidation line by line of Chinese activities, both in 2025 and in 2024, due to the ongoing negotiation for the sale of the division in accordance with IFRS 5. In the first quarter of 2025, the El.En. Group recorded consolidated revenue for EUR 140.9 million, up 8.8% compared to EUR 129.6 million on March 2024. The medical sector up over 8%, while the industrial sector up over 10%. The gross margin was EUR 62.9 million, up 9% compared to the EUR 57.7 million on March 2024, with an increase in margins on sales that went from 44.5% in the first quarter 2024 to 44.7% in the first quarter 2025.
It should be noted that in the first quarter of last year, the group had recorded proceeds for insurance and government reimbursement relating to the damages of the flood on November 2023 for an amount equal to EUR 1.9 million, equal to 1.5% on the revenue of the first quarter 2024. In the first quarter 2025, the margin was instead also supported by proceeds equal to EUR 0.6 million or 0.54% of the revenue for a grant received by Asclepion for R&D activities. Net of these no-recurring proceeds, the margin on sales improved in 2025 by approximately 1 percentage point, attributable to the better sales mix in the medical sector. Operating expenses increased in value, but the impact on sales decreased from 11.1% to 10.7%. Staff costs increased in value, with a slight increase as impact on sales.
EBITDA was positive at EUR 21.7 million, up 9% compared to the EUR 19.9 million as of March 2024. EBIT margin in the first quarter 2025 was equal to 15.4%, in line with the EBIT margin of the first quarter 2024. Cost for amortization and provision remained stable from EUR 4.4 million on March 2024 to EUR 4.3 million on March 2025, and therefore decreased the incidence on turnover from 3.4% to 3.1%. This slight change is due to the net effect of higher amortization and provision for risk and lower provision for credit risk. EBIT for the quarter showed a positive balance of EUR 17.4 million, up from EUR 15.5 million in the first quarter of 2024, and the margin of revenue was 12.4%, up compared to the previous year, whose margin was 12%.
Financial management recorded a loss of EUR 1.1 million compared to the profit of EUR 0.4 million recorded in the same period of the previous financial year. In detail, in the quarter, the interest income generated by liquidity was EUR 0.8 million, while the interest expenses on debt was EUR 0.4 million. Exchange rate differences had a strongly negative balance, equal to EUR 0.5 million. In addition, there was a one-time exchange rate loss that was recorded for EUR 908,000 following the release of the currency conversion reserve resulting from the sale of the majority of With Us. This release reflects the amount of exchange rate differences accumulated over the year in a specific reserve and is particularly negative due to the recent performance of the Japanese yen. Income before taxes showed a positive balance of EUR 16.3 million, higher than EUR 15.9 million of March 2024.
The group net financial position remained positive at EUR 107.5 million, slightly down compared to EUR 110.5 million at the end of 2024. In the quarter, the increase in networking capital involved an assumption of EUR 8.1 million, while another EUR 8.6 million were used for change in other payable and receivable, including the reduction in advance from customer and increase in VAT credits. Capital expenditure in the period amounted to EUR 6 million, an increase compared to the same period of the previous year. Almost half of the amount is attributable to the purchase by Cutlite Penta with new plant intended for the production of new and innovative lines of laser cutting system for sheet metal. I just want to remind you that on May 21, El.En. will pay dividends for EUR 0.22 per share for a total amount of over EUR 17.5 million.
In the medical sector, we had an excellent performance in the aesthetic segment, plus 9%, with a turnover of EUR 52.6 million compared to the EUR 48.4 million in 2024, mainly driven by anti-aging applications. The growth in sales of surgical system continued with a period result of EUR 21.8 million versus EUR 20 million of Q1 2024, and with 9% growth, in particular in the urology segment. The therapy segment led by ASA recorded double-digit growth of 13%. In post-sales revenue, we report the services and goods sold after the sales of the system. The contribution to segment from sales of optical fibers used as consumable in urological surgery operation is solid and represents approximately 50% of the segment's revenue.
Despite the continuous expansion of optical fiber sales, the segment has a lower growth rate than the rest of the medical sector due to the exit from the consolidation perimeter starting from March of With Us, whose missed contribution is worth approximately 5% of the service revenue achieved in the first quarter of 2024. Industrial, in the first quarter 2024, the growth in industrial was driven in particular by the laser cutting segment, plus 14%, that represented the core business of the industrial sector. The marking sector was also very positive with a growth of 9%. On the other hand, sales of CO2 laser sources decreased while service activities remained stable in the quarter. In terms of geography, the most significant growth was achieved in Italy and in Europe. The medical sector showed an excellent performance in Italy, plus 54%, and solid growth also on the international markets.
In Europe, revenue reached EUR 31 million compared to EUR 29 million in 2024. In the rest of the world, turnover rose to EUR 57 million, slightly up compared to the EUR 55.5 million in the same period of the previous year. In industrial, the expected rebound on the Italian market is materializing. Europe made a decisive contribution thanks to the strengthening of the sales network and the new branches of LASIT, already fully operational, and of Cutlite Penta, currently in the startup phase. In non-European markets, however, Cutlite was affected by uncertainties in the relation with the U.S. customer generated in 2024 by the negotiation for the sale of the laser cutting sector and now linked to the instability generated by the new U.S. tariff policy. Andrea, please go ahead on 2025 guidance. Okay, I'll close with some more general comments and the guidance.
For a company like ours, which is basing its activities, development, and growth on international trade, this is, of course, a phase of great uncertainty. Following the Liberation Day announcements, the subsequent tariff enforcement, the subsequent temporary tariff relief, and the ongoing overt and covert negotiation, it is very hard to predict where the international trade is heading and where the trade relations with the United States will stay. Our micro perspective and the behavior of our business partners are highlighting a moderate optimism in the possibility of continuing our business without particular disruptions. Under this profile, order acquisition, markedly for the United States, was quite stable to date. Also, we did not see to date anticipation of purchase orders and deliveries in order to take advantage of the temporary tariff relief. This said, the outlook for the 2025 financial year remains positive.
In light of the performance of the first quarter and of the current market conditions, we confirm that we are expecting to beat 2024 revenues in 2025. What we perceived in terms of order acquisition in these first months of the year allows for a little more optimism, and we decided therefore to slightly improve our EBIT guidance, sharing with you that our target is now to beat 2024's EBIT. This, of course, if the events will not materially alter the competitive and economic landscape we are operating in. We are done with the prepared comments, and we are ready to answer your questions.
Andrea, we can now open the Q&A session with Giovanni Salvetti from Berenberg. Go on, Giovanni, please.
Hello everyone. Can you hear me? Yes. Hi, Giovanni. Hi, Andrea. Ciao, Enrico. I have a couple.
The first one is maybe on the Chinese operation. In the press release, you mentioned that the Chinese business recorded sales down compared to Q1 2024. I was wondering, did you say how much down and maybe in terms of profitability, if we should assume that they are still loss-making? That's the first one. Maybe the second one already kind of answered, Enrico, briefly, but I was wondering in the net financial charges, what was the specific impact of the one-off from With Us and the FX impact? And if we assume that this is one-off for Q1, meaning that we should see this line positive again in the coming quarters. The third one is more on the general trend. You just gave some comments. You said that Cutlite Penta should continue to grow in the coming quarters.
Maybe if we can expect a similar pace in Italy and maybe also in the medical segment. You also said that optical fiber should still be up with maybe, as you say, the order of surgical operation slightly down compared to Q1. Just to have a flavor of what you see based on the backlog that you have in terms of growth rate for the medical as well. The last one maybe is on Quanta. You mentioned the optical fibers investment. I was wondering how much should we expect in terms of an increase in the capacity for Quanta? Is like plus 50% plus double the capacity? I do not know, just to have a rough figure. Maybe the last one still on Quanta is more of a provocation on my side. I was looking at the 2024 numbers.
It appears that Quanta generated a net income of EUR 27 million, which is more than half of what El.En. makes as a whole as a group. I was wondering if what is that Quanta makes so much better than all the other medical companies in the group?
Okay. Long list, but we'll start from point one. China's operations recorded a decrease in revenues in the order of magnitude of 20%. In terms of profitability, the loss, they are still lossy, but the loss is reduced with reference to the loss that had been booked in 2024.
For what concerns how we book these results in our financial report, I won't make any further comment because it's extremely complex and, because, we have a single line, which is reflecting the financial result of China, which is not reported in this quarterly report because we report, it's below the line that we are reporting. The line, for what I understand, but maybe I'll leave this part of the answer to Enrico. Mm-hmm. I mean, in a nutshell, less sales and less losses. This was the 2025 first quarter. Also the second question, that, I mean, everybody jumped on their chair when we saw the EUR 1.1 million loss in the financial income line.
In fact, almost EUR 1 million of this loss is due to the release of a reserve, which was booked into the equity of With Us and is related to foreign currency translation. Again, at the end of my answer, I'll give the word to Enrico if you want to get deeper into details. The third question was general growth perspective. It's very difficult to go into the detail of each market. What I said for surgery is that acceleration is reducing. We expect growth in surgery too, but we do not expect to accelerate growth. We expect good performance from the industrial business, as you said, Cutlite Penta. We hope that the U.S. market will recover.
I like to mention and to remind that the U.S. market for Cutlite Penta has not performed well in the third quarter of 2024. It performed a little better in the first quarter of 2025, but this performance has nothing to do with the tariffs. It has to do with the fact that U.S. customers somehow refused to deal with Cutlite Penta when the news was spread that Cutlite Penta was going to be sold to a Chinese company. We are now starting again to have productive relations with the U.S. customers, that were basically interrupted until we disclosed that Cutlite Penta is not going to be sold anymore to the Chinese entity. We expect good growth also in the marking business, LASIT, and also in the international sales of medical systems.
About the fiber capacity, yes, I believe that the capacity of the new facility should be close to double the original capacity, to the original capacity of the first facility. This does not mean that we will double our sales, but we will have ease in continuously increasing the volume in the coming years. Fifth question was the great performance of Quanta System. Yes, you are right. Quanta System is the star of the group. I would say that there is a second star in the group, which is hardly identified from our financials, which is the business unit that we have by the joint activities of the medical part of El.En. and DEKA. There is a medical part of El.En. and there is DEKA, which are basically working together.
If you sum these two activities, you get very close to the performances, both in terms of actual volume of sales and also in terms of profitability of Quanta System. Enrico had mentioned to me that you had noticed how Quanta System is the largest business, let's say, profit contributor in the group. It is also due to the fact that not only Quanta System is performing well and a large company itself, selling and manufacturing medical equipment, but it also has some stable profit contributor like the fibers or like the surgical system sales. Those contributors are contributors which require less effort than the contribution which is given by the sale of capital equipment in the medical aesthetic business.
Therefore, the EBIT, I mean, the divisional EBIT of the surgical division is contributing more than the divisional EBIT of the aesthetic division within Quanta System. And this is what makes Quanta anyway the best performer, but not as far as if you compare the companies, looks like because you have to merge the financial results of El.En. and DEKA, to have something comparable to Quanta System.
Okay. Thank you. Sorry for the long question.
Let me just clarify the one-time cost for what concerns the EUR 1 million of exchange loss accounted through profit and loss referring to the sale of, to disposal of the control over With Us. It is a one-time cost accounted in full in Q1 and nothing will be accounted in the following quarter.
For what concerns China, the 2025 and 2024 P&L and net financial position are reported without Chinese activities. Chinese activities will be accounted in the line so-called discontinued operation, and this amount will be disclosed on each one report. In the Q1 financials, nor the P&L nor the net financial position show any impact of the Chinese activities.
We can go on with Carlo Maritano from Intermonte. Go on, Carlo, please.
Good afternoon, Andrea and Enrico. Just two questions from my side. The first one is a clarification on the guidance. You have improved the EBIT that now is seen higher than in 2024.
I was wondering if the improvement is related to higher revenues because you're seeing a better order intake, compared to your previous expectation, or if there is also, better product mix, so higher margins compared to your previous expectation, also seeing the very good performance in the medical in the first quarter. The second question is on cash generation. I don't know, I know that it's quite difficult to, to forecast the next quarters, but do you expect that part of the better networking capital trend we've seen in the first quarter will reverse in the next quarters, or do you expect that simply the 2025 will be a year of excellent cash generation? Thank you.
The guidance, it's a mix of things. Overall, I believe especially due to, a stronger beat on revenue, we should be able to beat EBIT.
This is the main driver concerning revenue mix and therefore margin mix. The year started well, and also under this point of view, this gained us a little bit more of confidence. Though, we have the US dollar, which, apart from the tariffs, is anyhow penalizing our margins. We will see a decrease in margins in the sales in the United States in the second quarter because the average foreign exchange rate with the US dollar was very strong still throughout the whole first quarter, then it dropped in the first days of April. Cash generation, yes, you're right.
It's very difficult to predict, but, in general terms, I'd say that, based on a strong business performance, as we are witnessing in this period, I believe that we should be able to continue with a better cash generation in 2024-2025 compared to 2024. Of course, the second quarter will not be cash positive because we will have the payment of dividends going out next week, is EUR 18 million going out, and by no means we will be able to put up to such an amount. As usual, the end of Q2 will be the low point in cash, but I'm confident also for cash generation coming along with a good year, as for revenue and profitability. Thank you.
We can continue now with Andrea Bonfa from Banca Akros. Go on, Andrea, please.
Hi, good afternoon to everybody. Hi, Andrea. Hi, Enrico.
Very quickly, is it possible for you to expand your view on the U.S. market? Because looking at the performance of InMode, it seems that the market is not performing well. Hearing your comments, it seems that anyway you are maybe outperforming the market or your competitor. On the U.S. again, how would you define the paying threshold in terms of duties for your sector, in the sense that will 10% be okay, business as usual, but will it make a change at 20%, 30%? How do you see that from your standpoint? The final one is again on your guidance. It is very qualitative. Is it possible for you to refine it? I mean, I do not know, missing all digit, mid to high double digit. I do not know. Any comment would be helpful. Thank you. Thank you, Andrea.
To start from the last one. I mean, when we do not put a bracket, a range, it means that we should beat, but we are not confident to say that we will exceed 5%, let's say. If I have to put a range, I would say between 0.001% and 5%. U.S. impact. I know it's back to the first question. Yes, you're right. InMode reported weak sales in the United States. We reported good sales in the aesthetic business. You have to consider that we are not exactly the same animal as InMode in the United States. We sell a whole bunch of surgical devices in the United States, which have nothing to do with the InMode market.
We think we will do, we are, we have done very well on surgical, but when I said that acceleration on surgical will be declining, I was referring to an expected decline in acceleration on the sales of medical devices, surgical devices in the United States, which is one part of our sales to the United States. Concerning aesthetic device, which is the one that are on the same market of InMode, again, like last year, we are doing well. We are very happy with the sales in the United States. We are very happy with the relation with our distributor. We are doing well, notwithstanding the fact that this year we do not have Signature anymore.
I believe that we are not exactly on the same segment of sales with InMode, which in a way is bad news because their segment of sales bears more profitability than ours. It is good news that in this moment our segment of market looks more resistant and more positive in its behavior than the other one. We are confident on the U.S. market. Of course, I believe that 10% is really the threshold for pain or for severe pain, to answer your question, the first question. I think that if after 90 days, after the famous 90 days, the tariff should actually go back to 20%, this would have a material effect on our business in the United States.
Difficult to say, but we would probably need to understand how much the decrease of sales in the United States would impact. I do not see it that way. I see that if the tariffs will go back to 20%, this will mean a failure of the negotiation to mitigate the impact. We will not have problems in the United States only, but we will have much more wider problems. Everybody will have much more wider problems if the negotiation will not succeed in reducing the 20% tariff threshold.
Hello everyone. I'm Nicola Tangen, and today we are joined.
Okay. Thank you, Andrea. You're welcome.
Do you want to ask a question, Andrea?
Andrea Bonfa, I think he was done.
No, Andrea Guidi.
Andrea Guidi, yes.
We have no more questions registered at this moment in our list.
I would like to ask investors still connected if there are any further questions. Maybe, maybe Giovanni Salvetti has another question. Giovanni?
Okay. Yeah. No, no. I think I'm done on my side. Done on my side.
Okay. Go on then.
[crosstalk] No, no. I'm done. I'm done.
Okay. No problem. Thank you. So, we have no more questions. Ladies and gentlemen, the conference is over. If you have some questions to investigate in the future, please do not hesitate to contact Enrico Romagnoli. That will be happy to answer your question. I would like to add that on May 28th, El.En. will host a reverse roadshow in Calenzano to visit the industrial plant. We have already several investors registered, but for those who would like to participate and they have not yet signed up, I kindly ask you to do so as soon as possible.
We are closing. Thank you for attending this conference, and we hope to have all of you again next time. Good afternoon to everybody. Ciao, Andrea. Ciao.
[crosstalk] Thank you, everybody. Thank you, Bianca. [Foreign language]. Bye. Bye. Bye. Bye. Bye.