Good morning and welcome to our investors call. Today we will be presenting the Q1 2025 results. Together with me, I have Daniele Misani, our CEO.
Welcome.
We're coming to you from Milan. Instead, from Berlin, we have Andrea Favini, our investor relator. Before starting, I just wanted to say that if you have any questions, please feel free to ask anything. We will have a dedicated session, a Q&A session at the end of this call. Thank you very much. Now I'm going to give my word to Daniele Misani.
Thank you, Ellis. Welcome, welcome to everybody to this call. We will present the results of the Q1 that is in line, let's say, with our historical performances of sustainable growth. Top line, revenues for the first quarter is EUR 92 million, with a growth of 37% with respect to the same period of the last year. It's important to know that part of the growth is given by the aggregation of the new acquired company during the second half of the last year, but it's stronger still, let's say, the KPI related to organic growth, like-to-like growth that is + 12%. This, let's say, is adjusted by the one-off we already disclosed last year with our, let's say, reports that refers to one-off activity done in the telco business. Overall, it's a + 12% of organic growth. Also, a strong, let's say, results related to the EBITDA.
The EBITDA for the quarter is EUR 13.3 million, with a growth of +72%. An increase is important to say to the overall also margins of the group that are in growth with respect to last year. We recorded the 14.5% of EBITDA margin with respect to the revenues that is due to the, let's say, different mix of activities and the good contribution of the new acquisition that are now part of the entire TXT Group. The important thing to say is that the growth is common in the different business lines, and especially it's important to highlight the growth of our smart solution divisions that is the most, let's say, profitable in terms of average EBITDA margin. The division that is selling proprietary and vertical solutions with results from EUR 12 million- EUR 19 million and a growth of almost 60%.
Digital Advisors continue to grow from EUR 10 million- EUR 15 million, with a growth of 52% overall, partially also due to some integration of the newly acquired company last years. The software engineering division, that is the biggest, but also the average, let's say, EBITDA margin lower, grows from EUR 45 million- EUR 58 million, with a total increase of almost 30%. In terms of margins, EBITDA margins grow by 52%. Also, in this case, the contribution is coming from all the divisions. It's important to record an improvement of the overall EBITDA margin of the software engineering division that is driven mainly by the integration of WebGenesis that is part of this division and is performing very well in terms of efficiency and operational excellence. The division related to Digital Advisory from EUR 1.7 million -EUR 2.1 million, with a growth of 20%, with a slight decrease in terms of, let's say, margins.
This is due to support to the growth, so some costs that are needed in order to ramp up the team and ramp up the projects. The division of smart solutions is very profitable, with an overall 17% coming from 1.9 to 3.4. All the divisions working together for us are strategic because we position ourselves in the complex digital innovation market by providing advisory, so advising the big companies by providing products that speed up the digital transformation and the software engineering that makes it possible. It is the division that implements complex transformation projects related to the digital technologies. We continue to invest. In order to continue to grow, especially for the smart solutions division, we continue to invest. First quarter, we recorded EUR 5 million investments in our proprietary technological solutions, with a growth of 51% with respect to the last year.
Smart solution revenues growth better also than the investments. We recorded a +55% growth, EUR 19 million overall related to our products. For us, it is strategic to continue investing in innovation, in keeping our vertical solution ahead from the market competitions, and we invest in new technologies. All our smart solutions are, let's say, based on emerging technology like artificial intelligence. We have IoT solutions. We have cybersecurity embedded within our own solutions, and this represents a value for the market itself that is recorded by the numbers. International revenues are EUR 15 million. There is, let's say, a dilution of the total amount of the international business with respect to the total amount of the business of the group. This is because we aggregated in the second part of last year's company that are mainly exposed to the domestic market.
We continue to grow for our division working internationally, but the overall percentage is less than last year because we grow a lot by acquiring company operating in the Italian market, like WebGenesis, for example. The debt, let's say, we have a slight decrease. Totally, the net debt adjusted is EUR 89 million, and we still have and continue to implement our buyback plan in order to have the opportunity to acquire new companies by using and leveraging our own stocks. The overall, let's say, value of the stocks we had at the ending of the quarter is about EUR 10 million. Overall, adjusting with this is EUR 80 million. That is our leverage in terms of debt. In terms of markets, let's say, we also present a reclassification of the total amount of the weights and the exposure to the different markets.
Continuous to have a strong, let's say, footprint in aerospace and defense growing. Public sector is now one of the, let's say, average strong positioning of our offering. The telco and media is a little bit less with respect to the numbers we showed last year because of the reclassification. In the past, we presented always in the telco division the business made with telco operators, but some of this business is for the telco operator. Some of the business instead is towards the market. We reclassified the overall exposure to the market according to the end user. Part of the telco business that last year was included in this division has been put into the real segment for which we operate, so mainly public sector and banking and finance.
Our strategy is to have a good balance across these verticals in order to capture opportunities for new business in the markets that are running faster, like the aerospace and defense and the public sector, and having, let's say, the possibility to swap also to switch competence centers, technologies from one area to the others where some markets is a little bit slowed down. Some, let's say, highlights about the business evolution and the events that happen after the closure of the quarter. First of all, I want to invite you all to our Capital Markets Day that will be held in a few days, on 27th of May. This is an event for the financial community that we decided in order to, let's say, share which is our business plan for the midterm for the next three years.
Of course, it's a business plan that we are pushing already within the organization. It's a moment, it's an opportunity also to meet our main leadership team, executives that are driving the vertical markets in which we operate in order to give a better vision and better outlook for the next future. The continuity of, let's say, our sustainable growth plan will be, let's say, shared during this event in Milan. We have already invited, and we hope that you join in order to have a better vision on the mid-long term of which are, let's say, our strategic assets that we want to push in order to create value for all the stakeholders.
The division looking to the business, as I said before, we recorded a very good result on all the divisions because they are working all together in order to offer a holistic approach to the customer. Advice, speed up their business, implement complex transformational projects. Smart Solutions recorded a growth of 55%. We continue to invest in R&D. There is a good contribution from the aerospace segment in this part. Our, let's say, product portfolio is growing in terms of customers, in terms of recurrent business. The MarTech, let's say, offering in this domain, the products that come from Refine are positioning and continue to expand their, let's say, presence to the market. Overall, we have a continuity and a growth in terms of position in the market for all the offering that we have. Digital Advisors is growing a lot.
It's driven mainly by the vertical market of public sector, both healthcare and public sector in terms of ministries and digital transformation for the Italian overall main programs. Also, it's exposed to some international projects for the space industry. In particular, the European Space Agency is one of, let's say, our targets that is growing in this direction. Also, the market performances in the digital advisory part are good, but are also expected to slightly improve in the next future. Software engineering outperformed budget, growing by 29% year -to -year. The driver here for the growth is defense and aerospace in general with a large player. Our involvement in the next generation aircraft projects that are across Europe positions ourselves as a reliable player in order to support these complex transformational programs.
Also, the inclusion of WebGenesis within our domain gives a boost to the overall performances of the team for the positioning and the backlog of, let's say, big projects related to the local and the central public sector in Italy. Telco recorded a slowdown also because of the aggregation, the changing of the market itself, and we also suffered a little bit the fact that we did some one-off operations last year that are not reported this year. Overall, there is a slight decrease in terms of volumes of the market, even if in terms of margins, the operational efficiency was very good. Having less revenues, still we manage, let's say, the overall delivery of these kind of projects in this kind of segment with more efficiency. We improve the margins, also having less revenues.
There is also a recovery, a little bit recovery, and we see good signals coming also from the industrial sector for which we are integrating, let's say, more holistic offerings, adding new products that we acquired last year and having a more, let's say, focused initiatives based on IoT. IoT, that is also giving good results in terms of growth in this segment, which is suffering, let's say, a little bit the overall global market situation for which also the production is slowing down. In terms of, let's say, extraordinary operation M&A, we informed that we closed the acquisition of ET Value. On April 1st, we signed the official closing of this, let's say, acquisition. ET Value is a boutique with digital innovation solutions to optimize its processes into the public administration and public sector.
It's a company very small, but very, let's say, valuable in terms of assets. So proprietary solution with a strong EBITDA margin, almost 40%. It's expected to have not so big business in terms of volumes, but very good in terms of positioning and margins for the contribution to the overall group results. It will be consolidated from April 2025 in the smart solutions division. The benefit of this, let's say, aggregation will be seen from the quarter to one. The operation was closed for EUR 15 million, partially paid in cash and partially paid with treasury shares within our strategy to have, let's say, the seller, the manager that is driving the company to be shareholder of the group in order to push together and to open up for synergies and more growth for the future. This is the highlights. Of course, having the Capital Markets Day in a few days, we will have more disclosure of information during the event on the next 27th of May. Thank you for listening. I would like to have Andrea from Berlin explain a little bit our financials.
Thank you, Daniele, and welcome everyone to the financial section of this conference call. Today, we will start with commenting on the profit and loss of the first quarter of the year, which is shown on the next slide. Basically, we start from an EBITDA ETS and evolution from the first quarter of 2024 to the first quarter of the current year. As we can see, and as already briefly discussed by Daniele, the growth revenues to that 37.3%. That came from both an organic contribution of 7% reported plus the M&A contribution, of course.
Looking at the direct cost, the growth was at 37.3%, was at 35.5%. In terms of gross margin, the company was able to have better results. Gross margin grew at 41% versus the 37.3% of revenues. That means that the gross margin is to that 33.4% in Q1 in the first quarter of 2025 with a 0.9 percentage point growth compared to the same period of the previous year. If we look at the indirect cost, we can see that all the indirect costs other than R&D grew at a lower rate compared to the revenues. Of course, here it is important to highlight that the R&D growth is to be, let's say, balanced against the smart solution revenues. As we discussed over the previous section of the call, smart solution revenue grew at 55%.
There is a slight, let's say, outperform of the growth in smart solution revenues compared to the growth of the R&D investment in the same division. The other, let's say, main indirect costs, so commercial cost and general administrative cost, grew at a lower rate compared to the revenues and to the direct cost. This is because of the operational efficiency and the difference, let's say, structure of the new consolidated companies like WebGenesis, where there is, let's say, a stronger delivery team and a lighter, let's say, commercial structure. As mentioned in our, let's say, press release and in our financial report, we expect a slight increase in G&A cost in the second quarter of the year.
This is related to some, let's say, M&A cost, some for transactions, investment that we closed, like ET Value, some of ongoing, let's say, opportunities, but some also for opportunities that were not closed. So we have some, let's say, cost that we incurred, but we did not find a final agreement, but we still have the cost, of course. Considering all these effects, we have a 1.5 percentage point growth in the EBITDA margin, which grew from 13%- 14.5%. A really strong performance. We are positive to maintain this level of profitability at annual level for 2025. If we move to the next slide, below the EBITDA, we have, let's say, kind of a bridge that shows the first quarter of 2025.
We moved from the 14.5% of EBITDA margin to the 7.1% of net profit adjusted, down to the 6% of the net profit reported. In particular, 4.2% of the revenue is related to amortization, depreciation, and write-offs, excluding PPA. In particular, we have EUR 1.6 million of IFRS 16 leasing, which accounts for 1.7% of the revenues. We would have an EBITDA after leasing at about 12.8%, almost 13%. We have depreciation of other tangible assets for EUR 0.6 million, equal to 0.7% of revenues, and amortization and write-off for EUR 0.4 million. Of course, amortization excluding the PPA. The EBIT, the operating profit, excluding PPA, at 11.7%, a really positive result.
Of course, from the first quarter of 2025, there is a different, let's say, financial structure, which, of course, brings to higher cost from, let's say, the money that the company borrowed, for example, for the acquisition of WebGenesis. We got a new loan of EUR 50 million specifically for that acquisition. If we look at the net financial charges, they are EUR 1.5 million net of EUR 0.1 million of financial income. 1.6% of the revenue is related to interest and bank charges. We have also, due to the USD trend, quite a significant FX loss in the period, equal to EUR 0.4 million. The result from the minority was basically at zero. We have a pre-tax profit of EUR 8.8 million, and we have EUR 2.3 million of income taxes. The net profit adjusted stood at 7.1% to EUR 6.6 million.
The net profit reported includes, of course, the accounting effect from purchase price allocation on M&A from previous year of about EUR 1 million. The net profit report is then at 6% to EUR 5.5 million. If we look at the comparison between Q1 2025 and Q1 2024, so from the previous year, we can see that the amortization and depreciation, excluding PPA, grew at a slightly lower rate compared to the revenues. Of course, there is a strong difference in the net financial results. In fact, other than the exchange rate effects, which was positive at EUR 0.3 million in the first quarter of 2024 and negative by EUR 0.4 million in the first quarter of 2025, we have also a much higher value of, of course, interest. Compared to 0.1% of revenues of net financial charges in the first quarter of the previous year, this year was at 2.1%.
Of course, if we compare the net profit adjusted of EUR 7.1 million in the first quarter of 2025 versus the 7.5% in the first quarter of 2024, we have to keep in mind the completely different, let's say, debt structure of the group in this year. Looking at the next slide, it's important—sorry, can you go back to the previous slide? It's important to mention that the value of the PPA is expected to grow in the next quarters because there will be the allocation of part of the goodwill on major acquisition closed in the last 12 months, for example, WebGenesis, Refine, and Emil. This value is expected to grow over the next months of the year.
Looking at the next slide, in terms of net financial debt as of March 31, 2025, it stood at approximately EUR 107 million, with a decrease of EUR 2.1 million compared to the EUR 109 million as of December 31st, 2024. Cash generated from operating result has been partially offset by cash outflow related to the repurchase of treasury shares for approximately EUR 1.1 million, interest payment of EUR 1.6 million, and the impact of EUR 2.6 million of increasing net working capital compared to the 31st of December 2024, mainly due to the increase in the value of work in progress on fixed price customer projects. The EUR 107 million of net debt reported as of March 31st, 2025, include approximately EUR 15 million of debt related to IFRS 16, and another approximately EUR 12 million of debt for earnouts put in co-option for the purchase of minority interest.
If we look at the short-term financial debt, which is, of course, a negative financial debt, the growth is, of course, also for the financing of the investment in ET Value that was closed at the beginning of April. The approximately EUR 13 million exceeding the balances of year-end 2024 were exactly for the end investment in ET Value. Other than that, of course, we still have our stake in Banca del Fucino, which we are positive to, let's say, monetize in the next future. If we look at the adjusted net debt as of end of March 2025, it was at EUR 89 million approximately, down EUR 17.8 million compared to the reported net debt due to the reclassification of the fixed investment in Banca del Fucino from fixed asset to the financial assets.
Moving to the next slide, we have a balance sheet of the group as of end of March 2025 and a comparison with the year-end 2024. We can see that in terms of intangible fixed asset as of end of Q1 2025, we have approximately EUR 159 million and mainly consist of goodwill for EUR 138 million and customer relationships and IPs linked to PPA on M&A for approximately EUR 17 million. The slight reduction of the period is to be attributed to amortizations. Tangible fixed asset as of March 31st, 2025, are of EUR 28 million and are in line with the year-end 2024. Tangible fixed asset mainly consists of building. We have one building in Boomers Park, rental and lease contracts of offices, cars, printers following the adoption of the IFRS 16, and of course, the hardware for the workforce of the group.
If we look at the net working capital as discussed during the previous slide for the net financial debt, we have a net growth of EUR 2.6 million in the period, and this growth is to be attributed to the inventories. When we report inventories, we are reporting, let's say, work in progress for customer projects, fixed price customer projects. In this case, there is a growth in the period, which we expect to go slightly down also in the second quarter. We expect the net working capital to slightly improve in the second quarter of the current year. Other than that, let's say the shareholder equity grew by, let's say, the net result of the period, net of the effect of the treasury shares. Net financial debt has been broadly discussed over the previous slide, so we can move to the next slide, please.
Basically, in terms of shareholding structure, there are no relevant changes compared to the picture at year-end 2024. We have Lazermind, the financial vehicle of the ex-Chairman, Enri co i, owning 20% of the outstanding shares. We have managers with a 24% stake. It's important to remark that there are two, let's say, managers who own more than 3%, and they are coming from recent acquisition. One is WebGenesis and the other is Refine. Then we have, let's say, another investor with more than 3%, Aldeo Global Asset Management, 3% treasury share, and the remaining 40% is, let's say, owned by the market.
Looking at the market data, in the first three months of 2025, the TXT share price recorded an official high of EUR 41.35 on February 25th, 2025, and the low of EUR 31.5 as of 31st March 2025, which is, let's say, the price at the period end. The treasury share as of 31st March 2025 are approximately 351,000, representing 2.7% of the issued shares. Treasury share were 314,000 as of December 31st, 2024, and the increase of about 37,000 shares is to be attributed to the share payback plan. The average price of share repurchase in the first quarter was EUR 35.9 per share, with a total outlay of approximately EUR 1.1 million, as already mentioned.
The dividend of EUR 0.25 per share will be paid on May 21st, with an expected outlay of approximately €3.2 million, and it will, of course, happen in the second quarter, in this current quarter of the year. I think we are done with the financial section of this presentation of this year call, but of course, for any financial Q&A, stay available for answering. Thank you so much for your attention.
Thank you very much, Andrea, Andrea Favini. Now let's go to our Q&A session. We received some questions. In particular, we received a question from Andrea Randoni. Now I'm going to start reading the question. It's a quite long question, so we will divide it in small parts. Let's go to the first question. Andrea Randoni asks, how much is this slight contraction in margin that you mentioned for the second quarter of 2025 and related to M&A activities worth?
Yes. Thank you, Andrea, for the question. I think that already Andrea Favini, during the explanation of the financial, gave some flavor about this, let's say, topic. Of course, we declare this because for, let's say, accounting policy, they are part of the Q2, some costs related to legal advisor and so on for the latest acquisition we did and also ongoing activities that we are implementing during these days. Of course, we signal a possibility to have a slight decrease of the EBITDA margin, but we are speaking about 0.1%-0.2% if we cannot recover by the normal business. Because same perimeter, we see the business that can continue to grow. We did already an overall improvement of the margins in terms of EBITDA margin. We know that we have some cost to be addressed in the second quarter of the year. We are working hard in order to continue to keep the 14.5% with continuity with the rest. Of course, there will be this impact. If we can recover with the operational activity and the business activities, we can close also the second quarter in line with the first one.
Thank you very much, Daniele Misani. Now let's go to the second question. Andrea Randoni asks, in the first quarter of 2025, research and development costs grew more than revenues. And what are the most interesting products and projects you're working on?
Yes. We are continuing to invest in our solutions. This is part of the overall strategy. The increase in terms of the overall spending is due also to the consolidation of, let's say, businesses related to products. We added Refine to the product portfolio. We added the ProSim solution for training in civil aviation. There is an increase due to the aggregation of new costs coming from the product company we acquired in the last year, due to the M&A. Of course, we continue to invest in vertical solutions. In particular, we are pushing for the artificial intelligence solution we have in portfolio, one into the aerospace and defense domain for the future training of pilots and maintenance technicians, both military and civil ones. We have a platform that today is not at the break even. We continue to invest in the platform in order to position the platform. We have a good pipeline.
We hope to continue to grow in this segment with this advanced solution that is one step ahead of the similar solution in the market. Other investments that we are doing are related to the digital payments domain, for which we closed, let's say, a partnership with the vendor of hardware, opening up, let's say, a new initiative to expand our solution for digital payment related to, let's say, request to pay or activities related to, let's say, all the channels, multi-channel digital payments initiatives, not only in Italy, but also in Europe. We are investing in order also to set up a network to grow not only locally in the domestic domain, but internationally. These are the two main new initiatives. Still, we are investing in our product portfolio, being our solution very vertical, very advanced. They need to be continuously updated.
One of the most, let's say, successful that we have in portfolio is the one related to the sustainability of flights and the reduction of fuel consumption for aircraft. That is our solution for flight optimization. There's another one that requires investments in order to have a stronger positioning that we have today into the market and is growing. In this case, it's faster the growth with respect to the investment. Overall, of course, having also some new initiative ongoing, we invest in order to capture long-term opportunity. I want to highlight that our products, let's say, are niche products, very vertical. The value maybe is not in stronger top-line growth, but in the long-term growth because they position ourselves into the customer main processes. Our solution, once inside the main process of the customer, stays because it's very difficult then to change or to put alternatives to what we implemented. Our strategy here is to invest in order of having long-term benefits and stronger positioning to add more services also with respect to the licenses we sell.
Thank you very much, Daniele. Now I'm going to read the other two questions of Andrea Randoni, number three and four. Number three, on the M&A front, what is your future strategy? Number four, at the end of March, you had non-Sorry.
Just do the number three.
Number three.
I'm holding and I forget the question. I will say forget, I come back to the previous one because we have so many initiatives. I want also to highlight this other one. Sorry, I go back. In terms of investment for R&D, we are investing now in an IoT platform that is already capturing some low-hanging fruit for the industrial domain. We expect also for these IoT platforms the opportunity to grow faster in the next future. Coming back to the third question, on M&A, the strategy that we have implemented since now, we continue. We want to continue to invest. Of course, we are more focused now because the leverage is different than a few years ago. We are more focused in finding companies like we did for ET Value, for example, that are able to have proprietary technologies, very advanced, good margins. Our focus is more related to value with respect to size with respect to the past. We are also looking for complementary competencies and assets within our own portfolio.
We are not looking to go outside of the verticals that we have already in our portfolio. The last one that was MarTech, let's say, completes our vision of industry in which we want to be. What we are looking for is to grow by adding complementary offering. We are looking to expand and have a stronger presence also internationally. We are scouting also opportunity to continue to grow at the international level since the last acquisition we did are more domestic.
Thank you very much, Daniele. Now let's go to number four. At the end of March, you had non-current debts for about EUR 130 million. What is your average cost of debt?
Let's say average cost of debt is good with respect to, let's say, the market condition, but I ask Andrea that is more financial guy to answer this.
Okay. Sure. Our cost of debt, it's about slightly more than 4%, I would say between 4.2%-4.3% currently.
Okay. Yes. Thank you, Andrea.
Okay. Thank you very much, Andrea. Now let's go to number five, always from Andrea Randoni. Number five is, how is the integration of WebGenesis progressing?
Yes. I am very happy about WebGenesis, let's say, aggregation within the group because since day zero, we started to launch initiative across companies, in the ecosystem and in the domain of the public sector. WebGenesis has a very good structure, very good managers that we added to the team. We have a common initiative in terms of creating synergies towards the public sector in which managers from WebGenesis are already part of the overall governance team here in TXT. We have also some, let's say, low-hanging fruit to be captured. We just won a good tender for a financial institution, let's say, domain in which one company already in our portfolio proposed, let's say, the knowledge of the domain into the banking and finance domain together also with competencies. The technical team coming from WebGenesis, so far, very good. It is a strong team, a lot of competencies within the perimeter. We see this as a boost for overall the position of the group with very good, let's say, assets and people that we are integrating towards the overall organization. So far, so good.
Thank you very much, Daniele. Let's see if we have any other questions. I don't think so.
I know that we have the on 27, the Capital Markets Day. There will be the opportunity to go also face-to-face in order to have deeper insights of the business. If there are no other questions, I would like to thank you. We are strongly committed and continuing to create value. It is quarter by quarter, we have a sustainable plan that is performing according to the expectation of the management of our Chairman, our main shareholder. We are very proud to continue to give value and create value. Okay. No, we have a last question. I was ready to go to vacation, but I have to answer to another one.
Yeah.
Okay.
Correct. Daniele, we received another question. This question is from Diego Esteban.
Okay.
I am going to read the question. Hi, more of a big picture question, if I may. Could you give me more color on the potential impact of the current volatility that we are seeing on trade relationships and tariffs, particularly for the A and D industry?
Okay. Current volatility in terms of, let's say, trades and tariffs, yes. Of course, there is a global impact within the main player in the industry related to this volatility. To be honest, in the digital domain, we are not so impacted because we have strong, let's say, activity within Europe in our international business. We have also a good exposure to the North American market. We operate on the North American market by using North American companies. We have assets and we have offering for the North American market within North America. For our structure so far, we don't see a strong, of course, there are risks because the situation is volatile, but we don't see immediate impacts on these topics. Of course, having more uncertainty with the global market, our main customers can have some impacts on that.
Let's say that for the defense, for us, it's still more the opportunity than the risks because also Europe is going faster with respect to the past in implementing new programs, local programs in Europe. We are very well positioned. For us, it's an opportunity to continue to grow in this case. In other domains, let's say we are in public sector, that is another fast-growing part of the business that has visibility on mid-term. We are working on a backlog and on several strategic programs, mainly domestic here in Italy. We are involved in the big plan of reorganizing the data of the overall public sector in Italy from the local entities towards the central, let's say, public administration that is a long-term program in which investments are continuing. We are, let's say, well positioned in order to continue to capture other opportunities. Overall, we are aware of a complex situation globally. Current positioning exposes us not so risky with respect maybe to other players in the market.
Okay. Thank you very much, Daniele.
If there are no other questions, any other question will be answered directly by sending an email to the investor. We will meet on 27 in Milan. Thank you very much again, and see you for the next results. Bye-bye.
Thank you very much.
Grazie, Andrea.
Thank you everyone.