To everyone, thanks for joining us. I am Manuela Franchi, CEO of doValue. The last time we stood in front of you was two and a half years ago, March 2024. Since then, the company and the world around us have changed a lot. We moved in this period in a way that probably was different from what was originally planned. We think we have achieved most of our commitment in a different shape. We have completed the two transformational transaction, we have changed our platform, we enlarged our position in the market, we created a scalable operating model, which is now ready for the new market conditions. Looking at the market ahead of us, AI is clearly changing the way we work, the way our clients work. We are going to use AI to transform our business model, for the NPE business, while continuing the trajectory that our colleagues in coeo have already exploited in the last four years in terms of evolution of the model vis-à-vis new type of clients and new type of loans. These are the conditions we are working in to be able to help us to succeed in the new era. Let's focus on these three words that we see in front of us and why we choose them. First, if you are a runner, you know the first two, ready, set, and then you run. Ready. We have created in these three years, four years, the platform that allow us to prepare for the next phase. Set is about what we have today, the platform, the balance sheet, and the operating model. Now we are able to scale up from here what we have built. By the end of the morning, you will see what is the market in front of us, how we want to grow in this market, and also the financial conditions underpinning the plan. Let's look to the three pillars of our story. We want to do a recap of what is doValue today. The shape and the positioning is completely different from what it was three years ago. We want to go back to that plan and see what we have delivered and what we have not delivered. The next phase is phase of values creation, scaling up from the current platform. Here we have three engine of growth. The traditional NPE business, which is stabilizing, the Digital Collection business, which is growing, and the Value-Added Services business, which is mildly growing. Last, the financial targets, which are underpinning the growth trajectory, but moreover, the sustainable remuneration for our shareholders. Let's first start to introduce the team around me, which work with me every day. This team have changed because also of our acquisition. There are key pillars for the last few years. First, Theodore Kalantonis, who is the Head of the NPE business and the Real Estate business across Eastern Europe. Second, Elias Reitter, who is the Co-CEO of coeo. In the room, we have also the other Co-CEO of coeo, Sebastian Ludwig. I met Elias four years ago, 2022, 2023, and we just joined forces last year. Francesco Benintende, our Group Chief Strategy Officer, and Davide Soffietti, our Group CFO. You know Daniele, who is our Investor Relator in M&A, which will lead the Q and A session. Let's look now what is doValue today. It's a good reminder of where we start from. First, we have two business models and the asset-light structure. The business on the left is the one you know most. We manage EUR 132 billion of gross book value of loans, mostly generated by banks, which are, in the end, either banks, investors or securitization vehicles. These are mostly secured loans, complex loans, with an average size of EUR 60,000. We have contracts underpinning this business of 5 -1 0 years or until runoff. The way we are remunerated is simple, a base fee on the gross book value of the asset we manage and a variable fee on the collected amount. Right-hand side, Digital Collection business. This is the new business, the one we introduced with coeo. coeo works with around 60 blue-chip international clients. If they give business in one country, and if we work well with them, they want to work with us in other countries. They manage very small tickets, usually unsecured, with an average size of EUR 120. Very automated processes. Their clients are mostly corporates, but also some banks. The way we now project their business is about volumes. Today, they manage 10 million of tickets, and this number is growing over time. They are paid only variable fee on the collected amount, and this fee is largely regulated. Why we want to stress these points? If we look to the world surrounding us, most players are debt purchasers. They buy portfolio, they collect. Their success is based on how much they're able to collect vis-à-vis the underwriting plan. They are more balance sheet heavy. On the right-hand side, our revenues are based on collection. How much we collect for our clients, not balance sheet risk on portfolios. We want to make a specification of a piece of the coeo business, which obviously impacts our financial profile. The digital collection companies usually buy after a certain period of months, usually four months, the receivables from their clients, and they absorb them, and they collect them very quickly, usually around 12 -1 8 months. So it's more a working capital, and little cash absorption in a little period of time. Anyhow, we are keeping our business asset light, so we have a strategy for this part of the business. The limited size and short holding periods means this feature does not change the asset-light model. Let's look now to the size of our business. So EUR 132 billion of assets under management. 10 million of files today managed. We give you just actual figures. We are in 14 countries where we were not two, three years ago. We added Northern Europe, Continental Europe. We have number one position in the NPE business in Italy, Greece, and Cyprus, and in the digital collection business in the DACH region. We have recorded EUR 769 million LTM revenues as of June 2026, and EUR 277 million EBITDA, with EUR 65 million cash flow and a stable rating since inception from 2000. How do we look today in terms of diversification? The NPE business, and we put here together NPL and UTP, before we used to focus on NPL only, is half of the business today. 29% is about Digital Collection and 18% Value-Added Services. We are present for 29% of our revenues in Continental and Northern Europe, where we were not present until one year ago. Let's now focus on the original plan and what we have delivered against it. The original plan of March 2024 was adding to EUR 480 million, EUR 490 million revenue. We delivered EUR 769 million, +59%. The EBITDA we were indicating was EUR 185 million - EUR 190 million. We closed at EUR 277 million, +47%. Did we do it in the same way we had indicated? No, in a different way. We tried to be proactive vis-à-vis the market condition we saw every time, and anticipating the market trends. We had planned to achieve a leverage of around 2.3 x. LTM, we were at 3.1x. 0.5x is just attached to the sale of the portfolio that we committed to sell by year-end, so it's a technical point that decreased leverage by 0.5x. What is the main addition we gave through the acquisition? First, the non-NPL revenue were targeted to be 30%, 35% of revenue. We are today at 53%, a jump ahead, almost double. Business one, EUR 27 billion until June 2026. We had planned EUR 24 billion until the end of 2026. So we will be better by the time of the EUR 27 billion. That number, EUR 24 billion, was predicated upon stable market share in a low default ratio scenario for banks. The market has been at low default ratios, more fragmented than we expected, with more seller, but very small transaction, where some clients which were not present in the market before came in terms of purchaser, but a lot of players came out of the market. It's important to look to the balance sheet as well. When we came to market two years ago, we had a much more complex capital structure. We had two maturities in front of us, 2025, 2026. So an average maturity of only 1.5 years. We have now the first maturity, 2030, and the second one, 2031. So more than four years in front of us. This is the results not only of one exercise. The team and the banks who have supported us have been able to refinance, in different tranches, our debt, with now a very stable long-term capital structure at market condition, which are remunerating us more than peers. Let's look to the chart on the right. At that point in time, our spreads were around 492 basis points. Today, we are at June at 231 basis points, much below our peers. This is a signal also of the much more stable and long-term capital structure we have been able to put in place. In terms of net leverage, we were at 2x, so below our targets at the end of 2025. Clearly, this was after an acquisition, but was also after a EUR 150 million rights issue. So this didn't come at a damage for shareholder in terms of remuneration. We had promised EUR 12 million of dividends for 2025 at a leverage below 2.8 x. We paid EUR 17.5 million, so above because the leverage was much lower. Let's look now to the guidance for this year. Obviously, some of the 2024 assumption remain under pressure. We wanted to be clear at the outset of this plan on how we see this year completing. We said in August that we were seeing in front of us a strong growth of the Digital Collection business, and we were assuming a recovery of the collection, especially on the Italian front. What has changed since? The Digital Collection business is still growing very strongly, and the main client that has commented on the German market for their own plan this summer has not impacted our growth because it is providing us still a very sustainable growth with very high cash generation. Nothing less than we expected, even better on the coeo front. The Italian recovery assumption are less positive in this second half, so we wanted to build the final guidance for the year based only the contract we see today, only on the collection we see today, and the upper end of the guidance on a possible uplift on the collection on the Italian front. As a consequence, the target leverage is between 2.4x and 2.6x, including dividends. Let us now show you what we intend to build from it. We have five conviction, which we built over the course of the last plan. First, diversification was the right choice. We have now a different platform which allow us to exploit growth in certain segment while stabilizing others. The M&A has accelerated such growth, bringing diversification and strengthening our financial profile. We over-delivered on the cost control. This is a buffer we need to take into account for the build-up of the next phase. We are ready to capture the high opportunities, which is a fact already in our sector. It is part of the operating model of coeo since 2022. We have already done a lot in 2026, and we will continue in the next 18 months. Last, doValue is positioned for ongoing structural shift in the servicing industry. Our assets under management have maturity beyond 2029. 80% of our revenues are underpinned by current contracts, and many contracts of our competitors are coming to market in the next two years. Let us see the starting point of the platform. These three changes support the same strategy. Scale, from EUR 481 million revenues to EUR 769 million. From EUR 179 million EBITDA to EUR 277 million. Revenue mix, we were 25% Value-Added Services, 75% NPE business. Today, 53% NPE, 29% Digital Collection, Value-Added Services 29%. From four countries to 14 countries. In terms of the levers of these products, let us move to the next page. We have done it again through the acquisition, two major one, and we still stand behind them with force. They have added a lot of value to our proposition. Gardant was mostly about consolidation of our market leadership in Italy, adding two major contract with banks and a new partner, Elliott. The valuation was sound at EUR 250 million with 4.3x EBITDA. We have announced EUR 15 million synergies, and we have already achieved them. We have completed the integration, nothing to do next. We have increased our market share in Italy substantially from 16% to 24%. Of the EUR 250 million, EUR 100 million of cash is already returned to us from this acquisition in the last one, almost two years. coeo. coeo is about diversification, extending in the digital collection business in nine new countries into a new segment of small ticket unsecured, in a market with new clients, multinational blue chip corporates and AI-driven business model. We could have not built this business by ourself in such a short time as we did with this acquisition. Price, EUR 350 million plus EUR 40 million earn-out to be payable in two years. 5.1x multiple with a very strong growth. They are still growing above 20%, but Elias will explain that better. The growth in the diversification has been a quantum leap from 26% to 47%. We did not announce synergies for coeo, but we are already realizing synergies for coeo. coeo has exported their clients to our markets already since June. So we work with coeo clients in Spain in June and in Italy since the last two weeks, and in Greece in the next two months. So the synergies have realized, although not announced. Now, over-delivering on the cost side. We never communicate cost targets, but they are inherent in our revenue and EBITDA objective. Let's look only to one year, for example. We gave a guidance of EUR 600 million -EUR 615 million revenue, and a target of EBITDA of EUR 210 million - EUR 220 million. So an implied cost base of EUR 390 million - EUR 395 million. We came short on the revenue at EUR 580 million. That difference was all absorbed in cost. In fact, we were able to close the end of the year with EUR 217 million EBITDA, so very well within guidance, but acting on cost. The productivity, the revenue per FTE has increased substantially, so the cost is a reflection of lower operating leverage, and we will continue to act upon it in the next phase. We also sold businesses which were not profitable, like real estate development in Spain and the Portuguese business. Today, we don't have businesses which are not profitable. They are all in the positive trajectory. One final point, these savings are structural. We combined duplicated function, we share platform across countries, we redesign the processes for the entire group. Very little of the potential added benefit is reflected in the numbers of today. We are now ready to capture the unprecedented opportunity of AI. Let's focus only on three facts, then Francesco will deepen on what we want to do in a very structured plan. First, 40% of productivity upside in the most promising use cases. In a business where cost to collect determines what you can bid for in the new contracts, this is a shift of paradigm in the industry. Second, the speed. The new technology allows to implement the use cases in a very fast manner. The solution can be deployed in less than six months because they are modular and they go across different processes across the platform we deployed in the different countries. We already have agents in production, specialist skills are replacing some activities, and a defined roadmap to scale up these activities across the group. At the same time, human expertise remains essential. Roughly a third of our activities still require human judgment, particularly for the larger exposures, where complexity and compliance are critical. We want to support these activities with automation in the back. We see that as a moat. Technology replaces repetitive work, while specialty judgment remains focused where it creates the most value. Then, with coeo, we are buying a platform, cAI, which is an AI digital platform for digital collection. But we are using already some of their tools to exploit in the NPE business. This is not an abstract roadmap. We just wanted to bring you five use cases, which are today in production, which we are using, which have a very strong effect. Germany. Around 80% of tasks are automated. Cost to collect on assigned contracts was down 25% from June 2025 to June 2026. 5.6 million cases are handled with no human touch of the 10 million we mentioned before. In Greece, around 35% saving on the total cost of outbound call wrap-up. More than 75% of legal invoices are automatically managed by machine and processed with no human intervention. These systems are already new, and we use them every day. This is how doValue stands today. Let's now look to the new trajectory. We give you an idea of the way we see the market going forward. Digital collection offers significant untapped growth opportunities. We have two markets with two different shapes. On the left-hand side, the NPE business. Balance sheets of banks are shrinking and primary transaction are limited. This is a fact. There are three factors supporting the business. First, the growth in non-traditional segment, unsecured loans and UTP, is continuing. The markets such as Germany offer a shrinking balance sheet for banks, but growing NPE. Just a fact, the level of NPE on German banks have doubled since 2022. Secondary sales are expected to remain very active. We see approximately EUR 60 billion between 2027 and 2029, although transactions remain very fragmented. The last point is very critical, and Theodore will explain it better. New assignment offset the decline in NPE stock because they generate higher collection than the managed legacy book. On the right-hand side, Digital Collection. All in the country where we are present, this is a EUR 4 billion per annum opportunity until 2029 across diverse industry and segments, including buy now, pay later, e-commerce, utilities, insurance, corporates. One of our major clients and clients are in the buy now, pay later business. A 7%-12% CAGR market, supported by expanding e-commerce and increased adoption. We want to exploit the fragmentation of certain markets in Southern Europe. To give you an order of magnitude, the market for corporate small tickets in Italy per annum is a EUR 500 million market with low digitalization. We want to bring, and we have already brought, a player offer in this market. We have not included in the base plan untapped opportunity. One is an Italian one, which you know very well, tax collection. Not because we don't want to pursue it, just because we can't predict the timing and the volume with the sufficient confidence. We didn't put it in the base case. The argument we hear most on the NPE side is that gross book value is falling, for years, therefore the business is runoff. We want to demonstrate with a couple of statistics why this is not the case. We want to be also very clear on how we see the trajectory of the asset under management in the market. Today, between what is on the bank's balance sheet and what is outside, we see Southern Europe a market of around EUR 380 billion-EUR 400 billion of AUM. With an outflow in the next three years of around EUR 90 billion-EUR 120 billion, and an inflow, for the reason we said, production of banks of EUR 50 billion-EUR 70 billion. So much less. So the decline of 10%-20%, but we expect revenue to fall much less in this market, 5%-10%, while the new generation comes with more revenues, more collection attached to portfolios. We will give you specific examples later. One thing to stress, these numbers do not assume a deterioration in the credit cycle. No recession, no rate shock, no material increase in corporate defaults beyond the current trends. Obviously, if this is going to happen, we will have more volumes to manage, and if we have built a very profitable and efficient platform, we will get benefit from it. This is not in our base case. New markets, starting with Germany. NPE stock, I mentioned, is 50% up, compared with a 17% decline in our core Southern European markets. The cycle that has largely run its course in South is only beginning here, but the chart on the right is more important. What we experience in the market where we are present is a substantial outsourcing by banks. Today, banks are outsourcing 70%-80% of the NPE business. This is not the case in other continental European countries. Germany, for example, only 70% outsourced. They didn't have a need to- Other way around. 30% outsourced. Sorry, 30% outsourced. They didn't have a need to outsource because they didn't have a balance sheet problem. Today, this problem is growing, and we wanted to be there, but we are already there. We moved at the end of 2025 with a new platform. We have the license, we have the platform, we have the technology, we have already the team. We are already managing NPE since then, and we want to take the opportunity of the new wave. Another important point of our sector. This is also not in our base case. This page is about contract risk, but for us it's mainly an opportunity. Because most of our assets under management have maturity beyond 2029, protecting more than 80% of NPE revenue in the plan. At the same time, EUR 20 billion-EUR 30 billion of gross book value of contracts will be retendered in the next two years. We mentioned some of them here. These are existing servicing volume coming into play. We are not assuming the award of any of them, but we will fight for them. We will try to get a piece of it. Clearly, pricing matters. Performance is the main selection criteria. We are moving in a new market for contracts. This is not anymore the markets where you buy a contract, you spend up front with above market average fees. The market will be of shorter term contract. Not paid for with better economics, so the operating leverage is critical, and that's why we're focusing on that. Cost to collect and execution will matter more. We bring scale across five jurisdictions, a lower cost base, and the commercial capability to win volumes on merit. We have demonstrated it with the EUR 27 billion out of a target of EUR 24 billion. Let's now focus on the attractive Digital Collection business. We said a EUR 4 billion Southern European market in terms of revenue pool. How much we can realistically address? On the left, these are coeo existing markets, the DACH, U.K., Nordics and Benelux. Together, they represent EUR 3 billion of servicing revenues, growing at 4%-7% per year, with coeo established in all of them. Italy, Spain, Greece are our home markets where we are starting now. We have already clients of coeo that we can service in this market. We are able to grow our market share, and we are able to take advantage of the growth of this market. Obviously, starting from low penetration of buy now, pay later and e-commerce, this has a faster growth trajectory. Then we mention another couple of markets, France and United States. The United States alone is a roughly $600 billion servicing pool per annum, growing at 15%, the fastest rate on this page. Both are on coeo radar, and they are not in our base case. Moving now to the next page, buy now, pay later opportunity. Buy now, pay later is growing at 7%-12% a year across all these countries, ahead of e-commerce. Penetration in DACH is 21%, while in the other countries we are present is 5%-3%. Do we think we get to the same level of DACH region? No. It will get to lower level, but still the opportunity to grow is quite substantial. The markets where we have the deepest client relationship are those where buy now, pay later opportunity remains relatively low, and therefore, the growth potential is the greatest. Now, we will depend on how we intend to grow in this market. But our assumption is that we are focusing on the current clients and higher penetration and taking tailwinds from current trends. But the reality is that coeo is adding clients every month. All in the first half of the year, they added 11 new clients. Now, let's see how we want to move to take this opportunity. We have lived across three phases. The first one was about integration. We started the first acquisition. We had to create the group. We established a scalable operating model, developed shared technology and infrastructure across the group, and strengthened governance. This was the 2022-2024 era. We used the cash flow from the business to reinvest in the current markets and grow our market position. 2024-2026 was mostly about diversification, strengthening the market leadership where we were present, Italy, expanding our business beyond to digital collection. Scale from here. This is about compounding growth, cash flow, and returns on an AI first operating model. More importantly, the platform is built. There are two flagship acquisition which are behind us. So the backbone, the acquisition, the technology is built, and is already reflected in our case cost base, but we can do better than that. So three different markets, three different job. Digital Collection. This is where we plan to expand. This is the growth engine and the profitable one, where also the EBITDA performance will pick up. We see NPE business stabilizing. Strengthen the long-term resilience through the AI first operating model. We want to adapt to the new way contracts will be assigned. Last, value of the services. These are a stable contributor with additional upside, but we are assuming a very mild growth trajectory. They do not share the same underlying trends. Now, at the bottom, there are important catalysts and important drivers. The gross book value of our assets under management no longer describe the earning profile of our business. In 2024, most of our revenues were GBV linked. In particular, you see on this slide, non-AUM base was 27%. Today, it is 45%. Revenue per employee will grow significantly. This is because we will enable this platform with AI generative to become more efficient. Human experts focus on value-added decisions, oversight, and exception handling, and the rest managed automatically. This is what coeo has already done. We did in some processes, we are going to do in many more processes. Digital Collection, which is the growth engine. But I leave Elias to explain the market growth better, coeo competitive position, and where the next phase will come from. Thank you, Manuela. Good morning. My name is Elias Reitter. I am heading, together with Sebastian Ludwig, the coeo Group, the new digital collections arm of doValue. We are the youngest kid in the family of doValue. We were acquired last year, but closing- Not so young, Elias. Thank you. Closing just happened in April this year. Just six months. What is coeo? We are the growth platform, as defined by Manuela. If you look into the revenue development, we were growing in the last couple of years with an annual rate of 15%, and we plan to do so for the upcoming years as well. There are a couple of trends that give us a good tailwind. The first one is e-commerce is growing faster than physical retail, number one. The second one for me is the most important one, which I would like to stress a little bit. There is this buzzword called fintech. What is fintech? Fintech, for me, is the fragmentation of credits. Very often being referred to as buy now, pay later, but if you see this more in a broader sense of consumer finance, in the past, people were taking a credit of EUR 20,000, and now they are perhaps taking 200 credits with EUR 100. Why is this important? Because our mechanic, our revenue generation, is per unit, per receivable. It is not a commission as a percentage of the collected money. So this really makes a difference. I hope this is something that is clear. Number three, we are working for large multinationals, and they are increasingly procuring centrally from one headquarter for many, many countries. So these are the three tailwinds that support our growth. Now, the profitability. You see here the EBITDA margin. It has always been in the DNA of coeo to be highly automated. But since last year, we see really a very, very big impact from the AI pieces, from the AI tools that we deployed. I can happily announce that our U.K. team wrote me an email last night. They are so proud that they are now with OpenAI GPT gone live, which is the most modern tool you can have in AI voice agents. So we are really at the forefront of this AI adoption and debt collection. As you see here on the lower right side, we are bringing this increasingly to the traditional doValue southern European countries. So in a nutshell, we are the growth platform, both top line and bottom line. Drilling this down into further growth opportunities, we have defined four markets. The first one, buy now, pay later, consumer finance and e-commerce. This is very natural because the origination from the consumer perspective was a digital one already. So it is quite natural to be in debt collection digital as well. This is where we are the strongest. The largest market is on the right side, the number two utilities, parking, insurance, and telecommunication, and we have scored some very good major client wins in the last couple of months. Now, tax receivables. Outside the U.K., in Europe, there are hardly any governmental authorities who are outsourcing receivables management, but we are trying to change this. There are two interesting projects in Greece and in Italy. Number four, B2B. We are targeting large tech companies as their invoicing is digital as well. Next slide, please. So here, I would like to start with a story about ourself. For us, collection is a services business. Services business is a people business. It is about the people that we employ. It is about the management as well. When I started at coeo six years ago, on my first day, I did not get any flowers. I got a big contract immediately, and we were sitting the full day together with a team of seven people from all functions to go through the contract, and we did it. We won this major client. I am telling the story because these people are still around. To stress one important element, the management of coeo, we are shareholders of coeo, which might tell you something about our motivation to make this a continuous success in the upcoming years. Clients, we hardly see any churn. We have a very, very stable client panel. The revenues that we have is mostly recurring. One-off businesses do hardly happen. They happen, and then we are sometimes deciding for an opportunistic deal. Normally, this is really winning a client, putting it on rails. Our IT system, 24/7, we are receiving cases every day and working on them every day, so it is not a one-off business that might go away from one day to the other. Perhaps we can go to the next slide. Here, one important element is that our clients really hate churn. They want to keep their consumer relationships. We have defined debt collection just as an extension of a customer journey, which should be a good one from the very start. We are deploying a lot of marketing thinking in debt collection. This is leading, if you see to the right side, for a debt collection company, a quite surprising high level of customer reviews, 4.6 out of five, and this with a quite sizable number of reviews, which tells you the story of how we are treating customers. The interesting element is here that in the data that we see on our side, if we get new cases, every second debtor we know already. It is almost like a circular model of customers paying in debt collection, being unblocked by the originators again, and then using the services again, and then one day potentially coming into debt collection again and again. An interesting mechanic of our business model. More to the AI part. Today, we roughly have two-thirds of our inbound communication automated via AI. This is not just brand new since a couple of weeks. We have started already four years ago. How do you start an AI element in a services business? Again, it is about people. We were finding a great guy, and we defined a position called Chief AI Officer. This was the starting point. In AI, it is very much important to get the best engineers because it is not like in the old IT times when you had hundreds of people who were coding. You need really the best people. Having this Chief AI Officer, he was the right type of person to recruit the very best AI engineers, and we have almost no attrition. They are all still with us, almost 30 AI engineers that we employ in two hubs, one in Berlin and one in Northern England. Efficiency is one element. A second element is what you see on the lower right side, the monitored calls. This was especially coming from the U.K., where from our client side, the compliance element was more important than the efficiency element. We developed a tool that is scorecarding 100% of all customer communications, while traditionally you would always take a randomly picked choice of let's say 30 calls or something and listening into them. On AI, it's not only efficiency. Today I would say this is the most important value lever we have to increase our efficiency and you might recall from the very first start of my slide deck here that we are targeting to increase our EBITDA margin. There is more to AI. It is about decision-making as well. We call it the next best action. Where in the workflow of a debt collection case you are actually deciding to invest money into the next step, for example, to go into a legal action or not. I would say we are quite far developed, in the AI space and will bring this into the traditional doValue markets in the next, well, we have started already in Greece with one bigger project and there will be more. My last slide. We have defined on the, well, at first on the left side, 2026, we have a very good year, 2026. Our order entry year to date by August is +20%, and our revenue is +25%. More than the initially communicated 15%. A very good year, 2026. Now looking into the next couple of years, we have structured this by three growth regions and the new markets. In the DACH and Nordics, we are in a very strong position in Germany and in Austria. We have a quite sizable business already in Sweden, four years after we have started there. We have a couple of startup countries where, as Manuela mentioned, we were invited by our multinational clients, which is namely Switzerland, which is Belgium, which is Norway, which is Finland, and we're going to start in Denmark in winter. As Manuela mentioned, we did not promise too many synergies between the traditional doValue business and coeo business, but we are working on some. One, for example, is we have founded in Germany a NPE serving banks unit, in the city of Essen. We are already live there since a couple of months with a management team and first large client and running fully operational. Western Europe we did some acquisitions there. We bought a company in the Netherlands, we bought a company in the U.K., yeah, and we put our multinational existing clients on top of those acquired units. Very nice sales synergies that we achieved there. In the Netherlands, we see some headwind from regulatory elements, but nevertheless, we have won very nice clients and have established a partner intermediary business there as well. On the Southern Europe piece here, we have brought into Italy and Spain already our existing clients, and this is just the starting point. All markets are different. Yeah. But we see good potential here to further grow the Digital Collection business. New markets, not decided yet. We are, as we speak, looking into the United States. United States is not the right country with a greenfield approach. It can only be M&A, and M&A can hardly be planned and forced. Let's see. Stay tuned. France is something we are evaluating as well. As a summary, the takeaway of digital collections, coeo being the starting point of digital collections, we are the growth platform, and we do both. It's top line and bottom line, our growth. Before I hand over to Theodore for the NPE business, you will meet digitally my Co-CEO, Sebastian Ludwig, in the upcoming video now. Debt collection is fundamentally about three things: communication, decisions, and timing. With cAI, we optimize all of that individually, precisely, and in real time. cAI isn't a software we bought. It's our AI ecosystem, developed from scratch by our own AI company, cAI Technology, based in Berlin with its own team and its own leadership. Take communication. Our virtual assistant handles voice and text as an experience, understanding, explaining, resolving any time of day. Voice is becoming the primary channel. Email is fading more and more. This kind of technology has the potential to change how the world communicates. With cAI, coeo is right at the forefront. Behind every conversation lies a decision. Our decision navigator connects every data point of the case, behavior, context, history, and finds not just the fastest path, but the right one. We ground this in proven behavioral science, so every decision reflects how people actually respond. What does this mean for coeo and for doValue? This is not just about cutting costs. It's a different operating model. Faster decisions, higher quality, better customer experience, and business that scales. Anyone who sees AI only as a savings program is using a fraction of what it can do. Here's the real impact. Within coeo, cAI is already our center of excellence for artificial intelligence and efficiency framework for coeo and also for the doValue group. The future of receivables management is cAI, an AI-native platform that analyzes and orchestrates communication, decisions, and processes in real time, 24/7, combining artificial intelligence with human excellence for a competitive advantage. That's how we redesign the way debt collection feels. Theodore. Thank you, Elias. First of all, Sebastian, you were very convincing in this video. Good morning. My name is Theodore Kalantonis, and I'm the Head of the NPE and Real Estate business across the group. Elias, I think, was very explicit in his presentation. The digital collections is the new growth engine of the group. On the other hand, we have the NPE business. On the NPE business, the story, the objective for the next three years is different. It's about stabilization first, and second, about cash generation. You will agree with me that growth must come together with cash generation, especially in a business plan which has to fund deleveraging, investments, and dividends we have to pay to our shareholders. The NPE business, as Manuela said earlier, is about long-term contracts and collection curves that we can forecast with real precision in the various jurisdictions we operate. Collection curves are very important because they help us, and we are very good on that. We have a lot of historical curves along the countries we are in, and they are very good because they are the basis for offering a very high level, high-quality underwriting service to our clients, existing and new ones. In other words, it's a tool of attracting and gaining new clients. The NPE stock is still sizable but declining. What I would ask you to look at instead, though, is to see the three areas which are moving to the different direction. First, it's about the UTP and stage two. These are new segments which are growing. Second, we see new segments and new countries becoming more material compared with the past. Third, the secondary sales market is stabilizing, and this is very important because it keeps a portfolio rotation and servicing mandates in place. So I will repeat, the keyword here is about stabilization, and I want to be very precise about what that means. So look at this slide on the left. You will see that the so-called inertial path is down. This is the second gray bar from the left. What closes most of the gap is the third bar, and this is the one we can control. In fact, there are two levers which we control to a different degree. The first is commercial. And here, to be honest, there are limits. We can manage the pipeline better. We can compete harder for new volumes coming to market. We can extend our NPE business to other countries, first of all, the core countries. But we do not control, at the end of the day, how much volume the market provides. The second lever, though, is the one we fully control, and it is the larger of the two. Costs, as you can see on the bottom left, of around EUR 250 million. Today, they are moving down to roughly EUR 210 million over the time frame of this plan. And this despite the wage inflation. Part of the cost savings, as Manuela said, will be driven by agentic AI, which let us do something that in this industry that nobody has achieved before. It will make the cost to collect genuinely variable. As you know, in the past, when volumes fell short, costs remained largely fixed. Increasingly, this is changing. Last but not least, if additional action is required, for example, if volumes come in below what we estimate, we know what to do. This management team has successfully restructured operations before in markets where this was difficult to do. We did it in Spain two years ago. We did it in Italy through the Gardant acquisition and integration. We will do it again if necessary. But how are we going to get there? In fact, as you can see in this slide, we have three levers to pull. The first lever is about strengthening our new business capture. And one of our main focus in this new three-year period is to extend our coverage to the mid-sized institutions. Second lever, I said already, is to expand in the UTP and early arrears area. And the third lever is the structural one, an AI-first operating model, but I will let Francesco to go through that later. Next slide, please. Let's now have a quick look in the so-called doValue countries. In total, in all countries, talking always about the NPE business, the NPE business generates around EUR 435 million of revenue. This, as you can see on the top left, is declining modestly from now to 2029. Underneath that headline, the four markets are quite different. Italy, on the top right, generates around EUR 220 million of revenue. Following the acquisition of Gardant, now we have 24%, one-fourth of the market, and the plan assumes that we hold our position despite the decline of the overall revenue pool. The decline is about the primary supply and not so about losing share to our competitors. The Hellenic region generates around EUR 180 million. Here we have the same logic, but a stronger position. In Greece, we have 34% market share, and in Cyprus, close to 50%. These markets, as you know, went through a very tough period 10 years ago. Today they are, let's say, in a normalizing phase. Again, there, the objective is to hold our share as the market slightly contracts. Spain, on the other hand, bottom left, is a different case. First of all, in Spain, we are not the number one. We used to be. We are number five, six. We generate around EUR 35 million of revenue, and we have 7% market share. So we have a low position in a market where we already have a license, a very strong team, and a platform in place. Here we are not defending. Our objective here is clearly to grow. There is room to take share, and this is what we assume in this new business plan. Germany, on the other hand, is the really new opportunity. We have just entered the market, as Elias said earlier, so our share is not yet meaningful. The plan assumes EUR 15 million of revenue, a low number deliberately. Germany is the one core market in Europe where the NPEs are rising, where the outsourcing has barely started, and coeo gives us a very strong operational base and client relationship to build upon it. Two final points before I move to the next slide. First, on those numbers, there is no cycle. Every bar assumes that the NPE information stays at the current levels from now to 2029. Practically, this is effectively our worst-case scenario. Second, this page shows only the core NPE servicing revenue and not revenue coming from businesses which are built around it, the so-called value-added services, Manuela will cover that later, including data and other, let's say, services or the non-financial receivables that we will reach through our new digital platform. Let me now come to another very important topic. Manuela touched upon it, but I think we need to explain it better. Over the plan, the gross book value declines, our own gross book GBV, our own AUM base, is forecasted to decline by around 5% a year. On the other hand, we forecast that the NPE revenue will decline by only 2% a year. So how this gap can be explained? The answer is here on this slide. Look at the collection rates. Our older legacy portfolio collects 1% of the gross book value in a year. These are cases which are worked for over a decade. The straightforward recoveries happened long ago, and what remains is complex and residual cases. The new NPL flows collect 13%. Early in the recovery cycle, simpler cases, far better data behind them. Coming to the new UTP flows, they collect around 20%. Borrowers are still operating, still contactable with a business to preserve. Let's now do the math together. First, take EUR 1 billion of legacy book. At 1%, it produces EUR 10 million of collections in a year. Now, take EUR 1 billion of new NPL flows. At 13%, it produces EUR 130 million, same gross book value, but 13 x more collections. Turn that around, and you get the number that really matters. To replace the collections generated by EUR 1 of legacy book, we do not need to onboard a new EUR 1 billion of loans. We need to onboard only EUR 77 million of new loans. When you see our gross book value falling, do not multiply that with the same percentage to see the effect on the revenue. The euros leaving the book are the ones earning 1%, while the euros arriving are earning 13% or 20%. Conclusion, the NPE book can shrink considerably, but the earnings it produces move slightly. This is what is behind the - 5% and the - 2% I told you earlier. Now, two more slides, then I'm done. I have just shown you why a euro of new flow outperforms a euro of legacy book. The obvious next question is, how reliable is that new flow? I believe it is, and there are three structural reasons for that. First, as you know, the NPE formation is already at the floor. In Southern Europe, in particular, NPE ratios have been down from 12% ten years ago to 2.3% currently. But the new formation, it does not go to zero. This is very important. We may have 2% new NPE ratio, but there is a new formation produced every year, and even in the calmest credit environment we operate, and we've seen now for more than, let's say, many, many years. This is not an assumption. This is something which is happening today. Second, we strongly believe that outsourcing is structural. Once banks dismantle their in-house collection teams, systems, and legal networks, they do not rebuild them. We saw that happening in Southern Europe during the last decade, and there is still room for more outsourcing in other countries. We mentioned earlier, in Germany currently, banks outsource around 30%, so we believe that this can only go up. Last slide. Sorry, one more point. Sorry, go back, please. One more point. There is another factor. The addressable market is getting broader. For over a decade, when we're talking about the servicing, we just had in mind just one segment, secured NPLs, but this is changing. Servicing is increasingly extending to cover the unsecured exposures, and beyond that, to utilities and taxes. Each new wave is not replacing the previous one, it is coming on top of it. Meanwhile, the unit fees are stable. Practically, the pricing pressure coming from the banks, and it's coming, is offset by the market consolidation that we see in all markets. In conclusion, formation sits at a cyclical floor, outsourcing penetration and breadth are rising, and the fees halt. None of these drivers is moving against us. Last slide. The last crucial question, I would say, is whether we can continue to win that new flow. I believe yes, and this chart explains why. Look at the two bars in each market. The light bar shows our share of the existing stock, while the dark bar shows our share of the new business that came to market during 2024 and 2025. You can see here that in Italy, we have 24% market share, but we won 25% of the new business coming in the market. In the Hellenic region, we have 34%, and we gained 60% of the new business coming to the market. In Spain, we gained double the share we have there. The pattern is the same in all countries. Our share of new business is higher than the share of our existing stock. In other words, we are capturing more than our current market position suggests. Having said that, thank you very much, and Francesco. Thank you, Theodore, and good morning, everyone. I am Francesco Benintende, and I oversee strategy and operational efficiency for the group. My goal today is to pass you two messages. I want you to go home reminding the magnitude and the robustness of what we call operating model agentification. This is our program aimed to deliver the efficiencies which are needed to support our trajectory to stabilization in NPE business. For this, let me start with the magnitude. Please walk with me through the chart that you see. Start left to right. This chart depicts the cost base of the NPE business and how we foresee its evolution along the next three years. We start with the 2025 cost base, which is between EUR 240 million and EUR 250 million, and then we have three effects. Inflation and other increases. This includes also contractual wages increases. Here, let me stress one point. This factor will happen irrespective of the economic condition. It is just a constraint that we need to manage. Second, cost to sustain growth. In our trajectory, we will need some specialized capabilities and tooling to expand to new segments like UTP or new asset classes. This is what this cost is meant to cover. Then you have the largest block, the operating model agentification. Here you see that there are estimated saving in the tune of EUR 65 million -EUR 70 million, which will come from the deployment of a new operating model, primarily AI based. Now, this is a very challenging target, and this should be among the most ambitious you can find in the industry in terms of scope and in terms of magnitude. But for us, it is not just an ambition, this is our commitment. You will see that in the next couple of slides, we have a clear agenda of things to do to make this number happen. But before I turn to that, I want you to focus on three additional elements of flexibility which are beyond this representation. Point number one, the cost to sustain growth. I want you to note that these amounts will occur as growth will occur. So they are not fixed, nor upfront. Second element of flexibility. 2029 baseline embeds a portion of performance-linked cost. This means cost that will be paid only if results justify them. Third, as you can appreciate from the graphics, the share of non-HR cost in 2029 will be higher. Part of this non-HR cost relate to technology and AI capability consumption, thus variable cost. This will give us the flexibility to adjust the cost base upward if we will experience a positive tailwind, but also downward in case of need. In summary, should revenue not develop the way we are expecting in this presentation, we have additional actions to take on our side on top of the figures you see here to adjust part of the cost base. This was about the magnitude. Now let me try to give you a sense of the robustness. Let's move to slide number 40 and 41, where I want to show you two things. The what we would like to transform, which is a bit the solutions we want, and the solutions we want to deploy. Let's start with page number 40. This is our NPE platform of the future. This is a vision of how we expect the model to change if we deploy what we have in mind. This is depicted, of course, in a simplified manner with the perspective of the asset managers, which are the largest portion of our colleagues. We aim for a target state where asset managers and AI agents cooperate. Please bear with me on the magnitude of this change. We are talking about a model where all tasks are handled with a hybrid approach, which means via cooperation between asset managers and AI agents. Now, the implication of it is that all the standardized low-value added tasks will be handled by agents. For your benefit, we have depicted here, condensed this vision, across five major category of activities. You can see from building the case up to monitoring and control. You can appreciate, for example, agents handling calls or managing information flows up to building reports, leaving our colleagues the possibility to focus on the high-value added, more sensitive task: negotiation, restructuring, relationship management. Now, I hope that this gives you a sense of what we mean by NPE platform of the future. Of course, you might ask, "Okay, but what does it mean in numbers?" Now, with this model, we expect productivity gains starting at 30%, peaking up to 70% or 80%, depending on the specific task and on the level of standardization of the single activities. Now, let me stress one very important point. This does not mean that it's covering everything. Sensitive tasks and accountability stay human. This is where our colleague make the difference and improve collections, and we are not here to remove that, rather to actually reinforce it. We do not want to remove judgment from this business. In a nutshell, I hope you can see that AI for us is not just an investment theme, it is an implementation program. As a matter of fact, we have already started our processes and the possibilities of where to deploy AI solutions. We are continuously looking at the market because this program needs to dynamically adjust every time a new solution comes in. I want now to show you on top of this is what we want to transform. Now, I want to show you how we want to transform and what are the solutions we have in mind. On page number 14, you see the AI capabilities we want to deploy. 41, sorry. Please, you can see that following the overall credit collection life cycle from step number one, case intake and onboarding, to step number seven, document and compliance, in every single step you have some AI capability. You have a cross-functional layer, I will talk about it in a second, which is underneath it. Now, four highlights here. First, I hope you can appreciate that our implementation program has also a very concrete roadmap behind it. We did our homework, we did our analysis. The number you saw on page 39 is ground-based on this. It is not just a top-down assumption. Second highlight, we have very clear what are the critical points of this program. Please allow me to focus one second on the cross-functional support module, bottom left. This is the unglamorous part. This is orchestrators, workflow automation, interfaces with core system. Yet, despite being unglamorous, this is the part that decides whether all the other work well and how well they work. We can have very powerful and well-configured agents. If they are not interfaced properly with the ecosystem, the benefits will be limited. I want you to remember that we have it very clear. Our program is designed to ensure this integration is maximized to overcome the, let's say, most typical hurdles and issues that similar programs face. This is the single part where majority of the program fails, to be honest. Highlight number three, discipline. We have already fenced EUR 20 million of investment secure for this program. We are very strict in adopting focus. This means we prefer to have fewer use cases rather than an undiscriminated deployment of AI capabilities across the organization. Number three, we are monitoring very tightly the cost consumption. As you know, agents have a variable cost component, which may silently expand if it is not properly monitored. Fourth highlight, risk. Given the magnitude and importance of this program, we are being very careful in setting all the necessary risk guardrails and operational measures that such a program requires. After all this discussion, one might still say, "Yes, but look, the NPE in reality is the analog part of your company, and as the analog part, it is not so credible to transform and agentify to such an extent." Let me say we don't believe that. We don't believe it based on the analysis we have done it. We don't believe it based on the experience of our team. Beyond very complex and highly structured cases, there are a set of activities which are repeatable, which are standardizable. Of course, they are not the entire set, but they are. These activities are very similar to the one that our friends in Germany have already successfully digitized. We are very confident that we can do the same for our NPE business. Now, to conclude, the message I would like you to retain is the following. We commit to deliver a transformation program, AI-based, which is among the most ambitious in the industry, for magnitude and for robustness. The magnitude is the 40% improvement in the capacity, or if you want, the EUR 65 million -EUR 70 million I showed you before. The robustness comes from the fact that AI is not just a title, it is a tangible roadmap, and it is already underway. Let me now pass the microphone to our Group CEO to conclude on this second session and transition you to the third one with our financial results. Thank you very much. Thank you all. Let me close the NPE section to move to something quite different. Everything I've described so far is about servicing, but 30 years of doing that work has produced additional business. Those business can be sold separately. We call them value-added services. How much they keep today? They are EUR 140 million VAS revenues in 2025, representing 19% of group revenue. We put them across the line from low to high. What is low and high? It's how much they are linked to the captive business, to the servicing business, and how much they are not. The row on the left side shows business that are standalone. Alternative asset management, over EUR 1 billion of assets under management on a dedicated platform run for third-party investors. Stage two products are sold to banks on their performing books to identify borrowers likely to default before they do. We are not managing these books, we are just doing a diagnosis for the banks. Mortgage broking on new lending. We started this business in 2025. We already have 2,000 application per year increase in 2026. Advisory on portfolio transaction for clients and third parties. We are doing that for the portfolios we sell every year, but also for banks who require that work. On the right, businesses which are closer to our core business. They produce high-quality revenue, repeatable, asset-light, sold to clients we already have, using capability we have already developed and paid for. They go across real estate services, legal services, and master servicing. What drives those is not the size of the book, it's the number of positions which are underlying the book, and how many services we sell against each position. So we sell per ticket, we sell per position. Moreover, a growing share of this revenue is outside our own servicing portfolio to non-captive clients, especially data advisory and real estate services. We have eight businesses. The temptation is to grow all of them. But we won't. We are focusing on four, chosen on three simple tests, scale, strategic fit, and the ability to compound. The rest we run and hold steady because they are profitable. What are these four businesses? Growth on asset management. We will grow AUM with new products, including a dedicated NPE fund, which we have incorporated in Luxembourg last summer, and build on infrastructure we already own. Our platform, our origination, and the coeo relationship. It scales without boosting cost. We already nearly double the size of the asset management business since we acquired Gardant. It was EUR 700 million assets under management. We are now at EUR 1.3 billion. Second, data services, our clearest asset with untapped revenue potential. We hold decades of proprietary data, and collateral across five jurisdictions in a growing market. New products for our own portfolio and third-party clients will change that. Legal services. The legal recovery business is large and fragmented, in Spain especially, and in a fragmented market, a consolidator earns a real premium. We will build scale, integration, and leverage, including through careful JVs with third-party customers and platforms. And fourth is master servicing. Limited penetration abroad, but very high penetration in this market because in Italy, for the scale of the securitization market, this has grown at a significant pace in the last years. We put it on the right of the previous graph, but the reality is that already today we are managing 30% of securitization non-captive for third-party clients. And there is a proposition to grow it in the countries where we are present with the NPE business. The targets are deliberately prudent. Entering new markets and client platform takes time, and we have assumed a measured pace, but we are already doing this business with a sizable dimension. Now, this slide is about how we intend to run the company rather than what we intend to deliver. And here we have three pillars. Obviously, people. New role, bringing in skills we don't have today, reskilling of people, and a culture of what doValue and coeo each bring together. The combination of doValue and coeo, it's bringing two different cultures together and accelerate our transitioning culture. The operating model we described, it's where our people will spend time on. That requires investment in team and not just in technology. It's a change management investment. Technology. We are building our AI capabilities, and that's where we spend time in 2026. We develop the system that coordinate AI once and share them across the group. We simplify older system alongside the AI program, and we also develop a way to earn revenues from the data group strategy. Also, the layer of data strategy to collect data in all the countries is already set. The program was launched last year and will be completed in two months. We manage the AI program across the group with dedicated resources, each initiative has an accountable leader. We focus on three priorities with large impact, and we monitor them, and the operating metrics they bring in. That last point is the commitment I would hold us to. We are not waiting to deliver to you in 2029. There will be milestones along the way, and we will report to you along this milestone, so you will be able to assess our progress against them. Three things we are actually doing. We are bringing capability in-house. We show it on the next page. AI engineers are already on our payroll to steer orchestration and integration. An external development hub has been created and will increase over time. A new sourcing model has been established and will be developed in Italy. Second is about simplification. We are separating business process from older IT system, improve infrastructure and automation services. The aim is to reduce the running cost of technology. Third is foundation, connected system, a group data strategy, and AI governance that complies with the AI Act. These allow us to expand the program successfully. Now, on the last session, which is probably the one where investors and analysts are most focused on. We have now seen the whole machine, the growth engine, the cash engine, the services around them, and what we are doing on the cost base. What remains is the financials, and Davide will go in details. But I wanted to give you the key figures and targets for 2029. EBITDA, excluding non-recurring items of EUR 330 million-EUR 350 million, representing mid-single digit growth from 2025 pro forma baseline and implying a margin of up to 40%. Normalized free cash flow of EUR 100 million -EUR 120 million, a sustainable annual run rate once the investment and one-off costs required to deliver the transformation are substantially behind us. Along these targets, we have established a clear financial framework. 2x - 2.5x net leverage is, we think, an adequate level, which allows us for shareholder distribution and capital deployment. Over the plan, we expect to originate EUR 150 million of cumulative cash available for shareholder distribution and bolt-on M&A. After funding the investment required to achieve the 2029 earnings and cash generation profile. These figures are built bottom up, and they are built upon the three businesses which will have this trajectory. Digital Collection growth is based primarily on clients we already serve and markets we already operate in. The NPE assumption incorporate the current trend in the legacy book and not a recovery in the credit cycle. The efficiency program will underpin the cost trajectory and the operating leverage with a new operating model. The base plan excludes opportunity whose timing or contribution cannot yet be assessed with the sufficient confidence, but could deliver upsides. We mentioned tax collection, but also the long-term agreements, which will come the market from competitors in the next few months. Now, Davide will take you through the financial bridge and the assumption behind it. Hello. Good morning, everyone. Thank you, Manuela. I'm Davide Soffietti, Group CFO of the Group. I'll try to transform what you have heard in the last 90 minutes in numbers, P&L, cash flow, and shareholder returns. Let's focus on this page, for us is key. Let's see how we move from the 2025 EBITDA pro forma EUR 272 million up to EUR 330 million-EUR 350 million EBITDA that Manuela just mentioned, our target for 2029. You can see the first bar on the left. The largest contributor is Digital Collection growth. Here you can see this, how we build this growth. One part is already secured. We already delivered in 2026. The residual part is based on clients we already work with, contract already signed, expansion with clients we already work, and in the region we already operate. This is key. We are not basing this growth on new potential clients, new region. No, it's what we already manage. Let's move on the second bar. This is the negative decline of NPE, but please, this is only how our legacy contracted portfolio will decline over the time period. This is a strong assumption. It is not the reality, that we are not onboarding any new business. This is unrealistic, but just show you how the legacy portfolio will decline. Then we have also the cost part, Francesco already mentioned. Unfortunately, the cost will increase naturally because of two elements that are not under our control. Inflation on non-HR costs, IT spend, and increase on HR costs because of collective agreement. So what we need to work is we need to reduce our cost base, but also compensate this increase effect. This is why the efficiency part is key. Francesco already explained how we are going to act to reduce this cost, but it's a huge amount. It's EUR 75 million-EUR 80 million. Also here, we have a part that has already delivered in 2026. The rest is based on a real plan already phased through the plan. Francesco mentioned we have a lot of details we need to deliver on this. So how we tackle this decline, we are showing the third bar, also with new business. So the NP trajectory is not only the declining of legacy portfolio. We will win new business. Also here, we have EUR 15 million-EUR 20 million EBITDA that has already been secured in 2026. The rest is based on a very conservative assumption of new business intakes, around EUR 4 billion per year. So EUR 12 billion of new business coming from the market, per year. Again, we are repeating the same principle, but it's key. It's based on the fact that the macroeconomic will not change. We will continue to have a very low level of new volumes from the market. And we will keep our market share. Now, because the digital collection is the most important part, as you can see on the next slide, how the product will contribute to our diversification profile. Now, 2025, you can see that revenue side, the NP is the most important contributor, even more on a EBITDA level. Look at 2029, we are increasing the contribution of digital collection. If you compare, revenues are growing, but you see the EBITDA contribution of the Digital Collection is much higher. Why? Because the volumes and the revenues grow significantly, but the base cost grows with a lower level because we have an operative leverage scale, and the cost base is moving very low. We can have increase on our EBITDA margin from low 30% up to 46% in the Digital Collection. There you can see also the contribution of the Value-Added Services that remain stable. As Manuela mentioned before, it is important to have a line that is growing, another line at NPE that is reducing but will continue to contribute with the action on the cost side, and we have value-added services that is stable over the time. If you look the same diversification by our region side, you can see that today, 2025 numbers, Greece has been the main contributor to our revenues, mainly EBITDA, 45%, you can see on top right of the slide. With the growing Digital Collection, we are also growing in the region where coeo is present. You see by the end of 2029, Central and Northern Europe, the region where coeo operate, is going to 47%. This is changing our diversification profile. We are not any more depending on a single region. Greek, the Hellenic region is very important. Now we are more balanced, and we are more exposed to a business that is growing. Now, the other important strategic initiative is the efficiency in the NPE and how we finance also the growing digital collection. We have here on the left side, how we deliver our efficiency program. As you can see here, we need to offset again the natural increase of cost, and we need to reduce our cost base. You see we have EUR 30 million between 2025 and 2029 of reduction in cost. But in the reality, the action we are taking is double. You can see EUR 65 million-EUR 70 million because we need also to protect against the inflation and the pressure on the salaries. Again, I don't want to repeat. Francesco explained how we are planning to reduce this base cost. On the right side, you see the investment we need to have to sustain the growth in Digital Collection. It's roughly the same amount, EUR +25 million. This is how we need to finance the growth in Digital Collection. But again, here the cost will increase, but the revenues, the volumes will increase faster, and it would be higher growth versus the cost base, because only a meaningful portion of the cost base is linked to the volumes. Thanks to automation, operating leverage, machine, we can grow, increasing our EBITDA margin. On Digital, we will go to 30% - 47%. Overall, these two element, efficiency on the NPE, growing on Digital Collection, will bring us to have a 40% EBITDA margin at the end of 2029. Now, before moving to our cash flow production, I want to try to explain better coeo's future model that so far sometime has been misunderstood. coeo services receivables for its client for the first four months. These are the real pure servicing model. After four months, the claims that remain unpaid are purchased by coeo at a pre-agreed pricing mechanism with the same clients. This is why we call hybrid model. It's not a pure asset-light model as doValue used to operate, but is fundamentally different from the purchase model we know on the market. Why? First, coeo is not participating on any auction to buy this portfolio. It's part of the contract they sign with the clients. coeo doesn't need to have access to debt to finance this acquisition, but it's financing directly with the fee they collect in the first period. The fees we get the first period give us the funding to buy this portfolio. In this case, we secure the future fees, because when we buy, then we can continue to manage that book and gain fees and recover the principal we invested. The most important here is that coeo already managed this portfolio before buying. In this case, we are completely reducing to low level the risk of the underwriting. What is the main risk of a debt purchaser? They need to buy a portfolio they don't know, a portfolio that comes from an external vendor, and they need to assess the value. coeo can do this in the first four months of the management. They know exactly the loans, how they're performing. They know all the data, the information of the borrowers. So they have a price mechanism that takes into account exactly the performance this is per month. At the end, the price we paid is really correlated on the quality of the portfolio. So this is completely different from the classical debt purchaser. Then let me stress, the claims coeo buys are very small claims, repeatable with high rapid collection profile. This means that in few months, we recover fully the price we have paid. This means if coeo grows, means that also this purchasing of portfolio will grow consequently. If you see the slide on the top right, today coeo has a back book portfolio already purchased that has EUR 165 million of expected recovery collections. As you know, we already announced that we want to sell this portfolio to third-party investors, mainly because we want to accelerate our deleveraging path. But if we move the sale of the portfolio, the beginning 2027, we will just have the same deleveraging path at the beginning of 2027. But in the meantime, we will continue to collect cash from these portfolios, even more cash than the one we will get if we sell today. On a scenario, we will keep this portfolio on our balance sheet until the portfolio maturity. We collect a much higher cash, probably EUR 165 million, but in a more longer period, and we need to keep our capital committed to that portfolio. This is why we want to sell and accelerate the deleveraging path. On the bottom part of the slide, you can see -EUR 140 million. This is another important matrix. In our plan, we have a cash out of EUR 140 million cumulative in the three-year plan. We need this to help coeo to transfer those portfolio to investor. We transfer to the investor, we need to reorganize the investor IRR. With this transfer, we secure the funding for the future acquisition, for the future portfolio that will help us to grow. In this way, we can grant, we can target our growth in fees and in revenues. The most important, we continue to deleverage, and we keep our future to be an asset light company. Hopefully, this is clear. Let's now move to next slide, where starting for 2029 target, I try to guide you how the EUR 330 million, EUR 350 million EBITDA transform in the EUR 100 million, EUR 120 million of free cash flow. CapEx ordinary is about EUR 30 million. Working capital will be neutral. We have -EUR 10 million of other asset liability absorption. Here you have again the EUR 50 million cash out because of the portfolio transfer to the investor of coeo. Again, we need this to sustain our growth and to continue to fund new acquisition in coeo. Then you have IFRS 16, our leasing, so what we pay in the office we operate, the IT infrastructure, this is roughly EUR 20 million. Then taxes, around EUR 50 million. Financial charge in 2029 will be around EUR 55 million. Then we have minorities when we pay dividends is up to EUR 20 million. This is how we go to EUR 100 million-EUR 120 million of free cash flow. This is for us, our annual rate we expect to generate on a running base once all the investments on the one-off costs required to finance the transformation and our growth will be behind us. Now let's see on the right side of the slide, the cumulative cash flow production of the three-year plan. You can see the first bar is EUR 290 million-EUR 310 million of ordinary free cash flow. We are able to generate this huge amount of cash. But during the plan, we need to invest EUR 140 million to build the earnings and cash generation profile we targeting for 2029. What we have in this EUR 140 million? EUR 75 million are restructuring costs, mainly in 2028. Then we have additional CapEx, EUR 50 million that we invest to reach our target of growth and the reduction of the cost. Then we have the deferred payments to the seller of the company we bought. The earn-out component is mostly EUR 40 million on coeo that will be paid in 2028 because coeo is performing ahead of our expectation and also of the seller expectation. Then there's earn-out on Greece. After the plan, we just have the last installments to be paid in Greece, that is EUR 16 million, that will be paid in 2030. After this, we don't have any more, any earn-out deferred consideration to be paid in the future. So after funding this investment, deferred payments, we have EUR 150 million-EUR 170 million of free cash flow available to remunerate shareholders, to further reduce the gross debt, and to have bolt-on M&A, or a combination of these three. This cash, as you can see the next slide, will help us to deleverage. Again, Manuela, our guidance for 2026 is to close in a range between 2.4x, 2.6 x leverage. Thanks to the increase of EBITDA and the cash generation, we will go down to 1.6x before any dividend remuneration, buyback or dividends. You know, Manuela, it says that our sustainable range of leverage is between 2 x and 2.5 x. This means that the difference between the 1.6x and the higher end of the range, 2.5x, create a capacity we can allocate. So between EUR 150 million, if we stop 2 x, to EUR 300 million, if you go to 2.5 x. So we have a capacity we can allocate to the investor, debt, and M&A. But in the meantime, you can see in the left down part of the slide, we are going to repay back the term loan with a bank of EUR 90 million, EUR 30 million per year. So in the meantime, we are able to leverage up to 1.6x. We are reducing the gross debt and the financial charge. We are ready also to now. We have a very strong cash position, up to EUR 320 million before any dividend payment or buyback. This means that we are also ready to finance our next debt maturity that will be only in 2030. This is part of the difference between leverage target range, sustainable target, and the leverage will give us this capacity. How we want to allocate this capacity, again, our shareholder distribution, the dividend policy will be to pay to our shareholders through dividends or share buyback up to 80% of our net ordinary income. Then we can use the cash for bolt-on M&A. These are important for us. How we want to develop this bolt-on M&A, mainly of four type of M&A. First is client-led geographical expansion, specifically to support our digital growth. Second, acquiring license, teams, and capability to reinforce our core system and accelerate the entry in new markets. Third is technology to enhance platform and finally selected opportunities in adjacent market of credit business management. On M&A, our approach is simple. Any acquisition must accelerate the strategy that is already in place. We don't want to have M&A in new business, in new region where we are not present, we don't have a clear strategy to grow. Any transaction, any M&A transaction must meet three conditions: limited execution and integration risk, discipline valuation with accretive return, and funding within our sustainable leverage range between 2 x and 2.5 x. The plan we are presenting assumes only a limited contribution of a bolt-on M&A. Transformation acquisition are not included in this plan and are not required to deliver our targets. If a large opportunity arises, we'll assess it separately on its strategic and financial merit. With that, I'll hand over to Manuela to conclude today's presentation. Thank you. We have three earning engines support different financial outcomes. The Digital Collection provide profitable growth. We indicated EUR 155 million -EUR 165 million EBITDA by 2029, with revenue increasing at 15% and operating leverage supporting the margin expansion. The NPE servicing business, supported by an operating model transformation and cost discipline to protect earnings despite the decline in the legacy stock. The value-added services contributing for EUR 50 million -EUR 60 million with stable and recurring up mid-single digit profitability. This will end up in EBITDA of EUR 330 million-EUR 350 million of recurring EBITDA, with expansion of margin up to 40%, supported by the cost efficiency program we have highlighted. The cash conversion is EUR 100 million-EUR 120 million normalized free cash flow, a sustainable annual rate after CapEx, working capital, taxes, and cash interest. Within a leverage target of 2.5 x, we can deliver up to 80% distribution, including dividends and share buyback. This is how the platform we have built translate into earnings, our earnings translate into cash flows, and now cash translate into value for shareholders. We are ready, we are set, and we have now the scale to grow farther. Before we open the floor, one final announcement. We believe in this plan, and we are backing it with capital. A EUR 10 million share buyback program has just been approved, and will start in the coming days. Why we did that? For three reason. One, the valuation gap. We think the stock is undervalued. Second is the cash flow that's presented today, which are not reflective in the current share price. The other point is conviction around the plan. All this level, buying back shares is the best use of our incremental cash. Last is accelerated return to shareholder. The buyback forward is part of the distribution we plan to make over the plan, and it is fully consistent with our financial discipline. It is only an impact of 0.1 x over leverage within our targets of 2x- 2.5 x. With covenants, headroom, and liquidity managed at holding level with the room available. Our distribution policy is unchanged up to the 80%. The buyback does not preempt further dividend in 2027. That further distribution will be calibrated based on leverage and liquidity following the disposal of the portfolio. Now we are ready for your question. I will hand over to Daniele to manage also question that are not coming from the room. A big thank you to all of the speakers. That has been a very detailed presentation. I think we have a lot to digest and a lot of figures to put in your spreadsheet. We are ready to take your question. Of course, investor relations is available offline, but I encourage you to interact directly with the key people responsible for the execution of this plan. People connecting from the webcast are very welcome to submit the questions through the platform. Okay, all right. Hello, and thank you a lot for taking my question. Tommaso Nieddu from Kepler Cheuvreux. The first one is on phasing. How should we think about the phasing of the EBITDA growth over 2027, 2029? Also because you are targeting an increase in coeo EBITDA margin from 28% to 47% in 2029, which is a very significant improvement, very ambitious. But just trying to understand how should we track it. The second question is clarification on the growth of coeo. So 30% Digital Collection, EBITDA, CAGR. But from what I understood, you assume this growth to come mostly from existing clients and geographies, while there are very conservative assumptions from new client wins and expansion into other regions. Just trying to clarify that. Then, so you have presented the business model of coeo. It is very clear. However, if I am not mistaken, I think at the first presentation of coeo, at the time of the acquisition, we talked about the revenue structure in Southern Europe, as it should be different as the collection fee should be borne by the client and not by the debtor. Just trying to understand also if you addressed that and if there is any evolution on that side. Then the very last one is more curiosity, since in one of your slides you show France as one of the countries where we should expect NPEs to go up, but you are not operating there. My question is, are you looking to expand there, and can you do it without acquisitions? That is it. Thank you. I will take some of the questions and move some others to Elias. On the phasing of the EBITDA growth, because of the action we are going to take on the NPE business from now to the end of 2027, we expect a decline on the NPE rebalance by growth of coeo. coeo today is delivering a growth which is above our original targets. We had mentioned EUR 60 million for this year. You will see already the nine months will be above that number and the likes. We see a stable 2027 versus 2026 for these reasons. Then a steady growth from there up to the target of 2029. On coeo contribution, on the business side and how coeo growth will come from, Elias will answer. Going back to your point around the other countries, we are assuming to penetrate, and was part of the original plan, the NFC, the non-financial claim business in Southern Europe. This is part of the trajectory we envisioned for the digital collection. There, we are already present with active clients through the Team 4 platform, so Spain before coeo. We are managing now coeo clients in Spain, and that will go up. We have less of that in Italy, where we started the coeo clients, but we have only few utilities. We need to penetrate that market through their technology, and in Greece will be the same. We are already doing pilots for certain clients, and we will add coeo clients. We have clients we already work in these markets. The other point was around the revenue model, and Elias can explain it better. We have already a different revenue model in the U.K., which is not regulated. What they are paying us today in Spain and in Italy is paid by the client, is not paid by the customer, and it's a percentage of the collected amount. The main difference is in how much you collect. We collect already small tickets in Spain, as I said, but usually you collect between 5% and 10%. What we are collecting today on buy now, pay later in Spain is 60% - 70%, and the fees are the same as the others. You can see that the amount you get in is much higher. The last point is on France. France is a natural trajectory for the coeo business, where they've done a startup approach as they've done in the Nordic countries, so they can manage it out of the Belgian and Dutch business. Clearly, if we wanted then to go with an NPE business, we would have to go with a platform there. But the expansion we are focusing here is more on the digital side. Maybe, Elias, you can support me on the business side of coeo. A lot of questions. First, with which clients will we grow and in which regions? Apart from the potential diversification into France, we have in Europe, most countries already entered where we want to be. Naturally, if you are in a startup position, like for example in the Nordics, growth rates, which are very, very high, are easier to achieve than when you are already in a market-leading position. On the client side, we are doing both. We are growing with existing clients and we are growing with new clients. It is rather leveled out. On the revenue model, in Spain, the 70% collection rate is a little bit ambitious, Manuela, but let us say in the area of 30%-40% is the- Yeah, because we noticed in the last that was higher, but yeah. Okay. Yes, the business model or the revenue model is just as Manuela described. It is not fee based borne by the debtor, it is by the creditor as a commission fee. On the EBITDA margin, I was just looking up one figure. coeo Group has 24% more revenue per operating FTE year to date August. This tells you something about the EBITDA margin increase that is coming from automation. I was trying to bring through that we were always rather automated compared to peers, but with the AI, this is really, really a game changer. This is something we see now. To start with it, at first you need to recruit people, yeah, and an AI engineer is typically costing more than an operational collector. Now we are in a good position that this kind of fixed block for the AI engineers and for the GPUs you have to rent at the cloud services. This is rather stable. Now we see even more EBITDA margin increase there. Thank you. Thank you for taking my question. Gabriele Venturi from Banca Akros. I wanted to ask, we are going to see in the future clearly a positive impact of AI on the cost basis and on the EBITDA side. But don't you think that in the long term, this could be a counterbalance on the top-line side because the servicing becomes more a commodity, so in the long term, servicing pricing goes down? Yeah. This is what we are assuming the plan when we speak about the new model for servicing. The new model will be a lower base fee and similar collection fee. That's what we are already assuming for the new contracts. The fact is that in our plan horizon, we don't have a decay of the current contracts, but the one we assume new will come with this new model. We have already experience of it because we have repriced, for example, the Santander contract. The point is lowering the break-even point and lowering the operating leverage that allows you to protect the margin. But that revenue trajectory, it's the one we have already assumed. Okay, just for clarification, you are sure that in the long term, this won't have a negative net impact on the very long term? I think we are assuming here a decline already of the NPE profitability to around EUR 120 million from the current level. In the very long term, clearly the investment we are doing upfront to lower that cost protects your buffer. If we were keeping the same operating model, that would have a higher effect. But we are not. We are acting upon it. That's why we are investing upfront to lower that cost base in a significant way. Thank you. Hi, good morning, and thank you for taking my question, Davide Giuliano from Equita. The first one on cash generation. You indicated EUR 150 million-EUR 170 million cash generation during the plan, and a recurring free cash flow of about EUR 100 million-EUR 120 million in 2029. It seems that free cash flow generation after restructuring costs may be a little bit back-end loaded. Could you please detail better the split of free cash flow among the different years and the impact in each of these years coming from restructuring costs and additional CapEx? The second one on M&A. It seems to me that you stressed quite a bit the available firepower of at least EUR 150 million. Apart from bolt-on acquisition, could you give us more details on the possible transformational targets you may look? Companies to improve the scale in Spain, companies to enlarge your geographical footprint and/or further consolidation in Italy. The last one on cumulative net inflows during the plan. You targeted EUR 12 billion during 2027-2029, so an average of around EUR 4 billion per year. If we look at full year 2025 forward flow contracts, we see that already forward flow contracts exceed the average target. Can you elaborate on the composition of net inflows you expect going forward? Thank you. Davide will take the first one on the bridge. Cash generation, Davide. 2029 is really not run rate because we don't have any more sudden CapEx to finance the transformation. We don't have any more restructuring costs. We don't have to pay any earn-out. 2028 will be the year where we have more cash out because we have a concentration of the EUR 75 million, and the restructuring cost will be mostly concentrated in 2028. In 2028, we had to pay EUR 40 million of earn-out. You can just make the math. Then EBITDA, as Manuela was saying, will grow from 2027 to 2029, progressively in 2028. In 2027, we started with the, as Manuela was saying, an EBITDA in line with the expectation of 2026. We will have the main part will be the higher CapEx, roughly versus the EUR 30 million, so this is more close to EUR 40 million CapEx. We have a piece of the restructuring costs out of the EUR 75 million, EUR 15 million will be spent in 2027. These are the main extraordinary components. Just a comment on the GBV. The EUR 4 billion we highlighted is only new mandates on the market. It's not including the inflows, that is always roughly EUR 2 billion, a little bit higher of EUR 2 billion. On the M&A front, the bolt-on is linked to the leader transaction of consolidation we might consider. For us, transformative are transaction of the size we have done in the last two years, and that's not we were assuming here. We are tackling tactical transaction in markets to sustain certain businesses. To give you the example, now U.S., if we had to find the right opportunity there, it needs to be through acquisition, as Elias explained. But the companies have not large size, so nothing comparable to the EBITDA of coeo this year or of Gardant when we acquired it. As I said, they are to support either the digital collection strategy expansion to certain countries where we don't go organic or the build-up of the value-added services proposition in the current existing markets. Thank you. Hi, good morning, and thank you for taking my question. Thank you for the presentation. I am Tonio Gianfrancesco from Intermonte. I have several questions. The first one is on the NPE business, because I want to ask you if you can give us a bit more color on Italy specifically. Because I was wondering how much of the EUR 65 million-EUR 70 million efficiency program is expected to come from Italy, and where do you think Italian EBITDA of that business can structurally stay after this cost reset? The second one is still on NPE and still on Italy, sorry for that, because I understood that the market is shrinking, this is clear. In this context, you want to preserve your market share. My point is, how should we think about the fee margin of new mandates versus the legacy book? I am not referring to collection fee, but to management fees. I want to understand if you are assuming some pricing pressure in defending market share, or what is your strategy to protect this? The third one is a follow-up on the Digital Collections, because you are targeting a very strong growth and a significant margin expansion. In a market that you described as large and quite fragmented, I want to understand what type of competitive pressure do you expect in the coming years, and what the dynamics in relation of pricing? That is it. Thank you. I will take the first two, and Elias will help me with the last one. Of the EUR 65 million -EUR 70 million, it is mostly focused on three countries, which is Greece, Italy, and Cyprus, because the restructuring has already happened in Spain. In order, it would be Italy size-wise, then Greece, and then Cyprus. We have done a lot in the last two years in terms of reorganization and cost efficiencies. There is more to come, and we are probably, of that amount, 40% is on the Italian front. The level of EBITDA on the Italian market will stabilize on the NPE side between EUR 50 million, EUR 55 million, with the additional business growing, bringing it to the later part to around EUR 70 million. In terms of market share, we were consistent with our market share across these years. After the acquisition, we went to EUR 24 billion, EUR 25 billion, and you have seen the slides where, in terms of winning new mandates, we kept that amount. This didn't come to the expenses of margin. Italy is already the market with the lowest base fee across all the others. It's around 4 - 5 basis points. We are not expecting that deterioration. But it will be more flexible contract structure, shorter. Because you have these shorter maturities, you need to have a much more flexible cost in case things change, or you need to change client and the like. That flexibility is quite critical. Now, on the Digital Collection, Elias, if you can explain how our growth and margin are developing. Thank you for the question. On the top-line growth, it is the clients that we have today and all the new wins we scored already. This is really a bottom-up calculation, country by country, order entry, and then coming to revenue. What was not stressed so far is a quite substantial back book that we have today already. If you're growing like we did all the time, you're focusing really on the front-end book very much. We have a quite nice substantial potential here to cash out what we have already on our machine. Now on the competitive pressure and pricing. In the amicable part before purchase, in most geographies, prices are set by law, more or less. But yes, I see what you mean with price pressure when we purchase. As Davide mentioned, depending on the client, depending on the structure, after a couple of months, yes, there is a competitive pressure, definitely. This is in, I would say, any kind of servicing business that you are working in a competitive landscape. What is very typical for us is that our clients run a, they call it benchmark panel. Sometimes we are the sole service provider. This happens as well. But the rule is, I would say that minimum per country, per product, we have one or even more competitors. This is nothing new coming up. This was always there. Now, strategically, what can you do? You can always try to be the cost leader. And I hope I brought this through that we were always very technology-focused and being a front runner on the AI piece. This is not easy to copy. Believe me, this is not easy at all. There are a lot of mistakes you can make, and it's a lot of money you need to invest in the beginning, and this is what we have done already. We see a couple of very, very good competitors out there, but typically not the well-known incumbent names of the larger players. We are not very afraid to compete against those. Thank you. Thank you very much. If I can just a very brief follow-up on that, because I want to understand, when you have projected 47% margin on Digital Collections, you assume a broadly unchanged fee scheme, fee framework in terms of regulatory risk, because as you said, in some geographies, this is set by local regulators. Is that right? Regulation is not very often our friend. Sometimes it is. For example, in Germany, there is a big act about the remuneration in fees that lawyers can take, and debt collection companies are taking this as a reference. Whenever you have periods of inflation, those kind of prices are increased. We have seen this in Germany, we have seen this in Austria, and this is quite natural. If you are setting prices from the government, and you have an inflation, it is normal and quite fair to increase prices. Sometimes it is actually even different. In other instances, for example, in the Netherlands, under the new CCD2 regulation, we see some headwind under regulation. Can I now foresee what regulation will be in 2028 and 2029? More or less. There might be surprises, but what we can see now, we have embedded in our planning. Thank you very much. Very clear. Just to add on this. This is the difference, but this is our NPE where we need to protect from the inflation that is increasing the cost. But on the fee side, there is more pressure. There at least we have a normal alignment of the fees to the inflation. So it is Elias who has says protecting our fee base. Maybe we will take some of the question that we have received from online listeners. We have a question from Simonetta Chiriotti from Mediobanca. "Could you provide some more detail on the EUR 140 million cash absorption related to coeo? Is this primarily driven by temporary investments in receivables that are subsequently transferred to the fund? Also, do you expect the receivables portfolio sales to be completed by year-end? Yes, I will take this question, Simonetta. The EUR 140 million, I will call in the three years, are mostly recurring. Every year we will have EUR 50 million, EUR 45 million of these outflows. This is exactly what you are saying. In reality, it is a way that coeo is securing the servicing fees. So call it a sort of upfront payment to secure the future fees on the portfolio we transfer to the investor. But at the same time, it is also securing the first four months, because I was highlighting before, we first manage the portfolio on behalf of the originator. In the first four months, most of the fees are concentrated in the first four months. So with these fees, we are able to funding this EUR 40 million, and then we gain again because we collect the fees on the portfolio sold. This is why now the cash conversion of coeo, as we have always guided the market with this 45%-50% cash conversion, because there is this component that we report below EBITDA. So this EUR 40 million, EUR 45 million is below the EBITDA, but we wanted to highlight and include clearly in our cash flow that is reducing the cash flow production. In terms of portfolio, again, our target has been confirmed. We want to sell. We are preparing to dispose this portfolio by the end of the year to reduce the leverage. Thank you, Davide. We have another one maybe for Theodore from Hugo Navarra Pereo. Greek books seem much younger and likely you will see some reperforming loans and secondaries appear again. Is that being considered on guidance or it is additional optionality? You can go, then me a second. Yeah. It is true that there is younger vintages, but this is captured because Eurobank is already giving us the earlier years. Now it is part of the original contract. That is why you also see that the cash collection in Greece are higher than the usual in other markets, because they go through all the value chain from zero days past due to 180 past due. The other point is around the secondary sales. As you know, these are coming most out of our portfolio, because we have built now a EUR 35 billion portfolio there. Sometimes, and you ask us very often why they are shifted from one quarter to the other. They depend on when the clients want to sell. This year we had a big impact related to the law change, so the investors have waited to do this transaction. They are pretty much a recurring team because portfolio acquired by these investors in the last three, four years, they already have pots that can be sold where there is additional value to be realized with further investors. So it is pretty recurring, and this is included in the plan. Sure. I may add two more things about the Greek market. First of all, you know that in Greece we have a very strong position, both in the primary market, which it is true, is coming to an end. The last big piece was last year, a EUR 5 billion portfolio which we managed to acquire from PQH, which is, let's say, the state-controlled bad bank of Greece. Going forward, we see three, let's say, opportunities in terms of new business and new flows. The one has to do with the banks, and the Greek banks, and I guess all banks are facing an increasing pressure by SSM to clean up, to accelerate the cleanup of some areas of forborne loans, like the so-called step-up loans or stage two related loans. That's one area. The second area has to do with the so-called RPLs, reperforming loans. Already, we have in the market, let's say among the servicers in Greece, there's, I would say, around a billion of loans which have been in or almost have been cured, and they could be repatriated back to the banks. It is true that currently banks are not so keen to repatriate these loans. That's why we have designed some other structures and trying to sell these loans to third-party funds for gardening these loans and then pass over to the banks. We did the first such transaction last year, a EUR 200 million transaction, and that was a very successful market opening transaction, I would say. The last has to do with the non-financial claims. Greece is a small market compared with other European markets, but we see strong signs from different areas, utilities, buy now, pay later, et cetera. These are the three areas which I believe we will see in Greece in the coming period. Thank you, Theodore. Since we have you on the mic, Thomas Moroder would like to ask, "How is the cooperation with the Greek mezzanine vehicles and Hercules HAPS related collection going? Normally, we have a very good cooperation with all, let's say, bodies from, especially HAPS-related bodies. You know, HAPS is a very big scheme in Greece. More than around EUR 70 billion is under HAPS scheme. HAPS is the equivalent of GACS for Italy. I would say a very good relationship. Thank you, Theodore. Then we have a question from John Airack. "The almost 30% free cash flow, cash conversion seems very low. Can you explain it a little deeper on how the coeo debt purchases impact this and EBITDA? Yeah, probably. I answered already to Simonetta, it was a similar question. Again, the EUR 45 million cash out per year, the EUR 140 million we highlighted is the why the cash goes down, this cash flow conversion. The EBITDA does not include this negative impact, it is below EBITDA. This is why we wanted to highlight in the cash flow that this is a specific item that is impacting our free cash flow conversion. Thank you, Davide. We have another question from Erin Tafarshiku, from Franklin Templeton. "Has the coeo acquisition gone as expected thus far? I note your LTM H1 2026 non-NPL revenues are way off from your full year 2026 target of 30%-35%. Is this on track? Yeah, maybe here the metric has not been understood. It's actually much better than on track. The target was 30%-35%. We have now almost 50% coming from non-NPL. We have much higher diversification. The transaction is going much better than we expected. We guided this year to EUR 60 million EBITDA, and you will see that for the nine months, they've already passed the EUR 60 million. For the full year, they will be adding to a much significant upside. We are glad. Thank you, Manuela. Then we have a question from Eric Mosinger. "Should we expect a growing dividend between 2027-2029, or should we expect a stable dividend of EUR 0.20-EUR 0.25 per year the next three years, which translates to around EUR 100 million-EUR 150 million in dividends?" As we illustrated in the slides, we highlighted that what will be the cash available for shareholder remuneration, gross debt reduction, and the bolt-on M&A. Assuming we will have EUR 150 million fully available for dividend, you can expect a growing dividend. But of course, this will depend on how we will decide to deploy this free cash flow generation in the next three years. We already are starting our buyback of EUR 10 million, which is an anticipation of the remuneration that we envisage to give to shareholder in 2027. Maybe on the buyback, because we got question in the past on this topic. The core shareholders are not going to be part of it. So it's for the market. Clearly, now they are aligned that there is much more value upside here. I think you will appreciate also their stand on this point. Thank you, Manuela. A question from Raman Narula, from Principal Asset Management. Given the new collection from new business more than offset declining collection of legacy stocks and unit fees are stable, why is NPE revenue forecast to decline as the bulk of the NPE revenue comes from the variable collection component? As we highlighted with also Theodore, we are assuming that the new flows that will come in next year will be very low level, even low level in terms of volumes versus the previous plan. It was already low, and we demonstrated we are able to overachieve the target. It is correct that the new flows will embed more collection, but we are assuming to have only EUR 4 billion per year of new volumes coming into the market. This will offset for sure, partially the legacy stock decline. But what you are saying will happen in case the volumes will be higher versus our expectation. This is, I would say, an upside of our plan in case the NPE formation will be much higher in the next three years. Okay. A question from Patrick McElroy from Citi. Of the EUR 110 million of EBITDA generated from Value-Added Services and Digital Collection by 2029, could you please give the split between Value-Added Services contribution versus Digital Collections? Maybe here something was not clear enough, but EUR 110 million now was. Yeah, we have actually the page below. Yeah. This one, I think gives you the split. So the Digital Collection contributing EUR 155 million - EUR 165 million, and the Value-Added servicing EUR 50 million - EUR 60 million. That should address this point. Okay. Thank you, Manuela. Then we have another question on the portfolio sale from Thomas Moroder. The 2026 leverage guidance of 2.4x-2.6 x EBITDA assumes completion of the coeo portfolio sale by year-end. Can you give us an update on the process? Are you already in advanced discussion with buyers? Should we still think of approximately 0.5 x leverage reduction as the right proceed assumption? This is in line with what Davide said. We have not advanced with buyers. We have identified the buyers we are going to transfer to the fund. We are the investor of the fund, so it is a question of structuring and leverage on the portfolio. We also identified the providers, so it is a question of execution. Thank you, Manuela. A question from David Masters from Payden & Rygel. Hi. Thanks. I had two questions. Can you remind us the current EBITDA, specifically from the NPE business in 2025, i.e., how does this compare to the EUR 120 million-EUR 130 million expected by 2029 from the NPE business? Second, given the higher political macro volatility, can you explain the decision to run with a slightly higher leverage ratio target? Yeah. On the first question about EBITDA on 2025, was Go. Sorry. Okay, sorry. On the EBITDA, 2025 was mainly Let me double check the numbers. Is EUR 190 million. No, this including also the VAS. Can you move to page 33? [Non-English content] Yeah. EUR 170 million. The EUR 190 was including also the VAS. This is how we compare the data. The EUR 170 million was in 2025 versus the EUR 120 million-EUR 130 million we expect in 2029. Again, this is because we are reducing the volumes, and we are compensating with the action on the cost. On the second point, we have always targeted around this level, of around 2 x, and we are consistent with it. If you look to our trajectory, by 2029, it is going to go to 1.6x. So we have the ability to be at 1.6x, below that level. Obviously, we will wait the distribution and any use of that excess capital based on the market condition and on the uncertainty of the market. But the pace of the leveraging goes to much lower levels. Thank you, Manuela. We will take the last question, and then, as I said at the beginning, we are always available to engage with you offline. This is from Paolo Geuna from Banca Akros. Can we assume an opportunistic approach in the refinancing of doValue 7% 2030 note, balancing international exposure synergy and redemption option cost, once it formally became the first maturity of doValue debt structure? Second, your financial debt guidance looks not too far from metrics that could imply a rating upgrade from BB to BB+. Is that an aim over the plan, or you are satisfied with current status? On the first point, clearly depends on market conditions, because in February, we will have now an option at 103%. So it depends where the market stays. If the market with lower spreads, but within the current condition, maybe it is not the case, will offset the cost we have to pay for the call option, we will consider. Otherwise, not. Because it is a simple NPV exercise. On the second front, it is correct that our metric are inducive of higher ratings. What the rating agency want to see is the year-end numbers, and then they will reassess to consider potentially an upside to the metrics. So we are aligned with them. We have a very positive interaction with agencies through our five years. We have done a different transformational transaction. They followed us in this process. They waited for our delivery, which they are very satisfied with. That is why they kept the rating. Now we need to deliver on this further deleveraging for them to consider the new metrics in this bigger dimension, which is something they were focused on. Because one of the cap of our rating was also the size. Given now we are moving to a different size level, they might be moving to a better rating trajectory. Thank you, Manuela, and thank you everybody for listening and tuning in. Have a good day.