Nexi S.p.A. (NEXI) Earnings Call Transcript & Summary

[Audio Gap] into a lot of products initiatives in the latter part of the morning to give substance, to give content to this title to these superstrong conviction that we have. But let me start from where we left it about 3 years ago when we were in this same room for last Capital Market Day. Since then, we've made a lot of progress. We know not necessarily all the progress we wanted to do, but we definitely made a lot of progress in an environment that has been quite articulated, I would say, from the macro point of view, from a market point of view. Our revenues did grow from EUR 3.1 billion to EUR 3.6 billion. In parallel with that, our EBITDA did grow from EUR 1.6 billion to EUR 1.9 billion, expanding EBITDA margin by 250 basis points. So a very high margin to begin with and with an exceptional EBITDA margin expansion very much at the high end for the sector. Most importantly, we did double the cash that the company is generating from EUR 400 million in 2022 to EUR 800 million last year, generating more than EUR 2 billion over the last 3 years. This has allowed us to reduce very materially leverage from 3.3x to 2.6x and become at the end of 2024 investment grade for our very first time. And in parallel with that, this cash generation allowed us to start returning capital back to shareholders with our first buyback in '24, our first dividend in '25 for a total of EUR 1.1 billion over the last 3 years. Today, Nexi is an enduring platform, a platform that is here to stay, it is here to succeed in the future. Why? Because it's characterized by 3 key characteristics. The first one, it's a platform that has a strong, unique positioning. Clearly, we are a critical European infrastructure, very entrenched in our local ecosystems. And we always hear about the need for more Europe. We are at the center of that. We can be at the center of that. And second, together with that, we are a unique combination of our unique scale together with a strong local in-market entrenchment, 2 characteristics that are really necessary, we believe, to succeed at least to succeed in the segments that are the real focus for our company. This strong unique position is combined with high-quality resilient growth that derives from a combination of things. First of all, exposure to a market that will continue to grow and will also expand in terms of opportunities as the complexity of payments evolves. We have a diversified portfolio of products, geographies, customers that is richness for us. We are focused on the most attractive merchant services segment, and we'll come back to that later on. And last but not least, we drive growth out of our portfolio of defendable large core engines and very attractive accelerating growth engines. And last but not least, when we look at the future, when we think about the new themes emerging in our sector more broadly, for businesses. We are deeply convinced that we have not only resilience, but actually, we see opportunities in this future. For example, payment complexity, growing payment complexity is something that we believe we can leverage and we are already leveraging. But together with it, the hot topic of the day, AI, Gen AI, agentic AI, agentic e-commerce, not only we will leverage on that, we really believe it can be an opportunity for our company. So an entry platform for this very unique characteristics. Today, we will cover these topics. So we'll start with a session that we'll give you an overview of where we are, how we see the market and our plans for the future. Then we'll have a break, and then we'll have 2 deep dives. First one, how we win in merchant solutions; and second, how we grow value in issuing solutions and value we believe is the real theme in issuing solutions. After that, I come back on stage for a few more minutes of closing remarks, and then we'll have about an hour for your questions, comments, reactions. Now let me jump in the first session, I will at some point, call on stage Bernardo with me to cover obviously the financial plan and all those aspects. The key messages of these sessions are well summarized on this page. The enduring platform to power cash generation. Why? Because we have a unique position in a growing dynamic market. This unique position is allowing us to have enduring growth from a diversified attractive portfolio. We'll talk about mid-single-digit structural growth here that combined with a continued focus on efficiency, further powered by AI will allow us to continue to have strong cash generation and distribution to shareholders. And this formula will continue for the very long term, thanks to the structural long-term resilience that we will talk about later on. Now I jump into the first part, the one on who we are today market and our positioning. And here, I would have to ask to those of you that know us well to be a little patient because I will be repeating things that you have heard many times. But we're really doing it for the benefit of the many investors that are newer to Nexi and for them, it's clearly useful to understand first the company and its portfolio of businesses. So let me go into it. Nexi is very unique for its leadership, for its scale, for its reach, let me just point out, we serve more or less 2 million merchants across our geographies. We serve more or less 140 million cards, and this is giving us many opportunities for growing value, upselling, cross-selling and so on and so forth. Capabilities that make underlying more than 3,000 people dedicated to technology development, product development, future development, with 5 digital factories, we have added that 1 fully dedicated to AI agents development and as a consequence of all of this cash and capital distribution. The company is operating with a diversified portfolio of solutions for merchants and financial institutions. We are articulated with 3 business units. The first 1 is looking, obviously, at Merchant Solutions, about 57% of our total revenues. And here, we serve in particular, SMEs with corporates and mid-market e-commerce. The second business is issuing solutions, which is about 30% of our revenues. And here, we have the full portfolio of solutions from the more traditional processes, one to the issuing products, which is very unique of Nexi. And last but not least, with about 10% of our revenues, digital banking solutions, where we serve normally financial institutions and corporates across account-to-account, corporate payments, open banking and a few more solutions. When we look at the presence across our geographies and the characteristics of the presence that we have across our geographies for these business, it's focusing on merchant services and issuing. It is a fairly diversified presence with a mix of leader and challenger position. If we start with Merchant Services, we cover this part of Europe vertically from the top of Norway to the Southeast part of Europe here with Sicily and Greece. We are leaders in Italy. We are leaders in Denmark, Norway and Finland. With challengers, I would say, a little bit everywhere else with slightly different positions, but we have challengers in all of them. We operate very much with banks basically in Italy, Croatia and Greece where everywhere else, our approach to market is only direct and with other type of partners, including ISVs. When it comes to issuing solutions, we have a little bit of a similar picture in issuing solutions. We are leaders in Italy, Norway, Finland, in Denmark, the Baltics as well even though they are very little. We are mainly processor or challenging to serve -- challenger processor in the other geographies. Here, the additional element that's important to always keep in mind is that in Italy, we're not just like the other issuer issuing players because we're actually an issuer ourselves, a co-issuer together with the banks, it's a very successful business model that we are now starting to export into the rest of Europe. Bringing it all together, our diversified and resilient business, geographical and customer portfolio, business mix, we already covered. Geographical revenue mix, Italy is still more than half of the business. We are happy with that because it's a very attractive basket. So we believe it remains the most attractive market in Europe, Nordics, DACH and CSEE. When it comes to customer concentration, our top customers represent more or less 22% of our revenues. And the very good news is that most of these revenues are already secured for the very long term, and Bernardo will come back to that later on. Now moving to the market. As you know, as Nexi, we are exposed to the most attractive markets of Europe. In these markets, penetration did grow since last time we met. Today, the average penetration in our markets for digital payments is about 36%. But especially if you focus on DACH, Italy, this is very much below the European average of 46% and very much below the average penetration that you have in the other markets where we are not present, which is at 55%. So yes, penetration grow, but there is a lot of more room for secular growth in our industry and in particular, in our markets. We expect the market to continue to roll penetration by more or less 1 to 1.5 percentage points per year. And these, together with the growth of economy and consumer spending, which is the one that is most connected to us. We expect the market to evolve over the next basically 5 years about a 5 to 6 percentage point we present in terms of value of transactions overall in our geographies. Clearly, on the higher end of this range in the less penetrated geographies and shorter term, more of a 5% if you look at longer term. If we now focus on the merchant services market, which is the one that is for us, ultimately the most important, we're talking about a market that in terms of revenue pools, net revenue pools is more or less a EUR 9 billion market today. We expect this market on the back of what I said before, to grow another EUR 4 billion, EUR 5 billion as a combination of volume growth, but also expansion in terms of products and services that we can sell to our customers from merchant financing to integrated payments to other things that Roberto will talk about. When you look at the segmentation in this market, SMEs represent more or less half of this market. Corporates represent about another 25% and e-commerce that is clearly growing is representing more or less the remaining 25%. When you look at the characteristics of this market, the one thing that you realize that is very redemand for us is that the vast majority of the revenues of this market are coming from customers that are very local, and they continue to buy in a very local way. The SME market is local by itself. In the corporate market, the mid-corporates, the more national corporates still buy very much local and also the local branches of some international corporates continue to buy very locally with the exception of certain verticals. And last but not least, even when you look at the world of e-commerce and you look at it in terms of revenues, not volumes, most of the market is concentrated into the mid-market, which, again, is very local that requires very specific services locally. As Nexi, we have an obsession for sustained focus on SMEs, mid-corporates and mid-market e-com. We are not -- we don't want to compete on the large global merchants in the large e-commerce space. That's not our space. We have marginal business there. We have no investments in place. We are completely focused on the dark blue that you see on this page. Now looking forward, there are 2 characteristics that will shape the market. We continue to shape the market over the next several years. The first one is that payments will become more and more complex. I guess you recognize all the titles on this page. And many of them we'll cover during the morning. The key point is that this complexity is a lot for our customers. And therefore, this offers us the opportunity to help them because ultimately, if you are a small merchant you just want to accept any type of payment that your customer can put in front of you. You don't want to get into this mess. But also if you're a bank, you will struggle to stay with this complexity. Think about agentic e-commerce. It's far away from the competencies, the interest, the core of a bank, what their customers may want to be enabled for agentic commerce on their cards. So this complexity will continue to increase and it's a great opportunity for players like Nexi that have scale and ability to invest capabilities. The second key element of the future remains the fact that the market in Europe is very fragmented than local and will remain very fragmented and local. This is exactly the same page that we had 3 years ago. We just updated on one aspect that I will tell you in a second. The United States of Europe, as we know well, don't exist. Definitely, they don't exist in our industry. Think about the local payment methods. Think about the software integration. Think about the nature of SMEs, but also the local corporates. And when you add on top of this, the integrated payments world, the world of ISVs, the world of software, the world of platforms. This is even more so very specific CR integrations. 90% of ISVs are local, probably more than that in our industry. So we believe the market will continue to be very local. And by the way, again, this is a big opportunity for Nexi, as a company, it is very entrenched in the local ecosystems. In this environment where payments are becoming more complex and being local is very important. We believe 2 elements will be key for long-term success, scale and in-market presence in market entrenchment. And if we map the different players across this axis, local entrenchment and scale, we realize that Nexi really enjoys a unique positioning. Because we are the only one that is able to combine these 2 elements. Yes, we compete with a number of smaller local players, traditional, maybe some new ones and so on and so forth, but they don't have the sale to follow through the complexity of the industry, the investment required by the industry. Yes, we compete with a number of larger players, European or even American, but they're far from being locally entrenched as we are. And by the way, the fact that product development, technologies choices, platform evolutions, capital allocation is decided somewhere else in the U.S. really doesn't enable them to be close to the markets and do what is needed in the individual local market in Europe. And yes, there are a number of -- now we call them here, NeoPaytechs. You know that better than I do. And actually, at least from how they are missing definitely the local entrenchment and for many of them, also the scale necessary to invest. And there is a lot of conversation around the single platform topic. Sensible to the fact that with a single platform, it's very, very difficult to play on this axis and to be close to our customers, being entrenched in the market, do what is necessary in terms of payment methods and customer support in the specific market. These are just examples of the benefits that we get out of scale and locally market entrenchment. Scale brings you the ability to product investments, tech and AI investments to play strategically with partners both in the scheme space, but more in general in technology, not the possibility to shape the evolution of payments in Europe, obviously, operating leverage. But when you go into local market entrenchment, actually the ability to not only work with but sometimes run local schemes, play with the local relevant APMs, have in-market sales and customer support, local partnership and distribution, local integration and deep engagement with the local ecosystems. It's really the combination of these elements, these capabilities that makes Nexi unique. If we bring it all together, what is our overall vision, our perspective, payments will continue to grow for the very long term with an increasing complexity and structural fragmentation across Europe, both these elements are good for us. In this context, our purpose is very simple. We want to simplify payments for our customers. From the smaller merchant to the larger banks being always reliable and securing our services, whether in localized solutions to our customers first and then in close customer support. And we want to do this with a very clear position to summarize by a few words that were the title of our 2022 Capital Market Day, European by scale, local by nature, best combination of any market entrenchment. Overall, if we bring it all together, our ambition is to be the trusted the European platform, transforming the complexity of payments. This is almost astonishing for customers into opportunities for citizens, businesses and institutions that don't need to think about this complexity. They can just enjoy the benefits of technology evolution and more possibilities. Now let me jump into how this unique positioning is translating into opportunities for growth for our company and in resilient growth going forward. Now in order to understand the short-term dynamics of our revenue growth and therefore, understand the future dynamics of our revenue growth, it is really important to separate the 2 components that coexist as we speak. The underlying growth and the bank effect. To be clear, we perfectly understand that ultimately, what really matters is the net revenue generation because this is what ultimately generates profits, generates cash, generates a return to shareholders. However, in order to understand what's happening today and what will happen in the future is really important to separate these 2 components because they leave completely different dynamics. Let me start with the second, and Bernardo will dive into it much more and give you much more evidence. To be clear, bank contract effects, which are actively negotiations with banks with discounts and some potential losses have always been with us and will always be with us. However, historically, this has been more or less a 1% to 1.5% of our revenues. And this is what we believe will happen in the future because they are a part of the nature of our business, where volumes are growing, more services are offered. It's normal that we have this dynamic. However, in '25, '26 and '27, these bank contract effects have been -- will be exceptionally high, basically for 2 reasons because back 3 years ago, we lost a few but material customers on the back of very harsh competition normally on merchant book acquisitions. And as we look backwards, we still believe we did the right thing not to overinvest and not spend on that type of M&A, given the multiples at which it was going. And that is combined -- sorry, and I want to be clear, these losses were not to the new names to the nail pay tax. What a very traditional competitors, people similar to the ones that you can have in mind, either local or European. And therefore, it is based on price, not on other elements. And together with that, this exceptional bank contract effects are also driven by a number of successful anticipated renewals that we had, on the one side, the need to do due to competition or the opportunity to do in anticipation to secure future revenues. These bank contract effects will be reducing to normal historical level of 1% to 1.5% from 2028 as most valuable contracts are now extended for a very long term. And by the way, at very much market competitive prices. And here, we have pretty good visibility. If you combine -- sorry, the other element, the underlying growth will recover a lot in the rest of this session. But ultimately, the key message is that we want to leave with you is, actually, we are resilient to mid-single-digit plus. That's where we are coming from, that's where we will go. All the dynamics of the new market in merchant services ultimately have proven a good resilience for Nexi as we've been winning in the challenger markets and defending our leadership positions in the other ones. And this growth will continue to be driven by a portfolio of core engines and growth engines further powered by a number of very specific initiatives that we'll cover later on. If we bring these components together, this is the profile. This is the profile that you have. An underlying growth that is going from 5%, 6%. And last year as well was at about 6% that we believe will continue. Obviously, we will have the ambition to increase it, but we believe at least it will continue. That combines with these bank contract effects that historically were around 1%. From '28, they will come back to about the same level, but not last year, at a material impact, about 4%. And this will continue over the next couple of years where lower, if you want impact, but still a very material impact. And here, I want to underline the fact that we have a very strong visibility. And even for the contracts that we still have to renew over the next couple of years, we've already embedded into these projections what we believe the effect will be. This is the profile of ultimately what really matters that are net revenue growth over the next few years. And therefore, we will have a '26 and '27 pretty close to '25 for these reasons. And then as these bank contract effects disappear or go back to normal, we will have reacceleration about 5%. So if you want, the good news is that in order to believe we will go back to mid-single-digit growth. You don't need to believe that suddenly we will market share everywhere. Or we have some new product that we'll state the market or that we go to the moon. You just need to believe that we will continue to grow resiliently at our historical level and that these extraordinary effects will basically expire over the next year or 2. Now looking into the profile of growth going forward. And before I tell you how we'll be driving growth going forward. Let me go back for a second to the concept of resilience. Looking backwards, and looking at today as well. And I'll do it specifically focused on MS, which is obviously the hot topic that we all are interested in. It's always difficult to construct market shares in our industry. It's basically impossible, let's be clear, okay? But if you go back and you try to aggregate numbers and here we'll be leveraging on a few very well done external reports. This is more or less the picture that you observe if you try to reconstruct the market shares for next -- to the other traditional competitors banks and the newer competitors. What do you observe. Yes, the new competition has taken share in a growing market. But this share has been coming mainly from the banks and the other traditional PSPs also because very often, these newer players play in spaces where Nexi is not really exposed. Think about global commerce, think about the very large merchants in certain verticals. We are not exposed to that, and we don't want to be exposed to that. Overall, the Nexi market share has been broadly resilient despite new competition for every lost more or less 1 percentage point. And obviously, in 2025, we've been affected by the bank contract losses that have nothing to do with these new competitors. And at the same time, we're recovering from banks and other traditional PSPs most of the limited losses that we had over the last few years. If now we look at this with our own internal data and initiatives. And here, the focus is really again -- and it's more, if you like, short term. Last year, today and so on and so forth. Let me tell you, we see it region by region, Italy, which is more than half of our business. Yes, we are seeing a market share erosion also last year, but it's due to these bank contract effects. Their lion's share has proven to be resilient, thanks also to the development of the new distribution channels, and we are having a growing exposure to e-com. Overall, the underlying SME market share has been stabilizing towards the latter part of last year. Volumes underlying net of these bank contracts have been growing more or less 10% for international schemes, e-commerce revenue is up 8%. At the Nordics, here, we've been defending leadership position. I would say, very effectively in Norway, a bit less in Denmark and Finland, we've been winning market share as a challenger in Sweden, we did develop a lot of e-commerce and value added services overall revenues for Merchant Services up 3%, e-commerce revenues up 8%. If you look at DACH, we've been winning share in the SMEs in Germany and also a little bit across the region, growing with ISV partnerships and strengthening our operation in ecom. German revenues last year, about 9% up strong. CSE strong both In Polish -- in Poland, SMEs about 10% and developing ISV partnerships in the region and new channels in Greece and Croatia. Overall, if you look at the international schemes, net of this product effects that had nothing to do with the new competitive dynamics, our volumes last year, they grew more or less 10%. And by the way, with a broadly stable take rate, which I think is a good signal as, yes, we have some price pressure, but on the other side, we sell more and more services to our customers. So overall, on the one side, we are defending our core, where yes, we get pressure. But no, we are broadly defending it, while at the same time, accelerating on growth engines. Now going forward, going forward, we see our growth driven by a portfolio of core engines and growth engines. We like to map our businesses across these 2 axes. The market position we have challenger leader in some cases, greenfield and the growth potential that we see for that market. And we basically see 2 set of businesses for us. On the one side, you have Italy and the Nordics, very large. The bubble represents the size of the business with further opportunity for expansion, the further opportunity for expansion over the next 5 years is the white, if you want. But obviously, we are leaders. We can't imagine we take share. Everybody is trying to eat into our own plate. We will defend our own plate and enjoy the growth of the market. And these are our core engines at the same time with a number of growth engine. Instead we're a challenger. And therefore, we can invest to grow share. We can invest to accelerate growth and to grow the business. And here, we have a number of them, let me point at 3, the German and DACH region definitely, e-commerce across the board, I told you that we are growing 8%, 9% e-commerce, both in Italy and the Nordics. So Italy and the Nordics are -- if you look at them more broadly in markets where we have a strong leadership position, but actually e-commerce is a great opportunity also there. Integrated payments that is the new theme for us and obviously issuing products where we have a great experience in Italy that we want to export as well. Now in this portfolio, we'll be driving growth with a number of additional, we'll power growth in a number of additional initiatives. And this initiative will be focused on our strategic segments. To begin with, in SMEs, we'll be driving growth and customer value with strong localized omni acceptance payment solutions. Next is SmartPay is the key title. We'll be winning in integrated payments with ISV partners. And here, we will have a dual approach with Nexi integrated 4 ISVs and Nexi smart commerce for SMEs. And in parallel, we'll be investing in multichannel distribution across the board to win in SMEs. In market e-commerce will be accelerating with our localized collecting checkout solutions starting to embed during the year also e-commerce capability. Nexi each -- account is the core proposition here. In mid-corporate, we'll drive growth with exceptional solutions with unique. We'll continue to invest in unique local components that are very important for the segment, extending gradually to omnichannel that is gradually becoming more important for this segment. And last but not least, with banks and corporates, by the way, will drive growth in issuing through a stronger focus on issuing products that allow us to grow value and not only number of customers. And Nexi Ready is the key topic. During morning, we cover all of them. I want to focus on 2. The first 1 is obviously integrated payments, which is -- our biggest priority is my personal biggest priority, given the strategic relevance of that. And then I'll also say a few words on multi-channel distribution. Now let me start with the market of integrated payments because when we discuss it, we feel that everybody is very much looking at the U.S. experience. But U.S. experience, we believe, is quite specific, very large market with very unique characteristic with very large SMEs, very large players. When you look at Europe, we see the world of integrated payments that is starting to develop, but it's still at very different levels. This is the penetration of integrated payment solutions on the front book of payments. In the U.S., this is already well above 50%. When you look at Europe, you have different degrees. Yes, the Nordics are more advanced, utilized economies also for SMEs. DACH is probably around 15%, 10%, 5%. Italy is super well below 5%. Also because the characteristics of this market in Europe are very, very specific. There are 1,200 ISVs only in our geographies. The average size is below 1,000 customers each. So very, very small and 90% more than them are actually active on one single market. So a large market, a number of small and many localized ISVs. Honestly, large U.S. ISVs are quite marginal on our footprint. We see something in Germany and Switzerland targeting the -- sector, but ultimately, quite marginal, also because you have into every single country, we operate a number of entry barriers. The other element is that a lot of them are really basically CR payments with limited software integrations. There are a number of local integration and regulations. And by the way, every market has a different dynamic in terms of distribution of software in terms of competitive dynamics around software. So yes, this is coming. It's coming slowly and this very unique characteristics. We want to invest ahead because we believe this is going to be a shaping topic, and we believe it can also be a good opportunity for us. And here, our strategy, we discussed this in one of our calls for results in the past. Here, our strategy is completely focused around partnerships with the ISVs with a dual approach. On the one side, when Nexi Integrated, we will serve ISVs. And here, we will provide our payment solutions to as many ISVs, local ISVs as possible. Today, we serve already more than 500 that will integrate them with their local solutions and bring them to the market with their sales channels. And we will invest. We are already investing in actually serving -- selling and serving to these ISVs that are in this context of our customers. On the other side, with Nexi Smart Commerce, will pick in every market, we are picking actually, it's already happening in every market, 2 or 3 verticals in each of the verticals that are particularly strategic. In each one of these verticals, we'll select 1 partner and we'll do the reverse. We will bundle the software of this partner into our products and services and bring a Nexi Integrated proposition to the market through our channels, including banks, with a strong focus on upselling to our customer base. We talked about 2 million of customers in the SME space, actually in SME is a bit less, but most of them are in the SME space and that those customers are a great opportunity for us for upselling. And in order to do it, we will also invest in more distribution to them. There are then a number of common components here, a visible one is the Nexi station that, by the way, you find there in the corner that Roberto will talk to you about that will be serving both proposition in a very unique way. So on the one side, Nexi Integrated to consolidate and grow next share across verticals, on the other side, differentiating Nexi, grow customer base value, and we share it in verticals. Now distribution. We will continue to invest and we will accelerate investments this year on multichannel distribution. Multichannel is not new news for us. We're used to it, but I want to tell you what we'll be doing by channel. Let's start with banks. Banks are a big part of our present. We believe that will be a very part of -- very much a part of our future as well. They're relevant mostly for Italy. Don't forget it, 11,000 branches is a great asset for a company like us in terms of distribution and customer management. Some of them are also investing in outbound SME field sales force, which is great. And they're very keen for upselling, cross-selling and so on and so forth here. We will continue to invest actually having in Italy some specific dedicated investment to support them into this complexity to sell more now also on Smart Commerce. On direct, we really include field sales, telesales and digital. This is very key for the Nordics and in Poland, but also in Italy, this is already now representing 25% of our firepower, up from the 10% that we had in the past. Here, we will invest in field sales capacity with a strong focus on mid-SMEs and then extend it to Smart Commerce. Last but not least, partners and ISVs. In this space, you don't have only ISVs, you also have those retail and other things. They're already relevant for the Nordic and DACH, very early stage in Italy, consistently where the market is, which is very underdeveloped. Today, we already work with more than 500. And obviously, as I said before, we'll invest a lot in terms of dedicated sales force and support to ISVs in particular. Overall, over the next 5 years, we will add another 600 people selling products and services to SMEs, to ISVs together with banks in the case of Italy. Overall, we'll go from 800 people on the ground to 1,400 and in Italy, we'll basically double from the current 300. This approach will basically allow us going forward to basically cover up our firepower in terms of new sales in the market, in particular, it will power up indirect and ISVs. And in places, for example, like Italy, will also help complement banks that we believe will continue to be incredibly relevant. But clearly, these investments indirect and ISV partners are giving us an edge on the evolution of relevance of banks in our industry. Now together with this resilient growth, we combine and will continue to combine operational excellence, disciplined investment. Here, I want to focus on 3 things: technology, efficiency and AI. Let me start with technology. Here, I want to be very clear. We are not obsessed with the single platform team. We understand the value of it, but we are not obsessed with it. What we are obsessed with is working against these 3 objectives: innovation, agility, local differentiation and efficiency. And continuously making choice, investments, decisions that balance over time, these 3 objectives. So what we're doing, what is the progress here? First of all, on Products & Solutions, we are developing -- we already developed partially and we continue to develop modular group reference solutions to drive scale across markets that we can deploy across geographies. We continue to use, in many cases, local front end, call it, the gateways, call it terminals for having -- to have in-market integrations and customer proximity where necessary. We are developing integrated product factories for faster product development, more agile product development that are leveraging, obviously, AI as much as possible. And we have a number of common API capabilities that enable us to move these products and services to our platform. When it comes to processing platforms, our next-gen target processing platforms are fully developed. And we approach the migration on these target plans in a very pragmatic way. There are cases where it doesn't make any sense, to be honest with you, to do it. because you're just creating a massive complexity for customers, you lose capabilities that are very relevant for them. And by the way, it doesn't work from the economic standpoint. But we continue to migrate in. We will continue to migrate and converge. Today, these target platforms will recover about 60% of our volumes. Our target over the next 5 years is probably to converge on them about 80%, 90% of our total volume. And that's it for the visibility that we have today because we are fine to maintain some local platforms that give us a strong competitive advantage that you could not have with the one platform approach. Taking into consideration, however, that as we do this, compared to where we were in 2022, we've already taken out and shut down 25 platforms or platform components. Last but not least, obviously, we will continue to work and converge infrastructure as well. On data center consolidation over the last 3 years, we did cut by 45%, 50% the footprint of our data centers, which is real efficiency. We will keep on going, but ultimately, we are close to where we want to go. I think we'll go there in 1 or 2 years. At the same time, we continue our evolution towards open cloud architecture. And obviously, we keep security at the center of everything we do and clearly, we're already working on AI proof security. Now a few examples of where we are going with this in terms of innovation, agility, local difference and efficiency, a couple of examples here. The small station you see there is a group developed product being rolled out very early on this year in the Nordics and then in Italy, Germany and so on and so forth. So it's -- if you don't have scale, you can't do that, okay? Or Nexi Ready. Christian will talk later. Based on Italy experience, we developed a pan-European platform that is ready for any trend across Europe to bring our experience there. Local differentiation, 2 examples here. We announced pagoPA as a local payment public administration and payment system. We announced a few days ago that we will bring to the terminals, to any terminal in any small shop, the possibility to accept public administration payments. That's not something that you can do if you have a one single platform being developed from somewhere in the world. That's a flexibility you can't have or another example here in Finland. We talk a lot about unified commerce. In Finland, we are developing it on the back of a very local and very successful platform that is the Petrel platform targeting SMEs. You can't do that if you have a single platform approach, given the specificity of the market. Last but not least, efficiency, just to give you a sense of it, if you look at IT ops over the last 3 years, they've been broadly flat, broadly flat despite the growth of volumes despite the augmentation of the portfolio. Second topic, efficiency. As you know, as a company, we've been focused on efficiencies since the #1. And if you look at our historic performance, our OpEx did grow 2% to 3% structurally. And we've been working on this front. We talked about IT efficiency and platform consolidation, operational transformation, continuous operating model view and organizational rightsizing. We will continue to do that. We will continue to do that. We are continuing to do that. And on top of it, we'll be leveraging as much as possible on the opportunities offered by AI. However, and therefore, going forward, we expect to continue to grow 2% to 3%. However, this year, we have decided that in order to go after those growth opportunities and support those strategic investments, especially on merchant services, IT products, SME products and so on and so forth, sales force and AI, Gen AI. This year, we will increase a little bit the growth of OpEx as this includes more or less 2 to 3 percentage points of additional investments that we believe is strategic for the future, and we prefer to anticipate it. The third topic, AI. Again, we see AI, especially on the efficiency front as a big opportunity. As a company, we did start working on AI or actually machine learning, the way it was called back then, 7, 8 years ago in many different areas. Obviously, over the last couple of years with the arrival of Gen AI, agentic AI, we did double down on the space. We have -- we are continuously exploring opportunities, but we go as fast as we can into execution and scaling. Here on the right, you see just some examples, let me pick you one of them. As we speak, we have about 1,500 software developers that are developing with the support and testing with the support of AI. The productivity levels that we see are already well above 20% after 18 months. And as we speak, we are starting to apply that also on cobol and mainframe, which is still with us and will remain with us for a long time. And in parallel, we're developing a number of enablers because we see AI something that is pervasive in our business. So our resilient enduring growth on the one side, continued focus on efficiency. These 2 things combined will allow us to continue to generate strong cash and distribute it to shareholders. Let me now call on stage Bernardo and hand over to him for the session.

Thanks, Paolo. Well, good morning and welcome from me as well. In next few slides in the next session, we will attempt to translate what Paolo told us about positioning and strategy into revenue, into margin ultimately into cash. And I'll try and make the point that our infrastructure position in Europe positions us very well to become a very significant cash compounder. But before we start with the session on our financials going forward. Going forward, sorry, some feedback from behind us. Let me start with the results for the year. I believe pretty strong operational performance with revenues growing just north of 2% for the year. Importantly, as Paolo has highlighted, our underlying revenues continue to grow around 6%. This has been pretty homogeneous throughout the year. And as we have seen in previous slides, if you look back in time, it's been pretty consistent over time. Our costs growing just under 2%, demonstrating our steadfast commitment to cost control in the face of, as we have said, inflation, volume growth. And volume growth in terms of cost is about a number of transactions, a number of transactions grows very consistently. But containment of costs, thanks to all the work we're doing on efficiencies in the IT department, you've seen how IT costs have been flat over the last few years. EBITDA growing just north of 2% with slight margin accretion in the year. Normalized EPS growing double digit. And here, it's important to highlight also the fact that we did take an accounting charge, a goodwill impairment. This is obviously noncash of EUR 3.7 billion to align, let's say, the carrying value of the companies we merged with back in 2021 through the more recent market valuation parameters for the payment sector. Excess cash, importantly, has been growing double digits to -- we closed the year in line with our ambition to grow in excess of EUR 800 million to EUR 806 million. And importantly, balance sheet continues to be strengthening and we believe balance sheet strength is a strategic asset for us. bringing leverage down to 2.6x. Again, before we start, just a quick word with regards to rebaselining the numbers for '26 onwards. And there are 2 minor adjustments. One of them is about let's say, making more homogeneous the way we -- within the group, the way we account for partner commissions, and this is moving basically cost to contra revenues. And the other is to basically reflect the fact that from the fourth quarter last year, we are consolidating comp top line by line. So adjustments, which are pretty much neutral from an EBITDA perspective. It's just housekeeping, and I would say, just for the purpose of pro forma in your baseline. Now Paolo has told us how Europe is very local. It's fragmented, it's locally regulated and where it's local presence, local leadership that wins you business. And it's our platform scale that allows us to generate incremental economics with high margins, high cash conversion. And what I would like to start with is, again, a slide which some of you who've been following us for some time might have seen in either the previous Capital Market Day or even back in the day when Nexi IPO-ed. It's a slide which basically summarizes how this positioning in the market generates these 5 attributes that Nexi possesses. And each individual one of these, I think, is common to be found in any given payments company. It's very common to see large companies or companies which generate profit or cash. What positions us is unique within this because we have all 5 on the same roof. So we are by far the largest, I'd say, payments company in Europe, EUR 3.6 billion of revenues, close to EUR 2 billion of EBITDA. We have sustainable profitable growth. We've been growing both revenues and EBITDA over the years. We have generated a substantial amount of cash, EUR 2.1 billion over the last 3 years, EUR 800 million just in 2025. And we started to distribute this cash to investors. We paid out EUR 1.1 billion in the '24, '25 period. EUR 300 million was our first dividend last year, one we'll speak of later during the course of this morning or this presentation. $800 million was used to buy back stock. And within this context, we have brought our leverage down to 2.6x. We're on the edge of reaching our 2 to 2.5x target because we were always eyeing and we're always commitment to achieving investment-grade status, which is what we did at the end of 2024, and we remain committed to maintaining and building on this growing going forward. So as I said, these 5 characteristics are, I would say, unique to be found in any one single company. Again, another slide which you're probably familiar with, we called it amongst ourselves, our cash generation formula. And it shows how we possess operating leverage. Our revenues grow. We've seen the underlying growth translates into reported growth as well lower than what we have historically, but we'll speak about that. But our top line growth, based on the fact that we have a predominantly fixed operating cost base, 20% of our costs are variable, 80% are fixed translates to operating leverage, which feeds into EBITDA growth, cash growth. Cash growth, which is then compounded because we have cash leverage through the fact CapEx continues to come down as we digest our transformation and integration and nonrecurring items, which have come down substantially in the last 3 or 4 years, compounding this cash growth going forward, and you see the progression in the chart here. And it's I believe this ability to compound cash growth -- and generally, the significant amount of cash, which ultimately will be the driver, the engine behind the equity value creation for investors going forward. Something we have -- or Paolo has spoken of and just like to represent in this chart. And essentially, what we do is go back in time and see how our revenues, our reported revenues have pretty much always been growing between 5% and 6%. And if we had the numbers and weren't too hard to perform on them going back even if we went back to 2018, 2017, 2016, I'm sure they would show a similar picture. But they've always been growing more than nominal GDP. That's why we believe our business is a GDP plus business. Of course, we've spoken and we'll dive into a bit more detail in 2025. I've shown you the numbers that reported is really about the bank contracts in fact what Paolo mentioned, and we will see more in detail in a few slides. But the underlying growth is still that 6% that we were speaking of. And importantly, this is structural growth. Structural growth, which is ingrained and based on the fact that as we have seen the markets in which we operate are still underpenetrated compared to the average for Europe and much less than the average for countries which are, let's say, at the forefront of the adoption of cash payments. So there's a lot of headroom for further growth. This means our growth is really infrastructural growth. It's not cyclical. And it's very resilient and predictable. This slide, Paolo showed you earlier. So again, we can see how that 6% underlying growth, we expect to continue going forward. We don't expect our underlying growth to change. What we expect to do is to change the profile of the growth of our reported revenues, which is the only one that accounts. And why do we believe that, you can see it at the bottom here, the bank contract effects, which we have spoken of, which basically were crystalized or were generated back in 2023, beginning of '24. And because of the difficulty of moving volumes and business away from a payment company like Nexi to someone else, are only materializing today, and we've seen the peak of the impact being in 2025 with a 4 percentage point gap between reported and underlying revenue growth. Unfortunately, we will still suffer from this in '26 and '27. But in '28, we will revert back to normalized levels of doing business, which means often offering discounts to renew contracts and the likes, and we'll speak about the fact that we've already done a lot of this. And we'll continue this way thereafter and I'll speak a few words with regards to why we believe that this profile is the right one. But it's important that you know that structural demand is intact. And therefore, reported growth is expected to follow this profile going forward. And to return, as Paolo was saying, to what we were already delivering, you don't need to believe we'll do anything different to what we've already been doing in the past. So apologies, this slide is very busy, a lot of logos, but it's important to look into greater detail as to why we believe that reported numbers in terms of top line growth will revert back to what they used to be. And it's important to highlight how strengthened our relationship is with banks, primarily Italian banks, not only but primarily Italian banks, which were at the heart of the gap of the dip in terms of revenue growth that we've seen so far. And this materializes as I was suggesting, back in '23, in the first half of '24 when the market was characterized by higher multiples in terms of the M&A landscape in the payment space. And this both enticed banks to sell their contracts and distribution, and they're willing to go through the 2-year ordeal, I would say, of shifting business from one payments partner to another. And it was characterized also by some players who were willing to pay significant premiums, significant multiples in order to acquire a position in the Italian market. Without mentioning names, I'm sure you will agree with me that some of these are probably no longer in that business anymore and unlikely to return to where they were only a few years ago. And indeed, we've had a wave of renewals since then, if you look at the slide from second half to '24 to today, basically, it's in the last 21 months, I believe, we have had a 100% renewal rate of anything which has come up. This is a much more normal kind of development of the payments market. Renewals with contracts, which now give us greater revenue visibility going forward and are priced at levels which are very similar or very much more aligned to the market and don't suffer from, let's say, legacy M&A-driven contract. So revenue visibility really has materially improved and gives us the comfort that I was referring to. Now if we look at the top -- and this is again another little deep dive in terms of our revenue visibility, which I hope helps you understand and come around to my point of revenue visibility being very high. This chart we're showing you, our top 20 contracts with mostly Italian banks, but it's European. They represent more than EUR 1.5 billion of revenues if you include revenues generated through merchant referral agreements in Italy. This is 50% or more of our issuing and acquiring revenues in Italy. 90% of these revenues don't have any renewals attached to them which come to you before '29. And the largest ones, these ones here, which you say, large-sized banks. There are hundreds of millions of euros of revenues associated with contracts with large banks. These are 2035 and beyond. And also that -- so 90% of what you see on this slide of that EUR 1.6 billion of revenues of these 20 -- top 20 banks, 90% are '29 and beyond. The remaining 10%, so what you see bank #3, merchant solutions has been extended issuing is in the process of being negotiated and so on and so forth. These are negotiations in a broader context, a very strong and deep relationship with the bank. It's not about M&A, which is what happened in '23, which is what drives the gap between reported and underlying revenues. And we are in a strong position to secure these, we are in advanced discussions. And importantly, our expectations with regards to the outcome of this have already been built into those bank contract effects I was referring to earlier -- that our visibility is very high with regards to these bank-related revenues and contracts and has materially improved over time. So if we move on from bank relationships to -- and visibility and revenues through speaking about growth drivers, we have a target to reach EUR 4 billion of revenues in '28 and some common themes across Europe, which help across the divisions that we operate in to deliver this growth. First one obviously is just the secular shift of cash to card payments in Europe predicated on the fact that, that 36% market let's say, penetration or penetration of payments will trend towards that 46% on average in Europe, that 55% we've seen in the markets in which we don't operate, that 100% that you see in countries there, which are already cashless where you're not talking about kind of increased penetration of payments, cash doesn't exist. So a lot of headroom to continue to grow. And this is a common theme across our geographies and across the business units we have. Of course, unfortunately, we have common themes in issuing and acquiring on -- in terms of bank contract effects. You see them highlighted there. more so on acquiring even this year, so in '26, definitely last year, more so in issuing in '27. So that means that -- Solutions was actually, and Paolo referred to this earlier, will accelerate first or maybe didn't, I have just said it, will reaccelerate first in our planned period. And Merchant Solutions will, of course, be the biggest contributor to our growth, and there are some themes there that have been highlighted and Paolo has gone through. We'll talk about them more later about SME, how important that is for us, that sector, integrated payments, that's the convergence of software and payments, e-com, which continues to grow and omnichannel expansion. Christian will tell us about Nexi Ready, which we already rolled out in Germany, and we continue to upsell and cross-sell advanced digital issuing products in the rest of Europe and digital banking solutions, which also benefits from the growth in instant payments. So what we continue to see is secular growth in our space, which is supported by our execution and our strategy. We don't see disruption in this space. If we look at geographic diversification, we'll come back to a point and I can come back to point Paolo made earlier. Our portfolio of geographies comprises both countries in which we're leaders, core markets like Italy, like Denmark, but it also has countries like Germany, where we are a challenger and our growth market for us. Indeed, we have common themes geographically across Europe as well. The markets in which we're present has the market growth phenomenon that I was mentioning earlier. Integrated Payments is a theme across Europe. Of course, e-commerce growth continues across Europe is that feature in most markets in which we operate in. In this context, Italy continues to be foundational for us, notwithstanding what I spoke of in terms of the bank contract effects. And we will recapture through our strategy of growing our direct channels, part of the market share that we lost because of this. We already are. The Nordics continue to grow despite the high penetration levels we have there, also thanks to our upselling of value-added products and services. And Germany, of course, allows us to compound the natural growth in the market because of the underpenetration of the German market with our market share gains given our positioning as a challenger. Moving on to costs. Historically, we have grown costs in the '22, '24 period by about 3%. And this period was characterized by very high inflation, 7%, 8%, a number of transactions growing double digit, impacting us on that 20% of our cost base, which is variable. Notwithstanding this, I think we've demonstrated structural cost discipline. I think we can claim credit for that. I'd like to put it to my colleagues, we have demonstrated, I think, a healthy version through cost growth. And this has delivered the structural growth of 3%, just under 2% this year, which is, I think, a good result. Going forward, in '26, we see -- we've divided this chart into the same kind of structural cost growth that we've experienced in the past, which is increased, I would say, by our targeted strategic investments in product and distribution that Paolo just spoke about. Some MS products, the sales force. And of course, AI, Gen AI, all these investments or these benefits that we seek through reap and are already reaping come at a cost of investment, and we see this in 2026. But importantly, in a predictable fashion, we will revert back to what our historical cost growth has been already in 2027, so you can see that 2% to 3% range. So this investment peak for me, it's important to convey to you is about supporting future growth. It's not expansive. It's disciplined. And margin expansion will resume in -- the meaningful margin expansion will resume in 2028. We plan to reach EUR 2.1 billion of EBITDA then. A significant contribution clearly is expected to come from market growth and initiatives we've spoken of. We will continue to combat cost growth. You can see the 2 bar chart, inertial growth. This is volumes, investments, inflation combated by our work on IT efficiencies and operational efficiency. This is a constant improvement game in that space in which we have proven over time to be successful in. And importantly, back to the point I was making about contract effects, we have -- thanks to the visibility we've spoken of being able to derisk our predictions with regards to where we will land in 2028 in terms of EBITDA by the effects of these contracts. Therefore, we expect significant margin expansion actually to resume in 2028 and this EBITDA through -- our EBITDA to achieve that EUR 2.1 billion point. Now when I speak of costs, I look at cash CapEx. It's an investment, of course, is and my colleagues will save it for me, it's also a cost. And you can see that in terms of CapEx, I think we've come a long way, frankly speaking, only when was it, 2022, I think we had EUR 520-something million, EUR 522 million of CapEx. In this period, we've soaked up a lot of inflation. We've soaked up a lot of investment in transformation and integration yet we have come down by EUR 100 million or more in terms of CapEx. And our capital intensity has also come down from more than 16% to 12% today. And we expect this to trend towards that all important 10% line, which we will achieve in a not-too-distant future. And I would say the maturity of our infrastructure, following the transformation spend that we had in the prior years, lowers our CapEx intensity, but importantly, also improves the predictability again, of our cash flows going forward. So this CapEx intensity coming down to 10%. We'll see it with the cash generation over time also helps in terms of supporting our cash conversion predictability. So this is, again, I would say, reiterating a point I just made is essentially our cash conversion, our cash generation formula. So going forward, the key messages that I want to leave with you are the same that we've already discussed a number of times, we will continue to benefit from operating leverage. We will continue to benefit from cash leverage and conversion will be increasing in recent years, which is compounded by, as I said, the reduction -- further reduction in CapEx, the further reduction in our ROI. And I'm profoundly convinced that this is this that I believe will be the engine of equity value creation over time for Nexi. If you look at the cumulative number, we believe we will generate EUR 2.4 billion of cash over the next 3 years. We've generated EUR 800 million this year, this year being 2025, EUR 2.4 billion over the next 3 years. This at today's prices is probably more than 60% of our market cap. I believe this is a key point to be underlying. Going forward, as we said, the first guidance for 2026, I can give you is that we expect to generate EUR 750 million of cash this year. This is impacted. Why is it down from the EUR 806 million. Simply put, we have more taxes to pay in 2026. And this is a gift of the budget which came in late in the year, where bank taxes, banks which benefited from higher rates and were taxed caught us in the midst, and this costs us essentially the difference between that EUR 806 million and EUR 750 million. But we expect cash generation growth to accelerate over the planned period. In total, we expect to generate EUR 2.4 billion of excess cash in the next 3 years, and we expect this growth profile to be accelerating over time. Now before I move on to guidance and wrap up. Another word with regards to 2026 and capital allocation going forward. First and foremost, you should note that we remain steadfastly committed as a management team, as a Board to our investment-grade status, not the rating, status, which is a broader commitment than just the leverage target you see here. We believe the balance sheet strength, I said it earlier, is crucially important. This is a strategic asset for us. So discipline on this front, frankly speaking, comes first. As I mentioned, we closed the year at 2.6x leverage. This is just on the edge of the 2 to 2.5x target we had always said as being the kind of sweet spot in which we should operate in. So that puts us in a comfortable position to address the second point, which is also equally important, which is return of capital to our shareholders. Now we've chosen to focus this year on a dividend per share of EUR 0.30, only that. This is a 20% increase on last year's dividend. It is accompanied by policy, which we'll speak of in a second, to increase this dividend every year by at least 5%. That means over the next 3 years, we commit to distribute at least EUR 1.1 billion by way of dividends. That is 30% of our market cap or more today. We will obviously continue to scout the market for M&A opportunities, but we'll engage in them only if they are very value accretive for us and make strategic sense whereas we'll continue also to focus on rationalizing our portfolio and optimizing it. This will primarily come in the DBS area, would be my guess. There won't be huge transactions, but it shows, again, discipline in terms of the strategic composition of our portfolio and our commitment to optimize cash and capital. Obviously, I've spoken about EUR 1.1 billion of dividend distribution, the balance between that EUR 1.1 billion and the EUR 2.4 billion of cash we will generate over the plan. We will assess on a year by year basis what best use there is for this incremental cash generation. It may well be further acceleration and deleverage. It may well be bigger dividends. It might be share buybacks as we've done in the past. All of this will be assessed on a year-by-year basis. I think the important thing to focus on is we believe from a capital perspective that we are in a strong position to build on our investment grade rating. And at the same time, continue to distribute capital to our shareholders and pursue selective M&A if and when the opportunities arise. Final slide on our guidance. Starting from 2026. We guide towards basically revenue growth, which is broadly in line with this year. You saw around 2%. I expect or we expect Merchant Solutions to be reaccelerating particularly in the second half of the year. And all of 2026 will be an acceleration compared to the second half of 2025. Moving forward, looking further down the line in the planned period, we expect to return to that mid-single-digit growth that we've seen has been our historic reported level of growth in 2028. We look at EBITDA, also EBITDA given the strategic investments we're going to be making this year, I expect to be broadly stable in absolute terms compared to 2025, and we will return to meaningful margin expansion of the EBITDA in 2028. With regards to the use of excess cash -- or sorry, before I go to that, excess cash generation will be round about EUR 750 million. I mentioned the taxes. I also mentioned and called out the fact that we're investing in our future growth in 2026, which also helps explain this number. And going further down the line in cumulative terms over the planned period, we will generate EUR 2.4 billion of excess cash. And then going to capital allocation. I've just mentioned it. We've chosen to focus. The Board has chosen to focus on dividend distribution because we believe that provides you with maximum certainty and commitment in terms of our ability -- to distribute capital to shareholders, and we start with a EUR 0.30 per share dividend, which is a 20% increase from last year's EUR 0.25 dividend, and this will grow at least 5% over the planned period. So before handing the floor back to Paolo, just let me wrap up. I mean Europe remains fragmented and regulated as we have seen. Nexi is embedded at the core of all of this complexity and our leadership does allow us to generate durable revenues which coupled with our cost discipline and platform scale allows us to deliver this cash compounding feature, which I've spoken so much of. We are essentially the infrastructure backbone of Europe. We act as an orchestrator, as an integrator in a very structurally complex and essential ecosystem. And this gives us great visibility in terms of cash generation and compounding capacity. That said, let me hand the floor back to Paolo. Thank you very much for your time.

Thank you. Thank you, Bernardo. And let me wrap up this session with the last point that we wanted to deliver that I think Bernardo has already moved towards, which is our structural long-term resilience. Here, I want to address it going straight into the, I would say, the 4 topics that I feel -- we feel being a little bit hot topics in our conversations with you and with investors. The 4 topics are these newer MS competition. I think we discussed it, we can go back to it in our Q&A. We see an underlying resilience with this new MS competition. And as you understood, we are investing to grow stronger in SMEs and integrated payments going forward and sales force. Second, now we discussed a lot of debate around the relevance of banking, the banking channel. We believe the banking channel will continue to be relevant at least for Italy, but at the same time, we are also hedging and investing into additional strength in a multichannel approach. Now let me briefly talk about the other 2 topics that tend to come up in our conversation, alternative payment methods and AI and agentic commerce, agentic payments. Alternative payment methods, we already say a few words about it. They are not new news for us. We've been used to it over the last several years. Every day, we activate a new alternative payment methods. And this complexity coming from additional payment methods is actually good for us. They are more intended for person-to-person and e-commerce, given the fact that the experience of cards and wallets is superior in store, but they also coming a bit more in store. We will continue to do what we are doing now, which is integrate all the new payment methods that come up from the specific markets into our accepted propositions because it's all about simplifying payments for these merchants that want to be able to accept these payment methods. And actually, we do it with good economics that are comparable to the economics that we see with debit cards, which is the compatible. So we'll keep on going. This complexity is good for us. Obviously, there is a lot of discussion around stablecoins, will they change in this work. Our point of view is that stablecoins are really not creating some customer value beyond the other applications they can have, beyond the store of value concept for countries with stable currencies and so on and so forth. In commerce, they can create some value probably with for business-to-business and cross border, that's not our business. Our business is retail payments. We don't see, at the moment, material application or material space for stablecoins there. Nevertheless, we're already organizing ourselves to be able as the regulation stabilizes as well to accept stablecoins in our geographies in store and align through initially at least through partners. Last but not least, the digital coin, a lot of discussion around it. We believe it will come and it will come at some point, pilots will start into next year and will be a part of it. Ultimately, we see this as another payment method which has specific characteristics, but ultimately, it's a European product. And as a critical European platform, we are very entrenched into the space of the digital euro, and we believe it will present opportunities across our breadth of solutions, merchant services, IS and DBS as well. So this exploding complexity of payment methods, we believe is for us ultimately an opportunity. Last but not least, AI, a lot of discussions. Obviously, AI for efficiency is a great opportunity. We already talked about it. So let me move to the other front, which is obviously AI for innovation. In general, we believe AI offers a number of opportunities for making our products stronger, our customer experience better. And we're working on a number of these things. Just to give you an example, Roberto will come back to that. We just rolled that MCP model context protocol to allow merchants that already operate with agents, which transmit and not that many to interact with our properties, with our platforms, with our systems through APIs, okay? Now when you look at AI in the more innovation space, obviously, the hot topic is agentic commerce or agentic payments. And here, I think it's really, really important that we hear on a few basic elements. First of all, this is really relevant for e-commerce. And e-commerce in the case of Nexi is about 6% of our total revenues. Second, it will be relevant, especially in the initial phase, really for the more global large merchant -- sophisticated merchants, which are not really our target. We do have no exposure to them. So in general, in terms of -- is this something that we're exposed to in a very, very limited way. Second element is that there is no doubt that agentic e-commerce will transform the search, the discovery phase of a commercial buying journey. But reality is that we are focused on the payment moment. And the payment moment requires a lot of trust and a lot of human interaction. So would you give permission to your agent to buy something without even knowing what it's buying, how it's buying, from where it's coming and so on and so forth. I think that's a key question. And as a merchant, would you accept payment from someone that is represented by an agent. So it will require a lot of development also from the regulatory standpoint. Said that, we believe that in Europe, these will have specific characteristics. And we are working already with the global leaders to shape this evolution, Google, Visa Mastercard. And we'll be piloting agent e-commerce during this year. Having in mind our market, which is a mid e-com market, which is a very attractive market because it will require quite a lot of support to come on board with the agentic commerce space. And last but not least, there is also the other side of the moon. Think about issuing. We have about 140 million cards. We want to make these cards agentic commerce, which again can be an opportunity. So all in, we see this as an opportunity for further development and in an environment where we're actually protected from potential disruption risks. So this closes a little bit the picture. So a unique positioning in a growing market, in a very dynamic market that we continue to see dynamic a resilient revenue growth mid-single digit going forward, combined with continued efficiency that will continue to generate cash that we will be able to return to shareholders and this formula, we expect it to work for a very, very long term. Let me pause there. Let's go for a break. We are a few minutes longer. If I can ask you to come back at around 10:20, that would be great. Thank you. [Break]

So welcome back. Thank you for having us to recover a few minutes here on the break. So Bernardo and I gave you the overview of our positioning, of our strategy, our plan going forward. Now we will deep dive into the real substance across customers, customer needs, initiatives. We will start with winning in Merchant Solutions, and the session will be led by Roberto, our leader for merchant services across the group that will be joined at some point by Sara that probably you never met that is our Chief Product Officer for Merchant Services. Roberto, the floor is yours.

Thank you, Paolo, and good morning, and a warm welcome to Milan also from my side. Let me start by quickly recapping our starting point in Merchant Solutions. We have a EUR 2 billion business, basically 55% of the overall group revenues. And we are very proud that every day, we have hundreds of thousands of businesses albeit small or large, run their own business and endeavors whether they are in store, online or omnichannel. If we look at our revenue mix, you will see immediately that the majority of our net revenues and our margins come from a very strong and unique position in the SME market. Of course, the corporate business is an important foundation in general for our franchise and so on, but SME is where we're really enjoying a leadership position across markets. Let me remind you that we operate in multiple markets in Italy and in 3 out of 4 Nordic countries, we enjoy a leadership position, while we have established challenger position in the DACH region, more broadly, and in CSEE. So basically in Poland, Greece and Croatia with a smaller and lighter presence in the other Eastern European markets. If you take the perspective of the future growth that we expect during the penalize -- you will see immediately that the bulk of it will come again from SMEs with a particularly strong contribution from DACH and CSEE where we expect not only to continue to drive customer value, but also to gain market share. And from e-commerce across the board and you will see moment where exactly we plan to focus into the broader e-commerce space. Now without any further ado, let me deep dive into the key segments and initiative that we are enacting, we are investing in to drive the future growth and that already Paolo has outlined before. I will not touch in detail the investments in distribution, but let me stress again that this is an extremely important part of our plan, an extremely important area for investment. That is also highly synergic with all the other things that myself and Sara will present to you today given the importance of accelerating distribution capabilities on new products, new solutions, new proposition and so on and so forth. Let me start from SMEs. And in every section, I would like to start from the customer, which ultimately is our true North for everything, maybe giving you a few insights on exactly who are our target customers and what is the European landscape in each segment. Again, on SME, we are looking at businesses that are much smaller than their U.S. equivalents. Typically, in our footprint markets, they are below EUR 5 million or much smaller, owned by families, very often single location of low single-digit number of locations with a relatively low level of digitalization, which ultimately translates into 2 things. One is that still a very limited presence of e-commerce. The other thing one is that when you look at things that really digitalize the business, for example, use of business management software, they spend much less than their U.S. equivalent. This kind of characteristics immediately translate into what they need from a payment service provider, and this is where we really like to start to then drive our proposition and solution. Ultimately, test of the business for SMEs in Europe is ensuring a super reliable, always-on service. They need not to care about whether the services are available or not because ultimately, this drives the earnings and their ability to continue the business. The second point is making sure that their customers enjoy a very frictionless checkout. And often, a frictionless checkout in Europe means one very simple thing, ensuring that all the local payment middles, local schemes and APMs are accepted without any hitch so that the customers can pay with whatever payment mean is of their own liking. Then, again, these are people who are passionate about their business. They are not passionate about payments. We have pressure on payments. So another key need is ensuring that they don't have to care about the complexity, the fragmentation of this business, they look for someone who can provide simple solution in a bundle. Last but not the least, they are not international companies. They are super local, and therefore, they really strive to find the ability to find someone who is talking to them with the local language, who is very close in terms of proximity, for example, in customer service or in any kind of other service interaction. Keeping that in mind, let's look at the 3 pillars of our SME focus. And let me start from Smart Pay, which is our core proposition for SME. The idea of Smart Pay is to combine the very best digitalization for SMEs with a very strong set of local capabilities. When you look at the digital -- we are actually heavily invested in this space over the last few years, and we'll continue to invest on this, starting from something that will deep dive in a moment, which is our range of acceptance devices and moving into other digital capabilities such as the ability to be flexible in settlement, the fast onboarding again, through the use of AI to accelerate the fits and effectiveness and to the interaction with the merchants to digital properties. A very important piece that I will then deep dive in a few pages is the space of value-added services, where we see, for example, embedded finance such as merchant financing is a key element for driving in the future customer value. At the same time, we are providing a very large set of things that really make us very local and very close to these kind of customers, starting from the ability to accept any kind of local payment method whether it's local schemes like Bancomat in Italy or an APM wallet like this mobile pay in the Nordics, we are there. We have all these kind of integration, and we provide that in a bundle within a single acceptance solution. We are also very closely integrated with all the kind of national, let me say, ecosystem or infrastructure starting from tax, moving into local standards for cash registers, all our things that are very specific to single markets like meal vouchers in Italy and in Germany. We are not just integrated. Often, we are closely partnering with institution of other stakeholders in the local ecosystem to codevelop these standards and therefore, enjoy again, a unique starting point in it. Last but not least, we also -- in every market in which we are present, we have local customer operations, operators who speak in local language that we are making more and more efficient to the use of AI over time, and we enjoy local terminal logistics, which help drive very strong service levels, for example, in terminal replacement. Smart Pay already today is a significant part of our front book in most of our markets and is already enjoying a very important differential in customer satisfaction vis-a-vis more traditional and legacy propositions as have been to the NPS score. Now let me go quickly on one other point, which is our acceptance devices, our terminals, if you want, we like to call them software defined for a very simple reason. Our philosophy in space is that the hardware is a foreign factor and what matters is the customer experience. And the customer experience is driven by the payment application, which is something that we have on our own that we develop in our digital lab in Finland, where we have a set of specialized developers for this. As you can see, it's a wide range, all within the same family falling. These devices can be mixed and matched for different store formats, from mobility to large multi-lane kind of setups. They are ready for all the future developments in terms of payment methods, for example, think about digital euro or stablecoins that we are going to pilot as Paolo was mentioning before, and really are the heart at our integration with ISVs and software given their capabilities to be easily integrated to -- talking about integrated payments. Now let's move into that space, which is something that is super important and it's super important area of investment for the future. And again, let me start with the customers. When we talk about ISVs, we often think of global leaders, like, I don't know, light speed of toast in the U.S., actually, the European landscape is very different. There are very few exceptions. But more broadly, European ISV are very small. They are extremely focused in terms of vertical, not just in terms of vertical overall, but often in super vertical. In health care, there are different software for gyms or salons. And in the vast majority of cases, they are single country with a very, very low limited international footprint. And the starting point from a technical angle is very much the right. There are some of them that are super digital. There are others who come from the traditional cash register environment. And therefore, the architecture and the technology that they enjoy is quite differentiated. This, again, drives their needs and their approach to integrated payments. The first need is about flexibility. Flexibility is modest because they start from a very different point. And they have different dot priorities. Flexibility in technical integration because, as I said, not every one of them has already a very digital infrastructure. The second is proximity and simplicity, again, similar to SMEs. They don't want to have about all the regulatory compliance in payments, and they want to make sure that there is someone locally that can help them first integrate payments into their own solutions and then market those solutions. And in general, they like to think of their payment partners as someone that can really be a strategic accelerator for the distribution, their expansion given how much they have competing priorities, for example, between investing on the product and investing of distribution. Starting from these needs. Our strategy, as already presented to you, has been focused on 2 pillars. Let me start from the first, which is Nexi Integrated where just a very quick recap, we plan to integrate our payment capabilities into the ISV software distributed by the ISV. I remember that 3 years ago, in our previous Capital Market Day, I was on this stage talking about the start of integrated payments. From that moment on, we have invested -- we will continue to invest in a set of capabilities and proposition that comes under the umbrella name of Nexi Integrated that actually address all the different elements of the ISV needs. And let me start with the first one, with Nexi Partner Hub. Nexi Partner Hub is really the platform that is at the core of our integrated payment strategy. It's a very flexible solution that allow ISVs to integrate seamlessly to APIs when they are more digital or to basic portal interaction to manage their business. It is going to enjoy all the best of the AI capabilities in terms of digital onboarding and so on. It already has a lot of digitalization to speed merchant onboarding, but will continue to invest in this design. And it has a specific set of solutions and features that are allowing ISVs to manage price, bundled offer and solution selling more in general to the merchant. Last but not the least, it allows ISV, not just to accept the core capabilities, but also the wider set of value-added services, for example, in terms of merchant financing to drive again overall customer value. The second pillar of our integrated payments proposition is the set of, again, locked solution -- physical solution for acceptance, starting from the Smart Station, which is the modular commerce solution that I will explore more in detail in the next page that you can find at back of this room and moving into the SmartPOS range. The SmartPOS range that is easily integrated into software solution to a wider set of cloud-based APIs. Very important is also the possibility for ISVs to load the software into the terminals to provide only one solution, for example, are very useful for simpler stores or for mobility use space. All these solution can be mixed and matched. For example, putting together a Smart Station with the more traditional terminal for pay-at-table capability. They have the same software underlying, and we will continue to evolve and add the form factor and models in this range. About the Smart Station, the angle of the Smart Station is very simple. We are going to bring to local ISVs, the set of world-class capabilities that some examples of the large U.S. players are enjoying and that the local players, GPM players cannot really address given the lack of scale. It is basically a very modular solution that combines double screen interaction with the data payment hardware. It can be flexibly configured. For example, you can remove the front tablet to use it for pay at the table or for pay at aisle kind of situations. The ISVs can load their software into the solution, of course, and that can use the device API to integrate with the device. And as I said before, can be combined with all the other solutions into the range. This is something that we just presented at the start of February to our Nordic partners with a very good commercial traction and that will proceed to roll out across our markets during 2026 and the start of 2027. Let me move now into the topic of the business model. As I said, ISV like flexibility because they have a very different starting point. And therefore, we have a set of different business models that is something that really differentiated us from some of our competitors to address these different stages. The very best business model is the lead generation. We can close the payment contract on behalf of the ISV, this allows any kind of ISV to really start bundling solution payments with very limited investment, extremely sweated for start-ups and smaller ISVs. The second one is a more traditional agent of a reseller model, a different name by market, but actually, it's the same stuff in which the ISV is selling on behalf of Nexi. This, of course, requires a little bit more investment from the ISV side because at that point, you integrate more deeply the software solution with the payments and therefore, is where we see the bulk of slightly bigger ISVs being interested into. The last model, Smart PayFac is for sophisticated and bigger ISVs that want to take full control of the user experience, deeply embedding payments within their checkout and stock management flow. This requires much more technical work. However, in this case, we take out the complexity from a regulatory standpoint from the ISV which again differentiates this model from the traditional payment facilitator that are quite used in the U.S., but much less present in Europe, exactly due to the regulatory cost. So the ISV can enjoy the same user experience the same kind of flexibility of a traditional payment facilitator without the regulatory complexity, without the regulatory risk. In every model, the presence of a local customer support is exactly the same. We have local solution engineers that help the ISV design and perform the integration, and we have local success managers both on operations and on the sales side that help the ISV drive the right decision for scaling the business. Last but not the least, Nexi Alliance, Nexi Alliance is a partner program where we actually put together our partner ISV to create network and actually to a little bit help them, for example, with marketing materials with tools and so on to scale their business. This is -- this overall set of proposition is already enjoying quite a good commercial growth. Today, we already partnered with 525 ISVs with a good pipeline of new wins and new contracts during the last year. Of course, the number by region -- based on the local evolution of the market in the Nordics, highly digitalized societies, we have the bulk of our ISV partners, Greece, Croatia, Poland and Italy have a little bit at the start of this journey, but they are catching up fast. Germany and Switzerland are a little bit in middle ground between Nordics and the other region. You will see in the deck a few examples. Let me just spend a couple of minutes on a couple. The first one is a Swiss example of one of my restaurant that we are partnering now been a couple of years with them. We provide a full set of restaurant management capabilities, integrating payments and store management solution for quick and food service restaurants, providing capabilities from Pay at the table, self check-out kiosks, integration with water -- devices and so on and so forth. The other one is TeamSystem, which is a little bit of a different versus the majority of ISV in Europe, it's a much bigger company. It's a leading provider of business management solutions, serving all the 2.5 million SMEs across people market, which is a recent win. And starting from Italy and expanding over time, potentially to other markets will integrate all our solutions into their software, including the SmartPOS range that we have seen before, starting from verticals such as hospitality and retail. Now let me move to the second strategy. Nexi Smart Commerce. In Nexi Smart Commerce, we a little bit reverse the angle. So we select for every market, 2 to 4 verticals where we believe that integrated payments can enjoy a faster traction. For every vertical, we enact on maximum 2 strategic partners from the ISV that worked with us in Nexi Integrated. And we distribute the bundled solutions through the Nexi distribution footprint, including all the future investment on distribution scale up that we have seen before with Paolo. This is a fantastic way for us to drive customer value and to cross-sell on the other -- over 2 million base of terminals that we already enjoy in SME. So really combining the possibility of our distribution firepower with broader solutions coming from the ISV angle. Strategic rationale for this customer value increase, almost doubling the customer value. Over time, increased merchant stickiness given how much is complicated to replace software is much -- is mutual -- versus moving to other players or providers. And in an age of artificial intelligence also giving us more access to data, such as the craft content, which, of course, is extremely important. As you can imagine, being a partner on Nexi and ISV is a fantastic strategic opportunity. And therefore, this again goes back synergically to the other proposition to Nexi Integrated on keeping partners very much engaged with us. This is something we already live in 8 countries with more maturity in the Nordics and evolving into the other markets with 15 partners. This is one example for Denmark, which is Shopbox, which is the leading provider of retail solution for mainly small and midsized shops that is already live with us from the end of 2024 with a very good commercial traction and value increase. Talking about customer value. Let me just remind that we're continuously working on our both SME base on optimizing average value. And we do this via 3 different levels and pillars. The first one, of course, is facing and bundled offers. We continue to revisit price every year, more or less 20% of the overall volume based on SME. And we every year change the way in which pricing is structured in terms of bundles and leveraging also our acceptance capabilities where we have not the acquirer. The second, typically, this leads to an increase in customer value between 20% and 30%. The second pillar is selling more stuff, so bundling more solutions, more products and so on, for example, creating stock packages of multiple terminals or extending into simple value-added services such as Nexi Smart Converters. On average, if you look at the portfolio, for example, in the Nordics, this leads to another 30% of customer value increase. The first one is cross-selling more adjacent products. You already discussed Smart Commerce, let me name another one, which is Nexi Smart financing which is merchant working capital financing that we have live in multiple markets with specialized partners that is already seeing extremely good traction in terms of customer base over 60% and with very high customer satisfaction. We will continue to expand Nexi Smart Financing in terms of capabilities and markets over the next years. Now let me call on stage Sara that will lead us to our strategy and solution in the e-commerce space. Sara, floor is yours.

Good morning, everyone. Great to be here with all of you. Let us take a look at e-commerce. In e-commerce, our sweet spot is the mid-market segment. So you can think of a smaller Italian merchant and a middle stand German merchant as a sort of book ends of that segment. This segment represents around 70% of the market revenue pool. Merchants in this segment are typically reasonably e-commerce savvy and very local needs oriented. So that makes them overall a good fit for Nexi's particular mix of global and local. So on the one hand, they need the type of e-commerce proposition that you need scale to build. On the other side, they attribute high value to the local servicing model that we offer them. So this, in turn, means that they have a pretty good willingness to pay for our services. What we see in this segment is 2 to 3x the take rate that we see on a larger enterprise grade merchant. We also face less competition in this space. And perhaps most importantly, we have a great opportunity here on the back of our in-store base to upsell and cross-sell. So put all of this together and you have a great driver for growth in e-commerce as evidenced by our 2025 growth that Paolo was mentioning. So let me talk a little bit about the proposition that we offer within e-commerce. We offer a full scale, full stack, collecting solution with all of the bells and whistles that you would expect from a strong e-commerce proposition. That is combined with the local servicing model. So that means that our customers can call a person who speaks their language, if they need to, during their integration. That also means that we offer a local product flavor to our e-com checkout proposition. So let me give you a few examples of the things that our leads and our customers appreciate from our offering. I want to start with the checkout per se. We obsess endlessly with the quality of our checkout. So that means we work continuously on removing friction from the checkout. We work on optimizing conversions of that checkout in every step of the flow. Now we can draw on a few advantages here by virtue of the length of time that we've been in our markets and by virtue of our market share. So let me give you a few examples. If you go to account-to-account markets like Finland and Poland, we have spent years honing the integration that we have with local banks there. So take Finland as an example. 8 out of 9 banks that we are integrated to there, we see success rates between 94% and 98% on account-to-account payments. Now you won't find a lot of benchmarks online, but I can assure you that those are numbers that are really quite impressive. In the Nordics, our brand is strong. The consumer trust is strong, and that means that we essentially can gather consent from our consumers to save their payment preferences. If you combine that with a large market share, then you essentially get a nice networking effect across all of our merchants. In Italy, issuing and acceptance propositions, both are so strong, and we are so entrenched in the market that when we put things like click to pay into the market, we can drive adoption on consumer side and merchant side at the same time. So if you add all of this together, we have so many levers for improving the checkout flow and convergence for our customers. On the local side of things, we quite frequently survey our merchants for what are their preferences when they choose a payment service provider. It does not matter what geography we survey in. It does not matter what segment we survey or whether we survey our merchants or merchants who use one of our competitors. There is one thing which consistently comes out in the top 3 things that merchants attribute value to when they choose a provider. That one thing is the payment mix. Now it's not so much the number of payment methods that are made available. It is the availability of that specific thing that I need in my local market with that specific quality, not so surprising really because as a consumer, I want to find the method that I trust, low-friction method and perhaps most importantly, in markets that don't have huge digital trust, and we have those across our geographies, you want to find something that essentially you trust. It is also an important parameter to the -- sorry, to the payments -- to the price of the payment mix for our merchants. Then we derive a few advantages here by virtue of our place in the ecosystem. So the partnership that we have, for example, with Click and Vips Mobile Pay or our role in industry initiatives, most recently case in point, vero, that we are launching at the moment in Germany. So I have talked about the checkout experience. I have talked about the payments mix. So I'm missing perhaps just one component, which is also substantial. Card payments still make up a substantial part of the payment mix for most of our merchants in most of our geographies. So let me just touch quickly on the performance here. These are overall Nexi authentication and fraud rates for card payments. We performed well in both of those areas consistently. Those are things that they are important to our profitability, but they're certainly also important to our merchant profitability. So this is an area that we continue to optimize on with the various levers and tools that are available for that. Now let me turn the perspective a little bit and talk a bit about our profitability in the area. In general, the fragmentation in Europe and the complexity of payments in Europe is our friend. The first data point that I'm showing you here is our take rates across a series of the APMs that are most prevalent. We have indexed them at 1 for debit cards and anonymized a little bit across the APMs, but the point should still be clear. We managed to negotiate what are pretty healthy miles for us, whilst also providing our merchants with these attractive payment methods. It probably goes a little without saying the complexity represents a moat against newcomer in the market. Perhaps a little bit less obvious, we also see that our merchants will -- our merchants will pay higher margins for us to solve the complexity for them. So we see way stronger margins when we sell combined all-in-one solution where all of the APMs get collected by us, paid out in one with one settlement report, then what we would see if you adjust the acquiring and the gateway and certainly stronger than what we see when we just sell a technical gateway and leave the complexity to the merchants of figuring out all the payment methods. A few client examples to just perhaps make it a little bit real. [ Cup and kenna ] is a high-street retailer, they do home decor type goods in Denmark, you will find them in pretty much every shopping mall and every shopping street. They chose us a number of years ago for their e-commerce solution. They're very happy with the solution. In particular, the simplicity of the all-in-one and again, the one payout and the simplified reporting solution on the back of that. [ Sport bittle ] is an example of the German mitchelstan customer. They are an online retailer of outdoor goods and skiing equipment. They are a slightly newer customer. They came to us 2, 3 years ago, and they essentially chose us because we were able to offer and invoicing solution, white label with a series of bells and whistles, which was what they wanted for that invoice payment, which is very important in the German market. I will finish off on technology. So you will remember that Paolo said that we are consolidating our technology base. And that, of course, is not least true very much in e-commerce. So I guess, today, standing sort of at the brink of transformation of at least some of the online shopping experience towards a more agentic-driven world. Many of you will be asking whether Nexi is ready this transformation technology wise. The short answer to that question is yes, we are. In the last 3 to 4 years, after mergering we have been consolidating our technology stack. We have obviously been choosing the most modern of our technology stack. We have been refactoring. We have been replatforming where we thought we needed to. So that essentially gives us a few advantages here. So if we start with the customer front end, our customer front ends are built on modern frameworks and modern security standards, which means it is not too hard for us to deploy all of these AI protocols and there is a proliferance at the moment on top of that customer end point. Our business logic is decoupled, and we've built a number of new shared components in recent years. That is a great flexibility to have as we will need to innovate the proposition, business model, the service model. And finally, when you go to our infrastructure, it is fully cloud, which essentially gives us a little bit of choice of different technology boxes when we want to move fast on something new. This is hand in hand, of course, with empowered end-to-end teams that can move fast. We use AI pervasively throughout our products and technology teams in design, in product and engineering. And perhaps the best way I can evidence that is by saying that our lead technologies within AI has not written a line of code since November. On that, I'll pass it back to Roberto to give you an overview of our efforts in the agentic sector.

Thank you very much, Sara. Let me now, again, focus a bit on the topic of agentic and start from the broader view, in general, in Next as Paolo mentioned before, we are investing to bring AI into the efficiency angle and into the product innovation angle on a number of very different dimensions. But let me deep dive on the specific angle of agentic AI on 2 different perspectives. The first one is what we call agentic servicing. We firmly believe that as we do also our customers and our merchants are using agents to automate their own internal workflows and to create efficiencies for them into their own business logic. Therefore, we have just launched, and we will continue to extend in terms of capabilities and market coverages, a solution called MCP server that allows our merchant customers to interact with all our e-commerce capabilities via APIs in a way that is designed to enable automated workflows via agents. We will use the same capabilities to embed a chatbot interaction within our merchant properties. But we believe that the value here lies in allowing the merchant, for example, to mine transaction data using an agent from their own properties over, for example, to use a merchant customer service to send payment links to agentic interaction. We are starting to see very much interest in the Nordic merchant on this end, and we will continue to add merchants to pilots and evolutions and to codevelop with merchants over the next months. Moving to agentic e-commerce. I think it's important to reflect a little bit on the different parts of the purchase journey and where agents play a role and where agentic payments play a role. If you take up the classical purchase journey, you have a phase that I call upstream, which is the search discovery and consideration phase, where we already see the disruption coming from AI. And it's obvious, this is a part where the regulation is much less impactful. There is the consumer protection but not much more than that. As well, actually, there is a significant benefit from consumers in terms of speed and simplification. And there is not much trust required on that. Ultimately, I'm asking ChatGPT to select my new running shoes, it's not something where I required a lot of trust into the capabilities of the technology. But this is a space for other industries. This is a space of the advertising industry, of the search industry where we're already starting to see the disruption happening. If you move downstream into the purchase itself and the payments, this is where the agentic payments start to matter, this is the real Nexi space. However, this is something where the regulation is much more present, especially in the European context in general, where we need to have a much bigger consumer trust into the technology because ultimately, you're asking AI to perform payment for you with your own payment credentials. And where the jury is still out, to be honest, whether this will become relevant for every kind of purchases for more low, more commoditized kind of payments vis-a-vis bigger transactions. And this is also the space where the technology and the competitive landscape is less clear. However, we believe that this is for us an opportunity anyhow. And we are starting to invest early to make sure that we are the one that are shaping the European market in agentic e-commerce. During the next months, we will progressively add to our Nexi check out proposition agentic payment capabilities, starting from the next few weeks with human in the loop payments and then going into full agentic payments as standards become more adapted to the European set up. We are working together with all the important players in this space to actually shape the European market, starting from Google, from the big tech angle and moving into schemes such as Visa and Mastercard. And we believe that we have made an opportunity here to be the one that leads the mid-market merchants, but also our partners such as ISVs and banks into this space. If you really want to take the downside perspective on this consider this a threat for Nexi. Let's remember anyhow that the overall e-commerce space is 6% of our revenues and this is probably going to be relevant on specific verticals and on specific sets on average ticket, so probably much less than that. But again, we believe and we firmly believe that this will be for us a net opportunity. Let me finish with the last segment with the mid-corporate space. Why mid-corporate is our key target for a number of reasons. The first one is that this is a space where margins are much more interesting than in larger segments. The second is this is a space of companies up to EUR 0.5 billion of revenues that really value in terms of needs, what we can offer them, for example, by ensuring that they have very high conversion, both online and in store through local payment methods by requiring seamless integration with local standards for CRM, ERP software or ECR software. And really valuing reliability, both in terms of platform reliability and of local presence, for example, for customer support and for terminal logistics. These are companies that are often coming from the store and now they are evolving into the omnichannel space as e-commerce becomes more relevant also for them. And this is why we like to think of our solution as combining again digitalization, especially for omnichannel capabilities over time with local presence and proximity. In terms of digitalization, I would like to highlight 2 elements. The first one that we use the same SmartPOS devices with dedicated features also in this space. We have for e-commerce and omnichannel, a dedicated set of payment gateways. The Nexi name is Nexi Paygate for these solutions that are specifically targeting the enterprise needs and solutions. And we enjoy, again, as a very important value point for us. The authorization afford rates that are superior to the market average that I already highlighted to you. On the local angle, the payment mix in terms of local schemes, but also the deep entrenchment into the local infrastructure has already been covered. I would like to highlight that even in this space, we have in each and every market solution and precise engineers that work with our sales teams in answering to tenders or to tailor-made solution into the merchant needs. We typically verticalize our Nexi unified proposition on 4 vertical solution, Nexi unified retail for the -- end and high street retail, Nexi unified Express for grocery. Nexi Unified hospitality specifically designed for the hospitality sector and the restaurant sector, also leveraging in the hotel space our strategic partnership with Planet. And Nexi Unified Go is instead targeting EV charging smart mobility and petrol industries. Very good commercial traction across markets. Also this solution. There's just a few names that entered the Nexi family during 2025. If you don't know these names, it is good because this means that we are exactly targeting the space of the mid corporates that we are designing solution and go-to-market for. [This call length has exceeded streaming capabilities. Please refer to the preliminary transcript that will be posted shortly.]