NHOA S.A. (NHOA) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen, and welcome to our usual investor call on our Q2 2022 (sic) [ Q4 2022 ] trading and operational update. The investor call will be opened by Carlalberto Guglielminotti, CEO of NHOA Group; and with him to explain all details about the quarter and the full year main KPIs will be Giuseppe Artizzu, CEO of NHOA Energy; Stefano Terranova, CEO of Atlante; Gabriele Tuccillo, Chief Integration and Strategy Officer of NHOA Group; and Mr. Alessio Caruso, Deputy CFO of NHOA Group. Guglielminotti will open the call and then we'll leave the floor to Artizzu for the global business line storage and Terranova for Atlante, the EV Fastcharging Infrastructure business line. At the end of the call, the management team will be available to answer all questions you may have. Please note that this investor call will be recorded. If you could not attend the whole call, the webcast and the presentation will soon be available on our corporate website on the dedicated page. [Operator Instructions]. Before we begin, I just want to point out that any forward-looking statements made during today's call are subject to the risks and uncertainties mentioned in the safe harbor statement, which is included on Page 2 of today's presentation. This also includes the risk that the transactions discussed during today's call remains subject to standard conditions for these type of transactions as well as any other risks and uncertainties associated with the execution of transactions of this type. And as customary, the call will be governed by that language. So with that, I will leave the floor to Carlalberto.

Thank you very much, Kiara, and good morning, everyone. Well, let me first elaborate even before discussing the results of NHOA Group on the context in which this extraordinary growth has been achieved. We all know how complex 2022 has been for everyone in every sector. 2022 started as the first of the post-pandemic -- the first year of the post-pandemic, but in February a war hit the world like we haven't been used to seeing for a century, the conflict in Ukraine. And this also had consequences for our NHOA Group in terms of raw material procurement, cost of financing and components procurement for all three part of our business lines. Needless to say that the support of TCC, our majority shareholder, has been detailed in the last 12 months and will continue to be crucial in 2023. And here, we see the benefits of being part of a larger project, which goes well beyond NHOA's equity story. I mean, a project that will embrace -- that is embracing a long-term vision, which we share with [ TCC ], a broader commitment towards our people, towards our planet, towards our future, towards all our stakeholders. 2022 has been a year full of consequences. And it comes to a crucial historical moment that's never before in the wake of an unprecedented series of political, economical and social circumstances. This year, to give you an idea, I had the privilege of contributing to some of the works of the World Economic Forum. But at the same time, I was able to realize the complexity of the year we have lived and NHOA has lived. I mean, all the humanity risk losing the fight against climate change and missing the opportunity to really invest in mitigation and adaptation policies and actions due to the current global economic crisis and the intensification of geopolitical tensions, I mean. We have an economy that, in the meantime, has faced a sort of paradox because it has continued to grow in terms of numbers, but it had to suffer the blows of a rising inflation and energy prices. Prices that is being defined as the worst ever by the International Energy Agency, more serious even than the oil catastrophes of the sand. Well, our results must be read in this context and are built around the three axes of the energy transition that are the three access of the NHOA Group. So number one, the context of a group that meanwhile, with its energy storage business line that by Giuseppe Artizzu, NHOA Energy, is competing on a worldwide scale against giants like Tesla, Fluence, NEC and Wartsila, and that in 2022 has delivered 5x the 2021 revenues, leading to a triple upward revision of our revenue guidance over the course of 2022 to eventually beat even our last upward revision that was slightly above EUR 160 million revenues. Then the second axis, the context of a group that meanwhile, with its eMobility business line, led by Mathilde Lheureux, so Free2Move eSolutions, is competing first and foremost against the necessity to service the most important customer. And by the way, shareholder of the joint venture, which is Stellantis, one of the largest carmaker of the world with world-class products to be developed at record speed. Record speed that generated also some collateral volatility in the execution strategy, like it happened in this circumstances like the change in the Free2Move leadership in the middle of Q4. And in the context of which you will remember that we announced with our November trading update that in order to drive the electric vehicles market evolution and potential Free2Move was, first, reshaping its operations to focus its portfolio on the short term on sales through different channels, of eProWallbox, then will mainly devoted to fulfill the Stellantis customer needs. And then secondly, we announced also that this new direction would have led to a slowdown of the revenue growth in this transition phase until the first quarter 2023 before setting the so-called new impetus on acceleration of growth and profitability from the second quarter 2023 onwards. Well, we also announced that the streamlining and refocusing effort was and still is fully supported by NHOA and Stellantis to pave the way for a sustainable future for Free2Move eSolutions growth, starting from Q2 2023 in all core markets, which are Europe and USA. Well, this is the reason why Mathilde Lheureux is not here today. I mean, we are in the middle of this refocusing efforts and transition phase. And we already announced growth that will be starting from the second quarter this year, and we are at the beginning of the first quarter. So please be patient, give us time to do what we promised, and we will revert to you with the outcome of our efforts. Then we are referring with Free2Move, we also announced today a restatement of our revenues. I mean, a restatement of our accounts in terms of revenues that is immaterial for both our 2021 and 2022 financial results, meaning that irrespective of these restatements, we would have achieved our 2021 and 2022 guidance in any event. But what you can clearly see here is the NHOA and Stellantis commitment to be extremely disciplined in recognizing our errors, our weaknesses generated by the speed required by the market. But at the same time, our commitment to make this amazing JV happen successfully with full trust in Mathilde Lheureux, who is leading as new CEO Free2Move eSolutions. And then third axis, finally, a group that meanwhile, with its infrastructure business line, Atlante has the ambition to develop the largest network in Southern Europe of electric vehicles fast and ultrafast charging stations. Competing on a daily basis with the national incumbents in Italy, Spain, France and Portugal, which by coincidence, are also the largest utilities of the world and oil players of the world like ENI, EDF, ENGIE, Enel, Total, et cetera. Well, Atlante, you see today has over 2,000 points of charge online under construction as a result that is beyond an expectation, seeing definitively to be on track with the ambition to become the largest EV fast-charging network in Southern Europe. And yes, our M&A activity, obviously, contributed materially to those numbers like the KLC acquisition in Portugal. But I think Atlante demonstrated in the last 12 months to be able to develop the network organically at an unparalleled speed. And the M&A activity is simply a testament of the solidity of our plant, showing its capability to develop our record speed with both organic and inorganic growth, thanks to its world-class management team. Then in short, before leaving the floor to Giuseppe and Stefano, I give you the usual general overview of our results. I mean, we already discussed about the difficult scenario that we manage -- in the context of which we managed to achieve impressive results. And then the disruption to supply chain didn't stop our extraordinary people for making things at a group level. As I was saying before, 2022 revenues reached over EUR 165 million, so over 5x our 2021 revenues. Energy Storage, as I told you many times before, is the driving force of the whole group, the backbone, the history and the future at the same time of our growth. We have over EUR 300 million backlog of orders, 1.5 gigawatt hours of project under construction, all around the word in five continents with our colleague traveling from U.S. to Australia, from Peru to Taiwan and back to Italy sometimes with EUR 1 billion pipeline of projects. And then Atlante, on the other hand, was not just installing points of charge. I mean at year-end, we come to do already over 2,000 points of charge online and under construction and the pipeline of new sites of over 2,700, clearly in an accelerated mode compared to 2025 targets. And this is the reason why 2023 growth is right in front of us, and we can share with you a very clear guidance. I mean revenues at group level are ranging from EUR 220 million to EUR 280 million. NHOA Energy, our global business line for Energy Storage will not only be EBITDA positive, but then we step up in terms of maturity of our financial communication. We announced a guidance between EUR 5 million and EUR 10 million of positive EBITDA, while Atlante will push the development of its network even further, I mean, reaching over 3,000 points of charge online and under construction by the end 2023. But in all these amazing results, what I really think is important are actually the free numbers, which are missing from the table in the press release and in the slides. I mean the number on which the financial community is not really looking at, but are the most important ones to me, which are the fact that today, we are over 450 extraordinary people, strong majority engineers, many PhDs. We do have a unique technology team that nobody has in the market with 36 different nationalities that over the last 10 years devoted their lives and their commitment to make this world a better place for next generation, embracing NHOA, embracing our values, embracing our vision and sharing goals and objectives. The ones I told you about are their results, not only mine or Giuseppe or Stefano's. And there are results made possible by our extraordinary people that I take the opportunity to thank you, and this is what I'm proud of every day. But let me say, today more than ever. So having said that, as usual, I hand over to Giuseppe to give us his insights about the results of NHOA Energy, our global business line dedicated to Energy Storage. So, Giuseppe, floor is yours.

Thank you, Carlalberto. NHOA Energy results are in front of everybody. We achieved revenues that significantly exceeded our process expectations in 2022. And in the second half of the year, particularly in the last quarter, we've seen a significant acceleration in originations, so new order intake. This is important because it's a sign that the industry has adapted to the volatility in commodity prices. You may remember when -- during the conference call earlier in 2022 that we were managing the market expectation about the ability to bring in projects in the first 6 months of the year because of the challenges in fixing project prices with our clients as we had pressure from [indiscernible] in the value chain to index the price of our project to volatility in the commodity prices in the battery materials. We seemed to have strike a good balance in allocation on commodity risk. And the effect is that new contracts are flowing at a very satisfactory rate. So we are closing 2022 with over EUR 300 million of backlog. And our order intake in 2022 overall has been EUR 240 million plus. This is very remarkable because it clearly says that the acceleration that we had in 2021, it was not an accident, it was part of a trend. And importantly, consider that around 75% of this order intake is coming from related parties. So 2021 benefited from a very significant commitment to Energy Storage by our shareholders. So around 50% of our order intake in 2021 was actually from related parties. And this is something that we care a lot. I mean our reference comparable company in the market is Fluence and Fluence is often pointed by investors analysts for its dependence on AES, its shareholder and client. So we very much care about a strong balance in our order intake between related party and third-party clients. And what I can say is in 2022, over 70% of our organic growth is coming from outside the NHOA -- the extended NHOA group, let me say. In terms of installed capacity, we brought three projects to ready to back fit, the three large ones that we have -- that we originated in 2021 that are the projects with Synergy in Australia. And the two projects with [ CCB ] are still in either in commission or advanced construction phase, so they are not reflected in this online capacity. This [ number of ] online capacity will see an acceleration over the next 6 months as the projects that we have built and made our revenues in 2022 will actually be physically interconnected to the grid and commercially exchanging energy with the grid. To understand their developments, in total, we are building over 1.3 gigawatt hour of projects. This is a huge figure, expands all continents. We have large projects in Asia, in Australia, in the United States, in Europe. So we are operating across four geographies. We are strengthening our local execution capabilities in the four regional hubs that are Milan, our operating headquarter, Taipei for Taiwan and wider Asia, Perth for Australia and Houston for the Americas, and we are strengthening our execution capability and our risk control capabilities. And this is also giving us ability to service our client properly and, of course, to boost our origination capacity. From an origination perspective, as you see, we have a very disciplined growth in pipeline. This is a sign of discipline on one side, but it's also a sign that the conversion rate is in -- of pipeline into backlog, so our ability to convert tenders into orders is actually better than we were envisaging. This is important because it's -- we have to manage our growth in head count and we have to balance the demand from execution and the tender demand for originations. So the ability to fit our backlog in a profitable way and in an efficient way from an origination perspective, it's very important in terms of managing our growth from revenue and from a profitability perspective. We converted three projects in which we were shortlisted in the last part of the year. We have largely replenished that. This indicator of shortlisting is a partial indicator because the average size of the project that are -- for which we are shortlisted is also a relevant metric. But we continue giving this metric even though I like to manage a little bit the perception of the significance of this metric. First, there are situations in which we win projects without a shortlisting phase and second, the size of the project, which we are shortlisted also significantly affect the underlying significance of this metric. So, so far so good. We are extremely -- we are entering in 2023 with a major, major inertia coming from the end of 2022 from an execution, from origination and from operational growth perspective. So we look at 2023 as a year of confirmation of our ability to execute projects on time and on budget, fulfilling our profitability targets while at the same time, boosting our origination and execution capabilities in view of even more ambitious objectives for 2024 onwards. Carlalberto, back to you.

Thank you, Giuseppe. We can now move to comment on the Atlante results. So you may give the floor to Stefano.

Thank you. Thank you, Carlalberto. So as you can see, and as Carlalberto has anticipated, we closed 2022 with amazing results in terms of network development. Let's be clear about that. In the end, the main challenge we had during our setting up period -- setting out year 2022 was the ability to generate enough leads and convert those leads into sites which will then transform into stations -- into fast charging stations. That was a massive challenge for all of us at Atlante and together with some support from NHOA as well, we managed to overcome the challenge, I would say, brilliantly. As you can see, the numbers speak for themselves. At the close of the year, we had more than 2,000 fast-charging points of charge online and under construction. Obviously, the majority of those would be under construction, given the timing takes to build up the fast charging stations and spread across more than 500 sites across the four countries. We have increased pretty much all of the metrics that we report with one exception that I will explain briefly. You can see that the EV based and station storage equivalent went down slightly. This is because we have not planned to install storage at the stations yet in 2022. The rollout of storage at stations will start in 2023. In fact, in Q3 and Q4 2023. But we had to decommission the pilot phase of the Drosso project. So we removed the [indiscernible] storage. The other figures show all very important growth. Most importantly, as you can see from the map, we have a good coverage already for a network that in our ambitions has to be very much comprehensive and allow citizens in the four countries to travel freely among -- within their own countries and also if they wish at all, they can travel across the four countries. So that's the purpose of Atlante having setting up -- having set very high ambitions, as you remember 35 points of charging by 2030. That means a very, very compressive network with -- which will allow, as I said, as to accomplish our mission of free mobility -- freeing up the mobility is our mission. In terms of, Carlalberto also mentioned, inorganic growth. I personally believe this is -- even though we achieved through M&A, I consider it as part of our planned growth in the sense that, of course, we need to have strategies to acquire sites at scale. And one of those strategies, one of the pillars of the strategy of, let's say, the multichannel strategy for site acquisition, is to carry out some control acquisition of smaller plays, which as the case would be have, I would say, boldly started this business ahead -- before Atlante was even created. And they have done their part in the sense of fostering eMobility. But then, let's say, they have run out of resources and that's where we take on the button and we continue to raise. Of course, also improving the assets that we will purchase by installing more fast chargers, installing storage wherever possible and even solar canopies, again, wherever it is possible. And talking about in terms of these two acquisitions, talking about, you can see that the logos in the slide. KLC in Portugal is the biggest. This was announced before the end of the year. We have signed the documents, the binding documents for acquisition of 60% of KLC before the end of the year. We are just about to complete the few outstanding requirements before we can actually take over the 60%. The most important requirement was an antitrust procedure, which was required locally, and -- which has almost completed successfully. And as you -- as we have already mentioned when we announced the transaction, the transaction also foresee that we will purchase the reminder of the 40% of the share capital of KLC some time in 2024. So this is an important transaction. Why? Because Portugal is a complex market, let's say. Just to give the most important feature of the difference with Portugal important is normally the CPOs cannot sell directly energy to the customers. The energy is purchased and resold by the EMSP players. So we will have to work around. We will have to create also an EMSP play in Portugal to make sure that we can serve our customers just as well as we plan to do in other countries always with green energy and always with very competitive prices. So we decided to fast-track the development of sites by acquiring KLC and focusing our development efforts more on the business model. So that's -- I would say that's absolutely great news. And I compliment my team and Giovanni Ravina, first of all, CEO of the geography, for finding the KLC partnership and implementing. This would really boost our network in Iberia and together with the rest of the countries. Then we recently announced another small acquisition along the same vein of acquiring a smaller player, but still important that have courageously started the business way ahead of ourselves. And again, now they have done the part of the eMobility revolution, and we have to continue their work. And in this case, we have announced the acquisition of 100% of the eMobility branch of Ressolar. Ressolar is a small regional entity in Italy, already well committed to energy transition by, for example, EPC in various renewable plants. They had started an eMobility charging business, and they have decided that they would sell the business to us by -- in this case, we are not purchasing a company, we're not acquiring a team of people, which we do not require in Italy, we have a strong team already. And therefore, we will just be acquiring assets as soon as the conditions present and the transactions are completed. So again, these two, yes, obviously, technically speaking are inorganic, but they pretty much form part of a well-planned network expansion plan that as I said, in our strategy, we have several channels. For example, as you might remember, we have also dedicated resources to participating in some public and private tenders, mainly public. When I say public, we also include concessionaires of public assets. Now in the case of Italy, unfortunately, the situation is still not clear. We cannot participate, for example, in the tenders for motorway -- for position in the highways. So this has not been fully cleared. But we have participated in tenders in France -- in the highways in France. We're expecting in the next few months that we'll be able to report some good news. So overall, excellent setup for the year ahead, which allows us also to give guidance in terms of where we expect to be at the end of the year. At the end of the year, we would expect to have 3,000 points of fast-charging only in terms of online and under construction. And that means, of course, a 50% increase on what we have today. Of course, you might also notice that the pace of increase is slightly less than in the past, but that is because during the course of 2023, we plan to perfect the timing that it takes us from origination to opening of the stations. So initially, of course, we had to deal with a lot of learning curves, especially on the delays that we need to incorporate in our planning for opening up of medium voltage stations where there is a lot more work from distribution companies in terms of obviously, of connection and building up substations, which normally is our responsibility, but it needs to be done in coordination with the distribution companies. So having learned, having incorporated those long lead items in our planning, we plan to have a stock of sites under construction, which is not as big as it is now relative to the overall picture. So I would say we would keep a stock of the next 6 months of stations to be opened rather than more 12, 15 months that we currently have. That's the plan. Of course, if during the year, we understand that we cannot shorten those time frames, then we will increase the stock of stations under construction. And I think that's it, unless Carlalberto wants me to speak about other topics. I would say this is -- encompasses a great achievement in 2023. Of course, I would add, in fact, one more topic. We cannot extreme -- express the same kind of development in numbers as we do for the network. But in parallel, of course, Atlante in 2022 accomplished many other tasks in the sense of building up the development platform. First of all, people. We have crossed 100 people market. We have now 100 Atlantes. And we started with gross model of 10, 15 last year, so almost 10x -- a tenfold increase in professionals. We have opened up offices in all four countries. And of course, we set up most importantly, the digital platforms that allow us to run the station perfectly well, more into daily functioning. And most importantly, we are also progressing very well on building up the other platforms, which are quite unique to Atlante, for example, the energy management system is a platform that we have originally inherited from NHOA, and we have transformed into a very sophisticated tool to manage the energy flows between, for example, the batteries and our stations, the charging requirements and sometimes whenever it is possible the solar canopies as well as, of course, interacting with the grid. So that's it. A year of great success. The most important figure is, well, you can see in the development of the network, which, frankly, as I said at the very beginning was the biggest challenge for a company coming with no background in real estate with the development, but we have overcome that big challenge, including, of course, by hiring great professionals with a lot of experience. I just mentioned one name is Jacques Galvani, my CEO of Atlante France, has an amazing background in real estate development, and therefore, it brought a lot of competencies and a lot of experience in that sense. Thank you very much.

Thank you, Stefano, and I think we can now move to the Q&A session. And together with Giuseppe and Stefano, together with Alessio for all financial aspects, we are ready to take any questions you may have. So Kiara, floor is yours to open the Q&A session.

[Operator Instructions] I will just first ask you to open the microphone to Mr. Pozzi from Mediobanca.

2022 certainly a strong year for NHOA, and a little upside '23 is going to be another strong year in terms of growth. And I have a question for each of the divisions, maybe starting with an easy one on the battery storage, and that will be what are the assumptions in obtaining the top end of the revenue guidance for '23? The second one is on eMobility. I appreciate that you are going through a bit of a strange -- bit of a -- sorry, a change...

I'm sorry, I just -- I think that there is a problem with your microphone. We cannot really hear you very well.

You cannot hear at all?

No, we can hear, but it is very loud and there's a lot of kind of noise.

All right. So I'll try to be slower, maybe. Is that...

Yes, please.

Maybe try to take some distance from the mic because maybe you're speaking too close to the mic.

Okay. That's right.

I understood your question, so you don't need to repeat that.

Okay. That's fine.

On eMobility, I think, is the second one. So Giuseppe get the first, fantastic. I didn't get the second one that was on eMobility. So if you can kindly repeat.

Yes. So I appreciate [ you even showing ] a bit of a change in the commercial strategy, but that is going to be a key part of the equity story for '23. And I was wondering if you can provide us a bit of more color on how that change is going through the business at the moment, what sort of growth in a qualitative basis, you're expecting from eMobility in '23. And the last question on Atlante. I was wondering how important is M&A for the growth of the business in '23. And how many sites you have acquired with the recent acquisitions and how many sites you plan to have are under development by the end of 203 as well? I hope it's clearer now.

Yes. We get it. Thank you very much for your questions. So I first hand over to Giuseppe for the first question. This was related on storage, and then I will take the second one, and then I'm handing the floor to Stefano for the third one. Giuseppe?

Thank you, Carlalberto. Thank you, Alessandro, for the question. So what are the main underlying assumptions behind the guidance that we're giving as far as the stationary storage business is concerned. From a revenue perspective, we have a EUR 300 million plus backlog and -- which is higher than the aggregated guidance that we are giving for the group. So we have an extremely high level of visibility on top line growth. It is basically a matter of timing of conversion of our existing backlog without considering potential revenues coming from projects that we may win from now on in 2023. So while it is -- I mean, most of our revenues for 2023 will come from conversion of existing backlog projects that we may win over the next 3, 6 months, may still even contribute positive. But largely from a top line perspective, we have an extreme degree of visibility on growth. From an EBITDA perspective, the same applies. So it is a conversion of, let me call it, EBITDA backlog with two important qualifications, however. First, we need to keep a range because while we have full control on our execution, having some cost overruns, some variation in currency, some variation in price of component [indiscernible]. So we need to keep a relatively ample range of variability because it is our business. So we execute projects on a turnkey basis and not everything goes always right. And second, there is another element. So while top line growth is unequivocally an element of success, EBITDA growth is a trade-off between converting the gross margin that we make on projects in direct EBITDA or investing part of that in building up our head count and talent pool in order to deliver 2024, 2025. So this is what is behind the guidance for EBITDA. It is conversion of our EBITDA backlog, educated for -- on one side, factoring in the chance that something may not necessarily go right on project execution and most importantly, try and win space, and we will find out during the year how much space we need to accelerating the growth in head count in order to be able to originate and execute projects looking forward to 2024, 2025.

What are the key projects that could swing the revenue in 2023? Are there projects that are more meaningful than others in terms of revenue contribution?

Largely, our project portfolio -- the large projects that also are the largest from a margin contribution perspective are in the public domain. So we are closing the commissioning of Synergy project in Australia. We have two large-scale projects in Taiwan in advanced execution. We have -- and two of the newly awarded projects in the fourth quarter. One is the other project in Australia, [ Kwinana ] and another one which is not public yet, that is in Asia. Those are the big margin contributor without forgetting the other projects that we have in the United States, in particular -- in the Americas, in general, they are very profitable projects. But -- I mean, from a relative contribution perspective, the projects that I mentioned that are in the public domain, this what is going to make our -- largely our gross margin and large part of our EBITDA in 2023.

Okay. So let me take the second question on eMobility and the kind request to get some color on the new strategy. I will remain really on a color perspective because, again, as I said, you have to be patient because we -- particularly when it comes to a company that is a joint venture between NHOA and Stellantis, we have taken the decision to be extremely prudent, extremely disciplined and extremely focused on the refocusing plan and extremely committed to deliver what we promised to the market. So revenues growth that will start on a profitable way from the second quarter, okay? So again, this refocus to give you some more color, I can use the word that I used in the November press release -- in the November trading update, if you look to that communication, we mentioned the refocused effort of our portfolio, okay? On the short-term, certainly on the eProWallbox, okay? And the second, let me say, important word was Stellantis customers' needs, okay? So Free2Move was born with the intention to, obviously, serve Stellantis customers, but also to serve other customers. And other customers that not necessarily are out of the Stellantis ecosystem. I give you an idea, one of our core markets that we announced is not just Europe but also USA, okay? In USA, you know the development of electric mobility has been slower compared to Europe for many reasons. And in that context, when we talk about the U.S., you can easily imagine that the first electrification that U.S. have to do is on dealers, on infrastructure and so on. So while in Europe, which is a more developed market, the focus is on Stellantis customer needs and for AC charging and for residential application for people -- for EV drivers, okay, that are buying a Stellantis car. While in USA, you can easily imagine that the focus is the first electrification of the most important infrastructure that you typically do at the very beginning, which is dealers and infrastructure in general. So meaning that you might see a more residential AC charging in Europe, one more faster and DC charging in the U.S. What I can tell you is that none of this word that we used in the communication of the November trading update has been written, let me say, in an easy way. Any single word has a very important weight. First, the Stellantis commitment together with NHOA. So we continue to strongly believe in. We do see clearly the brands appetite for our products. We see clearly the appetite from the U.S. were receiving first orders that are giving us confidence in what we promised to the market and confidence on the fact that the refocusing plan that is currently on execution and the leadership of Mathilde Lheureux is working. It's working. So the only real color I can give you is that the refocusing plan is ongoing, ePro will be crucial in the brand's development within the Stellantis strategy, within the Stellantis perimeter. U.S., we have clear signals of growth potential in the coming weeks and months. And therefore, we are committed more than ever. I see a clear commitment from Stellantis, ironically one of the highest ones I've seen in the last 1.5 years. So focus, focus, focus. Please be patient. Growth will restart from the second quarter. So please expect communication in that sense with the output of our job and the output of the commitment of Stellantis and NHOA to be very disciplined. I mean, you've seen the restatements but very focused and very committed to make this amazing JV happened, as I mentioned. So it didn't really change. Obviously, we would have loved to see the growth there in 2022. This didn't happen. It doesn't change the plan. It doesn't change the vision. It doesn't change the fundamentals, okay? So when you have to follow the market at that speed, to follow the customer needs at that speed and you play with -- in one shot with 25% of the European market and 16%, 17%, don't remember precisely, the market share of Stellantis in the U.S., I mean you can make no mistake, okay? So in one shot, we can achieve the highest market share in eMobility that no other players, so all the -- even the independent players that are listed in the U.S. with hundreds of millions and billion market caps. I mean in one shot, we are in the position to be -- to rank #1 in Europe and rank #1 in the U.S. as well. So we cannot fail. We don't want to fail. The strategy is clear. And that's the reason why -- I mean, we accepted what happened in 2022. We decided to -- and we agreed on our leadership change, which we strongly believe in. Team is there. The focus is there, and therefore, with a bit of patience in the next couple of quarters, you will see the results of that and a contribution to the NHOA Group growth that everybody expects and that we believe in because even our guidance has in the middle, obviously, a contribution of Free2Move eSolutions. Then I leave to Stefano the color on the portion of the sites acquired and the portion of the sites organically developed. And -- so Stefano, back to you.