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

Good morning, ladies and gentlemen, and welcome to NHOA Group's Capital Markets Day 2023. I'm Chiara Cerri, Head of Financial Communication of NHOA Group. And it is a pleasure for me to welcome you in our office, if you're here with us or to welcome you to our event if you are connected via live streaming. Please note that the Capital Markets Day will be recorded. So if you are connected via live streaming and if you could not attend the whole event, the webcast and the presentation will soon be available on our corporate website on the dedicated page. Please note that all participants connected via live streaming will be in listen mode. At the end of the presentation, the management will be available to answer any questions you may have. If you are here with us, I just kindly ask you to wait for the end of the presentation for your questions, whereas if you are connected via live streaming you can start writing your questions using the chat at the bottom of your screen. Before we begin, I just want to point out that any forward-looking statements made during today's event are subject to the risks and uncertainties mentioned in the safe harbor statement, which is included in today's presentation. These also include the risk that the transactions discussed during today's event remains subject to standard market conditions for this type of transaction 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 now leave the floor to Mr. Carlalberto Guglielminotti, CEO of NHOA Group. Thank you very much.

Thank you. Hello, everyone. And thank you for joining our Capital Markets Day. Actually, it's 10 years, because I joined this company exactly 10 years ago. It was June, July 2013. And at that time, the company was 20, 25 people. And I was appointed just to close and wind up the research center of University spin-off the Politecnico di Torino at that time. Then I was appointed to manage that restructuring phase. I filed for Chapter 11. And then eventually, the story has been slightly different. And 1 year later, we were out of the Chapter 11 and in April 2015, the company was listed on Euronext. So the question is what we have done in this 10 years. And I think the best way to understand our very recent achievement is to look a video. Watch a video that will represent precisely what we have done. Thank you. [Presentation]

And this is just what was published with press releases. Okay. So sometimes I hear some comments of our stakeholders saying that we do not communicate enough. I mean, this is just what we have communicated to the market in the last 18 months. So the question is how we did it. And the purpose of today's Capital Markets Day from my perspective, is just to share with you 2 things. Essentially, our mission, and I do not have to deep dive on our mission with you, the only aspect that we would like to underline is that our mission has not been written by consultants to greenwash something or to please the markets or stakeholders or because we are now in the new age of sustainability and climate change, but this is the reason why -- this company was born 10 years ago, actually, more than 15 years ago as a research center. This is the reason why the 500 people that are working in this company are here and not with other companies that certainly have a sustainability targets but in parallel, all doing other things. The second thing I would like to share with you before deep diving we have [indiscernible] Stefano Terranova on the details of our businesses is to share with you our values. Why? Because our values are more telling than our results and they are absolutely reflective of our results. Our values have been written many years ago and can be summarized in the field that you see on the screen. So global vision built on heritage, striving for excellence and love for our people. And while diving in this very first hour, in these values, you will discover exactly our results, and you will find a perfect correlation within between our values and our performance. So let's start with the first, which is the global vision of our vision that is built on heritage. I mean we have a global targets. We all know that. We know that the main purpose of the energy transition is to keep global temperature below 2 degrees. The target of 1.5 degrees is already over, unfortunately. We are now at 1.2. And I think for the people joining in presence, when you look at the garden outside our office with trees everywhere after the devastating storm or typhoon that hit Milan 48 hours ago. You immediately perceive what the climate change stands for, which is not just noting that this July is likely hotter or the last winter was cooler or maybe we had memory 10 years ago, there was even worst. Climate change is about extreme weather conditions, extreme events that now are the new normal. And so the question is what we should do. And we all know that it's all about CO2 emissions essentially. And I heard mainly in the public debate in the media, many discussion about CO2 about many industries, including cement, hydrogen or other industries, they are more interesting maybe from the media perspective, but in reality, vast majority of CO2, as you can see is generated by transportation and power generation. So if we really care about a future where the next generation can live in harmony with our planning if we do really care about the future that we are giving to our kids, we have to stop talking about fancy things. We have just to focus on, first and foremost, 2 sectors: power generation and transportation. Because today, we use the planet resources in order to generate transportation, electricity, industry. And the fuel that we are using to live this world is powered by nuclear, renewables and fossil. And fossil today is 82% period. If we look at the sectors, so how we use energy, we use energy ironically in the same sectors that are generating CO2, transportation and power generation. So to generate the electricity we use on a daily basis and to move globally, that's 58%. That's the reason why I'm particularly unnerved when I see in the media discussion about other things. This should be the priority. The priority of the government, the priority of entrepreneurs. And this is our priority. That's the core of our business; green, the power generation sector and the mobility sector. The question is what we should do, but very easy, we should use renewables, mainly solar, let me say, and to do that, had to destroy other wrong myth. The first one is that we should install solar panels everywhere. And we do not even have space for that, right? That is not true. Even if we want a green 100% of the power generation globally in 2050, so let's assume to be entirely powered by solar and wind. We should simply multiply by 16 electricity currently generated today by the very small shareholder renewables we have in the power mix. And to do that, we will use just 0.17% of our land, which corresponds to the land mass of the U.K. Obviously, we cannot focus on solar panels in the U.K. first and foremost because it's not the perfect place on Earth from [ antiradiation ] perspective. But that's enough. However, we all know that sun is not shining at night, right? And there is another aspect. Solar panel are converting into their nominal capacity of generating power, just 12% of the time. because we do have the night, then we do have the seasonality. So for a serious reason, we have to face that small problem. And that's the reason why in the last 10 years, investments in nuclear, fossil, hydro have been essentially stable. In renewables, multiplied by 5 times in terms of capacity installed which is not enough, as we said. Capacity in energy storage multiplied by 45 times in the last 10 years. And this is not a coincidence. Then moving to the mobility sector. We all know we should shift to electric, right? Electric mobility is very easy. However, the reality why we're not doing it, it's because we don't want to change our habits. Because we love refueling our car in a gas station in less than 3 minutes, right? We love avoiding the think. Is this charged, it's not charged, it's fully charged, then it's not fully charged, but I have to go to my grandmother, how can I do it? I mean that's our everyday life, right? It's the reality. And then you've seen the newspapers I mean a debate, which is ridiculous. But how many millions of slow charging points of charge we have on the road. Okay. I mean slow charging is important, like many things, but we all know that the real game changer is the ability to charge an electric vehicle in a few minutes. This is what we're looking for and to have these stations everywhere like gas station. This is ultimately what we want. Why we don't discuss about it. Instead of losing our time in, I mean, ridiculous discussions like potentially biofuel or alternatives to electric mobility, why we should look to alternatives. Well, we know that electrification is and should be our first priority, for us and for our kids. So let's focus on the right debate where fast charging is. But even if EV sales in Europe have not been at the level of speed for many reasons that we were imagining. In reality, we have a good news. This first half for the very first time in history, EV sales were higher than diesel. That's the game over. The revolution started. The small problem we have is the grid stability. The grid -- I mean, these are the investments projected over the next 30 years. And you might perceive that horizon has too long. But unfortunately, this is a reality. Investments at the grid level take decades to be implemented. And then when you hear debates about fast charging, the ability to have megawatts on the road to plug fast chargers, please keep in mind that any investment in the grid sector takes decades. Including in Milan, to build a primary station in Milan, the last ones that have been installed were authorized over 10 years ago. And then with that in mind, we understand why energy storage is even more important. It's not just about transforming an intermittent power source like solar into a stable power source available 24/7, but it's also about, if not foremost, securing great stability. And that's the reason why from 2022 to 2030, so in the next 7.5 years, capacity installed of energy storage will multiply by 42x, the same one was multiplied by 45x in the last 10 years. And the role of storage is not just a game changer at the grid level for renewables and to support the grid but the role of storage is also in fast charging. Why? Because if you think about installing fast charging, 300-kilowatt, 400-kilowatt power fast charger. We all know that you don't need just one, right? So you need 2, 3, 4, 5. Certainly, if you look to 2030, you would expect at least 10 in any gas station. The question is where is the power because nobody will give you in any gas station, not even 1 megawatt. Think about installing 10, which represent having on-site 3, 4 megawatts is totally unrealistic. Anyone that had this dream, I mean, is just dreaming, doesn't exist. It will never happen. We can write fantastic slides. But in the end, what really matters is engineering and knowledge of the electrical grid. And that's the reason why fast charging -- obviously storage, coupled with fast-charging we'll reduce the power from the grid by 4x. So we're 4x less power from the grid, we delivered the same service to the customer. And Stefano Terranova will elaborate on that. So that's the regional -- this is the vision, and this is why our business model is twofold. We do play from the one hand in the energy storage industry. And we do play from the other hand, in the e-mobility industry. With a network like Atlante that we own and operate and also with our joint venture with Stellantis is also manufacturing charging devices. And to conclude, this is our vision. This has been our vision since the very beginning. And sorry for the subject of this picture. This mean -- this was almost 10 years ago, 2014, in Rotterdam, and I was explaining our ability to build that was not exactly there at that time. Grid-scale energy storage systems as you can see from the title and the future remobility, obviously, if you look to the rendering coupling container energy storage with fast charging. This is the reason why we are extremely credible when we talk about vision, mission and values. And this is embedded in our values. That's the first one that I described to you. And that's the reason why we are here. Second value, we strive for excellence. But the question is because if you just look to the titling of our values, it looks like, I mean, the typical large corporate value set. I think you've just understood that. The first one is not like that. Let me elaborate on the second one. What excellence stands for. First, technology. The ability to build in 50 -- in over 15 years of technology development, a technology platform is on the Y axis, you see the chemistries and the energy storage that we have integrated into our technology platform from hydrogen, we started with hydrogen, lead acid batteries, lithium ion, sodium sulfur, any kind of lithium ion. And then eventually, the batteries of electric vehicles. And then the grid. If you look -- I received many questions sometimes saying, why you changed business model? I mean we didn't change any business model. We are technology-driven system integrator in the energy field. It's absolutely normal to evolving scale and evolving the technology you integrate. And the reason why we evolved from [ markets ] to utility-scale system is just because the market evolved into larger systems, and we just followed the market. That's absolutely simple. And you can see in this graph, that while the market was moving from 1 gigawatt installed base in 2015, then you realize how much our IPO in Paris was difficult. At that time, we had 1 gigawatt installed base globally of energy storage. Now just no energy is 1.6, just one player. But meanwhile, we were multiplying our energy storage capacity. So we buy hydrogen in the very beginning, we were able in 2015 to store a maximum 120-kilowatt hours, now 400-megawatt hours. That's the largest systems that we are building now. So the size of our system has been multiplied in the last few years by more than 3,000x. This is what we have done from the technology perspective. And you see exactly that from a different representation because it took 6 years to build 138-megawatt hours. And just the last year, we built 1.5 gigawatt hours. So essentially, more than 10x just in 1 year. Same speed at the Atlante level, this is the infrastructure the EV charging, fast and ultra-fast charging infrastructure. We started from scratch at the very beginning of 2021. And even in the very beginning, we say, at the very end of 2021. We had 200 plus charges points of charge. Now we have more than 3000. We are today one of the largest network in Southern Europe today. And the ability to scale up is also the ability to scale up in a profitable way. The ability to have an organization, so OpEx personnel, which is able to deliver the next 2 years. And that's the reason why at the very beginning, the ratio between OpEx and revenues of our company was essentially 6x and now is approximately 10%. We did it. We scaled with the ability to break even and to bring the company to profitability. Ironically, this is the same representation of the gigawatt hour is slightly different. But in the last 7 years or so from the first quarter 2015, essentially our IPO, to the first quarter of 2022 we booked accumulated value of revenues of EUR 116 million. This quarter, we announced $116 million revenues in 6 months and then there's the representation of our growth. We historically have been a growing company. The difference is the size of the growth, obviously, in absolute terms. And this year, we are announcing we just revised upward our guidance between EUR 250 million to EUR 280 million revenues by year-end. And this is what excellence stands for from our perspective, second value. Then let's dive on the third one. Third one is love for our people. What this stands for. First, our team which is a diverse team of 38 nationalities. At the very beginning, women were very scarcely represented, for the simple reason that electrical engineering, not only [indiscernible], I will say word right, is not one of the most appealing courses in engineering. But then we focus on that. And you see the percentage of women we have, the percentage of women we have in our engineering department, which is even more difficult, which is 20%. It's more than 2x the attendance of women at the University level. So even if we hire 100% of the women that are out of the university, we would never achieve these results. And that's the reason why we are extremely diverse with 38 nationalities because we are taking the best female engineers all over the world. And then the people strategy, how many companies you have a people strategy, which is public. And all this kind of stuff is typically something that is boring from the investor perspective, they say, okay, this is [ sustainability ], right? No? In our case, it's a core value we have. We do have a people strategy. And ironically, you will note that inclusiveness is our last pillar. Even if it's there, that's extremely important to us. But it's an outcome of our strategy, it's not an input. By definition, we are inclusive. But we did not focus on inclusiveness because we don't need to focus on that because inclusiveness is in our DNA. We rather focus on elite leadership development. We want our people to behave as elite leader in their professional and personal lives. We focus on harmony, physical wellbeing, mental wellbeing. And these are not slogan. We have perpetual programs. We do not talk -- other thing, which is a nerve in me allows is to see the debate, the public debate on when smart working will end. Is it Christmas? Is it Easter? Let's discuss a public debate in the parliament in 2023, not in the middle age. Flexibility is 100%, obviously, in our company, like in many other companies. And our offices are full. We simply do not oblige our people to come to the office as simple as that and we do provide the work station at home for everybody. We do provide full flexibility to women and men, 100%, and that's the Family Working, and this has made perpetual forever. Let's stop discussing about this kind of stuff. The NHOA Elite Program. We train our people. We provide our people with physical wellbeing services with mental wellbeing services on a daily basis with performance improvement training on a daily basis with world-class experts that we hired within our workforce to support our teams on a daily basis. And this is a holistic approach because, obviously, we put harmony at the very center stage. This is what love for our people stand for. We do really care about our people. We do have real programs. We do have people hire that are 100% focused on that. And that's the reason why in the Elite leadership development, which is one of the pillar of our people strategy at the very bottom of the pyramid, we have the physical wellbeing, then we have the mental wellbeing and then the performance optimization. And then this is our P&L. It is the Sankey diagram that I like for a couple of reasons. The first one is the way on the energy award we used to represent energy flows. And that's a way to represent also our P&L that I like because this clarifies many things. First, let's divide the world between NHOA energy and Free2move eSolutions in Atlante. Atlante is another business model. I heard prestigious analysts of prestigious investment banks saying Atlante is burning cash. No, Atlante is investing money into an infrastructure that is the only infrastructure of which I'm sure about in the next 10 years. Because I don't know if in 2030, we're going to use Meta, WhatsApp. We are going to live in the Metaverse or we are going to discuss with trade unions, I don't know. Nobody knows. What they're sure about is that we are all going to drive electric and not because of the European Union regulation. But simply because all carmakers all over the world, have already invested tens of billions in shifting their platforms from internal combustion engine to electric. Therefore, they are going to sell electric cars period. So this has nothing to do with regulation. This has nothing to do with the government. The government can just slow down. Avoiding incentives in the short term to cope with the slight difference in total cost of ownership, with the higher price we have today, that will have nothing to do with the one that we're going to have in the next few years. The government can just slow down the pace of change. In Italy, we are extremely good in that. Italy was the last country in Europe in terms of EV sales. We have been able to invert the growth of EV sales. We are extremely good in that. However, it's not going to change what will happen. In 2030, we are going to drive electric because of the massive billions science investments of carmakers. And therefore, I'm sure that fast charging infrastructure in 2030 will be the most valuable infrastructure we're going to have and the most profitable investments. Even if we are not going to live in the Metaverse. Before, let's divide the world. Atlante is 1 thing. It's not burning cash, it's investing in that technology platform in that infrastructure. And then the target of Atlante is to break even in 2025. So let's start discussing about EBITDA this year of Atlante is totally irrelevant. The only question you should have is how many and how much they are performing. So are you investing in the right size? Is the utilization rate higher than the average? If yes, we are investing well our money period. This is the one number you. The Net Promoter Score of infrastructure, location and performance. And the answer is yes. Our infrastructure is performing very well, well above the average of the market because we have selected sites and invested money in a very disciplined and technology-driven way. And Stefano Terranova will elaborate in a few minutes. So what about NHOA Energy and Free2move eSolutions, okay, fine, big revenues, very good margin. Obviously, gross margin is in relative terms, lower at the NHOA Energy level. It's a global business, competing worldwide with Tesla with Siemens, with [ Wartsila ], with Giants. So it's already a miracle that we have been able from scratch to compete with the world's giants and to be in the top 5, top 10 worldwide of the energy storage players. And before, in relative terms, the marginality is slightly lower, while Free2move eSolutions by definition selling products has a higher, in relative terms, marginality. EBITDA, H1 okay, fine, NHOA Energy, just 1 million, so let's compare to last year -- sorry, it's millions of variables in the revenue recognition. We all know the complexity of recognizing revenues when you have a business which is global and you are ironically still a small company. Therefore, we have many accounting principles to respect and so on. What is important is whether or not we are on track to deliver the results by year-end. And the answer is yes. Because we do confirm the EBITDA guidance of NHOA Energy between 5 million and 10 million period, forget about revenue recognition. Please stop commenting on the quarter-by-quarter analysis, which is totally irrelevant. And most importantly, if you look even at the EBITDA of Free2move eSolutions, which might appear a bit disappointing, minus EUR 0.5 million, then less in relative terms, revenues on EBITDA compared to last year, or NHOA Corporate, which is obviously a pure cost in our P&L. Forget about the details. We're going to guide in the market saying that the free -- NHOA Energy, Free2move eSolutions and even NHOA Corporate altogether have the target to breakeven by year-end, which means, first, confirming the profitability at the NHOA Energy level because last year, NHOA Energy has been the very first energy storage company in the world to break even worldwide. We're talking about pure plays. So forget the integrated players and so on to pure-play. First, worldwide, demonstrating the ability to breakeven and to be profitable in this business. Then this year, at group level, excluding Atlante, obviously. This is the target. We are guiding the market between minus EUR 6 million and plus EUR 5 million revenues, okay, fine management ambition is to breakeven period. That's extremely challenging, obviously. But this is what you should look at. And last but not least, EBITDA outlook and ambition. NHOA Energy last year, we already discussed. This year, I already mentioned, 2025 breakeven at the group level, including Atlante, because Atlante will be EBITDA positive in 2025. This plan, they never changed, by the way, we are just giving more granularity in revising upward our targets and our objectives. But this is the master plan that we announced a couple of years ago and 15% -- around 15% in 2025 and at a group level, above 20% in 2030. That's our vision. These are our results at the group level that we described using our values, the values and the mission in which we truly believe, and I hope this represents what we have done and why you should embrace our equity story. It's now time to deep dive on our businesses and therefore, Giuseppe Artizzu of NHOA Energy, floor is yours.

Thank you, Carlalberto. Thank you, everybody, for coming here today. NHOA Energy sit at within an environment that we'll generate around EUR 20 trillion of investment over the next 30 years. Energy storage -- NHOA Energy is the energy storage actor within the group will be no more than 5%, maybe 10% of this. The point is that without that 5%, 10%, the other 90% doesn't work. It doesn't work because we are electrifying everything but we want to power that electrification with carbon-free technology that generates when the sun is shining, when the wind is blowing or on a flat basis like new nuclear technologies while load utilization follows the pattern that consumers want. So unsurprisingly, what is going to drive a cataclysmic growth in energy storage demand is what we call time shift. It's very simple. It's using battery-based energy storage in order to move electrons from when the sun is shining, the wind is blowing to when users want it. And this is what is driving this explosion in energy storage demand on an annual basis. Within 6 years, we've been installing 4x as much as what we are installing today. And based on our experience, this is actually very conservative. Another technology that is being discussed today, which cannot be discounted out into the carbonization, it's nuclear power, new generation of nuclear power. There's a lot of focus on new generation of nuclear power. Nuclear power in order to make technical but most importantly, economic sense, given that the cost they're fortunate to build is to run 24/7. If you're running 24/7, most likely you're going to have too much power during the night than you need to using it some other times. It's bizarre to think as nuclear power is something that needs storage, it actually that we are already looking into and in the '80s, when France built out its nuclear capacity in Italy, on the side of [indiscernible], we built 7.5 gigawatts of storage, hydro-based storage in order to take excess nuclear power in the evening and using during the day. So this is what energy storage is about within the context of the energy transition. Everything is going to be electric, that electricity will be used when it's needed but that electricity will be produced when weather condition of technology constraints will dictate. In order to make these 2 words talk to each other, we need storage. So storage is way more important than the gigantic absolute value that still has as a market in itself. This kind of cataclysmic growth is occurring despite the fact that over the last 1.5 years, energy storage costs have grown because, I mean, nobody should be naive about the pressure that demand for energy storage and for the electrification of transportation is setting on the supply chain of metals in particular. That increasing demand in metals for battery manufacturing is pushing up -- has pushed up. Now it has thankfully stopped. But essentially, it's pushed up the value of commodities. And those prices are needed in order to trigger on one side, the development of the mining supply chain needed to power this kind of growth, but also it is needed in order to trigger the development of alternative technology that will reduce pressure, alternative chemistry that will reduce pressure on the chemistry, [ lithium-based ] chemistries that we are using today. So cataclysmic growth, despite the fact that this is not the kind of degression curve that you would expect behind a transformational technology. So there is upside in this. There is upside because this is not an aggressive degression curve, but the challenges are there. Despite all this, we are looking at a EUR 300 billion accumulated market by 2030 for energy storage. So this is what we intend to capture in a single-digit market share. And this is where no energy is competing all around the world to get a slice in this cake. Now what does NHOA Energy do? In the background, you see one of our energy storage projects, utility scale energy storage projects. We deploy this kind of system with proprietary technology in all the elements that have a brain in this -- in the deployment of this kind of critical infrastructure. First, the energy storage itself. We store energy in electrochemical form. We do not manufacture batteries. We buy batteries from China. We buy batteries from Korea. We buy batteries from Japan. In our history, we have integrated, this is the term we use, integrated 16 different chemistries, and we are continuing to experiment on that. So we buy chemistry. We buy sales, slightly larger, but not different from the lead acid cell that you have in your old calculators of the lithium-ion cell that you have now in your mobile phones. A bit bigger, but not that much bigger. We put a lot of them into disclosed environment, and we develop the integration technology, both mechanical, electrical and information technology to allow that chemistry to be working perfectly from a humidity, from a temperature, from a safety perspective. This is what our enclosing technology, what we call the store family of our product is about. Second, we need to make 2 different worlds talk to each other. Batteries and solar modules work in Thomas Edison world, in direct current world. The rest of the world, users, everything that we -- that is power in this room works in Nikola Tesla world that is the alternate current world. In between, there are inverters, power conversion systems. We design, develop and manufacture and install in our system power conversion system with proprietary technology. Third, once you have done this, we need the systems to interface with the high-voltage part of the grid. In order to do that, you need quite mundane technology. There is the medium voltage technology of transformer, medium voltage cells. We, of course, do not design or manufacture transformers. We do not design or manufacture medium voltage cells, but we need optimized preintegrated architecture that can come plug and play, be put in front of the inverter in a system like this. So we design these kind of -- this kind of subintegrated system. And we have them manufactured by qualified contractor locally because these kind of things is the thing that need to be compliant with local grid code standards. Once you have done all this, usage on the system, you need the brain, the brain of the system, the power plant controller, the energy management system. This is the part, both hardware and software, that is the core of our historic know-how from micro grids to today's large-scale utility-scale system. This is the element of the system that tells the chemistry and tells the inverters. These are the condition of the surrounding electricity system charge, discharge at this pace, respond instantly to these disturbance coming in the grid. We design manufacture and install and using our system, power plant control and energy management system that is proprietary technology. Last but not least, once the system is in operation, we need to monitor it 24/7. We need to monitor it 24/7 for economic reason to optimize it's working. But most Importantly, we need to monitor it 24/7 for maintenance and preventive maintenance. We have an enviable track record of 0 thermal runaway events. Thermal runaway is -- batteries is [ jargon ]. You can translate it into fire. I touch wood every day, but we have never had a fire event in our system, and this is different from all of our other competitors. One -- once is luck, twice is luck, 3 times is a coincidence. When you start having a track record after all this year with over 1 gigawatt our system in construction and operation without a fire, it means that our ability to monitor control and to preserve the integrity of the system remotely 24/7, is working. This is the other critical piece of our brain that is in the systems. We have learned this scaling up, scaling up in power when I joined Carlalberto in this adventure. Our inverters for, let me call it, utility scale, for micro grid system was 124 kilowatt. We are now launching the last generation of inverter that is a 2-megawatt inverter, and this is on the back of exponential growth in installed capacity going through 5 generations of machines. Increasing power density and increasing energy density. This is an interesting visualization of how over the last 5 years, the combination of technology innovation, scaling up of system and change in application has brought down the footprint of our systems. Going down from 2018 through 2020, 2021 and 2022 and now 2023. Our latest system expects this kind of footprint reduction. Who do we sell our systems to. We sell our system to some of the preeminent electricity companies in the world. Enel helped us in the first part of our life, you remember our first projects. We spent 3 years with ENGIE. ENGIE has remained as our customer. Over the last few years, we have added companies like Neoen, we have added companies like Macquarie EKU. We have added companies like Synergy in Australia, [indiscernible] the United States. Of course, we have added Taiwan Cement Corporation, TCC, our shareholder is one of the largest independent power producer in the Far East. These are the companies that are giving us their trust. Currently, over EUR 200 million of revenues, more than 80% is represented by companies that are not in our shareholding structure. This is the first time over the 6 or 7 years, just to give you the sense of the commercial affirmation that NHOA Energy is having. How do we develop and deliver the systems from a contractual perspective. From a contractual perspective, we give the client everything the client wants to have, meaning that if the client wants us to provide a fully wrapped turnkey solution, we do it. We are asked very often by investors and by other stakeholders. Don't you think that the turnkey delivery model is too risky. Some of our competitors are actually stepping back gradually from this delivery model. I think there are 3 answers to this question. The first one is, it is in our blood. We are engineers. Some of our competitors are more industrialists than us, but we are definitely more engineers than us. So delivering things on a turnkey basis, they work, spending time with clients is something that in our DNA. Second point, what actually happens on the field is relatively easy because we are not building nuclear power station. We are not even building on offshore wind farms. So deploying plug and play this kind of system with equipment that come and play from the factory is not actually that difficult. And however, doing that, it adds a lot to the [ perception ] that client has of our ability to accommodate their needs. But most importantly, we don't want anybody between us and the client. So the moment you step back from turnkey delivery when clients want it. At that point, somebody has to be in between, a general contractor has to be in between. And you become a supplier of the general contractor. If you want to control profitability on one side and risk on the other side with somebody in between you and the client that takes a decision, good luck. So we firmly believe in the turnkey delivery model, when client wants it. So we are not a contractor in our DNA. But contracting is the way to put the crown on a technology-based value-added control. Why are we winning on the market? Most of you have already heard this story, but this continues to be the story. We have -- we built our competitive advantage on 4 pillars. The first one is innovation. We like to do things first. The second one is engineering. The third one is a global track record and the fourth one is competitiveness. Innovation. This is culture even before what we practically do. The team is more than 50% represented by people with quantitative scale that have been -- that have grown up from university in power engineering. They like to do new things. They like to experiment new chemistries. They like to experiment new power electronics architecture. They like to apply what we know in new applications. So innovation across chemistry, innovation across power electronics innovation across applications, some of which is patented, 130 patents. Most of it is trade secret but it's actually in this room. It's actually in the mind and in the hands of the people that work with us including that 10% of our team that actually have Ph.Ds and they are the guys that are spearheading our research and development effort. But innovation is everything. Innovation is culture first and foremost. Second is engineering. I said, we are engineers at heart. I'm actually an economist, but the team is engineers at heart. We love engineering. We love going into client problems and we love designing the best solution using the off-the-shelf technologies that we have started in these rooms in order to deliver systems that perform globally. So starting from Milan and Turin, the beating heart of our engineering legacy, we have branched out our engineering capabilities in the United States, in Houston, the energy capital of the Americas. We have branched out our capabilities in Perth, the energy capital of Australia. We have an start our capability in Taipei from where we cover Asia and Pacific. And of course, we have built up our prototyping, testing and commissioning capabilities in our historic Cosio manufacturing plant, where our teams test our solutions before we ship them in every corner of the world and where they direct the commissioning team that locally ensure that the system performed according to what we have promised to our clients. So engineering is our DNA. Third, is track record. I said our systems have never caught fire. This is an exception in the industry. But that is only one portion of the story. So the portion of the story is that the systems work, we have been installing energy storage system, and we are running energy storage system for 10 years. We have systems still in operations that were installed in 2013, 2014 as pilot projects. The current -- the system that we installed with Toshiba battery in the Terna Storage Lab at the end of 2015 is still doing its job. So there is a history of 7, 8, 10 years of battery-based systems that are doing their job. This is what about flawless execution is. Flawless execution is talking to clients during origination to understand their need. It's contracting the system, designing the system in a way that is perfectly suitable to the -- what the client needs, and it is about putting in service and monitoring its performance for as long as the system last. By now, most of our contracts include a 10 to 20 years long-term service agreement. So our -- as the installed fleet ramp up, we will move flawless execution into an economic scale, a large-scale global service business, which, by the way, would also provide in time a significant recurring revenue stream. Fourth point is cost leadership. I mean, cost leadership, there is no silver bullet behind cost leadership. Cost leadership means being able to size the system effectively having access to a pool of talents and subcontractor that is competitive. And the Northern Italian district for Power Electronics is unbeatable from that perspective. It is about buying chemistries at competitive terms, so about strategic relationship with battery makers. This is true for everybody we are delivering. We have been the first storage companies to be EBITDA positive in the first half of this year. I think we have also been cash flow -- operating cash flow positive. So we are delivering. I can only tell you, we will not be achieving this kind of profitability results, and we will not be setting the targets, that you are going to hear shortly, if we were not cost-competitive. We are cost competitive because we have the evidence, of cost competitiveness. There is no silver bullet behind cost competitiveness. Numbers. In the first part of this year, we have totaled over EUR 100 million of sales, which is a 40% increase versus 2022. So the growth path is continuing. Our gross margin is -- was around EUR 12 million with a 70% plus increase over 2022. And this has generated EUR 1 million -- over EUR 1 million of EBITDA. So like last year, we are, of course, EBITDA-positive. I will comment on this shortly. We'll give you a bit of color behind this number. In terms of capacity, as of the 30th of June, we had 228-megawatt hour of capacity online. That is more than half of what we had one year ago. And we are on track to be at 1 gigawatt hour by year-end since we have 1.4 gigawatt hour of storage capacity under construction. This quarter, we are switching from 1 megawatt to megawatt hour as indicator of capacity online because as I showed you before, what is driving the growth of storage is time shifting application. In time shifting what matters is megawatt hour of storage capacity, not megawatt of velocity of delivery of that stored energy. So it's a much more significant metrics as the sector is evolving. So this is why I'm talking about megawatt hour and not megawatt like we used to do in the past. From a commercial perspective, we had a EUR 25 million (sic) [ EUR 250 million ] trailing order intake, which is 20% more than we had last year. our pipeline stands stable at over EUR 1 billion. But as you know, we are focusing more and more on the quality of the pipeline and the maturity of the pipeline, and we are currently shortlisted on 6 projects, shortlisted or preferred bidder on 6 projects, which give us abundant visibility on our ability to generate the orders that will be needed in order to meet the ambitious target I'm going to talk about shortly. Our backlog stands around just north of EUR 200 million. And as I said, this is something which is by 80% coming from new clients, clients that were not in our client portfolio when we left the ENGIE Group 3 years ago. This is something that it is a qualitative element of our backlog that sometimes is missed, but we are no longer the same company. We are no longer with the same commercial positioning and financial positioning that we had 3 years ago. EUR 200 million of backlog now with this composition it means a lot more than EUR 200 million of backlog we had one year ago. And now let's get to our targets. Within the Masterplan10x, NHOA Energy is taking responsibility for EUR 400 million plus of revenues by 2025 and EUR 40 million plus of earnings before interest, tax, depreciation and amortization. These are steep targets. We moved from -- we start from EUR 2 million of EBITDA last year, which is our first positive EBITDA, but this is what our analysis on the market positions and our cost structure led us to think about. I said I wanted to give you a bit of color on the EBITDA number of the first half of this year because -- so we very significantly increased our gross margin by 78% and the EBITDA margin stayed actually slightly -- the EBITDA in absolute terms slightly contracted. Why is that? That is because we have almost doubled up our personal growth basis in order to establish mostly the geographic infrastructure to deliver this kind of 2025 numbers. And this is why we are confirming the guidance of EUR 5 million to EUR 10 million EBITDA by year-end because essentially, in order to deliver those EUR 5 million, EUR 10 million by year-end, we needed to build the team of project managers of commissioning engineers operate engines that most in the geographies, more than 90% of our backlog, I think more than 95% is outside Europe, outside the European Union, not outside Italy. So we are an Italian company that makes more than 95% of its revenues outside Europe. We are a multinational company. I could tell you about the composition of our teams in the geography, but it is quite a staggering way of building up the Italian pool. It's -- in my experience, it's an unprecedented way of building up Italian pool for a company, for sure, for an Italian company, but most likely for most other international companies. In our vision, 2025 is a stepping stone towards a EUR 1 billion-plus revenue and EUR 100 million plus EBITDA ambition for 2030. We can achieve that competitively with high-teen, possibly more return on equity. We are measuring also return on equities, too soon to talk about that. But essentially, we are looking at return on equity versus our cost of equity. And we can achieve that with a single digit -- high single digit market share in our addressable market. We don't consider all the markets addressable. We are not planning to enter Mainland China. We are not necessarily planning to enter Korea or Japan. So some big markets and some other important markets in the world that -- where we see barriers to entry but just working in the markets that we are currently focusing in that is Europe that sooner or later will come. There is the Americas, the United States, in particular. There is Australia, and there is Taiwan and the surrounding country in Southeast Asia, we can achieve with a realistic and visible path, this kind of ambitions. This is my part of the story. I think it's time to have a coffee break. So around in 20 minutes' time, I think, we'll come back here. And thank you again for listening, and we'll be here later for Q&A and possibly for coffee conversation. Thank you. [Break]

Here we go. Thank you for your patience. So let's now deep dive very quickly on the first leg of our eMobility play. Remember that I described our eMobility play in a sort of twofold way, okay? From the one hand, we manufacture hardware, typically for residential charging with our joint venture with Stellantis Free2Move eSolutions. And for the other hand, we do invest money into an EV fast and ultra fast charging infrastructure. to which we will devote obviously more time today. So first, talking about Free2Move eSolutions, we have to analyze by definition, the reference market. The reference market by definition, is linked to EV sales. Why? Because typically, when you sell an EV as long as you can, in to your garage or your box, you electrify your garage and before you buy a so-called Wallbox, which is a charging device to charge your electric vehicle at home. Well, as long as we manufacture and sell charging devices, typically for residential purposes, so the Wallboxes. The question is how many out of 100 electric cars sold? How many are equipped with a Wallbox to the customer, how much customers buy a Wallbox. And the answer today is 56%. The question is, okay, but what's the trend? Because as long as I buy a car, an electric vehicle and the Wallbox, then when I change the car, typically, I do not replace the Wallbox unless it is broken. Therefore, the question we have is what's the trend of this path. And if we analyze the trend until 2040, we immediately have the answer because even in 2040, 41% of customers that are buying electric vehicles will continue to buy a Wallbox. For the simple reason that electrification, so the shift to electric mobility is not going to happen overnight. If you look to the figures between Europe and U.S. last year, we had slightly above 2 million electric vehicles sold, which is very limited and is going to significantly increase in 2025 and 2030. And then the replacement of the actual fleet of vehicles in Europe and U.S. will take time. And the for any new electric vehicles sold will automatically imply a sale of a Wallbox. So that's the reason why we entered into this market. Because of the technology competencies we have, in power electronics, in integrating this electronic with a battery, which in this case is a battery on board of the vehicle and the ability to understand grid constraints. That's the reason why we simply use the same technology that has been described by Giuseppe Artizzu, CEO of NHOA Energy into the eMobility business. And given figures that you see now display in the slide, you see the opportunity. You see the market, you see the trend. And then we decided 3 years ago to enter into this business, along with the Stellantis, but before talking about Stellantis, the question is, okay, but understood any new EV sales which correspond from 50% to 40% to a sale of a Wallbox but the question is, was the split between home charging and work charging because today, if I look at vehicles sales, 50% is real B2C, which corresponds to the real residential. And 50% is fleet. So corporate fit or business as well. So Okay, the Wallbox, but the question is where? And the answer is in this slide because a vast majority of charging devices for residential purposes, will be focused on home charging rather than work chargers. We're talking about 20 million, 30 million, 42 million charges in 2030 against 2 million, essentially it's 20x more. So it is the market opportunity to manufacture and sell. Wallboxes is first, big. Second, oriented to residential customer in terms of addressable market. By definition, you need a partner. That's how the project started with Stellantis. That's why Free2Move eSolution was born. And as long as the market is residential as long as the customer, it is the same customer that is buying an electric car, it doesn't make any sense to play independently considering the very limited number of carmakers that we have in Europe and U.S. And therefore, we selected a partner, a partner in which we believe in, which is Stellantis, which is today the second car maker in Europe and #4 in U.S. who is investing massively in electric vehicles. So that will be one of the largest manufacturers of electric vehicles by 2025 in terms of number of models on the market. So they are very serious in electric and electrifications and therefore, we decided to join our forces into Free2Move eSolutions, which is a 50-50 owned joint venture with Stellantis from the equity perspective. And at the same time, it's NHOA that control and consolidates line by line. And therefore, this is the reason why there's no other talk about the expectation that consolidates the figures in the group P&L, and we described the financial expectations. Stellantis means 14 brands. Stellantis is not just Fiat. It's not just the picture shown earlier of Dicaprio charging with one of our charging devices, Stellantis is 14 brands in both Europe and United States. And the happy news is that, with almost all these brands that you see displayed in this slide. You see advertisement and marketing campaigns that now includes the Wallbox, which is manufactured by Free2Move eSolutions. That's very important. That's the game changer. They're selling hundreds of thousands of vehicles today. They're going to sell millions of EVs on an annual basis. And as long as Free2Move eSolutions will be capable of demonstrating as a preferred technology partner of Stellantis to create competitive products. we're going to follow automatically the sales of the Stellantis. So the opportunity is there and what are the results? We all know that 2022 has been extremely disappointing for a series of reasons because establishing the relationship with each single brand, even if you are the preferred technology partner the group -- the Stellantis group level, I mean, building the credibility with each single brand, defining the marketing campaign together is a complex exercise that takes time. And then we had the opportunity to change the management team, and we had the honor to see Mathilde Lheureux appointed the CEO. So Mathilde has been the Chief of Staff of Carlos Tavares for many years. And then we restarted at the end of 2022 with a new strategy, focused. As we announced last year on Stellantis customers. Focused on residential charging, focused on serving Stellantis customers, to the centrality of Stellantis customers have been sealed. And as a result, as we announced in October, you will see the first results in the second quarter. This is exactly what happened. Once again, something that we repromised happened. So you see [ EUR 13 million ] sales in the first quarter. Okay, fine it is under 50% or under 60% more than last year. There is not really telling. So that's a very limited amount of revenues compared to the revenues we have at group level. The very important signal is the detail of the sales of the second quarter. The sales of the second quarter had been EUR 10 million, which means 4x the sales of the first quarter. This is the signal. This is the signal of the fact that it's happening. This is a signal of the fact that we are able to convert the 60 million purchase orders we have into revenues. And then even if -- this is the signal in terms of gross margin that we can sell very high margins, this product. And given margin increased by 50%. And the EBITDA, the EBITDA obviously is not yet telling because we do not have the right level of volumes to break even. But you will remember, one of my last slides, which I'm saying at group level, we are going to breakeven. So even Free2Move, we do expect will contribute to the group breakeven. That's the most important message. And then in terms of expectations for the future, the expectations are essentially the same we had in 2021 when we announced the Masterplan. This is the expectations of NHOA obviously. So NHOA expects Free2Move to generate at least EUR 200 million revenues in 2025 and over EUR 0.5 billion in 2030 with the right level of marginality. So high teens, so close to 20% at the EBITDA level in 2025 and same for 2030. This is an expectation which was already embedded into the Masterplan, so nothing new, but it's good to remind why we are investing time and resources with Free2Move eSolutions? Because we believe in the market, we believe in the product we are delivering, we believe in our partner, which is Stellantis, and we do have expectations that now started to materialize in the second quarter. Having said that, it's now time to deep dive on the most capital-intensive business journey we have, which is Atlante, which is probably investing in the fast and ultrafast network, which is the largest project in Europe. So thank you, Stefano. And floor is yours.

Thank you. Hello, everyone. Thank you very much for those present here with us. And especially thank you for -- to those who are following us live on stream because it's even more complex to follow these super interesting presentation. So yes, I'm Stefano Terranova, our Chief Executive Officer of Atlante since its creation less than 2 years ago. I'll come back to that single important data -- piece of data 2 years of life. Atlante is the nexus, Atlante is the nexus between the world of power generation, which has to be powered by renewables and enabled by storage as we saw in one of the very first slides that Carlalberto presented earlier this morning and the world of transportation. Transportation, which is the second largest CO2-intensive sector worldwide. So those are the 2 markets where we want to play, and we want to make a difference as a group. Remember, right, power generation and transportation. Decarbonization of these 2 sectors. And therefore, Atlante is first and foremost the nexus between NHOA Energy and the transportation sector. Within -- helping the decarbonization of the power generation and pushing for decarbonization of transportation on roads. That's why Atlante was created. We created Atlante to continue to extend the mission of NHOA to the transportation sector, more specifically to make road transportation in Europe, carbon-free as soon and as fast as possible. Atlante is also the nexus. You can see on the graphs on this slide is the nexus between what's happening and what we want to happen in this -- in the transformation of this very important transportation sector. You can see and Carlalberto also reminded us of the super important fact. We had a turning point at the first half of 2023. For the first time ever in Europe, full electric vehicles -- sales of full electric vehicles exceeded the sales of diesel. This is a super last technology in Europe, obviously, as you know. So we had a turning point. You can see on the first of the graphs on this page. That acceleration path is clearly on exponential phase. That exponential growth in the sale of electrical vehicles will, of course, translate the like-for-like in exponential growth of the energy required to power those vehicles. That's a direct consequence. And the last slide -- sorry, the last graph in the slide is what you need, the physical infrastructure that you need to deliver that energy to those vehicles. Millions of public points of charge, millions of connectors on the roads of Europe. That Atlante's mission is on the last part, building the infrastructure to deliver green energy to the electrical vehicles. Precisely when we set out our mission, we put for ourselves very high targets, very big ambitions. We put up a number out there, which we will remind you about later on 35,000 fast charges by 2030. It turns out that this is the biggest, the most ambitious plan set in Southern Europe but potentially also in the whole of Europe. I really hate sometimes when detractors of electric mobility come out with arguments, focus on the very first portion of the second slide, I'm showing you here. The manufacturing part of an electrical vehicles. They're very -- I would say, opinions which are not very well fonded or just prejudice. They always point out that the manufacturing phase. And sure enough, the manufacturing phase without assuming an improvement in the current technologies and the amount manufacturing phase of an electrical vehicle of a generic average electrical vehicle. It's -- there is more carbon intensity as of now compared to an internal combustion vehicle. And then it comes to the use phase to produce the electricity. If we assume, as we do in this slide that we used the same mix of energy produced by the current mix of generation mix, we would get obviously most of the energy from fossil fuels. Carlalberto said it earlier on, more than 80% of the power generation base is fossil-based. So of course, in the production of that electricity to power electric vehicles, there will be a lot of carbon intensity. But then in the driving phase, zero, obviously, not tailgate emission, zero-emission CO2, very little emissions in the maintenance phase, but look at the total, even assuming this scenario, which is unbelievable, let's say, why would you power electric vehicle with energy from fossil fuels. But even in this worst-case scenario, the overall life carbon footprint of electrical vehicles is much lower than that of internal combustion engine. But this, of course, is not our mission. Our mission is to power our stations and therefore, to charge the batteries or electrical vehicles with zero emission energy, energy from renewable sources. And therefore, Atlante today, by the future tomorrow, everybody will be doing the same. I'm sure about that, is that in the energy production phase, and that's where we have to go towards. That's the real goal. The mission is to have zero carbon intensity in the production of the electricity to drive our electrical vehicles. And that's the real picture, a 74% reduction on a like-for-like basis. And by the way, when I say this is Atlante's mission today. If I tell you the even Eni, the Italian oil and gas national company, with the Be Charge charging station, they're offering green electricity. That means that everybody -- or nobody will ever think about powering electrical vehicles with electricity produced from fossil fuel. So this is the picture you have to keep in mind. And this is our mission. Our mission is to deliver zero-emission driving on European roads. Zero-emission also, I would say, zero guilt because another message that I would like you all to take back home because I'm pretty sure that most of you still are driving either internal combustion engines or hybrid at the best but please feel a bit guilty when you drive a car which is not electrical, not powered 100% by renewable sources. Because by doing that, unfortunately, you're doing that much to our planet and that has to stop. As Europeans, we can pride ourselves of having commenced, having started the renewable revolution, approximately 30 years ago, more than 20 years ago. We have done it with courage, with very important pieces of regulation at the time, spending lots of money as well. We invested a lot, but then we launched what would then become a global phenomena, global revolution. We are doing this thing. We have the same impetus and the same leadership from a regulatory perspective, from a strategic perspective, from a vision perspective. I just need to mention that the green deal, the fact that we set the deadline for the phasing out of internal combustion engine, right? The fact that we have created taxonomy for the activities, the industrial activities in Europe and the fact that we are reducing the emission allowances. So Europe is still leading. We are leaders for sure, from a philosophy perspective, from a regulatory perspective, we are there. But then again, there are some detractors or some in the political scene, maybe for, let's say, very short-term gains that I say arguments like why in Europe, should we do that? Why should we go so fast when it is hurting us. And we are so small compared to China. Well, first of all, we are not small at all. We are Europe altogether. We are one of the biggest economic blocks in the world and will remain so. And secondly, we have more obligation to do so. We have the capacity. We have the technological capacity -- capabilities and the ambitions we have already set the scene. We have already decided the path. So let's follow up with the plan with action. Let's stop whinging about, let's stop chasing short-term small gains while forgetting the big picture. The big picture is, by the way, we should also not be arrogant because this time around, we are not the main actors of this revolution. The electrical vehicle revolution in China is well ahead than in Europe. So let's be careful not to confuse what is rhetoric with reality. Reality is that Carlalberto said it very clearly, the future is driving electrical vehicles, and that's where we have to go. You can see here in Norway. Norway is the most electrified country in Europe. In the last 2 years, Norway has become virtually a fully electric country. When you have more than 80%, close to 90% of the vehicles being electric. That means that the remainder is just a niche people that really cannot absolutely buy electrical vehicle for whatever reason. So that's a full electric country with a revolution that started approximately 10 years ago. So it's been quite slow progression, but steady progression. Tiny country, let's be honest, 3 million vehicles in total. But you can see with this progression already 1/3 of the existing car park has become electric. And that 1/3 of electric car park of the small country already required 1.9 terawatt hour of electricity last year. These are important figures, which I will put all together for you to give you an idea of the addressable market for Atlante. 1.9 -- that's 1.9 billion kilowatt hours because when you go and charge your car, normally you think about kilowatt hour is, it's 1.9 billion kilowatt hours. Worth anywhere between EUR 500 million, EUR 1 billion, depending if you charge a home depending on the tariffs. But that's the kind of figure you can keep in mind. Next is the Netherlands, also very, very famous country in terms of electrification. Everybody knows that in the Netherlands, pretty much everybody seems to be driving around electric. In reality, a few steps behind Norway. They only being -- they only achieved 35% market share last year. And you can see, in terms of size, all 3x, a bit more than 3x Norway, 1.3 terawatt hour of electricity required last year to power the electrical vehicle. Netherlands is a super important country. If you want to go and do some benchmarking with Atlante, 2 very important players in our market, Allego and Fastned both that were created in the Netherlands, they strive in the Netherlands, they continue striving in the Netherlands. So that's the market, if you want to do, do some pilots, of course, both of them now big in other countries, but initiate really starting in the Netherlands. Belgium is another country that is quite ahead in terms of electrification in small countries, well less than 1 terawatt hour last year. But let's now move into our countries, the phase 1 of the Atlante countries, Italy. Italy is obviously our base. Our headquarter is just one floor above your heads here. And it's also where we set up Atlante to start with and when we started the commercial efforts approximately 9 months before the other countries. Italy has a massive market in terms of vehicles in circulation, is more than 10x Norway, okay? With sales which have been disappointing last year. In fact, we are -- one of the few countries that dipped that -- we had a small decrease from 9.5% to 9% of -- in terms of market share of sales in 2022. Nonetheless, we have clearly entered at the exponential growth phase, then those numbers have been growing exponentially in the last few years. And we expect this year to be a super important turning point where we'll go into double digit. Once you get into double digit, then it's another phase of the exponential growth era and no stopping from there. Even with a tiny little market for electrical vehicles, you can see that last year, the market for charging was already half of that of Norway. 0.8 terawatt hour to be precise, with an enormous potential. France similar size as Italy in terms of vehicles in circulation, further ahead in terms of electrification. Last year, more than 1 in 5 vehicles sold in France was an electrical vehicle. Okay? 21% market share. So much so that the market for charging in France is already quite big, 2.4 terawatt hours. Very soon, France alone will be the size of Norway and the Netherlands put together. And again, huge potential, same as comparable to Italy. Spain, smaller country, but together with Portugal, just below the size of Italy, that's why, for example, we merge Spain and Portugal together with the same geographical perspective, we call them Iberia. Similar trajectory to Italy. We expect also Spain to go into double-digit BEV sales in 2023. And finally, last but not least, certainly not least, Portugal. Portugal is a small country. That's why, as I said, we put it together with Spain, but super important for us. First of all, the sales -- electrical vehicle sales have followed a path very similar to France. Last year, they had 22% market share. And this is the country where Atlante is already the largest operator of fast charging network. So I'm very proud of this achievement. As I said, a small country, per se, but very much ahead in terms of electrification. The revolution has started and is already growing at an exponential pace, notwithstanding the fact that as of today, the total cost of ownership. In this case, we took the segment B of vehicles because it's the most represented as we believe. The total cost ownership as of today is still non-competitive vis-a-vis an internal combustion vehicle equal a traditional car. So consumers are making the choice even if it cost them a bit more. Of course, early adopters, they do it for various reasons because they love the technology because they have a heightened sense of responsibility towards the planet. But worry not. By 2025, Bloomberg expects that the total cost of ownership will shift towards electrical vehicles, will be more convenient to buy an electrical vehicle. By 2030, they expect that the savings in TCO would exceed 10%. I believe these figures are conservative. I believe even next year that we could be at breakeven. And therefore, that it's an additional reason why this revolution is unstoppable. Market size. I showed you our countries also in comparison to other European countries, just to give you a perception of the size of the addressable market. Right now, our 4 countries all together last year were 4 terawatt hours of energy for driving electrical vehicles. If we achieve -- not if -- when we achieve the same scenario as in Norway, as Norway today, that number will be 16x big, 65 terawatt hour. And if you assume that only half of that energy is delivered in public chargers vis-a-vis home charging, then that means anywhere in euro terms between EUR 20 billion, EUR 25 billion, maybe even more of annual addressable market in those 4 countries, when we get to the Norway scenario. And trust me, it will not take us 10 years to get there. I'm pretty convinced that by 2030, latest, we will be there. And from there, there's additional growth, of course, that's only 35% of -- sorry, less than 30% of the car park being electrified. By the time you get to 100%, that's approximately 25%. So you get another 4x bigger markets to full electrification. As said, assuming 50% of the charging happens from the public infrastructure, but the real data as of today in Europe is that 66% of the energy is delivered via public charging infrastructure. And of that 66%, 2/3 of the energy is actually delivered from fast and ultra-fast charging network. Notwithstanding the fact that number-wise, the fast and ultrafast network only represent 10% of the public available infrastructure. This, in a nutshell, gives you the perception of why we have focused Atlante on public charging, fast charging, fast and ultrafast because we want to deliver lots of energy to our customers. We are there to empower driving because the other way of decarbonizing transportation is to stay at home, right? If you stop traveling, you also don't emit any carbon into the atmosphere. But that's not our mission. Our mission is to continue the -- for us to continue to enjoy the freedom that the vehicle, the cars have given us so far, to continue to enjoy, the ability to move goods via roads, right? And to do that, we need to enable carbon-free driving. Where are we in terms of available infrastructure today? What is announced, what is planned and where we need to get in Europe. What we need to get is the last bar on the right. It's more than 0.5 million of connectors are required by 2030 in Europe to drive the growth in car sales. The announcements plus the existing only add up to less than 1/3 of what is required. So there is a huge gap still within the existing and the announce is also Atlante, of course, right? But there is still a big gap to be covered. So there will be more new entrants or the existing players that would have to step up their ambitions, maybe don't be surprised if in a couple of years' time, we come back to you, and we say that we have increased our ambitions. If we do, you know why. We give you a kind of a really forewarning, but we give you a flavor today as to why we might come back. But this is just to say that even with all of the existing announcements that you had and you can read in the press, the gap is still big. So there's still a lot to be done. Big challenge, big challenge about -- from my perspective, obviously, this is a gigantic opportunity rather than a big challenge. Talking about challenges, of course, building a network of the infrastructure all over Europe which is capillary distributed very much everywhere you can drive. It's a massive effort with tons of challenges. If you come and see me at the lunch break, we can -- I can tell you a very long list of all of the challenges you meet in embracing such a big challenge, such a big ambition. This is also once in lifetime opportunity to create almost from scratch an entirely new primary infrastructure, right. But one of the most important challenge is that we focus on is the power connection. Remember the figures that we debated before in terms of energy, we were talking about 65 terawatt hours of energy required in our countries by the time we get to the same level of maturity as in Norway, now over 4 countries. It's a gigantic figure, a lot of money, a massive addressable market for Atlante. So great opportunity from a financial perspective. In energy terms, it's not much. Don't get worried. Italy right now is 380-something terawatt hour per annum of energy consumption. So roughly, you can think that, that's a bit -- that's definitely less than 10% than what our 4 countries we consume in terms of energy. So that's not an energy problem. It's something that you can address by adding renewables, efficiency not big problem energy perspective. The problem is on the power interconnection. Depending on the sources, we have put 3 there from the European Union, Bloomberg, ACEA there -- automotive, one of the most important automotive associations in Europe. You can see depending on the vision of the world, by 2030, we would need to connect chargers in public, which have the same power as the peak demand either in Italy in the most conservative case, all 3 of Italy, France and Spain in the most aggressive case. So that's a massive, massive technological challenge. And that's another element of the nexus as Carlalberto was saying, between NHOA, the heritage, the knowledge, our technological knowledge and know-how, especially what Giuseppe does with NHOA Energy, the interconnection to the grid managing an intelligent manner, the interconnection to the grid and Atlante. Atlante will use -- is already making the best use of that heritage to design a network, which will connect more intelligently to the grid. Carlalberto also mentioned the fact that drivers don't want to change their habits. They don't want to change dramatically lifestyles to adopt a new technology to go green and to go to electric mobility. That's why, for example, this graph that we borrow from Bloomberg, but actually with data from Fastned and Fastned are a pure-play operator that just do fast charging, so very, very useful data and they have been in operation for more than 10 years now, I think. So it's a very established company with lots of useful data. As you can see, the charging partners in that network very clearly shows the normal life of everyone. Nobody would think or very few people will think to go and charge in the middle of the night or very early in the morning, the charging or things to happen as one would expect during the day with some peaks around lunchtime and other peak after you leave the office, et cetera, et cetera. No, very -- very normal path. And by the way, this is very much the same path we observe in our own stations. Therefore, what this graph tells is that there's a huge opportunity to leverage up the grid connection. The grid connection is the same at night and day. But if at night, you don't use it for charging, you can use it to store energy to then use for the next day. So that's a very simple scheme to show you the power of adding storage stations. You charge up the batteries a night and you can deliver more energy during the day with the same connection. In fact, we knew this all along, this was a concept that from a technological perspective and big picture economics perspective, we knew it made a lot of sense. We had done all the calculations ourselves before launching Atlante, but then in the course of last year, we also engaged 2 world-class banks and investment banks to help us give a more detailed answer to what we knew was going to work. And we created a lot of -- we did a lot of work on the value of storage for fast charging. And I will condense all that work and treat simple use cases. The first use case is very typical of Italy and Spain, but in our countries, but it will be pretty much very [ refused ] in all European countries. In this case, you have found a nice location for fast charging, but you have very little connection from the grid. Typically, like in this simple case, you get low-voltage connection. You don't get the medium voltage connection that would allow you lots of fast charging. What do we do in this case? We leverage up the low-voltage connection with batteries. And therefore, because the location has already been selected to be a good location for charging, we can deliver much more energy to our customers, 4x, we can serve more than 4x more customers and deliver 4x more value for our shareholders, net of all of the additional investments, of course. So overcoming grid constraints is a very important use case that will become more and more prevalent in our developments. The next one is when we might get the medium voltage connection, but the time frame is very long. We might -- this is a real-life scenarios. We get, for example, 12 months, 18 months, even 24 months to wait for a medium voltage connection. In that case, we have the opportunity, and it's our choice to do it to skip the waiting time and to start with low-voltage connection and batteries. In that case, of course, the kind of customer you would serve, the comparable is medium voltage connection, if you wait 24 months. So you serve roughly the same people but you can start serving them earlier, which is another important part of our mission, of course. The sooner we open up station, the more we encourage people to buy electrical vehicles, right? So for us, this is super important. This is speeding up the energy transition case. We don't wait 24 months. We go and install batteries -- stations with batteries. In France, for example, Carlalberto mentioned earlier on, we have announced a very important award of 87 fast charging points on the French model ways. Well, what we offer to our customer [indiscernible] is that we could install temporary stations with storage to meet the summer demand. And that's what we're doing as we speak. No time waiting between announcement and now as we speak, we are installing stations with storage in 3 of the 4 areas that we secured. And then the last use case for storage is the leveraging up of the grid connection. We have secured the medium voltage connection. We have built the station. The customer arrives, they start charging. But then, of course, as you saw the growth in electrification is going to be exponential, so as soon as we start filling the pinch and the station cannot cope with the demand, we can then extend the offering of our station. We can -- we have already options on the real estate side to extend, but we leverage up the power with storage. In that case, almost twice as much customers have -- almost twice as much value created for our shareholders. And this is a nutshell. I hope you like this presentation because this is really -- we spend a lot of time to put numbers on something that we knew all along was the core secret sauce for Atlante. From a practical perspective, how do we decline then this philosophy into what we do on a daily basis. We offer a range of options to our site partners and to our final customers. We can deliver standard stations. We open lots of standard stations, in fact. These -- in that case, what we have been doing we have focused a lot, especially with my technical team and the infrastructure teams together. They worked -- the technical team in terms of product management, market scouting and product management to the infra team both on the contracting, especially on the procurement side. We work very hard to deliver standard stations at a super competitive cost. We achieved it EUR 75,000 on average that's approximately 25% below what we had in our business plan. So super good work from our teams there. Then in the middle, you can see our iconic stations with canopies, with embedded PV. These are the canopies that we launched only a few months ago with designed by Bertone. We have now moved into the production phase. These are all -- the study behind how to produce them in super low impact way has been very long. We spent 1 year studying every single element of our canopies to make sure that there will be super low impact from every perspective in terms of life cycle assessment, but also they had to be financially sustainable. So this station with canopies will be 15% -- approximately 15% cheaper than what we found in the market to be our best competitors, and most important competitors. Storage-enabled stations, stations with storage, notwithstanding the spike in storage prices. You would remember Giuseppe's graph that he was showing because of the demand supply dynamics last year, we saw an important spike in storage prices, which is still reverberating in 2023. Notwithstanding that, we can deliver EUR 130,000, which is slightly below what we had in our investment plans, what we had in our business plan. And again, I expect this, obviously, to improve as the pinch on the spike on battery prices eases away. And with that and with our technological background with the way we want to decline our station, et cetera, et cetera. We set off for the most crucial of our tasks. And also, to be honest, the most important challenge that we faced. Would we be able to develop what we promised we would do the physical network? 4 different countries, almost at the same time. We started 9 months before Italy, but then we moved very quickly into the other countries. Remember, Atlante was started from scratch, less than 2 years ago, 700 days, imagine 700 days only of life. And we had no real estate assets, no real estate company to leverage upon in our, let's say, corporate structure. No retail, no B2C business except that of Free2Move eSolutions, however, we could not find the direct connection. How -- not withstanding that what we had. We had, first of all, of course, we were creating [indiscernible]. So we had all of this support not only from the technology perspective, technology transfer was absolutely fundamental, but it was also in terms of the corporate structure and the corporate support. We have the support of our sister company, Free2Move eSolutions. The procurement of hardware in the first year, we did it to Free2Move eSolutions. At the beginning, I didn't have the procurement team. So I leveraged upon Free2Move eSolution absolutely fundamental for our success. Of course, we had the support of TCC, super important. Without the financial support of TCC and the strategic support of TCC, we could not even be here. And finally, the external support of Stellantis that sponsored our network, and which helped us in the early discussion. So what we did, 500 stations online. This is a premium. We will announce it later this week. 500 stations online, more than 1,200 points of charge online already. Physical network is one part of the coin. The other part, which is less evident is the digital brain, but actually, it's the digital operational backbone we created for ourselves. Our business is physical and we remain physical. As Carlalberto said it very nicely early on, unless we all move into the metaverse, in which case, we'll have to find another job. But I don't think so. As long as we remain in the physical world, our delivery will be physical. You will need to go to a station and get electricity, which is physical. But everything else behind it is digital. It's a business where our customers find us via a digital journey. All of the payments are managed digitally. All of the operational destations are digital. Also the development of the network is actually fully digital in the case of Atlante. Our stations from the moment that they -- with a site -- from the moment it becomes an opportunity is mapped into a tool that we created, of course, we don't create all the software ourselves, there's a lot of software that we purchased as a service, but we integrate into this kind of architecture. Now I think I'm going to -- it was going to be too long. So I will go a bit faster here. But I will invite you over lunch to visit our control room where you can have a better feeling of the digital platforms that we've built. Sinfonia is for real-time monitoring maintenance, operational maintenance, including predictive maintenance, all realtime, all of our stations are all completely, totally and all the time remotely controlled by our systems, created by ourselves. Nous is our platform for collection of data and orchestration of data. So from day 1, before we had one station open, we started thinking about the architecture of our cloud environment. Gigante, this is our cloud-based energy management system. We started with the energy management system on NHOA which is a cornerstone of Giuseppe's business. We started from that and we changed it. We morphed into something that we will use to deliver fantastic user experience that they're charging while optimizing the energy flows. Eos is our back-end platform. Pleiades, this is where we have libraries of digital twins of the assets, so we can perform simulation on existing assets, but also we use it to establish the potential financial viability of our project because all of our projects have to be validating one by one by a unit economics model, which gets data also from Pleiades, not only on players, but also from Pleiades. EGEO, this is our geolocalization tool. Again, we didn't have to invent mapping services or geolocalization service, of course, so we rent them. But the layering of data, the interaction between variables, this is all in-house expertise, it's all stuff that we have done in-house, and we control precisely where we want to locate our stations. And all of that, and I'm speeding up coming to the numbers, all of that resulting finally in something tangible, that you can see, touch and feel. Sales, EUR 2 million of sales in the first 6 months of the year, this is going to grow just exponentially as the electrical vehicle phase. As simple as that. Of course, we have to continue building the stations at the pace we have. Utilization rate for 3 countries, I will explain why. Italy, France and Spain utilization rate on average is 2.4%, way above our own expectations. Our expectations were created not by ourselves. We had engaged top-class consultants to help us understand and plan. Obviously, we have to plan all of our long-term investments. We are above our expectation. Occupancy rate for Portugal approximately 20%. Occupancy rate, why? Because in Portugal at the moment, the market is structured differently than the other countries. CPO like ourselves cannot directly sell energy. We have to sell just the charging service at the station without the energy. The energy has to be sold by somebody else for the time being. So we are paid by the minute, and therefore, we have to show occupancy rate. This is the most important variable because this is the KPI upon which we can mention how much money we will make out of all these stations. Then network. As you know, more than 3,000 charge points online and under construction. This was the guidance that we gave for our sales for 2023, achieved in the first 6 months. Almost 2.5x year-on-year basis compared to last year. Now finally, we give you some visibility on countries. Italy, of course, is the most developed country being ahead in terms of development. France behind it and then immediately afterwards, Portugal, where we also made an important acquisition. And then finally, Spain. Of the 3,000 PoCs, 1,263 are online. We have another important figure here that we have started showing to the market, and we will continue to do so is the sites and PoCs in this case, which are waiting for connection. The station has been built. Everything is ready. We're just waiting for the last mile, the last step from the distribution companies to give us the connection. And not -- that's not the physical. It's just literally the last mile. However, this period of time can vary from weeks to sometimes even months. And therefore, we are giving you visibility on that one as well. The rest of the PoCs are under construction. On top of that -- so this is -- let me go back. On top of this, these are PoCs. Next slide is site. So here, we are talking about sites and these are on top of what you saw before. This is the pipeline of what's coming afterwards. We have [indiscernible] sites under development with a massive increase of 6x as much and [indiscernible] under assessment. Just to give you an idea, the underdevelopment one, that's where we already have at least a premium idea of the design of the stations. So there I have a figure, it's 4,500 PoCs, which could change as we go into the final stages of development, of course, but to give an idea of 4,500 there. The under assessment one is -- the visibility is less because we have not completed our initial thinking on the stations, but that could be between 8,000 and 9,000 PoCs. And finally, targets and ambitions. On this slide, you will recognize the figures that we have very well publicized in the past. First and foremost, 5,000 PoCs by 2025. And with the information I just gave you, you should be reassured that we will meet or exceed the target. The other important number that you already know is the 35,000 PoCs by 2030. In terms of contribution to NHOA's success story -- financial success story, of course, by 2025, we have committed to become EBITDA positive in the case we're showing EUR 15 million as a target out of EUR 100 million of target revenues, and with a higher profitability in 2030, thanks to the scale effect. The new numbers here you see is the 22,000, please give me one minute, I will explain with the next slide. And the most beautiful one is a target for 2024. By 2024, I have given myself and my team another big challenge. We want to sell -- we want to provide to our customers 250 million kilometers of zero-emission driving. How did we choose this figure? Of course, it's -- we came up -- we worked backwards in terms of the network development expectation on car sales, et cetera. And plus we added, let's say, an ambition factor on that. We want to do more than what naturally we come out of our network. But it's also a very nice figure because it's approximately the distance between the Earth and Mars. So I want to launch within my team, the idea that next year, we want to go to Mars, but without the rockets and without any carbon emissions due to the rocket. So we will stay with our feet on the ground -- our wheels on the ground and zero-emission basis. So this last slide, and then I'll let you go for lunch. Last slide is about explaining the 22,000 figures of the previous slide. Our ambition remains to be clear, 35,000 fast charging points by 2030. However, because, of course, you know that NHOA has announced a capital increase, out of which between EUR 150 million and EUR 200 million will be dedicated to Atlante. So we worked out the scenario. What if we got that money, based on our current other assumptions on market evolution, et cetera and especially on keeping the same success rate with the CF funding that we had in the past, if we keep those assumptions without going back for any additional funding from our shareholders, we will get to 22,000 points of charge by 2030 on a fully funded basis based on those assumptions. To get to 35,000, we will need more money, most likely from a strategic partner, for example, or it could be that we have been conservative on our market assumption. Of course, if exceed expectations, then we'll drive more cash flows to Atlante stations, and we can leverage up the cash flow from external financing, we might get there anyway. But on the current assumptions without additional equity funding, 22,000 is the scenario. And that's it, just reiterate 5,000 by 2025, 250 million kilometers delivered next year. That's it. Thank you very much. Back to Carlalberto.

Thank you, Stefano. So very last couple of slides, and then we'll start the Q&A and we let you enjoy the lunch. First and foremost, I would have never closed the Capital Markets Day without the picture of my mountains and the valley [indiscernible]. So you can imagine that. In a nutshell, last year, EUR 166 million revenues. This first half EUR 116 million, so the amount of revenues that we made in the last 7 years. We confirmed the revenue target for this year between EUR 250 million and EUR 280 million revenues, which is the high end of the guidance. No energy. We will continue to be profitable and EBITDA positive with an EBITDA ranging from EUR 5 million to EUR 10 million. And most importantly, we have the ambition to breakeven at the group level this year, excluding Atlante, obviously. The most important aspect is that this is all thanks to the last part of these slides, so our people. All 500 people, 38 nationalities, 34 average age. Most importantly, 50% of women in management team and 130 patents. The last one, we keep coming and we want to reach new heights. You've already seeing this graph. On the left, you have no energy growth in terms of revenues and also the ability to breakeven, which is well represented by the reduction of the ratio between OpEx and revenues. OpEx, personnel costs on revenues. And then on the right, you have the growth. We already demonstrated with Atlante, 3,200 points of charge and the growth by quarter in Free2Move eSolutions sales. What is missing on the right part of the slide is the ability to breakeven. And the message is that we already demonstrated -- we started 10 years ago, we already demonstrated to scale up the market and to do it in a profitable way. We're going to do the same thing with Atlante and Free2Move eSolutions. That's the final message. Actually, it's not really the final one. Let me quote for the final one the role of the NHOA Group in the very center stage of these lights with the omega. When you think to a technology play and we think to the NHOA Group within these three business units as a technology play, think about as the intelligence that is controlling and connecting the commodity, single commodity that will be the nexus between the energy and the mobility world, which is a battery. Battery is a commodity. We are buying batteries from China from South Korea, from Japan and any other place in the world where they're going to manufacture batteries. That still is a commodity. Commodity needs is in both world, energy and mobility now, and our technology play is to connect and control that commodity and play in both worlds. And I had the honor to mention that because this is not my sentence, but I'm quoting one of our founders, Professor of the Politecnico Torino, which is a [indiscernible]. Thank you for that. And I think we can start the Q&A session. And I'm going to ask Chiara to moderate the session. So give us a few seconds, and we can start the Q&A. Thank you.

We will start with the questions that we are going to have here from the people here with us today. Do you have any questions? Okay. We have two questions there. So first question will be from, I think, Massimo Leonardo from Strategy and from PWC.

Thanks a lot. So the question I think is for Mr. Guglielminotti. So we know that Stellantis recently launched the Free2Move charge that we understood is a complete ecosystem, charging ecosystem within Stellantis itself. My question is how it is going to work with Free2Move eSolutions?

Thank you for the question. Actually, very well. Free2Move charge has been a fantastic idea of Stellantis in order to, let me say, put one single box around the electric experience. So from the one hand Free2Move charge is focusing on charging, residential charging, business charging and so on. So hardware and software solutions for the traditional e-mobility space in which Free2Move eSolutions is playing. And from the other hand, is also focusing on the onboard part of the car. So you will see with the Free2Move charge brand, many things and 100% related to the electric experience. So from the customer orientation perspective, from the Stellantis perspective, this is very important. By the way, this is also a trend in the automotive industry. So the answer to your question, how Free2Move eSolutions will play exactly as it will play and is playing within the Stellantis ecosystem, which is as preferred technology partner. So nothing more than that. I think -- I generally think that this is a very smart idea of Stellantis. And I see that as a big boost for our growth. And by the way, we've already seen, particularly in the United States, that we expect to see that also in Europe a big boost happening because we already started working together months ago. The announcement of Stellantis has been recent. But in reality, the business unit has been created a few months ago, and we already had the opportunity to work together and to experience the fact that this is a real boost. I think this will be a real boost for the customer of Stellantis, so EV drivers and this boost will be reflected on our sales. So smart and great move of Stellantis.

I think there was another question from [indiscernible] from Societe Generale.

A question for Carlalberto. You have been just awarded with the first project in U.K., which is a very competitive market on one side. On the other side is one of the biggest market in Europe. Which kind of opportunity do you see in this kind of move in this kind of market?

So clearly, it's a major, major step ahead. First, the U.K. is a long-established market. So Southern Europe, it's our home market. So by definition, we are an early mover. In Australia, in particular in Western Australia, we have been an early mover. We won projects in Latin America where we are an early mover. In the U.K., we are not an early mover. So it proves our ability to compete with the best of the best in an established market and to enter market. This is important in itself because it's by far, the largest market in Europe, but also because it marks a sign of what we can do in the United States. I don't think it's a mystery to say that our ambition, the ability to achieve our targets partly relies upon our ability to position properly in the United States, where we are not an early mover. So this is the first point. Second point is U.K. is a market in an important transition. It's a market in which the low-hanging fruit for energy storage business case is frequency regulation. So the fine-tuning of grid flows has been exhausted. So it's a saturated market from a frequency regulation perspective. So it's a market that is transitioning toward energy shift and this is not a -- it's not an obvious part. So being positioned in this -- in the market is in the cusp of this evolution on a fully unsubsidized basis, it's important in itself. And the third point is that is the client itself. So Eku is the platform of Macquarie and the global platform of Macquarie Green Energy storage, and it adds to some other important names like [indiscernible] that we have in our list. So it means U.K., but it doesn't only mean U.K. in terms of certification of being a capable partner for the best of the best in the market.

Thank you very much. Are there any other questions? Okay. We have one from Valerio Claroni from Deutsche Bank.

First of all, thanks, and congratulation to NHOA for the great set of information provided today. My question is around utilization and occupancy rates. So can you give us a little bit more color on the differences between the two that we have seen on the slide? And also why Portugal is the only one where occupancy rate is used? And finally, how do you expect these two rates, the utilization and the occupancy rate to develop towards 2025 and 2030?

Yes, sure. Let me reiterate the difference, but I need to do one step back on explaining Portugal. In Portugal, you saw before, the electrification pace is faster than Italy and Spain. It was ahead of France. Now France is catching up and why -- one of the reason why Portugal doing so well in electrification drive was because the government put together a few specific policies, in particular, for example, created, let's call it, a clearinghouse called [indiscernible] these things including organizing the market of who sells the energy vis-a-vis who provides the infrastructure and also organizes tender processes for smaller municipalities or bringing, for example, together and organizing tender processes. But in one way the Portuguese regulator decided that the selling of energy should be separated from the ownership of the stations. That does not mean that the same actor can do both businesses, but you need to have licenses for both. And if you become an energy reseller, you then have to be prepared to sell in all stations. So it requires a bit -- it's more complex for us to enter into the market, the Portuguese market and become immediately an energy reseller. So we decided, instead, to focus on the infrastructure business, first of all, with a view of adding the energy part as soon as we feel confident and we have the structure to do so without basically taking on unnecessary risks. That's the point. And that's also why we decided to purchase KLC last year, and we then went ahead with the acquisition earlier this year to cut short all of the process of development infrastructure since we have to focus on the energy part in the next, I would say, 12 to 18 months. Now with all this preamble, that means that pure-play CPOs, they are in charge of the infrastructure. And basically, the [indiscernible] organizes the payment, takes the payment from the final customer and that splits into, the energy component goes to energy reseller and the use of infrastructure goes to the CPO. The use of infrastructure is paid for on a time basis, okay? And that's why occupancy rate is a figure that makes sense, whereas utilization rate does not in Portugal for the time being. Once we will have a combined business with energy, we will need to think about it. I don't think it will be as simple because, for example, if we become an energy reseller, we might be selling energy to other stations, to competitive stations so that even in that case, the KPIs would be complex to think about. Right now, for this market structure, occupancy rate is the KPI to look at for Portugal. In other countries, it's different. In the other countries, we sell combined time and energy, right? And we are paid normally on a kilowatt-hour basis, and that's why utilization rate is more important. You also asked what we expect the evolution to be in terms of that utilization rates, which is easier. By 2025, we expect it to be around 5%, and then to grow steadily by 2030 between low to mid-teens. So that's an evolution in line, let's say, with the same projection that we showed you before in terms of electrical vehicle sales. Now one other part when I said early on that we were very satisfied with the current utilization rates in those countries was -- also occupancy rate with Portuguese, in fact, 2022 for us was a disappointing year in terms of sales of electrical vehicles. As you know, generally-speaking, sales of cars in Europe was down, it was a tough year for automakers in general last year for various reasons. And then in particular, electrical vehicle sales were much below our own expectation. Notwithstanding that, we still managed to deliver good utilization rates above our initial estimate. So that means that either we have been too concerned on thinking how much people charge in public vis-a-vis home hopefully, also we have chosen good locations. So that's -- sorry, the last part is what about then occupancy rate progression in Portugal? We would see steadily increasing towards 30% by a bit later than 2025, let's say, maybe between '26, '27, should gradually go up to 30%. And that's assuming we keep the same business model without adding energy, okay? And then from then onwards, we see a cap. We don't see that the occupancy rate can grow much above 30% for physical reasons. I mean, it would be difficult to imagine that the station is occupied on -- all of the stations are occupied in such a continuous way, okay?

Thank you very much. We have another question from [indiscernible] from Goldman Sachs.

I have two questions for Carlalberto. The first one is on your 2023 revenue guidance. You gave us a range. Can you comment on the top half end of the range? How confident are you to reach the top half end of the range? And the second question is on EBITDA. You mentioned you are targeting EBITDA breakeven in 2023 without Atlante. Can you give us a sense about Atlante?

Yes. Thank you for the question. So on the first one, 2023 guidance, yes, we have a range. We clearly see the path towards the high end, frankly speaking. We're very prudent in building the guidance for the simple reason that I was mentioning earlier. Revenue recognition is very complex. So we have many variables to fall low according to IFRS 15. Therefore, we play many scenarios with many variables to understand the most prudent, but also representative of the real capacity of the company to deliver range, right? As of today, we have clear visibility towards the high range of the guidance to be very, very close. On the EBITDA, this is the broad question. I mean, I mentioned, please do not focus on EBITDA on 2023, 2024. I mean, jokes apart, I understand the importance for our investors and our stakeholders to understand the interim performance in EBITDA terms. But again, you have in H1 a proxy, okay? You might easily imagine, if you look at the investment made, the growth in PLC and then you take the current EBITDA of Atlante, you can build very easily a proxy. What you can assume is that the growth will continue at that pace. And therefore, the EBITDA impact will be directly correlated to that. You also see that gross margin is around 50%. So really is a matter of -- we don't want to guide the market precisely because we want the market to be focused on the real objectives we have, which is to breakeven and have actually a positive EBITDA for Atlante by 2025. And we prefer to leave to our stakeholders, analysts and banks to make their own scenario with the guidance that I mean -- this is exactly correlated to the deployment of investments, and we were going to maintain the same level of acceleration of the plan as we have done it until now.

Thank you very much. We now have one question coming from Mr. Alessandro Bettiol from Mediobanca, and he's here with us.

Yes. I hope you hear me well. Yes. Okay. So the first one, I think is on EVs. I think very few would disagree that EV is the way to go. As you pointed out, we can see that every month in the car registration numbers. And however, we also see that Italy is probably the lowest in terms of EV penetrations in Europe. But I'm sure there is a big geographical difference even within Italy. So I was wondering if you can give us color on where your charging points or how your charging points are distributed nationwide in Italy, but also in Spain, where EV sales are also probably below EU average as well? The second question on battery technology for EVs. Toyota, a few weeks ago, announced potentially a major breakthrough and I was wondering whether you see solid state as a catalyst for increasing EV penetration or for reducing cost, total ownership cost for EV in general? The third and final is a bit more color on the funding needs for a plant in '23 and '24. How much will be covered by the upcoming rights issue, grants and potentially whether project finance could be a source of funding for charging points? And also an update, of course, on the timing of the rights issue, if you can give any timeline there that will be appreciated? That's all from me.