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Iren Ltd reported a solid performance for the first quarter of 2024, with notable improvements in several key financial metrics. The company’s EBITDA rose by 8% to 924 million euros for the first nine months, while the group net profit increased by 9% year-on-year to 193 million euros. According to InvestingPro data, the company currently maintains a market capitalization of $1.01 billion and trades at a P/E ratio of 83.67. Despite these positive results, the stock price showed a modest increase of 0.22%, closing at 9.12 USD, reflecting a cautious market sentiment.
Key Takeaways
- EBITDA increased by 8% to 924 million euros.
- Net profit grew by 9% year-on-year.
- Stock price rose slightly by 0.22%.
- Expanded customer base by 7% in the electricity market.
- Issued a 500 million euro green bond.
Company Performance
Iren Ltd demonstrated robust performance in the first quarter of 2024, driven by strategic investments and market expansion. The company capitalized on regulatory updates and improved market profitability, contributing to an 8% increase in EBITDA. Additionally, the net profit saw a 9% rise compared to the previous year, highlighting the company’s strong financial health.
Financial Highlights
- Revenue: Not specified in the earnings call summary.
- EBITDA: 924 million euros, up 8% year-on-year.
- Net profit: 193 million euros, a 9% increase from the previous year.
- Net financial position: 4.1 billion euros, influenced by the EGEA acquisition.
Outlook & Guidance
Looking ahead, Iren Ltd projects its 2024 EBITDA to be in the upper range of 1,250 million euros, with group net profit expected to fall between 260 and 270 million euros. The company plans to invest approximately 1 billion euros and aims to maintain a Net Financial Position/EBITDA ratio of 3.3 times. For 2025, Iren anticipates improvements in its network business and a recovery in the waste segment, with 70% of power production already hedged at 105 euros per MWh.
Executive Commentary
Luca Delfambro, Executive Chairman, expressed confidence in the company’s performance, stating, "We expect EBITDA to be in the upper part of the range." Giovanni Gazzer, CFO, emphasized the company’s responsiveness to market dynamics, saying, "We are very reactive to all market signals and signs," and highlighted the focus on maintaining stock value.
Risks and Challenges
- Competitive pressure in the gas market could impact profitability.
- Energy price declines may affect renewable and thermoelectric production.
- Regulatory changes could pose challenges to strategic initiatives.
- Market saturation in core segments may limit growth opportunities.
- Macroeconomic conditions could influence investment and expansion plans.
Iren Ltd’s strategic focus on renewable energy and infrastructure investments positions it well for future growth, despite potential challenges in the competitive landscape and fluctuating energy prices.
Full transcript - Iren Ltd (IRE) Q3 2024:
Giulio Douma, Conference Moderator: Good afternoon. Welcome to the conference for 9 months 2024 results of Iran. And you will be able to make questions at the end of the conference And now I leave floor to Giulio Douma for the conference. Good afternoon, everybody, and thank you for joining us on our conference call. The results will be presented by Executive Chairman, Luca Delfambro and by this year, so Giovanni Gazzer.
So I then should leave the word to Luca to present the results first. So thank you, Giordio. Good afternoon, everyone. Today, we are commenting on the results for the 1st 9 months of 2024 approved by the Board of Directors transition a while ago. EBITDA increased by 8%, mainly due to higher regulated revenues in the networks and higher margins in commodities sales activities.
Compared to the previous quarter, which closed with plus 5%, the higher growth was supported by the recovery of profitability in the WAVE BU, which contributes positively to the group’s result. The net financial position amongst the €4,100,000,000 and the increase compared to the first half of the year could be attributed almost exclusively to the outlay of €87,000,000 for the acquisition of 50 percent of EGEA that occurred at the beginning of August. Since then, Eiran has entered into the company’s management by taking important decision to create value, such as the corporate rationalizations of the Agile Holding Group and the operational coordination of businesses. In addition to this from a stricter and tougher point of view, I think it is our appropriate to highlight the main results achieved in the Q3 of the year. First of all, indeed, the commissioning of 38.5 Megawatt photovoltaic plant in Transcanilas in July and second, a decrease of 160,000 of retail electricity customers that changed thanks to the 2 lots, 1 in the liberalization market auctions in July.
And then indeed in October, we started the collection service in 140 municipalities in the province of Assi in addition to the 54 municipalities in the province of Kornal served since March of 2024. To support the large amount of annual investments and insurance side financial structures, September 2024, we issued the fixed green bond of €500,000,000 which allowed us to maintain a cost of financing well below 4% in line with market expectations. Finally, we strengthened the guidance for financial year 2024. We expect EBITDA to be in the upper part of the range, mainly due to hydroelectric production and better than expected performance of the power sales activities. Now if we move on to page 3 that we are showing to you, we make an overview of the main ERG indicators that ERG indicators that determine the sustainable growth path defined in the business plan supported by 72% of eligible investments for the European taxonomy.
Regarding the grain translation, at the end of September 2024, we have a 4% reduction in carbon intensity as a result of the increase of renewable production and the degree in gas and WTE production. So waste to energy plants. In addition, IRON’s strong commitment to increasing sorted waste collection, in particular with the extension of excellence in the recently acquired territories. So these have allowed the group to reach an overall 68% sorted waste collection rate, which is increasing both in historical territories where it reaches 72% plus one percentage point compared to the 9 months 2023. And in the other territories as well, where it is almost 63% with an increase of 2 percentage points compared to the same period last year.
Also, there is an increase of almost 90% compared to the same period in 2023 of the material recovered in our waste treatment plants, thanks to the contribution of the entire 2024 period of the plants that came into operation last year. And so we have a strengthening position, thanks to the increase in the number of municipalities served by the waste collection activity with almost 490 municipalities. 90 municipalities and this will further grow with the addition of 114 municipalities in the province of Aste. Then we have 7% growth in the customer base due to the increase in electricity customers. And then the continuous extension of the district heating network, which exceeds 101,000,000 cubic meters in terms of service quality.
And so the newly approved results confirm the focus on customers and citizens and the continuous increase in the quality of our products and services. And the first half year data and customer satisfaction now as theirs is consolidated, thanks to the opening of 4 new points in our territories. So iron reaches a total of 69% of the districtized water network with increase of 2 percentage points in these record territories offset by the entry of Aqua Aerna into the company perimeter and the sliding place and water withdrawals per inhabitants. So then on Slide 4, we see the main economic and financial indicators for the period in the EBITDA equal to BRL924 1,000,000 for the 1st 9 months, up 8% year on year. Confirming the trends already reported in the first half year to which is added the preannounced recovery in profitability for the waste BU.
Moreover, we can see, 1st of all, the updating of regulatory parameters in networks and waste for about €75,000,000 Then the continuous improvement of the market’s profitability, thanks to the optimized commercial strategy, so amounting to almost €60,000,000 3rd factor, organic growth in regulated business due to continued investments and inorganic growth related to consolidation of Aquentacion Ambiente for €25,000,000 And 4th factor, hydroelectric and solar production volumes with plus 31% increase compared to the previous year. Among indeed the headwinds or negative factors, we have a reduction in energy prices and margins with an impact on renewable and thermoelectric production by almost €90,000,000 And despite these, as visible in the graph, we have integrated energy supply chain management with an increase of €25,000,000 over the previous year, then lower contribution from energy efficiency activities due to the reduction of activities related to the 100 and 10 super bonus equal to €37,000,000 And then the pro launch breakdown of Oasis Energy reported in the first half of twenty twenty four and the non full operation of the new Oasis three twenty plants that do not fully operate yet with an impact of about €20,000,000 Under EBITDA, EBIT net profit showed growth over the previous year but with different percentages, with different extraordinary items.
Giovanni will talk about that. And then we have indeed the net financial position reaching BRL 4,100,000,000 to the mainly to the outlay for the acquisition of the Aegis share. And out of this, we have the NIM fee in line. And now the word to Giovanni.
Giovanni Gazzer, CFO, IRON: Thank you, Luca, and good afternoon. Let’s start with the business performance analysis, as usual, from the Network business unit on Slide 5. The 28% increase in EBITDA of €79,000,000 mainly attributable to the investments made in the past years, which generated part of the increase in RAB with an impact on revenue constraints of about EUR 10,000,000 and the revision of regulatory parameters for almost EUR 16,000,000. I also remind you that the integrated point of service is positively affected by the extraordinary recovery of inflation on operating costs in 2023 for €9,000,000 approximately secondly, the positive contribution of Aquain, a consolidated company as from June 20 23 with a contribution of about €4,000,000 The investments focusing mainly on the integrated partner service and the distribution show a significant growth of 13% compared to the same period in 2023. Investments were also aimed at increasing quality of service, which allowed us, for instance, to reduce the duration of outages due to falls on the electricity nature by 30%, increase in the ramp of almost €700,000,000 11% plus 11% compared to year end figure for 2023 is achieved, thanks to the equally large contribution of investments made in past years and the regulatory evaluation linked to the application of the deflator, approximately 5.5% weighted average rate.
For the Q4, we expect the performance of EBITDA to be in line with the previous quarters, net of the above mentioned extraordinary component of €9,000,000 recognized in the Q1. Now moving on to Slide 6. We delve into the waste at the end of September. We noted the turnaround of this business unit, which in the 3rd quarter, fully recovers a drop of minus €7,000,000 in the first half of the year, recording a plus €14,000,000 in Q3, thus close in the 1st 9 months with an EBITDA increase of 4%. The boost of the growth comes from the collection business, which is an increase in EBITDA of EUR 27,000,000 basically doubling the growth of the first half of the year due to the full recognition in the tariffs of the higher costs associated with inflation secondly, the efficiencies achieved in operations as well as the completion of the approval processes of the new economic and financial plans for services, which happened in Q3.
The treatment and disposal business supported by the growth in managed volumes, plus 7% versus 2% in H1, However, maintain the margin contraction reported in the first half due to the effects of lower plant availability due to plant maintenance and breakdown of the 2 rate that WTE recorded in the first half of the year. Secondly, substitute to the prolonged start up phase of the new waste treatment plans, which generates an increase in related costs. 3, the worsening of the energy scenario and a negative impact on the divestment of electricity and energy produced by WTE. Also, the progressive exhaustion of the disposal capacity of some metals partially mitigating the results, negative results of the treatment and disposal plans was the positive contribution of CNM. The company consolidated since the beginning of the year, which contributed around €10,000,000 in the period.
The Q4 is expected to be basically in line with the last year as the higher margin from collection activities will be offset by the lower contribution from plants, partly due to further planned maintenance on the TRIN WTE plant scheduled for the final months of the year. On Slide 7, we consider the factors that led to a contraction of 29% of the Energy piece EBITDA. Renewable generation benefited from higher hydroelectric production volumes, up by 29% and photovoltaic production, up by 42%, thanks to the contribution of that spill in the period. This volume dynamic more than offset the decline in energy prices compared to the previous year. It is important to note that the average sales price in 2023 was supported by hedging activities, which have been brought forward in 2022, which had allowed for sales prices higher than market prices in the 1st 9 months of 2024.
In fact, the average electricity selling price, although higher than €110 per megawatt hour is the result of a declining energy scenario of the recovery in the Q3. Also note that the abundant rainfall in the period allows us to have more water in the basis and the reservoirs. And therefore, we expect to reach a record of 1.4 terawatt per hour of hydroelectric production per year. As a seasonal service, the contribution of diesel heating did not change significantly in the quarter, confirming the reduction recorded in the first half of the year. 3rd point, the dynamics for cogeneration and thermoelectric CCGT are very similar to the first half of the year, decreasing clean spark spread at lower volumes due to the few hours of positive margin 10 week MSD, with a further reduction of EUR 3,000,000 in EBITDA due to the lower contribution of MSD in the 3rd quarter.
4 point. Finally, energy efficiency activities. We reported a decrease of €37,000,000 in this line due to the termination due to regulatory changes of upgrading works related to the 110% super bonus incentives. Looking at the last month of 2024, we expect a result of about EUR 20,000,000 less than in the Q4 of 2023 as the energy scenario is less favorable and is not and is only partly offset by higher hydroelectric production. Completing the picture of the business units, we move on to the market BU, Slide 8, where the growth already reported in the first half of twenty twenty four is confirmed.
Thanks to the alignment of our commercial policy based mainly on offers with a tax crisis associated with fixed quotas and market conditions. At the end of September, Aira’s portfolio consisted of more than 2.3 Indian Retail and Small Business customers with a private and celebrated 3 city customers over gas customers, as you can see in the top right hand chart. This trend is also sorry, in the chart in the lower right hand corner of the slide. This trend is also the result of the electricity market liberalization options that allowed us to acquire 160,000 new customers, a dynamic that we value positively in a market context that is seen with competitive pressure. The effects of the growth in electricity customers can also be seen in the top right hand graph, which shows the volume sold decreasing by 10% compared to last year.
On the contrary, the decline in the volume on gas sold to end customers is due to increased competitive pressure on customers and unfavorable weather conditions with falling consumption due to high temperatures recorded in the early months of the year. Moving on to the AeriePlus line of business. There is a growth in sales of products and services to retail customers bound with commodities such as insurance and connectivity services, which continues. This is important to underline that we sold over 400,000 products and service during the period with a very high adoption rate. The Q4 is expected to be slightly lower than last year due to increased competition from retail customers and lower margins of our customers acquired in the market liberalization auctions.
Giulio Douma, Conference Moderator: So going back to an overview on Page 9, we look at the elements that lead from EBITDA to group net profit. Depreciation and amortization increased by €45,000,000, which is €36,000,000 due to investments made and €9,000,000 related to the companies recently integrated in the consolidations coke, CNAM Biente and Aqua Ana. Provisions and write downs include 2 extraordinary items. So 2023 includes the provision related to the decree sustaining it there, so called extra profits of €41,000,000 while 2024 includes a €6,000,000 write down related to a plant for the treatment of plastic from sorted waste collection, which is currently not operational due to the fire in the March of August. There is also a slight increase in provisions for bad debt for €5,000,000 due to the increase in receivables related to direct billing to citizens for waste services, previously billed to municipalities.
And then the average cost of that was 2.1% versus 1.8% in the 9 months period to 2023 and is stable compared to previous quarters. Finally, group net profit for the period amounts to €193,000,000 up plus 9% year on year. There is also a higher tax rate for the period of 30.1% compared to 26% last year due to the known taxability of extraordinary contributions to compensate for the high cost of energy and also higher profit attributable to minority interest for €11,000,000 Then Page 10, now with the net financial position for the period. So the debt at the end of September 2024 was up plus BRL173 1,000,000 compared to the value at the end of 2023 and plus BRL94 1,000,000 compared to the data at the end of June, mainly related to the purchase of 50 percent of EBITDA, which took place in July. As already seen in the half year report, the operating cash flow of €713,000,000 at 30 September benefited not only from EBITDA but also from the release of capital credits from super bonus 110 percent for 2024 amounting to €250,000,000 Net working capital increased by €90,000,000 and the reduction in the change of the net working capital compared to the last year, which amounted to €300,000,000 is due to the positive contributions of a higher sale of electricity on the exchange with a short term settlement against the higher consumption of gas in the Q3 for thermoelectric production with deferred payment.
This trend temporarily reduces the growth in CCM, which we confirm is expected to be €150,000,000 at year end. This increase, as already anticipated for the half year, is attributable to about €100,000,000 to the effect of the declining energy scenario as long production decreases the financial benefit of sales and the stock exchange with weekly collections and to higher receivables not immediately billable in regulated businesses due to regulatory increases for the portion exceeding the tariff cap. And then a €50,000,000 related to receivables and investment grants related to the National Resilient Recovery Plan for which the reimbursement procedures by the state are longer than expected. Operating cash flow generation for the period, fully covered technical investments of EUR 560,000,000 and M and A transactions related to the acquisition of 50% EGEA, the consolidation of CNM Bianca and the acquisition of authorizations for the construction of the new Agri Voltaic plant. And all of those operations amounted to a total of €111,000,000 I then leave the floor again to the chairperson for focus on the consolidation of EGI and for closing remarks.
Thank you very much, Giovanni. I would particularly like to take this opportunity to inform you that IRON’s Board of Directors as today resolved to subscribe EGL’s capital increase of up to €20,000,000 to finance the development of Alessandra’s district heat network. This action will allow us to reach a 55% share, which by bringing us to corporate control will enable us to consolidate as early as 2025, 1 year earlier than contemplated in the industrial plan and to accelerate the governance optimization processes in order to extract synergies more effectively and quickly. From an industrial point of view, the consolidation with sulphur and all of Ireland’s businesses with an increase in the overall ramp between water service and gas distribution of over €100,000,000 approximately Approximately 300 sales inhabitants served by waste collection. 10 MMC of district heating volumes, almost 200,000 gas and power customers, allowing the group to increase its presence in its reference territories, especially Cunha area and an area between Kia Mount and Liguria.
And this will also generate an increase on Nairo’s 2025 numbers at NFB level of €170,000,000 including about €10,000,000 in investments for the development of desiccitin and Alessandra and in terms of EBITDA between €55,000,000 €60,000,000 So regarding year end expectations, the 9 month results allow us to confirm year end guidance. The higher range with EBITDA with €1,250,000,000 plus 4% compared to forecast on 23 and up by €10,000,000 compared to previous guidance due to better expected results in the market today and higher hydro volumes in the second half of the year. Group net profit in the region of €260,000,000 to €70,000,000 plus 4% compared to last year. There’s no further increase in net profit due to the extraordinary write down of €6,000,000 due to fired a waste treatment plant reported this quarter. Total (EPA:TTEF) investments will be around €1,000,000,000 and NFP EBITDA ratio of 3.3x due to the operating cash flow, which will fully cover the investments for the year.
And now we can then start with the Q and A session. And the first question comes from Alessandro de Vito
Giovanni Gazzer, CFO, IRON: from Mediobanca (BIT:MDBI). I have 3 of them. The first question is can you please give us an update on the discussion with the government concerning the renewal of expired hydro production concessions? We saw that some of the concessions have come to expiry. The second question is this: Can you please remind us about the 2 lots of regulated customers, how many of them were in the 2 groups?
And have you managed to extract some value from them since the EBIT figure was positive? 3rd question, can you please give us an update on the potential profit from the portfolio of renewable energies, which was already part of your business plan? As to the hydro update, our end is in a slightly different situation as compared to other so the majority of other operators. Last year, we submitted the project to the Plinmune region, which includes a revamping or launch of new assets. This project won, which means that there will be an auction on the implementation of the project.
And the winner will be the one that will make the most competitive bid. So we’re now waiting for the various phases of the project, and there is an initial discussion going on where the region has to set up the auction. And when the auction is launched, we will participate in it. The way the project has been set up, we’ll have a call option. So this puts us in a favorable position.
So we have a last call, sorry. So we are in a strong position. As far as customers are concerned, they are 100 and 60 basis points in total in terms of new net customers with a negative margin of about EUR 40 per customer per month, which is equal to the cost of acquired for the previous years. So we believe we made a good purchase because it pays back in 2, 3 years, and it is remarkable. In the retail market, 2, 3 years is the minimum payback time.
There are operators investing more money, and they have to wait for 4, 5 years. So we’re very, very happy with that. As to your third question, I. E, the sale of renewable questions sorry, renewable energies, if I understood your questions correctly, we’re making our own assessments and evaluations. We want to try and understand whether considering the definition, the Parex, whether we can better evaluate these assets.
So we are actually waiting with the finalization of the Parex system to understand which is the best way to position ourselves on the market. If the Parex is the best to position our assets, we will decide. We have 3 options ready depending on the FX because the FX is a game changer and maybe it can add value to our asset. So we don’t want to add or lose value before we see the fair exit. I hope I answered your questions.
Thank you. Thank you, Mr. Alessandro DiVita. The second question comes from Roberto Rittiza from Equita. Over to you.
Thank you. Good evening. I would like to bring the attention to 2025, if possible. So can you please give us an outlook for the next year in terms of the positive and negative contribution for higher end? Although you already talked about the contribution of HCL that we expected, which is the level of coverage that you have for 2025?
Which is the expected production of hydroelectric power? What is the expected growth outlook? As to waste, I don’t know how you’re rationalizing your activities. In Q3, they already recovered positions. But can we expect a full operation of plants and a recovery of profitability already in the next year?
So what is the outlook for the waste market? And then I would like to have some information on the regulatory situation for the next few years. Well, we believe that 2022 will be in line with our forecast outlined in the plan approved in June with details for the BVs that we will try to convey to you. Some details will cover other questions. On the network, we expect an improvement in WACC which is considering home customers and others.
But we expect an increase due to the deflator. So the update of deflators will basically provide a positive contribution to this business unit. As far as waste is concerned, is facing some difficulties in the ramp up of new plants. We expect to be able to recover another EUR 5,000,000 to EUR 8,000,000 from these plants, but we know that a number of difficulties will still be there, especially related to the plant, and considering the market prices that are not stable yet. As to the Power business unit, we’ve already covered 70% of the outlet production at a value of about €105 per megawatt per hour and 25 percent only on the thermometer production with a change of €2, €3 per megawatt per hour.
For the energy, it’s important to underline the contribution of the capacity market, especially the options for the delivery of 2025 have already been carried out with the price per megawatt per hour of EUR 45 versus EUR 33 per megawatt per hour of 2024. So here, we had conservation of about 1900 Megawatts of expected power, which is a major upside in the first month, we do not expect further increases in the declines, but we expect a balance. As for the hydroelectric production, 2018 was an extraordinary exceptional year, which will allow to have levels of the reservoirs slightly above our historical path, and we expect 1.3 terat per hour of production in 2025.
Giulio Douma, Conference Moderator: Thank you very much. Thank you. Next (LON:NXT) question comes from Emanuele Ojona from KeyBanc. Please word to you. Good evening, everybody.
Thank you for the opportunity. Just a couple of clarifications. 1, regarding hydroelectricity production. Before in the call, you mentioned 1.4 megawatt hour for 2024. But I thought that during the H you said 1.6 or 1.7, which could be actually a growth more in line with 1.3 in 2023 due to the greater rainfall and snowfall that characterized 2024.
Then you’re thinking about going back to 1.3 in 2020 5 that you had in 2023 and that would be considered a normalized level? And one last thing, regarding the retail department, the energy supply, the results of the 9 month period were quite strong, but then the guidance for full year 2024 implied a decline in the EBITDA in the Q4 2024 compared to 2023. Could you explain us the dynamics in this business unit, please? Regarding the target 2026, that was correct. But regarding the hydroelectricity production and also photovoltaic production, we had notified the value for the summer period.
And with respect to that value, we could say that the rain fall in the Q3 implied an increase by 50 gigawatt hour of production in hydroelectricity. So that mix of 1.6 megawatt hour included a target of 13.50 hydroelectricity that today can increase to 1.4. So it was correct, but it referred to a different mix of power supplies. Regarding the profitability of the market BU, in the last quarter, we expect the lower profitability compared to last year by about €10,000,000 €15,000,000 because last year, we had instead a significantly favorable trend both in profitability and also because the thermal season and also regarding gas, that was a conservative indeed forecast, but we are not reaching the seasonal averages. Thank you.
We have a question from Roberto Resitsa from Equitale. Yes. So just a clarification on EDREA. I don’t remember if EUR 55,000,000 or EUR 60,000,000 EBITDA we should have next year. Was it a starting point or an arrival point, a target point?
I think it was more of a target point or so we’re starting from EUR 55,000,000 to EUR 60,000,000. Can you tell us something more about the guidance data, the GAO, what is the target point in a couple of years regarding the EBITDA? The value is an estimate for the year 2025. So it could be considered a target point and arrival point, but we could not expect a higher increase based on what we know so far. We can say and we decided to enter with the majority capital.
And starting from today, we will have a more impact and more effective impact on the governance. And in case there is a further improvement, we will notify this to you. But as of today, based on the current knowledge and calculations, we may develop a €55,000,000 €60,000,000 EBITDA for EGEA, and then we will see whether we can reach further improvements. EGEA is a platform that is expected to grow, and the synergies, of course, are potentially all very positive elements. Thank you.
Another question from Francisco Sala from Banca
Giovanni Gazzer, CFO, IRON: Acros. I have two questions. The first one is about gas. What are some changes you make in terms of volumes for the firm as season, which can be an element of caution compared to guidance. I’d like to understand the upside of this business unit in the next few weeks.
Second question, as compared to the consolidation, which can be seen in the gas industry. Are you considering some potential M and As as consolidators or as a nationalization approach? Or are you not considering that? Well, we are assuming reductions of 10%, 15% decline in volumes in the last quarter. As to consolidation of gas industry, we are very reactive to all market signals and signs, but we’re also very mindful of return on investment.
So we would not buy gas or electricity distribution options with major expenses. If the profitability is high to the point that we can keep the guidance that we establish with probably suitability, if so, we are willing to buy, but we do not buy for the sake of buying. So it means that we keep an eye on our financials. And at the same time, we want to keep the value of the stock high. Since there are no more questions, I’d like to hand over to Giulio once again.
Thank you.
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