Good evening, everyone. Before I give the floor to Mr.

Tanaglia, CFO, I would like to quickly summarize the main corporate events of 2025. As this is a bridge or link year between the old industrial plan and the new industrial business plan that started in 2026 and to be closed in 2028.

We did many things in 2025. We appointed a new Board of Directors, and we kept the lean governance.

The Board is represented basically by independent members, and I am the only non-independent board member. In June, we presented the new industrial plan.

We presented to the market, in our opinion, a sort of a match between human intelligence plus artificial intelligence, and this is the meaning of the business plan. We would like to grow in terms of value.

We also would like to extend as much as possible the use of machines. Full force machines have to help our human capital, which is still the number one asset of this company.

Within the business plan, we have also introduced the ESG plan with the identification of the main targets, and we have made a list of two different types of activities that have been executed during 2025. The Standard & Poor's rating has been reconfirmed to A- stable.

We also got a AA strong from fedafin. This means that the external assessments from rating companies in the traditional business, but also in ESG business, they are both positive in terms of our company.

Throughout 2025, we laid the foundations for the execution of the plan, and in particular, we continued the investments in technology and applications concerning AI, especially in underwriting, operations, and finance. The key roles that we have identified, this means our productivity in 2025 has further improved, but all these investments will implement their effects throughout the next years.

Of course, we work with machines, but machines work with people. We have strengthened the structures of underwriting, that's analytics and AI, because these individuals will be the ones to give the best contribution together with machines in terms of process innovation and product innovation as well.

As for product innovation, we launched a series of new products. I'm not going to make a list here, but we launched one which is REVO for micro-companies.

Now, this is a basic, modular product. Execution speed is sky-high because it concerns many different pieces of information.

We also completed the specialty lines with two new desks, one for energy, the second one for credit. This means that from the market, we hired experienced persons, they bring in experience, expertise, relations with brokers, and the possibility to build new products.

As for distribution business, it has improved as well because, as we opened a banking channel. We've got an agreement with Banca Desio.

We are working with three other banks, of which one is very important to strengthen our distribution. Together with agents and brokers, we also have a third channel.

Let me tell you that there will be something new because we're working with financial operators in non-banking operations in order to sell REVO policies. The very last point I'd like to highlight right now is strengthening of the REVO managerial team.

We have a new branch manager. He is giving a big contribution to implement the plan.

Last year, we have reached the prize level. This year, we have to make a further effort.

The work done by this militia in order to re-engineer all the products and relations with brokers and the entire community world is so important to make sure we will also be successful in Spain as well. This is it.

The floor goes now to Jacopo going through the numbers, and, of course, we will with utmost pleasure take your questions and all your comments.

Thank you, Alberto. Good evening, everyone.

Thank you for connecting to our call on the yearly results. You will find the presentation in our site, in the Investor Relations site.

Slide number 5 is the first one that shows the trajectory. A further growth of our numbers also throughout 2025.

Now we managed to get gross prices equal to €398.1 million. This is better than expectations, which is what we shared with the market during the presentation of our business plan in June 2025.

Now we've been able to seize opportunities with new tactics, and this means we have had more transfers in reinsurance of all the premium underwritten. I'll be back on this so that I can tell you more about the operating performances.

As for the adjusted operating result, in particular, the result at the end of the exercise, which is €48.4 million, this is strong growth versus 2024, more than 37%, while net profits were €22.4 million and the adjusted net profits are €28.6 million. In terms of ratio, now our loss ratio is 37.7%.

This is a slight increase actually versus 2024, while CR, combined ratio, is 86.3%, slightly over the threshold, which is our target, which is 85%. Now, as you know very well, in the plan year, of course, this will reduce slowly.

In terms of breakdown, it's important to highlight that the key business is the first business line, this is the Cautions. Now, this is a very profitable line, and at the end of the financial year, it was 27.1%.

The growth is 13.5%, this is bigger than the trend we saw on the market. You can see here the Property, which is now the second most important business line, and this is 22.5%, growing strongly versus the 2024 financial year, also considering what we had to really describe in the past quarters.

Market conditions are very favorable in terms of pricing, but also in terms, if you will, of well contract contents. At the same time, I would like to highlight that also the small business lines started to grow.

It's giving a contribution to the top line. I'm thinking of the Legal Protection, in this case, growth was more than 75% during the financial year, and the parametric business exceeding 100,000 policies written.

This is a major increase in terms of number of pieces that be marketed, while the premium value is now very close to €1 million. Now, as for some business lines, they turned out to be quite flat, for example, Financial Lines and others.

In this case, risk selection that we carry out during underwriting, it's absolutely always very accurate, especially in market conditions which are now a little weak in terms of pricing level. The only business line that is really, really recording a slowdown is Personal Accident.

Now, this is now the subject of reforms, re-engineering during the financial year, because of the non-renewal of a couple of accounts. They didn't perform very well in the past halves.

That's high-level protection for REVO to adjust the portfolio, of course, based on the market conditions, but also based on the performances that we have on every single ticket. Now, just a couple of words looking at Spain.

That back in November 2024, we started our initiative with REVO Iberia in Spain in 2025. It accounts basically for the first year, the real full operating year in Spain.

We've been able to get quite a good result in terms of premiums. This is absolutely aligned with our targets within the €8 to €10 million range, which is what we expressed and shared with the market.

We managed to get €9.4 million that be marketed in Spain. We've been able to get to this target thanks to the gradual and step-wise widening of our distribution network in Spain.

We now have around 50, a little more brokers. They help REVO in marketing our products.

Now, at the same time, we have further widened the staff, the number of our people working in the company, with the onboarding of the person responsible for claims, and as Alberto said, the new branch manager inside the team. Now, as for distribution, we can see quite a strong growth of our marketing, which is what we do via brokers.

Now you know brokers, just like agents, account for a fundamental foundation of our distribution network facilities, actually one of the main drivers of the growth of our top line during the plan years. Now this is exposure in terms of broker channel, which is quite close to 55.0% of total premium underwritten.

Now REVO underwriting, by the way, is also becoming a real hub of our distribution. More and more brokers who manage to get mandates with our agency, around 350 open relations thanks to our REVO underwriting, and this pathway, if you will, will be strengthened in the next quarters also.

It goes without saying that our service, which by the way is still top-fitting in terms of operating performances, the offer claims are now less than one day as for the caution business and 1.5 days for all of the other lines. This is the key element, and this means we can really, really increase the interest from the broker community because, of course, we need to distribute in this way REVO's operation.

Slide number 9, you can see the details concerning the operating performance. This is what the group's been able to generate throughout the financial year.

Our LR, loss ratio, is slightly going up versus the previous financial year, but is absolutely aligned to the target range that we have set up during the plan. It's actually slightly better.

You notice our target range goes between 38% and 40.0%. Loss ratio is 37.7% during the financial year.

The cost ratio, CR, has been improved further, and this is fundamental again because, as year after year, with the increase of our top line, with the improvement thanks to technology, cost ratio is due to reduce more and more. It will increase the value generated for every single euro of premium marketing.

The acquisition ratio, AR, is basically in line with our forecast, while the impact of reinsurance, well in this case, versus financial year 2024, this is a little heavier, to say. This is due to main aspects.

Slide number 4, underwriting of Cautions. This is linked to our main sureties, which is a little heavier than the rest of the portfolio.

Now, this is absolutely normal in this phase because we are growing our top line. Once again, this is normal, but this means we can really be present on the market, we can keep talking with large-size brokers, and at the same time, we can access risks that otherwise we wouldn't be able to underwrite.

At the same time, we recorded a slight minor reduction of our commissions, the fees we got from reinsurance. This is due to some technical dynamics which have characterized some portfolios, in particular, and we also had some re-induction actions.

Now they turned out to be necessary because we have had some peak claims throughout the financial year. Slide number 10, you can see here some further details as for LR, loss ratio.

Let me highlight once again that in terms of Property, well, it has been improved significantly. It is improved technical performance, but at the same time, the same happens for CDT insurance, and parametric business.

Once again, performances are going up in terms of key industries versus the previous financial year. As for the PA, or Personal Accident business, as we said before, a slight worsening, as we said before, but this is the consequence of an account that's always very well performed in the past years.

We think they can be back on the right tracks and contributing extremely positively throughout 2026. While the marine industry went slightly down during the financial year, but once again, this is under scrutiny, and there will be a sort of re-engineering of this business in terms of the contents, but also in terms of underlying business, also in terms of distribution, because in this very case, we'll try and increase the number of brokers we cover the market with.

I'm talking about the marine market. It is important to highlight that 2025 also is a sort of a disruption year, if you will, in terms of reserving, because, as you can see, into our financial statements, we now have the IBNR provisions.

We are using actuarial statistical models. This means we can further improve our reserving calculations because this will include some behaviors and some dynamics which is what we've been seeing in the past quarters, especially for the business which is underwritten in terms of coinsurance with other insurance companies.

What is very positive, as we said before, is the development of the CR cost ratio, where total costs increased less than proportionately versus the growth of premiums. We have had an increase in staff costs, but this increase is highly targeted.

Now this means that we have had new hires, specific hires in terms of IT, data management, and underwriting. In slide number 11, you can see the bridge.

Now this is what drives us or links us between the operating results and the adjusted operating result. You can also see some details with the main adjustments that have been included throughout the financial year.

Traditional adjustments, especially the most important components, they have to do with the incentive plans. This is for the staff, of course.

Also in terms of LTI because this is again a bridge between the old business plan and the new business plan, as I said before, together with consulting costs of AR and reorganization of the business plan, because, once again, this is what we have to do every 3 years. They make, if you will, the cost component a little heavier, once again, every 3 years.

As for our investment portfolio, well, it confirms once again the management style, if you will, which is really, really very safe. I'm talking about our assets.

We have a perfect match, for example, between assets and liabilities. Portfolio rating, for example, is always aligned to single A.

We do not have equity exposure, just in some cases we have some tactical positioning, and of course, this gives us the possibility to stay out of the volatility dynamics of today's market. The new development is represented by something new in our portfolio, some alternative components.

Gradually, they will increase in the next years. Once again, these components on the one side will help us increase profitability, on the other side, they will strengthen the evolution of our assets, and they will act as a shield or protection system versus the dynamics of the market.

This is confirmed thanks to the sensitivities we carry out in terms of solvency. We have plenty of sensitivities.

Once again, our solvency ratio will respond with an extremely low variability, which is around 2%. This is the result at the end of the financial year.

We have 223%. Once again, this is well above the target range that we wanted to have, which is between 180% and 200%.

Let me wrap up by sharing with you the current dividend distribution, or proposal for the payout, which is €0.27 per share. Some of you remember what we have presented in our industrial plan, the guideline in terms of dividend growth was basically equal to the progression we imagine in terms of bottom line.

Again, the dividend will grow by more than 20% year-on-year. This is fully aligned on the so-called vector, which is the key drivers for the next years.

This is it with the description of our key numbers and results, and the floor is now for you, for your questions.

Good evening, everyone. My question is on the impact on the business of legislation concerning NatCat policies.

What about the impact at the end of 2025, and how is it impacting now, and what do you think about this impacting in 2026? Do you see a possible upside based on this?

Thank you for your question. In terms of NatCat coverages, we have the traditional form.

We have the coverage concerning traditional forms, but also the parametric forms. Parametric, well, is on blockchain.

This is absolutely native digital. NatCat specialty, well, of course, we work on machines, actually we do not expect a major effective digitization because we already are digital on this kind of products.

I think the real point in this kind of products is to make sure companies understand that they are not forced to do this. There's a new decree for the third sector and farming, but actually there's a risk.

There's a need for hedging or coverage. They can get parametric and traditional coverages.

The parametric ones have to do with emergency costs. Once again, all of this has already been digitalized end-to-end.

Basically we don't have any further advantage out of digitalization.

Thank you. The question concerns the legislation just introduced, but anyway the answer was very clear.

Thank you.

Hello Alberto and Jacopo. Yes, I do have some questions, and the first one being the following.

Can you share a guidance for 2026 on premiums, in terms of ratios? How do you think the operating profits may develop?

I guess you want to reach the 2028 targets, but I think we can just have some color on the guidance for 2026. This may be useful.

As for the loss ratio that has increased this year, do you think you will position to those levels also in the future, or do you think this ratio may go down in the future? Also in terms of provisions, also strengthening the provisions, which is what you carried out last year, now do you see some possibilities that something would be necessary also for the next years?

Now as for the distribution agreements, well, Alberto, you shared a comment, but I haven't understood fully. You said that potentially there are new developments going on.

Apart from the banking channel, do you think the banking channel is still an opportunity in this case, or do you think the new channels are significant, meaningful opportunities for the future of the company? Last question is on Spain.

After the managerial re-engineering, can you again give us some color concerning possible growth that you foresee in Spain? Do you confirm what you expected in the plan?

Thank you.

Alberto, thank you so much for the questions. Let me start with question number 4, then I'll give the floor to Jacopo.

Now in terms of distribution network, as you know very well, banks were not included in our business plan because basically we thought of a very strong organic growth. This is due to agents.

Now, by the way, this is really, really going very well, and we also want to empower commercial actions with brokers with specific facilities. For the time being, we have a distribution agreement going on with Banca Desio.

As I said before, we're working with three other banks. We have D&O, professional indemnity.

One such bank is very important in Italy in terms of distribution network. I cannot tell you which kind of agreements will be signed because we're still working on this.

I think that, well, by the end of 2026, we will have three, maybe four banking agreements. Some products will have been launched within the end of 2026 with near distribution network.

You can also see strong interest from non-banking financial operators, as I said before, because in our OverX platform, which connects very well in terms of API to their platform as well, we get the possibility to work with us in terms of insurance. I can tell you that in a few weeks or so, there will be an announcement in terms of distribution or innovative distribution, I should say.

The omnichannel system, maybe you remember omnichannel was one of the key foundations of our project. We're working on this with strengthening the agency channel with recruitment.

I have to say that basically we have started working with all of them, and then, once again, the banking system, but also the non-banking systems. We have a big range of effective systems because we don't have to build anything from scratch, we can be based on something already existing.

This makes me happy. It's a very important element in order to sell our products.

Please go ahead.

Hello Alberto and again thank you for your questions. Now, as for the results expected throughout 2026, now in terms of premiums, I have to say that the range should be around €450 million for this financial year, with an operating result that should be in the range of €55 million.

This is the progression we imagined for 2026. Now, in terms of the evolution of RAS, we can say that we should be around 14%, 1-4%.

This is the average range that we expect today. Now, of course, something may happen during the financial years, and this may have an impact on the ratio.

I have to say that this is the kind of value that we think we will be reaching also in the next years or so. As you know very well, year after year, our reinsurance organization is optimized, some changes that, of course, do have an impact on the cost, the incidence of reinsurance.

This is a slow, step-by-step pathway that we are implementing more and more every single year. I have to say that, while basically there may be some minor gaps, but more or less, this is the value we should get to.

As for the strengthening of provisions, once again, this trend will be monitored year after year. Let's say that we just want to be on the cautious side, very cautious, very prudent to take advantage of something that we saw on some business lines, maybe not all of them, but on some business lines.

We have the coinsurance. Let's say that quite often, you can see a reassessment to be done.

This is why, very prudently, we decided to implement this logic. Now, maybe we won't have the same intensity in the next financial years, but the results that we have just analyzed in the Board of Directors meetings some hours ago, well, the direction is the good one, and we are always improving the methodologies.

Without considering the strengthening of provisions that we have in our numbers, we know what the dynamics are. Maybe in the future, this kind of need won't be felt.

As for your question on Spain, well, quite recently we discussed with the new branch manager. We talked with him about our plan, which is absolutely confirmed.

For 2028, the target is unchanged. That's around €50, 5-0, million, which is more or less 10% of our total turnover.

This is what we would like to get in Spain in 2028. As for this financial year, the range should be around €17 and €20 million.

All will depend on what happens with the discussions with the brokers. After talking with the rest of the team and apart from the progress that we have had, I have to say that 2025 was a year of major investment, well, also in terms of the relationships that we have created with brokers.

Because, well, it goes without saying that brokers also had to become familiar with our appetite and underwriting logics. So 2025 was a sort of a springboard, a test bench.

Our underwriters now are much more confident because now they're ready to generate a larger amount of premiums in 2026, which is what is happening because we check the numbers in the very first weeks of the year. Once again, this is happening.

Thank you so much.

Good evening, everyone, and thank you so much for this possibility. My first question is on strengthening of provisions.

Can I have the details? Can I have some color on the actual impact that this have had in terms of LR, loss ratio?

I also have a question on one-off items. For example, there's €4.4 million for one-off costs in terms of operations.

Can you tell us exactly what this contains? I also have another question, and in terms of pricing, what concerns various business lines, what are you seeing, and what are, in your opinion, right now the best business lines in terms of best growth in 2026?

My last question is on the investment portfolio. I can see that the size of investment portfolio was from €220 million, it's now €209 million full year, it's going down.

Once again, can I have some extra color on this phenomenon, what to expect in the future? Thank you.

Hello Andrea. Thank you so much for your questions.

Now, as for strengthening or empowering provisions, around €7 million, which is 2% in terms of loss ratio. The so-called extra weight.

Now, if I skip some steps, well, I apologize. We will go back to the possible points I have missed.

Anyway, as for the costs, well, they have to do with basically the cost of staff, the so-called incentive plan, the so-called bridge that we have set up in 2025. We also have a temporary placement of the LTI, but this is basically the LTI that we imagined.

This can also be reactivated. By the way, the general meeting will have to approve this for the 3 years going from '26 to '28, and this is €2 million.

While the costs for the drafting of the business plan, the Investor Day, the consulting and advisory services for some insights concerning both the markets and the business, together with the Investor Relations activities, well, this is €1 million. All the rest, well, this is small, advisory, one-off services that we needed or just a couple of costs that we had to have in terms of Italy and Spain during the financial year.

As such, this is, I confirm, one-offs that won't happen again in the future. As for the pricing, the evolution we see on the market today is the following.

I have to say that what is happening today is sort of flat. That there's a stability in terms of Property after a very robust growth.

Once again, the hype on the market is now going down. We can see basically a very slight reduction in the last weeks, in the last months or so, a slight reduction in prices, forth.

This is started from a pricing peak, which is what we saw a while ago. We have to say that the prices we are offering to the market today are still extremely interesting.

We are not yet seeing, by the way, a recovery in terms of pricing on the Financial Lines because the market there is so, soft. By the way, this is also the foundation of, if you will, the non-growth versus other business lines.

I'm now talking about those lines that have to do with this kind of industry because, of course, we want to be very selective when it comes to taking up risks. Instead of taking up risks that, in our opinion, are difficult to manage, well, we would rather have a reduction of our top line, no doubt.

The very last point, if I'm not mistaken, concerns the investment dynamics. I have to say that in the second half of the year, in particular in Q4, there have been plenty of, let's say, exits concerning reinsurance topics.

I have to say that in the final part of the year, this is something that usually happens, well, we see a reduction because we have a concentration of resources going out. At the same time, we have cash income, which is postponed because there's been a strong collection, which is what we usually do in the month of December, this is postponed to January, February.

After the premium increases, this is something we see once again in the month of December. Necessarily we have a time delay or postponement in terms of the payments from brokers because then they increase the masses available in the first quarter.

Andrea, I hope I have answered all the questions.

This is very kind and very complete and exhaustive. Thank you.

Thank you so much, Jacopo.

Good evening. These are my questions.

I have two questions. Can you tell us what the bridge is between the adjusted operating income, €48 million, and the adjusted income, which is €28.6 million?

In order to, well, understand what will happen in 2026 in terms of the operating expenditures, but also in terms of taxation. The same goes on the other bridge.

Can we have some extra color on solvency? Which were the items that have had negative impact in 2025?

The very last question, by the way, is on the €55 million operating profits. Is this reported, or is this an adjusted number?

Oh,

hello. €55 million is adjusted.

In terms of operating results, as for the bridge, you will find it in our press release. We start from the insurance result, and once again, you will also see here the reclassifications.

This is fundamental to recalculate the operating result, which is then adjusted because we have had some one-off costs that we described before. One-off costs, LTI-related costs, minor costs, for example, MopUp.

Now all of these adjustments are the adjustments, by the way, that take part, if you will, to the definition of the adjusted net profits. We started from the reported net profits, we carry out adjustments, which is what I just said, they are scaled up, if you will, on top of the net profits so that we can have the adjusted net profits.

Once again, there are no differences in terms of adjustments within the two metrics, because, of course, they work on the financial statements part in different ways, two different ways. The last point, if I'm not mistaken, concerns the Solvency II ratio, we have explained the dynamics that have guided the evolution of the trend.

We have to say that first and foremost, considering the next years in the plan, we will incorporate growing volumes. Of course, this has an impact in terms of the quantification of the ratio itself.

Now we have slightly changed the reinsurance structure at the very end of the year, and this is what we have done because we needed the optimization that we've been talking about the four sub-quarters. Our Solvency II ratio allows us to do so because we do have some capital available.

Those capitals have to become, let's say, active working capitals. We have further reduced our exposure to reinsurance coverages on some business lines versus what we did in the past, by slightly changing the structure, or, if you will, by increasing the retention, risk retention points or levels on our books.

Now, from a different perspective, I have to say that the evolution of our loss ratio together with the strengthening operation that we have carried out, as we said before, in terms of reserving, well, all of this has slightly impacted on the value of the calculation of our best estimates. This is why we saw a slight decrease of our own funds.

We have many different dynamics, now the main ones are those that I have just described, and they sort of are responsible for the stabilization of our solvency situation. This is why we have 223%, which is the number I've shared before.

Thank you.

Good evening, and thank you so much for having me, and thank you for the presentation. I have one quick question, which is a sort of detail or clarification on one point on CR, combined ratio.

This may be useful for me in order to make some estimates. There's a 2% impact due to the strengthening of provisions.

My question is, how may I normalize the starting point for years to come? How can I normalize 2025, then I will do the extrapolation for the years to come?

Hello Emanuele and thank you so much for your question. It's not a question of normalizing the starting point, I would consider the trend that we imagine.

Yes, it's a recurrence stabilization around 85%. Guideline, which is the '26, '27, '28 guideline, please do not forget the numbers we are committing right now concern the 3 launch of the industrial plan financial year.

Of course, we would like to move steadily under or below 85% in 2028. Basically what we imagine is a gradual reduction versus the starting point, which is, again, it was actually 86.3%.

In my opinion, we don't have to be scared of this, because, well, this is less than 1% above the value that we imagined for the end of the financial year.

That's clear. Thank you.

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