Good afternoon, and again welcome. Today, together with me there is Antonio Baldassarra, as always.

Antonio is the CEO of DHH. I am the Executive President, and we are ready to start with our earnings call, introducing to you the results of 2025.

I would ask you to disable the mic and also the camera for the new ones who are entering in the call. Let's start with the main KPIs of the last year.

In terms of revenue, we grew 13%, achieving a result of €41.8 million. 91% of this revenue is recurring, which means that it is automatically renewed year after year.

In terms of EBITDA, we grew by 15% to €13.8 million. The EBITDA margin improved by 1 percentage point, from 33% of the last year to 34% of this year.

It is important to notice that if we consider the like-for-like, the growth was from 33% to 35%. Then, of course, we bought companies that had a different margin, and the result is the one that you can observe.

In terms of net profit, we grew by 25%, achieving a result of €4.6 million. The net financial position is a net cash position of €1.3 million of net cash, and in this net financial position, the cash availabilities are approximately €22 million.

Let's have a look at our agenda. We will see what are the corporate events of the last quarter of the year.

Then, as always, revenue by region and revenue by segment, the EBITDA bridge, to understand how we generate our margins, the capital allocation, a business outlook to reason about what is happening in 2026. Let's start with the corporate events.

In the last quarter of the year, we had an ABB, which is an accelerated bookbuilding. We completed this accelerated bookbuilding on December, it was December 18, with the subscription of 324,000 approximately new shares at a price which was €23 per share.

Basically, it was a premium of 11% with respect to the average of the period, of the 30 days before the ABB. We got some interesting institutional investors, we got Alkimia and Nextstage, and we thank them for the trust.

The idea behind this ABB was to raise some more money in order to support a kind of acceleration on M&A or on organic, because we are in an interesting moment where we can have some good opportunity, and it's important also to have the cash ready at hand to basically take the opportunity without losing momentum. This was the reason.

Let's have a look at the net sales by region. As always, Italy is the primary contributor, accounting approximately 70% of the total turnover, 69%.

Then we have the Balkans. We have Croatia and Bulgaria with 9% each, and Slovenia with 8%.

Switzerland, which is the Italian part of Switzerland, accounts for 3%, while Serbia accounts for roughly 2% of the turnover. Let's have a look at the net sales by region, we can observe the growth.

We can see that the primary contributor, Italy, grew by 15%, thanks to the organic growth, but also thanks to the acquisition of TWT, which produced some positive result in terms of growth. Then we have Slovenia with 7% and Bulgaria with 7.4%.

An interesting data is the one of Croatia. In Croatia, we can observe a growth of 1.3%, but in the reality, this growth is a mix between the growth of our main subsidiary, Plus Hosting, which was 9%, and then a repositioning of another company that we have in Croatia, which is a very small company called Sysbee, that we are merging inside Plus, and in this merging process, we are basically spanning out some kind of revenue, mostly related to resales, that is not of interest for us in the mid and long term.

All in all, this is to say that also Croatia in the core business was growing pretty nicely. Serbia grew by 5.5%, and Switzerland grew organically very strongly by 14.7%.

Let's now have a look at the net sales by segment and then the performance by segment. The main segment in the group is cloud computing, which accounts 36% of the revenue of the group, with €14.5 million.

Then we have business connectivity with €9.5 million, which represents 24% of the total turnover, and cloud hosting with 22% of the turnover, €8.9 million. Then we have data center and networking, which is ancillary for us, as but represents 9% of the total turnover, €3.6 million.

We have managed IT services with €1.5 million, which represents 4% of the total revenue. In terms of growth, we can observe that we have a recovery in the cloud computing segment, which was flat in the previous period, and this recovery is also thanks to the fact that we are having a very good performance in all those products which are related to AI.

As we shared in our press release, we are not yet disclosing the total amount of the revenue that we have on AI, we are still observing, but in terms of trend, we disclosed the fact that it's a kind of business that is doubling, doubled basically year on year, and also month by month, we are observing a growth that is always often, double-digit month-over-month. It's pretty interesting and contributed to this result.

Then we have cloud hosting, which grew by 6.5%, and business connectivity, which recorded a very strong growth by 19.3%. We also have a good growth in data center and networking, which grew by 11.6%, and in the end also a very strong performance of the managed IT services, a plus 94%, but thanks also to the acquisition that we made in Italy with TWT.

Now speaking about the EBITDA, how our margin evolved in the last year. In 2024, our EBITDA was €12 million.

Then, on top of this, we can, as we can see, we can add a €4.41 million of net sales. Then we also have a small chunk of other revenue, and then we have the negative voice that impacted the margins, that are the increase very small in material costs.

Then we have the service costs that increased by 1.6 approximately million euro, including also the wholesale services and licenses. We had an increase in profession in the personnel cost by 16% to €8.1 million, which was basically an increase of 1.1 approximately million euro with respect to the previous period.

All in all, our EBITDA was €13.78 million in 2025, marked this growth performance. In terms of capital allocation, we generated €11.15 million of operating cash flow, after the net working capital.

Then, in terms of investment, we can observe the tangible and intangible investment. Tangible was 1.18, which basically is, as always, fiber and hardware.

Then intangible is 0.68, very small is a part of software, which reflect also our practice of not capitalizing all the R&D activity that we do, which are mostly done by our employees, and we tend not to capitalize the work of the internal employees. Then we had €3 million of investment in right-of-use.

Right-of-use is mostly related to the renewals of the data center facility. All the rest, as you can see, is free cash that we used in our capital allocation strategy mostly for financial investments.

In 2025, we invested €7.72 million in terms of financial investments, mostly for the acquisition of TWT, but also for the acquisition of the minority of Evolink. This is the capital allocation activity of the last year.

Last slide about the business outlook. Now it's 23 of March.

What we are observing in terms of performance is basically a continuation in the positive momentum that we had in the last part of 2025, with an increase of revenue, a good trend which is going on also in the cloud infrastructure for artificial intelligence. Then, speaking about the business outlook, of course, we worked very hard, I would say, on M&A.

We have several dialogues in place, and we also expect in this year to continue to execute our M&A strategy by achieving some good new good project on that. This is a sort of recap of our journey, which is a reminder of what we did in this 11 year, but not to celebrate the past, simply to give you in a sort of visualization of the trajectory that represents how we handle and how we manage the business in the day-to-day.

Maybe it's not that impressive because you see year-on-year some double-digit growth, but the end result is that if you take the result of 2022 in terms of EBITDA as an example, which was a 7.4, you can observe that after three years, after a cycle, you can see he basically doubled the value of the EBITDA. This is our approach to growth.

More on this also during the course of the year. We are reasoning about disclosing also more about our approach in order to guide you as an investor to understand also our perspective.

Now, we can go on with the Q&A session. I would ask you to write down your questions in the chat, as always, or if you prefer to raise your hand, we can also proceed in this way.

We have a first question about I read the question, then Antonio, I leave the stage to you. Marco asks if: Is the improvement in EBITDA margin only driven by operational efficiency in the legacy business, or is there an initial impact of GPU and AI services?

Antonio, up to you.

If you are thinking about the EBITDA margin, honestly, the great part of the improvement comes from efficiency increase in the business, especially for the company that are the last one acquired in the group, for example, Connesi and Evolink. The great part of the improvement that we are able to observe comes from this company.

The impact that comes from GPU AI exists, but compared with the difference that we are observing is in this moment a minor part. Is a minor part that grows in a very, very strong way, and then probably in the next quarterly report, we will see a major effect that will come from GPU or AI.

I don't know if we have other questions.

Yes, we got by email some questions actually. One is about a general comment on the current trading in Q1, but this is something that maybe I already shared before, we are observing a good momentum on revenue.

We also have these questions here in the chat, the same questions. There was basically a question about the electricity price, what is the impact on our revenue if we are hedged or not, how much is passed through the customers.

Then we have a question about business connectivity, what is behind the strong performance in 2025, if it was related to Connesi or not, and the proceeds about the ABB. Then we have also other questions about the digital reshoring trend.

Antonio, I would start from the first question about the electricity price. Up to you.

Yes. For sure we are in a moment in which there are some tension on supply chain, on both service like electricity, but also in equipments, as we are in a moment in which we expect a strong increase in costs of RAM, for example, because there is a huge pressure on the pricing that comes from the AI type of chips.

This is one aspect. Another aspect is connected to the energy.

Actually the energy for us, in this quarter, in this first quarter, we have observed a strong increase in energy cost. From one side, we have a little protection in this by the way of the agreement that we have with the supplier, and then for another part, regarding the colocation service, that more or less cover 30% of the energy cost, in this part, we will change quarterly the price of the energy that we propose to the customer.

Then for this part of the cost, more or less this will be sterilized in the marginality, in the sense that if the supplier price will increase, we increase the price for the customer regarding only the colocation part, that more or less is around 30% of the full cost of energy that we have. For the other part, that is 70%, the much bigger part, we are confident that we will be able to manage this a little price increase.

For sure can we produce a very, very little reduction in marginality, but we are confident that our normal improving process of improving of the marginality will be able to cancel this negative effect on the EBITDA. On the other side, we are much more concerned to the chip shortage regarding the read-only access memory and also storage, flash storage, because what we are observing is an increase in price, but also a huge delay in procurement time.

Then this, for sure, will impact a little the compression of the ability to growth of the top line regarding cloud computing and in a minor part, cloud hosting. What we expect is that this market tension will continue until the summer.

After that, our expectation is that the situation will become more comfortable, but at the end, we don't are don't have a don't see a very, very huge risk in this market moment. Regarding the increasing of the business connectivity segment, the great part of this increase comes from Connesi.

Connesi in the last year, Connesi is one of the company that we have in the group that is involved in not restructuration, but is in improvement process. Then we are improving Connesi in search of a much bigger efficiency, but also much bigger organization.

Then the effect of this results in a much relevant increase in the top line. The business of Connesi, despite the fact that is in the telco area, that is not so sparkling segment, but the very particular type of business of Connesi that is strongly oriented only in B2B and only on a specific mission-critical connectivity, we have observed an improve, an increase, on the need that comes from this kind of service from the market, and this result in a few less than 20% increase on the top line of Connesi.

Honestly, TWT, that was the last company acquired by us, comes with a part of revenue that comes from business connectivity, because TWT is a managed service provider mainly oriented on providing IT services, but they have also a little slice of the revenue that comes from business connectivity, and then is one of the challenge things that we will in the future we will explore in the sense to create synergies between Connesi and TWT regarding the business connectivity, moving somethings across the different company in order to better optimize the ability to do business in this area. I don't know if we have other.

We have, before answering to the question about M&A, we have a question about the digital reshoring affecting our pipeline. I'm not sure if Marco here means the digital reshoring in terms of, of business, the fact

No, probably Marco referring to the cloud repatriation.

Yeah. Okay.

To be clear, in the process of the cloud repatriation, we will expect to become the target of the repatriation, not the source. In the sense that the process of repatriation basically is a process that think to get the service that actually are operated in the hyperscaler and reshore them in-house, in a on-premise solution or in data center, near data center in a form of private hosted or in a private cloud approach.

As DHH, we have some company in the group that are active both in colocations, but also in private cloud. Then what we expect, if this kind of trend connected to the cloud repatriation will start in a much more strong way, what we expect is that we will be able, that probably we will be able to get some positive effect about this rather than negatives.

I see another questions regarding VMware. Yeah.

No, okay. Go ahead, then I

Okay. Regarding VMware, the issue is very, very simple, because we decided to abandon VMware in 2024 at the first signal of Broadcom that the wind become different.

Then actually, honestly, we have a very, very little exposure. We already decided to not follow Broadcom in the new partner strategies in 2024.

Now the minor part of the software license that we need, we decide to buy them from a reseller. Then the new news about the further restriction in the license plan for VMware, for us was up absolutely expected.

From the point of view of DHH at large, VMware is no more strategic. Is no more strategic for DHH, but for sure is a software of old-style software pack that will be in the future less relevant and less relevant.

Today there are strong alternatives, better than VMware, much more flexible than VMware. VMware is a sort of old dinosaur's approach to the virtualization that still used in enterprise, but not make no more sense use it in cloud computing.

Thanks, Antonio. We have a question about the proceeds from the recent ABB.

Giorgio is asking what are the multiples that we are observing and also the characteristics of the M&A opportunities that we're seeing. I can answer to this.

In terms of multiples, for the moment, nothing changed, in the sense that more or less, maybe also because the dialogues that we have in place have some kind of long history, but we see normal multiples, I would say, in the current market. Not hype, but also not at huge discounts.

In terms of opportunities, we are focused on the MSP market in Italy mostly, although we also have dialogues in other regions. The fact is that there are many potential opportunities in the Italian market right now, and these opportunities come with a package of immediate synergies with the other companies that we have in the group.

For that reason, we are giving priority to this kind of opportunities. In terms of size, it's a mix in the sense that in the current dialogue, we have companies that are in line with the size of the companies that we acquired recently, a few million euro.

We also have some more important dialogues in place, but as always, we're very explorative and also we carefully analyze the companies. This is to say that in terms of M&A, for sure it's a moment that if we compare with the past, the pipeline is, I would say, a rich pipeline, let's see.

Then we have Michele Mombelli that asked before raised the hand to speak. I would ask Michele to share his questions, and then we go on with Stefano and David.

We don't hear Michele. We can move on with Stefano, and then we recover Michele later.

Stefano basically asks, "The press release gives the following indication: The first months of 2026 are in line with the previous growth trend." Stefano asks, "Does it mean that we are still in a double-digit area, also benefiting from TWT consolidation?"

I can answer, yes. "Is Seeweb supposed to improve the dynamic starting from Q2 2026, benefiting from more favorable comparison?"

This is for you, Antonio.

Yes. Thanks, Stefano.

The true point is that the last couple of quarter probably was the worst one for Seeweb, in the sense that actually Seeweb is a sort of a black sheep in the group, in the sense that not for the effect of the business that Seeweb is able to produce, but for the effect of some relevant churns that we have observed in the last one year and a half. Basically, all of this churns are strictly connected with M&A activity among our customer base and that has involved some relevant customer of Seeweb.

Then, basically, in the last quarters, we are working in the group for regain what we have lose for the effect of this. Then the number that we are observing, for example, when you compare the cloud computing year-on-year results, is strongly affected by this.

Then what we expect is that we are recovering this. As we're working in a recurrent way with the MRR, and you need some time for recover a relevant drop in MRR due the cancellation of a relevant customer.

Then what we expect is that we are in the recovery part of the trend, and then this is why in the press communication, we talk about we are able to maintain the trend. We are reasoning about the organic trend.

What we expect, especially in Seeweb, is to recover the normal historical organic trend, together with the effect of the AI infrastructures that are now become to produce

Which was, Antonio, the historical growth trend of Seeweb that we expect to recover?

Historically, we are between 7% and 11%, in some case also 12% year-on-year. This is our historical trend about.

The performance of 2025, I think that is the worst in the story of Seeweb. This is, honestly, this is the fact.

Which was the performance?

+2% or 3%, 4%.

This is important, because from your words, to me, it seems -20%. No, it's plus

No,

Plus

one digit, it is positive, but it's not so good. We are also encouraged by the fact that actually we have a very, very strong position, for example, in the AI infrastructure.

If it's possible, Migo, I want to show only one slide that at the end is not a real slide, but is a I need to understand how works this system. Okay.

I don't know if you see the sharing. In the reality, this is a slide that comes from a commercial, and this is a pure marketing, but I want to show to you for another point of view, in order to show that we have the much complete offering in the GPU.

Compared with the hyperscaler, we have selected AWS, Amazon, Azure, Google, but also with Scaleway and OVH. Scaleway and OVH are the for our point of view, are the major player that we have in Europe.

As you can see, the spread of the offering of the Seeweb in terms of GPU, actually is the much bigger that exist, because, for example, there are some kind of offering not present even in the hyperscaler. On the other side, the fact that we are completely aware from third-party intellectual property on this kind of effort, consent for us to stress a lot the price.

You need to consider these are our price. More or less we are on this price, we are around 100 100% of first margin on this kind of product.

As you can see, the price is a lot below than the other, both from the price of the hyperscaler, but also of the other European player. You need to consider that we pay energy more or less the double that, for example, pays Scaleway in French.

Despite this, we are able to offer the service at a lower price with a very, very good margin. I think that is this can be a good starting point for try to stress the presence in this segment for us.

Migo, but I think that can be interesting also for Stefano.

No, it's very interesting. It explains also the reason behind this growth trend that we're having in these products.

There is another question by David, David Walton: "Could you update on the competitive situation and growth outlook for cloud hosting in Italy, because we have explained in the past that Google is no longer a big source of new customers?" Antonio, maybe I start with a premise on this, and then I leave the stage to you.

As a group, the majority of our revenue in the cloud hosting segment comes from the Balkans in terms of geography, not from Italy. Comes from the Balkans, in which we are the main player in the region.

In Italy is kind of an ancillary business, but up to you, Antonio, now to complete the part.

At the end, the question is exactly how you explain it. The only things that we can add, I think that in Europe we in Italy we have around €2.5 million of cloud hosting business, and then is a minority part compared to the overall of DHH.

What we are doing, for example, on in Italy, is from one side, defend our position on the search engine, Google, and so on. We are starting our work for position the brand also in AI.

We are more or less well-positioned in ChatGPT Search, and also in Perplexity, in which we are among the answer that this system propose. Another strategy that on which we are working, especially in Italy, is start to propose some kind of innovative cloud hosting, in which we want to propose the type of service that in USA are named as AI hosting, in the sense that the hosting of application for AI, together with the classical website.

These are the two pillars on which we are working as regard the cloud hosting in Italy. As Migo told before, the Italian market in cloud hosting is very, very ancillary.

We are much more strong in Switzerland and in the Balkans. Actually in that country, what we observe is a good trend also for the historical cloud hosting like the WordPress websites, small e-commerce with WooCommerce or similar system for create very, very small e-commerce.

Yeah.

I integrate by saying that in Switzerland, where you observe the growth of 14.5%, basically it is because we are positioned in the market of resellers, we sell mostly our web hosting products to agencies, to software developers, and this is a very promising segment of the market. While in Slovenia and Croatia, where we are growing single digit, it's basically we are the major player in the market, and the growth is thanks to the fact that the market is expanding, on one hand, and on the other hand, we are able to serve the market with new products, like Antonio was mentioning before.

We have some questions by Michele also. The first one is about D&A.

Michele basically asks from he made some kind of math about the D&A in the last quarter of 2025, and he's basically asking the difference of 700 €700,000 between his estimate and our results on D&A, and he's asking the reason of this difference. Maybe, Antonio, you want to comment on this?

No, I think that the main effect that Michele observing is regarding the effect of the renewal of the building agreement lease agreement. In the sense that we have two relevant agreement for lease the building that we have in Milan and in Frosinone.

As this kind of agreement are the typical office lease agreement, 6+6 year, and then when you start and renew them, you get the effect of the period, and then the increase the related increase in right-of-use, and so on. I think that a good part comes from this, and I don't know if you want to add somethings regarding this specific effect.

There is also another effect that comes from the equipment renewals that we had, for example, in terms of equipment that we use for cloud computing, but this is a normal trend. We have recovered a lot some technological debt keeping in the last past, but more or less we are on track on this, and since we don't buy the equipment, but we lease that, what we observe is a sort of virtual effect in the right-of-use and amortization part of the right-of-use.

I don't know if you want to add somethings.

No, for me, it's fine. Then there is another question about the wholesale services and license costs of €2.2 million.

Basically, Michele is asking what is the main driver, because we spoke about the fact that the main driver was related to connectivity instead of software, and Michele is asking about more color on this.

In the wholesale service for us, a very relevant part is especially in the Balkans, is the domain name costs, in the sense that the name of the web name that they stay in wholesale services. For the connectivity, for the business connectivity, both Connesi and Evolink and in a little part TWT, in this profit and loss chapter, there is also the costs that they have in front of the wholesalers for the business line, for the physical business line.

In the sense that we have, for example, Open Fiber, FiberCop in Italy, A1 in Bulgaria, this kind that are the company that operate the physical infrastructure, and for the part of the business on which we don't have physical infrastructure, we buy basically this kind of infrastructure in a wholesale way. Then what we observe is exactly this kind of cost.

License for us is not in wholesale, but is in raw materials. For us, we prefer to regard the license as a raw materials, while in wholesale there are only services, and the great part of the services are the domain name in Bulgarian in Balkans, and the part of the network that we buy from the typical infrastructure provider like FiberCop and so on.

The VMware is in material, raw material, not in wholesale. For us, VMware now more or less is not so relevant.

I think that we are under for sure in 2025 less than half million, and we expect to go more or less around zero in this year, at least in the next one, but for us is no more a relevant business.

Okay. We have another question by Michele.

He's asking if we continue to integrate future acquisitions with a local-for-local approach, or if we plan to bring together everything under one brand, one management structure. He's mentioning what TUIs doing.

I can answer on this. Definitely we believe that decentralization is a good way to manage a group like DHH.

We plan to go on with the same strategy that we adopted in this 10 years. We may consider if it makes sense in businesses that are very similar, with very similar geographies.

We're not closed to the possibility to have more, synergistic approach between certain companies, but in terms of organizational design, no, we think that in DHH, we will have also in the future several brands, several companies. We may decide to reduce some kind of number of companies in some areas if it makes sense, but very carefully and only if it makes really, really, really good sense.

Because the decentralization gives you so much good effect that before renouncing to this, you need to think twice. With decentralization, you have people that are empowered of their results, it frees some creativity in terms of product development, you bring your point of observation on the market from, up side of the hills to down in the market, you have many benefits.

Okay. I don't know if there are other questions.

Marco? Marco is asking if we can give some color on the current utilization rate of our GPU fleet.

Antonio, is it something that we can

I can answer you in real time. In this moment, we achieve 82% in usage ratio, in the sense that 82% of our infrastructure is still used in this exactly moment.

Obviously, this is a sort of instantaneous data. If you take a look to the average data starting from the beginning of this year, we are more or less continuously over 70% in usage, and this for us is a very, very relevant things.

To be honest, the usage ratio is one of the real I don't know, the real indicator of the health business of GPUs, because you can have a big supercomputers, but if your usage ratio is under 50%, never the business will happen on this infrastructure, and then is absolutely mandatory to stay over the 50%, 60%, and then we are absolutely happy for this. This is also the effect of the fact that we decided to start the Regolo as a side business.

Now Regolo still becoming in the commercial services, exactly in the Q1. You don't see any kind of effect in the in 2025, while the effect will start this year.

Regolo is an inference provider that we use also for use the GPU that we don't are able to monetize on the market, and when we use this part of GPUs for empower the Regolo inference provider. This is absolutely interesting approach, because the questions posed by Marco is very, very important, and for we are very, very proud to show that today we are at 82%.

We have Giorgio. Giorgio is asking if we are happy with the current consensus expectations of €48.3 million and the €15.8 million in EBIT according to Bloomberg for this year.

I can answer, in the sense that we are never happy in DHH, definitely whatever is the number, no is the answer. The reality is that we believe that in terms of our future performance, speaking of the short term, but also on the mid-long term, a lot will depend also on what we we'll buy, in the sense that, of course, if we buy one, two, three companies with a few million euro of revenue, okay, we can do as some better result than the one that is expected, and for sure we have the money in our pocket to do some kind of acceleration on that.

If we buy, of course, a company with €15 million of revenue, the picture is completely different. A lot of the future result depend on the kind of deals that we will make, on top of the organic result that is stable in DHH.

For us, we have money, because as you have noticed, we have basically a net cash position in the group. We have money, we have a good pipeline of opportunities, how we can combine this mix to produce the better possible outcome on top of our organic.

These answers to your questions. If we are very good in allocating this capital, maybe we can be unhappy with this expectations.

If we're not that good, if the world is crappy, okay, this can be fine expectations, but we always work to do better. Marco is asking how much money do we plan to

No, I think that there is a follow-up of Giorgio, probably is best that you follow up his question.

"On a stand-alone basis, it is fair to assume €2 million to €3 million growth in revenues and €1 million in EBITDA?" As we don't provide, at least at this stage, guidance, I would suggest to wait for May, because in the course of the year, we may decide also to provide some guidance with very specific numbers.

I would refer to our historical performance and to what we already shared to assume the future outcome on organic, because maybe the answer is more or less already there. Marco is asking, "How much money do we plan to invest in new GPUs in 2026?"

Yes, I I I prefer to remember to Marco that we don't purchase equipment, but we prefer to lease the equipment from the vendors. Then what we expect in 2020 in 2026 is to open new lease around half or 1 between half and €1 million.

This is the expectation. That is more or less the same trend in 2025.

Because we as as I show as I told before, our infrastructure become bigger, and then we are able with this infrastructure to satisfy the the the also some little peak that comes from the market. Until now, the market is so it remains low in GPU request and adoption, and then more or less we expect in 2026 to to do the similar expense in in lease of GPU that we have done in 2000 in 2025.

Probably we will be we will need to consider around 20% or 30% in increase, but not more. We we don't want to change our approach, in the sense that not purchase equipment, but still continuing to lease them from the vendors, and then until now, we think that is the right choice for this type of market.

We have a Actually, we have a a very, very good agreement with Lenovo. We are also part of a case of study with Lenovo global.

Our Actually Lenovo is our partner in the GPU servers. They are able to to to give a to give us in a very quick way new servers when we decide, when we when we need, and then actually we are satisfied about this kind of approach, in the sense that Lenovo lease to to us the the equipment and manage directly with their technician this kind of equipment, and we use them for our activities.

Okay. Some final question?

No? Okay.

We thank you all, and the next update is on May for the data of the first quarter. Let's stay in touch, and if you have more questions, if you have other curiosities, as always, you can write to our investor relation address, [email protected], and we answer very promptly to your question.

Keep in touch and have a good afternoon. Bye.

Goodbye, everyone.

Bye to all. Have a good afternoon.

Bye.