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Uh, uh, in your, uh, uh, Nordics or in your overall business, you're saying that, uh, the LAKA accounts are lagging behind the recovery compared to the SME accounts.

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But more in general people being keen to go out and socialize and, uh, and, and, and buy in, uh, uh, in real places.

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You may remember inaudible and so forth.

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I think it's important to underscore how eCommerce has continued to grow nicely, we have 37 percentage growth in the third quarter this year, 32% if you look at the nine months.

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If anything, you have that some sectors, uh, uh, the direction, uh, uh, the opposite direction.

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Thank you.

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And, uh, uh, and, uh, as you can imagine, while in places like Italy, you have a huge amount of, uh, uh, inbound from tourists.

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So, what's your sort of strategy to, to perhaps defend your position or even kind of grow your, your business there?

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For simplicity reasons that are allocated inaudible as revenues to SMEs, because most of it is really SMEs.

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And if so, what was the kind of thinking behind that prudence.

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Uh, to be very clear, uh, uh, we continue to, uh, uh, compete successfully and win in the sectors that instead are more local, uh, in nature, uh, such as for example, food, retail, household, goods mobility, insurance, public administration, and so on and so forth.

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We will now move to page 23.

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Just a reminder that three quarters of our debt is fixed rate, so moving into a say, potentially higher rate environment, I think we feel pretty comfortable with regards to out capital structure.

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I think what, uh, uh, uh, we've done, uh, uh, with UBI or Alpha Bank is very clear.

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It's checks and the likes.

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Uh, is it something that you are, uh, still considering, uh, possible?

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So, this is one side of the strategy.

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Anyone who wants to ask a question may press * and 1 on their inaudible telephone.

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Good afternoon.

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Again for a market that, uh, we tend to believe that is already highly penetrated, a big…

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So, you will have a, a, a same perimeter, um, and the same will go with, uh, with the database that the client puts on the website.

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Good afternoon.

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Uh, last but not least, we also see good recovery in issuing, now growing 5% in Nets' geographies and basically this one is mainly, uh, uh, relating to the Nordics.

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Today, we cover about 66- 76% of the relevant market.

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Then I will hand over to Bernardo, who will cover financial results and I will come back to give you a quick update on where we are in creating the European Paytech leader and bringing the new group, uh, together.

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steady, uh, where you said that, uh, there was, uh, 20 to 25%, uh, growth.

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Slide 17 shows us the cost dynamic.

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So, I, I would say, it, it's more driven by the exposure to travel in the mix.

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And last but not last, as we said, a concern for the condition for the fiscal year.

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Here, we see, uh, very strong, continued growth in the basic consumption sectors like groceries, utility, uh, uh, medical, um, and so and so forth growing anywhere around the 30%, 30, 34%, 37 in the last, uh, uh, week.

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Uh, but again, that is the proposition that is made available not only through our gateway solutions, uh, in Germany, but also to basically every other, uh, national international PSP active, uh, in the country.

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But overall, we have strong growth in the quarter so…

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This is the inaudible conference operator.

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Here, the sector is still behind.

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Uh, uh, I don't even know how much, uh, uh, that is worth.

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But clearly e-commerce and, uh, uh, uh, e-commerce merchant channel and the merchant books, uh, for us are the key areas.

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Um, and then secondly, a question around, um, again, on, on sort of competition.

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You know, have you found yourself in a position where you went to immersion to sell on the Ratepay and you ended up selling, you know, uh, a much wider range of services?

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But I believe that what we're serving as we speak and the data that we show you in terms of specific individual sectors are confirming that we see growth potential in the Nordics as well on top of all this, Italy or Germany, all these places like Poland or central eastern Europe.

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And when it comes to foreign language I would say a bit more the same of what I said before.

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Our capability in this space plus our local accesses plus our local integration plus our low profitabilities on eCommerce side, and basically a merchant can offer the opportunity to some customers to pay by the bank account without registering on anything because inaudible banking, the customers find a click button on the checkout page, you click on the button, then basically the um…

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About two or three of foreign language declining because we are talking about products, such as for example, checks.

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Uh, uh, but again, with a higher, you know, uh, uh, uh, uh, merchant fee, that then, uh, we upgrade the merchant to, uh, uh, uh, uh, to, to, to, uh, uh, a proposition is more suited for higher, uh, uh, volumes.

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I think that's what we would like to stick to for now in the comments for the fourth quarter funds.

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But actually, for some of them, uh, the economics are quite compatible with the ones that we have on cards, to be clear, you know.

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Uh, whereas, the account to account, I think in terms of top line, you should think of it as being priced in the various geographies in which it's present, more similar to domestic, uh, rails.

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Uh, uh, I, the, if you like, uh, the one thing that you're doing more proactively and this is driven by company dynamics, uh, is also to, to, to, to design propositions, uh, for the merchants which are newer to these, uh, uh, uh, uh, to these, to these products and services, not the typical new to card, uh, uh, segment.

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I would take what Paolo said with regards to our rule guidance, which is to grow revenues double digit.

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And also, the, uh, the more discretionary, uh, products and services sectors.

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Here, you see that you had a very, very fast recovery, uh, in the summer leading to August, where now we went back to the levels of pre- COVID, uh, mainly driven by European visitors with, uh, Americans and, uh, and the Asians being still, uh, not present or present in a very limited way.

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And as we, as we go forward, um, what's kind of the path and, and what are the kind of levers in terms of the synergies, uh, that you expect to extract to sort of hit, uh, uh, the, the milestones for the, um, uh, the next kind of payout, uh, to, uh, to be achieved?

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So I would say nothing's really new from that angle.

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Uh, then with the slowdown again, but then a strong recovery over the last few weeks.

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And I'm sure, uh, they, uh, will try to move a bit more into, uh, into markets, uh, uh, on, uh, uh, smaller, uh, players.

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The other thing that I'd also be interested in hearing as well is, on the Giro card side, you know, appreciate the minority of your volumes in Germany, but, you know, how have the volumes of the Giro card side trended, uh, where, historically, I think you guys have been actually a share gainer in that market, admittedly, off of a re relatively low base?

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As you know by now, buy now, pay later is becoming a bigger phenomenon and we're actually benefiting from that inaudible Klarna is becoming more active in the Nordics and also in Germany as well.

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So, um, uh, our strategy in the space, uh, uh, is, uh, at the end of the day, uh, uh, two-fold.

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I think it's, we always need to be very rigorous.

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Uh, two, if, if I may.

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So, we now have, I'd say, deal certainty give that, uh, anti-trust approval which, uh, was, uh, the, the one where most of the work needed to be done.

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The next question is from Paul Kratz with, uh, Jefferies.

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Why?

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Uh, um, so, uh, l- let me start from the first one in here.

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So this is the total feature, page nine, a bit more into the specific sectors to reinforce the point that I think we made over the last many calls.

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And as far as revenues are concerned, we touched on a few of them before but they're already working together, starting with the lower end employees.

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Listen, I- i I think, um, we are very happy, what we are seeing, uh, in Italy in terms of, uh, growth, uh, uh, uh, of, uh, of, uh, of volumes, uh, in particular inaudible.

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Sweden more than 100.

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And therefore, they're incentivizing the merchants to basically upgrade their, their shop equipment and inaudible basically.

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Um, before I hand over Bernardo to cover financial results, I would love to dive with you for a few minutes on, the dynamics and the key initiative that we are observing in particular in merchant services that as you know, is, uh, more than half of our revenues and is always, uh, up inaudible focused not just for us, but also for, uh, uh, for, uh, for you and for, uh, investors, uh, more broadly.

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Uh, Denmark more than 100.

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of our revenues are in low penetration markets, such as Italy, such as German, such as the Central, uh, uh, European ones and Southern European ones.

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Uh, that means, going back to your question, we will be consolidating from the first of January next year.

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They are keen not to, uh, integrate, uh, uh, payment inaudible across merchants from all possible industries.

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Hi, good afternoon.

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Again, there is less exposure say to eCommerce to compensate in Germany and Poland for the slow recovery in terms of coming out of the lockdown in some of the former, or in some of the geographies.

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Um, I think firstly when I look at your Nets figures, um, on the presentation, that excludes, um, volumes from Dankort.

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Our guidance is our guidance.

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At the same time in the other geographies, uh, we are partnering more and more with party, uh, by now politic providers, because at the end of the day as a PSP, we must be able to offer, uh, uh, all possible payment methods, uh, to, uh, our, uh, merchant customers, uh, in inaudible to allow them to basically maximize their conversion rates, uh, checkout.

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I think it's important, uh, to have always set that at the core, uh, as well.

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Uh, but that should give us some protection.

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So, there is not a very specific, uh, uh, uh, economic partnership.

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Uh, and number two, you should also consider the fact that they're actually entering new markets and expanding further.

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Actually, even more so, uh, in, uh, places like, uh, uh, like, uh, like Italy.

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Yeah hello everyone and thanks for taking the question.

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And EBITDA, expect EBITDA to grow at 11 to 13% year over year.

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Thank you for, uh, the question.

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Ciao, Alberto.

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You have the ones that are coming from the inaudible systems.

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The next question is from Hanneson Lightner with UBS.

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The, uh, growth you're, you're expecting and if you have any thoughts, eh, on the strategy on this segment going forward.

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The, um, the, uh…

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Oh and, we expect to have synergies for about 100 million Euros of cash for next year.

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Thanks for, um, squeezing me in.

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And we are partnering with inaudible partnerships with, uh, the two super, uh, uh, super key ones.

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Uh, and this is what we've done, for example, on, uh, on, uh, on, uh, on Ruby on Alpha Bank as well, uh, and, and so on.

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With regards to other non HR costs, these would be up 1.4% if we normalize for the growth in volume, so effectively obviously, revenues are growing, we've seen double digit, our cost base grows by 1.4% so if we take out the growth in volume driven processing costs, patch them into the fixed nature of most of our cost base.

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Uh, this is the total, so this is not separating Italian cards versus international cards and therefore the sectors are also affected by the dynamic that I was explaining before.

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The, uh, uh, the, the lighter blue line is actually on Italian card, the gray one is on international card and for visitors to Italy.

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Thank you Bernardo, page 20, pick up that on CS reports of the last few days there for the quarter.

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Hopefully, we'll do better.