We believe market conditions will remain positive and we consider Reply to be well positioned to continue to outperform the industry. As for 2024, we confirm our assumptions that foresee 10% organic growth in 2, while we are trimming the organic forecast in to 1.5%. For FY24, we are raising our EBITDA margin assumption slightly, staying on the safe side (16.1% margin expected in 2H24E, in line with 1H24). Outperform, confirmed, target Eu153 unchanged. We appreciated the results, both in terms of organic revenue growth, achieved in a rather challenging market, and in terms of margins.