Sesa SpA Q2 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Aleksandra Arsova - Equita Limited - Analyst : Hi, good afternoon. Thank you for taking my questions. A couple on my end. The first one is on maybe more the midterm. So you said you're expecting this mid-single-digit growth in the next, let's say, six months. Should we consider this as a sort of new normalized level for Sesa growth also for 2026 and beyond? And the second one is on M&A. So if your strategy on M&A remains bolt-on? And what is your expectation for M&A for the next, let's say, 6 and 12 months in both Italy and abroad? Thank you.

Question: Aleksandra Arsova - Equita Limited - Analyst : Okay. Thank you.

Question: Pier Andrea Randone - The Intermonte Group - Analyst : Good afternoon and thanks for taking my questions. I have three questions. The first one is on net working capital. If you can comment on the result at the end of October, especially payables seems lower than before. And if you provide us a comment on what we should expect for the full year in terms of cash generation. Thank you. This is the first. The second one is about the value-added services. If you can comment the next month's outlook for this business line and also why the performance in the second quarter seemed lower than in the first one. I mean, also considering the comparison seems a bit weaker. If we have to know something about that or it's just a very diversified, I mean, reason. The third question is about a clarification on the outlook about the Business Services line. You are commenting 25% growth that is the same recorded in the first half. So -- and you are commenting a 40% EBITDA growth for the second half. Again, it looks like an EBITDA margin very high because last year, you recorded a very high EBITDA margin in the second half. So if you can comment on the margin expansion you are expecting in second half because in my calculation, it seems like a 20% second half marginality that just mean I would like to know more comment on that. Thank you.

Question: Pier Andrea Randone - The Intermonte Group - Analyst : Thank you, Alessandro.

Question: Marco Fassina - Praude Asset Management LTD - Analyst : Good afternoon. Thank you for taking my questions. Can you hear me?

Question: Marco Fassina - Praude Asset Management LTD - Analyst : Yes, very well. Okay. I have a question on factoring. As you said in the press release, you said that factoring increased during the period. I wanted to know if the increase in interest rates is related also to that. And if you can comment a bit on what extent? And then I remember -- for my second question, I remember you were working on the cash pooling to try to make some efficiencies in managing your cash position, as I remember it was not generating that much interest income. I wanted an update on that, if possible, as well. And if you can elaborate a bit on the interest income that you're able to generate as of now.