22 Connect, TO LEAD EU expansion in particular key for growth in the next few years. We expect an EBITDA margin of 16.5% in 2027 for this segment. The second largest contributor to our EBITDA growth is the Power Grid segment, which is expected to see adjusted EBITDA doubling to around €410 million by 2027, with a significant step-up already in 2023 to around €350-360 million. Its EBITDA margin is seen rising significantly to 9-10% already in 2023 and to be stable in the years 2024-2027. Growth in this sector will be driven mainly by volume growth in North America with solar and wind applications playing a key role, and in Europe, driven by grid enhancement. Electrification’s net decrease of about €100 million in adjusted EBITDA by 2027 is based on the assumption of a -€225 million price effect in Industrial & Construction North America in 2023-2025 compared to the 2022 baseline, partly offset by the growth in the Industrial & Construction applications of Solar, DCs and Industrial & Construction and by growth in Specialties. The years 2024-25 are expected to be the lowest in terms of Electrification EBITDA, recovering to up to €700 million in 2027. Digital Solutions is expected to see a sharp drop in adjusted EBITDA in 2023 to €200 million, and then EBITDA growth is seen in the high single digits from 2024, reaching an expected €290 million in 2027. Can you tell us about the investment plan and how it will support Prysmian’s growth objectives? We are planning significant expansion in capital expenditure compared to previous years, 1.7 times as much, at about €2.7 billion over the 2023-27 period. Capital expenditure in the Renewable Transmission segment will amount to about €1.77 billion, around two thirds of the overall plan. This will be mainly €740 million for additional manufacturing capacity and €500 million for two new vessels and a new barge. For Power Grid, capital expenditure will be used mainly for capacity expansion in North America and Europe. For Electrification, it will go on selective capacity addition to capture growth in Specialties, Solar, DCs and Industrial Construction. Finally, for Digital Solutions it will go on our Fiber cost reduction roadmap and optical cables capacity for the US. What other key financial targets have you set? We are confident that the €2 billion EBITDA target is in our reach, and this is expected to result in a new scale of free cash flow, seen at €900 million to €1 billion in 2027, and of Return on Capital Employed (ROCE), which is seen at 25-28% in 2027. How do you plan to allocate the strong cash generation that you are expecting in this five-year period? Cumulated free cash flow for 2023-2027 is seen at about €3.2 billion.
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