We recently held a roadshow with REVO's management, which served a good opportunity to take a fresh look at the investment case, in light of the excellent operational performance achieved so far and the new targets expected with the new plan in 2025. REVO is no longer a newcomer in the Italian insurance arena and, after the initial ramp-up phase, is poised for further acceleration. In our view, the outlook remains solid, and with the stock trading at a 2026E adj. P/E < 7.5x, at a significant discount to the sector, we believe it still offers attractive upside potential. Well positioned to continue a strong growth path A recent roadshow with REVO's management offered supportive insights into the company’s business momentum and its ability to maintain growth rates above the industry average in the coming years.