We are revising our 2023 estimates down to take account of lower- than-previously-expected top-line growth, albeit still seen sharply up and higher personnel costs, leading to an EBITDA margin of 16.4%, down from 18.8%. As for ‘23/’24, we slightly increase our top-line growth thanks to a, ever more integrated product offering, but given the lower starting point, this translates into a ~6% cut in revenues. We still see a significant improvement in profitability in the next two years, as the company should start to benefit from the results of integrating the acquisitions completed in 2022 and previous years, thus we expect RLT to be able to go back above the 20% margin threshold by 2025.