Accommodation and Food Service: Severe short-term impact followed by a slower recovery than in prior recessions due to social distancing

There is further growth from deepening client relationships and capturing secular trends

Rebalance footprint towards ECM and Advisory

Evolution of credit & payments in Brazil

Local Sovereign Currency Yields

Delays due to health concerns keep decreasing – DE, FR, IT with consumers holding out for subsidies

High overall consumer involvement across the media consumption journey

Strong financial performance in 1Q24 with positive operating leverage

Italian cuisine is worth 228 B€ in 2022 (~20% of global FSR market), showing a YoY 21-22 growth of +11,1% and almost hitting pre-pandemic values